HKSCAN GROUP'S FINANCIAL STATEMENTS RELEASE FOR THE FINANCIAL YEAR OF 1 JAN - 31
DEC 2009                                                                        


* The HKScan Group's competitiveness grew stronger and supplier shares increased
in all market areas in 2009.                                                    

* Reported EBIT increased by 45% and came to EUR 55.1 million (EUR 38.1m). EBIT 
exclusive of non-recurring items, which totalled EUR 12.7 million, climbed to   
EUR 67.8 million (EUR 38.1 m).                                                  

* Owing to improved profitability and reduced financing costs, pre-tax profit   
quadrupled to EUR 37.3 million (EUR 9.0m).                                      
                                                                                
* Owing to exchange rate fluctuations, full-year net sales in euro declined by  
7.4 percent but remained at the previous year's level when calculated at fixed  
rates.                                                                          

* The share offering executed in December strengthened the Group's balance sheet
structure.                                                                      



HKSCAN CONSOLIDATED INCOME STATEMENT, Q4 and the entire year                    
(EUR million)                                                                   
--------------------------------------------------------------------------------
|                               |  Q4/2009 |   Q4/2008 |      2009 |      2008 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net sales                     |    557.5 |     592.3 |   2 124.7 |   2 294.6 |
--------------------------------------------------------------------------------
| EBIT                          |     18.4 |      15.3 |      55.1 |      38.1 |
--------------------------------------------------------------------------------
| - as % of net sales           |      3.3 |       2.6 |       2.6 |       1.7 |
--------------------------------------------------------------------------------
| Share of associates' result   |      0.6 |      -0.1 |       2.0 |       0.9 |
--------------------------------------------------------------------------------
| Financial income and          |     -3.6 |      -9.4 |     -19.7 |     -30.1 |
| expenses, net                 |          |           |           |           |
--------------------------------------------------------------------------------
| Profit before taxes           |     15.4 |       5.9 |      37.3 |       9.0 |
--------------------------------------------------------------------------------
| - as % of net sales           |      2.8 |       1.0 |       1.8 |       0.4 |
--------------------------------------------------------------------------------
| Income taxes                  |     -1.6 |       2.1 |      -4.9 |      -1.4 |
--------------------------------------------------------------------------------
| Profit for the period         |     13.8 |       8.0 |      32.5 |       7.6 |
--------------------------------------------------------------------------------
| - as % of net sales           |      2.5 |       1.4 |       1.5 |       0.3 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Profit attributable to:       |          |           |           |           |
--------------------------------------------------------------------------------
| - Equity holders of the       |     13.2 |       6.9 |      29.9 |       4.7 |
| parent                        |          |           |           |           |
--------------------------------------------------------------------------------
| - Minority interests          |      0.6 |       1.1 |       2.6 |       2.9 |
--------------------------------------------------------------------------------
| Total                         |     13.8 |       8.0 |      32.5 |       7.6 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EPS, undiluted, EUR           |     0.28 |      0.15 |      0.64 |      0.10 |
--------------------------------------------------------------------------------
| EPS, diluted, EUR             |     0.28 |      0.15 |      0.64 |      0.10 |
--------------------------------------------------------------------------------
Per-share data has been adjusted for the share offering in 2009.                


Q4/2009, OCTOBER-DECEMBER                                                       

- The final quarter of 2009 was a successful one both commercially and          
financially.                                                                    

- The Group's EBIT rose from the corresponding period a year earlier to EUR 18.4
million (EUR 15.3m), an increase of 20.3 percent. EBIT for the quarter was      
eroded by non-recurring charges totalling EUR 5.8 million (EUR 0m).             

- Net sales came to EUR 557.5 million (EUR 592.3m). The year-on-year decline of 
5.9 percent arose from exchange rate fluctuations and a low price level in      
exports.                                                                        


CEO MATTI PERKONOJA:                                                            

“The final quarter of the year was a resounding success in terms of both sales  
and financial performance in all market areas. In the Baltics, Rakvere          
Lihakombinaat and Tallegg exceeded the Group's EBIT target of five percent. The 
market area of Sweden also developed favourably in the fourth quarter and had it
not been for non-recurring charges of EUR 5.8 million, EBIT in Sweden as well   
would have climbed to five percent of net sales. The fact that this was         
accomplished amidst the restructuring and reorganization ongoing in the Scan    
Group only makes the achievement more remarkable. In Poland, Sokolów posted the 
best quarterly results in its history. In the market area of Finland, HK        
Ruokatalo's solid earnings development carried through until the end of the     
year.                                                                           

A share offering amounting to roughly EUR 78 million was executed in December   
2009. The proceeds of this share offering were used to strengthen the company's 
capital structure and to increase its operational and strategic flexibility.    

The year under review saw the implementation of a new management system as well 
as the determination and development of operational and administrative Group    
processes to achieve financial benefits. Particular attention was also paid to  
matters pertaining to responsibility and risk management.                       
	                                                                               
The HKScan Group improved its profitability in line with plans in 2009. Most    
pleasingly, performance in the latter half of the year in fact outstripped      
expectations. HKScan is headed in the right direction.”                         



MARKET AREA: FINLAND                                                            
(EUR million)                                                                   
--------------------------------------------------------------------------------
|                      |     Q4/2009 |     Q4/2008 |        2009 |        2008 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net sales            |       185.4 |       197.3 |       732.5 |       740.4 |
--------------------------------------------------------------------------------
| EBIT                 |         6.4 |         6.4 |        27.0 |        14.4 |
--------------------------------------------------------------------------------
| - EBIT margin, %     |         3.5 |         3.2 |         3.7 |         1.9 |
--------------------------------------------------------------------------------

Profitability in the market area of Finland continued to rise in line with plans
throughout the financial year and showed a considerable improvement when        
compared to the previous year.                                                  

HK Ruokatalo's domestic market sales by both volume and value increased by      
roughly 10% and the company achieved greater supplier shares. The excellent     
delivery reliability maintained all year further contributed to customer        
satisfaction. The sales of processed meats, which first picked up in late 2008, 
continued to rise all through the year. The holiday season, vital to the        
company's earnings performance, was highly successful, and HK Ruokatalo was the 
nation's largest supplier of Christmas hams.                                    

Matters pertaining to responsibility were underscored in business operations.   

The fall of 1.1 percent in net sales in HKScan's Finnish market area is         
attributable to the planned decrease of export sales.                           

A cost provision totalling of EUR 1.1 million and relating to personnel cuts at 
HK Ruokatalo's Forssa production facilities in 2006 is recognized in the figures
for 2009. Severance pay of EUR 1.3 million to HKScan Corporation's former CEO is
included in Group administration costs.                                         



MARKET AREA: SWEDEN                                                             
(EUR million)                                                                   
--------------------------------------------------------------------------------
|                      |     Q4/2009 |     Q4/2008 |        2009 |        2008 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net sales            |       278.3 |       301.6 |     1 037.4 |     1 179.3 |
--------------------------------------------------------------------------------
| EBIT                 |         9.1 |         8.6 |        16.7 |        18.0 |
--------------------------------------------------------------------------------
| - EBIT margin, %     |         3.3 |         2.9 |         1.6 |         1.5 |
--------------------------------------------------------------------------------

The performance of Scan AB and its subsidiaries improved throughout the year and
especially in the final quarter, the best of the year. EBIT exclusive of        
non-recurring items rose to EUR 14.9 million (EUR 8.6m) or 5.4 percent (2.9%) of
net sales. The profitability of operations was successfully enhanced despite the
challenges presented by the market and restructuring. In terms of profitability,
the year 2009 was the best in the company's history.                            

All in all, non-recurring charges of roughly EUR 10.3 million (EUR 0m) were     
recognized in Sweden in 2009. These had to do with the ongoing streamlining     
programme and changes in management. Non-recurring charges recognized in Q4     
amounted to EUR 5.8 million (EUR 0m).                                           

The weakening of the Swedish crown against the euro resulted in lower           
euro-denominated net sales and EBIT. Measured in crowns, net sales fell by 2.9  
percent on the year.                                                            

March 2009 saw the launch of a three-year streamlining programme designed to    
bring Scan's profitability up to the Group's EBIT target level of 5 percent. The
tools employed to this end are a leaner cost structure at Scan, the introduction
of higher value-added products and more efficient commercial operations.        

To allow a sustained approach to developing the procurement of meat raw         
material, Scan established a separate procurement company Svenska Livdjur och   
Service (SLS) that in future will attend to Scan's producer contracts, meat     
purchases and production counselling in a centralized manner.                   

Scan AB's management changed on 4 March 2009 when managing director Magnus      
Lagergren and senior VP/director Matts Rosendahl decided to leave the company.  
Olli Antniemi, BSc (Econ) replaced Lagergren as managing director and was       
replaced in turn by Denis Mattsson eMBA on 23 June 2009.                        



MARKET AREA: THE BALTICS                                                        
(EUR million)                                                                   
--------------------------------------------------------------------------------
|                      |     Q4/2009 |     Q4/2008 |        2009 |        2008 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net sales            |        38.1 |        43.0 |       156.9 |       168.2 |
--------------------------------------------------------------------------------
| EBIT                 |         2.0 |         0.6 |         9.8 |         6.4 |
--------------------------------------------------------------------------------
| - EBIT margin, %     |         5.1 |         1.4 |         6.3 |         3.8 |
--------------------------------------------------------------------------------

HKScan's Baltic Group posted an excellent financial result. This accomplishment 
is made even more remarkable by the fact that it was delivered by AS Rakvere    
Lihakombinaat and Tallegg in a highly demanding business environment. Successful
cost management, operational flexibility and product launches matching the      
spirit of the times kept financial performance sound despite a 6.7-percent      
decline in net sales over the year.                                             

The deep economic recession and decline in consumer purchasing power were       
clearly reflected in demand in all Baltic states. Nonetheless, Rakvere          
Lihakombinaat and Tallegg managed to grow their EBIT and further strengthen     
their market standing.                                                          



MARKET AREA: POLAND                                                             
(EUR million)                                                                   
--------------------------------------------------------------------------------
| *)                   |     Q4/2009 |     Q4/2008 |        2009 |        2008 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net sales            |        65.1 |        66.3 |       251.7 |       270.9 |
--------------------------------------------------------------------------------
| EBIT                 |         2.9 |         1.9 |         9.3 |         4.2 |
--------------------------------------------------------------------------------
| - EBIT margin, %     |         4.4 |         2.9 |         3.7 |         1.6 |
--------------------------------------------------------------------------------
*) The figures refer to HKScan's share (50%) of the Sokolów Group's figures.    

In Poland, Sokolów continued to grow its net sales and improve its profitability
in the final quarter of the year to deliver an EBIT margin of 4.4 percent (2.9%)
The company's sales increased in terms of both volume and value. Measured in    
zloty, Sokolów's net sales grew by 14 percent on the year, yet fell short of the
euro-denominated figure a year earlier due to changes in exchange rates.        

The increase in net sales in 2009 was attributable to successful sales in the   
domestic market, higher exports, and cost management. The ongoing recession had 
little effect on the food-buying decisions of Polish consumers in 2009.         


INVESTMENTS                                                                     

The Group's production-related gross investments in 2009 totalled EUR 41.3      
million (EUR 84.0m). Breakdown of investments by market area: Finland EUR 8.0   
million, Sweden EUR 18.5 million and the Baltics EUR 7.3 million. HKScan's share
of Sokolów investments in Poland added a further EUR 7.5 million.               

The most important undertaking in Sweden was the new distribution centre rising 
in Linköping, where installations of machinery and equipment continued. The     
centre will come online in spring 2010. No major investments were underway in   
Finland or the Baltics.                                                         


FINANCING                                                                       

Group funding is based on a EUR 550 million syndicated credit facility signed in
June 2007, comprising a EUR 275 million seven-year amortising term loan and a   
EUR 275 million five-year credit limit with two one-year extension options, one 
of which has been exercised. Untapped credit facilities at 31 December 2009     
stood at EUR 207 million (EUR 140m). In addition, the Group had other untapped  
overdraft and other facilities of EUR 39 million (EUR 37m). The EUR 100 million 
commercial paper programme had been drawn in the amount of EUR 5 million (EUR   
0m). The increase in untapped facilities was due to the share offering, the net 
proceeds of which were used to pay down debt. In connection with the offering,  
the company also paid back its EUR 20 million hybrid bond.                      

The company has experienced no problems with re-financing and sees no           
significant need for further financing before the year 2013. The company's      
current loan agreements are subject to ordinary terms relating to profit and    
balance sheet. The financial covenants are net gearing ratio and ratio of net   
debt to EBITDA.                                                                 

The share offering executed in December 2009 strengthened the company's capital 
structure and the equity ratio climbed to 37.1 percent at year-end (29.5%).     
Consolidated cash flow from operating activities improved owing to better       
financial performance and prudent consideration of investments delivered        
stronger net cash flow from investing activities.                               


TAXES                                                                           

The Group's taxes for January to December 2009 totalled EUR -4.9 million (EUR   
-1.4m). The effective tax rate was 13.0 percent (15.3%). The lower effective tax
rate was the result of a number of distinct factors, with the greatest impacts  
originating in the Baltics and Sweden. In Baltic operations, advantage was taken
of Estonia's zero tax rate on retained profits. In Sweden, the company utilized 
losses on which a deferred tax asset had not been recognized earlier.           


EFFECT OF CURRENCY EXCHANGE RATES                                               

Of the Group's main currencies, the Swedish crown and the Polish zloty started  
to plunge against the euro in autumn 2008 and hit bottom in February-March 2009.
Both currencies have picked up since then but remain below their long-term      
levels. Fluctuations in currency exchange rates become visible upon the         
consolidation of the figures of foreign business segments. At the closing date, 
an average of two thirds of the equities of foreign subsidiaries had been       
hedged.                                                                         


SHARE OFFERING AND BOND ISSUE                                                   

Pursuant to an authorization granted by the Extraordinary Meeting of            
Shareholders on 24 November 2009, HKScan's Board of Directors between 2 and 17  
December 2009 executed a directed share issue in which shareholders had         
pre-emptive right to subscribe for new A Shares in proportion to their existing 
holding of the company's series A and/or K shares. The share offering was       
warranted in order to strengthen the company's capital structure and to increase
its operational and strategic flexibility. The subscription price was EUR 5.30  
per share.                                                                      

A total of 14 720 329 new A Shares were subscribed for, approximately 99.0      
percent in the primary subscription and the remaining shares in the secondary   
subscription. The proceeds of the share offering amounted to approximately EUR  
78.0 million before fees and expenses related to the offering.                  

As a result of the share offering, the total number of HKScan shares increased  
to 54 026 522 shares and the number of A Shares to 48 626 522 shares. The new   
shares entitle shareholders to dividend and other rights effective 29 December  
2009, on which date the shares were entered in the Trade Register. The company's
registered share capital did not increase as a result of the offering, as the   
proceeds were recognized in full in the reserve for invested unrestricted equity
(RIUE).                                                                         

The company allocated EUR 20 million of the proceeds of the offering to repaying
in late December the hybrid bond which it had issued to its majority            
shareholders in September 2008. The bond was originally issued to strengthen the
company's capital structure. It carried an interest rate of 8.5 percent p.a. and
had no maturity. The bond was treated as equity in the IFRS financial           
statements. HKScan paid the interest on the bond for 2009 in cash, though the   
holders of the bond also had the option of accepting company shares in lieu of  
cash. The remaining proceeds of the offering were used to pay other             
interest-bearing debts.                                                         


RESEARCH AND DEVELOPMENT                                                        

Practically all research and development in the HKScan Group involves normal    
product development, meaning the development of new products over a span of one 
to two years and the updating of products already on the market. A total of EUR 
8.9 million (EUR 13.1m) was spent on R&D in 2009, equal to 0.4 percent of net   
sales.                                                                          


CHANGES IN MANAGEMENT                                                           

HKScan Corporation's management changed on 5 January 2009 when the Board of     
Directors relieved CEO Kai Seikku of his duties. Seikku had served as CEO since 
April 2006. CFO Matti Perkonoja was appointed CEO effective 12 January 2009. He 
had been the CFO of HKScan since 2000 and also served in commercial and         
industrial executive positions in the Group which he joined in 1993. It was     
agreed that Mr Perkonoja would serve as CEO until the end of 2010. In January   
2010, however, the Board and Mr Perkonoja agreed that he would stay on as CEO   
until the end of February 2012, after which time he plans to retire.            

The Group's Management Team was augmented in January with the inclusion of CFO  
Irma Kiilunen and VP of strategy and development Tero Hemmilä. VP Tero Hemmilä  
left HKScan at the beginning of 2010.                                           

In Sweden, Scan AB's managing director Magnus Lagergren resigned on 4 March     
2009. Olli Antniemi, BSc (Econ) replaced Lagergren as managing director and was 
replaced in turn by Denis Mattsson eMBA on 23 June 2009.                        

HKScan Corporation Board member Lars Hultström announced his resignation from   
the Board on 1 December 2009, effective immediately. Hulström was elected to the
Board as a new member by the Annual General Meeting of Shareholders of 23 April 
2009.                                                                           


AMENDMENTS TO THE ARTICLES OF ASSOCIATION                                       

The Articles of Association were amended on two occasions during the year under 
review. The Annual General Meeting of Shareholders of 23 April 2009 passed a    
resolution to amend Article 7 concerning notice of meeting deadlines to read as 
follows: “Notice of general meetings of shareholders shall be given by          
announcement published in at least two (2) newspapers designated by the Board of
Directors no earlier than three (3) months and no later than three (3) weeks    
prior to the meeting.”                                                          

The Extraordinary General Meeting of Shareholders of 24 November 2009 passed a  
resolution to increase the number of A Shares mentioned in the Articles of      
Association. The amended Article 3 reads as follows: “At least 3,600,000 and at 
most 8,000,000 of the total number of shares in the company are Series K shares 
and at least 400,000 and at most 60,000,000 are Series A shares. Holders of     
Series K and Series A shares are entitled to exercise their right to vote at    
meetings of shareholders as provided in Article 5 of these Articles of          
Association.”                                                                   


SHAREHOLDERS AND SHARE CAPITAL                                                  

At the end of the financial year, a total of 11 387 shareholders were entered in
the register of shareholders, compared to 8 356 the year before. At the end of  
2009, 25.1 percent (29.6%) of the company's shares were nominee registered or   
held by non-domestic shareholders.                                              

The Company's registered and fully paid-up share capital at the beginning of the
financial year and at the balance sheet date was EUR 66 820 528.10. The share   
capital breaks down as follows:                                                 

Series A shares    48 626 522 shares   90.0%                                    
Series K shares     5 400 000 shares   10.0%                                    
Total              54 026 522 shares    100%                                    

Each A Share conveys one vote and each K Share 20 votes. The K Shares are held  
by LSO Osuuskunta (4 375 000 shares) and Swedish Meats (665 000 shares). Each   
share gives equal entitlement to a dividend. The shares have no nominal value.  


INCREASES IN SHARE CAPITAL FROM 2007 TO 2009                                    

The company's share capital reported to the Trade Register was not increased    
during the financial year 2009. The proceeds of roughly EUR 78 million from the 
share offering executed in November-December 2009 were recognized in full in the
reserve for invested unrestricted equity (RIUE).                                

No share capital increases or share offerings took place in the 2008 financial  
year.                                                                           

The most recent share capital increase took place in January 2007 with the      
directed issue of 4 843 000 A Shares to Swedish Meats. The issue was part of the
acquisition of the business of Swedish Meats (Scan AB). The subscription period 
was 29 January 2007 and the issue price was EUR 15.55 per share. The company's  
share capital was increased by EUR 8 233 100.00 to the current EUR 66 820       
528.10. The increase was entered in the Trade Register on 5 February 2007. The  
new shares first entitled to dividend for the 2007 financial year.              


STOCK EXCHANGE LISTINGS                                                         

HKScan's A Share has been quoted on Nasdaq OMX since 6 February 1997 in the     
sector of Consumer Staples. During the year under review, 22 285 126 of the     
company's shares were traded for a total of EUR 149 498 534.                    

The highest price quoted was EUR 10.38 and the lowest EUR 3.70. The middle price
was EUR 7.18 and the year-end closing price was EUR 7.85. The share price rose  
by 77.6 percent on the year while the index for the Food Products sector        
(HX302020) rose by 47.8 percent on the year.                                    

The company's market capitalization (A and K Shares) at year-end was EUR 423.7  
million, having stood at EUR 173.7 million a year earlier.                      

HKScan has in place a market making agreement with FIM Pankkiiriliike Oy which  
meets the requirements of NASDAQ OMX's Liquidity Providing (LP) operation.      


TREASURY SHARES                                                                 

At 1 January 2009, HKScan held a total of 4 474 of its A Shares. Over the course
of the year, 47 508 shares assigned in the years 2006-2008 as part of the key   
employees' share bonus scheme reverted back to the company. At 31 December 2009,
the company held a total of 51 982 of its A Shares. These had a market value of 
EUR 0.41 million (EUR 7.85 each) and accounted for 0.10% of all shares and 0.03%
of all votes. No dividend is paid on treasury shares.                           


NOTICES OF CHANGES IN OWNERSHIP                                                 

During 2009, the company received three notices regarding changes in holdings   
pursuant to Chapter 2:9 of the Securities Markets Act.                          

(1) Artio Global Management LLC announced that as a result of a share           
transaction executed on 20 April 2009, its shareholding in HKScan Corporation   
had fallen to zero.                                                             

(2) HKScan Corporation and Danske Bank A/S signed on 24 November 2009 an        
underwriting agreement relating to HKSCan's upcoming share offering. In         
consequence of the agreement, Danske Bank A/S Helsinki Branch announced that its
holding in HKScan would rise to 14.2 percent of the shares and 4.9 percent of   
the votes in the company if its underwriting commitment was realized in full.   

Under the agreement, Danske Bank A/S Helsinki Branch committed, subject to      
certain conditions, to subscribe for offered shares that remain unsubscribed for
in HKScan's rights offering.                                                    

(3) HKScan Corporation announced the final result of the share offering on 23   
December 2009. The underwriting commitment announced by Danske Bank A/S in the  
notification released on 24 November 2009 thus did not materialize and neither  
was the potential shareholding announced in the said notification realized.     
Danske Bank gave the company notification to this effect on 23 December 2009.   


BOARD OF DIRECTORS' EXISTING AUTHORIZATIONS                                     

(1) The Board holds the authorisation granted by the AGM on 23 April 2009 to    
decide on acquiring a maximum of 3 500 000 Series A shares as treasury shares,  
equivalent to approximately 8.9% of total registered shares and 10.3% of total A
Shares.                                                                         

Treasury shares may only be acquired using unrestricted shareholders' equity.   
The company's own shares may be purchased for a price quoted in public trading  
on the purchase day or for a price otherwise determined by the market.          

The Board of Directors shall resolve upon the method of purchase. Among other   
means, derivatives may be utilized in purchasing the shares. The shares may be  
purchased in a proportion other than that of the shares held by the shareholders
(directed purchase). The authorisation is valid until 30 June 2010. To date, the
Board of Directors has not exercised this authorisation.                        

(2) The Board of Directors also holds an authorisation to resolve on an issue of
shares, options as well as other instruments entitling to shares as referred to 
in Chapter 10:1 of the Finnish Limited Liability Companies Act. The Board was   
authorized to resolve on the issue of a maximum of 5 500 000 A Shares,          
corresponding to ca. 14.0% of all registered shares in the company and ca. 16.2%
of all A Shares.                                                                

The Board may resolve upon all the terms and conditions of the issue of shares  
and other special rights entitling to shares. The authorisation to issue shares 
shall cover the issuing of new shares as well as the transfer of the company's  
own shares. The issue of shares and other special rights entitling to shares may
be implemented as a directed issue. The authorisation is valid until 30 June    
2010.                                                                           

The authorisations concerning purchases of own shares and share issue were      
granted to provide the company's Board with flexibility in deciding on capital  
market transactions necessary to the company, e.g. to secure its financing needs
or to execute mergers and acquisitions. A directed acquisition of own shares or 
directed share issue can only be executed for reasons of weighty financial      
consequence to the company and the authorisation cannot be exercised in         
violation of the principle of shareholder equality.                             


EMPLOYEES                                                                       

The HKScan Group had an average of 7 427 employees in 2009 (7 750). The         
reduction is attributable to the ongoing streamlining and cost-effectiveness    
measures in the market areas of Sweden and the Baltics in particular, by which  
Group companies are seeking to enhance their competitiveness and profitability. 

The average number of employees in each market area was as follows: 3 270 in    
Sweden, 2 361 in Finland and 1 798 in the Baltics. In addition, Sokolów had an  
average of 5 569 employees.                                                     

The HKScan Group has employees in nine European countries. Executive management 
in each country ensures that Group companies have regard to the legislation and 
agreements governing employment, remuneration and other terms of employment, and
occupational safety in their respective countries.                              


INCENTIVE SCHEME FOR KEY EMPLOYEES                                              

The company had in place a share-based incentive scheme for key employees       
concerning the years 2006-2008. The company's Board has not launched a new      
share-based incentive scheme since the expiration of the earlier scheme at the  
end of 2008. No bonuses were paid under the scheme in 2008 or 2009. In          
accordance with the terms of the scheme, 47 508 A Shares assigned as a part of  
the incentive scheme in the years 2006-2008 reverted to the company in 2009.    


RISKS AND UNCERTAINTY FACTORS IN THE NEAR FUTURE                                

The most significant business risks faced by the HKScan Group involve           
developments in the price of raw materials and pork in particular, in future    
possibly the availability of these as well. Country-specific uncertainties      
involve the success of the business development programmes in Sweden and the    
development of the national economies in the Baltics.                           

The international economic situation is gradually stabilizing, yet bad debt     
remains a possibility. The problems experienced by customers are due to the     
state of the economy in their country of operation as well as the availability  
of financing. Ongoing major fluctuations in the Group's central currencies may  
affect the Group's net sales, earnings and balance sheet. Any devaluation of    
local currencies in particular may have a negative effect on the Group's Baltic 
operations.                                                                     

Changes in demand owing to e.g. rising unemployment and attributable to the     
financial climate may occur in the Group's market areas or its export markets.  
These may erode Group net sales and earnings.                                   

The possibility of animal diseases can never be fully excluded in the food      
industry.                                                                       

The Group is currently involved in certain legal proceedings and civil          
litigation. Though the cases remain pending, they are estimated to have no      
significant impact on the Group's financial standing.                           


ENVIRONMENTAL MANAGEMENT                                                        

HKScan operates on the principle of causing minimum adverse environmental impact
during production. This principle is put into practice in all market areas,     
taking into account existing regulations and certification processes. Executive 
management in each market area are responsible for ensuring the appropriate     
organisation of environmental management.                                       

An ISO 14001-certifed environmental management system is in place at all HK     
Ruokatalo production plants in Finland, the Rakvere Lihakombinaat and Tallegg   
plants in Estonia and six production plants in Sweden. Other Scan facilities    
apply the BAS system, in which environmental efforts are managed by a local     
steering group responsible for setting environmental targets for plants and     
monitoring compliance. In Poland, the Sokolów plants operate according to good  
production practice under the ongoing supervision of the Polish veterinary      
authority.                                                                      

In the food industry, energy, water, waste arising from processing biological   
materials, wastewater and smoke gases from heating plants cause the greatest    
environmental loading. HKScan seeks to reduce the amount of energy and water    
consumed in relation to production (= specific consumption), to reduce all      
waste, particularly the relative amount of landfill waste, and to improve       
sorting. Since there are differences in operations and technology, focus areas  
vary from one production facility to another. Continuous improvement has been   
achieved by combining and rationalizing operations, by introducing new policies 
and by adjusting and improving technology.                                      

All plants operated by the Group in Finland, Sweden and the Baltics furthermore 
have in place a quality management system certified to the ISO 9001 standard.   
Most also hold either ISO 22000 certification or the British BRC certificate for
their product safety management system.                                         


EVENTS TAKING PLACE AFTER 31 DECEMBER 2009                                      

(1) HKScan Corporation transitioned to a holding company structure in its       
Finnish business. The reorganization streamlines financial reporting and        
internal auditing in the Group, as the business in each market area is kept     
separate from the parent company. The reorganization was accomplished as a      
business transfer on 1 January 2010 by transferring HKScan Corporation's        
production-related property, plant and equipment in Finland as well as its      
holdings in subsidiaries and associates to HKScan Finland Oy, a holding company 
wholly owned by HKScan Corporation.                                             

The reorganization is technical and legal in nature and it will have no effect  
on operational activities. HK Ruokatalo Oy and LSO Foods Oy, the companies      
responsible for the Group's Finnish business, carry on as before. The           
arrangement has no effect on jobs or the standing of the parent company or its  
shareholders. Managing director Jari Leija of HK Ruokatalo Oy also serves as    
managing director of HKScan Finland Oy.                                         

(2) In January, the Board and HKScan Corporation CEO Matti Perkonoja agreed that
he would stay on as CEO for longer than initially announced. The appointment is 
effective until the end of February 2012, at which time Mr Perkonoja is to      
retire. He had earlier planned to retire after 2010.                            

(3) Olli Antniemi, MSc (Econ & Bus Admin), was appointed senior vice president  
in charge of strategy and development as of 1 January 2010. He also joined the  
Management Team. Mr Antniemi is responsible for strategic business planning with
an emphasis on Group synergies and management of the Group's strategy process.  
He previously served as executive vice president of the HKScan Group's Baltic   
Group, managing director of Scan AB and most recently as development director at
HK Ruokatalo Oy.                                                                

HKScan Corporation's Management Team as of 1 January 2010 consists of CEO Matti 
Perkonoja as Chairman along with CFO Irma Kiilunen, senior vice president for   
strategy and development Olli Antniemi, HK Ruokatalo Oy managing director Jari  
Leija and Scan AB managing director Denis Mattsson. Management Team meetings are
also attended by AS Rakvere Lihakombinaat managing director Anne Mere and AS    
Tallegg managing director Teet Soorm. Tero Hemmilä, Management Team member and  
VP in charge of strategy, left HKScan at the beginning of 2010. CFO Irma        
Kiilunen serves as deputy to the CEO of HKScan Corporation.                     

(4) In late January HKScan Corporation announced that its better than           
anticipated Q4/2009 performance. According to preliminary data, sound commercial
performance during Q4/2009 and the Christmas season in particular had resulted  
in higher-than-anticipated EBIT before non-recurring items.                     
HKScan had earlier estimated that EBIT for 2009 would clearly surpass that for  
2008. Based on preliminary figures, the HKScan Group's reported EBIT for 2009   
would be around EUR 55 million and EBIT before non-recurring items around EUR 67
million.                                                                        
The company furthermore estimated that the non-recurring charges caused by the  
measures in the Swedish restructuring programme would amount to approximately   
EUR 8.6 million instead of the roughly EUR 5 million announced earlier.         


FUTURE OUTLOOK                                                                  

Consumer demand for food is expected to remain steady in the Group's domestic   
markets and export markets are anticipated to pick up somewhat towards the end  
of the year. In addition, the ongoing streamlining programmes and the           
restructuring programme in Sweden in particular provide the foundation for solid
business development.                                                           

The Group's full-year EBIT exclusive of non-recurring items is estimated to     
surpass that in 2009 despite the considerable challenges posed by the markets in
the early part of the year.                                                     


BOARD OF DIRECTORS' PROPOSAL ON DISTRIBUTION OF PROFIT                          

The parent company's distributable assets stand at EUR 156.7 million including  
the reserve for invested unrestricted equity (RIUE), which holds EUR 143.1      
million. The Board of Directors recommends that the company pays a dividend of  
EUR 0.22 per share for 2009, i.e. a total of EUR 11.9 million.                  

There have been no material changes in the company's financial standing since   
the end of the year under review. The company maintains good liquidity and the  
recommended distribution of dividend will not in the Board's estimation         
compromise the company's solvency.                                              


ANNUAL GENERAL MEETING                                                          

HKScan Corporation's Annual General Meeting will be held at 11am on Tuesday, 23 
April 2010 in Helsinki in Congress Hall A of Finlandia Hall, address            
Mannerheimintie 13 e, 00100 Helsinki, Finland. To be eligible to attend the     
Annual General Meeting, shareholders should be registered by 13 April 2010 in   
HKScan Corporation's shareholder register maintained by Euroclear Finland Ltd   
(the Finnish Central Securities Depository APK). Notice of and Board proposals  
to the Annual General Meeting the will be published at a later date.            



CONSOLIDATED FINANCIAL STATEMENTS OF THE HKSCAN GROUP, 1 JAN - 31 DEC 2009      


CONSOLIDATED INCOME STATEMENT 1 JANUARY - 31 DECEMBER                           
(EUR million)                                                                   
--------------------------------------------------------------------------------
|                                                |        2009 |          2008 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| NET SALES                                      |     2 124.7 |       2 294.6 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Change in inventories of finished goods and    |         5.1 |           0.4 |
| work in progress                               |             |               |
--------------------------------------------------------------------------------
| Work performed for own use and capitalized     |         0.9 |           1.3 |
--------------------------------------------------------------------------------
| Other operating income                         |         6.7 |          14.0 |
--------------------------------------------------------------------------------
| Share of associates' results                   |         0.9 |           0.6 |
--------------------------------------------------------------------------------
| Materials and services                         |    -1 474.5 |      -1 642.6 |
--------------------------------------------------------------------------------
| Employee benefits expenses                     |      -306.7 |        -319.0 |
--------------------------------------------------------------------------------
| Depreciation and amortisation                  |       -57.2 |         -54.8 |
--------------------------------------------------------------------------------
| Impairment                                     |         0.0 |           0.8 |
--------------------------------------------------------------------------------
| Other operating expenses                       |      -244.8 |        -257.1 |
--------------------------------------------------------------------------------
| EBIT                                           |        55.1 |          38.1 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Financial income                               |         5.2 |           5.5 |
--------------------------------------------------------------------------------
| Financial expenses                             |       -24.9 |         -35.5 |
--------------------------------------------------------------------------------
| Share of associates' results                   |         2.0 |           0.9 |
--------------------------------------------------------------------------------
| PROFIT/LOSS BEFORE TAXES                       |        37.3 |           9.0 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Income taxes                                   |        -4.9 |          -1.4 |
--------------------------------------------------------------------------------
| PROFIT/LOSS FOR THE PERIOD                     |        32.5 |           7.6 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| PROFIT/LOSS FOR THE PERIOD ATTRIBUTABLE TO:    |             |               |
--------------------------------------------------------------------------------
| Equity holders of the parent                   |        29.9 |           4.7 |
--------------------------------------------------------------------------------
| Minority interests                             |         2.6 |           2.9 |
--------------------------------------------------------------------------------
| Total                                          |        32.5 |           7.6 |
--------------------------------------------------------------------------------

Earnings per share calculated on profit attributable to equity holders of the   
parent:                                                                         
--------------------------------------------------------------------------------
| EPS, undiluted, continuing operations,         |        0.64 |          0.10 |
| EUR/share                                      |             |               |
--------------------------------------------------------------------------------
| EPS, diluted, continuing operations, EUR/share |        0.64 |          0.10 |
--------------------------------------------------------------------------------

Per-share data has been adjusted for the share offering in 2009.                

Consolidated statement of comprehensive income for 1 January to 31 December     
(EUR million)                                                                   

--------------------------------------------------------------------------------
|                                                |        2009 |          2008 |
--------------------------------------------------------------------------------
| Profit/loss for the period                     |        32.5 |           7.6 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| OTHER COMPREHENSIVE INCOME (after taxes):      |             |               |
--------------------------------------------------------------------------------
| Exchange differences on translating foreign    |         1.8 |         -23.4 |
| operations                                     |             |               |
--------------------------------------------------------------------------------
| Available-for-sale investments                 |         0.4 |          -0.2 |
--------------------------------------------------------------------------------
| Cash flow hedging                              |        -7.1 |          -2.0 |
--------------------------------------------------------------------------------
| TOTAL OTHER COMPREHENSIVE INCOME               |        -4.8 |         -25.6 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| TOTAL COMPREHENSIVE INCOME FOR THE PERIOD      |        27.6 |         -18.0 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| TOTAL COMPREHENSIVE INCOME FOR THE PERIOD      |             |               |
| ATTRIBUTABLE TO:                               |             |               |
--------------------------------------------------------------------------------
| Equity holders of the parent                   |        24.8 |         -20.5 |
--------------------------------------------------------------------------------
| Minority interests                             |         2.8 |           2.5 |
--------------------------------------------------------------------------------
| Total                                          |        27.6 |         -18.0 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------



CONSOLIDATED STATEMENT OF FINANCIAL POSITION AT 31 DECEMBER                     
(EUR million)                                                                   
--------------------------------------------------------------------------------
|                                           |   Note |       2009 |       2008 |
--------------------------------------------------------------------------------
| ASSETS                                    |        |            |            |
--------------------------------------------------------------------------------
| NON-CURRENT ASSETS                        |        |            |            |
--------------------------------------------------------------------------------
| Intangible assets                         |     1. |       65.7 |       57.8 |
--------------------------------------------------------------------------------
| Goodwill                                  |     2. |       88.2 |       81.7 |
--------------------------------------------------------------------------------
| Property, plant and equipment             |     3. |      469.1 |      479.3 |
--------------------------------------------------------------------------------
| Shares in associates                      |        |       20.9 |       17.8 |
--------------------------------------------------------------------------------
| Trade and other receivables               |        |       18.2 |       17.4 |
--------------------------------------------------------------------------------
| Other long-term investments               |        |       10.5 |        9.9 |
--------------------------------------------------------------------------------
| Deferred tax asset                        |        |       12.3 |       10.1 |
--------------------------------------------------------------------------------
| NON-CURRENT ASSETS                        |        |      685.0 |      673.9 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CURRENT ASSETS                            |        |            |            |
--------------------------------------------------------------------------------
| Inventories                               |     4. |      118.7 |      128.3 |
--------------------------------------------------------------------------------
| Trade and other receivables               |        |      194.3 |      198.4 |
--------------------------------------------------------------------------------
| Income tax receivable                     |        |        0.2 |        1.5 |
--------------------------------------------------------------------------------
| Other financial assets                    |        |        2.0 |        2.2 |
--------------------------------------------------------------------------------
| Cash and cash equivalents                 |        |       73.9 |       92.2 |
--------------------------------------------------------------------------------
| CURRENT ASSETS                            |        |      389.0 |      422.6 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| ASSETS                                    |        |   1 074.0  |    1 096.5 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EQUITY AND LIABILITIES                    |        |            |            |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| SHAREHOLDERS' EQUITY                      |        |            |            |
--------------------------------------------------------------------------------
| Share capital                             |     5. |       66.8 |       66.8 |
--------------------------------------------------------------------------------
| Share premium reserve                     |        |       74.2 |       73.5 |
--------------------------------------------------------------------------------
| Treasury shares                           |        |       -0.0 |       -0.0 |
--------------------------------------------------------------------------------
| Fair value reserve and other reserves     |        |      149.7 |       96.8 |
--------------------------------------------------------------------------------
| Translation differences                   |        |      -13.1 |      -15.8 |
--------------------------------------------------------------------------------
| Retained earnings                         |        |      111.6 |       97.0 |
--------------------------------------------------------------------------------
| Equity attributable to equity holders of  |        |      389.3 |      318.3 |
| the parent                                |        |            |            |
--------------------------------------------------------------------------------
| Minority interest                         |        |        9.4 |        5.4 |
--------------------------------------------------------------------------------
| SHAREHOLDERS' EQUITY                      |        |      398.7 |      323.7 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| NON-CURRENT LIABILITIES                   |        |            |            |
--------------------------------------------------------------------------------
| Deferred tax liability                    |        |       32.2 |       33.6 |
--------------------------------------------------------------------------------
| Non-current interest-bearing liabilities  |        |      329.9 |      442.1 |
--------------------------------------------------------------------------------
| Non-current non-interest bearing          |        |        5.9 |        7.9 |
| liabilities                               |        |            |            |
--------------------------------------------------------------------------------
| Pension obligations                       |        |        3.6 |        3.7 |
--------------------------------------------------------------------------------
| Non-current provisions                    |        |        8.5 |        1.4 |
--------------------------------------------------------------------------------
| NON-CURRENT LIABILITIES                   |        |      380.1 |      488.7 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CURRENT LIABILITIES                       |        |            |            |
--------------------------------------------------------------------------------
| Current interest-bearing liabilities      |        |       87.5 |       82.4 |
--------------------------------------------------------------------------------
| Trade and other payables                  |        |      202.0 |      199.4 |
--------------------------------------------------------------------------------
| Income tax liability                      |        |        2.7 |        0.5 |
--------------------------------------------------------------------------------
| Current provisions                        |        |        2.8 |        1.9 |
--------------------------------------------------------------------------------
| CURRENT LIABILITIES                       |        |      295.1 |      284.2 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EQUITY AND LIABILITIES                    |        |    1 074.0 |    1 096.5 |
--------------------------------------------------------------------------------



STATEMENT OF CHANGES IN CONSOLIDATED SHAREHOLDERS' EQUITY                       
(EUR million)                                                                   
--------------------------------------------------------------------------------
|     | 1.  | 2.  | 3.  | 4.  | 5.* | 6.  | 7.  | 8.  | 9.  | 10. | 11. | 12.  |
|     |     |     |     |     | )   |     |     |     |     |     |     |      |
--------------------------------------------------------------------------------
| SHA | 66. | 73. | -2. | 66. | 20. | 12. | -15 | 0.0 | 97. | 318 | 5.4 | 323. |
| REH |   8 |   5 |   2 |   7 |   0 |   2 |  .8 |     |   0 |  .2 |     |    7 |
| OLD |     |     |     |     |     |     |     |     |     |     |     |      |
| ERS |     |     |     |     |     |     |     |     |     |     |     |      |
| '   |     |     |     |     |     |     |     |     |     |     |     |      |
| EQU |     |     |     |     |     |     |     |     |     |     |     |      |
| ITY |     |     |     |     |     |     |     |     |     |     |     |      |
| AT  |     |     |     |     |     |     |     |     |     |     |     |      |
| 1.1 |     |     |     |     |     |     |     |     |     |     |     |      |
| .20 |     |     |     |     |     |     |     |     |     |     |     |      |
| 09  |     |     |     |     |     |     |     |     |     |     |     |      |
--------------------------------------------------------------------------------
| Inc |     | 0.0 | -6. |     |     | -0. | 2.7 | 0.0 | 29. | 24. | 2.8 | 27.6 |
| ome |     |     |   7 |     |     |   1 |     |     |   0 |   8 |     |      |
| and |     |     |     |     |     |     |     |     |     |     |     |      |
| exp |     |     |     |     |     |     |     |     |     |     |     |      |
| ens |     |     |     |     |     |     |     |     |     |     |     |      |
| es  |     |     |     |     |     |     |     |     |     |     |     |      |
| rec |     |     |     |     |     |     |     |     |     |     |     |      |
| ogn |     |     |     |     |     |     |     |     |     |     |     |      |
| ize |     |     |     |     |     |     |     |     |     |     |     |      |
| d   |     |     |     |     |     |     |     |     |     |     |     |      |
| dur |     |     |     |     |     |     |     |     |     |     |     |      |
| ing |     |     |     |     |     |     |     |     |     |     |     |      |
| the |     |     |     |     |     |     |     |     |     |     |     |      |
| per |     |     |     |     |     |     |     |     |     |     |     |      |
| iod |     |     |     |     |     |     |     |     |     |     |     |      |
| ,   |     |     |     |     |     |     |     |     |     |     |     |      |
| tot |     |     |     |     |     |     |     |     |     |     |     |      |
| al  |     |     |     |     |     |     |     |     |     |     |     |      |
--------------------------------------------------------------------------------
| Sha |     | 0.8 |     |     |     |     |     |     |     |     | 0.8 |  0.8 |
| re- |     |     |     |     |     |     |     |     |     |     |     |      |
| bas |     |     |     |     |     |     |     |     |     |     |     |      |
| ed  |     |     |     |     |     |     |     |     |     |     |     |      |
| com |     |     |     |     |     |     |     |     |     |     |     |      |
| pen |     |     |     |     |     |     |     |     |     |     |     |      |
| sat |     |     |     |     |     |     |     |     |     |     |     |      |
| ion |     |     |     |     |     |     |     |     |     |     |     |      |
| exp |     |     |     |     |     |     |     |     |     |     |     |      |
| ens |     |     |     |     |     |     |     |     |     |     |     |      |
| e   |     |     |     |     |     |     |     |     |     |     |     |      |
--------------------------------------------------------------------------------
| Oth |     |     |     |     | -20 | 0.2 |     |     |     |     | -19 | -19. |
| er  |     |     |     |     |  .0 |     |     |     |     |     |  .8 |    8 |
| cha |     |     |     |     |     |     |     |     |     |     |     |      |
| nge |     |     |     |     |     |     |     |     |     |     |     |      |
--------------------------------------------------------------------------------
| Dir |     |     |     |     |     |     |     |     | -2. | -2. |     | -2.0 |
| ect |     |     |     |     |     |     |     |     |   0 |   0 |     |      |
| rec |     |     |     |     |     |     |     |     |     |     |     |      |
| ogn |     |     |     |     |     |     |     |     |     |     |     |      |
| iti |     |     |     |     |     |     |     |     |     |     |     |      |
| on  |     |     |     |     |     |     |     |     |     |     |     |      |
| in  |     |     |     |     |     |     |     |     |     |     |     |      |
| ret |     |     |     |     |     |     |     |     |     |     |     |      |
| ain |     |     |     |     |     |     |     |     |     |     |     |      |
| ed  |     |     |     |     |     |     |     |     |     |     |     |      |
| ear |     |     |     |     |     |     |     |     |     |     |     |      |
| nin |     |     |     |     |     |     |     |     |     |     |     |      |
| gs  |     |     |     |     |     |     |     |     |     |     |     |      |
| **) |     |     |     |     |     |     |     |     |     |     |     |      |
--------------------------------------------------------------------------------
| Tra |     |     | 0.6 |     |     | 2.3 |     |     | -2. | 0.0 |     |  0.0 |
| nsf |     |     |     |     |     |     |     |     |   9 |     |     |      |
| ers |     |     |     |     |     |     |     |     |     |     |     |      |
| bet |     |     |     |     |     |     |     |     |     |     |     |      |
| wee |     |     |     |     |     |     |     |     |     |     |     |      |
| n   |     |     |     |     |     |     |     |     |     |     |     |      |
| ite |     |     |     |     |     |     |     |     |     |     |     |      |
| ms  |     |     |     |     |     |     |     |     |     |     |     |      |
--------------------------------------------------------------------------------
| Sha |     |     |     | 76. |     |     |     |     |     | 76. |     | 76.8 |
| re  |     |     |     |   8 |     |     |     |     |     |   8 |     |      |
| off |     |     |     |     |     |     |     |     |     |     |     |      |
| eri |     |     |     |     |     |     |     |     |     |     |     |      |
| ng  |     |     |     |     |     |     |     |     |     |     |     |      |
--------------------------------------------------------------------------------
| Pur |     |     |     |     |     |     |     |     |     | 0.0 |     |  0.0 |
| cha |     |     |     |     |     |     |     |     |     |     |     |      |
| se  |     |     |     |     |     |     |     |     |     |     |     |      |
| of  |     |     |     |     |     |     |     |     |     |     |     |      |
| tre |     |     |     |     |     |     |     |     |     |     |     |      |
| asu |     |     |     |     |     |     |     |     |     |     |     |      |
| ry  |     |     |     |     |     |     |     |     |     |     |     |      |
| sha |     |     |     |     |     |     |     |     |     |     |     |      |
| res |     |     |     |     |     |     |     |     |     |     |     |      |
--------------------------------------------------------------------------------
| Inc |     |     |     |     |     |     |     |     |     |     | 2.1 |  2.1 |
| rea |     |     |     |     |     |     |     |     |     |     |     |      |
| se  |     |     |     |     |     |     |     |     |     |     |     |      |
| in  |     |     |     |     |     |     |     |     |     |     |     |      |
| hol |     |     |     |     |     |     |     |     |     |     |     |      |
| din |     |     |     |     |     |     |     |     |     |     |     |      |
| gs  |     |     |     |     |     |     |     |     |     |     |     |      |
| in  |     |     |     |     |     |     |     |     |     |     |     |      |
| sub |     |     |     |     |     |     |     |     |     |     |     |      |
| sid |     |     |     |     |     |     |     |     |     |     |     |      |
| iar |     |     |     |     |     |     |     |     |     |     |     |      |
| ies |     |     |     |     |     |     |     |     |     |     |     |      |
--------------------------------------------------------------------------------
| Div |     |     |     |     |     |     |     |     | -9. | -9. | -0. | -10. |
| ide |     |     |     |     |     |     |     |     |   4 |   4 |   9 |    3 |
| nd  |     |     |     |     |     |     |     |     |     |     |     |      |
| dis |     |     |     |     |     |     |     |     |     |     |     |      |
| tri |     |     |     |     |     |     |     |     |     |     |     |      |
| but |     |     |     |     |     |     |     |     |     |     |     |      |
| ion |     |     |     |     |     |     |     |     |     |     |     |      |
--------------------------------------------------------------------------------
| SHA | 66, | 74. | -8. | 143 | 0.0 | 14. | -13 | 0.0 | 111 | 389 | 9.4 | 398. |
| REH |   8 |   2 |   4 | .5  |     |   6 |  .1 |     |  .6 |  .3 |     |    7 |
| OLD |     |     |     |     |     |     |     |     |     |     |     |      |
| ERS |     |     |     |     |     |     |     |     |     |     |     |      |
| '   |     |     |     |     |     |     |     |     |     |     |     |      |
| EQU |     |     |     |     |     |     |     |     |     |     |     |      |
| ITY |     |     |     |     |     |     |     |     |     |     |     |      |
| AT  |     |     |     |     |     |     |     |     |     |     |     |      |
| 31. |     |     |     |     |     |     |     |     |     |     |     |      |
| 12. |     |     |     |     |     |     |     |     |     |     |     |      |
| 200 |     |     |     |     |     |     |     |     |     |     |     |      |
| 9   |     |     |     |     |     |     |     |     |     |     |     |      |
--------------------------------------------------------------------------------



--------------------------------------------------------------------------------
|     | 1. | 2.  | 3.  | 4.  | 5.* | 6.  | 7.  | 8.  | 9.  | 10. | 11.  | 12.  |
|     |    |     |     |     | )   |     |     |     |     |     |      |      |
--------------------------------------------------------------------------------
| SHA | 66 | 73. | 0.8 | 66. | 0.0 | 10. | 3.0 | -0. | 105 | 328 |  2.9 | 331. |
| REH | .8 |   4 |     |   7 |     |   8 |     |   7 |  .5 |  .5 |      |    5 |
| OLD |    |     |     |     |     |     |     |     |     |     |      |      |
| ERS |    |     |     |     |     |     |     |     |     |     |      |      |
| '   |    |     |     |     |     |     |     |     |     |     |      |      |
| EQU |    |     |     |     |     |     |     |     |     |     |      |      |
| ITY |    |     |     |     |     |     |     |     |     |     |      |      |
| AT  |    |     |     |     |     |     |     |     |     |     |      |      |
| 1.1 |    |     |     |     |     |     |     |     |     |     |      |      |
| .20 |    |     |     |     |     |     |     |     |     |     |      |      |
| 08  |    |     |     |     |     |     |     |     |     |     |      |      |
--------------------------------------------------------------------------------
| Inc |    | -0. | -3. |     |     | 0.3 | -21 |     | 3.4 | -20 |  2.5 | -18. |
| ome |    |   1 |  1  |     |     |     |  .1 |     |     |  .5 |      |    0 |
| and |    |     |     |     |     |     |     |     |     |     |      |      |
| exp |    |     |     |     |     |     |     |     |     |     |      |      |
| ens |    |     |     |     |     |     |     |     |     |     |      |      |
| es  |    |     |     |     |     |     |     |     |     |     |      |      |
| rec |    |     |     |     |     |     |     |     |     |     |      |      |
| ogn |    |     |     |     |     |     |     |     |     |     |      |      |
| ize |    |     |     |     |     |     |     |     |     |     |      |      |
| d   |    |     |     |     |     |     |     |     |     |     |      |      |
| dur |    |     |     |     |     |     |     |     |     |     |      |      |
| ing |    |     |     |     |     |     |     |     |     |     |      |      |
| the |    |     |     |     |     |     |     |     |     |     |      |      |
| per |    |     |     |     |     |     |     |     |     |     |      |      |
| iod |    |     |     |     |     |     |     |     |     |     |      |      |
| ,   |    |     |     |     |     |     |     |     |     |     |      |      |
| tot |    |     |     |     |     |     |     |     |     |     |      |      |
| al  |    |     |     |     |     |     |     |     |     |     |      |      |
--------------------------------------------------------------------------------
| Sha |    | 0.2 |     |     |     |     |     |     |     | 0.2 |      |  0.2 |
| re- |    |     |     |     |     |     |     |     |     |     |      |      |
| bas |    |     |     |     |     |     |     |     |     |     |      |      |
| ed  |    |     |     |     |     |     |     |     |     |     |      |      |
| com |    |     |     |     |     |     |     |     |     |     |      |      |
| pen |    |     |     |     |     |     |     |     |     |     |      |      |
| sat |    |     |     |     |     |     |     |     |     |     |      |      |
| ion |    |     |     |     |     |     |     |     |     |     |      |      |
| exp |    |     |     |     |     |     |     |     |     |     |      |      |
| ens |    |     |     |     |     |     |     |     |     |     |      |      |
| e   |    |     |     |     |     |     |     |     |     |     |      |      |
--------------------------------------------------------------------------------
| Oth |    |     |     |     | 20. |     |     |     |     | 20. |      | 20.0 |
| er  |    |     |     |     |   0 |     |     |     |     |   0 |      |      |
| cha |    |     |     |     |     |     |     |     |     |     |      |      |
| nge |    |     |     |     |     |     |     |     |     |     |      |      |
--------------------------------------------------------------------------------
| Dir |    |     |     |     |     |     |     |     |     | 0.0 |  1.4 |  1.4 |
| ect |    |     |     |     |     |     |     |     |     |     |      |      |
| rec |    |     |     |     |     |     |     |     |     |     |      |      |
| ogn |    |     |     |     |     |     |     |     |     |     |      |      |
| iti |    |     |     |     |     |     |     |     |     |     |      |      |
| on  |    |     |     |     |     |     |     |     |     |     |      |      |
| in  |    |     |     |     |     |     |     |     |     |     |      |      |
| ret |    |     |     |     |     |     |     |     |     |     |      |      |
| ain |    |     |     |     |     |     |     |     |     |     |      |      |
| ed  |    |     |     |     |     |     |     |     |     |     |      |      |
| ear |    |     |     |     |     |     |     |     |     |     |      |      |
| nin |    |     |     |     |     |     |     |     |     |     |      |      |
| gs  |    |     |     |     |     |     |     |     |     |     |      |      |
--------------------------------------------------------------------------------
| Tra |    |     |     |     |     | 1.2 |     |     | -1. | 0.0 |      |  0.0 |
| nsf |    |     |     |     |     |     |     |     |   2 |     |      |      |
| ers |    |     |     |     |     |     |     |     |     |     |      |      |
| bet |    |     |     |     |     |     |     |     |     |     |      |      |
| wee |    |     |     |     |     |     |     |     |     |     |      |      |
| n   |    |     |     |     |     |     |     |     |     |     |      |      |
| ite |    |     |     |     |     |     |     |     |     |     |      |      |
| ms  |    |     |     |     |     |     |     |     |     |     |      |      |
--------------------------------------------------------------------------------
| Pur |    |     |     |     |     |     |     | -0. |     | -0. |      | -0.1 |
| cha |    |     |     |     |     |     |     |   1 |     |   1 |      |      |
| se  |    |     |     |     |     |     |     |     |     |     |      |      |
| of  |    |     |     |     |     |     |     |     |     |     |      |      |
| tre |    |     |     |     |     |     |     |     |     |     |      |      |
| asu |    |     |     |     |     |     |     |     |     |     |      |      |
| ry  |    |     |     |     |     |     |     |     |     |     |      |      |
| sha |    |     |     |     |     |     |     |     |     |     |      |      |
| res |    |     |     |     |     |     |     |     |     |     |      |      |
--------------------------------------------------------------------------------
| Pay |    |     |     |     |     |     |     | 0.8 |     | 0.8 |      |  0.8 |
| men |    |     |     |     |     |     |     |     |     |     |      |      |
| ts  |    |     |     |     |     |     |     |     |     |     |      |      |
| mad |    |     |     |     |     |     |     |     |     |     |      |      |
| e   |    |     |     |     |     |     |     |     |     |     |      |      |
| in  |    |     |     |     |     |     |     |     |     |     |      |      |
| tre |    |     |     |     |     |     |     |     |     |     |      |      |
| asu |    |     |     |     |     |     |     |     |     |     |      |      |
| ry  |    |     |     |     |     |     |     |     |     |     |      |      |
| sha |    |     |     |     |     |     |     |     |     |     |      |      |
| res |    |     |     |     |     |     |     |     |     |     |      |      |
--------------------------------------------------------------------------------
| Div |    |     |     |     |     |     |     |     | -10 | -10 | -1.4 | -12. |
| ide |    |     |     |     |     |     |     |     |  .6 |  .6 |      |    0 |
| nd  |    |     |     |     |     |     |     |     |     |     |      |      |
| dis |    |     |     |     |     |     |     |     |     |     |      |      |
| tri |    |     |     |     |     |     |     |     |     |     |      |      |
| but |    |     |     |     |     |     |     |     |     |     |      |      |
| ion |    |     |     |     |     |     |     |     |     |     |      |      |
--------------------------------------------------------------------------------
| SHA | 66 | 73. | -2. | 66. | 20. | 12. | -15 | 0.0 | 97. | 318 |  5.4 | 323. |
| REH | .8 |   5 |   2 |   7 |   0 |   2 |  .8 |     |   0 |  .2 |      |    7 |
| OLD |    |     |     |     |     |     |     |     |     |     |      |      |
| ERS |    |     |     |     |     |     |     |     |     |     |      |      |
| '   |    |     |     |     |     |     |     |     |     |     |      |      |
| EQU |    |     |     |     |     |     |     |     |     |     |      |      |
| ITY |    |     |     |     |     |     |     |     |     |     |      |      |
| AT  |    |     |     |     |     |     |     |     |     |     |      |      |
| 31. |    |     |     |     |     |     |     |     |     |     |      |      |
| 12. |    |     |     |     |     |     |     |     |     |     |      |      |
| 200 |    |     |     |     |     |     |     |     |     |     |      |      |
| 8   |    |     |     |     |     |     |     |     |     |     |      |      |
--------------------------------------------------------------------------------

COLUMNS: 1. Share capital, 2. Share premium reserve, 3. Revaluation reserve, 4. 
Reserve for invested unrestricted equity (RIUE), 5. Other equity item, 6. Other 
reserves, 7. Translation differences, 8. Treasury shares, 9. Retained earnings, 
10. Equity holders of the parent, 11. Minority interest, 12. Total              

*) Comprising a hybrid bond classified as equity                                
**) Comprising interest paid on hybrid bond                                     

In the financial statements for 2008, the company reported re-measurement of net
investment hedges in the revaluation reserve. In the financial statements for   
2009, the manner of reporting has been changed and hedging is recognized as an  
adjustment to translation differences. The figures for the comparison year have 
been modified to correspond to the current practice.                            



CASH FLOW STATEMENT                                                             
(EUR million)                                                                   
--------------------------------------------------------------------------------
|                                                |        2009 |          2008 |
--------------------------------------------------------------------------------
| Operating activities                           |             |               |
--------------------------------------------------------------------------------
| EBIT                                           |        55.1 |          38.1 |
--------------------------------------------------------------------------------
| Adjustments to EBIT                            |        -0.4 |          -1.3 |
--------------------------------------------------------------------------------
| Depreciation and amortisation                  |        57.2 |          54.0 |
--------------------------------------------------------------------------------
| Change in provisions                           |         7.6 |           1.4 |
--------------------------------------------------------------------------------
| Change in net working capital                  |         2.5 |           1.3 |
--------------------------------------------------------------------------------
| Financial income                               |         5.2 |           5.5 |
--------------------------------------------------------------------------------
| Financial expenses                             |       -24.9 |         -35.5 |
--------------------------------------------------------------------------------
| Taxes                                          |        -4.9 |          -1.4 |
--------------------------------------------------------------------------------
| Net cash flow from operating activities        |        97.4 |          62.2 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Investing activities                           |             |               |
--------------------------------------------------------------------------------
| Gross investments in fixed assets              |       -43.7 |         -84.1 |
--------------------------------------------------------------------------------
| Disposals of fixed assets                      |         2.9 |          12.0 |
--------------------------------------------------------------------------------
| Investments in subsidiary                      |        -4.7 |           0.0 |
--------------------------------------------------------------------------------
| Shares in associates purchased                 |        -0.3 |           0.0 |
--------------------------------------------------------------------------------
| Loans granted                                  |        -0.0 |          -0.2 |
--------------------------------------------------------------------------------
| Repayments of loans receivable                 |         5.1 |           2.0 |
--------------------------------------------------------------------------------
| Net cash flow from investing activities        |       -40.8 |         -70.3 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flow before financing activities          |        56.6 |          -8.1 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Financing activities                           |             |               |
--------------------------------------------------------------------------------
| Proceeds from share offering                   |        76.8 |           0.0 |
--------------------------------------------------------------------------------
| Payments received on hybrid bond               |         0.0 |          20.0 |
--------------------------------------------------------------------------------
| Repayment of hybrid bond                       |       -20.0 |           0.0 |
--------------------------------------------------------------------------------
| Current borrowings raised                      |        46.6 |         187.9 |
--------------------------------------------------------------------------------
| Current borrowings repaid                      |       -82.3 |        -164.2 |
--------------------------------------------------------------------------------
| Non-current borrowings raised                  |        74.7 |          27.4 |
--------------------------------------------------------------------------------
| Non-current borrowings repaid                  |      -160.8 |          -7.3 |
--------------------------------------------------------------------------------
| Interest on hybrid bond                        |        -2.1 |           0.0 |
--------------------------------------------------------------------------------
| Dividends paid                                 |        -9.4 |         -10.6 |
--------------------------------------------------------------------------------
| Purchase of treasury shares                    |         0.0 |          -0.1 |
--------------------------------------------------------------------------------
| Net cash flow from financing activities        |       -76.5 |          53.0 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Change in cash and cash equivalents            |       -19.9 |          44.9 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash and cash equivalents at 1.1.              |        94.4 |          56.8 |
--------------------------------------------------------------------------------
| Effect of changes in exchange rates on cash    |         1.4 |          -7.3 |
| and cash equivalents                           |             |               |
--------------------------------------------------------------------------------
| Cash and cash equivalents at 31.12.            |        75.9 |          94.4 |
--------------------------------------------------------------------------------



FINANCIAL INDICATORS                                                            

--------------------------------------------------------------------------------
|                                                |        2009 |          2008 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net sales, EUR million                         |     2 124.7 |       2 294.6 |
--------------------------------------------------------------------------------
| EBIT, EUR million                              |        55.1 |          38.1 |
--------------------------------------------------------------------------------
| - as % of net sales                            |         2.6 |           1.7 |
--------------------------------------------------------------------------------
| Profit before taxes, EUR million               |        37.3 |           9.0 |
--------------------------------------------------------------------------------
| - as % of net sales                            |         1.8 |           0.4 |
--------------------------------------------------------------------------------
| Return on equity (ROE), %                      |         9.0 |           2.3 |
--------------------------------------------------------------------------------
| Return on investment (ROI), %                  |         7.4 |           5.2 |
--------------------------------------------------------------------------------
| Equity ratio, %                                |        37.1 |          29.5 |
--------------------------------------------------------------------------------
| Net gearing ratio, %                           |        84.9 |         131.8 |
--------------------------------------------------------------------------------
| Gross investments, EUR million                 |        41.3 |          84.0 |
--------------------------------------------------------------------------------
| - as % of net sales                            |         1.9 |           3.7 |
--------------------------------------------------------------------------------
| R&D expenditure, EUR million                   |         8.9 |          13.1 |
--------------------------------------------------------------------------------
| - as % of net sales                            |         0.4 |           0.6 |
--------------------------------------------------------------------------------
| Employees, average                             |       7 429 |         7 750 |
--------------------------------------------------------------------------------


PER SHARE DATA                                                                  
Per-share data has been adjusted for the share offering in 2009.                
--------------------------------------------------------------------------------
|                                                |        2009 |          2008 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EPS, undiluted, EUR                            |        0.64 |          0.10 |
--------------------------------------------------------------------------------
| EPS, diluted, EUR                              |        0.64 |          0.10 |
--------------------------------------------------------------------------------
| Equity per share, EUR                          |        7.21 |          7.13 |
--------------------------------------------------------------------------------
| Dividend per share, EUR                        |     0.22 *) |         0.21  |
--------------------------------------------------------------------------------
| Dividend payout ratio, undiluted, %            |     34.5 *) |        199.3  |
--------------------------------------------------------------------------------
| Dividend payout ratio, diluted, %              |     34.5 *) |        199.3  |
--------------------------------------------------------------------------------
| Effective dividend yield, %                    |      2.8 *) |          5.4  |
--------------------------------------------------------------------------------
| Price/earnings ratio (P/E)                     |             |               |
--------------------------------------------------------------------------------
| - undiluted                                    |        12.3 |          36.7 |
--------------------------------------------------------------------------------
| - diluted                                      |        12.3 |          37.8 |
--------------------------------------------------------------------------------
| Lowest trading price, EUR                      |        3.70 |          3.43 |
--------------------------------------------------------------------------------
| Highest trading price, EUR                     |       10.38 |         12.75 |
--------------------------------------------------------------------------------
| Middle price, EUR                              |        7.18 |          6.94 |
--------------------------------------------------------------------------------
| Closing price on year, EUR                     |        7.85 |          3.89 |
--------------------------------------------------------------------------------
| Market capitalization, EUR million             |       423.7 |         173.7 |
--------------------------------------------------------------------------------
| Shares traded in thousands                     |      22 285 |         9 028 |
--------------------------------------------------------------------------------
| - % of average number                          |        56.4 |          23.0 |
--------------------------------------------------------------------------------
| Adjusted number of shares in thousands         |             |               |
--------------------------------------------------------------------------------
| - average during the financial year            |      44 937 |        44 606 |
--------------------------------------------------------------------------------
| - at end of financial year                     |      53 975 |        44 624 |
--------------------------------------------------------------------------------
| - fully diluted                                |      53 975 |        44 624 |
--------------------------------------------------------------------------------
*) Based on Board of Directors' dividend recommendation.                        




FORMULAE FOR FINANCIAL INDICATORS                                               

                              Profit before taxes - taxes                       
Return on equity (%)          -------------------------------------- x 100      
                              Total shareholders' equity (average)              


                              Profit before taxes + interest expenses           
                              and other financial expenses                      
Return on investment (%) ----------------------------------------------- x 100  
                              Balance sheet total - non-interest-bearing        
                              debts (average)                                   


                              Total equity                                      
Equity ratio (%)              -------------------------------------- x 100      
                              Balance sheet total - advances received           


Net interest-bearing liabilities - interest-bearing loans receivable - cash and 
cash equivalents                                                                
Net gearing ratio (%) ---------------------------------------------- x 100      
                              Total shareholders' equity                        

                              Profit for the period attributable to             
                              equity holders of the parent                      
Earnings per share            -----------------------------------------         
                              Average adjusted number of shares                 
                              during the financial year                         


                              Equity attributable to                            
                              equity holders of the parent                      
Equity per share              -----------------------------------------         
                              Adjusted number of shares                         
                              at end of financial year                          


                              Dividend per share                                
Dividend per share            -----------------------------------------         
                              Coefficient of share issues                       
                              after the financial year                          


                              Adjusted dividend per share                       
Dividend payout ratio (%) --------------------------------------- x 100         
                              Earnings per share                                


                              Dividend per share                                
Effective dividend yield (%) --------------------------------------- x 100      
                              Adjusted closing price                            
                              on the last trading day                           


                              Adjusted closing price                            
                              on the last trading day                           
P/E ratio                     ---------------------------------------           
                              Earnings per share                                


Market capitalization         Number of outstanding shares at the end of the    
financial year x closing price at the last day of the financial year            

No. of employees              Average of workforce figures calculated           
                              at the end of calendar months                     



NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS                                  


ACCOUNTING POLICIES                                                             

HKScan Corporation's financial statement bulletin for 1 January - 31 December   
2009 has been prepared in compliance with IAS 34 Interim Financial Reporting.   
The consolidated financial statements have been prepared in compliance with the 
International Financial Reporting Standards (IFRS) and the IAS and IFRS         
standards and SIC and IFRIC interpretations effective at 31 December 2009.      

The consolidated financial statements have been prepared in compliance with the 
same accounting policies as in 2008 except for the following new standards,     
interpretations and standard amendments, which are effective as of 1 January    
2009.                                                                           

As of 1 January 2009, the Group has applied the following new or revised        
standards and interpretations:                                                  

- IAS 1 (revised) Presentation of Financial Statements. The revision is aimed at
improving users' ability to analyze and compare the information given in        
financial statements. The means to achieve this include separating changes in a 
company's equity resulting from transactions with owners in their capacity as   
owners from other changes in equity. Non-owner-related changes are presented in 
the statement of comprehensive income. The Group will report a separate income  
statement and statement of comprehensive income.                                

- IAS 23 (revised) Borrowing Costs. The standard requires that borrowing costs  
that are directly attributable to the acquisition, construction or production of
a qualifying asset, such as a production facility, are included in the cost of  
that asset. The Group has previously recognized borrowing costs as an expense   
during the period in which they are incurred, in the manner permitted. The      
revised standard means that borrowing costs concerning construction projects    
undertaken on or after 1 January 2009 are allocated to the project and          
capitalized in the balance sheet. The Group had no such projects underway in the
financial year under review.                                                    

- IFRS 8 Operating Segments. The standard replaces IAS 14 and requires adoption 
of the ‘management approach' to presenting segment information, meaning that    
information is reported in the same manner as in internal reporting. The        
standard has not altered the Group's segment reporting breakdown.               

- Improving Disclosures about Financial Instruments: Amendments to IFRS 7       
Financial Instruments: Disclosures.  The amendments introduce a three-level     
hierarchy for disclosing the fair values of financial instruments. The amended  
standard also calls for additional disclosures to help judge the relative       
reliability of fair value measurements. The amendments furthermore enhance and  
clarify earlier disclosure requirements concerning liquidity risk.              

- Improvements to IFRSs. The Annual Improvements process allows minor and       
non-urgent amendments to IFRSs to be presented and implemented once each year in
a single document. The amendments presented concern a total of 34 standards and 
the impacts vary for each standard. The amendments have had no significant      
impact on HKSCan's consolidated financial statements, however.                  

- IFRIC 16. Hedges of a Net Investment in a Foreign Unit. The interpretation    
clarifies the accounting treatment in consolidated financial statements in      
respect of the hedge of a net investment in a foreign unit. It has not had any  
significant effect on the Group's financial statements.                         

- Amendments to IFRS 2. Share-based Payments - Vesting Conditions and           
Cancellations. The amendments require that non-vesting conditions be taken into 
account in the estimation of the fair value of the equity instrument at the     
grant date and also clarify instructions relating to the accounting treatment of
cancellations. The amendments have not affected the consolidated financial      
statements.                                                                     

The Group has elected to apply the following standard early, in the financial   
statements for the financial year ended 31 December 2009:                       

- IFRS 3 (Revised). Business Combinations (effective for annual periods         
beginning on or after 1 July 2009). The revised standard has a wider scope of   
application and contains many changes that are significant to the Group. The    
amendments affect the amount of goodwill recognized on acquisitions as well as  
the outcomes of disposals of businesses. The amendments furthermore affect items
recognized in profit or loss in both the financial year in which the acquisition
takes place and in the financial years in which additional purchase price is    
paid or additional acquisitions made.                                           

The Group has yet to apply the following new or revised standards and           
interpretations published by the IASB. These will be applied as from the        
effective date of each standard and interpretation or, if the effective date    
does not fall on the first day of the financial year, as from the start of the  
financial year first beginning after the effective date.                        

- Revised IAS 27. Consolidated and Separate Financial Statements (effective for 
annual periods beginning on or after 1 July 2009). The revised standard requires
the effects of changes in subsidiary ownership to be recognized directly in     
Group equity when the parent entity retains control. If control in the          
subsidiary is lost, any remaining investment is measured to fair value and any  
difference recognized in profit or loss. A corresponding accounting treatment   
will in future apply also to investments in associates (IAS 28) and interests in
joint ventures (IAS 31) As a result of the revision, the losses of a subsidiary 
can be allocated to the minority also when the losses exceed the minority's     
investment.                                                                     

- Improvements to IFRSs (as a rule, effective for annual periods beginning on or
after 1 January 2010). The Annual Improvements process allows minor and         
non-urgent amendments to IFRSs to be presented and implemented once each year in
a single document. The amendments presented concern a total of 12 standards and 
the impacts vary for each standard. The amendments have had no significant      
impact on HKSCan's consolidated financial statements, however. The amendments   
are yet to be adopted for application in the EU.                                

- ED 9 Joint Arrangements. The current IAS 31 Interests in Joint Ventures       
permits the proportionate consolidation of the figures for a joint venture (line
by line consolidation). The standard (the new ED 9) is likely to be amended to  
permit the application of the equity method only. The new standard will         
significantly alter both Group figures and the treatment of the Poland segment. 
No effective date has yet been determined.                                      



COMPARISON OF SEGMENT INFORMATION                                               
Net sales and EBIT by main market area                                          
(EUR million)                                                                   
--------------------------------------------------------------------------------
|                          |    Q4/2009 |    Q4/2008 |       2009 |       2008 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net sales                |            |            |            |            |
--------------------------------------------------------------------------------
| -Finland                 |      185.4 |      197.3 |      732.5 |      740.4 |
--------------------------------------------------------------------------------
| -Sweden                  |      278.3 |      301.6 |    1 037.4 |    1 179.3 |
--------------------------------------------------------------------------------
| -The Baltics             |       38.1 |       43.0 |      156.9 |      168.2 |
--------------------------------------------------------------------------------
| -Poland                  |       65.1 |       66.3 |      251.7 |      270.9 |
--------------------------------------------------------------------------------
| -Between segments        |       -9.5 |      -16.0 |      -53.9 |      -64.3 |
--------------------------------------------------------------------------------
| Total                    |      557.5 |      592.3 |    2 124.7 |    2 294.6 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EBIT                     |            |            |            |            |
--------------------------------------------------------------------------------
| -Finland                 |        6.4 |        6.4 |       27.0 |       14.4 |
--------------------------------------------------------------------------------
| -Sweden                  |        9.1 |        8.6 |       16.7 |       18.0 |
--------------------------------------------------------------------------------
| -The Baltics             |        2.0 |        0.6 |        9.8 |        6.4 |
--------------------------------------------------------------------------------
| -Poland                  |        2.9 |        1.9 |        9.3 |        4.2 |
--------------------------------------------------------------------------------
| -Between segments        |        0.0 |        0.0 |        0.0 |        0.0 |
--------------------------------------------------------------------------------
| -Group administration    |       -1.9 |       -2.2 |    *) -7.7 |       -4.9 |
| costs                    |            |            |            |            |
--------------------------------------------------------------------------------
| Total                    |       18.4 |       15.3 |       55.1 |       38.1 |
--------------------------------------------------------------------------------
*) Includes EUR 1.3 million in non-recurring severance pay relating to the      
termination of the former CEO's employment and recognized in Q1.                



NOTES TO THE STATEMENT OF FINANCIAL POSITION                                    


1. CHANGES IN INTANGIBLE ASSETS                                                 
(EUR million)                                                                   
--------------------------------------------------------------------------------
|                                            |       1-12/2009 |     1-12/2008 |
--------------------------------------------------------------------------------
| Carrying value at beginning of period      |            57.8 |          65.4 |
--------------------------------------------------------------------------------
| Translation differences                    |             3.0 |          -7.7 |
--------------------------------------------------------------------------------
| Increase                                   |             2.8 |           0.3 |
--------------------------------------------------------------------------------
| Increase (acquisitions)                    |             2.0 |           0.0 |
--------------------------------------------------------------------------------
| Decrease                                   |             0.0 |          -0.1 |
--------------------------------------------------------------------------------
| Depreciation and impairment                |            -2.7 |          -2.1 |
--------------------------------------------------------------------------------
| Transfer to other balance sheet item       |             2.8 |           2.0 |
--------------------------------------------------------------------------------
| Carrying value at end of period            |            65.7 |          57.8 |
--------------------------------------------------------------------------------


2. CHANGES IN GOODWILL                                                          
(EUR million)                                                                   
--------------------------------------------------------------------------------
|                                            |       1-12/2009 |     1-12/2008 |
--------------------------------------------------------------------------------
| Carrying value at beginning of period      |            81.7 |          85.1 |
--------------------------------------------------------------------------------
| Translation differences                    |             1.6 |          -4.1 |
--------------------------------------------------------------------------------
| Increase                                   |             1.9 |           0.7 |
--------------------------------------------------------------------------------
| Increase (acquisitions)                    |             3.0 |           0.0 |
--------------------------------------------------------------------------------
| Decrease                                   |             0.0 |           0.0 |
--------------------------------------------------------------------------------
| Depreciation and impairment                |             0.0 |           0.0 |
--------------------------------------------------------------------------------
| Transfer to other balance sheet item       |             0.0 |           0.0 |
--------------------------------------------------------------------------------
| Carrying value at end of period            |            88.2 |          81.7 |
--------------------------------------------------------------------------------


3. CHANGES IN PROPERTY, PLANT AND EQUIPMENT                                     
(EUR million)                                                                   
--------------------------------------------------------------------------------
|                                            |       1-12/2009 |     1-12/2008 |
--------------------------------------------------------------------------------
| Carrying value at beginning of period      |           479.3 |         476.7 |
--------------------------------------------------------------------------------
| Translation differences                    |             6.6 |         -24.1 |
--------------------------------------------------------------------------------
| Increase                                   |            41.2 |          79.9 |
--------------------------------------------------------------------------------
| Increase (acquisitions)                    |             3.8 |           0.0 |
--------------------------------------------------------------------------------
| Decrease                                   |            -3.3 |         -11.8 |
--------------------------------------------------------------------------------
| Depreciation and impairment                |           -55.8 |         -48.3 |
--------------------------------------------------------------------------------
| Transfer to other balance sheet item       |            -2.6 |           6.9 |
--------------------------------------------------------------------------------
| Carrying value at end of period            |           469.1 |         479.3 |
--------------------------------------------------------------------------------


4. INVENTORIES                                                                  
(EUR million)                                                                   
--------------------------------------------------------------------------------
|                                            |       1-12/2009 |     1-12/2008 |
--------------------------------------------------------------------------------
| Materials and supplies                     |            73.9 |          80.9 |
--------------------------------------------------------------------------------
| Unfinished products                        |             7.1 |           7.1 |
--------------------------------------------------------------------------------
| Finished products                          |            23.7 |          25.6 |
--------------------------------------------------------------------------------
| Goods                                      |             0.0 |           0.0 |
--------------------------------------------------------------------------------
| Other inventories                          |             4.1 |           4.2 |
--------------------------------------------------------------------------------
| Prepayments                                |             2.1 |           2.2 |
--------------------------------------------------------------------------------
| Live animals, IFRS 41                      |             7.6 |           8.2 |
--------------------------------------------------------------------------------
| Total inventories                          |           118.7 |         128.3 |
--------------------------------------------------------------------------------


5. NOTES TO SHAREHOLDERS' EQUITY                                                

--------------------------------------------------------------------------------
| Share        | Number of |   Share |    Share |     RIUE | Treasury |   Tot. |
| capital and  | outstandi | capital |  premium |          |   shares |        |
| share        | ng shares |         |  reserve |          |          |        |
| premium      |           |         |          |          |          |        |
| reserve      |           |         |          |          |          |        |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 1.1.2009     |    39 301 |    66.8 |     72.9 |     66.7 |      0.0 |  206.4 |
|              |       719 |         |          |          |          |        |
--------------------------------------------------------------------------------
| Reversion of |   -47 508 |         |          |          |      0.0 |    0.0 |
| treasury     |           |         |          |          |          |        |
| shares       |           |         |          |          |          |        |
--------------------------------------------------------------------------------
| Share        |    14 720 |         |          |     76.8 |          |   76.8 |
| offering     |      329  |         |          |          |          |        |
--------------------------------------------------------------------------------
| 31.12.2009   |    53 974 |    66.8 |     72.9 |    143.5 |      0.0 |  283.2 |
|              |       540 |         |          |          |          |        |
--------------------------------------------------------------------------------

RIUE = Reserve for invested unrestricted equity                                 

Dividends for the financial year 2008 were paid on 6 May 2009. At a dividend of 
EUR 0.24 per share, the total came to EUR 9 422 692.56.                         


INTEREST-BEARING LIABILITIES                                                    
The Group's interest-bearing debt totalled EUR 417.4 million (EUR 524.4m) at the
end of the financial year. The decrease was mainly due to the allocation of the 
net proceeds from the share offering executed in December to paying down        
interest-bearing debt. The proceeds were also used to repay the hybrid bond of  
EUR 20 million. A positive cash flow from operating activities allowed the      
repayment of loans as well.                                                     


FINANCIAL RISKS                                                                 
Financial risks consist of refinancing and liquidity risks, counterparty risks  
in financial contracts, foreign exchange risks, interest rate risks, commodity  
risks and credit risks. Financial risks and financial risk management are part  
of the Group's treasury policy. The policy observed has been adopted by the     
Board and its implementation is centralized to a finance unit led by the Group's
CFO. The treasury policy was amended in the 2009 financial year to allow foreign
exchange risk in commercial operations to be hedged for no more than 12 months  
into the future, with 30-70 percent of the anticipated net currency flow hedged 
as a rule. Hedging of a net investment in a foreign subsidiary was started in   
the period under review in respect of the Polish zloty.                         

The purpose of capital management in the Group is to support business through an
optimal capital structure by safeguarding a normal operating environment and    
enabling organic and structural growth. Capital structure is influenced by      
controlling the amount of working capital tied up in the business and through   
reported profit/loss, distribution of dividend and share issues. The Group may  
also decide on the disposal of assets to reduce liabilities.                    

Financial risks and capital management will be discussed in more detail in the  
Notes to the 2009 financial statements.                                         



DERIVATIVE INSTRUMENT LIABILITIES                                               
(EUR million)                                                                   
--------------------------------------------------------------------------------
|                                             |    31.12.2009 |     31.12.2008 |
--------------------------------------------------------------------------------
| Nominal values of derivative instruments    |               |                |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Foreign exchange derivatives                |         104.6 |           84.4 |
--------------------------------------------------------------------------------
| Interest-rate derivatives                   |         203.5 |          276.8 |
--------------------------------------------------------------------------------
| Electricity derivatives                     |          10.8 |            8.6 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Fair values of derivative instruments       |               |                |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Foreign exchange derivatives                |          -1.1 |           -2.0 |
--------------------------------------------------------------------------------
| Interest-rate derivatives                   |         -11.3 |          -11.5 |
--------------------------------------------------------------------------------
| Electricity derivatives                     |          -0.6 |           -1.9 |
--------------------------------------------------------------------------------



CONSOLIDATED OTHER CONTINGENT LIABILITIES                                       
(EUR mill.)                                                                     
--------------------------------------------------------------------------------
|                                             |    31.12.2009 |     31.12.2008 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Debts secured by                            |               |                |
--------------------------------------------------------------------------------
| pledges or mortgages                        |               |                |
--------------------------------------------------------------------------------
| - Loans from financial institutions         |          33.9 |           41.3 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Given as security                           |               |                |
--------------------------------------------------------------------------------
| - real estate mortgages                     |          55.5 |           36.0 |
--------------------------------------------------------------------------------
| - pledges                                   |          30.4 |           15.4 |
--------------------------------------------------------------------------------
| - floating charges                          |          20.7 |           19.7 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Security for debts of participating         |               |                |
| interests                                   |               |                |
--------------------------------------------------------------------------------
| - Guarantees                                |           5.0 |            5.5 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| For others                                  |               |                |
--------------------------------------------------------------------------------
| - guarantees and pledges                    |          12.4 |            9.6 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Other contingencies                         |               |                |
--------------------------------------------------------------------------------
| Leasing commitments                         |          19.0 |           23.0 |
--------------------------------------------------------------------------------
| Other rent commitments                      |          40.6 |           42.4 |
--------------------------------------------------------------------------------
| Other commitments                           |           5.8 |            4.7 |
--------------------------------------------------------------------------------


BUSINESS TRANSACTIONS WITH RELATED PARTIES                                      

--------------------------------------------------------------------------------
|                                             |          2009 |           2008 |
--------------------------------------------------------------------------------
| Sales to associates                         |          34.9 |           37.6 |
--------------------------------------------------------------------------------
| Purchases from associates                   |          35.2 |           37.0 |
--------------------------------------------------------------------------------
| Trade and other receivables                 |           2.5 |            2.2 |
--------------------------------------------------------------------------------
| Trade and other payables                    |           8.5 |            9.0 |
--------------------------------------------------------------------------------
| Severance pay to the CEO                    |           1.3 |            0.0 |
--------------------------------------------------------------------------------


NON-RECURRING ITEMS                                                             
(EUR million)                                                                   
--------------------------------------------------------------------------------
|                          |   Q4/2009 |    Q4/2008 |       2009 |        2008 |
--------------------------------------------------------------------------------
| Employee benefits        |      -5.8 |        0.0 |      -10.8 |         0.0 |
| expenses                 |           |            |            |             |
--------------------------------------------------------------------------------
| Depreciation and         |       0.0 |        0.0 |       -1.9 |         0.0 |
| impairment               |           |            |            |             |
--------------------------------------------------------------------------------
| Total non-recurring      |      -5.8 |        0.0 |      -12.7 |         0.0 |
| items                    |           |            |            |             |
--------------------------------------------------------------------------------



The figures reported in the financial statement bulletin are unaudited.         


Vantaa, 19 February 2010                                                        

HKScan Corporation                                                              
Board of Directors                                                              



Further information is available from HKScan Corporation CEO Matti Perkonoja.   
Please leave any messages for him to call with Marjukka Hujanen on +358         
(0)10 570 6218.                                                                 


HKScan is one of the leading food companies in northern Europe with home markets
in Finland, Sweden, the Baltics and Poland. HKScan manufactures, sells and      
markets pork and beef, poultry products, processed meats and convenience foods  
under several well-known local brand names. Its customers are retail, the HoReCa
sector, industry and export customers. HKScan is active in nine countries and   
has some 10,000 employees. It had net sales of 2.1 billion euro in 2009.        


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www.hkscan.com