Kemira Q1 2013 Interim Report

Interim report
January‐March 2013

Improved profitability supported by organic growth
 Organic revenue growth of 3%.
 Operative EBIT increased 9% to EUR 42.2 million (38.6) with a margin of 7.5% (7.0%).
 Earnings per share, excluding non-recurring items, decreased to EUR 0.17 (0.19) due to EUR
12 million lower income from the associated companies.
 The reported earnings per share were reduced to EUR 0.01 (0.19) mainly due to the write-
down of EUR 23 million related to the sale of Kemira’s shares in the Joint Venture Sachtleben.
 With the net debt of EUR 357 million (532), the gearing fell to 30% (42% at the end of
December, 2012) due to the proceeds of EUR 178 million received from the divestments of
Kemira’s food and pharmaceuticals businesses and the shares in JV Sachtleben.
 Outlook for 2013 is unchanged, Kemira expects revenue in local currencies, excluding
divestments to be slightly higher than in 2012 and operative EBIT to be significantly higher
than in 2012.
Kemira’s President and CEO Wolfgang Büchele:
The year 2013 started with organic revenue growth of 3% and an operative EBIT improvement of
9%. The growth was driven by the increased sales volumes in Paper, Municipal & Industrial and
ChemSolutions. Polymer sales volumes to Oil & Gas in North America recovered, but sales
volumes to Mining continued to decline and resulted in lower revenue for Oil & Mining.
“Fit for Growth” cost savings for the first quarter, 2013 were EUR 9 million and, together with
increased sales volumes were the main reason for the profitability improvement. 11 of Kemira’s
manufacturing sites and 2 production plants are either closed or have been decided to be closed.
This and other efficiency measures have resulted in a reduction of 519 employees (including 91
employees in the divested food and pharmaceutical businesses). The ultimate goal of the “Fit for
Growth” program is to reach at least 10% EBIT margin in 2014.
Today, Kemira has presented its sharpened strategy “From redesign to expansion” in conjunction
with the new financial targets for 2016. Kemira targets profitable, above-the-market growth driven
by fast growing differentiated product lines in Paper and Oil & Mining. The Municipal & Industrial
segment’s focus will be on improving profitability and together with ChemSolutions, on maximizing
cash flow generation.
Financial targets for 2016 are EUR 2.6 – 2.7 billion in revenue with an EBITDA margin of 15% and
a gearing less than 60%.
Continuous efficiency improvement is the key enabler for the successful strategy implementation.
Therefore, in addition to the implementation of “Fit for Growth”, we have announced today our plan
to consolidate our six support function service hubs in Europe into a multifunction Business
Service Center in Gdansk, Poland. The planned center enables Kemira to serve all of its
customers in EMEA in a unified way. We also plan to close our production facility in Vaasa,
Finland, belonging to the Paper segment. The purpose for the planned closure is to optimize the
utilization of our global process chemicals production network. The profitability turnaround in
Municipal & Industrial requires us to implement additional efficiency measures in order to further
reduce fixed cost and streamline the manufacturing network.

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Key figures and ratios (figures for 2012 are restated)
EUR million
Jan-Mar
2013
Jan-Mar
2012
Jan-Dec
2012
Revenue 560.9 552.9 2,240.9
Operative EBITDA 63.5 62.8 249.4
Operative EBITDA, % 11.3 11.4 11.1
EBITDA 61.1 62.1 179.9
EBITDA, % 10.9 11.2 8.0
Operative EBIT 42.2 38.6 155.5
Operative EBIT, % 7.5 7.0 6.9
EBIT 39.2 36.4 33.1
EBIT, % 7.0 6.6 1.5
Share of profit or loss of associates -1.2 10.8 11.2
Financing income and expenses -24.7 -10.3 -15.7
thereof non-recurring items -24.2 - -
Profit before tax 13.3 36.9 28.6
Net profit 2.8 30.2 22.4
EPS, EUR 0.01 0.19 0.12
Operative EPS, EUR 0.17 0.19 0.77
Capital employed* 1,595.6 1,717.0 1,673.0
ROCE, %* 2.2 10.5 2.6
Cash flow after investing activities 189.9 -8.1 71.8
Capital expenditure 29.0 19.4 134.1
Equity ratio, % at period-end 50 51 51
Gearing, % at period-end 30 45 42
Personnel at period-end 4,662 5,051 4,857
* 12-month rolling average (ROCE, % based on the reported EBIT).
Definitions of key figures are available at www.kemira.com > Investors > Financial information.
Comparative 2012 figures are provided in parentheses for some financial results, where
appropriate. Operating profit, excluding non-recurring items, is referred to as Operative EBIT.
Operating profit is referred to as EBIT.
Financial performance in January-March 2013
Kemira Group’s revenue increased 1% to EUR 560.9 million (552.9). Organic revenue growth was
3% driven by sales volumes growth in Paper, Municipal & Industrial and ChemSolutions. Oil &
Mining sales volumes were down due to the global mining market softness. Sales prices had a
small negative impact on revenues. Currency exchange and divestments each had a
-1% impact on revenues.
In the Paper segment, revenues increased 5% to EUR 259.1 million (247.9). Revenue growth in
local currencies, excluding divestments was 5% driven by higher sales volumes, especially in
EMEA and APAC. Sales prices had a negligible impact on revenues. Currency exchange impacted
revenues by -1%.
In the Municipal & Industrial segment, revenues increased 2% to EUR 164.8 million (161.0).
Revenue growth in local currencies, excluding divestments was 4% mainly due to the higher sales
volumes in EMEA and South America. Sales prices had a small negative impact on the revenues.
Currency exchange impacted revenues by -1%.
In the Oil & Mining segment, revenues decreased 10% to EUR 76.3 million (85.1) Sales volumes
were lower due to the -4% impact of continued exit of some low margin product sales combined
with reduced demand due to the global ongoing slowdown in the mining industry. Currency
exchange did not have a material impact on revenues.

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In the ChemSolutions segment, revenues increased 3% to EUR 60.7 million (58.9). Revenue
growth in local currencies, excluding divestments was 10%, mainly due to the higher sales
volumes in all main product lines in EMEA. The divestment of the food and pharmaceuticals
businesses had -7% impact on revenues.
Revenue, EUR million
Jan-Mar
2013
Jan-Mar
2012
∆%
Paper 259.1 247.9 5
Municipal & Industrial 164.8 161.0 2
Oil & Mining 76.3 85.1 -10
ChemSolutions 60.7 58.9 3
Eliminations - - -
Total 560.9 552.9 1
The operative EBIT increased 9% to EUR 42.2 million (38.6) mainly due to the “Fit for Growth”
related cost savings of EUR 9 million, the fixed cost share of which was EUR 6 million and the
variable cost share EUR 3 million. Increased sales volumes had a positive impact of EUR 6
million. Sales prices were EUR 4 million lower than in the first quarter of 2012. Variable costs,
excluding the impact of “Fit for Growth” were EUR 9 million higher, mainly due to higher propylene
based raw material prices. Fixed costs, excluding the impact of “Fit for Growth” increased EUR 2
million due to increased sales and marketing expenses.
Currency exchange had a negative impact of EUR 1 million on the operative EBIT. In total,
divestments, and other items had a positive impact of EUR 5 million (see variance analysis on
page 4). Lower depreciations in the Municipal & Industrial segment compared to the comparable
period in 2012 were the main reason for the positive impact. The operative EBIT margin was 7.5%
(7.0%).
Non-recurring items affecting the operative EBIT totaled EUR -3 million (-2) and they were
mainly related to the “Fit for Growth” severance payments and external service costs.).
The EBIT increased to EUR 39.2 million (36.4).
Operative EBIT
Jan-Mar 2013
EUR, million
Jan-Mar 2012
EUR, million
∆% Jan-Mar 2013
%-margin
Jan-Mar 2012
%-margin
Paper 19.7 18.8 5 7.6 7.6
Municipal & Industrial 8.6 5.7 51 5.2 3.5
Oil & Mining 5.1 8.3 -39 6.7 9.8
ChemSolutions 8.8 5.8 52 14.5 9.8
Total 42.2 38.6 9 7.5 7.0

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Financing income and expenses totaled EUR -24.7 million (-10.3), negatively impacted by the
non-recurring EUR 22.7 million write-down related to the divestment of Kemira’s shares (39%) of
the titanium dioxide Joint Venture Sachtleben GmbH. Changes of EUR 2.4 million (-4.6) in the fair
values of electricity derivatives and the currency exchange differences of EUR 1.4 million (-0.1)
had positive impacts on the financing income and expenses.
Net profit attributable to the owners of the parent company decreased to EUR 1.8 million
(29.2) and the earnings per share to EUR 0.01 (0.19), mainly due to the EUR 23 million write-down
related to the divestment of Kemira’s JV Sachtleben shares. Earnings per share, excluding non-
recurring items, decreased 11% to EUR 0.17 (0.19) due to lower income from the associated
companies.
Variance analysis, EUR million Jan-Mar
Operative EBIT, 2012 38.6
Sales volumes 6.2
Sales prices -4.2
Variable costs -6.1
Fixed costs 4.0
Currency exchange -1.0
Others, incl. acquisitions and divestments 4.7
Operative EBIT, 2013 42.2
Financial position and cash flow
Cash flow from operating activities in Q1, 2013 increased to EUR 40.3 million (10.4) mainly due to
changes in net working capital. Cash flow after investing activities increased to EUR 189.9 million
(-8.1) mainly due to the proceeds of EUR 98 million received from the divestment of the shares of
JV Sachtleben and EUR 81 million from the divestment of the food and pharmaceuticals
businesses. Net working capital (ratio) was 12.1% of revenue (12.8% on December 31, 2012).
At the end of the period, Kemira Group’s net debt was EUR 357.0 million (532.0 on December 31,
2012). Net debt decreased due to the proceeds of EUR 178 million received from the divestments
of Kemira’s food and pharmaceuticals businesses and the shares of JV Sachtleben.
At the end of the period, interest-bearing liabilities totaled EUR 575.2 million (664.7 on December
31, 2012). Fixed-rate loans accounted for 58% of the net interest-bearing liabilities (56% on
December 31, 2012). The average interest rate of the Group’s interest-bearing liabilities was 1.7%
(1.6% on December 31, 2012). The duration of the Group’s interest-bearing loan portfolio was 16
months (unchanged compared to December 31, 2012).

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Short-term liabilities maturing in the next 12 months amounted to EUR 181.2 million, of which
commercial papers issued on the Finnish market represented EUR 98.6 million and repayments
on the long-term loans represented EUR 53.8 million. Cash and cash equivalents totaled EUR
218.2 million on March 31, 2013 (132.7).
At the end of the period, the equity ratio was 50% (51% on December 31, 2012), while the gearing
was 30% (42% on December 31, 2012). Shareholder’s equity decreased to EUR 1,193.7 million
(1,260.6) mainly due to the EUR 81 million dividend distribution.
Capital expenditure
Capital expenditure increased 49% to EUR 29.0 million (19.4) in Q1, 2013 (expansion capex 70%
(18%), improvement capex 16% (41%), and maintenance capex 14% (41%)). Expansion
investments were mainly focused on Nanjing, Dormagen and Tarragona.
In Q1 2013, the Group’s depreciation and impairments decreased 15% to EUR 21.9 million (25.7)
mainly due lower depreciations in Municipal & Industrial segment.
Research and Development
Research and Development expenses totaled EUR 8.5 million (8.3) in Q1 2013, representing 1.5%
(1.5%) of Kemira Group’s revenue.
Human Resources
At the end of the period, Kemira Group had 4,565 permanent employees (4,762 on December,
2012) and 97 temporary employees (95). Kemira employed 1,041 people in Finland (1,114), 1,585
people elsewhere in EMEA (1,690), 1,275 in North America (1,279), 424 in South America (423)
and 337 in Asia Pacific (351).
Sustainability
During 2012, Kemira has defined sustainability priorities and targets as a part of its sustainability
management process. Each target is addressed with a roadmap and annual action plans, and the
progress against the set targets is monitored quarterly.
Kemira launched an Ethics and Compliance hotline in the first quarter of 2013, in order to bring up
issues that might violate Kemira’s Code of Conduct. The hotline is operated by an independent
external service provider. Employees are able to report anything that is believed to be illegal or
unethical either via phone (in 25 countries) or by filling in a web form, either anonymously or with
contact information. In order to help raise awareness and understanding, all Kemira employees will
receive training on the updated Code of Conduct during 2013.
Safety performance for Kemira employees and contractors is reported by Total Recordable Injuries
(TRI). At the end of March, 2013, the 12-month rolling average of TRI frequency for Kemira
employees and contractors per million working hours decreased to 7.6 (10.5 at the end of March,
2012).

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The Kemira Code of Conduct for Suppliers, Distributors and Agents has been applied to new and
renewed contracts.
Sustainability criteria have been integrated into the New Product Development process, and are
applied to all new R&D projects.
Community involvement initiatives have taken place at the four major production sites.
Segments
Paper
Paper has unique expertise in applying chemicals and supporting pulp & paper producers to innovate and
constantly improve their operational efficiency. We develop and commercialize new products to fulfil customer
needs and to ensure the leading portfolio of products and services for paper wet-end, focusing on packaging
and board as well as tissue. We leverage our strong pulp & paper application portfolio in North America and
EMEA and build a strong position in China, Indonesia and Brazil.
EUR million
Jan-Mar
2013
Jan-Mar
2012
Jan–Dec
2012
Revenue 259.1 247.9 1,005.6
EBITDA 29.3 29.1 93.3
EBITDA, % 11.3 11.7 9.3
EBIT 17.8 18.2 44.7
EBIT, % 6.9 7.3 4.4
Capital employed* 774.4 787.2 777.2
ROCE, %* 5.7 9.2 5.8
Cash flow after investing activities,
excluding interest and taxes
29.9 -0.9 8.1
*12-month rolling average
First quarter
The Paper segment’s revenue increased 5% to EUR 259.1 million (247.9) due to the sales volume
growth, especially in EMEA and APAC. Sales prices did not have a material impact on revenues,
currency exchange had -1% impact.
Kemira’s revenue in EMEA grew nearly 10% and 13% in APAC, mainly driven by increased sales
volumes of paper wet-end chemicals, especially sizing and polymers. In NAFTA, revenues
declined slightly as a result of the lower sales volumes of some functional chemicals and
unfavorable currency exchange. In SA, revenue declined by 10% due to unfavorable currency
exchange.
The operative EBIT increased 5% to EUR 19.7 million (18.8) mainly due to the sales volumes
growth. Sales prices did not have a material impact on the operative EBIT. Higher raw material
prices resulted in the EUR 2 million higher variable costs. Higher sales and marketing expenses
were offset by EUR 4 million “Fit for Growth” cost savings. The operative EBIT margin remained
stable at 7.6% (7.6%).

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Non-recurring restructuring charges, including the “Fit for Growth” program amounted to EUR 2
million and were mainly related to severance payments and external services.
Municipal & Industrial
M&I aims to be a leading water chemicals supplier for raw and waste water applications in EMEA
and North America, as well as capture selected growth opportunities in emerging markets. We
enable our municipal and industrial customers to improve their water treatment efficiency by
supplying them with competitive, high-performing products and value adding application support.
EUR million
Jan-Mar
2013
Jan-Mar
2012
Jan–Dec
2012
Revenue 164.8 161.0 686.6
EBITDA 13.0 12.4 34.0
EBITDA, % 7.9 7.7 5.0
EBIT 7.8 4.2 -16.5
EBIT, % 4.7 2.6 -2.4
ROCE, %* -3.6 7.9 -4.4
0.0 6.8 39.2
First quarter
The Municipal & Industrial segment’s revenue increased 2% to EUR 164.8 million (161.0).
Organic growth was 4% as sales volumes grew in all regions, except NAFTA. Demand recovered
from exceptionally low levels in the comparable quarter of 2012, which partly explained the growth.
SaIes prices had a small negative impact on revenues. Currency exchange had -1% impact.
Revenue in EMEA increased 5% mainly driven by higher polymer sales volumes. Sales volumes
of some low margin by-products were also higher than in Q1 2012. In NAFTA, revenues declined
nearly 10% due to the slower demand for municipal water treatment chemicals. In SA, revenues
grew over 10% due to increased coagulant demand. APAC revenue growth was driven by
increased polymer sales volumes to municipal customers.
The operative EBIT increased 51% to EUR 8.6 million (5.7) with a margin of 5.2% (3.5%) due to
the “Fit for Growth” cost savings of EUR 4 million and higher sales volumes. Variable costs
increased as a result of higher, mainly propylene based, raw material cost.
Non-recurring restructuring charges, including the “Fit for Growth” program amounted to EUR 1
million and were mainly related to the severance payments and external services.
Kemira has decided to close its office in Hyderabad, India. At the same time, together with its joint
venture partner, Kemira is evaluating the possible future options for coagulant manufacturing joint
venture facility in Vizag, India.

8
Oil & Mining
O&M provides a unique combination of innovative chemicals and application knowledge that
improves process efficiency and yield in oil, gas and metals recovery. We use our in-depth
understanding of extraction processes to tailor solutions for water management and re-use.
Expanding from our position in North America and EMEA, we continue to build a strong base for
growth in South America, Middle East and Africa.
EUR million
Jan-Mar
2013
Jan-Mar
2012
Jan–Dec
2012
Revenue 76.3 85.1 321.1
EBITDA 8.0 11.7 31.2
EBITDA, % 10.5 13.8 9.7
EBIT 4.3 8.2 14.2
EBIT, % 5.6 9.6 4.4
ROCE, %* 5.9 13.5 8.0
-2.0 -18.7 -5.3
First quarter
The Oil & Mining segment’s revenue decreased 10% to EUR 76.3 million (85.1), including
-4% impact of the previously reported carryover on the exit of low margin product sales. Revenues
in local currencies, excluding the impact of exited product sales decreased 6%. The year-on-year
decline was slightly lower than the comparable decline of 7% in the fourth quarter, 2012.
In NAFTA, revenues decreased due to exited low margin sales. This was partly offset by a 8%
increase in sales volumes for the polymer product lines, driven by the recovered natural gas price.
In EMEA, revenues declined due to the lower sales volumes as the softness of the mining market
continued.
Sales prices were slightly lower than in the comparable period of 2012. Currency exchange did not
have material impact on revenues.
Revenue grew 6% compared to the fourth quarter in 2012 mainly due to sales volume growth of
differentiated product lines in North America Oil and Gas and Mining.
The operative EBIT decreased 39% to EUR 5.1 million (8.3) mainly as a result of lower sales
volumes and slightly decreased sales prices. Variable costs increased as propylene and ethylene
based raw material prices were higher than in the comparable period of 2012. The operative EBIT
margin declined to 6.7% (9.8%).

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ChemSolutions
ChemSolutions reliably provides customers with formic acid and high-performing derivatives as
well as environmentally sound bleaching agents. Our economy of scale, based on our world-class
operations in EMEA in combination with our people’s dedication to quality and efficiency, enable
us to continuously improve our competitiveness.
EUR million
Jan-Mar
2013
Jan-Mar
2012
Jan–Dec
2012
Revenue 60.7 58.9 227.6
EBITDA 10.9 8.9 21.3
EBITDA, % 18.0 15.1 9.4
EBIT 9.3 5.8 -9.3
EBIT, % 15.3 9.8 -4.1
ROCE, %* -3.5 9.4 -4.8
81.1 14.2 23.6
First quarter
The ChemSolutions segment’s revenue increased 3% to EUR 60.7 million (58.9). Organic
revenue growth was 10% driven by the sales volume growth in all core product lines, especially of
the formic acid based products offered to the feed and chemical industries as well as for airport
runway de-icing. Sales prices were maintained at the level of the comparable quarter in 2012 and
did not have a material impact on revenues. The divestment of the food and pharmaceuticals
businesses had -7% impact on revenues.
The operative EBIT increased 52% to EUR 8.8 million (5.8) due to the result of higher sales
volumes and “Fit for Growth” savings. The operative EBIT margin increased to 14.5% (9.8%).
Kemira Oyj’s shares and shareholders
On March 31, 2013, Kemira Oyj’s share capital amounted to EUR 221.8 million and the number of
shares was 155,342,557. Each share entitles to one vote at the Annual General Meeting.
At the end of March, Kemira Oyj had 30,810 registered shareholders (30,601 at the end of
December, 2012). Foreign shareholders held 18.4% of the shares (17.1% at the end of December,
2012) including nominee registered holdings. Households owned 15.5% of the shares (15.4% at
the end of December, 2012). Kemira held 3,309,158 treasury shares (3,301,769 at the end of
December, 2012) representing 2.1% (2.1% at the end of December, 2012) of all company shares.
A total of 7,389 shares granted as share-based incentives were returned to Kemira during the first
quarter of 2013 in accordance with the terms of the incentive plan as employment ended.
Kemira Oyj’s share closed at EUR 10.82 on the NASDAQ OMX Helsinki at the end of March, 2013
(11.81 at the end of December, 2012). Shares registered a high of EUR 12.46 and a low of EUR
10.69. The average share price was EUR 11.54. The company’s market capitalization, excluding

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treasury shares, was EUR 1,645 million at the end of March, 2013 (1,796 at the end of December,
2012).
In addition to NASDAQ OMX Helsinki, Kemira shares are traded on several alternative market
places or multilateral trading facilities (MTF), for example at Chi-X Europe, BATS and Turquoise.
In January-March 2013, a total of 7.3 million (8.5) Kemira Oyj’s shares were traded on the
alternative market places or approximately 32% (26%) of the total amount of traded shares.
Source: Fidessa.
AGM decisions
Annual General Meeting
Kemira Oyj’s Annual General Meeting, held on March 26, 2013, confirmed a dividend of EUR 0.53
per share for 2012. The dividend was paid out on April 9, 2013. The Annual General Meeting
elected five members (previously six) to the Board of Directors. Winnie Fok, Juha Laaksonen, Jari
Paasikivi, Kerttu Tuomas and Jukka Viinanen were reelected to the Board of Directors. Jukka
Viinanen was reelected as the Chairman of the Board and Jari Paasikivi was reelected as Vice
Chairman.
The AGM authorized the Board of Directors to decide upon repurchase of a maximum of
4,500,000 company's own shares (“Share repurchase authorization”). Shares will be repurchased
by using unrestricted equity either through a tender offer with equal terms to all shareholders at a
price determined by the Board of Directors or otherwise than in proportion to the existing
shareholdings of the company’s shareholders in public trading on the NASDAQ OMX Helsinki Ltd
(the “Helsinki Stock Exchange”) at the market price quoted at the time of the repurchase.
The price paid for the shares repurchased through a tender offer under the authorization shall be
based on the market price of the company’s shares in public trading. The minimum price to be
paid would be the lowest market price of the share quoted in public trading during the authorization
period and the maximum price the highest market price quoted during the authorization period.
Shares shall be acquired and paid for in accordance with the Rules of the Helsinki Stock
Exchange and Euroclear Finland Ltd.
Shares may be repurchased to be used in implementing or financing mergers and acquisitions,
developing the company’s capital structure, improving the liquidity of the company’s shares or to
be used for the payment of the annual fee payable to the members of the Board of Directors or
implementing the company’s share-based incentive plans. In order to realize the aforementioned
purposes, the shares acquired may be retained, transferred further or cancelled by the company.
The Board of Directors will decide upon other terms related to share repurchase.
The Share repurchase authorization is valid until the end of the next Annual General Meeting.
The AGM authorized the Board of Directors to decide to issue a maximum of 15,600,000 new
shares and/or transfer a maximum of 7,800,000 company's own shares held by the company
(“Share issue authorization”). The new shares may be issued and the company’s own shares held
by the company may be transferred either for consideration or without consideration.
The new shares may be issued and the company's own shares held by the company may be
transferred to the company’s shareholders in proportion to their current shareholdings in the
company, or by disapplying the shareholders’ pre-emption right, through a directed share issue, if

11
the company has a weighty financial reason to do so, such as financing or implementing mergers
and acquisitions, developing the capital structure of the company, improving the liquidity of the
company’s shares or if this is justified for the payment of the annual fee payable to the members of
the Board of Directors or implementing the company’s share-based incentive plans. The directed
share issue may be carried out without consideration only in connection with the implementation of
the company’s share-based incentive plan.
The subscription price of new shares shall be recorded to the invested unrestricted equity
reserves. The consideration payable for company's own shares shall be recorded to the invested
unrestricted equity reserves.
The Board of Directors will decide upon other terms related to the share issues.
The Share issue authorization is valid until May 31, 2014.
The AGM elected Deloitte & Touche Oy. to serve as the company's auditor, with Jukka
Vattulainen, Authorized Public Accountant, acting as the principal auditor.
Board Committees
In March, 2013, the Board of Directors of Kemira Oyj elected members from among themselves for
the Audit Committee and the Compensation Committee. The Board's Audit Committee members
are Juha Laaksonen and Jari Paasikivi. The Audit Committee is chaired by Juha Laaksonen. The
Board's Compensation Committee members are Kerttu Tuomas, Jari Paasikivi and Jukka
Viinanen. The Compensation Committee is chaired by Jukka Viinanen.
Short-term risks and uncertainties
There have been no significant changes in Kemira’s short-term risks or uncertainties compared to
December 31, 2012.
A detailed account of Kemira’s risk management principles and organization is available on the
company website at http://www.kemira.com. An account of the financial risks is available in the
Notes to the Financial Statements 2012. Environmental and hazard risks are discussed in
Kemira’s Sustainability Report that was published as part of the Kemira Annual Report 2012 on
February 28, 2013.
Events after the review period
Changes to company management
Jukka Hakkila, Group General Counsel has been appointed new deputy CEO as of May 6, 2013.
Frank Wegener has been appointed as the President of Municipal & Industrial segment (previously
President, ChemSolutions) and Hannu Virolainen has been appointed as the President,
ChemSolutions segment (previously the President of Municipal & Industrial) as of May 1, 2013.
Along with its sharpened strategy presented on April 23, 2013, Paper management has been
decided to relocate to Hong Kong, China as of September 1, 2013.
On April, 23, 2013, Kemira announced a plan to establish a multifunction Business Service Center
in Gdansk, Poland to serve all of Kemira’s businesses in EMEA. In addition to cost efficiency, the
planned center enables unified service level to all our customers. The scope of the new center is

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planned to include all transactional activities in the support functions. Once fully implemented, the
annual cost savings for the support functions re-organizing in EMEA are expected to be close to
EUR 10 million and the related non-recurring restructuring charges are expected to amount
approximately EUR 20 million.
Kemira also announced that it is planning to close its production facility in Vaasa, Finland,
belonging to the Paper segment. The purpose for the planned closure is to optimize the utilization
of our global process chemicals production network. The annual cost savings for the planned site
closure are expected to reach EUR 5 million and the related non-recurring restructuring charges
are expected to be approximately EUR 15 million. Continuous efficiency improvement is the key
enabler for the successful strategy implementation.
Kemira’s new financial targets for 2016, restructuring program
“Fit for Growth” and outlook for 2013 (unchanged)
Kemira will continue to focus on improving its profitability and reinforcing the positive cash flow.
The company will also continue to invest in order to secure the future growth in the water quality
and quantity management business.
Kemira’s financial targets have been revised in connection to its strategy update on April, 23,
2013. The company’s new financial targets for 2016 are:
- revenue EUR 2.6 – 2.7 billion (previously: revenue growth in mature markets > 3% per
year, and in emerging markets > 7% per year)
- EBITDA-% of revenue 15%
- gearing level < 60%.
The basis for growth is the expanding market for chemicals related to the water quality and
quantity management and Kemira’s strong expertise in this field. Customers’ needs to increase
operational efficiency create opportunities for Kemira to develop new products and services for
both, current and new customers. Research and Development is a critical organic growth enabler
for Kemira and provides differentiation capabilities in the water quality and quantity management
markets. Kemira will invest in innovation, technical expertise (knowledge) and competencies
(behavior) in targeted focus areas.
Restructuring program “Fit for Growth”
Kemira Oyj has started to implement its global restructuring program “Fit for Growth”, launched at
the end of July, 2012, in order to improve the company’s profitability, its internal efficiency and to
accelerate the growth in emerging markets without sacrificing business opportunities in the mature
markets. The cost savings target with the planned program is EUR 60 million on an annualized
basis. In 2012, the cost savings impact of “Fit for Growth” was EUR 10 million.
The anticipated EUR 60 million cost saving impact of the program is expected to be as follows:
EUR 10 million in 2012, EUR 50 million in 2013 and EUR 60 million in 2014. The ultimate goal of
the program is to reach at least 10% EBIT margin in 2014. Redundancies will account for 50% of
the expected savings. The remaining 50% will be achieved through the manufacturing network
consolidation as well as through the leaner operations. Based on the detailed plan of measures,
the cost savings estimates for the different segments, based on the detailed plan of measures, are
as follows: Paper EUR 22 million, Municipal & Industrial EUR 22 million, Oil & Mining EUR 12
million and ChemSolutions EUR 4 million.

13
Non-recurring charges related to the restructuring program are estimated to be around EUR 85
million, of which EUR 45 million will be severance payments and external services related cost and
EUR 40 million will be asset write-downs. EUR 71 million of the restructuring charges were booked
in 2012, EUR 2 million in the first quarter of 2013 and the balance will be booked in the second
quarter of 2013. In the first quarter of 2013, non-recurring charges related to “Fit for Growth”
mainly related to severance payments and external services.
The implementation may ultimately lead to a reduction of up to 600 positions globally. Kemira has
initiated the co-determination negotiations according to each country’s local legislation. Kemira
had 4,662 employees worldwide at the end of March 2013 (5,181 at the end of June 2012).
Outlook (unchanged)
In 2013, Kemira expects its revenue in local currencies and excluding divestments to be slightly
higher than in 2012 and its operative EBIT to be significantly higher than in 2012. The guidance for
2013 is defined as follows.
Kemira guidance Definition
Slightly higher/lower from 0% to 5% or from 0% to -5%
Higher/lower from 5% to 15% or from -5% to -15%
Significantly higher/lower more than 15% or less than -15%
Helsinki, April 23, 2013
Kemira Oyj
Board of Directors
Financial calendar 2013
Interim report January–June 2013 July 23, 2013
Interim report January–September 2013 October 22, 2013
All forward-looking statements in this review are based on the management’s current expectations
and beliefs about future events, and actual results may differ materially from the expectations and
beliefs such statements contain.

KEMIRA GROUP
CONSOLIDATED INCOME STATEMENT 1-3/2013 1-3/2012 2012
EUR million
Revenue 560.9 552.9 2,240.9
Other operating income 4.0 3.3 13.8
Operating expenses -503.8 -494.1 -2,074.8
Depreciation, amortization and impairment -21.9 -25.7 -146.8
Operating profit (EBIT) 39.2 36.4 33.1
Finance costs, net -24.7 -10.3 -15.7
Share of profit or loss of associates -1.2 10.8 11.2
Profit before tax 13.3 36.9 28.6
Income tax expense -10.5 -6.7 -6.2
Net profit for the period 2.8 30.2 22.4
Net profit attributable to:
Equity owners of the parent 1.8 29.2 17.7
Non-controlling interests 1.0 1.0 4.7
Earnings per share, basic and diluted, EUR 0.01 0.19 0.12

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 1-3/2013 1-3/2012 2012
EUR million
Other comprehensive income:
Items that may be reclassified subsequently to profit or loss:
Available-for-sale financial assets 0.0 0.0 5.4
Exchange differences on translating foreign operations 8.9 1.8 2.3
Cash flow hedges -1.1 0.8 -1.0
Items that will not be reclassified subsequently to profit or loss:
Actuarial losses and gains on defined benefit pension plans 2.9 0.0 -38.6
Other comprehensive income for the period, net of tax 10.7 2.6 -31.9
Total comprehensive income for the period 13.5 32.8 -9.5
Total comprehensive income attributable to:
Equity owners of the parent 12.7 31.1 -14.9
Non-controlling interests 0.8 1.7 5.4
Total comprehensive income for the period 13.5 32.8 -9.5

CONSOLIDATED BALANCE SHEET
EUR million
ASSETS 31.3.2013 31.12.2012
Non-current assets
Goodwill 527.8 522.5
Other intangible assets 60.0 60.5
Property, plant and equipment 665.4 655.9
Investments in associates 1.5 122.8
Available-for-sale financial assets 273.1 264.0
Deferred income tax assets 26.2 30.1
Other investments 10.0 9.8
Defined benefit pension receivables 16.4 16.5
Total non-current assets 1,580.4 1,682.1
Current assets
Inventories 191.4 181.9
Interest-bearing receivables 0.3 0.3
Trade and other receivables 369.8 353.1
Current income tax assets 21.9 18.9
Cash and cash equivalents 218.2 132.7
Total current assets 801.6 686.9
Non-current assets classified as held-for-sale 0.0 93.3
Total assets 2,382.0 2,462.3
EQUITY AND LIABILITIES 31.3.2013 31.12.2012
Equity
Equity attributable to equity owners of the parent 1,179.7 1,247.4
Non-controlling interests 14.0 13.2
Total equity 1,193.7 1,260.6
Non-current liabilities
Interest-bearing liabilities 394.0 387.5
Other liabilities 21.4 21.4
Deferred income tax liabilities 36.9 39.1
Pension liabilities 84.1 87.1
Provisions 21.1 21.8
Total non-current liabilities 557.5 556.9
Current liabilities
Interest-bearing current liabilities 181.2 277.2
Trade payables and other liabilities 411.1 315.5
Current income tax liabilities 17.7 17.3
Provisions 20.8 23.8
Total current liabilities 630.8 633.8
Liabilities directly associated with the assets classified as held-for-sale 0.0 11.0
Total liabilities 1,188.3 1,201.7
Total equity and liabilities 2,382.0 2,462.3

CONDENSED CONSOLIDATED CASH FLOW STATEMENT 1-3/2013 1-3/2012 2012
EUR million
Cash flow from operating activities
Total adjustments 54.5 32.7 196.9
Operating profit before change in working capital 57.3 62.9 219.3
Change in net working capital -4.3 -42.6 -21.1
Cash generated from operations 53.0 20.3 198.2
Finance expenses, net and dividends received -5.7 -1.4 8.3
Income taxes paid -7.0 -8.5 -30.2
Net cash generated from operating activities 40.3 10.4 176.3
Cash flow from investing activities
Purchases of subsidiaries, net of cash acquired - - -
Other capital expenditure -29.0 -19.4 -134.1
Proceeds from sale of assets and paid in capital 178.6 0.5 29.8
Change in long-term loan receivables decrease (+) / increase (-) 0.0 0.4 -0.2
Net cash used in investing activities 149.6 -18.5 -104.5
Cash flow from financing activities
Proceeds from non-current interest-bearing liabilities 0.1 0.4 1.6
Repayments from non-current interest-bearing liabilities -0.5 -0.2 -81.5
Short-term financing, net (increase + / decrease -) -96.9 26.1 43.3
Dividends paid 0.0 -76.5 -85.1
Other finance items 0.5 -0.3 -0.9
Net cash used in financing activities -96.8 -50.5 -122.6
Net increase (+) / decrease (-) in cash and cash equivalents 93.1 -58.6 -50.8
Cash and cash equivalents at end of period 218.2 125.6 132.7
Exchange gains (+) / losses (-) on cash and cash equivalents -1.5 1.6 2.3
Cash and cash equivalents at beginning of period *) 123.6 185.8 185.8
Net increase (+) / decrease (-) in cash and cash equivalents 93.1 -58.6 -50.8
*) Investment of EUR 9.1 million is part of Cash and cash equivalents at year ended 31 December, 2012 has now been reclassified to
Available-for-sale investments.

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
EUR million
Un-
Fair value restricted Non-
Share Share and other equity Exchange Treasury Retained controlling Total
capital premium reserves reserve differences shares earnings Total interests Equity
Reported equity at January 1, 2012 221.8 257.9 89.3 196.3 -24.6 -22.3 640.1 1,358.5 12.3 1,370.8
Effect of application of IAS 19 revised - - - - - - -16.5 -16.5 - -16.5
Restated equity at January 1, 2012 221.8 257.9 89.3 196.3 -24.6 -22.3 623.6 1,342.0 12.3 1,354.3
Net profit for the period - - - - - - 29.2 29.2 1.0 30.2
Other comprehensive income, net of tax - - 0.8 - 1.1 - - 1.9 0.7 2.6
Total comprehensive income - - 0.8 - 1.1 - 29.2 31.1 1.7 32.8
Transactions with owners
Dividends paid - - - - - - -80.6 -80.6 - -80.6
Share-based payments - - - - - - 0.4 0.4 - 0.4
Transfers in equity - - - - -0.1 - 0.1 0.0 - 0.0
Transactions with owners - - - - -0.1 - -80.1 -80.2 - -80.2
Equity at March 31, 2012 221.8 257.9 90.1 196.3 -23.6 -22.3 572.7 1,292.9 14.0 1,306.9
Reported equity at December 31, 2012 221.8 257.9 93.7 196.3 -23.1 -22.2 577.2 1,301.6 13.2 1,314.8
Effect of application of IAS 19 revised - - - - - - -54.2 -54.2 - -54.2
Restated equity at January 1, 2013 221.8 257.9 93.7 196.3 -23.1 -22.2 523.0 1,247.4 13.2 1,260.6
Net profit for the period - - - - - - 1.8 1.8 1.0 2.8
Other comprehensive income, net of tax - - -1.1 - 9.1 - 2.9 10.9 -0.2 10.7
Total comprehensive income - - -1.1 - 9.1 - 4.7 12.7 0.8 13.5
Transactions with owners
Dividends paid - - - - - - -80.6 -80.6 - -80.6
Returned to treasury shares - - - - - -0.1 - -0.1 - -0.1
Share-based payments - - - - - - 0.3 0.3 - 0.3
Transfers in equity - - - - - - - 0.0 - 0.0
Transactions with owners - - - - - -0.1 -80.3 -80.4 - -80.4
Equity at March 31, 2013 221.8 257.9 92.6 196.3 -14.0 -22.3 447.4 1,179.7 14.0 1,193.7
Kemira had in its possession 3,309,158 of its treasury shares on March 31, 2013. The average share price of treasury shares was EUR 6.73 and they represented
2.1% of the share capital and the aggregate number of votes conferred by all shares. The aggregate par value of the treasury shares is EUR 4.7 million.
The share premium is a reserve accumulating through subscriptions entitled by the management stock option program 2001. This reserve based on the old Finnish
Companies Act (734/1978), which does not change anymore. The fair value reserve is a reserve accumulating based on available-for-sale financial assets (shares)
measured at fair value and hedge accounting. Other reserves originate from local requirements of subsidiaries. The unrestricted equity reserve includes other equity
type investments and the subscription price of shares to the extent that they will not, based on a specific decision, be recognized in share capital.
*) A dividend was EUR 80.6 million in total (EUR 0.53 per share) in respect of the financial year ended December 31, 2011. The annual general meeting approved
EUR 0.53 dividend on March 26, 2013. The dividend record date was April 2, 2013, and the payment date April 9, 2013.
Equity attributable to equity owners of the parent
*) A dividend was EUR 80.6 million in total (EUR 0.53 per share) in respect of the financial year ended December 31, 2011. The annual general meeting approved
EUR 0.53 dividend on March 21, 2012. The dividend record date was March 26, 2012, and the payment date April 2, 2012.
*)
*)

KEY FIGURES 1-3/2013 1-3/2012 2012
Earnings per share, basic and diluted, EUR * 0.01 0.19 0.12
Cash flow from operations per share, EUR * 0.27 0.07 1.16
Capital expenditure, EUR million 29.0 19.4 134.1
Capital expenditure / revenue, % 5.2 3.5 6.0
Average number of shares, basic, (1,000) * 152,033 152,030 152,037
Average number of shares, diluted (1,000) * 152,139 152,159 152,173
Number of shares at end of period, basic (1,000) * 152,033 152,030 152,041
Number of shares at end of period, diluted (1,000) * 152,198 152,181 152,090
Equity per share, EUR * 7.76 8.50 8.20
Equity ratio, % 50.1 50.9 51.2
Gearing, % 29.9 45.4 42.2
Interest-bearing net liabilities, EUR million 357.0 593.5 532.0
Personnel (average) 4,759 5,020 5,043
* Number of shares outstanding, excluding the number of shares bought back.
REVENUE BY BUSINESS AREA 1-3/2013 1-3/2012 2012
EUR million
Paper 259.1 247.9 1,005.6
Municipal & Industrial 164.8 161.0 686.6
Oil & Mining 76.3 85.1 321.1
ChemSolutions 60.7 58.9 227.6
Total 560.9 552.9 2,240.9
OPERATING PROFIT (EBIT) BY BUSINESS AREA 1-3/2013 1-3/2012 2012
EUR million
Paper 17.8 18.2 44.7
Municipal & Industrial 7.8 4.2 -16.5
Oil & Mining 4.3 8.2 14.2
ChemSolutions 9.3 5.8 -9.3
Total 39.2 36.4 33.1

CHANGES IN PROPERTY, PLANT AND EQUIPMENT 1-3/2013 1-3/2012 2012
EUR million
Carrying amount at beginning of year 655.9 656.0 656.0
Acquisitions of subsidiaries - - -
Increases 18.2 14.4 135.3
Decreases -0.2 -0.5 -2.8
Disposal of subsidiaries - - -
Depreciation and impairments -18.8 -22.7 -113.0
Transferred to non-current assets classified as held-of-sale - - -17.2
Exchange rate differences and other changes 10.3 -5.2 -2.4
Net carrying amount at end of period 665.4 642.0 655.9
CHANGES IN INTANGIBLE ASSETS 1-3/2013 1-3/2012 2012
EUR million
Carrying amount at beginning of year 583.0 673.5 673.5
Acquisitions of subsidiaries - - -
Increases 2.2 1.5 8.0
Decreases -0.1 - -0.1
Disposal of subsidiaries - - -
Depreciation and impairments -3.1 -3.0 -33.8
Transferred to non-current assets classified as held-of-sale - - -57.6
Exchange rate differences and other changes 5.8 -4.0 -7.0
Net carrying amount at end of period 587.8 668.0 583.0
CONTINGENT LIABILITIES
EUR million 31.3.2013 31.12.2012
Mortgages 0.5 0.5
Assets pledged
On behalf of own commitments 6.8 6.6
Guarantees
On behalf of associates 0.7 0.7
On behalf of others 3.0 3.0
Operating leasing liabilities
Maturity within one year 27.5 29.0
Maturity after one year 135.0 132.4
Other obligations
On behalf of associates 1.0 1.0
Major off-balance sheet investment commitments
Major amounts of contractual commitments for the acquisition of property, plant and equipment on March 31, 2013 were about EUR 14.7
million for plant investments in China and Europe.

Litigation
RELATED PARTY
On August 19, 2009, Kemira Oyj received a summons stating that Cartel Damage Claims Hydrogen Peroxide SA (CDC) had filed an
action against six hydrogen peroxide manufacturers, including Kemira, for violations of competition law applicable to the hydrogen
peroxide business. In its claim, Cartel Damage Claims Hydrogen Peroxide SA seeks an order from the Regional Court of Dortmund in
Germany to obtain an unabridged and full copy of the decision of the European Commission, dated May 3, 2006, and demands that the
defendants, including Kemira, are jointly and severally ordered to pay damages together with accrued interest on the basis of such
decision.
Transactions with related parties have not changed materially after annual closing 2012.
Cartel Damage Claims Hydrogen Peroxide SA has stated that it will specify the amount of the damages at a later stage after the full copy
of the decision of the European Commission has been obtained by it. In order to provide initial guidance as to the amount of such
damages, Cartel Damage Claims Hydrogen Peroxide SA presents in its claim a preliminary calculation of the alleged overcharge having
been paid to the defendants as a result of the violation of the applicable competition rules by the parties which have assigned and sold
their claim to Cartel Damage Claims Hydrogen Peroxide SA. In the original summons such alleged overcharge, together with accrued
interest until December 31, 2008, was stated to be EUR 641.3 million.
The process is currently pending in the Regional Court of Dortmund, Germany. Kemira defends against the claim of Cartel Damage
Claims Hydrogen Peroxide SA.
Thereafter Cartel Damage Claims Hydrogen Peroxide SA has delivered to the attorneys of the defendants an April 14, 2011 dated brief
addressed to the court and an expert opinion. In the said brief the minimum damage including accrued interest until December 31, 2010,
based on the expert opinion, is stated to be EUR 475.6 million. It is further stated in the brief that the damages analysis of the expert
does not include lost profit.
Kemira Oyj has additionally been served on April 28, 2011 a summons stating that Cartel Damage Claims Hydrogen Peroxide SA has
filed an application for summons in the municipal court of Helsinki on April 20, 2011 for violations of competition law applicable to the
hydrogen peroxide business claiming from Kemira Oyj as maximum compensation EUR 78.0 million as well as overdue interest starting
from November 10, 2008 as litigation expenses with overdue interest. The referred violations of competition law are the same as those
on basis of which CDC has taken legal action in Germany in Dortmund. Kemira defends against the claim of Cartel Damage Claims
Hydrogen Peroxide SA.
Kemira Oyj's subsidiary Kemira Chemicals Oy (former Finnish Chemicals Oy) has on June 9, 2011 received documents where it is stated
that CDC Project 13 SA has filed an action against four companies, including Kemira, asking damages for violations of competition law
applicable to the sodium chlorate business. The European Commision set on June 2008 a fine of EUR 10.15 million on Finnish
Chemicals Oy for antitrust activity in the company's sodium chlorate business during 1994-2000. Kemira Oyj acquired Finnish Chemicals
in 2005. Kemira defends against the claim of CDC Project 13 SA.
Kemira is currently not in a position to make any estimate regarding the duration or the likely outcome of the processes started by Cartel
Damage Claims Hydrogen Peroxide SA and CDC Project 13 SA. No assurance can be given as to the outcome of the processes, and
unfavorable judgments against Kemira could have a material adverse effect on Kemira’s business, financial condition or results of
operations. Due to its extensive international operations the Group, in addition to the above referred claims, is involved in a number of
other legal proceedings incidental to these operations and it does not expect the outcome of these other currently pending legal
proceedings to have materially adverse effect upon its consolidated results or financial position.

DERIVATIVE INSTRUMENTS
EUR million 31.3.2013 31.12.2012
Nominal value Fair value Nominal value Fair value
Currency instruments
Forward contracts 497.2 1.8 611.2 1.7
Interest rate instruments
Interest rate swaps 203.4 -5.6 173.2 -6.2
of which cash flow hedge 203.4 -5.6 173.2 -6.2
Bond futures 10.0 0.2 10.0 -0.1
of which open 10.0 0.2 10.0 -0.1
Other instruments GWh Fair value GWh Fair value
Electricity forward contracts, bought 1,507.0 -6.6 1,301.1 -6.7
of which cash flow hedge 1,498.2 -6.1 1,257.3 -5.9
FAIR VALUE OF FINANCIAL ASSETS
EUR million
31.3.2013 31.12.2012
Fair value hierarchy Level 1 Level 2 Level 3 Total net Level 1 Level 2 Level 3 Total net
Available-for-sale financial assets 7.1 2.0 264.0 273.1 - - 264.0 264.0
Currency instruments - 4.4 - 4.4 - 3.4 - 3.4
Interest rate instruments, hedge accounting - - - 0.0 - - - -
Other instruments - 0.2 - 0.2 - - - -
Trade receivables - 306.2 - 306.2 - 292.5 - 292.5
Cash and cash equivalents - 218.2 - 218.2 7.1 125.6 - 132.7
Total 7.1 531.0 264.0 802.1 7.1 421.5 264.0 692.6
Level 1: Exchange traded securities
Level 2: Fair value determined by observable parameters
Level 3: Fair value determined by non-observable parameters
Level 3 specification Level 3 Level 3
Total net Total net
31.3.2013 31.12.2012
264.0 256.5
- 6.9
Transfers - -
- 0.6
- -
264.0 264.0
FAIR VALUE OF FINANCIAL LIABILITIES
EUR million
31.3.2013 31.12.2012
Fair value hierarchy Level 1 Level 2 Level 3 Total net Level 1 Level 2 Level 3 Total net
Non-current interest-bearing liabilities - 389.5 - 389.5 - 415.9 - 415.9
Repayments from non-current interest-bearing
liabilities - 52.2 - 52.2 - 53.8 - 53.8
Loans from financial institutions - 17.6 - 17.6 - 10.8 - 10.8
Other liabilities - 135.0 - 135.0 - 213.6 - 213.6
Currency instruments - 2.6 - 2.6 - 1.7 - 1.7
Interest rate instruments - 5.6 - 5.6 - 6.2 - 6.2
Other instruments - 6.6 - 6.6 - 6.8 - 6.8
Trade payables - 142.0 - 142.0 - 157.6 - 157.6
Total - 751.1 - 751.1 - 866.4 - 866.4
Instrument
The fair values of the instruments which are publicly traded are based on market valuation on the date of reporting. Other instruments
have been valuated based on net present values of future cash flows. Valuation models have been used to estimate the fair values of
options.
Nominal values of the financial instruments do not necessarily correspond to the actual cash flows between the counterparties, and
individual items do not therefore give a fair view of the Group's risk position.
Carrying value at beginning of period
Effect on the statement of comprehensive income
Purchased
Sold
Carrying value at end of period

QUARTERLY INFORMATION
EUR million 2013 2012 2012 2012 2012
1-3 10-12 7-9 4-6 1-3
Revenue
Paper 259.1 251.7 256.9 249.1 247.9
Municipal & Industrial 164.8 175.4 176.5 173.7 161.0
Oil & Mining 76.3 72.1 79.4 84.5 85.1
ChemSolutions 60.7 59.3 54.4 55.0 58.9
Total 560.9 558.5 567.2 562.3 552.9
Operating profit (EBIT)
Paper 17.8 10.0 0.8 15.7 18.2
Municipal & Industrial 7.8 -28.5 -1.7 9.5 4.2
Oil & Mining 4.3 -2.3 1.1 7.2 8.2
ChemSolutions 9.3 -16.3 0.5 0.8 5.8
Total 39.2 -37.1 0.7 33.2 36.4
Operating profit (EBIT), excluding non-recurring items
Paper 19.7 19.5 20.9 16.1 18.8
Municipal & Industrial 8.6 6.3 15.2 12.0 5.7
Oil & Mining 5.1 3.4 7.0 7.2 8.3
ChemSolutions 8.8 4.9 3.7 0.7 5.8
Total 42.2 34.1 46.8 36.0 38.6

DEFINITIONS OF KEY FIGURES
Earnings per share (EPS) Equity ratio, %
Net profit attributable to equity owners of the parent Total equity x 100
Average number of shares Total assets - prepayments received
Cash flow from operations Gearing, %
Cash flow from operations, after change in net working Interest-bearing net liabilities x 100
capital and before investing activities Total equity
Cash flow from operations per share Interest-bearing net liabilities
Cash flow from operations Interest-bearing liabilities - cash and cash equivalents
Average number of shares
Equity per share Return on capital employed (ROCE), %
Equity attributable to equity owners of the parent
at end of period Operating profit + share of profit or loss of associates x 100
Number of shares at end of period Capital employed 1) 2)
1)
Average
2)
Capital Employed = Net working capital + property, plant and equipment available for use + intangible assets + investments in
associates

BASIS OF PREPARATION
ACCOUNTING POLICIES
The effect on the balance sheet was as follows:
Liabilities
for defined
benefits
plans
Deferred
tax assets
Assets
for defined
benefits
plans
Deferred
tax
liabilities Equity
Balance as reported at 1 January 2012 52.0 2.0 44.3 10.3 1,370.8
Effect of application of IAS 19 revised 13.6 0.2 -2.7 0.4 -16.5
Restated balance at 1 January 2012 65.6 2.2 41.6 10.7 1,354.3
Balance as reported at 31 December 2012 54.9 2.7 43.6 10.7 1,314.8
Effect of application of IAS 19 revised 13.6 0.2 -2.7 0.4 -16.5
Effect on total comprehensive income for the period 18.6 0.2 -24.4 -5.1 -37.7
Restated balance at 31 December 2012 87.1 3.1 16.5 6.0 1,260.6
This unaudited condensed consolidated interim financial statements has been prepared in accordance with IAS 34 ‘Interim financial
reporting’. The interim financial statements should be read in conjunction with the annual financial statements for the year ended 31
December 2012, which have been prepared in accordance with IFRS.
The accounting policies adopted are consistent with those of the previous financial year, except as described below.
In the beginning of 2013, Kemira Group has applied revised Employee Benefits . The amendments to IAS 19 change the accounting for
defined benefit plans. The most significant change relates to the accounting for changes in defined benefit obligations and plan assets.
The amendments require the recognition of changes in defined benefit obligations and in fair value of plan assets when they occur, and
hence eliminate the ´corridor approach’ permitted under the previous version of IAS 19 and accelerate the recognition of past service
costs. All actuarial gains and losses are recognized immediately through other comprehensive income in order for the net pension asset
or liability recognized in the consolidated balance sheet to reflect the full value of the plan deficit or surplus. Furthermore, the interest cost
and expected return on plan assets in the previous version of IAS 19 are replaced with a ‘net interest’ amount under IAS 19 revised,
which is calculated by applying the discount rate to the net defined benefit liability or asset. IAS 19 revised introduces certain changes in
the presentation of the defined benefit cost including more extensive disclosures in the Kemira's Financial Statements.
Q1/2013 Interim financial statements is the first financial report in which the Group has applied IAS 19 revised. Consequently, the Group
has adjusted opening equity as of 1 January 2012 and the figures for 2012 have been restated as if IAS 19 revised had always been
applied.
Taxes on income in the interim periods are accrued using the tax rate that would be applicable total annual earnings.
Amendment to IAS 1 Presentation of Financial Statements (effective for reporting periods beginning on or after 1 July 2012). The main
change is the requirement for grouping items in ‘other comprehensive income’ based on whether they are potentially reclassifiable to
profit or loss as certain conditions are fulfilled. The amendments only have an impact on the presentation of the Kemira’s Financial
Statements.
IFRS 13 Fair Value Measurement (effective for reporting periods beginning on or after 1 January 2013). The standard aims to increase
uniformity by providing specific definition for fair value. It also provides both requirements for determining fair value and the required
disclosures under the same standard. The requirements do not extend the use of fair value accounting but provide guidance on how it
should be applied where its use is already required or permitted by other standards.
All the figures in this interim financial statements have been rounded and consequently the sum of individual figures can deviate from the
presented sum figure.

The effect on defined benefit expenses on the consolidated income statement was as follows:
2012 2012 2012 2012 2012
1-3 4-6 7-9 10-12 1-12
Reported defined benefit expense (+) / income (-) 1.6 1.6 1.6 4.7 9.5
Effect of application of IAS 19 revised -0.3 -0.4 -0.3 -0.4 -1.4
Restated defined benefit expense (+) / income (-) 1.3 1.2 1.3 4.3 8.1
The effect on total comprehensive income was as follows:
2012 2012 2012 2012 2012
1-3 4-6 7-9 10-12 1-12
Reported total comprehensive income for the period 32.5 32.8 7.3 -44.4 28.2
Effect of application of IAS 19 revised 0.3 0.4 0.3 -38.7 -37.7
Restated total comprehensive income for the period 32.8 33.2 7.6 -83.1 -9.5
The effect on earnings per share, EUR was as follows:
2012 2012 2012 2012 2012
1-3 4-6 7-9 10-12 1-12
Reported earnings per share 0.19 0.20 0.00 -0.28 0.11
Effect of application of IAS 19 revised 0.00 0.00 0.00 0.01 0.01
Restated earnings per share 0.19 0.20 0.00 -0.27 0.12
CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
The preparation of interim financial statements requires management to make judgements, estimates and assumptions that affect the
application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from
these estimates.

Kemira Q1 2013 Interim Report

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Kemira Q1 2013 Interim Report