EXHIBIT 99.3


MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS OF THE VALTRA GROUP

Valtra was acquired by Kone Corporation in a business combination in August
2002. For Finnish GAAP, the acquisition date was accounted for as of July 1,
2002. Accordingly, a vertical black line has been inserted in the accompanying
financial statements to designate the Predecessor and Successor companies. For
purposes of Management's Discussion and Analysis of Financial Condition and
Results of Operations, the Predecessor and Successor information has been
combined, and the analysis is based on amounts as determined under Finnish GAAP.

Valtra is a global tractor and off-road diesel engine manufacturer. Valtra sells
its Valtra brand tractors and Sisu brand engines in over 70 countries. Valtra
has leading market positions in the Nordic region and in Latin America and is
the fifth largest tractor producer in the world. Valtra focuses on the high
horsepower tractor segment and produces a majority of the components of its
tractors, including engines, transmissions, cabs, rear axles and hydraulics.

STATEMENTS OF OPERATIONS

NINE MONTHS ENDED SEPTEMBER 30, 2003 COMPARED TO NINE MONTHS ENDED SEPTEMBER 30,
2002

Net sales for the nine months ended September 30, 2003 were 626.6 million Euros
compared to 554.4 million Euros for the nine months ended September 30, 2002,
increasing by 72.2 million Euros, or approximately 13.0%. The increase was
primarily attributable to improved sales performance in a majority of markets in
both the tractor and diesel engine segments. The introduction of new products
and an increase in the number of higher horsepower tractors sold contributed to
overall improved sales performance. Availability of the Brazilian government
subsidized financing program, FINAME, helped to support stronger demand in the
Brazilian market during 2003.

Gross profit was 119.9 million Euros (19.1% of net sales) during the nine months
ended September 30, 2003 compared to 99.2 million Euros (17.9% of net sales)
during the nine months ended September 30, 2002. Gross margins improved due to a
favorable mix of products sold.

Selling, marketing and administrative expenses for the nine months ended
September 30, 2003 were 60.1 million Euros (9.6% of net sales) compared to 57.6
million Euros (10.4% of net sales) during the nine months ended September 30,
2002. Selling, marketing and administrative expenses decreased between periods
primarily due to cost cutting initiatives carried out during 2003. Research and
development expenses for the nine months ended September 30, 2003 were 11.4
million Euros (1.8% of net sales) compared to 9.8 million Euros (1.8% of net
sales) during the nine months ended September 30, 2002.

Net income for the nine months ended September 30, 2003 was 40.6 million Euros
compared to 20.5 million Euros for the nine months ended September 30, 2002 for
the reasons discussed above.

YEAR ENDED DECEMBER 31, 2002 COMPARED TO YEAR ENDED DECEMBER 31, 2001

Net sales for the year ended December 31, 2002 were 761.7 million Euros compared
to 685.5 million Euros during 2001, increasing by 76.2 million Euros, or
approximately




11.1%. The increase was primarily attributable to improved sales performance in
Sweden, Norway and markets outside of Europe, principally in Brazil. Sisu Diesel
had record net sales with increases to all customer groups.

Gross profit was 137.4 million Euros (18.0% of net sales) in 2002 compared to
122.2 million Euros (17.8% of net sales) for 2001. Gross margins improved
slightly due to improved capacity utilization.

Selling, marketing and administrative expenses for 2002 were 81.1 million Euros
(10.6% of net sales) compared to 82.3 million Euros (12.0% of net sales) for
2001. Selling, marketing and administrative expenses decreased between periods
primarily due to favorable foreign currency translation impacts. Research and
development expenses during 2002 were 12.2 million Euros (1.6% of net sales)
compared to 13.3 million Euros (1.9%) for 2001.

Net income for the year ended December 31, 2002 was 6.9 million Euros compared
to 4.7 million Euros for the year ended December 31, 2001 for the reasons
discussed above.

YEAR ENDED DECEMBER 31, 2001 COMPARED TO YEAR ENDED DECEMBER 31, 2000

Net sales for the year ended December 31, 2001 were 685.5 million Euros compared
to 671.1 million Euros during 2000, increasing by 14.4 million Euros, or
approximately 2.1%. Sales were relatively flat between years primarily due to a
change in the sales organizational structure in Sweden and Norway during 2001.
This change negatively impacted sales growth in these two important markets.
This negative impact was offset by a 5% sales growth in the Latin American
market during 2002.

Gross profit was 122.2 million Euros (17.8% of net sales) in 2001 compared to
118.1 million Euros (17.6% of net sales) for 2000. Gross margins improved
slightly as improved margins were experienced in Brazil due to higher sales and
a better mix of products sold, offset by reductions in margins experienced in
Europe, primarily due to the decline in sales in the Swedish and Norwegian
markets.

Selling, marketing and administrative expenses for 2001 were 82.3 million Euros
(12.0% of net sales) compared to 73.4 million Euros (10.9% of net sales) for
2000. Selling, marketing and administrative expenses increased between periods
primarily due to start up costs incurred with respect to the change in the sales
organization structure discussed above, as well as increased selling and
marketing costs incurred due to entering new markets during 2001. Research and
development expenses during 2001 were 13.3 million Euros (1.9% of net sales)
compared to 11.8 million Euros (1.8% of net sales) for 2000.

Net income for the year ended December 31, 2001 was 4.7 million Euros compared
to a net loss of 0.3 million Euros for the year ended December 31, 2000 for the
reasons discussed above.




LIQUIDITY AND CAPITAL RESOURCES

Valtra had 95.5 million Euros in working capital at September 30, 2003 as
compared with 62.4 million Euros at December 31, 2002.

Cash flows provided by operating activities were 44.1 million Euros for the nine
months ended September 30, 2003 compared to 10.5 million Euros for the nine
months ended September 30, 2002.

Capital expenditures for the nine months ended September 30, 2003 were 12.9
million Euros compared to 10.2 million Euros for the comparable period in 2002.
The increase in capital expenditures was primarily related to factory expansions
in the Company's two Finnish manufacturing facilities.