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STOCK EXCHANGE RELEASE 3 Feb 2005

INTERNATIONAL FINANCIAL REPORTING STANDARDS

JAAKKO PÖYRY GROUP OYJ     Stock Exchange Notice
                           February 3, 2005 at 9.15 a.m.       1(10)

INTERNATIONAL FINANCIAL REPORTING STANDARDS

The Jaakko Pöyry Group will report its accounts according to the
International Financial Reporting Standards (IFRS) from the beginning of
2005. The main adjustments to the statement of income and balance sheet
relate to calculation and recording of pension arrangements, goodwill
and deferred tax receivables. As the Group's accounting and reporting
principles already are largely in line with the IFRS standards, the
adoption of IFRS standards does not have any other significant effects
on the Group's profit, balance sheet and equity.

Impact of IFRS changes on the statement of income for 2004

The net profit for 2004 according to FAS (Finnish Accounting Standards)
was EUR 18.0 million. The impact of IFRS changes on the profit was EUR
1.7 million, increasing the net profit according to IFRS to EUR 19.7
million. Earnings per share were EUR 1.30 (FAS) and EUR 1.42 (IFRS).

Impact of IFRS changes on the consolidated balance sheet on December 31,
2003 and December 31, 2004

According to FAS, the balance sheet total was EUR 270.9 million at the
end of 2003. IFRS changes increased the total value by EUR 14.6 million
to EUR 285.5. According to FAS, the balance sheet total was EUR 300.4
million at the end of 2004. IFRS changes increased the total value by
EUR 12.2 million to EUR 312.6 million.

The calculations are based on the present standards and information
available. The calculations are unaudited.

The main factors and their impact on the statement of income and on the
balance sheet are the following:

Pension arrangements

The Group has defined benefit plans in Switzerland, Germany, France and
Norway. Some of the voluntary pension arrangements in Finland are also
defined benefit plans. The unfunded liability of defined benefit plans
increases the Group's liabilities and decreases the equity.
Correspondingly, if there are more funds than liabilities in a defined
benefit plan, the overfunded amount increases the Group's assets and
equity. The pension expenses for defined benefit plans are determined by
actuarial calculations.

The unfunded disability part of the Finnish pension system has not been
accounted for during the years 2003 and 2004 due to the change in
legislation. The liability at the end of year 2003 was about 7 million
euro.

Goodwill

The Global Network Company concept is a cornerstone of the Jaakko Pöyry
Group's strategy. The Group's comprehensive office network is a unique
and important key factor supporting the business, allowing the Group to
offer its versatile expertise to locally as well as globally operating
companies, combining the knowledge of its global network of experts with
a strong knowledge of local conditions. The strategy, with all three
business groups targeting the cooperation and integration level of a
Global Network Company, supports the Group's policy for allocating
goodwill according to IFRS 3.
                                                               2(10)

The three business groups of the Jaakko Pöyry Group (Forest Industry,
Energy, Infrastructure & Environment) represent the independent cash
generating unit levels where management monitors the return on
investment and are therefore chosen as the goodwill allocation level.

The impairment testing is carried out annually during December primarily
by discounted cash flow analysis but also crosschecked by multiple based
market price comparisons.

The discounted cash flow analysis is based on the approved strategy
where growth from acquisitions has been eliminated.

Other main assumptions used in the calculations:

- Beetas between 0.75 - 1.00
- Pre-tax WACC 8.9% - 10.1% p.a. (Post-tax 7.0% - 8.2%)
- Perpetuity growth rates 2.5% - 3.5% p.a.

The Group's scale for classifying impairment testing results is the
following: a) is below, b) corresponds to, c) exceeds slightly, d)
exceeds clearly, e) exceeds significantly.

The impairment testing result shows that the value in use of each of the
business groups exceeds significantly the related book value.

An external independent expert has issued a "Fairness opinion" on the
impairment tests.

Deferred tax receivables

The Group's deferred tax receivables are mainly related to tax losses in
Group companies. Deferred tax receivables are only booked if it is
expected that the tax losses can be utilised during the next three
years. An exception is made in Germany, where the deferred tax
receivables due to the business volume are expected to be utilised
within six years.

Financial instruments

The implementation of IFRS financial instruments standards does not
cause any significant adjustments either to the statement of income or
to the balance sheet of the Group.

The results for the forward exchange transactions and currency options
have been booked on the basis of realisation. Open forward contracts
have been translated at the exchange rates prevailing at the balance
sheet date, except for forward contracts related to order stock. After
implementation of IFRS also order stock and related forward contracts
are valued at the exchange rates prevailing at the balance sheet date.

The change to the accounting principles has a minor impact on the
statement of income and balance sheet.

The interest rate swaps made by Jaakko Pöyry Group Oyj for EUR 11.2
million external loans do not have any significant impact on the income
statement or balance sheet. The fair value of the interest rate swaps
was EUR - 0.1 million at the end of 2004.

The value of the available-for-sale financial assets was EUR 6.1 million
at the year of 2004.

                                                               3(10)

The IFRS figures do not include adjustments due to the financial
instruments standards until January 1, 2005.

Recording of exchange gains and losses

IFRS has not changed the practice for recording the exchange rate gains
and losses. Exchange gains and losses from realisation and from
valuation are taken into account in the statement of income. The
interest rate differential of the forward contracts is included in the
exchange gains or losses. Exchange gains and losses related to business
operations are included in net sales or operating expenses. Exchange
gains and losses related to financing operations are included in
financial income and expenses.

Leases

The group has both finance lease agreements and operating lease
agreements.

Assets acquired by finance lease agreements, mainly IT and office
equipment, are capitalised as assets in the balance sheet and are
depreciated over their economic life according to IAS 17 (leases). The
lease obligations are included in interest bearing liabilities.

Operating leases are mainly office facility agreements. Also lease
agreements for cars and some office equipment are classified as
operating leases. Lease payments for operating leases are treated as
rent expenses during the rental period.

Share-based payments

Jaakko Pöyry Group Oyj has issued stock options during the years 1998
and 2004. The fair value of the option programmes has been estimated
with the Black&Scholes model and the annual costs of the option
programmes are booked as personnel expenses during the vesting period.

JAAKKO PÖYRY GROUP OYJ



Erkki Pehu-Lehtonen                 Teuvo Salminen
President and CEO                   Deputy to President and CEO

Additional information by:
Teuvo Salminen, Deputy to President and CEO, Jaakko Pöyry Group Oyj
Tel. +358 9 8947 2872, +358 400 420 285

www.poyry.com

DISTRIBUTION:
Helsinki Exchanges
Major media









                                                               4(10)

   JAAKKO PÖYRY GROUP


   EUR million
                                      FAS                      IFRS
   STATEMENT OF INCOME               2004     Change           2004

   Net sales                        473.9                     473.9

   Other operating income             2.1                       2.1
   Share of associated                0.5                       0.5
  companies' results

   Materials and supplies            64.9                      64.9
1) Personnel expenses               263.7        2.7          266.4
2) Depreciation of                    4.9       -4.9            0.0
   consolidation goodwill
   Other depreciation and             9.1                       9.1
  value decrease
   Other operating expenses         106.2                     106.2

   Operating profit                  27.7        2.2           29.9
     Proportion of net sales, %       5.8                       6.3


   Financial income and         +     1.0               +       1.0
  expenses
     Proportion of net sales, %       0.2                       0.2

   Profit before extraordinary       28.7        2.2           30.9
  items
     Proportion of net sales, %       6.1                       6.5

   Extraordinary items                0.0                       0.0

   Profit before taxes and           28.7        2.2           30.9
  minority interest
     Proportion of net sales, %       6.1                       6.5

3) Income taxes                 -     9.5 -      0.5    -      10.0
   Minority interest            -     1.2               -       1.2

   Net profit for the period         18.0 +      1.7           19.7


















                                                               5(10)

    EUR million
                                        FAS                  IFRS
    BALANCE SHEET                31.12.2003     Change 31.12.2003

    Consolidation goodwill             34.3                  34.3
    Intangible assets                   4.7                   4.7
4)  Tangible assets                    16.2        1.6       17.8
5)  Non-current investments             9.4       -0.2        9.2
6)  Deferred tax receivables            0.3        5.4        5.7
    Work in progress                   35.4                  35.4
    Accounts receivable                90.1                  90.1
7)  Other receivables                  17.4        7.8       25.2
    Current investments, cash          63.1                  63.1
   in hand and at banks

    Assets total                      270.9       14.6      285.5


8)  Shareholders' equity              117.9       11.5      129.4
    Minority interest                   4.2                   4.2
9)  Interest bearing non-              11.2        1.1       12.3
    current liabilities
9)  Interest bearing current            2.2        0.5        2.7
    liabilities
    Project advances                   37.5                  37.5
    Accounts payable                   10.6                  10.6
10) Other non-interest bearing         87.3        1.5       88.8
    liabilities

    Liabilities total                 270.9       14.6      285.5































                                                               6(10)

    EUR million
                                        FAS                  IFRS
    BALANCE SHEET                31.12.2004     Change 31.12.2004

    Consolidation goodwill             33.6                  33.6
    Intangible assets                   4.4                   4.4
4)  Tangible assets                    14.8        1.0       15.8
5)  Non-current investments            10.4       -0.2       10.2
6)  Deferred tax receivables            1.3        4.9        6.2
    Work in progress                   46.6                  46.6
    Accounts receivable               105.4                 105.4
7)  Other receivables                  21.7        6.5       28.2
    Current investments, cash          62.2                  62.2
   in hand and at banks

    Assets total                      300.4       12.2      312.6


8)  Shareholders' equity              117.5        9.1      126.6
    Minority interest                   7.1                   7.1
9)  Interest bearing non-               8.6        0.7        9.3
    current liabilities
9)  Interest bearing current            2.6        0.3        2.9
    liabilities
    Project advances                   51.6                  51.6
    Accounts payable                   13.9                  13.9
10) Other non-interest bearing         99.1        2.1      101.2
    liabilities

    Liabilities total                 300.4       12.2      312.6































                                                               7(10)

    EUR million

    CHANGES

    STATEMENT OF INCOME                                        2004

1)  Pension expenses from benefit                     -         2.0
    plans
    Expenses from option                              -         0.7
   programmes
2)  Depreciation of consolidation                     +         4.9
    goodwill
3)  Change in deferred tax                            -         0.5
    receivables

    Total                                             +         1.7

    BALANCE SHEET                    Dec. 31, 2003   Dec. 31, 2004

4)  Finance lease assets                   1.6                  1.0
5)  Financial assets, value        -       0.2        -         0.2
    decrease
6)  Deferred tax receivables               5.4                  4.9
7)  Assets from benefit plans              8.0                  6.7
    Other                          -       0.2        -         0.2

    Total                                 14.6                 12.2

8)  Change in equity                      11.5                  9.1
9)  Finance lease liabilities              1.6                  1.0
10) Liabilities from benefit               1.5                  2.1
    plans

    Total                                 14.6                 12.2



























                                                               8(10)

  EUR million

  SHAREHOLDERS' EQUITY              Dec. 31, 2003   Dec. 31, 2004

  Shareholders' equity FAS                  117.9           117.5
   Benefit plans, net assets                  6.5             4.6
   Deferred tax receivables                   5.4             4.9
   Financial assets, value       -            0.2       -     0.2
   decrease
   Other                         -            0.2       -     0.2
  IFRS changes total                         11.5             9.1
  Shareholders' equity IFRS                 129.4           126.6


                                              FAS            IFRS
  KEY FIGURES                                2004            2004

  Earnings/share, EUR                        1.30            1.42
   Corrected with dilution                   1.26            1.38
   effect

  Shareholders' equity/share,                8.43            9.09
  EUR

  Return on investment, %                    21.6            21.4

  Return on equity, %                        15.6            15.6

  Equity ratio, %                            50.1            51.2

  Net debt/equity ratio                     -40.9           -37.4
  (gearing), %





























                                                               9(10)

Business groups
                               FAS
EUR million                 1-3/04 4-6/04  7-9/04  10-12/04   2004

NET SALES

Forest Industry               47,1   48,4    40,7      50,1  186,3
Energy                        33,0   35,7    35,5      42,3  146,5
Infrastructure &              35,5   34,7    34,6      37,3  142,1
Environment
Other                         -0,1    0,0    -0,4      -0,5   -1,0
                             115,5  118,8   110,4     129,2  473,9

OPERATING PROFIT AND NET PROFIT FOR THE PERIOD

Forest Industry                3,5    4,4     4,2       5,4   17,5
Energy                         2,1    1,5     1,7       2,7    8,0
Infrastructure &               1,5    1,7     2,4       2,4    8,0
Environment
Other                         -1,4   -1,6    -1,4      -1,4   -5,8
Operating profit total         5,7    6,0     6,9       9,1   27,7
Financial items                0,1    0,2     0,2       0,5    1,0
Profit before                  5,8    6,2     7,1       9,6   28,7
extraordinary items
Income taxes                  -2,1   -2,4    -1,3      -3,7   -9,5
Minority interest             -0,1   -0,4    -0,1      -0,6   -1,2
Net profit for the period      3,6    3,4     5,7       5,3   18,0

BALANCE SHEET

Consolidation goodwill        33,1   32,2    31,5      33,6
Intangible assets              4,8    5,0     4,6       4,4
Tangible assets               16,1   16,8    16,5      14,8
Non-current investments        9,8   10,0    10,1      10,4
Deferred tax receivables       0,5    0,7     1,0       1,3
Work in progress              46,1   54,2    65,1      46,6
Accounts receivable           81,4   93,1    85,4     105,4
Other receivables             20,3   25,5    27,6      21,7
Current investments,
cash in hand and at banks     49,7   44,8    48,1      62,2
Assets total                 261,8  282,3   289,9     300,4

Shareholders' equity         100,6  104,6   110,5     117,5
Minority interest              4,2    6,9     6,7       7,1
Interest bearing non-         11,2   10,4     9,5       8,6
current liabilities
Interest bearing current       2,1    2,1     3,3       2,6
liabilities
Project advances              38,3   41,2    46,7      51,6
Accounts payable              11,3   11,8    11,8      13,9
Other non-interest bearing    94,1  105,3   101,4      99,1
liabilities

Liabilities total            261,8  282,3   289,9     300,4







                                                               10(10)

Business groups
                              IFRS
EUR million                 1-3/04 4-6/04  7-9/04  10-12/04   2004

NET SALES

Forest Industry               47,1   48,4    40,7      50,1  186,3
Energy                        33,0   35,7    35,5      42,3  146,5
Infrastructure &              35,5   34,7    34,6      37,3  142,1
Environment
Other                         -0,1    0,0    -0,4      -0,5   -1,0
                             115,5  118,8   110,4     129,2  473,9

OPERATING PROFIT AND NET
PROFIT FOR THE PERIOD

Forest Industry                3,5    4,3     4,1       5,3   17,2
Energy                         1,8    1,3     1,4       2,5    7,0
Infrastructure &               1,3    1,5     2,1       2,1    7,0
Environment
Other                         -0,1   -0,3    -0,2      -0,7   -1,3
Operating profit total         6,5    6,8     7,4       9,2   29,9
Financial items                0,1    0,2     0,2       0,5    1,0
Profit before                  6,6    7,0     7,6       9,7   30,9
extraordinary items
Income taxes                  -2,2   -2,5    -1,4      -3,9  -10,0
Minority interest             -0,1   -0,4    -0,1      -0,6   -1,2
Net profit for the period      4,3    4,1     6,1       5,2   19,7

BALANCE SHEET

Consolidation goodwill        33,1   32,2    31,5      33,6
Intangible assets              4,8    5,0     4,6       4,4
Tangible assets               17,6   18,2    17,7      15,8
Non-current investments        9,6    9,8     9,9      10,2
Deferred tax receivables       5,8    5,9     6,1       6,2
Work in progress              46,1   54,2    65,1      46,6
Accounts receivable           81,4   93,1    85,4     105,4
Other receivables             27,8   32,7    34,4      28,2
Current investments,
cash in hand and at banks     49,7   44,8    48,1      62,2
Assets total                 275,9  295,9   302,8     312,6

Shareholders' equity         111,6  115,0   120,3     126,6
Minority interest              4,2    6,9     6,7       7,1
Interest bearing non-         12,2   11,4    10,4       9,3
current liabilities
Interest bearing current       2,6    2,5     3,6       2,9
liabilities
Project advances              38,3   41,2    46,7      51,6
Accounts payable              11,3   11,8    11,8      13,9
Other non-interest bearing    95,7  107,1   103,3     101,2
liabilities
Liabilities total            275,9  295,9   302,8     312,6