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STOCK EXCHANGE RELEASE 3 Feb 2006

JAAKKO PÖYRY GROUP OYJ'S NOTICE CONCERNING ANNUAL ACCOUNTS FOR 2005

JAAKKO PÖYRY GROUP OYJ     Stock Exchange Notice
                           February 3, 2006 at 8.30 a.m.       1(21)

JAAKKO PÖYRY GROUP OYJ'S NOTICE CONCERNING ANNUAL ACCOUNTS FOR 2005

Earnings per share for the financial year were EUR 1.80. The return on
investment exceeded the strategic target and was 25.8 per cent. The
consolidated balance sheet is healthy and the net debt/equity ratio
(gearing) was -36.1 per cent. The order stock increased to EUR 452.1
million at the end of the year. The Board of Directors proposes to the
Annual General Meeting that a dividend of EUR 1.30 per share be paid.

Consolidated earnings and balance sheet

The world economic cycle was mostly in a good phase during 2005. Only a
few Western European countries experienced slack economic growth.
Economic prospects for 2006 are also mostly favourable.

The upturn in the world economy also had a favourable impact on the
Jaakko Pöyry Group's clients and their investment activity, with the
exception of the forest industry's investments, which have remained low
in the first years of the 21st century. Consolidated net sales grew to
EUR 523.6 million (473.9 million in the previous year). Boosted by
increased demand and the strengthening of the Group's market position,
earnings from operations improved during the year under review.

Profit before taxes was EUR 38.6 (30.9) million. The profit for the year
was EUR 26.3 (20.9) million, of which EUR 25.9 (19.7) million was
attributable to the equity holders of the parent company. Earnings per
share improved by 26.8 per cent during the year to EUR 1.80 (1.42).

The target for the Group's return on investment is 20 per cent; in 2005
the return on investment was 25.8 (21.4) per cent.

The consolidated balance sheet is healthy. The equity ratio is 49.8
(51.2) per cent. The Group's liquidity is good. The net debt/equity
ratio (gearing) was -36.1 (-37.4) per cent.

Prospects

The Jaakko Pöyry Group has a strong market position in all of its
business areas. The order stock has grown during 2005 and the balance
sheet position has remained good. Consolidated net sales will grow
during 2006. Consolidated earnings before taxes are expected to improve
in 2006.

The auditor's report is dated February 2, 2006.

Dividend

The Board of Directors of Jaakko Pöyry Group Oyj proposes to the Annual
General Meeting on March 7, 2006 that a dividend of EUR 1.30 (1.20) per
share be paid for the year 2005. The dividend will be payable on March
17, 2006.

Annual General Meeting

Jaakko Pöyry Group Oyj's Annual General Meeting of Shareholders will be
held on March 7, 2006 at the Pöyry House, Vantaa, Finland. A complete
invitation to the Annual General Meeting will be published as a separate
notice on February 3, 2006 at 9.00 a.m. Finnish time.

                                                               2(21)

Enclosures
Board of Directors' report January 1 - December 31, 2005
Consolidated statement of income and balance sheet, statement of changes
in financial position, change in equity and contingent liabilities
Key figures for the Group


JAAKKO PÖYRY GROUP OYJ


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

Additional information by:
Erkki Pehu-Lehtonen, President and CEO, Jaakko Pöyry Group Oyj
Tel. +358 9 8947 2999, +358 400 468 084
Teuvo Salminen, Deputy to President and CEO, Jaakko Pöyry Group Oyj
Tel. +358 9 8947 2872, +358 400 420 285
Satu Perälampi, Investor Relations Manager, Jaakko Pöyry Group Oyj
Tel. +358 9 8947 3002, +358 40 526 3388

www.poyry.com


DISTRIBUTION:
Helsinki Stock Exchange
Major media

                                                               3(21)

JAAKKO PÖYRY GROUP

BOARD OF DIRECTORS' REPORT January 1 - December 31, 2005

Consolidated earnings and balance sheet

The world economic cycle was mostly in a good phase during 2005. Only a
few Western European countries experienced slack economic growth.
Economic prospects for 2006 are mostly favourable.

The upturn in the world economy also had a favourable impact on the
Jaakko Pöyry Group's clients and their investment activity, with the
exception of the forest industry's investments, which have remained low
in the first years of the 21st century. Consolidated net sales grew to
EUR 523.6 million (473.9 million in the previous year). Boosted by
increased demand and the strengthening of the Group's market position,
earnings from operations improved during the year under review.

Profit before taxes was EUR 38.6 (30.9) million. The profit for the year
was EUR 26.3 (20.9) million of which EUR 25.9 (19.7) million was
attributable to the equity holders of the parent company. Earnings per
share were EUR 1.80 (1.42). The return on investment was 25.8 (21.4) per
cent.

The consolidated balance sheet is healthy. The equity ratio is 49.8
(51.2) per cent. The Group's liquidity is good. At the end of the year,
the Group's cash in hand and at banks amounted to EUR 64.5 (62.2)
million. Interest-bearing debts totalled EUR 10.7 (12.2) million. The
net debt/equity ratio (gearing) was -36.1 (-37.4) per cent.

Adoption of the IAS/IFRS standards

The Group reports its accounts according to the International Financial
Reporting Standards (IFRS) from the beginning of 2005. The comparable
figures for 2004 are in accordance with IFRS. The main adjustments to
the statement of income and balance sheet relate to calculation and
recording of pension arrangements, deferred tax receivables and
goodwill. As the Group's accounting and reporting principles already
have been largely in line with the IFRS standards, the adoption of IFRS
standards did not have any other significant effects on the Group's
profit, balance sheet and equity.

Business groups

The parent company of the Jaakko Pöyry Group is Jaakko Pöyry Group Oyj.
The parent company is responsible for developing the Group's strategy
and for supervising its implementation, for financing, for exploiting
synergistic benefits, and for general co-ordination of the Group's
operations. The parent company has charged service fees for general
administration and parent company costs to the business groups. The
relative share charged is derived from the business groups' payroll
costs.

The Jaakko Pöyry Group's operations are conducted through three business
groups: Forest Industry, Energy, and Infrastructure & Environment. The
business groups are globally responsible for their operations. Each
business group offers a full range of consulting, investment planning
and implementation, maintenance planning and operations improvement
services to its clients, covering the entire lifecycle of their
business.
                                                               4(21)

Forest Industry

The year 2005 was another challenging year for the pulp and paper
industry. Several pulp and paper mill closures were announced in North
America and Europe, while only a few new projects or larger rebuilds
were launched. In spite of somewhat improved demand and prices, industry
results were affected by rising energy prices, higher raw material
costs, restructuring expenses and labour disputes. Investment activity
continued in Asia and South America, although in Asia at a slightly
lower level than in recent years.

Despite the challenging market conditions, the Forest Industry business
group was able to maintain its market position and increase its net
sales and operating profit. Global networking of resources, local
presence in key emerging markets, well executed projects and growing
demand for operational consulting contributed to the favourable results.

The order stock increased towards the end of 2005 and was EUR 97.3
(82.5) million. The most significant new assignments were the new pulp
mill project of Botnia S.A. in Uruguay (EUR 15 million), the engineering
and project management services for the Suzano Bahia Sul pulp mill
project in Brazil (EUR 19 million) and the engineering services for
Myllykoski's new paper machine to be built in the Czech Republic (EUR 10
million).

Net sales for the financial year were EUR 199.3 (186.3) million.
Operating profit was EUR 19.7 (17.2) million, which equals 9.9 (9.2) per
cent of net sales. At the end of the year, the business group employed a
total of 2123 (2077) people.

Energy

The market for energy-related services continued to recover in 2005.
Also the higher price of crude oil affected the rate of recovery. The
internationalisation of the energy sector and the liberalisation of the
energy market continued. Environmental pressures resulted in additional
investment needs. The energy landscape continued to diversify, with
power companies moving further into the gas sector and traditional oil
and gas companies entering the power sector. In these dynamic market
conditions, the Energy business group has been able to strengthen its
global market position.

The order stock remained good, amounting to EUR 195.2 (171.8) million at
the end of the year. The most important new projects were Amata Power's
gas-fired cogeneration power plant in Thailand (EUR 32 million), the
design engineering and services contracts with Brunei Shell Petroleum in
Brunei (EUR 10 million), the frame agreement for engineering services
with Tecnicas Reunidas in Spain (EUR 10 million), and the engineering
services contract with Vattenfall Europe Waste-to-Energy for a combined
heat and power plant to be built in Berlin (EUR 3 million).

Net sales for the financial year were EUR 160.0 (146.5) million.
Operating profit was EUR 9.1 (7.0) million, which equals 5.7 (4.8) per
cent of net sales. At the end of the year, the business group employed a
total of 1463 (1485) people.

Infrastructure & Environment

The year under review was characterised by natural disasters, which were
reflected, among other things, as increased demand for services to
mitigate flood risks. The rise of these underlying needs has resulted in

                                                               5(21)

a situation where, in a growing number of infrastructure and
environmental projects, a wide range of diversified skills need to be
integrated into the business group's products and services. Demand for
consulting and engineering services for public-sector rail
transportation projects continues to increase in Asia and Latin America.
Prospects for environmental projects in Asia and Africa funded by
international financing institutions are equally promising. Demand for
the business group's services is strongest in the building sector,
notably in the Baltic countries and Russia. In the Western European
market, demand will remain unchanged; in some subsectors it will even
decline. The business group has continued to strengthen its position in
local and international markets.

The order stock increased during the financial year to EUR 159.5 (118.8)
million. The most important new projects were the project management
contract for the Olkiluoto nuclear power plant in Finland, the railway
management agreement with the Finnish Rail Administration, the
extensions of transportation project contracts in Venezuela and Taiwan
(EUR 8.2 million), the underground station and tunnel engineering
contract in Canton Zürich in Switzerland (EUR 8 million), and the
engineering services for the E18 Muurla-Lohja motorway project in
Finland (EUR 4 million).

The business group's net sales increased during the financial year to
EUR 164.9 (142.1) million. Operating profit was EUR 9.2 (7.0) million,
which equals 5.6 (4.9) per cent of net sales. At the end of the year,
the business group employed a total of 1979 (1715) people.

Development of Group structure

The Jaakko Pöyry Group's clients are globalising and consolidating their
operations. Through its comprehensive global network of offices the
Group serves its clients as an adviser and project implementation
specialist, globally and locally. The Jaakko Pöyry Group's local network
of offices offers clients a good alternative for outsourcing their
internal engineering services. The Jaakko Pöyry Group is actively
expanding its office network. The Group also intends to expand its
technology and know-how base by acquiring technology leaders within its
main business sectors. These companies' expertise can also be
efficiently marketed via the Group's global network of offices.

The effort to focus operations increasingly on consulting and
engineering services is designed to improve the Group's relative
profitability. Turnkey project operations have been reduced and earnings
targets for individual turnkey projects have also been raised. Turnkey
projects are only undertaken by the Energy business group and the
objective is to keep their volume at around 30 per cent of the business
group's net sales. This equals about 10-15 per cent of consolidated net
sales.

Acquisitions

Forest Industry

Jaakko Pöyry AB, Sweden, acquired the entire share capital of
Scancontrol AB at the end of June. The company has been consolidated
into the Jaakko Pöyry Group as of July 1, 2005. Scancontrol's net sales
were about EUR 2.5 million for the consolidated period and it has a
staff of 52. Scancontrol AB was merged into Jaakko Pöyry AB at the end
of 2005.

                                                               6(21)

Founded in 1995, Scancontrol was an automation and electrical
engineering company specialising in industrial applications. Its main
offices were in Lund and Helsingborg in southern Sweden. The company's
expertise covers automation and electrical design for the paper,
packaging and converting sectors.

The merger of Jaakko Pöyry Consulting Oy into its parent company Jaakko
Pöyry Group Oyj was registered with the Trade Register on August 31,
2005. The purpose of the merger was to clarify the corporate structure
of the Jaakko Pöyry Group and to simplify administration.

The business group intends to expand its office network in the next few
years in line with market developments. The expansion is likely to take
place partly in emerging markets where investment activity is expected
to grow, and partly in Europe and North America where local services are
required for rebuilds and maintenance engineering.

Energy

Electrowatt-Ekono AG has at the end of 2005 acquired 100 per cent of the
shares of the Italian company S.P.E Servizi per l'Energia based in
Genoa. S.P.E Servizi per l'Energia specialises in consulting and
engineering services for combined-cycle power plant projects.

The most important reference projects of the company, which was
established in 1997 by private owners, are large natural gas-fired power
plants. At the end of 2005, its order stock amounted to about EUR 4
million. The company has been consolidated into the Jaakko Pöyry Group
as of December 1, 2005. The company's net sales were about EUR 0.3
million for the consolidated period and it has a staff of 17.

The acquisition of S.P.E Servizi per l'Energia fits well with the Energy
business group's strategy to increase its presence in the southern
European market.

The business group aims to expand its network of local offices in Europe
and Asia. In addition, the business group intends to expand its
technological expertise especially in the areas of renewable energy,
management consulting, oil and gas reserves and environmental
protection.

Infrastructure & Environment

Soil and Water Ltd has expanded its domestic operations by acquiring, at
the beginning of July, the entire share capital of Inframan Ltd.
Inframan Ltd's net sales for 2005 were about EUR 0.2 million for the
consolidated period and it had a staff of seven. The acquisition of
Inframan Ltd expands the Jaakko Pöyry Group's life-cycle expertise in
transportation infrastructure asset management in Finland and the rest
of northern Europe.

At the end of July, the Jaakko Pöyry Group acquired the entire share
capital of GKW Holding GmbH in Germany. The transaction price was EUR
6.3 million. The company is debt-free. GKW has operations in various
locations in Germany and it employs 234 experts. The company has been
consolidated into the Jaakko Pöyry Group as of September 1, 2005. GKW's
net sales for 2005 amounted to about EUR 9.7 million and it made a small
operating profit for the consolidated period.

GKW strengthens the Jaakko Pöyry Group's market position in the water
and environment sector especially in Western Europe and also in the

                                                               7(21)

international markets relying on public funding. The company is market
leader in its sector in Germany and it has a strong position in
international markets, especially in Africa.

The business group aims to expand its network of local offices in Europe
and Asia.

Order stock

The Group's order stock increased during the year under review. At the
end of 2005, the order stock totalled EUR 452.1 million, compared with
EUR 373.2 million at the end of 2004. The order stock of the consulting
and engineering businesses increased by EUR 68.8 million during the
year. The order stock for turnkey projects increased by EUR 10.1
million.

The growth in the consulting and engineering order stock reflects the
Group's intention to increase the proportion of consolidated net sales
generated by these businesses, which will improve the Group's relative
profitability.

The share of consulting services and operation and maintenance services
of the order stock has increased. Assignments in these areas are short-
term and are partly booked under net sales without being recorded in the
order stock.

Research and development

The Jaakko Pöyry Group's research and development co-operation committee
consists of representatives of the business groups, IT staff and the
company's management. Its main objectives are to promote internal
research and development, to assist in obtaining supplementary financing
and engaging clients in development processes, and to keep the research
and development focus on the Group's strategic objectives.

The Jaakko Pöyry Group is engaged in hundreds of research and
development projects each year, relying on the expertise, experience and
innovativeness of its employees. Research and development efforts are
conducted in partnership with clients and research institutions, often
in an interdisciplinary manner, making use of the Group's technical and
technological expertise to improve the competitiveness of the Group and
its clients.

The income and expenses attributable to research and development are
part of the Group's client work and cannot therefore be defined in exact
monetary terms. The income and expenses have been taken into account in
the statement of income for the financial year.

Capital expenditure and depreciation

The Group's capital expenditure totalled EUR 25.8 (18.7) million, of
which EUR 8.0 (7.3) million consisted of computer software, systems and
hardware and EUR 17.8 (11.4) million was due to business acquisitions.

The depreciation for the financial year amounted to EUR 7.9 (9.1)
million.

Financing

The Group's liquidity remained good during the financial year. At the
end of the year, the Group's cash in hand and at banks totalled EUR 64.5

                                                               8(21)

(62.2) million and interest-bearing liabilities EUR 10.7 (12.2) million.
At the end of the year, the Group had unutilised credit facilities
amounting to EUR 31.1 million. The net debt/equity ratio (gearing) at
the end of the year was -36.1 (-37.4) per cent. The cash flow before
financing was EUR 16.1 (20.3) million.

Assessment of operative risks and uncertainties

The company assesses risks related to its business in an annual group
wide risk management process. In the process, risks are mapped in order
to extensively identify them, to establish the overall risk position of
the Group and to determine measures required to manage the most
significant risks.

Based on the risk management process for 2005, the most important risks
of the Group relate to
- the ability to adjust to the changes in the market environment
- project activities and liabilities
- the availability of skilful personnel and ability to retain them

The annual unified risk management process enables the management of
risks in a consistent and systematic way throughout the Group. In
addition to the annual risk management process, risk management is part
of the regular business reporting and monitoring processes.

At the time of the closing of the books, the company is not aware of
significant individual risks which would require special measures other
than those which are part of the normal business conduct and defined in
the risk management process.

Share capital and shares

The total number of shares at the end of 2004 was 14 109 851. In 2005,
387 450 new shares were subscribed pursuant to warrants under the Bond
Loan with Warrants of 1998. Following these subscriptions, the number of
registered shares at year end totalled 14 497 301.

The merger of Jaakko Pöyry Consulting Oy into its parent company Jaakko
Pöyry Group Oyj was registered with the Trade Register on August 31,
2005. The shareholders of Jaakko Pöyry Consulting Oy were disbursed a
merger consideration in new shares issued by Jaakko Pöyry Group Oyj.
Following the issuance of the new shares, the registered share capital
of the company increased by EUR 47 735 from EUR 14 497 301 to EUR
14 545 036 and the total number of authorised shares increased to
14 545 036.

The company's own shares

The Annual General Meeting on March 3, 2005 authorised the Board of
Directors to acquire and convey the company's own shares to a maximum of
700 000 shares, however less than 5 per cent of the company's share
capital. The authorisations have not been used. The authorisations are
in force until March 3, 2006.

Shares can be acquired with funds distributable as profit. The shares
will be acquired in order to strengthen the company's capital structure
and also to be used as compensation in business acquisitions or in
acquisition of assets related to the company's business.
                                                               9(21)

Authorisation to issue new shares

The Annual General Meeting on March 3, 2005 authorised the Board of
Directors to decide on an increase in the share capital by a new issue
and/or by taking a convertible loan and/or by issuing option rights, so
that based on the new issue, the convertible bonds and option rights,
the share capital can be increased by a maximum of EUR 1 000 000 by
issuing for subscription a maximum of 1 000 000 new shares. The
authorisation has not been used. The authorisation is in force until
March 3, 2006.

Bond loan with warrants and stock options

In 1998, Jaakko Pöyry Group Oyj issued a bond loan with warrants to the
Group's personnel and the parent company's Board of Directors. The
warrants carried subscription rights for a maximum of 1.3 million of the
company's shares. The subscription period for the warrants ended on
April 30, 2005. A total of 1 299 015 shares were subscribed based on the
warrants.

In 2004, Jaakko Pöyry Group Oyj issued stock options to the management
of the Group as well as to a wholly-owned subsidiary of Jaakko Pöyry
Group Oyj. The stock options entitle to subscription of a maximum of
550 000 shares in Jaakko Pöyry Group Oyj. Each stock option entitles the
holder to subscribe one share in the company. The share subscription
periods shall be the following: for 165 000 shares between March 1, 2007
and March 31, 2010, for 165 000 shares between March 1, 2008 and March
31, 2011, and for 220 000 shares between March 1, 2009 and March 31,
2012. All stock options have been issued and their receipt confirmed.

Board of Directors' proposal

The Board of Directors of Jaakko Pöyry Group Oyj proposes to the Annual
General Meeting on March 7, 2006 that a dividend of EUR 1.30 (1.20) per
share be paid for the year 2005, totalling EUR 18.9 million. The
proposed dividend corresponds to 72.2 (84.5) per cent of the earnings
per share for the financial year.

Board of Directors and President

Members of the Board of Directors of Jaakko Pöyry Group Oyj elected in
the Annual General Meeting are Mr Henrik Ehrnrooth (Chairman), Mr Heikki
Lehtonen (Vice Chairman), Mr Matti Lehti, Mr Harri Piehl, Ms Karen de
Segundo and Mr Franz Steinegger.

Mr Erkki Pehu-Lehtonen, M.Sc.(Eng.) is President and CEO of Jaakko Pöyry
Group Oyj and Mr Teuvo Salminen, M.Sc. (Econ.) Deputy to the President
and CEO.

Auditors

Auditors have been KPMG Oy Ab, Authorised Public Accountants, with Mr
Sixten Nyman, Authorised Public Accountant, as responsible auditor.

Prospects

The world economic cycle was in a good phase during 2005. Economic
prospects for 2006 are mostly favourable and economic growth is expected
to continue.
                                                               10(21)

The Jaakko Pöyry Group has strengthened its market position in recent
years. The Group's order stock increased by EUR 78.9 million during the
financial year, amounting to EUR 452.1 million. The price level and risk
profile of the order stock are normal. The Group's balance sheet
position and liquidity are also good.

Forest Industry

Demand for engineering services is not expected to change significantly
in 2006. Investment activity will continue in emerging markets. Rising
production costs will call for operational and productivity improvements
in mature markets. Industry restructurings will increase the demand for
consulting and investment banking services. The Forest Industry business
group's operating profit will remain stable during 2006, provided that
the business cycle and investment level of the world pulp and paper
industry do not change materially.

Energy

Good opportunities for growth in demand for energy-related services are
emerging as the economies of Southeast Asia and to some degree Europe
recover, and as the EU expands. This applies in particular to renewable
energy, plant refurbishments and management consulting services. The
high price of crude oil is creating new opportunities within the oil and
gas sectors. In the thermal power sector clients focus on diversifying
their energy mix. The Energy business group further enhanced its
business-area-based organisation model during 2005 and strengthened its
operations by making an acquisition in Italy. The Energy business
group's market position has improved and the order stock is good. The
business group's operating profit will improve in 2006.

Infrastructure & Environment

The Infrastructure & Environment business group's demand prospects have
improved. Business operations have been streamlined in response to the
stagnation of Western European economies and the prevailing demand
situation. At the same time possibilities for new business development
in Eastern Europe and other international markets have improved. By
sharpening its product and service focus, the business group has been
able to meet growing price competition locally and internationally. The
importance of local presence is growing in all markets. The business
group's net sales, operating profit and order stock improved during
2005. Its operating profit will improve in 2006.

The Jaakko Pöyry Group has a strong market position in all of its
business areas. The order stock has grown during 2005 and the balance
sheet position has remained good. Consolidated net sales will grow
during 2006. Consolidated earnings before taxes are expected to improve
in 2006.
                                                               11(21)

JAAKKO PÖYRY GROUP

STATEMENT OF INCOME

EUR million                                   2005             2004


NET SALES                                    523.6            473.9

Other operating income                         0.8              2.1

Share of associated
companies' results                      +      0.8     +        0.5

Materials and supplies                  -     19.1     -       14.2
External charges, subconsulting         -     56.0     -       50.7
Personnel expenses                      -    283.2     -      266.4
Depreciation                            -      7.9     -        9.1
Other operating expenses                -    121.8     -      106.2

OPERATING PROFIT                              37.2             29.9
Proportion of net sales, %                     7.1              6.3

Dividend income                         +      0.2     +        0.1
Interest income and other financial
income                                  +      2.0     +        1.5
Interest and other financial expenses   -      0.6     -        0.8
Exchange rate differences               +      0.3     +        0.2
Value decrease                          -      0.5     -        0.0

PROFIT BEFORE TAXES                           38.6             30.9

Income taxes                            -     12.3     -       10.0

NET PROFIT FOR THE PERIOD                     26.3             20.9

Attributable to:
Equity holders of the parent company          25.9             19.7
Minority interest                              0.4              1.2

Earnings/share for profit attributable to
the equity holders of the parent company,     1.80             1.42
EUR
Corrected with dilution effect                1.80             1.38

12(21)

BALANCE SHEET
EUR million                                   2005             2004

ASSETS

NON-CURRENT ASSETS
Goodwill                                      42.4             34.0
Intangible assets                              8.5              4.0
Tangible assets                               15.2             15.8
Shares in associated companies                 4.3              3.3
Other shares                                   7.3              6.1
Loans receivable                               1.1              1.0
Deferred tax receivables                       6.5              6.1
Pension receivables                            4.3              5.5
Other                                          9.4             11.1
Total                                         99.0             86.9

CURRENT ASSETS
Work in progress                              56.6             46.6
Accounts receivable                          108.1            103.6
Loans receivable                               0.4              0.3
Other receivables                             21.2             13.0
Cash and cash equivalents                     64.5             62.2
Total                                        250.8            225.7

TOTAL                                        349.8            312.6

EQUITY AND LIABILITIES

EQUITY

 EQUITY ATTRIBUTABLE TO THE EQUITY HOLDERS OF THE PARENT
 COMPANY
 Share capital                                 14.5             14.1
 Share premium reserve                         31.5             28.4
 Legal reserve                                 18.6             18.2
 Own shares                              -     12.8     -       12.8
 Translation difference                  -      8.6     -       10.6
 Retained earnings                             75.0             69.6
 Net profit for the period                     25.9             19.7
 Total                                        144.1            126.6
 Minority interest                              4.7              7.1
 Total                                        148.8            133.7


 13(21)

 LIABILITIES

 NON-CURRENT LIABILITIES
 Interest bearing non-current liabilities       6.8              9.3
 Pension liabilities                            6.8              6.6
 Deferred tax liability                         2.9              0.2
 Other non-current liabilities                  7.7              7.2
 Total                                         24.2             23.3

 CURRENT LIABILITIES
 Amortisations of interest bearing
 non-current liabilities                        2.6              2.6
 Interest bearing current liabilities           1.3              0.3
 Provisions                                     3.4              0.7
 Project advances                              51.0             51.6
 Accounts payable                              18.8             13.9
 Other current liabilities                     99.7             86.5
 Total                                        176.8            155.6

                                              349.8            312.6
 STATEMENT OF CHANGES IN FINANCIAL
 POSITION
 EUR million                                   2005             2004

 FROM OPERATING ACTIVITIES
 Operating profit                              37.2             29.9
 Depreciation and value decrease         +      8.4     +        9.1
 Gain on sale of fixed assets            -      0.1     -        0.4
 Share of associated companies'          -      0.8     -        0.5
 results
 Change in work in progress              -      3.5     -       11.1
 Change in accounts and other            -      4.2     -       15.4
 receivables
 Change in advances received             -      3.3     +       14.1
 Change in payables and other            +     11.9     +       25.7
 liabilities
 Net cash from operating activities before
 financial items                         +     45.6     +       51.4

 Financial income                        +      1.8     +        1.5
 Financial expenses                      -      0.8     -        0.5
 Taxes                                   -     11.3     -       15.0

 Total from operating activities         +     35.3     +       37.4


 14(21)

 CAPITAL EXPENDITURE
 Investments in shares in subsidiaries   -     10.4     -       11.3
 Investments in other shares             -      2.7     -        0.1
 Investments in fixed assets             -      8.0     -        7.3
 Sales of other shares                   +      1.1     +        0.1
 Sales of fixed assets                   +      0.8     +        1.5

 Capital expenditure total, net          -     19.2     -       17.1

 Net cash before financing               +     16.1     +       20.3

 FINANCING
 Repayments of loans                     -      2.6     -        2.1
 Change in current financing             +      1.0     -        0.1
 Change in non-current investments       -      0.1     -        0.3
 Dividends                               -     17.1     -       20.7
 Share subscription                      +      2.5     +        2.3
 Translation difference                  +      2.6     -        0.3

 Net cash from financing                 -     13.7     -       21.2

 Change in liquid assets                 +      2.3     -        0.9

 Liquid assets January 1                       62.2             63.1

 Liquid assets December 31                     64.5             62.2

 CHANGES IN EQUITY                             2005             2004
 EUR million

 Share capital beginning of period             14.1             14.0
 Cancellation of own shares              -      0.0     -        0.1
 Shares subscribed with warrants                0.4              0.2
 Share capital end of period                   14.5             14.1

 Share premium reserve beginning of period     28.4             26.3
 Cancellation of own shares                     0.0              0.1
 Shares subscribed with warrants                2.1              2.0
 Other change                                   1.0              0.0
 Share premium reserve end of period           31.5             28.4

 Legal reserve beginning of period             18.2             18.2
 Change during the period                       0.4              0.0
 Legal reserve beginning of period             18.6             18.2


 15(21)

 Own shares beginning of period /
 end of period                           -     12.8     -       12.8

 Translation differences beginning of    -     10.7     -       10.8
 period
 Change during the period                       2.1              0.1
 Translation differences end of period   -      8.6     -       10.7

 Retained earnings beginning of period         89.3             94.5
 Payment of dividend                     -     16.9     -       20.7
 Other changes                                  2.0     -        4.2
 Translation differences                        0.5     -        0.0
 Net profit for the period                     25.9             19.7
 Retained earnings end of period              100.8             89.3

 Minority interest beginning of period          7.1              4.2
 Increase/decrease                       -      2.8              1.7
 Net profit for the period                      0.4              1.2
 Minority interest end of period                4.7              7.1

 Total equity beginning of period             133.6            133.6
 Payment of dividend                     -     16.9     -       20.7
 Shares subscribed with warrants                2.5              2.2
 Other changes                                  0.7     -        4.2
 Minority increase                              0.0              1.7
 Translation differences                        2.6              0.1
 Net profit for the period                     26.3             20.9
 Total equity end of period                   148.8            133.6


 PROFITABILITY AND OTHER KEY                   2005             2004
 FIGURES

 Return on investment, %                       25.8             21.4

 Return on equity, %                           18.6             15.6

 Equity ratio, %                               49.8             51.2

 Equity/assets ratio, %                        42.6             42.8

 Net debt/equity ratio (gearing), %           -36.1            -37.4

 Net debt, EUR million                        -53.8            -50.0

 Current ratio                                  1.4              1.5

 16(21)


 Consulting and engineering, EUR million      428.1            359.3
 EPC, EUR million                              24.0             13.9
 Order stock total, EUR million               452.1            373.2

 Capital expenditure, operating
 EUR million                                    8.0              7.3
 Proportion of net sales, %                     1.5              1.5

 Capital expenditure in shares,
 EUR million                                   17.8             11.4
 Proportion of net sales, %                     3.4              2.4

 Personnel in Group companies
 on average                                    5423             5219
 Personnel in associated companies
 on average                                     249              213

 Personnel in Group companies
 at year-end                                   5608             5309
 Personnel in associated companies
 at year-end                                    248              240

 KEY FIGURES FOR THE SHARES                    2005             2004

 Earnings/share, EUR                           1.80             1.42

 Equity attributable to the equity             9.91             9.09
 holders of the parent company/share,
 EUR

 Dividend, EUR million                         18.9 1)          16.9

 Dividend/share, EUR                           1.30 1)          1.20

 Dividend/earnings, %                          72.2             84.5

 Effective return on dividend, %                4.1              5.4

 Price/earnings multiple                       17.7             15.6

 Issue-adjusted trading prices, EUR
 Average trading price                        26.84            21.07
 Highest trading price                        34.00            23.10
 Lowest trading price                         22.20            19.75
 Closing price at year-end                    31.86            22.20

 17(21)


 Total market value of shares,
 outstanding shares, EUR million              463.4            309.3

 Trading volume of shares
 Shares, 1000                                 5 085            5 848
 Proportion of total volume, %                 35.4             42.0

 Issue-adjusted number of outstanding
 shares, 1000
 On average                                  14 367           13 844
 At year-end                                 14 545           13 930

 1) Board of Directors' proposal.


 CONTINGENT LIABILITIES
 EUR million                                   2005             2004

 For own debts                                  0.0              0.0

 Other obligations
 Pledged assets                                 0.4              0.3
 Other obligations                             51.7             40.3
 Total                                         52.1             40.6

 For associated companies                       0.0              0.0

 For others
 Pledged assets                                 0.0              0.1
 Other obligations                              0.0              0.0
 Total                                          0.0              0.1



 18(21)

 BUSINESS SEGMENTS
 EUR million                      2005                    2004

 NET SALES
 Forest Industry                 199.3                   186.3
 Energy                          160.0                   146.5
 Infrastructure &                164.9                   142.1
 Environment
 Other                            -0.6                    -1.0
 Total                           523.6                   473.9

 OPERATING PROFIT AND NET PROFIT FOR THE
 PERIOD
 EUR million/proportion of net              %                        %
 sales %

 Forest Industry                  19.7    9.9             17.2     9.2
 Energy                            9.1    5.7              7.0     4.8
 Infrastructure &                  9.2    5.6              7.0     4.9
 Environment
 Other                        -    0.8              -      1.3
 OPERATING PROFIT TOTAL           37.2    7.1             29.9     6.3
 Financial items                   1.4                     1.0
 PROFIT BEFORE TAXES              38.6                    30.9
 Income taxes                 -   12.3              -     10.0
 NET PROFIT FOR THE PERIOD        26.3                    20.9
 Attributable to:
 Equity holders of the parent     25.9                    19.7
 company
 Minority interest                 0.4                     1.2

 RETURN ON INVESTMENT, %
 Forest Industry                  29.2
 Energy                           16.4
 Infrastructure &                 18.5
 Environment

 ORDER STOCK
 Forest Industry                  97.3                    82.5
 Energy                          195.2                   171.8
 Infrastructure &                159.5                   118.8
 Environment
 Other                             0.1                     0.1
 Total                           452.1                   373.2

 Consulting and engineering      428.1                   359.3
 EPC                              24.0                    13.9
 Total                           452.1                   373.2


 19(21)

 GEOGRAPHICAL SEGMENTS
 The Nordic countries            137.1                   125.2
 Europe                          229.2                   211.4
 Asia                             72.5                    70.6
 North America                    18.1                    18.2
 South America                    43.7                    23.2
 Other                            23.0                    25.3
 Total                           523.6                   473.9

 PERSONNEL
 Forest Industry                 2 123                   2 077
 Energy                          1 463                   1 485
 Infrastructure &                1 979                   1 715
 Environment
 Other                              43                      32
 Total December 31               5 608                   5 309

 BUSINESS SEGMENTS
 EUR million                    1-3/05 4-6/05  7-9/05 10-12/05

 NET SALES
 Forest Industry                  50.0   51.5    47.4     50.4
 Energy                           37.8   39.3    37.4     45.5
 Infrastructure &                 35.7   39.2    39.7     50.3
 Environment
 Other                            -0.2   -0.1     0.6     -0.9
 Total                           123.3  129.9   125.1    145.3

 OPERATING PROFIT AND NET PROFIT FOR THE
 PERIOD
 Forest Industry                   4.1    4.7     5.9      5.0
 Energy                            2.0    2.1     1.8      3.2
 Infrastructure &                  1.3    2.6     2.3      3.0
 Environment
 Other                            -0.2   -0.5    -0.2      0.1
 OPERATING PROFIT TOTAL            7.2    8.9     9.8     11.3
 Financial items                   0.3    0.1     0.6      0.4
 PROFIT BEFORE TAXES               7.5    9.0    10.4     11.7
 Income taxes                     -2.5   -2.8    -3.2     -3.8
 NET PROFIT FOR THE PERIOD         5.0    6.2     7.2      7.9
 Attributable to:
 Equity holders of the parent      4.7    6.1     7.4      7.7
 company
 Minority interest                 0.3    0.1    -0.2      0.2


 20(21)

 OPERATING PROFIT, %
 Forest Industry                   8.2    9.1    12.4      9.9
 Energy                            5.3    5.3     4.8      7.0
 Infrastructure &                  3.6    6.6     5.8      6.0
 Environment
 OPERATING PROFIT TOTAL            5.8    6.9     7.8      7.8

 ORDER STOCK
 Forest Industry                  82.5   79.6    78.3     97.3
 Energy                          167.1  203.4   197.6    195.2
 Infrastructure &                127.0  121.1   144.2    159.5
 Environment
 Other                             0.3    0.2     0.2      0.1
 Total                           376.9  404.3   420.3    452.1

 Consulting and engineering      366.7  367.4   388.1    428.1
 EPC                              10.2   36.9    32.2     24.0
 Total                           376.9  404.3   420.3    452.1

 BUSINESS SEGMENTS
 EUR million                    1-3/04 4-6/04  7-9/04 10-12/04

 NET SALES
 Forest Industry                  47.1   48.4    40.7     50.1
 Energy                           33.0   35.7    35.5     42.3
 Infrastructure &                 35.5   34.7    34.6     37.3
 Environment
 Other                            -0.1    0.0    -0.4     -0.5
 Total                           115.5  118.8   110.4    129.2

 OPERATING PROFIT AND NET PROFIT FOR THE
 PERIOD
 Forest Industry                   3.5    4.3     4.1      5.3
 Energy                            1.8    1.3     1.4      2.5
 Infrastructure &                  1.3    1.5     2.1      2.1
 Environment
 Other                            -0.1   -0.3    -0.2     -0.7
 OPERATING PROFIT TOTAL            6.5    6.8     7.4      9.2
 Financial items                   0.1    0.2     0.2      0.5
 PROFIT BEFORE TAXES               6.6    7.0     7.6      9.7
 Income taxes                     -2.2   -2.5    -1.4     -3.9
 NET PROFIT FOR THE PERIOD         4.4    4.5     6.2      5.8
 Attributable to:
 Equity holders of the parent      4.3    4.1     6.1      5.2
 company
 Minority interest                 0.1    0.4     0.1      0.6


 21(21)

 OPERATING PROFIT %
 Forest Industry                   7.4    8.9    10.1     10.6
 Energy                            5.5    3.6     3.9      5.9
 Infrastructure &                  3.7    4.3     6.1      5.6
 Environment
 OPERATING PROFIT TOTAL            5.6    5.7     6.7      7.1

 ORDER STOCK
 Forest Industry                  94.6   90.4    83.0     82.5
 Energy                          166.7  181.8   184.6    171.8
 Infrastructure &                121.5  118.8   117.1    118.8
 Environment
 Other                                            0.1      0.1
 Total                           382.8  391.0   384.8    373.2

 Consulting and engineering      368.0  371.3   367.1    359.3
 EPC                              14.8   19.7    17.7     13.9
 Total                           382.8  391.0   384.8    373.2