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STOCK EXCHANGE RELEASE 3 Feb 2005

NOTICE CONCERNING ANNUAL ACCOUNTS FOR 2004

JAAKKO PÖYRY GROUP OYJ     Stock Exchange Notice
                           February 3, 2005 at 8.30 a.m.       1(19)

NOTICE CONCERNING ANNUAL ACCOUNTS FOR 2004

Earnings per share for the financial year were EUR 1.30. The return on
investment exceeded the strategic target and was 21.6 per cent. The
consolidated balance sheet is healthy and the net debt/equity ratio
(gearing) was -40.9 per cent. The order stock increased to EUR 373.2
million at the end of the year. The Board of Directors proposes to the
Annual General Meeting that a dividend of EUR 1.20 per share be paid.

Consolidated earnings and balance sheet

The recession in the world economy which began in 2001 turned into
economic growth during 2004. The growth has been strongest in North
America and Asia. Prospects for 2005 are mostly good.

The economic recovery also had a favourable impact on the Jaakko Pöyry
Group's clients and their investment activity, except in the forest
industry. Consolidated net sales grew to EUR 473.9 million (411.6
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 extraordinary items was EUR 28.7 (35.8) million. The
profit for the year was EUR 18.0 (24.7) million and earnings per share
EUR 1.30 (1.80). The profit for 2003 included a gain of EUR 11.0 million
from the sale of Jaakko Pöyry Group Oyj's headquarter property.

The target for the Group's return on investment is 20 per cent; in 2004
the return on investment was 21.6 (27.7) per cent.

The consolidated balance sheet is healthy. The equity ratio is 50.1
(52.3) per cent. The Group's liquidity is good. The net debt/equity
ratio (gearing) was -40.9 (-40.7) per cent.

Prospects

The Jaakko Pöyry Group has a strong market position in all of its
business areas. The order stock has grown during 2004 and the balance
sheet position has remained good. Consolidated net sales will grow
during 2005. Consolidated earnings before extraordinary items are
expected to improve in 2005.

The auditor's report is dated February 2, 2005.

Dividend

The Board of Directors proposes to the Annual General Meeting on March
3, 2005 that a dividend of EUR 1.20 (for 2003 1.00 and additional
dividend 0.50) per share be paid for the year 2004. The dividend will be
payable on March 15, 2005.

Annual General Meeting

Jaakko Pöyry Group Oyj's Annual General Meeting of Shareholders will be
held on March 3, 2005 at the Pöyry House, Vantaa, Finland. A complete
invitation to the Annual General Meeting will be published as a separate
notice on February 3, 2005 at 9.00 a.m. Finnish time.



                                                               2(19)

Enclosures
Board of Directors' report for the year ended December 31, 2004
Consolidated statement of income and balance sheet, statement of changes
in financial position 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

www.poyry.com

DISTRIBUTION:
Helsinki Exchanges
Major media





































                                                               3(19)

JAAKKO PÖYRY GROUP

BOARD OF DIRECTORS' REPORT January 1 - December 31, 2004

Consolidated earnings and balance sheet

The recession in the world economy which began in 2001 turned into
economic growth during 2004. The growth has been strongest in North
America and Asia. Prospects for 2005 are mostly good.

The economic recovery also had a favourable impact on the Jaakko Pöyry
Group's clients and their investment activity, except in the forest
industry. Consolidated net sales grew to EUR 473.9 million (411.6
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 extraordinary items was EUR 28.7 (35.8) million. The
profit for the year was EUR 18.0 (24.7) million and earnings per share
EUR 1.30 (1.80). The return on investment was 21.6 (27.7) per cent. The
profit for 2003 included a gain of EUR 11.0 million from the sale of
Jaakko Pöyry Group Oyj's headquarter property.

The consolidated balance sheet is healthy. The equity ratio is 50.1
(52.3) 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 62.2 (63.1)
million. Interest-bearing debts totalled EUR 11.2 (13.4) million. The
net debt/equity ratio (gearing) was -40.9 (-40.7) per cent.

Business groups

The parent company of the Jaakko Pöyry Group is Jaakko Pöyry Group Oyj.
The Group's parent company is responsible for developing the Group's
strategy and financing, 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.

Forest Industry

The Forest Industry business group, operating under the brand name
Jaakko Pöyry, is a global market leader in its sector. The business
group provides engineering and project implementation services for pulp
and paper industry projects worldwide, maintenance engineering and other
local services to the mills, on forest industry strategies and
operations, and investment banking. At the end of the year, the business
group employed a total of 2077 (2126) people.

Investment activity in the pulp and paper industry worldwide remained
low in 2004, although there were some regional differences. New
investments were made mainly in emerging markets, such as Asia and South
America. In the more mature markets of Europe and North America, the
                                                               4(19)

projects were mainly replacement or rebuild investments. The demand for
consulting services was slack due to the business down cycle and savings
programmes in the forest industry. Although the markets for consulting
and engineering services were under pressure during the year, Jaakko
Pöyry maintained its leading market position. With the help of its
worldwide office network and versatile range of services, the business
group was able to increase its net sales and earnings from the previous
year.

The order stock decreased during 2004 to EUR 82.5 (90.8) million. The
most important new projects were Holmen Paper AB's new paper machine at
their Peninsular mill and S.A. Industrias Celulosa Aragonesa's (SAICA)
new board machine, both in Spain, the Diesel project at Fortum's
Kilpilahti refinery in Finland, StoraEnso's new paper machine at the
Kvarnsveden mill for Metso Paper and Korsnäs AB's paper machine rebuild
in Sweden, Mondi Ltd's paper machine rebuild at their Merebank mill,
South Africa, Norske Skog's  paper mill rebuild at Albury, Australia,
and Oy Finnish Peroxide Ab's new chemical plant in Finland. Basic
engineering and project development services were carried out for
several clients during the year.

Net sales for the financial year were EUR 186.3 (176.0) million.
Operating profit was EUR 17.5 (16.1) million, which equals 9.4 (9.2) per
cent of net sales. The result includes a credit loss allowance of EUR
0.7 million to cover receivables from Papier Gaspesia Inc., Canada.

Energy

The Energy business group, operating under the brand name Electrowatt-
Ekono, is a leading international energy consulting and engineering
firm. Its services cover the entire lifecycle of the client's business,
from strategic consulting to project implementation, operation and
maintenance, and modernisation projects. The business group focuses on
five business areas: management consulting, hydropower, renewable
energy, power and heat, and oil and gas. At the end of the year, the
business group employed a total of 1485 (1109) people.

The market for energy-related services started to recover in 2004.
However, the recovery was limited due to the effect of the increased oil
price. The internationalisation of the energy sector and the
liberalisation of the energy market continue. Environmental pressures
result in greater investment needs. Traditional fields of operations are
expanding as power companies move into the gas sector and the major oil
and gas companies enter the power sector. In spite of the changing
market conditions, Electrowatt-Ekono has been able to strengthen its
market position.

The order stock grew, amounting to EUR 171.8 (129.2) million at the end
of the year. The most important new projects were the contracts for the
first A.T. Biopower biomass power plant in Thailand, the SAICA
cogeneration power plant in Spain, the Bisamberg substation upgrade in
Austria, the Ca Mau Phase II combined cycle power plant in Vietnam, the
Rheinfelden run-of-river hydropower plant in Switzerland, the Tsankov
Kamak hydropower plant in Bulgaria, the SIGIDURS waste-to-energy project
in France, the Allington waste-to-energy plant and upgrading of the
Devonport Naval Base utilities in the UK and the UPPC power plant
upgrade in the Philippines.

Net sales for the financial year were EUR 146.5 (97.6) million.
Operating profit was EUR 8.0 (4.5) million, which equals 5.5 (4.6) per
cent of net sales.
                                                               5(19)

Infrastructure & Environment

The Infrastructure & Environment business group, operating under the
brand name Jaakko Pöyry Infra, is among the largest companies in its
sector in Europe. It is active in three business areas: transportation,
water and environment, and building services. In all these areas, the
business group offers consulting and engineering services, building and
project management services, operation and maintenance expertise, and
services related to technology transfer. At the end of the year, the
business group employed a total of 1715 (1495) people.

Driven by world population growth and urbanisation, the need for the
business group's services is growing. Demand for consulting and
engineering services in rail transportation has declined in Germany but
increased in Latin America and Asia. The demand has focused on high-
speed trains, underground railways and light rail traffic systems.
International aid in support of water resources and water technology is
increasing because of the growing shortage of clean water. There is also
a constant need for better sanitation. In solving water and sanitation
problems, a key factor is the availability of funding. Jaakko Pöyry
Infra has strengthened its market position in its own business sector,
and its net sales and number of employees have grown.

The order stock increased during the financial year to EUR 118.8 (115.7)
million. The most important new projects were the engineering work
ordered by the Ministry of Transportation and Communications of Kosovo
for the design of a new 112 km long motorway between the port of Durres
in Albania and the Pan-European Road Corridor 10 in Serbia, the supply
and service contract for Guiyang City in China comprising creation of a
GIS-based management and public information system, and an assignment
awarded by the European Union for the establishment of an information
system and a database for water management for Romania according to the
requirements of the EU Water Framework Directive.

The Infrastructure & Environment business group continued its steady
performance. Net sales increased during the financial year to EUR 142.1
(138.6) million. Operating profit was EUR 8.0 (9.0) million, which
equals 5.6 (6.5) per cent of net sales. The operating profit includes
non-recurring expenses amounting to EUR 1.0 million due to streamlining
of operations in Germany.

Development of Group structure

The Jaakko Pöyry Group's clients are globalising and consolidating their
operations. Through its 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 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 a maximum of 30-40 per cent of the business group's
net sales. This equals about 10-15 per cent of consolidated net sales.
                                                               6(19)

Acquisitions

Forest Industry

The Forest Industry business group did not make any acquisitions during
2004. The business group intends to expand its office network in line
with market developments. The expansion is likely to take place partly
in new 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

In April 2004, Jaakko Pöyry Group Oyj and Verbund AG, Austria, signed an
agreement according to which the ownership and voting rights in
subsidiaries owned by the Verbund group were transferred to Jaakko Pöyry
Group Oyj as follows:

- 74.9 per cent of Verbundplan GmbH in Austria
- 97.25 per cent of Verbundplan Prüf- und Messtechnik GmbH in Austria
- 95.19 per cent of AQUATIS a.s. in the Czech Republic

The acquired companies have been consolidated into Jaakko Pöyry Group
from the beginning of 2004. The Verbundplan companies' net sales in 2004
were EUR 46.4 million and their operating profit was EUR 0.9 million. Of
the net sales 79 per cent is derived from the energy sector and 21 per
cent from the infrastructure and environment sector.

The transaction price paid for the companies was EUR 6.1 million. The
parties retain the option to buy/sell the 25.1 per cent interest in
Verbundplan GmbH which remains in the hands of a subsidiary controlled
by Verbund AG. The option can be exercised during 2008. The parties have
the obligation to buy/sell this interest if the other party so requires.

The business group aims to expand its local office network in Europe and
Asia. Another aim is to broaden the business group's technological
expertise, especially related to renewable energy, management
consulting, oil and gas resources and environmental protection.

Infrastructure & Environment

Soil and Water Ltd, which is part of the Jaakko Pöyry Group's
Infrastructure & Environment business group, has expanded its domestic
operations and has acquired the business operations of the community
planning unit of Motiivi Oy, Architects and Engineers, based in
Seinäjoki, Finland. The unit's staff of eight was transferred to the
employment of Soil and Water Ltd as of October 1, 2004.

In December, Jaakko Pöyry Group Oyj acquired CMC-yhtiöt Oy in Finland
and its subsidiaries (CMC-yhtiöt). The company will be merged with the
business group company JP-Terasto Oy. The name of the new company is CMC
Terasto Oy. The net sales of CMC-yhtiöt amounted to about EUR 5 million
and it has a staff of 70. CMC-yhtiöt is active in Finland, the Baltic
countries and Russia.

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




                                                               7(19)

Group financial targets

The Group's financial targets have been refined. The most important
financial target is to achieve 20 per cent return on investment (ROI) as
a minimum (previous target 20 per cent minimum). The desired return is
achieved through growth in earnings per share, an optimum capital
structure and an active dividend policy. The growth target for earnings
per share is at least 15 per cent per year (15 per cent minimum).
Earnings growth is achieved by pursuing organic growth, by continuing
acquisitions and by maintaining good profitability, which means an
operating profit of at least 8 per cent. The target for the Group's
capital structure is to keep the net debt/equity ratio (gearing) below
30 per cent (below 30 per cent). Following major business acquisitions,
the net debt/equity ratio may be higher. The target for the
dividend/earnings ratio has been set at a minimum of 50 per cent (40 per
cent minimum). Should the net debt/equity ratio exceed 30 per cent, the
dividend/earnings ratio can be adjusted.

Order stock

The Group's order stock increased during the year under review. At the
end of 2004, the order stock totalled EUR 373.2 million, compared with
EUR 335.7 million at the end of 2003. The order stock of the consulting
and engineering businesses increased by EUR 40.0 million during the
year. The order stock for turnkey projects decreased by EUR 2.5 million.

The growth in consulting and engineering work 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.




                                                               8(19)

Capital expenditure and depreciation

The Group's capital expenditure totalled EUR 18.7 (15.4) million, of
which EUR 7.3 (9.0) million consisted of computer software, systems and
hardware and EUR 11.4 (6.4) million was due to business acquisitions.

The depreciation for the financial year amounted to EUR 14.0 (14.2)
million, of which depreciation on consolidation goodwill was EUR 4.9
(5.0) 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 62.2
(63.1) million and interest-bearing liabilities EUR 11.2 (13.4) million.
At the end of the year, the Group had unutilised credit facilities
amounting to EUR 30.7 million. The net debt/equity ratio (gearing) at
the end of the year was -40.9 (-40.7) per cent. The cash flow before
financing was EUR 20.3 (57.8) million.

Share capital and shares

The total number of shares at the end of 2003 was 13 970 601. The Annual
General Meeting on March 3, 2004 decided to cancel the 162 700 own
shares in the company's possession and thus decrease the share capital
to EUR 13 807 901. After the cancellation, on March 25, 2004, the total
number of shares was 13 807 901. In 2004, 122 550 registered new shares
and 179 400 unregistered 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 totals
13 930 451 and unregistered shares 179 400.

The company's own shares

The Annual General Meeting on March 3, 2004 authorised the Board of
Directors to acquire and convey the company's own shares to a maximum of
660 000 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, 2005.

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.

Authorisation to issue new shares

The Annual General Meeting on March 3, 2004 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, 2005.

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 carry subscription rights for a maximum of 1.3 million of the
                                                               9(19)

company's shares. The subscription period began partly (390 000 shares)
on April 1, 2000, partly (390 000 shares) on April 1, 2001 and partly
(520 000 shares) on April 1, 2002. The subscription period ends for all
warrants on April 30, 2005. A total of 911 565 shares have been
subscribed based on the warrants.

The Annual General Meeting on March 3, 2004 decided to issue 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 period 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 proposes to the Annual General Meeting on March
3, 2005 that a dividend of EUR 1.20 (for 2003 1.00 and additional
dividend 0.50) per share be paid for the year 2004, totalling EUR 16.9
million. The proposed dividend corresponds to 92.3 (55.6 and 27.7) 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 at
the Annual General Meeting on March 3, 2004 are Mr Henrik Ehrnrooth
(Chairman), Mr Heikki Lehtonen (Vice Chairman), Mr Matti Lehti, Mr Harri
Piehl 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.

Adoption of the IAS/IFRS standards

The Jaakko Pöyry Group will report its accounts according to the
International Financial Reporting Standards (IAS/IFRS) from the
beginning of 2005. The reporting systems in the Group have been adjusted
to comply with the new requirements.

Following adoption of the IFRS standards, the Group's shareholders'
equity will increase by EUR 9.1 million. The changes in the Jaakko Pöyry
Group's annual accounts for 2004 caused by the adoption of IFRS
standards are described in a separate stock exchange notice which will
be published on February 3, 2005.

Prospects

The world economy has recovered during 2004. Prospects for 2005 are
favourable and economic growth is expected to continue.

The Jaakko Pöyry Group has strengthened its market position in recent
years. The Group's order stock increased by EUR 37.5 million during the
                                                               10(19)

financial year, amounting to EUR 373.2 million. The order stock
represents a normal price level. The Group's balance sheet position and
liquidity are also good.

Pulp and paper industry capacity utilisation rates increased during
2004, paving the way for higher prices and improved profitability in
2005. Depending on the development of demand and prices, some increase
in investment levels can be expected during 2005, especially in emerging
markets. Only a few new paper machine projects or large rebuilds are
expected to move ahead in Europe and North America. As the industry
continues to focus on its core businesses, demand for local services
continues to increase. Demand for forest industry consulting and
investment banking services is expected to improve slightly. The market
position of the business group is good and its order stock is stable.
The business group's operating profit will increase slightly in 2005.

Good opportunities for growth in demand for energy-related services are
emerging as the economies of East Asia, China 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
Energy business group further enhanced its new business area-based
organisation model during 2004. The business area approach ensures that
operations are focused on the most important markets and clients. Also
the market position has improved and the order stock is good. The
business group's operating profit will improve in 2005.

Prospects for the Infrastructure & Environment business group are
variable. Demand for traffic systems expertise will remain good in Latin
America and Asia. In Central Europe, especially in Germany, investments
in traffic systems are declining, which will be reflected in the general
price level and the business group's activities. In the water and
environment sector, demand is expected to remain unchanged. Demand for
building services in Finland is still focused on building renovations.
An increasing share of the building services' net sales will come from
the Baltic countries and Russia. The business group's order stock is
good, having grown by EUR 3.1 million during 2004. The operating profit
will remain stable during 2005.

The Jaakko Pöyry Group has a strong market position in all of its
business areas. The order stock has grown during 2004 and the balance
sheet position has remained good. Consolidated net sales will grow
during 2005. Consolidated earnings before extraordinary items are
expected to improve in 2005.


















                                                               11(19)

JAAKKO PÖYRY GROUP

STATEMENT OF INCOME

EUR million                                 2004             2003


NET SALES                                  473.9            411.6

Other operating income                       2.1             12.9

Share of associated
companies' results                      +    0.5      +       0.2

Materials and supplies                  -   64.9      -      47.1
Personnel expenses                      -  263.7      -     235.4
Depreciation of                         -    4.9      -       5.0
consolidation goodwill
Other depreciation                      -    9.1      -       9.2
Other operating expenses                -  106.2      -      92.6

OPERATING PROFIT                            27.7             35.4
Proportion of net sales, %                   5.8              8.6

Financial income                        +    1.6      +       1.3
Financial expenses                      -    0.8      -       0.8
Differences in exchange                 +    0.2      -       0.1
rates

PROFIT BEFORE EXTRAORDINARY ITEMS           28.7             35.8

Extraordinary items                          0.0              0.0

PROFIT BEFORE TAXES
AND MINORITY INTEREST                       28.7             35.8

Income taxes                            -    9.5      -      10.8
Minority interest                       -    1.2      -       0.3

NET PROFIT FOR THE PERIOD                   18.0             24.7










                                                               12(19)

BALANCE SHEET
EUR million                                 2004             2003

FIXED ASSETS
Intangible assets                            4.4              4.7
Consolidation goodwill                      33.6             34.3
Tangible assets                             14.8             16.2
Non-current investments                     10.4              9.4
Total                                       63.2             64.6

CURRENT ASSETS
Non-current receivables                     12.4              9.7
Work in progress                            46.6             35.4
Current receivables                        116.0             98.1
Investments                                 23.9             19.7
Cash in hand and at banks                   38.3             43.4
Total                                      237.2            206.3

                                           300.4            270.9

 SHAREHOLDERS' EQUITY AND LIABILITIES

 SHAREHOLDERS' EQUITY
 Share capital                               14.1             14.0
 Share premium reserve                       28.4             26.3
 Legal reserve                               18.2             18.2
 Retained earnings                           38.8             34.7
 Net profit for the period                   18.0             24.7
 Total                                      117.5            117.9

 MINORITY INTEREST                            7.1              4.2

 LIABILITIES*)
 Non-current loans from credit                8.6             11.2
 institutions
 Other non-current liabilities               11.8              7.7
 Current loans from credit institutions       2.6              2.2
 Project advances                            51.6             37.5
 Accounts payable                            13.9             10.6
 Current liabilities                         87.3             79.6
 Total                                      175.8            148.8

                                            300.4            270.9

 *) Interest bearing liabilities             11.2             13.4
    Non-interest bearing liabilities        164.6            135.4


 13(19)


 STATEMENT OF CHANGES IN FINANCIAL POSITION
 EUR million                                 2004             2003

 FROM OPERATIONS
 Operating profit                            27.7             35.4
 Depreciation and value decrease             14.0             14.2
 Gain on sale of fixed assets                -0.4            -11.3
 Share of associated companies' results      -0.5             -0.2
 Change in net working capital               10.6             16.0
 Financial income and expenses                1.0              0.6
 Taxes                                      -15.0             -2.8

 Total from operations                       37.4             51.9

 CAPITAL EXPENDITURE
 Investments in shares in subsidiaries      -11.3             -5.8
 Investments in other shares                 -0.1             -0.6
 Investments in fixed assets                 -7.3             -9.0
 Sales of shares in associated companies      0.0              2.5
 Sales of other                               0.1             10.4
 Sales of fixed assets                        1.5              8.4

 Capital expenditure total                  -17.1              5.9

 Cash flow before financing                  20.3             57.8

 FINANCING
 New loans                                    0.0              0.0
 Repayments of loans                         -2.1             -1.7
 Change in current financing                 -0.1             -4.8
 Change in non-current investments           -0.3             -0.6
 Dividends                                  -20.7             -8.4
 Acquisition of own shares                    0.0             -2.2
 Share subscription                           2.3              1.6
 Translation difference                      -0.3             -4.6

 Financing total                            -21.2            -20.7

 Change in liquid assets                     -0.9             37.1

 Liquid assets January 1                     63.1             26.0

 Liquid assets December 31                   62.2             63.1




 14(19)

 PROFITABILITY AND OTHER KEY FIGURES         2004             2003

 Return on investment, %                     21.6             27.7

 Return on equity, %                         15.6             21.7

 Equity ratio, %                             50.1             52.3

 Equity/assets ratio, %                      41.5             45.1

 Net debt/equity ratio (gearing), %         -40.9            -40.7

 Current ratio                                1.5              1.6

 Consulting and engineering, EUR million    359.3            319.3
 EPC, EUR million                            13.9             16.4
 Order stock total, EUR million             373.2            335.7

 Capital expenditure, operating
 EUR million                                  7.3              9.0
 Proportion of net sales, %                   1.5              2.2

 Capital expenditure in shares,
 EUR million                                 11.4              6.4
 Proportion of net sales, %                   2.4              1.5

 Personnel in group companies
 on average                                  5219             4697
 Personnel in associated companies
 on average                                   213              195

 Personnel in group companies
 at year-end                                 5309             4766
 Personnel in associated companies
 at year-end                                  240              191
















 15(19)

 KEY FIGURES FOR THE SHARES                  2004             2003

 Earnings/share, EUR                         1.30             1.80

 Shareholders' equity/share, EUR             8.43             8.54

 Dividend, EUR million                       16.9 1)          20.7

 Dividend/share, EUR                         1.20 1)          1.50

 Dividend/earnings, %                        92.3             83.3

 Effective return on dividend, %              5.4              6.9

 Price/earnings multiple                     17.1             12.1

 Issue-adjusted trading prices, EUR
 Average trading price                      21.07            16.86
 Highest trading price                      23.10            22.50
 Lowest trading price                       19.75            13.00
 Closing price at year-end                  22.20            21.80

 Total market value of shares,
 outstanding shares, EUR million            309.3            301.0
 own shares, EUR million                                       3.5

 Trading volume of shares
 Shares, 1000                               5 848            3 288
 Proportion of total volume, %               42.0             23.8

 Issue-adjusted number of outstanding shares, 1000
 On average                                13 844           13 739
 At year-end                               13 930           13 804

 1) Board of Directors' proposal.
















 16(19)

 CONTINGENT LIABILITIES
 EUR million                                 2004             2003


 Pledged assets and mortgages
 and corresponding loans total

 Pledged assets and mortgages for own debts
 Total                                        0.0              0.0

 Other obligations
 Pledged assets                               0.3              0.3
 Rent and leasing obligations               108.2            110.2
 Pension obligations                          0.0              0.0
 Other obligations                           40.3             31.7
 Total                                      148.8            142.2

 For others
 Pledged assets                               0.1              0.1
 Mortgages, real estate                       0.0              0.0
 Other obligations                            0.0              0.0
 Total                                        0.1              0.1

 Total
 Pledged assets                               0.4              0.4
 Mortgages, real estate                       0.0              0.0
 Rent and leasing obligations               108.2            110.2
 Pension obligations                          0.0              0.0
 Other obligations                           40.3             31.7
























 17(19)
 KEY FIGURES FOR THE BUSINESS GROUPS
 EUR million                                 2004             2003

 NET SALES
 Forest Industry                            186.3            176.0
 Energy                                     146.5             97.6
 Infrastructure & Environment               142.1            138.6
 Other                                       -1.0             -0.6
 Total                                      473.9            411.6

 OPERATING PROFIT AND PROFIT BEFORE EXTRAORDINARY ITEMS
 EUR million, proportion of net sales %                %               %

 Forest Industry                             17.5    9.4      16.1   9.2
 Energy                                       8.0    5.5       4.5   4.6
 Infrastructure & Environment                 8.0    5.6       9.0   6.5
 Other                                       -5.8              5.8
 OPERATING PROFIT TOTAL                      27.7    5.8      35.4   8.6
 Financial items                              1.0              0.4
 PROFIT BEFORE EXTRAORDINARY ITEMS           28.7             35.8

 ORDER STOCK
 Forest Industry                             82.5             90.8
 Energy                                     171.8            129.2
 Infrastructure & Environment               118.8            115.7
 Other                                        0.1              0.0
 Total                                      373.2            335.7

 Consulting and engineering                 359.3            319.3
 EPC                                         13.9             16.4
 Total                                      373.2            335.7

 NET SALES BY AREA
 The Nordic countries                       125.2            112.9
 Europe                                     211.4            174.8
 Asia                                        70.6             56.7
 North America                               18.2             26.1
 South America                               23.2             18.4
 Other                                       25.3             22.7
 Total                                      473.9            411.6

 PERSONNEL
 Forest Industry                            2 077            2 126
 Energy                                     1 485            1 109
 Infrastructure & Environment               1 715            1 495
 Other                                         32               36
 Total December 31                          5 309            4 766

                                                         18(19)
 KEY FIGURES FOR THE BUSINESS GROUPS
 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 & Environment         35.5   34.7   34.6      37.3
 Other                                -0.1    0.0   -0.4      -0.5
 Total                               115.5  118.8  110.4     129.2

 OPERATING PROFIT AND PROFIT BEFORE EXTRAORDINARY ITEMS
 Forest Industry                       3.5    4.4    4.2       5.4
 Energy                                2.1    1.5    1.7       2.7
 Infrastructure & Environment          1.5    1.7    2.4       2.4
 Other                                -1.4   -1.6   -1.4      -1.4
 OPERATING PROFIT TOTAL                5.7    6.0    6.9       9.1
 Financial items                       0.1    0.2    0.2       0.5
 PROFIT BEFORE
 EXTRAORDINARY ITEMS                   5.8    6.2    7.1       9.6

 ORDER STOCK
 Forest Industry                      94.6   90.4   83.0      82.5
 Energy                              166.7  181.8  184.6     171.8
 Infrastructure & Environment        121.5  118.8  117.1     118.8
 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























 19(19)

 KEY FIGURES FOR THE BUSINESS GROUPS
 EUR million                        1-3/03 4-6/03 7-9/03  10-12/03

 NET SALES
 Forest Industry                      43.2   45.3   40.8      46.7
 Energy                               24.3   23.8   24.2      25.3
 Infrastructure & Environment         34.4   35.4   31.2      37.6
 Other                                 0.1   -0.2   -0.5       0.0
 Total                               102.0  104.3   95.7     109.6

 OPERATING PROFIT AND PROFIT BEFORE EXTRAORDINARY ITEMS
 Forest Industry                       3.7    3.8    4.0       4.6
 Energy                                0.8    0.7    1.3       1.7
 Infrastructure & Environment          2.0    2.1    2.1       2.8
 Other                                 9.9   -1.2   -1.3      -1.6
 OPERATING PROFIT TOTAL               16.4    5.4    6.1       7.5
 Financial items                       0.0   -0.2    0.1       0.5
 PROFIT BEFORE EXTRAORDINARY
 ITEMS                                16.4    5.2    6.2       8.0

 ORDER STOCK
 Forest Industry                     101.0   91.6   91.6      90.8
 Energy                              122.0  114.9  107.0     129.2
 Infrastructure & Environment        118.9  114.3  126.3     115.7
 Total                               341.9  320.8  324.9     335.7

 Consulting and engineering          336.8  317.0  322.2     319.3
 EPC                                   5.1    3.8    2.7      16.4
 Total                               341.9  320.8  324.9     335.7