Oct 29, 2004. /Lesprom Network/. The Jaakko Poyry Group's net sales for the period under review were EUR 344.7 (302.0 in the same period 2003) million. Profit before extraordinary items was EUR 19.1 (27.8) million. The profit for 2003 included a gain of EUR 11.0 million from the sale of Jaakko Poyry Group Oyj's headquarter property. The Group's consolidated balance sheet is healthy. The equity ratio was 48.2 (53.0) per cent and the net debt/equity ratio (gearing) -30.1 (-26.9) per cent. The Jaakko Poyry Group's earnings per share were EUR 0.92 (1.31) and the return on investment 19.7 (28.8) per cent. The Group's order stock was EUR 384.8 million. It increased by EUR 49.1 million during the period under review. Consolidated net sales will increase clearly during 2004. Profit before extraordinary items will improve in 2004, if the capital gain of EUR 11 million from the sale of the head office property in 2003 is disregarded in the comparison. The Group's financial targets have been revised. The targets are the following: - return on investment (ROI) at least 20 per cent - annual increase in earnings per share at least 15 per cent - net debt/equity ratio (gearing) below 30 per cent - dividend/earnings ratio at least 50 per cent Prospects The Jaakko Poyry Group's market position has strengthened in recent years. The Group's order stock increased by EUR 49.1 million during the review period, amounting to EUR 384.8 million. The Group's balance sheet position and liquidity are also good. Capacity utilisation rates in the forest industry are improving, but investment activity has still remained low. Preparations for new investments and demand for consulting services will not increase significantly during this year, but demand will continue to focus on operations improvement and profitability-enhancing services. Relying on its versatile range of services, the Forest Industry business group has maintained its good earnings development and a stable order stock, in spite of the continued slackness in the market. The business group's operating profit will improve slightly compared with 2003. The economic recovery in East Asia, China and to some degree in Europe, together with the expanding EU, creates good opportunities for growth in demand for energy-related services. This applies in particular to services focusing on renewable energy, hydro- and thermal power green-field and plant refurbishments and management consulting. The Energy business group's operating profit development has been good and its order stock has grown. The business group will clearly improve its operating profit for 2004 compared with 2003. Demand prospects for the Infrastructure & Environment business group are variable. Demand for traffic systems expertise will remain good in Latin America and Asia. In Western Europe, especially in Germany, investments in traffic systems are declining, which has been reflected in the business group's activities. A weakening market situation may lead to further streamlining of operations. In the water and environment sector, demand is expected to remain unchanged. Demand for building services is still focused on renovation building. The business group's order stock is good. The business group's operating profit will decline in 2004 compared with 2003. The general market situation and economic growth have recovered. The Jaakko Poyry Group's order stock, balance sheet structure and market position are good. Consolidated net sales will increase clearly during 2004. Profit before extraordinary items will improve in 2004, if the capital gain of EUR 11 million from the sale of the head office property in 2003 is disregarded in the comparison.