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.
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
The full report including tables can be downloaded from the following link:
