SRV GROUP GREW IN ALL BUSINESS AREAS AND OPERATIONAL PROFITABLITY IMPROVED

- SRV's revenue was EUR 561.4 million (EUR 479.5 in 2006)                       
- Operating profit was EUR 15.1 million (EUR 24.6 million). Operating profit    
exclusive of the arbitration tribune's decision was EUR 25.1 million            
- Net profit for the financial period was EUR 7.6 million (EUR 15.3 million)    
- The order backlog at the close of the review period was EUR 528.7 million (EUR
453.7 million)                                                                  
- The return on investment was 9.7 per cent (15.9%) and the return on equity 6.9
per cent (27.3%)                                                                
- The equity ratio was 55.4 per cent (31.7%)                                    
- Earnings per share were EUR 0.22 (EUR 0.56)                                   
- The proposed dividend is EUR 0.12 per share (EUR 0.12)                        

“For SRV, the year 2007 was two-edged. The company had strong growth in all     
business areas and revenue for the whole group grew by 17.1 per cent.           
Operational profitability showed favourable development, but the decision of the
arbitration tribune in Stockholm, which was announced at the end of the year,   
ordered SRV to pay compensation of USD 11.0 million for the loss of appreciation
in value. This decimated the financial outcome of the group. Following the      
decision of the arbitration tribune, SRV is the sole owner of the hotel         
operating in Ekaterinburg. SRV aims to sell the hotel during 2008 and to cover  
the compensation costs”.                                                        

“SRV's order backlog remained very strong, which creates good business          
opportunities for 2008. The overheated construction market has levelled off.    
This enables the even more effective implementation of the strong order backlog.
Last year SRV worked on several projects in Finland and Russia. Listing on the  
stock exchange and share issue support the development of business operations   
enabling the utilisation of company's wide know-how in property development. The
logistics project in St.Petersburg is a good example of the possibilities       
rendered to the business potential in the growing Russian market by the         
combination of capital and property development. Moreover, we have re-organised 
our production resources, this helps us to focus our best expertise more        
effectively also in projects outside Finland”.                                  

“Positive development of SRV's revenue and operations has continued. The profit 
margin in the order backlog has improved. We have maintained our strong position
as a builder of business premises. We have also enhanced our operations in the  
strategic growth areas; 18 per cent in housing in Finland and 19 per cent in    
international operations compared to the previous year, estimates Eero          
Heliövaara, president and CEO of SRV.                                           

SRV's Group structure                                                           

SRV is Finland's leading project management contractor. The Group builds and    
develops retail and commercial premises, residential units as well as           
infrastructure and logistics projects. Apart from Finland, the company operates 
in Russia and the Baltic countries. SRV Group Plc is the Group's parent company,
and it is responsible for the Group's management, treasury, finance and         
administrative functions. The Property Development and Building Systems         
Engineering units support and serve all the Group's business operations.        

SRV's business areas are Business Premises, Housing and International as well as
Other Operations. The Business Premises business area comprises the operations  
of SRV Viitoset Oy. Housing comprises the operations of SRV Westerlund Oy and   
the regional subsidiaries. The SRV International subgroup carries on            
international operations. Other Operations consist primarily of the SRV Group   
Plc and SRV Kalusto Oy businesses.                                              

SRV Group's strategic objectives                                                

SRV's mid-term objective is to reach an average annual consolidated revenue     
growth of about 15 per cent, with average annual revenue growth in international
operations of over 30 per cent. SRV will seek to increase the level of operating
profit and achieve an 8 per cent operating profit margin over the medium and    
long term. In addition, the company will aim to maintain an equity ratio of over
30 per cent.                                                                    

Revenue up 17.1 per cent and order backlog increases by 16.5 per cent           

The SRV Group's revenue in 2007 grew by 17.1 per cent to EUR 561.4 million (EUR 
479.5 million in 2006). The share of revenue coming from Finland was 91 per cent
(91 %), whereas 9 per cent (9 %) came from Russia and the Baltic countries.     

Business Premises had revenue growth of 16.3 per cent to EUR 345.4 million (EUR 
297.0 million). Housing posted a revenue increase of 18.1 per cent to EUR 163.1 
million (EUR 138.1 million), with developer contracting projects progressing    
according to plans. The International business area reported revenue growth of  
19.4 per cent to EUR 53.2 million (EUR 44.6 million).                           

The order backlog was EUR 528.7 million at 31 December 2007 (EUR 453.7 million).
The 16.5 per cent increase in the order backlog was attributable to the rise in 
orders booked by both the Business Premises and the International business      
areas.                                                                          

Arbitration tribunal decision on the ZAO Nordrus Hotel contractual dispute      

SRV built the Park Inn hotel in Ekaterinburg, which was opened in March 2007.   
SRV has been the defendants in arbitration proceedings before the Arbitration   
Institute of the Stockholm Chamber of Commerce, in which the plaintiff is the   
Danish company Nordrus Hotel Holdings A/S (“Nordrus”). The dispute concerns the 
form of property registration, whereby Nordrus did not accept the delivery of   
the works specified in the purchase agreement and did not remit the purchase    
price claimed.                                                                  

According to the decision of the arbitration tribunal, SRV was ordered to pay   
Nordrus compensation of USD 11.0 million for the loss of appreciation in value  
with interest and court costs. EUR 10.0 million of this was charged to operating
profit and EUR 1.0 million to interest expense.                                 

The arbitration tribunal's decision confirmed SRV's holding in the hotel        
property. The company estimates that the appreciation in value of the hotel     
property and the proceeds that may be obtained from a future sale will cover the
damages awarded by the arbitration tribunal.                                    

Expense recorded on arbitration decision cuts into operating profit             

Operating profit was EUR 15.1 million (EUR 24.6 million) and net profit for the 
financial period EUR 7.6 million (EUR 15.3 million). The operating profit margin
was 2.7 per cent (5.1%).                                                        

The Housing business area reported an increase in operating profit to EUR 10.7  
million (EUR 5.1 million). Operating profit generated by Business Premises      
declined to EUR 18.0 million, whereas in the comparative period operating profit
(EUR 25.0 million) included a gain of about EUR 16 million on sales of premises 
and operating assets in the Kamppi office building and shopping centre complex. 
Operating loss of EUR 10.2 million in the International Operations was caused by
a charge of EUR 10.0 million for the arbitration decision connected with the    
construction of the hotel property. The volume of construction operations and   
housing sales in Estonia declined. In Russia, developer contracting projects are
under way, which will be recorded as income when the projects are sold.         

Net profit for the financial period was EUR 7.6 million (EUR 15.3 million) and  
earnings per share were EUR 0.22 (EUR 0.56). The fall in net profit and earnings
per share were significantly affected by the arbitration decision on            
construction of the hotel property.                                             

SRV wins important merit awards                                                 

The worksite of the Flamingo recreational centre which SRV builds in Vantaa won 
the best construction site 2007 contest arranged by Rakennuslehti (Construction 
Magazine). The panel of judges included a representative of the industry's      
professional organisation, a representative of the Construction Consultants     
Organisation and representatives of the Uusimaa County Labour Protection        
District, the Helsinki University of Technology and Construction Magazine. Among
the project's outstanding merits, the panel singled out management of the entire
construction process on a large and demanding worksite, production planning and 
the use of a product model as well as the level of occupational safety and      
tidiness at the site. The site received a special mention for its compliance    
with the Client Liability Act.                                                  

The biannual Steel Design Award of the European Convention for Constructional   
Steelwork went to the Kamppi Centre for innovative steel construction. The award
was made to the architects and structural engineers who designed the project as 
well as to the developers and builders. An award for acting as the general      
contractor and developer of the Kamppi project went to SRV.                     

--------------------------------------------------------------------------------
| SRV Group key figures   | IFRS     | IFRS      | change, | change, |         |
|                         |          |           |         |         |         |
--------------------------------------------------------------------------------
| (EUR million)           | 2007     | 2006      | MEUR    | %       |         |
--------------------------------------------------------------------------------
| Revenue                 | 561.4    | 479.5     | 81.9    | 17.1    |         |
--------------------------------------------------------------------------------
| Operating profit        | 15.1     | 24.6      | -9.6    | -38.8   |         |
--------------------------------------------------------------------------------
| Profit before taxes     | 11.5     | 20.7      | -9.1    | -44.1   |         |
--------------------------------------------------------------------------------
| Net profit for the      | 7.6      | 15.3      | -7.6    | -50.0   |         |
| period                  |          |           |         |         |         |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Order backlog           | 528.7    | 453.7     | 75.0    | 16.5    |         |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Operating profit, %     | 2.7      | 5.1       |         |         |         |
--------------------------------------------------------------------------------
| Profit before taxes, %  | 2.1      | 4.3       |         |         |         |
--------------------------------------------------------------------------------
| Net profit, %           | 1.4      | 3.2       |         |         |         |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Equity ratio, %         | 55.4     | 31.7      |         |         |         |
--------------------------------------------------------------------------------
| Return on investment, % | 9.7      | 15.9      |         |         |         |
--------------------------------------------------------------------------------
| Return on equity, %     | 6.9      | 27.3      |         |         |         |
--------------------------------------------------------------------------------
| Earnings per share, EUR | 0.22     | 0.56      |         | -60.4   |         |
| 1)                      |          |           |         |         |         |
--------------------------------------------------------------------------------
| 1) Key figures per share have been adjusted to reflect the increase in the   |
| number of shares, which came into effect on April 11th, 2007 (split), the    |
| rights issue on June 11th, 2007 and the rights issue and cancellation of     |
| treasury shares in connection with the merger of the SRV Henkilöstö Oy on 28 |
| September, 2007.                                                             |
--------------------------------------------------------------------------------


Outlook for construction                                                        

The world economy continued to enjoy good growth during 2007. The economic      
growth in the United States slowed down towards the end of the year, but        
proceeded favourably in the growing markets, including Russia.  Gauging the     
business cycle as we move forward is complicated by the increased uncertainties 
in the economy and the crisis of confidence prevailing in the financial markets.
In the Eurozone, the boom has probably peaked. The Finnish Ministry of Finance  
estimates that growth in the area's output will slow from 2.5 per cent to 2 per 
cent.                                                                           

The Finnish economy grew at an annual rate of 4.4 per cent in 2007. Economic    
growth in 2008 is expected to slow down, but to exceed the growth figures for   
Europe. The Ministry of Finance estimates GDP growth at 3.3 per cent.           

The boom in construction and the property market is expected to hold up in 2008,
though the pace of growth will slow. The credit crunch that has hit the USA will
add to uncertainty in the markets. The construction industry is forecasting a   
decline in residential construction in Finland in 2008 to a level of about      
31,000 units. Construction of business premises is expected to remain at a good 
level, although the number of project starts may decrease. The good business    
climate in conjunction with completion of the Vuosaari harbour will underpin    
brisk logistics and construction of storage facilities, especially in the       
Greater Helsinki area.                                                          

Even after the summer, there was a shortage of skilled labour, particularly in  
the growth centres in southern Finland. Strong demand also made it difficult to 
obtain certain products. The availability of  subcontractors and  materials     
improved towards the end of the year.                                           

Following several years of growth, the Estonian economy is slackening. The      
Estonian Central Bank estimated that economic growth had come in at 7.3% in 2007
and is forecasting growth of 4.3% for 2008 and 5.7% for 2009. The situation in  
the Estonian housing market has weakened, and lower demand has led to a fall in 
the level of house prices. The Latvian Central Bank estimated that economic     
growth had been over 10% in the period. Estimates of economic growth in the     
Baltic countries as a whole nevertheless involve elements of uncertainty.       
Russia's gross domestic product grew at an estimated rate of about 8 per cent in
the period. The Russian construction market is estimated to grow by about 10% a 
year. The rise in the level of costs and a shortage of skilled personnel        
nonetheless pose challenges for operations in Russia. Demand for both business  
premises and housing is estimated to remain good in Russia.                     

Key figures for the business area                                               

--------------------------------------------------------------------------------
| Revenue                     | IFRS       | IFRS       | change,   | change,  |
--------------------------------------------------------------------------------
| (EUR million)               | 2007       | 2006       | MEUR      | %        |
--------------------------------------------------------------------------------
| Business Premises           | 345.4      | 297.0      | 48.4      | 16.3     |
--------------------------------------------------------------------------------
| Housing                     | 163.1      | 138.1      | 25.0      | 18.1     |
--------------------------------------------------------------------------------
| International               | 53.2       | 44.6       | 8.6       | 19.4     |
--------------------------------------------------------------------------------
| Other Operations            | 11.2       | 6.0        | 5.2       | 86.0     |
--------------------------------------------------------------------------------
| Eliminations                | -11.4      | -6.2       | -5.3      |          |
--------------------------------------------------------------------------------
| Group, total                | 561.4      | 479.5      | 81.9      | 17.1     |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| Operating profit            | IFRS       | IFRS      | change,   | change,   |
|                             |            |           |           |           |
--------------------------------------------------------------------------------
| (EUR million)               | 2007       | 2006      | MEUR      | %         |
--------------------------------------------------------------------------------
| Business Premises           | 18.0       | 25.0      | -6.9      | -27.7     |
--------------------------------------------------------------------------------
| Housing                     | 10.7       | 5.1       | 5.6       | 109.1     |
--------------------------------------------------------------------------------
| International               | -10.2      | -3.6      | -6.7      |           |
--------------------------------------------------------------------------------
| Other Operations            | -3.1       | -4.4      | 1.3       |           |
--------------------------------------------------------------------------------
| Eliminations                | -0.4       | 2.5       | -2.9      | -114.2    |
--------------------------------------------------------------------------------
| Group, total                | 15.1       | 24.6      | -9.6      | -38.8     |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| Order backlog at 31 Dec.    | IFRS       | IFRS       | change,   | change,  |
|                             |            |            |           |          |
--------------------------------------------------------------------------------
| (EUR million)               | 2007       | 2006       | MEUR      | %        |
--------------------------------------------------------------------------------
| Business Premises           | 302.8      | 287.7      | 15.1      | 5.2      |
--------------------------------------------------------------------------------
| Housing                     | 174.6      | 154.4      | 20.2      | 13.1     |
--------------------------------------------------------------------------------
| International               | 51.3       | 11.6       | 39.7      | 341.3    |
--------------------------------------------------------------------------------
| Group, total                | 528.7      | 453.7      | 75.0      | 16.5     |
--------------------------------------------------------------------------------

Earnings trends of the operating business areas                                 

--------------------------------------------------------------------------------
| Business Premises           | IFRS       | IFRS      | change,   | change,   |
--------------------------------------------------------------------------------
| (EUR million)               | 2007       | 2006      | MEUR      | %         |
--------------------------------------------------------------------------------
| Revenue                     | 345.4      | 297.0     | 48.4      | 16.3      |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Operating profit            | 18.0       | 25.0      | -6.9      | -27.7     |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Order backlog at end of     | 302.8      | 287.7     | 15.1      | 5.2       |
| period                      |            |           |           |           |
--------------------------------------------------------------------------------

The Business Premises business area comprises SRV Viitoset Oy's commercial,     
business, logistics and rock construction operations and project development.   

Revenue in the Business Premises business area grew by 16.3 per cent. The Kamppi
office building and shopping centre complex accounted for about EUR 100 million 
of revenue in the comparative period. Operating profit was EUR 18.0 million (EUR
25.0). Operating profit in the comparative period included about EUR 16 million 
on sales of properties and operating assets in the Kamppi office and shopping   
centre complex. The order backlog grew by 5.2 per cent to EUR 302.8 million (EUR
287.7 million).                                                                 

Among the projects completed in the financial period were a logistics centre    
built for Kaukohuolinta in Tuusula, the KaraPhone East Business Premises project
for Nokia in the Karamalmi district of Espoo, new business premises for         
PartnerTech Oy in Vantaa, Teknos powder coating plant in Rajamäki, the first    
part of the Helsinki City service tunnel, the Autotalo Laakkonen car dealership 
and retail facilities for IBI in the Kuninkaanportti district of Porvoo. Other  
projects completed included a renovation of the Sähkötalo electrical utility    
building in Helsinki, Hotel Katajanokka, renovation of Phase 2 of Aktia-Forum,  
renovation of the Valimokuja 2 property into a commercial centre for A-Vakuutus 
Oy insurance company, the Etola Technologies production facilities that were    
built in Vantaa and the Ämmässuo landfill service tunnel that was built for YTV 
(Helsinki Metropolitan Area Council) in Espoo.                                  

A contract was signed in early 2007 with the Neste Oil Pension Fund for the     
construction and sale of a third office block in Keilaniemi, Espoo. In August,  
an agreement was made with MEAG of Germany concerning the sale and construction 
of the remaining three HTC Keilaniemi office blocks. Other projects that got    
under way were the Logistics Centre in Tuupakka, Vantaa, the renovation of the  
TRIO Shopping Centre in Lahti, the Etra, Sjaelso Finland, Koti-idea and         
Vepsäläinen projects in Kuninkaanportti, Porvoo, business premises for SGN in   
Vantaa, renovation of the Pasila postal centre, renovation of the               
Hakaniemenranta 6 office building as well as retail premises for Plantagen in   
Suomenoja, Espoo. A number of rock construction projects are in progress in the 
centre of Helsinki. An interior works contract agreement was signed on the      
Helsinki City service tunnel in the last quarter of the year.                   

In December 2007, a settlement was reached with Kamppi Center Investment Oy in  
the dispute regarding the amount of administrative costs for the purchase       
agreement on the shares in Helsingin Kamppi Center Oy, which owns the Kamppi    
Center, along with other commercial liabilities connected with the purchase     
agreement. On the basis of the settlement agreement, SRV recorded a charge of   
EUR 0.5 million in the 2007 financial statements.                               


--------------------------------------------------------------------------------
| Housing                     | IFRS       | IFRS      | change,   | change,   |
--------------------------------------------------------------------------------
| (EUR million)               | 2007       | 2006      | MEUR      | %         |
--------------------------------------------------------------------------------
| Revenue                     | 163.1      | 138.1     | 25.0      | 18.1      |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Operating profit            | 10.7       | 5.1       | 5.6       | 109.1     |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Order backlog at end of     | 174.6      | 154.4     | 20.2      | 13.1      |
| period                      |            |           |           |           |
--------------------------------------------------------------------------------

The Housing business area comprises housing construction in the Greater Helsinki
area and the neighbouring municipalities as well as the operations of the       
regional subsidiaries. The regional subsidiaries are engaged in housing,        
commercial, business premises and logistics construction projects.              

Revenue in the Housing business area grew by 18.1 per cent, with developer      
contracting projects moving ahead according to plans. Operating profit improved 
markedly and was EUR 10.7 million (EUR 5.1 million). The order backlog was EUR  
174.6 million (EUR 154.4 million).                                              

The construction of 363 developer contracting housing units was started during  
the year (490), of which 241 were started in the Greater Helsinki area, 54 in   
the Tampere area, 18 in the Turku area and 50 in the Jyväskylä area. In         
addition, contract agreements to a total of EUR 51.6 million were signed with   
external clients. A total of 288 developer contracting  housing units were sold 
in 2007 (374). At the end of the financial period, 415 residential units were   
under construction (571). There were 80 completed but unsold residential units  
(14). A total of 519 residential units were completed during the year, 388 of   
which were completed during the last two quarters.                              

Major projects that were launched included the Helsingin Oscar condominium,     
where 65 units will be completed, Vallikallion Helmi in Espoo (67 units) and    
Ulriikanhuippu in Vantaa (46 units), which will be realised jointly with        
Asuntosäätiö (Housing Foundation).                                              

SRV continued its participation in the 24Living development project, which is   
being partly funded by TEKES (the Finnish Funding Agency for Technology and     
Innovation) as part of its residential cluster activities. Started in 2006, the 
3-year project is headed by the University of Art and Design in Helsinki, in    
cooperation with Finpro, the Massachusetts Institute of Technology (MIT) and    
TEKES, with a number of Finnish companies also participating.                   

--------------------------------------------------------------------------------
|  International Operations   | IFRS       | IFRS      | change,   | change,   |
--------------------------------------------------------------------------------
| (EUR million)               | 2007       | 2006      | MEUR      | %         |
--------------------------------------------------------------------------------
| Revenue                     | 53.2       | 44.6      | 8.6       | 19.4      |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Operating profit            | -10.2      | -3.6      | -6.7      |           |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Order backlog at end of     | 51.3       | 11.6      | 39.7      | 341.3     |
| period                      |            |           |           |           |
--------------------------------------------------------------------------------

International Operations comprises the business activities of the SRV           
International subgroup in Russia and the Baltic countries.                      

International Operations increased its revenue by 19.4 per cent, but reported an
operating loss of EUR 10.2 million (a loss of EUR 3.6 million). Operating profit
was lowered by an EUR 10 million charge to earnings in connection with the      
decision of an arbitration tribunal concerning the construction of a hotel      
property. Operations in Russia in the second half of the year were geared       
towards expanding and improving developer contracting projects. The volume of   
construction activities and sales of housing units in Estonia declined. The     
order backlog was EUR 51.3 million (EUR 11.6 million).                          

Russia                                                                          

SRV has started renovation of the Pulkovskaya and Pribaltiskaya hotels operated 
by the Rezidor Group in St Petersburg. The Etmia II office and parking facility 
in the heart of Moscow is estimated to be completed by the end of 2008. SRV's   
role in the project is as a co-owner with a 50 per cent stake and responsibility
for acting as the project management contractor. Construction of the Papula     
residential area in the city of Vyborg started in June and the apartments       
included in the project got ready for sale at the end of 2007. In the first     
phase, 38 units are to be built, and they are estimated to reach completion by  
the end of 2008. Four of the project's units have been sold.                    

In March, an important shopping centre project was announced, that will be      
realised in the Moscow area together with Vicus Oy, a real estate investment    
company. The shopping centre's design, preparations for construction and the    
search for tenants have started, and the construction is scheduled to get under 
way in 2008. The ensemble will have about 100,000 square metres of gross floor  
area. SRV is involved in the project as an owner, with a 25 per cent stake, and 
will act as the project management contractor. The design portion of the work on
the shopping centre is included in the order backlog.                           

Construction of a glass fibre plant for Ahlström was continued in Tver. The     
project will be completed in early 2008. An annex to the Lenexpo fair centre in 
St Petersburg was built and handed over in the first part of 2007.              

Baltic countries                                                                

A partnership project with Facio Ehitus was started in Tartu, Estonia. SRV owns 
a plot for 7 high-rise apartment buildings, on one of which construction was    
started in the summer.                                                          

Starts of 46 new developer housing units (81) were made in Estonia during 2007. 
A total of 5 units were sold during the 2007 period (124) and, all in all, 46   
were up for sale at the end of the period (3), 4 of which were in               
already-completed projects (0).                                                 

In Estonia, a preliminary agreement was signed on 28 November 2007 concerning   
the sale of the logistics centre that was leased to Oriola KD.  The property was
completed in December. The sale was finalised in Januray 2008. Agreements were  
concluded on a vehicle dealership for Inchcape Motors and for enlarging the     
Mercantile logistics centre. Design work on these projects is in progress. The  
office premises of Veikko Laine Oy were completed in the early part of the year.

In Latvia, the implementation of previously signed agreements was continued for 
HRX, Beweship and Latvijas Finieris. A Kesko Agro store was handed over to the  
client in Riga in early 2007.                                                   

--------------------------------------------------------------------------------
| Other Operations            | IFRS       | IFRS      | change,   | change,   |
|                             |            |           |           |           |
--------------------------------------------------------------------------------
| (EUR million)               | 2007       | 2006      | MEUR      | %         |
--------------------------------------------------------------------------------
| Revenue                     | 11.2       | 6.0       | 5.2       | 86.0      |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Operating profit            | -3.1       | -4.4      | 1.3       |           |
--------------------------------------------------------------------------------

Other Operations comprise mainly the SRV Group Plc and SRV Kalusto Oy           
businesses.                                                                     

Other Operations generated revenue of EUR 11.2 million (EUR 6.0 million) and    
operating loss was EUR 3.1 million (a loss of EUR 4.4 million).                 

Financing and financial position                                                

The Group's interest-bearing liabilities were EUR 64.6 million at 31 December   
2007 (EUR 79.5 million). Net financial expenses were EUR 3.5 million (EUR 4.0   
million). The Group's liquid assets at the end of the financial period amounted 
to EUR 21.4 million (EUR 14.9 million). The growth in liquid assets and the     
decrease in debt were due to the initial public offering.                       

SRV signed an EUR 100 million syndicated loan arrangement on 22 December 2007.  
The agreement is for a 5-year loan facility, in addition to which the company   
has an option on a 2-year extension.                                            

The return on investment was 9.7 per cent (15.9%) and the return on equity 6.9  
per cent (27.3%). The equity ratio was 55.4 per cent (31.7%).                   

Investments and M&A arrangements                                                

The Group's investments totalled EUR 5.4 million (EUR 3.3 million) and consisted
mainly of spending on machinery and equipment.                                  

Unbuilt land areas and land acquisition commitments                             
--------------------------------------------------------------------------------
|  31 Dec 2007      | Business    | Housing       | International | Total      |
|                   | Operations  |               | Operations    |            |
--------------------------------------------------------------------------------
| Unbuilt land areas and land acquisition commitments                          |
--------------------------------------------------------------------------------
| Building rights*, | 117 000     | 222 000       | 359 000       | 698 000    |
| m2                |             |               |               |            |
--------------------------------------------------------------------------------
| Capital invested  | 23          | 45            | 32            | 100        |
| incl.             |             |               |               |            |
| commitments, EUR  |             |               |               |            |
| million           |             |               |               |            |
--------------------------------------------------------------------------------
| Land development  |             |               |               |            |
| agreements        |             |               |               |            |
--------------------------------------------------------------------------------
| Building rights*, | 408 000     | 122 000       | 100 000       | 630 000    |
| m2                |             |               |               |            |
--------------------------------------------------------------------------------
| * Building rights include  the share of estimated zoning potential and the   |
| share of land acquisition commitments                                        |
--------------------------------------------------------------------------------

SRV purchased a 6.3 hectare land area in Vantaa near the Hämeenlinna motorway   
and Ring Road III in June. The building rights for the area are for 66,000 m² of
gross floor area, and will make possible the construction of a wide range of    
business premises in the fast-developing Vantaankoski district.                 

In June, SRV signed a preliminary property purchase agreement for land and      
buildings owned by Parker Hannifin Oy in the Pakkala district of Vantaa, where  
application will be made for an alteration to the town plan. The objective is to
build residential units totalling 5,800 m² of floor area on the plot.           
Concurrently, an agreement was made on constructing a new operations centre with
about 4,000 m² of floor space for Parker Hannifin Oy in the Koivuhaka district  
of Vantaa.                                                                      

In August, SRV concluded a preliminary property purchase agreement on obtaining 
alterations to the town plan of a plot located in the Seppälä district of       
Jyväskylä and its development for commercial and residential use. SRV's         
objective is to construct a commercial building with 15,000-16,000 m² of gross  
floor area in the area as well as 8,000-9,000 m² of residential buildings when  
the town plan change has been made.                                             

A plot purchase for the first phase of the Asunto Oy Helsingin Oscar condominium
was signed on 27 June 2007. The plot has building rights for 5,800 m² of floor  
area. A plot purchase for the second phase was signed on 30 November 2007. The  
plot has building rights for 6,400 m² of floor area.                            

Risks, risk management and corporate governance                                 

The economic cycle and changes in customers' operating environment have a direct
impact on the construction and property market. Changes in the general level of 
interest rates have direct effects on both the cash flow on SRV's mainline      
operations and on financing costs.                                              

SRV's revenue comes from construction projects, and the company's earnings are  
dependent on the profitability and progress of individual projects. The time of 
recognising income from developer contracting projects also depends on the      
percentage of premises sold. Construction involves significant cost risks       
relating to subcontracting and procurements. In managing these risks, there is a
pronounced need for good long-term planning. The operating model based on       
project management calls for an adequate supply of skilled and competent staff. 
Post-construction warranty and liability obligations can last up to 10 years.   

Constructions risks are monitored continually at both Group level and for       
individual projects. SRV carries out engineering design and implementation,     
drawing on solutions that have been well proven in the industry and making use  
of SRV's long years of experience. Project implementation and profitability is  
regularly tracked monthly.                                                      
Risk management across all business units is carried out in line with the       
Group's operations system, and control is exercised in line with the Group      
strategy approved by the Board of Directors and the parent company. The Group's 
President and CEO has overall responsibility for risk management covering line  
operations. SRV also endeavours to cover operational risks by taking out        
insurance policies and in the terms of the contracts it enters into.            

The financial risks connected with SRV's operations are interest rate, currency,
liquidity and contractual party risks, which are discussed in the Notes to the  
2007 Financial Statements.                                                      

A discussion of SRV's main risks, risk management and corporate governance      
principles was published in the 2006 Annual Report and is also given in the 2007
Annual Report as well as in the Notes to the Financial Statements.              

Environmental compliance                                                        

The Group endeavours in all its operations to observe the principles of         
sustainable development and to minimise harmful environmental impacts connected 
with the life cycle of buildings. The main activities relate to the management  
of environmental aspects of both the design and worksite phases of buildings. In
Finland, the Group also makes use of a waste reporting system at its            
construction sites. Since the beginning of 2008, SRV has strengthened the       
resources it allocates to managing the Group's environmental compliance.        

Changes in Group management                                                     

Mr Juha-Veikko Nikulainen took up his duties as Executive Vice President in     
charge of the Housing business area on 26 January 2007 and Mr Jussi Ollila      
became Senior Vice President in charge of Communications and Marketing on 1     
February 2007.                                                                  

Personnel                                                                       

SRV had an average payroll of 761 employees (668), of whom 537 were white-collar
(461). The parent company had an average staff of 62 white-collar employees     
(60). At the close of the financial period, the Group had 752 employees (707),  
of whom 59 were employed by the parent company (66). An average of 9 per cent of
the employees work at subsidiaries abroad (10%).                                

SRV develops cooperation with universities and colleges as part of its effort to
cover staffing needs for recruitment and the holiday seasons. During the review 
period, SRV had a total of 27 trainees working in the Group's operations in     
Finland.                                                                        

--------------------------------------------------------------------------------
| Personnel by business area   | 31 Dec 2007  | 31 Dec 2006 | Share of Group   |
|                              |              |             | personnel, 31    |
|                              |              |             | Dec 2007, %      |
--------------------------------------------------------------------------------
| Business Premises            | 295          | 236         | 39               |
--------------------------------------------------------------------------------
| Housing                      | 257          | 293         | 34               |
--------------------------------------------------------------------------------
| International                | 114          | 87          | 15               |
--------------------------------------------------------------------------------
| Other Operations             | 86           | 91          | 12               |
--------------------------------------------------------------------------------
| Group, total                 | 752          | 707         | 100              |
--------------------------------------------------------------------------------

SRV Group's salaries and remuneration in 2007 totalled EUR 33.1 million (EUR    
29.3 million).                                                                  

Corporate governance and resolutions of general meetings                        

The extraordinary General Meeting held on 2 April 2007 resolved to increase the 
number of the company's shares twenty-fold (split) and to transfer the share    
premium reserve to share capital. At the same time, the Extraordinary General   
Meeting passed amendments to the Articles of Association. The resolutions were  
entered in the Trade Register on 11 April 2007.                                 

The Annual General Meeting was held on 23 April 2007. The AGM adopted the       
financial statements for 2006 and granted release from liability to the members 
of the Board of Directors and the President and CEO. A dividend of EUR 0.12 per 
share was declared.                                                             

The AGM set the emolument of the Chairman of the Board at EUR 5,000, the        
emolument of the Vice Chairman at EUR 4,000 and the emoluments of the directors 
at EUR 3,000 per month. In addition, an EUR 500 meeting fee is paid for meetings
of the Board of Directors and its committees.                                   

Mr Ilpo Kokkila was elected Chairman of the Board of Directors and Mr Eero      
Heliövaara, Mr Matti Mustaniemi, Mr Markku Sarkamies, Mr Jukka Hienonen and Mr  
Lasse Kurkilahti were elected to seats on the Board. Of the members of the Board
of Directors, Mr Jukka Hienonen's and Mr Lasse Kurkilahti's term of office began
and Mr Eero Heliövaara's term ended on 13 June 2007 when the company's shares   
were admitted to public trading on the OMX Nordic Exchange Helsinki. The Board  
of Directors elected Mr Lasse Kurkilahti Chairman of the Board on 13 June 2007, 
Mr Matti Mustaniemi Chairman of the Audit Committee and Mr Ilpo Kokkila Chairman
of the Nominations and Remunerations Committee.                                 

Mr Jarmo Lohi, Authorised Public Accountant, was elected as the company's       
auditor, and the firm of public accountants Ernst & Young Oy was elected as the 
deputy auditor, with Mr Mikko Rytilahti, Authorised Public Accountant, acting as
principal auditor.                                                              

On 23 April 2007, the Annual General Meeting authorised the Board of Directors  
to issue a maximum of 11,500,000 new shares, to decide on the issuance of up to 
1,500,000 shares directed at SEB Enskilda to cover possible oversubscriptions   
and to purchase the above-mentioned maximum amount of 1,500,000 shares directly 
from SEB Enskilda.                                                              

Initial Public Offering                                                         

The Board of Directors decided on 25 May 2007 to offer ca. 11,500,000 new shares
for subscription by Finnish and International institutional investors, by retail
investors in Finland and by the Board of Directors, management and employees of 
SRV in Finland. SRV submitted to the OMX Nordic Exchange in Helsinki an         
application for listing of its shares on 25 May 2007.                           

The institutional offering commenced on 28 May 2007 and expired on 11 June 2007.
The retail offering commenced on 29 May 2007 and was suspended due to           
oversubscription on 5 June 2007. The employee offering commenced on 29 May 2007 
and expired on 9 June 2007. The offer price range was EUR 8.00 to EUR 9.75 per  
share. The Board of Directors decided to set the offer price at EUR 9.00 for the
institutional and retail offerings and EUR 8.10 for the employee offering.      

The Board of Directors decided on 11 June 2007 to issue 11,500,000 new shares,  
of which 9,907,300 shares were allocated to domestic and institutional          
investors, 1,150,000 shares to retail investors in Finland and 442,700 to the   
employees. In addition, the Company issued 1,500,000 shares to SEB Enskilda to  
cover over-allotments. Based on the share allocation, the institutional offering
was approximately 8.1 times subscribed and the retail offering was approximately
4.6 times subscribed. In total, around 6,400 investors participated in the      
offering. Approximately 54 per cent of the demand in the institutional offering 
came from Finnish investors and approximately 46 per cent from international    
investors. The size of the offering was confirmed on 15 June 2007 at 13,000,000 
shares. The shares issued represent approximately 33.3 per cent of the total    
number of shares in SRV after the offering.                                     

The gross proceeds to SRV from the offering were approximately EUR 117 million  
and the net proceeds after deduction of commissions and fees related to the     
transaction were approximately EUR 112 million. SRV intends to use the proceeds 
to further develop its operations, primarily through increasing the proportion  
of developer contracting and development projects, both in residential and      
non-residential construction, and by accelerating the expansion of its          
international business, with an emphasis on Russia.                             

Shares and shareholders                                                         

SRV Group Plc's share capital is EUR 3,062,520. The share has no nominal value  
and the number of shares outstanding is 36,768,468. The company has one class of
shares. The presented per-share figures have been adjusted to a comparable basis
so as to reflect the increase in the number of shares which came in effect on 11
April 2007 (split), the rights issue on 11 June 2007 and the share issue carried
out on 28 September 2007 in connection with the merger plan of SRV Henkilöstö Oy
employee fund as well as the cancellation of own shares (treasury shares).      

SRV's shares were admitted to public trading on the OMX Nordic Exchange Helsinki
Pre List on 12 June 2007 and on the Main List on 15 June 2007. SRV had a total  
of 6,626 shareholders at 31 December 2007. The offer price in the IPO was set at
EUR 9.00. At the close of the first trading day 12 June 2007, the share closed  
at EUR 9.90 on and at the end of 2007 the share price was EUR 5.02 (-49.2%). The
high for the share in 2007 was EUR 10.79 and the low was EUR 4.72. The change in
the Helsinki Stock Exchange All Share Index (OMX Helsinki) during the           
corresponding period was 3.2%, and the OMX Industrials Index registered -14.4%. 

At the end of 2007, the company had a market capitalisation of EUR 184.6        
million. About 22.5 million shares were traded on the Helsinki Stock Exchange in
2007 and the trade volume was EUR 187.8 million.                                

Merger of SRV Henkilöstö Oy employee fund                                       

The Boards of Directors of SRV Group Plc and the SRV Henkilöstö Oy employee fund
signed a merger plan on 27 April 2007 according to which SRV Henkilöstö Oy was  
to merge into SRV. The Extraordinary General Meeting of SRV Group Plc approved  
the merger plan on 24 May 2007. An Extraordinary General Meeting of SRV         
Henkilöstö Oy approved the merger on 6 June 2007.                               

On 25 September 2007, SRV's Board of Directors confirmed the number of shares to
be issued as merger consideration at 10,216,468. For each SRV Henkilöstö Oy     
share, about 16.33 new SRV shares were given as merger consideration. The       
execution date of the merger was 28 September 2007. The 12,512,000 SRV shares   
held by SRV Henkilöstö Oy were cancelled on 28 September 2007 without reducing  
the share capital. The merger decreased SRV's non-restricted equity by EUR      
20,659,925.02.                                                                  

Merger of subsidiary                                                            
SRV Teräsbetoni merged into SRV Group Plc on 31 July 2007. SRV Teräsbetoni Oy's 
business operations were transferred to SRV Viitoset Oy, SRV Kalusto Oy and SRV 
Kaakkois-Suomi Oy on 31 December 2006.                                          
Events after the balance sheet date                                             

The SRV Housing business area decided to establish in Oulu a regional office,   
which will start operations in early March 2008. On 14 January 2008, the Espoo  
City Council approved SRV's planning reservation application for the design of  
four 27-28 storey residential towers to be built atop Karhusaarentie-road.      
According to initial plans, the area includes about 50,000 square meters of     
residential building volume, and the total number of apartments would be around 
370.                                                                            

The sale of the logistics centre that had been leased to Oriola KD in Estonia   
was completed on 15 January 2008. Revenue of EUR 5 million and operating profit 
of EUR 1.7 million were recorded on the sale in the first quarter.              

On 8 February 2008 SRV acquired 32 per cent share in Russian enterprise OOO     
”Olgino-4”, which will buy a land territory of 24.9 hectares, located north of  
Saint Petersburg in close vicinity to the Ring Road. During spring 2008 SRV will
raise its ownership in the enterprise aiming at majority stockholding by summer 
2008. Over 100,000 m2 of logistics facilities will be built on the site in      
several stages during next few years. SRV intends to commence construction works
of the first stage by the end of 2008.                                          

Near-term outlook                                                               

The high level of the order backlog provides a solid basis for a good trend in  
revenue and earnings in 2008. The Group will seek to sell the Park Inn hotel    
located in Ekaterinburg during 2008.                                            

Housing demand is estimated to decline, and selling periods are expected to     
lengthen in Finland, particularly for properties located outside growth centres.
The outlook for construction of business premises is estimated to remain        
positive in Finland. Russia's strong economic growth is set to support the trend
in the order backlog and revenue within International Operations.               

Revenue in 2008 is expected to increase on the previous year. Operating profit  
in 2008 is anticipated to exceed operating profit in 2007 by a substantial      
margin.                                                                         

Board of Directors' Proposal for the distribution of profits                    

The parent company's distributable funds at 31 December 2007 are                
                                                          EUR 127,675,240.51    
of which net profit for the financial year is              EUR 14,088,539.93    

The Board of Directors proposes to the Annual General Meeting that the          
distributable equity be allocated as follows:                                   

A dividend of EUR 0.12 per share be paid to shareholders,                       
thus                                                      EUR    4,412,216.16   
The remainder be transferred to retained earnings          EUR 123,263,024.35   

No material changes have taken place in the company's financial position after  
the close of the financial year. The company's liquidity is good and, in the    
view of the Board of Directors, the proposed dividend payout does not compromise
the company's solvency.                                                         


Espoo, 12 February 2008                                                         


SRV Group Plc                                                                   
Board of Directors                                                              








Distribution:                                                                   
OMX Nordic Exchange Helsinki                                                    
Principal media                                                                 
www.srv.fi                                                                      



Key figures:                                                                    

--------------------------------------------------------------------------------
|                               |          | 2007   | 2006   | 2005   | 2004   |
--------------------------------------------------------------------------------
|                               |          | IFRS   | IFRS   | IFRS   | FAS    |
--------------------------------------------------------------------------------
| Revenue                       | MEUR     | 561.4  | 479.5  | 422.0  | 403.2  |
--------------------------------------------------------------------------------
| Operating profit              | MEUR     | 15.1   | 24.6   | 21.8   | 17.2   |
--------------------------------------------------------------------------------
| Operating profit, % of        | %        | 2.7    | 5.1    | 5.2    | 4.3    |
| revenue                       |          |        |        |        |        |
--------------------------------------------------------------------------------
| Profit before extraordinary   | MEUR     | 11.5   | 20.7   | 21.7   | 16.2   |
| items                         |          |        |        |        |        |
--------------------------------------------------------------------------------
| Profit before extraordinary   | %        | 2.1    | 4.3    | 5.1    | 4.0    |
| items, % of revenue           |          |        |        |        |        |
--------------------------------------------------------------------------------
| Profit before taxes           | MEUR     | 11.5   | 20.7   | 21.7   | 16.2   |
--------------------------------------------------------------------------------
| Profit before taxes, % of     | %        | 2.1    | 4.3    | 5.1    | 4.0    |
| revenue                       |          |        |        |        |        |
--------------------------------------------------------------------------------
| Net profit for the financial  | MEUR     | 7.2    | 14.5   | 12.6   | 11.6   |
| year attributable to equity   |          |        |        |        |        |
| holders of the parent company |          |        |        |        |        |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Return on equity, %           | %        | 6.9    | 27.3   | 34,0   | 35.3   |
--------------------------------------------------------------------------------
| Return on investment, %       | %        | 9.7    | 15.9   | 19.1   | 26.2   |
--------------------------------------------------------------------------------
| Equity ratio, %               | %        | 55.4   | 31.7   | 19.8   | 22.6   |
--------------------------------------------------------------------------------
| Property, plant and equipment | MEUR     | 5.4    | 3.3    | 2.7    | 2.0    |
| investments                   |          |        |        |        |        |
--------------------------------------------------------------------------------
| Property, plant and equipment | %        | 1.0    | 0.7    | 0.6    | 0.5    |
| investments, % of revenue     |          |        |        |        |        |
--------------------------------------------------------------------------------
| Order backlog                 | MEUR     | 528.7  | 453.7  | 251.8  | 345.9  |
--------------------------------------------------------------------------------
| Personnel on average          |          | 761    | 668    | 671    | 603    |
--------------------------------------------------------------------------------
| Invested capital              | MEUR     | 222.9  | 141.7  | 182.5  | 81.9   |
--------------------------------------------------------------------------------
| Net interest-bearing debt     | MEUR     | 43.2   | 64.6   | 108.9  | 2.2    |
--------------------------------------------------------------------------------
| Gearing ratio, %              | %        | 27.3   | 103.9  | 218.7  | 43.5   |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings per share, share     | EUR      | 0.22   | 0.56   | 0.48   | 0.44   |
| issue adjusted *              |          |        |        |        |        |
--------------------------------------------------------------------------------
| Equity per share, share issue | EUR      | 4.22   | 2.22   | 1.76   | 1.44   |
| adjusted *                    |          |        |        |        |        |
--------------------------------------------------------------------------------
| Dividend per share, share     | EUR      | 0.12   | 0.12   | 0.08   | 0.04   |
| issue adjusted                |          | 1)     |        |        |        |
--------------------------------------------------------------------------------
| Dividend payout ratio, %      | %        | 54.6   | 21.4   | 16.7   | 9.1    |
--------------------------------------------------------------------------------
| Dividend yield, %             | %        | 2.4    | -      | -      | -      |
--------------------------------------------------------------------------------
| Price per earnings ratio      |          | 22.8   | -      | -      | -      |
--------------------------------------------------------------------------------
| Share price development       |          |        |        |        |        |
--------------------------------------------------------------------------------
| Share price at the end of the | EUR      | 5.02   | -      | -      | -      |
| period                        |          |        |        |        |        |
--------------------------------------------------------------------------------
|    Average share price        | EUR      | 8.40   | -      | -      | -      |
--------------------------------------------------------------------------------
|    Lowest share price         | EUR      | 4.72   | -      | -      | -      |
--------------------------------------------------------------------------------
|    Highest share price        | EUR      | 10.79  | -      | -      | -      |
--------------------------------------------------------------------------------
| Market capitalisation at the  | MEUR     | 184.60 | -      | -      | -      |
| end of the period             |          |        |        |        |        |
--------------------------------------------------------------------------------
| Trading volume                | 1 000    | 22 514 | -      | -      | -      |
--------------------------------------------------------------------------------
| Trading volume, %             | %        | 68.8   | -      | -      | -      |
--------------------------------------------------------------------------------
| Weighted average number of    | 1 000    | 32 703 | 26 064 | 26 064 | 26 064 |
| shares outstanding            |          |        |        |        |        |
--------------------------------------------------------------------------------
| Number of shares outstanding  | 1 000    | 36 768 | 26 064 | 26 064 | 26 064 |
| at the end of the period      |          |        |        |        |        |
--------------------------------------------------------------------------------

*  The Extraordinary General Meeting of SRV Group Plc decided on 2 April 2007 to
increase the number of shares of SRV Group Plc twenty fold (split). Before the  
change in nominal value the number of shares was 1,303,200 and after the change 
the number of shares was 26,064,000. SRV Group Plc arranged its Initial Public  
Offering in June 2007. In the Offering 13,000,000 shares were subscribed. After 
the Offering the number of shares was 39,064,000. The plan to merge SRV         
Henkilöstö Oy into SRV Group Plc was executed on 28 September 2007. At the same 
time 10,216,468 new shares of SRV Group Plc were issued without raising the     
share capital. In connection with the merger SRV Group Plc received the         
12,512,000 shares held by SRV Henkilöstö Oy. After the merger the number of     
shares was 36,768,468.                                                          

1) The Board of Directors' proposal for the dividend                            


Calculation of key figures:                                                     

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net interest-bearing debt                                                    |
--------------------------------------------------------------------------------
| Total equity                                                                 |
--------------------------------------------------------------------------------
| Gearing ratio, %      | =  | 100 x |                                         |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Profit before taxes - income taxes                                           |
--------------------------------------------------------------------------------
| Total equity, average                                                        |
--------------------------------------------------------------------------------
| Return on equity, %   | =  | 100 x |                                         |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Profit before taxes + interest and other financial expenses                  |
--------------------------------------------------------------------------------
| Invested capital, average                                                    |
--------------------------------------------------------------------------------
| Return on investment, | =  | 100 x |                                         |
| %                     |    |       |                                         |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total equity                                                                 |
--------------------------------------------------------------------------------
| Total assets - advances received                                             |
--------------------------------------------------------------------------------
| Equity ratio, %       | =  | 100 x |                                         |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Invested capital      | =  |       | Total assets - non-interest bearing     |
|                       |    |       | debt - deferredtax liabilities -        |
|                       |    |       | provisions                              |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net interest bearing  | =  |       | Interest bearing debt - cash and cash   |
| debt                  |    |       | equivalents                             |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net profit for the financial year attributable to equity holders of the      |
| parent company                                                               |
--------------------------------------------------------------------------------
| Weighted average number of shares outstanding                                |
--------------------------------------------------------------------------------
| Earnings per share,   | =  |       |                                         |
| share issue adjusted  |    |       |                                         |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Shareholders' equity attributable to equity holders of the parent company    |
--------------------------------------------------------------------------------
| Number of shares outstanding at the end of the period, share issue adjusted  |
--------------------------------------------------------------------------------
| Equity per share,     | =  |       |                                         |
| share issue adjusted  |    |       |                                         |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Share price at the end of the period                                         |
--------------------------------------------------------------------------------
| Earnings per share, share issue adjusted                                     |
--------------------------------------------------------------------------------
| Price per earnings    | =  |       |                                         |
| ratio                 |    |       |                                         |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Dividend per share, share issue adjusted                                     |
--------------------------------------------------------------------------------
| Earnings per share, share issue adjusted                                     |
--------------------------------------------------------------------------------
| Dividend payout       | =  | 100 x |                                         |
| ratio, %              |    |       |                                         |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Dividend per share, share issue adjusted                                     |
--------------------------------------------------------------------------------
| Share price at the end of the period, share issue adjusted                   |
--------------------------------------------------------------------------------
| Dividend yield, %     | =  | 100 x |                                         |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Number of shares traded in euros during the period                           |
--------------------------------------------------------------------------------
| Number of shares traded during the period                                    |
--------------------------------------------------------------------------------
| Average share price   | =  |       |                                         |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Market capitalisation | =  |       | Number of shares outstanding at the end |
| at the end of the     |    |       | of the period x share price at the end  |
| period                |    |       | of the period                           |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Trading volume        | =  |       | Number of shares traded during the      |
|                       |    |       | period and in relation to the weihted   |
|                       |    |       | average number of shares outstanding    |
--------------------------------------------------------------------------------



SRV Group Plc Financial statements bulletin 1 January - 31 December 2007: TABLES

Appendixes                                                                      

1) Condensed consolidated financial statements: income statement, balance sheet,
statement of changes in equity, cash flow statement, commitments and contingent 
liabilities, derivative contracts liabilities                                   
2) Segment information                                                          


1. Group financials 1 January - 31 December 2007                                

IFRS-standards and operating segments                                           

SRV Group (SRV) adopted International Financial Reporting Standards (IFRS) on 1 
January 2006. In preparing financial statements bulletin, SRV has applied the   
same accounting principles as in its year-end financial statements for 2006. The
financial statements bulletin has been prepared in accordance with the          
accounting policies set out in the IAS 34 standard and the information disclosed
is audited for the periods 1 January - 31 December 2007 and 11 January - 31     
December 2006 and unaudited for the Q3 periods 1 October - 31 December 2007 and 
1 October - 31 December 2006.                                                   

The following standards, amendments and interpretations have been applied as    
from the accounting period beginning on 1 January 2007:                         
- IFRS 7 Financial Instruments: Diclosures                                      
- IAS 1 Presentation of Financial Statements; Capital Disclosures               
- IFRIC 8 Scope of IFRS 2                                                       
- IFRIC 10 Interim Financial Reporting and Impairment                           
These standards, amendments and interpretations do not have an effect on the    
Group's financial position. They have effect to the notes of the consolidated   
financial statements to some extent.                                            

The following standard has been applied before the effective date:              
- IFRS 8 Operating Segments                                                     
This standard does not have an effect on the Group's financial position. It has 
effect to the notes of the consolidated financial statements to some extent.    

The following standards, amendments and interpretations have been applied as    
from the accounting period beginning on 1 January 2007 but they are not         
significant to the Group:                                                       
- IFRIC 7 Applying the Restatement Approach under IAS 29; Financial Reporting in
Hyperinflationary Economies                                                     
- IFRIC 9 Reassessment of Embedded Derivatives                                  

SRV's reporting segments comprise Business Premises, Housing, International     
Operations and Other operations. The segment figures are disclosed in accordance
with the IFRS 8 following the accounting principles applied to the consolidated 
financial statements.                                                           





--------------------------------------------------------------------------------
|                 | IFRS    | IFRS   | change | chang | IFRS     | IFRS        |
|                 |         |        | ,      | e,    |          |             |
--------------------------------------------------------------------------------
| EUR million     | 1-12/20 | 1-12/2 | MEUR   | %     | 10-12/20 | 10-12/2006  |
|                 | 07      | 006    |        |       | 07       |             |
--------------------------------------------------------------------------------
| Revenue         | 561.4   | 479.5  | 81.9   | 17.1% | 165.5    | 157.2       |
--------------------------------------------------------------------------------
| Other operating | 1.1     | 3.7    | -2.6   | -69.7 | 0.4      | 1.7         |
| income          |         |        |        | %     |          |             |
--------------------------------------------------------------------------------
| Change in       | 18.3    | 27.2   | -8.8   | -32.6 | 12.3     | 12.1        |
| inventories of  |         |        |        | %     |          |             |
| finished goods  |         |        |        |       |          |             |
| and work in     |         |        |        |       |          |             |
| progress        |         |        |        |       |          |             |
--------------------------------------------------------------------------------
| Use of          | -509.7  | -434.0 | -75.7  | 17.4% | -165.9   | -143.5      |
| materials and   |         |        |        |       |          |             |
| services        |         |        |        |       |          |             |
--------------------------------------------------------------------------------
| Employee        | -41.6   | -36.8  | -4.8   | 12.9% | -11.5    | -10.4       |
| benefit         |         |        |        |       |          |             |
| expenses        |         |        |        |       |          |             |
--------------------------------------------------------------------------------
| Depreciation    | -1.9    | -2.0   | 0.1    | -5.7% | -0.5     | -0.7        |
| and impairments |         |        |        |       |          |             |
--------------------------------------------------------------------------------
| Other operating | -12.6   | -12.8  | 0.2    | -1.8% | -3.1     | -4.6        |
| expenses        |         |        |        |       |          |             |
--------------------------------------------------------------------------------
| Operating       | 15.1    | 24.6   | -9.6   | -38.8 | -2.9     | 11.8        |
| profit          |         |        |        | %     |          |             |
--------------------------------------------------------------------------------
| Financial       | 2.6     | 2.6    | 0.0    | 0.8%  | 1.3      | 0.6         |
| income          |         |        |        |       |          |             |
--------------------------------------------------------------------------------
| Financial       | -6.1    | -6.6   | 0.4    | -6.4% | -3.7     | -1.9        |
| expenses        |         |        |        |       |          |             |
--------------------------------------------------------------------------------
| Financial       | -3.5    | -4.0   | 0.4    | -11.2 | -2.3     | -1.3        |
| income and      |         |        |        | %     |          |             |
| expenses, total |         |        |        |       |          |             |
--------------------------------------------------------------------------------
| Profit before   | 11.5    | 20.7   | -9.1   | -44.1 | -5.2     | 10.4        |
| taxes           |         |        |        | %     |          |             |
--------------------------------------------------------------------------------
| Income taxes    | -3.9    | -5.4   | 1.5    | -27.5 | 0.1      | -2.7        |
|                 |         |        |        | %     |          |             |
--------------------------------------------------------------------------------
| Net profit for  | 7.6     | 15.3   | -7.6   | -50.0 | -5.1     | 7.7         |
| the period      |         |        |        | %     |          |             |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Attributable to |         |        |        |       |          |             |
--------------------------------------------------------------------------------
| Equity holders  | 7.2     | 14.5   |        |       | -5.1     | 7.4         |
| of the parent   |         |        |        |       |          |             |
| company         |         |        |        |       |          |             |
--------------------------------------------------------------------------------
| Minority        | 0.5     | 0.8    |        |       | 0.0      | 0.4         |
| interest        |         |        |        |       |          |             |
--------------------------------------------------------------------------------
| Earnings per    | 0.22    | 0.56   |        | -60.4 | -0.14    | 0.28        |
| share           |         |        |        | %     |          |             |
| calculated on   |         |        |        |       |          |             |
| the profit      |         |        |        |       |          |             |
| attributable to |         |        |        |       |          |             |
| equity holders  |         |        |        |       |          |             |
| of the parent   |         |        |        |       |          |             |
| company         |         |        |        |       |          |             |
| (undiluted and  |         |        |        |       |          |             |
| diluted) 1)     |         |        |        |       |          |             |
--------------------------------------------------------------------------------
| Key figures per share have been adjusted to reflect the increase in the  |   |
| number of shares, which came into effect on 11 April 2007 (split), new   |   |
| issue of shares on 11 June 2007 and the new issue of shares and the      |   |
| cancellation of treasury shares in connection with the merger of the SRV |   |
| Henkilöstö Oy on 29 September 2007                                       |   |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| Consolidated balance sheet                | IFRS      | IFRS      | change,  |
--------------------------------------------------------------------------------
| EUR million                               | 12/2007   | 12/2006   | %        |
--------------------------------------------------------------------------------
| ASSETS                                    |           |           |          |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Non-current assets                        |           |           |          |
--------------------------------------------------------------------------------
| Property, plant and equipment             | 8.0       | 5.5       | 46.2%    |
--------------------------------------------------------------------------------
| Goodwill                                  | 0.7       | 0.7       | 0.0%     |
--------------------------------------------------------------------------------
| Other intangible assets                   | 0.6       | 0.9       | -28.8%   |
--------------------------------------------------------------------------------
| Other financial assets                    | 2.9       | 2.3       | 26.4%    |
--------------------------------------------------------------------------------
| Receivables                               | 2.7       | 5.6       | -51.5%   |
--------------------------------------------------------------------------------
| Deferred tax assets                       | 1.1       | 0.2       | 593.4%   |
--------------------------------------------------------------------------------
| Non-current assets, total                 | 16.1      | 15.2      | 6.3%     |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Current assets                            |           |           |          |
--------------------------------------------------------------------------------
| Inventories                               | 196.4     | 134.5     | 46.0%    |
--------------------------------------------------------------------------------
| Trade and other receivables               | 94.2      | 65.4      | 43.9%    |
--------------------------------------------------------------------------------
| Current tax                               | 3.4       | 1.4       | 140.5%   |
--------------------------------------------------------------------------------
| Cash and cash equivalents                 | 21.4      | 14.9      | 43.9%    |
--------------------------------------------------------------------------------
| Lyhytaikaiset varat yhteensä              | 315.4     | 216.3     | 45.8%    |
--------------------------------------------------------------------------------
| VARAT YHTEENSÄ                            | 331.6     | 231.4     | 43.3%    |
--------------------------------------------------------------------------------


--------------------------------------------------------------------------------
| Consolidated balance sheet                | IFRS      | IFRS      | change,  |
--------------------------------------------------------------------------------
| EUR million                               | 12/2007   | 12/2006   | %        |
--------------------------------------------------------------------------------
| EQUITY AND LIABILITIES                    |           |           |          |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Equity attributable to equity holders of  |           |           |          |
| the parent company                        |           |           |          |
--------------------------------------------------------------------------------
| Share capital                             | 3.1       | 1.3       | 135.0%   |
--------------------------------------------------------------------------------
| Share premium reserve                     | 0.0       | 1.8       | -100.0%  |
--------------------------------------------------------------------------------
| Invested free equity account              | 87.3      | 0.0       |          |
--------------------------------------------------------------------------------
| Translation differences                   | 0.0       | 0.0       |          |
--------------------------------------------------------------------------------
| Fair value reserve                        | 0.0       | 0.1       | -100.0%  |
--------------------------------------------------------------------------------
| Retained earnings                         | 64.7      | 54.7      | 18.2%    |
--------------------------------------------------------------------------------
| Equity attributable to equity holders of  | 155.1     | 57.9      | 167.8%   |
| the parent company, total                 |           |           |          |
--------------------------------------------------------------------------------
| Minority interest                         | 3.2       | 4.2       | -23.8%   |
--------------------------------------------------------------------------------
| Equity, total                             | 158.3     | 62.2      | 154.7%   |
--------------------------------------------------------------------------------
| Non-current liabilities                   |           |           |          |
--------------------------------------------------------------------------------
| Deferred tax liabilities                  | 0.1       | 1.0       | -86.3%   |
--------------------------------------------------------------------------------
| Provisions                                | 5.9       | 4.8       | 22.4%    |
--------------------------------------------------------------------------------
| Interest-bearing liabilities              | 37.7      | 48.4      | -21.2%   |
--------------------------------------------------------------------------------
| Other liabilities                         | 0.4       | 0.0       |          |
--------------------------------------------------------------------------------
| Non-current liabilities, total            | 44.1      | 54.2      | -18.6%   |
--------------------------------------------------------------------------------
| Current liabilities                       |           |           |          |
--------------------------------------------------------------------------------
| Trade and other liabilities               | 96.9      | 80.1      | 20.9%    |
--------------------------------------------------------------------------------
| Current tax                               | 1.6       | 0.2       | 867.4%   |
--------------------------------------------------------------------------------
| Provisions                                | 4.1       | 3.6       | 11.9%    |
--------------------------------------------------------------------------------
| Interest-bearing liabilities              | 26.5      | 31.2      | -14.9%   |
--------------------------------------------------------------------------------
| Current liabilities, total                | 129.1     | 115.1     | 12.2%    |
--------------------------------------------------------------------------------
| Liabilities, total                        | 173.2     | 169.3     | 2.3%     |
--------------------------------------------------------------------------------
| EQUITY AND LIABILITIES                    | 331.6     | 231.4     | 43.3%    |
--------------------------------------------------------------------------------


Statement of changes in Group equity 1 Jan - 31 Dec 2007                        

--------------------------------------------------------------------------------
|             | Equity attributable to the equity holders of the |             |
|             | parent company                                   |             |
--------------------------------------------------------------------------------
| IFRS        | Sha | Shar | Non- | Trans | Fair  | Retai | Tota | Mino | Tota |
| EUR million | re  | e    | rest | -lati | value | -ned  | l    | -rit | l    |
|             | cap | prem | rict | on    | reser | earni |      | y    | equi |
|             | ita | ium  | ed   | diffe | ve    | ngs   |      | inte | ty   |
|             | l   | rese | equi | r-enc |       |       |      | rest |      |
|             |     | rve  | ty   | es    |       |       |      |      |      |
|             |     |      | rese |       |       |       |      |      |      |
|             |     |      | rve  |       |       |       |      |      |      |
--------------------------------------------------------------------------------
| Equity on 1 | 1.3 | 1.8  | 0.0  | 0.0   | 0.1   | 54.7  | 57.9 | 4.2  | 62.2 |
| Jan 2007    |     |      |      |       |       |       |      |      |      |
--------------------------------------------------------------------------------
| Translation |     |      |      | 0.0   |       |       | 0.0  |      |      |
| differences |     |      |      |       |       |       |      |      |      |
--------------------------------------------------------------------------------
| Net gains   |     |      |      |       | -0.1  |       | -0.1 |      |      |
| on          |     |      |      |       |       |       |      |      |      |
| available-f |     |      |      |       |       |       |      |      |      |
| or-sale     |     |      |      |       |       |       |      |      |      |
| financial   |     |      |      |       |       |       |      |      |      |
| assets      |     |      |      |       |       |       |      |      |      |
--------------------------------------------------------------------------------
| Other       |     |      |      |       |       | 0.1   | 0.1  |      |      |
| changes     |     |      |      |       |       |       |      |      |      |
--------------------------------------------------------------------------------
| Net income  | 1.8 | -1.8 | 0.0  | 0.0   | -0.1  | 0.1   | 0.0  |      |      |
| recorded    |     |      |      |       |       |       |      |      |      |
| directly in |     |      |      |       |       |       |      |      |      |
| equity      |     |      |      |       |       |       |      |      |      |
--------------------------------------------------------------------------------
| Net profit  |     |      |      |       |       | 7.2   | 7.2  |      |      |
| for the     |     |      |      |       |       |       |      |      |      |
| period      |     |      |      |       |       |       |      |      |      |
--------------------------------------------------------------------------------
| Total       | 0.0 | 0.0  | 0.0  | 0.0   | 0.0   | 7.2   | 7.2  |      |      |
| recognized  |     |      |      |       |       |       |      |      |      |
| income and  |     |      |      |       |       |       |      |      |      |
| expenses    |     |      |      |       |       |       |      |      |      |
--------------------------------------------------------------------------------
| Dividends   |     |      |      |       |       | -3.1  | -3.1 |      |      |
| paid        |     |      |      |       |       |       |      |      |      |
--------------------------------------------------------------------------------
| Transfer    | 1.8 | -1.8 |      |       |       |       | 0.0  |      |      |
| from share  |     |      |      |       |       |       |      |      |      |
| premium     |     |      |      |       |       |       |      |      |      |
| reserve to  |     |      |      |       |       |       |      |      |      |
| share       |     |      |      |       |       |       |      |      |      |
| capital     |     |      |      |       |       |       |      |      |      |
--------------------------------------------------------------------------------
| Share issue |     |      | 116. |       |       | 0.4   | 117. |      |      |
| and         |     |      | 6    |       |       |       | 0    |      |      |
| employee    |     |      |      |       |       |       |      |      |      |
| offering    |     |      |      |       |       |       |      |      |      |
--------------------------------------------------------------------------------
| Share issue |     |      |      |       |       | -3.2  | -3.2 |      |      |
| and         |     |      |      |       |       |       |      |      |      |
| employee    |     |      |      |       |       |       |      |      |      |
| offering    |     |      |      |       |       |       |      |      |      |
| deductions  |     |      |      |       |       |       |      |      |      |
--------------------------------------------------------------------------------
| Purchase    |     |      | -29. |       |       | 8.6   | -20. |      |      |
| and         |     |      | 3    |       |       |       | 7    |      |      |
| cancellatio |     |      |      |       |       |       |      |      |      |
| n of        |     |      |      |       |       |       |      |      |      |
| treasury    |     |      |      |       |       |       |      |      |      |
| shares      |     |      |      |       |       |       |      |      |      |
--------------------------------------------------------------------------------
| Equity on   | 3.1 | 0.0  | 87.3 | 0.0   | 0.0   | 64.7  | 155. | 3.2  | 158. |
| 31 Dec 2007 |     |      |      |       |       |       | 1    |      | 3    |
--------------------------------------------------------------------------------

Statement of changes in Group equity 1 Jan - 30 Sep. 2006                       

--------------------------------------------------------------------------------
|             | Equity attributable to the equity holders of the |             |
|             | parent company                                   |             |
--------------------------------------------------------------------------------
| IFRS        | Sha | Shar | Non- | Trans | Fair  | Retai | Tota | Mino | Tota |
| EUR million | re  | e    | rest | -lati | value | -ned  | l    | -rit | l    |
|             | cap | prem | rict | on    | reser | earni |      | y    | equi |
|             | ita | ium  | ed   | diffe | ve    | ngs   |      | inte | ty   |
|             | l   | rese | equi | r-enc |       |       |      | rest |      |
|             |     | rve  | ty   | es    |       |       |      |      |      |
|             |     |      | rese |       |       |       |      |      |      |
|             |     |      | rve  |       |       |       |      |      |      |
--------------------------------------------------------------------------------
| Equity 1    | 1.3 | 1.8  | 0.0  | 0.0   | 0.4   | 42.5  | 45.9 | 3.9  | 49.8 |
| Jan 2006    |     |      |      |       |       |       |      |      |      |
--------------------------------------------------------------------------------
| Translation |     |      |      | 0.0   |       |       | 0.0  |      |      |
| differences |     |      |      |       |       |       |      |      |      |
--------------------------------------------------------------------------------
| Amount of   |     |      |      |       | -0.4  |       | -0.4 |      |      |
| available-f |     |      |      |       |       |       |      |      |      |
| or-sale     |     |      |      |       |       |       |      |      |      |
| financial   |     |      |      |       |       |       |      |      |      |
| assets      |     |      |      |       |       |       |      |      |      |
| removed     |     |      |      |       |       |       |      |      |      |
| from equity |     |      |      |       |       |       |      |      |      |
| and         |     |      |      |       |       |       |      |      |      |
| recognised  |     |      |      |       |       |       |      |      |      |
| in the      |     |      |      |       |       |       |      |      |      |
| income      |     |      |      |       |       |       |      |      |      |
| statement   |     |      |      |       |       |       |      |      |      |
--------------------------------------------------------------------------------
| Net gains   |     |      |      |       | 0.1   |       | 0.1  |      |      |
| on          |     |      |      |       |       |       |      |      |      |
| available-f |     |      |      |       |       |       |      |      |      |
| or-sale     |     |      |      |       |       |       |      |      |      |
| financial   |     |      |      |       |       |       |      |      |      |
| assets      |     |      |      |       |       |       |      |      |      |
--------------------------------------------------------------------------------
| Other       |     |      |      |       |       | 0.0   | 0.0  |      |      |
| changes     |     |      |      |       |       |       |      |      |      |
--------------------------------------------------------------------------------
| Net income  | 0.0 | 0.0  |      | 0.0   | -0.3  | 0.0   | -0.2 |      |      |
| recorded    |     |      |      |       |       |       |      |      |      |
| directly in |     |      |      |       |       |       |      |      |      |
| equity      |     |      |      |       |       |       |      |      |      |
--------------------------------------------------------------------------------
| Net profit  |     |      |      |       |       | 14.5  | 14.5 |      |      |
| for the     |     |      |      |       |       |       |      |      |      |
| financial   |     |      |      |       |       |       |      |      |      |
| period      |     |      |      |       |       |       |      |      |      |
--------------------------------------------------------------------------------
| Total       | 0.0 | 0.0  |      | 0.0   | 0.0   | 14.5  | 14.5 |      |      |
| recognized  |     |      |      |       |       |       |      |      |      |
| income and  |     |      |      |       |       |       |      |      |      |
| expenses    |     |      |      |       |       |       |      |      |      |
--------------------------------------------------------------------------------
| Dividends   |     |      |      |       |       | -2.2  | -2.2 |      |      |
| paid        |     |      |      |       |       |       |      |      |      |
--------------------------------------------------------------------------------
| Equity on   | 1.3 | 1.8  | 0.0  | 0.0   | 0.1   | 54.7  | 57.9 | 4.2  | 62.2 |
| 31 Dec 2006 |     |      |      |       |       |       |      |      |      |
--------------------------------------------------------------------------------


--------------------------------------------------------------------------------
| Consolidated cash flow statement               | IFRS         | IFRS         |
--------------------------------------------------------------------------------
| EUR million                                    | 1-12/2007    | 1-12/2006    |
--------------------------------------------------------------------------------
| Cash flows from operating activities           |              |              |
--------------------------------------------------------------------------------
| Net profit for the period                      | 7.6          | 15.3         |
--------------------------------------------------------------------------------
| Adjustments:                                   |              |              |
--------------------------------------------------------------------------------
| Depreciation                                   | 1.9          | 2.0          |
--------------------------------------------------------------------------------
| Non-cash transactions                          | 1.5          | 2.8          |
--------------------------------------------------------------------------------
| Financial income and expenses                  | 3.5          | 4.0          |
--------------------------------------------------------------------------------
| Capital gains on sales of tangible and         | -0.1         | -0.4         |
| intangible assets                              |              |              |
--------------------------------------------------------------------------------
| Income taxes                                   | 3.9          | 5.4          |
--------------------------------------------------------------------------------
| Adjustments total                              | 10.6         | 13.8         |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Changes in working capital:                    |              |              |
--------------------------------------------------------------------------------
| Change in loan receivables                     | -2.7         | 31.5         |
--------------------------------------------------------------------------------
| Change in trade and other receivables          | -23.0        | 18.4         |
--------------------------------------------------------------------------------
| Change in inventories                          | -62.8        | -33.9        |
--------------------------------------------------------------------------------
| Change in trade and other liabilities          | 16.4         | 11.3         |
--------------------------------------------------------------------------------
| Working capital total                          | -72.1        | 27.3         |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Interest paid                                  | -6.4         | -8.2         |
--------------------------------------------------------------------------------
| Interest received                              | 2.8          | 8.2          |
--------------------------------------------------------------------------------
| Dividends received                             | 0.0          | 0.0          |
--------------------------------------------------------------------------------
| Income taxes paid                              | -6.3         | -9.0         |
--------------------------------------------------------------------------------
| Net cash flow from operating activities        | -63.7        | 47.4         |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flow from investing activities            |              |              |
--------------------------------------------------------------------------------
| Property, plant and equipment                  | -4.2         | -1.6         |
--------------------------------------------------------------------------------
| Intangible assets                              | -0.1         | -0.6         |
--------------------------------------------------------------------------------
| Other financial assets                         | -1.0         | -1.0         |
--------------------------------------------------------------------------------
| Sale of property, plant and equipment and      | 0.7          | 2.3          |
| intangible assets                              |              |              |
--------------------------------------------------------------------------------
| Sale of investments                            | 0.3          | 0.0          |
--------------------------------------------------------------------------------
| Net cash used in investing activities          | -4.3         | -0.9         |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flows from financing activities           |              |              |
--------------------------------------------------------------------------------
| Proceeds from share issue                      | 113.4        | 0.0          |
--------------------------------------------------------------------------------
| Proceeds from long-term loans                  | 19.1         | 24.0         |
--------------------------------------------------------------------------------
| Repayments of long-term loans                  | -13.5        | -77.9        |
--------------------------------------------------------------------------------
| Change in loan receivables                     | 0.2          | 1.5          |
--------------------------------------------------------------------------------
| Change in housing corporation loans            | -21.8        | -11.2        |
--------------------------------------------------------------------------------
| Change in short-term loanlimits                | 0.9          | 10.8         |
--------------------------------------------------------------------------------
| Purchase of treasury shares                    | -20.7        | 0.0          |
--------------------------------------------------------------------------------
| Dividends paid                                 | -3.1         | -2.2         |
--------------------------------------------------------------------------------
| Net cash from financing activities             | 74.5         | -55.1        |
--------------------------------------------------------------------------------
| Net change in cash and cash equivalents        | 6.5          | -8.6         |
--------------------------------------------------------------------------------
| Cash and cash equivalents at the beginning of  | 14.9         | 23.5         |
| period                                         |              |              |
--------------------------------------------------------------------------------
| Cash and cash equivalents at the end of period | 21.4         | 14.9         |
--------------------------------------------------------------------------------


--------------------------------------------------------------------------------
| Inventories                            | IFRS      | IFRS       | change,    |
--------------------------------------------------------------------------------
| EUR million                            | 12/2007   | 12/2006    | %          |
--------------------------------------------------------------------------------
| Raw materials and consumables          | 0.0       | 0.3        |            |
--------------------------------------------------------------------------------
| Work in progress                       | 86.7      | 51.8       | 67.2       |
--------------------------------------------------------------------------------
| Land areas and plot-owning companies   | 64.3      | 46.8       | 37.5       |
--------------------------------------------------------------------------------
| Shares in completed housing            | 30.3      | 14.8       | 105.0      |
| corporations and real estate companies |           |            |            |
--------------------------------------------------------------------------------
| Advance payments                       | 6.5       | 13.5       | -51.7      |
--------------------------------------------------------------------------------
| Other inventories                      | 8.7       | 7.4        | 16.5       |
--------------------------------------------------------------------------------
| Inventories, total                     | 196.4     | 134.5      | 46.0       |
--------------------------------------------------------------------------------


--------------------------------------------------------------------------------
| Commitments and Contingent Liabilities | IFRS      | IFRS       | change,    |
--------------------------------------------------------------------------------
| EUR million                            | 12/2007   | 12/2006    | %          |
--------------------------------------------------------------------------------
| Collateral given for own liabilities   |           |            |            |
--------------------------------------------------------------------------------
| Real estate mortgages given            | 69.9      | 87.4       | -20.1%     |
--------------------------------------------------------------------------------
| Pledges given                          | 5.2       | 10.8       | -52.4%     |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Other commitments                      |           |            |            |
--------------------------------------------------------------------------------
| Guarantees given on liabilities on     | 71.4      | 48.0       |            |
| uncompleted projects                   |           |            |            |
--------------------------------------------------------------------------------
| Investment commitments given           | 4.7       | 3.8        | 67.0%      |
--------------------------------------------------------------------------------


--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| IFRS                                 | IFRS                                  |
| 12/2007                              | 12/2006                               |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Fair and nominal value of     |                                              |
| derivative instruments        |                                              |
--------------------------------------------------------------------------------
| EUR million                   | Fair Values          | Fair Values           |
--------------------------------------------------------------------------------
|                               | Positive | Negative  | Positive  | Negative  |
--------------------------------------------------------------------------------
| Hedge accounting not applied  |          |           |           |           |
--------------------------------------------------------------------------------
| Foreign exchange forward      | 0.0      | 0.0       | 0.0       | 0.0       |
| contracts                     |          |           |           |           |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
|                               |          | IFRS      |           | IFRS      |
--------------------------------------------------------------------------------
|                               |          | 12/2007   |           | 12/2006   |
--------------------------------------------------------------------------------
| Nominal values of derivative  |          |           |           |           |
| instruments                   |          |           |           |           |
--------------------------------------------------------------------------------
| Foreign exchange forward      |          | 8.5       |           | 7.6       |
| contracts                     |          |           |           |           |
--------------------------------------------------------------------------------
| The fair values of foreign exchange contracts are based on market prices at  |
| the end of the reporting period. Open foreign exchange forward contracts are |
| hedging the financing cash flow.                                             |
--------------------------------------------------------------------------------


2. Segment information                                                          

--------------------------------------------------------------------------------
| Revenue           | IFRS    | IFRS   | change | change | IFRS     | IFRS     |
|                   |         |        | ,      | ,      |          |          |
--------------------------------------------------------------------------------
| EUR million       | 1-12/20 | 1-12/2 | MEUR   | %      | 10-12/20 | 10-12/20 |
|                   | 07      | 006    |        |        | 07       | 06       |
--------------------------------------------------------------------------------
| Business Premises | 345.4   | 297.0  | 48.4   | 16.3   | 103.2    | 88.7     |
--------------------------------------------------------------------------------
| Housing           | 163.1   | 138.1  | 25.0   | 18.1   | 43.5     | 46.9     |
--------------------------------------------------------------------------------
| International     | 53.2    | 44.6   | 8.6    | 19.4   | 18.8     | 15.9     |
| Operations        |         |        |        |        |          |          |
--------------------------------------------------------------------------------
| Other Operations  | 11.2    | 6.0    | 5.2    | 86.0   | 2.7      | 0.4      |
--------------------------------------------------------------------------------
| Eliminations      | -11.4   | -6.2   | -5.3   |        | -2.7     | 5.2      |
--------------------------------------------------------------------------------
| Group total       | 561.4   | 479.5  | 81.9   | 17.1   | 165.5    | 157.2    |
--------------------------------------------------------------------------------



--------------------------------------------------------------------------------
| Operating profit  | IFRS    | IFRS   | change | change | IFRS     | IFRS     |
|                   |         |        | ,      | ,      |          |          |
--------------------------------------------------------------------------------
| EUR million       | 1-12/20 | 1-12/2 | MEUR   | %      | 10-12/20 | 10-12/20 |
|                   | 07      | 006    |        |        | 07       | 06       |
--------------------------------------------------------------------------------
| Business Premises | 18.0    | 25.0   | -6.9   | -27.7  | 4.7      | 10.9     |
--------------------------------------------------------------------------------
| Housing           | 10.7    | 5.1    | 5.6    | 109.1  | 2.8      | 3.7      |
--------------------------------------------------------------------------------
| International     | -10.2   | -3.6   | -6.7   |        | -9.4     | -1.0     |
| Operations        |         |        |        |        |          |          |
--------------------------------------------------------------------------------
| Other Operations  | -3.1    | -4.4   | 1.3    |        | -1.1     | -2.2     |
--------------------------------------------------------------------------------
| Eliminations      | -0.4    | 2.5    | -2.9   | -114.2 | 0.0      | 0.3      |
--------------------------------------------------------------------------------
| Group total       | 15.1    | 24.6   | -9.6   | -38.8  | -2.9     | 11.8     |
--------------------------------------------------------------------------------


--------------------------------------------------------------------------------
| Operating profit        | IFRS       | IFRS      | IFRS        | IFRS        |
--------------------------------------------------------------------------------
| (%)                     | 1-12/2007  | 1-12/2006 | 10-12/2007  | 10-12/2006  |
--------------------------------------------------------------------------------
| EUR million             | 5.2        | 8.4       | 4.5         | 12.3        |
--------------------------------------------------------------------------------
| Business Premises       | 6.5        | 3.7       | 6.5         | 7.9         |
--------------------------------------------------------------------------------
| Housing                 | -19.2      | -8.0      | -49.9       | -6.3        |
--------------------------------------------------------------------------------
| Group total             | 2.7        | 5.1       | -1.8        | 7.5         |
--------------------------------------------------------------------------------


--------------------------------------------------------------------------------
| Assets                        | IFRS       | IFRS      | change,  | change,  |
--------------------------------------------------------------------------------
| EUR million                   | 12/2007    | 12/2006   | MEUR     | %        |
--------------------------------------------------------------------------------
| Business Premises             | 117.2      | 111.9     | 5.3      | 4.7%     |
--------------------------------------------------------------------------------
| Housing                       | 113.4      | 74.2      | 39.2     | 52.9%    |
--------------------------------------------------------------------------------
| International Operations      | 114.3      | 65.6      | 48.7     | 74.2%    |
--------------------------------------------------------------------------------
| Other Operations              | 162.0      | 71.7      | 90.3     | 126.0%   |
--------------------------------------------------------------------------------
| Eliminations                  | -175.4     | -92.0     | -83.4    |          |
--------------------------------------------------------------------------------
| Group total                   | 331.6      | 231.4     | 100.1    | 43.3%    |
--------------------------------------------------------------------------------


--------------------------------------------------------------------------------
| Liabilities                   | IFRS       | IFRS      | change,  | change,  |
--------------------------------------------------------------------------------
| EUR million                   | 12/2007    | 12/2006   | MEUR     | %        |
--------------------------------------------------------------------------------
| Business Premises             | 83.9       | 72.2      | 11.7     | 16.3     |
--------------------------------------------------------------------------------
| Housing                       | 93.8       | 61.0      | 32.8     | 53.8     |
--------------------------------------------------------------------------------
| International Operations      | 104.9      | 54.3      | 50.6     | 93.0     |
--------------------------------------------------------------------------------
| Other Operations              | 31.5       | 45.1      | -13.6    | -30.1    |
--------------------------------------------------------------------------------
| Eliminations                  | -140.9     | -63.3     | -77.6    |          |
--------------------------------------------------------------------------------
| Group total                   | 173.2      | 169.3     | 3.9      | 2.3      |
--------------------------------------------------------------------------------


--------------------------------------------------------------------------------
| Invested capital              | IFRS       | IFRS      | change,  | change,  |
--------------------------------------------------------------------------------
| EUR million                   | 12/2007    | 12/2006   | MEUR     | %        |
--------------------------------------------------------------------------------
| Business Premises             | 33.4       | 37.9      | -4.5     | -11.9    |
--------------------------------------------------------------------------------
| Housing                       | 81.5       | 35.6      | 45.9     | 128.9    |
--------------------------------------------------------------------------------
| International Operations      | 101.3      | 33.0      | 68.3     | 206.7    |
--------------------------------------------------------------------------------
| Other Operations and          | 6.7        | 35.1      | -28.4    |          |
| eliminations                  |            |           |          |          |
--------------------------------------------------------------------------------
| Group total                   | 222.9      | 141.7     | 81.3     | 57.4     |
--------------------------------------------------------------------------------



--------------------------------------------------------------------------------
| Return on investment                       | IFRS            | IFRS          |
--------------------------------------------------------------------------------
| (%)                                        | 2007            | 2006          |
--------------------------------------------------------------------------------
| Business Premises                          | 52.4            | 60.3          |
--------------------------------------------------------------------------------
| Housing                                    | 16.7            | 16.5          |
--------------------------------------------------------------------------------
| International Operations                   | -11.3           | -7.8          |
--------------------------------------------------------------------------------
| Group total                                | 9.7             | 15.9          |
--------------------------------------------------------------------------------


--------------------------------------------------------------------------------
| Order backlog                 | IFRS       | IFRS      | change,  | change,  |
--------------------------------------------------------------------------------
| EUR million                   | 12/2007    | 12/2006   | MEUR     | %        |
--------------------------------------------------------------------------------
| Business Premises             | 302.8      | 287.7     | 15.1     | 5.2      |
--------------------------------------------------------------------------------
| Housing                       | 174.6      | 154.4     | 20.2     | 13.1     |
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| International Operations      | 51.3       | 11.6      | 39.7     | 341.3    |
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| Group total                   | 528.7      | 453.7     | 75.0     | 16.5     |
--------------------------------------------------------------------------------


--------------------------------------------------------------------------------
| Business Premises             | IFRS       | IFRS      | change,  | change,  |
--------------------------------------------------------------------------------
| EUR million                   | 1-12/2007  | 1-12/2006 | MEUR     | %        |
--------------------------------------------------------------------------------
| Revenue                       | 345.4      | 297.0     | 48.4     | 16.3     |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Operating profit              | 18.0       | 25.0      | -6.9     | -27.7    |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Segment's assets 31.12.       |            |           |          |          |
--------------------------------------------------------------------------------
| Non-current assets            | 1.0        | 0.7       | 0.2      | 31.4     |
--------------------------------------------------------------------------------
| Current assets                | 116.2      | 111.2     | 5.0      | 4.5      |
--------------------------------------------------------------------------------
| Total assets                  | 117.2      | 111.9     | 5.3      | 4.7      |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Segment's liabilities 31.12.  |            |           |          |          |
--------------------------------------------------------------------------------
| Non-current liabilities       | 1.2        | 14.0      | -12.8    | -91.5    |
--------------------------------------------------------------------------------
| Current liabilities           | 82.7       | 58.1      | 24.6     | 42.3     |
--------------------------------------------------------------------------------
| Total liabilities             | 83.9       | 72.2      | 11.7     | 16.3     |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Invested capital 31.12.       | 33.4       | 37.9      | -4.5     | -11.9    |
--------------------------------------------------------------------------------
| Return on investment, %       | 52.4       | 60.3      |          |          |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Order backlog 31.12.          | 302.8      | 287.7     | 15.1     | 5.2      |
--------------------------------------------------------------------------------



--------------------------------------------------------------------------------
| 	Housing                      | IFRS       | IFRS      | change,  | change,  |
--------------------------------------------------------------------------------
| EUR million                   | 1-12/2007  | 1-12/2006 | MEUR     | %        |
--------------------------------------------------------------------------------
| Revenue                       | 163.1      | 138.1     | 25.0     | 18.1     |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Operating profit              | 10.7       | 5.1       | 5.6      | 109.1    |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Segment's assets 31.12.       |            |           |          |          |
--------------------------------------------------------------------------------
| Non-current assets            | 2.6        | 1.1       | 1.4      | 125.0    |
--------------------------------------------------------------------------------
| Current assets                | 110.9      | 73.1      | 37.8     | 51.7     |
--------------------------------------------------------------------------------
| Total assets                  | 113.4      | 74.2      | 39.2     | 52.9     |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Segment's liabilities 31.12.  |            |           |          |          |
--------------------------------------------------------------------------------
| Non-current liabilities       | 28.1       | 25.5      | 2.7      | 10.5     |
--------------------------------------------------------------------------------
| Current liabilities           | 65.7       | 35.5      | 30.2     | 85.0     |
--------------------------------------------------------------------------------
| Total liabilities             | 93.8       | 61.0      | 32.8     | 53.8     |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Invested capital 31.12.       | 81.5       | 35.6      | 45.9     | 128.9    |
--------------------------------------------------------------------------------
| Return on investment, %       | 16.7       | 16.5      |          |          |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Order backlog 31.12.          | 174.6      | 154.4     | 20.2     | 13.1     |
--------------------------------------------------------------------------------


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| International Operations      | IFRS       | IFRS      | change,  | change,  |
--------------------------------------------------------------------------------
| EUR million                   | 1-12/2007  | 1-12/2006 | MEUR     | %        |
--------------------------------------------------------------------------------
| Revenue                       | 53.2       | 44.6      | 8.6      | 19.4     |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Operating profit              | -10.2      | -3.6      | -6.7     |          |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Segment's assets 31.12.       |            |           |          |          |
--------------------------------------------------------------------------------
| Non-current assets            | 2.4        | 0.4       | 2.0      | 473.9    |
--------------------------------------------------------------------------------
| Current assets                | 111.8      | 65.2      | 46.6     | 71.6     |
--------------------------------------------------------------------------------
| Total assets                  | 114.3      | 65.6      | 48.7     | 74.2     |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Segment's liabilities 31.12.  |            |           |          |          |
--------------------------------------------------------------------------------
| Non-current liabilities       | 14.8       | 17.5      | -2.7     | -15.2    |
--------------------------------------------------------------------------------
| Current liabilities           | 90.1       | 36.9      | 53.2     | 144.3    |
--------------------------------------------------------------------------------
| Total liabilities             | 104.9      | 54.3      | 50.6     | 93.0     |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Invested capital 31.12.       | 101.3      | 33.0      | 68.3     | 206.7    |
--------------------------------------------------------------------------------
| Return on investment, %       | -11.3      | -7.8      |          |          |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Order backlog 31.12.          | 51.3       | 11.6      | 39.7     | 341.3    |
--------------------------------------------------------------------------------

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