Interim Report January ? March 2004

                                    11 May, 2004 10.00 a.m.

KCI Konecranes Group
Interim Report January – March 2004


For three quarters in a row, new orders show strong growth, now 14 %
Counted in local currencies the orders growth is approx. 20 %
The significant growth in orders will lead to sales growth later in
the year
Restructuring results visible: Better profitability even w/o sales
Current currency environment will affect results negatively all
through the year
Strong cash flow from operations: +17.8 MEUR (-5.5 MEUR)

                   First quarter               LTM            LY
MEUR             1-3/    1-3/ Change  4/03-  4/02-   Change   1-12/
SALES              04      03      %   3/04   3/03        %      03
 Services        74.5    76.0   -2.0  337.3  347.8     -3.0   338.8
 Equipment       47.0    46.4    1.2  212.9  222.0     -4.1   212.3
 Cranes          43.2    43.6   -1.0  178.2  205.6    -13.3   178.6
 Sales          -12.4   -15.2  -18.6  -62.4  -70.0    -10.9   -65.2
Sales total     152.2   150.8    1.0  666.0  705.5     -5.6   664.5
EBITA             3.0     2.6   15.3   37.8   36.0      5.2    37.4
amortisation     -0.5    -0.8  -34.4   -3.1   -3.2     -1.9    -3.4
EBIT              2.5     1.8   37.0   34.7   32.8      5.9    34.1
costs             0.0    -0.4         -12.2   -0.4            -12.6
income            2.5     1.4   75.6   22.5   32.4    -30.5    21.5

                                                            2 (17)

income and                                                         
expenses         -0.6    -0.5    7.9   -2.6   -1.2    117.6    -2.6
Income before                                                      
taxes and                                                          
interest          1.9     0.9  116.5   19.9   31.2    -36.3    18.9
items             0.0     0.0          -8.1    0.0             -8.1
Net income        1.3     0.6  114.9    7.4   21.1    -65.0     6.7
Earnings per                                                       
share (EUR)      0.09    0.04  117.0   0.93   1.46    -36.4    0.88
 Services        70.7    69.4    1.9  270.3  278.2     -2.8   269.0
 Equipment       60.8    54.5   11.5  226.6  223.5      1.4   220.3
 Cranes          53.3    41.0   30.1  197.3  161.1     22.5   184.9
 Orders         -13.8   -15.4  -10.5  -60.7  -67.5    -10.1   -62.4
Received total  171.0   149.5   14.4  633.4  595.3      6.4   611.9
Order book at                                                      
end of period   234.9   210.3   11.7      -      -        -   211.2

Comments on first quarter results:

2004 has started well. For three quarters in a row, new orders
demonstrate strong growth over the previous year: 14.4 %(Q1/04), 14.1
%(Q4/03) and 16.5 %(Q3/03) respectively.

This quarter’s 14.4 % contains +1.9 % for Maintenance. The relevant
measure is local currency. Calculated this way, the growth in
Maintenance orders was 8 % over last year’s figures.

The profitability improved. The strong order intake has not yet come
through to sales, and profit improvements have been generated –
against a very unfavourable currency development – through increased
operational efficiency.

                                                            3 (17)

The trading environment still remains challenging on most of the
Group’s markets, thus the orders growth is largely the result of
captured market shares.

However, certain product and geographical areas have started to grow:
harbour cranes and steel mill cranes are selling well. The Chinese
market continues to be buoyant, and in North America the market
sentiment is slowly changing to the better.

Comments on year-end results:

Group earnings show a seasonal pattern: Earnings are low at the
beginning of the year, and improve considerably towards the end of the
year. This year, this effect will be boosted further by a robust order
level. However, the effect of the lower value of the American dollar,
and other currencies following the dollar, will gain full momentum
during the second half of the year. The Group’s hedging policies have
delayed the effect at the beginning of the year.

The dollar effect is well counterbalanced by the operational
efficiency improvements together with the forthcoming sales increase.

Stig Gustavson, President and CEO

Turning point!

In our Q3/03 report, my result commentary had the heading “Turning
point?ö. That quarter then posted an orders growth of 16.5 %, after a
period of no growth in new orders.
Now, with two more quarters of double-digit orders growth, the
question mark is removed. The turning point was really passed at mid-
year 2003.

In Standard Lifting and Special Cranes, we attribute the growth mainly
to two success factors. One, Our R&D efforts have produced a totally
modern and efficient product range, which is winning market shares.
Two, our entry into the Chinese market has been well timed. Now, with
already over twenty units (wholly owned/JV-s/contracted dealers)
operative, our growth is accelerating.

Last year, we announced a number of rationalisation and restructuring
measures. Fuelled by an increasing competitiveness based on production
efficiency, we see good prospects for continued strong growth.

                                                            4 (17)

In Maintenance Services, the picture is different. Our business model
constantly generates a steady flow of new contracts (+21 % in 2003
only). However, the huge restructuring within the global industry (a
reported 70,000 jobs per month leaving the US for China) has created a
wave of industrial reorganisation. Closures, consolidations,
restructurings often mean a loss of maintenance contracts. During
2003, the loss ratio was 16 %, naturally taking its toll on
maintenance profitability.

Now, the churn in maintenance contracts is coming down. The cancelled
contract ratio in Q1/04 was 8 % p.a. The number is still high,
compared to historical averages of 3-4 % p.a., but the development is
a clear improvement.

Hyvinkää, 11 May, 2004
Stig Gustavson

First Quarter 2004
General Overview

(Numbers in brackets are corresponding values for the previous year
unless otherwise indicated.)

Group total sales were EUR 152.2 million (Q1/2003: EUR 150.8 million).
The sales growth was 1.0 %. Counted at comparable currency rates the
growth was approx. 5 % and all Business Areas had a positive
development. The development by geographical market area was uneven –
the Asia-Pacific area sales grew strongly, now representing 22.1 % of
total sales, all other areas contracted.

Group total orders received were EUR 171.0 million (149.5). The growth
in orders was 14.4 % or approx. 20 % at comparable currency rates. The
order growth was strong in Standard Lifting and Special Cranes (the
combined growth was 24.0 % at comparable currency rates) while the
growth in Maintenance Services was a statutory 1.9 % or approx. 8 % in
local currencies. Maintenance contract turnover rate came down from
the very high level of last year, but still stayed at a relatively
high level. This fact had a negative effect on the growth and
productivity in this Business Area.

The order growth remained very strong in Asia-Pacific, especially in
China. In North America orders in dollars for Standard Lifting
equipment and Services grew clearly. In very large cranes, however,
only a few orders were booked in America during the quarter in spite
of a high total inquiry level. The order activity improved in primary
metals (steel, aluminium etc.), power stations and inland terminals
and stayed at a high level in the harbour segment.

                                                            5 (17)

The Group’s total order book at the end of the quarter was EUR 234.9
million (210.3). The growth was 11.7 % or approx. 14 % at comparable
currency rates compared to Q1/03. The order book grew in all Business
Areas. The growth from the end of last year was EUR 23.7 million or
11.2 %.

The Group’s operating income was EUR 2.5 million (1.4), which is 75.6
% higher compared to Q1/03. The operating income on sales was 1.6 %
(0.9). The profitability in Standard Lifting and Special Cranes
improved clearly. In Maintenance Services the development was stable.
The Group costs grew somewhat on a modest increase in development
costs. The Group’s operating income before goodwill amortizations
(EBITA) was EUR 3.0 (2.2) or 2.0 % on sales (1.5 %). The operating
income before depreciations and amortizations (EBITDA) was EUR 6.2
(5.5) or 4.0 % (3.7) on sales.

The net of financing costs and income was EUR 0.6 million (0.5) and
income before taxes was EUR 1.9 million (0.9).

The Group income taxes were EUR 0.6 million (0.3) and they were based
on the estimated 33 % effective tax rate for the whole year.

Group net income was EUR 1.3 million (0.6) or 114.9 % higher compared
to Q1/03. Earnings per share were 0.09 (0.04).

The cash flow from operations was EUR 17.8 million or EUR 1.27 per
share. In Q1/03 the corresponding cash flow was EUR 5.5 million
negative. The positive cash flow development has been brought about
through improvements in the working capital management.

The Group’s net interest bearing debts decreased to EUR 42.0 million
(63.9) and the gearing was 28.7 % (41.3). The solidity ratio was 41.1
% (40.7).

The Group’s return on capital employed was 5.7 % (3.3) and the return
on equity 3.4 % (1.5 %).

The Group’s profit accumulation has never been uniform between
different quarters. It has always been slow at the beginning of the
year and has then improved towards the end of the year. This seasonal
variation in earnings will repeat itself also during this year.

Review by Business Areas

Change in the reporting structure

                                                            6 (17)

During the past few years the Maintenance Services network in North
America has increased its role in Standard Lifting Equipment sales and
distribution. Over the years industrial cranes sales has become a
substantial part of Maintenance Services operation. Until now
industrial crane orders, sales and profit numbers have been reported
as part of American service operations and included in the Business
Area Maintenance Services in our reporting. To improve accuracy and
relevance of reporting, from now on this portion of American service
operations will be reported in the Business Area Standard Lifting
Equipment. Business Area numbers, which were reported last year, have
therefore been changed to match this new reporting structure to make
year on year comparisons correct.

Maintenance Services orders received last year has been reduced by EUR
23.8 million, sales has been reduced by EUR 22.5 million and EBIT
(relates to sales and distribution portion of the delivery) has been
increased by EUR 0.4 million. The corresponding Standard Lifting
Equipment numbers reported last year have accordingly been amended.
Special Cranes or total Group consolidated numbers in 2003 were not

Maintenance Services

Maintenance Services sales were EUR 74.5 million (76.0), down by 2.0 %
compared to Q1/03. Counted at comparable currency rates sales grew by
approx. 3 %.

The productivity improved following a number of operational changes
with a headcount reduction by 146 persons or 5.4 % compared to Q1/03.
The actions together with new IT tools and growth in the Business Area
supported a positive profit development. The operating income was EUR
2.9 million (2.9) or 3.9 % (3.8) on sales. Profits were burdened by a
relatively high turnover in the maintenance contract base. The
turnover dropped significantly, but is still on a high level. The
stronger euro had a small negative translation effect on the EBIT.

The order intake was EUR 70.7 million (69.4), up by 1.9 % compared to
Q1/03. Counted in local currencies the growth in order intake was
approx. 8 %. The growth in modernisation orders was strong compared to
the low level in Q1/03. The maintenance contract base development was
positive. There are now 217,662 cranes and hoists included in the
contract base. This is 1.4 % more than one year ago, and 3.8 % or 7893
units more than at the end of last year. The net value of the contract
base grew by 2.9 % during the first quarter. Contract reductions,
cancellations, non-performing contacts and lost contracts caused the
value to decrease by 1.6 % during the quarter, but additions and new
contracts added 4.5 % to the value during the quarter. This level of
churn in the base is lower compared to the whole of last year. It is,
however, still at a historically high level.
                                                            7 (17)

The number of employees at the end of March was 2 541 (2 687).

Standard Lifting Equipment

Standard Lifting Equipment sales were EUR 47.0 million (46.4), up from
Q1/03 by 1.2 % or approx. 6 % at comparable currency rates. The
operating income was EUR 3.2 million (2.7) or 6.8 % (5.8) on sales.
This was the fourth consecutive quarter with improving profitability
on a LTM (Last Twelve Month) basis. The strong euro took its toll but
the profit supporting factors (growth, cost reductions and product
improvements) had a greater impact, and the net effect was an
improvement in profitability.

The order intake was EUR 60.8 million (54.5) or 11.5 % up compared to
Q1/03. The growth in order volume (counted in local currencies) was
approx. 17 %. Orders grew strongly in China, but there was also a
positive development in many other markets, which as such are not
growing (for example the Nordic countries and Germany). The orders
growth in North America was fuelled by the early recovery in that

Because of the strong order intake and increasing delivery times the
Business Area’s order book grew with almost 25 % (counted in local
currencies) compared to the level of orders in the book one year ago.

There are several programs in progress aiming at cost reductions.

The number of employees was 1030 (1031). Excluding the personnel
additions due to Group’s growth in Asian based activities there was a
personnel reduction by 50 persons compared to Q1/03.

Special Cranes

Special Cranes sales were EUR 43.2 million (43.6), down 1.0 % compared
to Q1/03. Sales grew by approx. 1 % at comparable currency rates. The
operating income was EUR 2.4 million (1.1) or 5.5 % on sales (2.5).
The profit improvement comes from a lower cost base and a better
productivity. The strength of the euro had a small negative impact on
the profit.

The order intake was EUR 53.3 million (41.0). The growth was 30.1 % or
almost one third when counted at comparable currency rates. On a last
twelve months (LTM) basis Q1/04 marks the third consecutive quarter
with strong growth in orders received.

The order book in Special Cranes grew by 13 % compared to Q1/03 and
gives a good base load for the whole of 2004.

A number of programs dedicated to further cost reductions continue.
                                                            8 (17)

The number of employees was 610 (659).

Group costs and consolidation items

Group overheads, which mainly consist of Group’s costs of R&D,
personnel development, M&A activities, global sourcing, legal affairs,
financing and management were EUR 5.3 million (4.6). The cost increase
relates mainly to intensified development activities.

Group consolidation items consist of elimination of internal profits,
shares of associated companies’ result and group goodwill
amortization. Q1/04 consolidation items were EUR 0.6 million (0.7).
The small reduction is the result of lower goodwill amortizations.

Future prospects

Group earnings show a seasonal pattern: Earnings are low at the
beginning of the year, and improve considerably towards the end of the
year. This year, this effect will be boosted further by a robust order
level. However, the effect of the lower value of the American dollar,
and other currencies following the dollar, will gain full momentum
during the second half of the year. The Group’s hedging policies have
delayed the effect at the beginning of the year.
The dollar effect is well counterbalanced by the operational
efficiency improvements together with the forthcoming sales increase.

Important events

The ordinary Annual General Meeting (AGM) on March 4, 2004 confirmed a
dividend of EUR 1.00 (0.95). The dividend was paid against each of the
outstanding 14,044,530 shares and the payment date was March 16, 2004.

The AGM renewed the Board’s authorisation to repurchase and transfer
company’s own shares up to a maximum of 715.431 shares.

The AGM decided to amend article 6 of the Articles of Association. The
term of office of Board members shall now expire at the closing of the
next Annual General Meeting following his/her election.

The AGM re-elected Mr Matti Kavetvuo. Mr Svante Adde and Mr Lennart
Simonsen were elected new members of the Board. The other Board
members are: Mr Timo Poranen, Mr Björn Savén, Mr Stig Stendahl and Mr
Stig Gustavson.

In its first meeting the Board of Directors re-elected Mr Björn Savén
as its Chairman.
                                                            9 (17)

The AGM reconfirmed Deloitte & Touche Oy as the company’s external

KCI Konecranes subsidiary KCI Motors Oy completed mandatory labour
negotiations on March 16, 2004. As a result of the negotiations the
production of motors in Hyvinkää will be phased out and outsourced.
Approximately 65 employees were given notices.

Mr Rainer Aalto, Director, Business Development and M&A, retired from
his position on March 31, 2004 according to his agreement with the
company. Mr Aalto has made himself available for KCI Konecranes in an
advisory capacity on part time basis. Mr Antti Vanhatalo, Group Vice
President and Mr Ari-Pekka Salonen, Director, M&A Financials, took
over Mr Aalto’s duties.

Important events after the end of the first quarter

On April 15, 2004 KCI Konecranes celebrated its 10th anniversary
with a Jubilee seminar in Hyvinkää, Finland. Guest speakers
included Mr. Martti Mäenpää, Director General, Technology
Industries of Finland, Mr. Joe Bryant,Vice President, South
Carolina State Port Authority, Mr. Magnus Diesen, Executive Vice
President, Stora Enso and Ms. Li Feng Hua, Senior Executive
Manager, Shanghai Baosteel International. We take this opportunity
to thank our distinguished speakers for sharing their views on the
immediate future within their respective industry sectors. The
Seminar was followed by a Jubilee dinner in the crane factory in
Hyvinkää. The Jubilee program was attended by some 180 persons
from 20 countries including customers, business associates,
suppliers, the press, investors, bank analysts, Board members,
friends and former and present Konecranes top managers.

Group structure

KCI Konecranes made two important changes to its operational
management organisation effective January 1, 2004.

In search of operational efficiency and cost synergies the Harbour and
Shipyard Cranes (VLC) operations and Heavy Duty Process Cranes (GCC)
operations were merged to form an operationally unified Special Cranes
business under one management.

New Country Executive positions were created. The duties of the
Country Executives include the co-ordination of marketing, sales,
customer service and administration activities in the country of duty.
The introduction of these positions does not change reporting lines,
                                                           10 (17)

but improve realisation of synergies between Business Areas, support
growth and improve customer service. Altogether six Country Executives
were appointed to cover the Group’s main markets.

Important orders

Here are some examples on orders received during January-March 2004.
The list illustrates our reach, both in terms of customer base and
geographical coverage.

General Motors ordered a new stamping plant crane for Shanghai, China
and another for Mansfield, Ohio, USA.

Automotive supplier TWB Fahrzeugtechnik GmbH & Co. KG ordered several
cranes for their new factory in Artern, Germany.

I/S Kara Forbrændingsanlæg of Denmark ordered a Waste-to-Energy crane
with a fully automated hopper feeding system for their plant in

International Bechtel Co. Ltd. ordered nine Power House Cranes for
Aluminium Bahrain’s ALBA Line 5 Expansion Project in Bahrain.

Fernwärme Wien GesmbH ordered a modernisation of two special cranes
including replacement of open winches and crane electrification at
their power station in Vienna, Austria.

Voestalpine ordered four workshop CXT cranes for the maintenance of
their new continuous casting plant in Linz, Austria.

Nanshan Aluminum ordered an automated aluminum coil storage crane and
four heavy-duty cranes including 20 units of CXT Industrial cranes for
their Hot and Cold Rolling lines at their mill in Nanshan, China.

Corus (UK) Ltd. ordered a Process crane for their steel mill in
Scunthorpe, UK.

Maschinenfabrik Herkules of Germany ordered an automated special crane
for their roll shop system in Angang, China.

Nordland Papier GmbH ordered an automated roll storage crane for their
paper mill in Dörpen, Germany.

Daewoo Shipbuilding of Korea ordered a Shipyard Gantry crane.

DeCeTe Duisburger Container-Terminalgesellshaft GmbH of Germany
ordered a rail mounted gantry crane for handling containers at the
river terminal in Duisburg, Germany.
                                                           11 (17)

Konecranes VLC Corporation received an order for a Ship-to-Shore
container crane to be delivered to the Baltic Container Terminal (BCT)
Gdynia in Poland.

The Bristol Port Company ordered a Gantry Type Grab Bulk Unloader for
the Royal Portbury Dock in Bristol, UK.

Patrick's Terminal in Melbourne, Australia, ordered the modernisation
of a Ship-to-Shore crane.

JR Marine & Engineering PTE Ltd. of Singapore ordered the relocation
of seven Ship-to-Shore cranes using our FLUIDTS system at the new CT 9
container terminal for Modern Terminals Ltd. in Hong Kong.

Exxon Mobil of Houston, Texas, USA ordered an explosion proof crane
for maintenance of compressor motors on a Floating Production Storage
and Offloading Vessel (FPSO) working offshore near Equatorial Guinea.

Conoco Phillips ordered a Coke Handling Bucket Crane for Alliance
Refinery in Belle Chasse, Louisiana, USA.

The new convention and exhibition center in Kuala Lumpur, Malaysia,
ordered 448 chain hoists.

Share price performance and trading volume

During January-March 2004 KCI Konecranes’ share price increased by
10.51 % and closed at EUR 30.50. The highest share price during the
first quarter was EUR 30.70 and the lowest EUR 28.16. During the same
period HEX All-Share Index increased by 11.67 %, HEX Portfolio Index
increased by 4.32 % and HEX Metal & Engineering Index increased by
9.62 %.

Total market capitalisation at the end of March was EUR 436 million
(incl. own shares held by the company), the 36th highest market value
of companies listed on Helsinki Exchanges.

The trading volume totalled 5,873,601 shares of KCI Konecranes, which
represents 41.82 % of the outstanding shares (excl. own shares held by
the company). In monetary terms the trading was EUR 171 million, which
was the 23rd largest trading of companies listed on Helsinki

The non-Finland-based shareholding at the end of March was 53.83 %

                                                           12 (17)

At the end of March KCI Konecranes Plc held 264,100 of the company’s
own shares with a total nominal value of EUR 528,200 million, which is
1.85 % of the total amount of 14,308,630 shares and votes.

On March 23rd, Franklin Resources, Inc. informed that it controlled
the voting rights pertaining to 14.96 % of the shares of KCI
Konecranes Plc. The ownership of the shares is distributed between
Franklin Resources mutual funds (3.42 %) and separate accounts managed
by their affiliated investment advisers (11.54 %).

Hyvinkää, May 11, 2004
The Board of Directors

Formal statement

Certain statements in this report are forward looking and are based on
management’s expectation at the time they are made. Therefore they
involve risks and uncertainties and are subject to change due to
changes in general economic or industry conditions.

                                                           13 (17)
Statement of Income (MEUR)

                               1-3/2004      1-3/2003    1-12/2003
Sales                             152.2         150.8        664.5
Share of result of                                                
participating interest                                            
undertakings                       -0.1          -0.1         -0.3
Depreciation                       -3.7          -4.1        -16.5
Other operating expenses         -146.0        -145.2       -626.3
Operating income                    2.5           1.4         21.5
Interests, net                     -0.7          -0.6         -3.1
Other financial income                                            
and expenses                        0.1           0.1          0.5
Extraordinary items                 0.0           0.0         -8.1
Income before taxes                 1.9           0.9         10.7
Taxes                            -0.6(1        -0.3(1         -4.0
Net Income for the period           1.3           0.6          6.7
Profit /share (EUR)                0.09          0.04         0.88

1) According to estimated tax rate

Consolidated Balance Sheet (MEUR)

                                3/2004       3/2003         12/2003
Fixed Assets                      96.0        100.3            98.0
Inventories                       83.2         81.5            72.4
Receivables and other                                              
current assets                   196.4        200.9           218.6
Cash in hand and at banks         18.2         15.7            13.2
Total assets                     393.8        398.4           402.2
Equity                           151.6        159.9           163.4
Minority Interest                  0.1          0.1             0.1
Provisions                        19.9         11.8            20.3
Long-term debt                    32.0         33.7            32.5
Current liabilities              190.3        193.0           185.9
Total shareholders’                                                
equity and liabilities           393.8        398.4           402.2
Gearing                          28.7%        41.3%           27.8%
Solidity                         41.1%        40.7%           42.6%
Return on capital                      LTM 04         LTM 03       
employed (2                       5.7%  11.3%  3.3%    15.8%  10.8%
Equity/share(EUR)                10.40        10.99           11.24

2) Calculated on annual basis

                                                           14 (17)
Consolidated cash flow (MEUR)

                               1-3/2004     1-3/2003    1-12/2003
Free Cash flow                      6.1          4.8         32.7
Change in working capital          11.7        -10.4         -8.4
Cash flow from operations          17.8         -5.5         24.2
Net Investments                    -1.3         -8.2        -17.3
Cash flow before financing         16.6        -13.8          6.9
Change in debt, increase                                         
(+), decrease (-)                   2.3         27.8          5.5
Dividend paid                     -14.0        -13.3        -13.3
Correction items (1                 0.2         -0.2         -1.1
Net financing                       5.1          0.5         -2.0
Cash in hand and at banks                                        
at beginning of period             13.2         15.2         15.2
Cash in hand and at banks                                        
at end of period                   18.2         15.7         13.2
Change of Cash                      5.1          0.5         -2.0

1) Translation difference in cash in hand and at banks

Contingent Liabilities and Pledged Assets (MEUR)

                             3/2004         3/2003        12/2003
Mortgages and                                                    
pledged assets
  For own debts                 5.9            5.9            5.9
  For commercial                                                 
  guarantees                    0.7            0.8            0.8
Own commercial                                                   
guarantees                    144.5          163.3          159.5
  For associated                                                 
  company’s debt                0.8            0.8            0.8
  For others                    0.1            0.1            0.1
Leasing liabilities            16.7           16.1           18.3
Other liabilities               1.3            0.7            1.3
Total                         170.0          187.8          169.1

Notional Amounts of Derivative Financial Instruments (MEUR)

                             3/2004         3/2003         12/2003
Foreign exchange                                                  
forward contracts             481.6          453.5           441.7
Interest rate swap             25.0           25.0            25.0
Currency options              157.1          236.7             0.0
Total                         663.7          715.2           466.7

                                                           15 (17)

Derivatives are used for currency and interest rate hedging only. The
notional amounts do not represent amounts exchanged by the parties and
are thus not a measure of the exposure. A clear majority of the
transactions relate to closed positions, and these contracts set off
each other. The hedged orderbook and equity represent approximately
one half of the total notional amounts.


                                 1-3/2004    1-3/2003   1-12/2003
Total (excl.acquisitions of                                      
subsidiaries) (MEUR)                  1.3         3.9        12.4


Sales by Business Area (MEUR)

                        1-3/    1-3/     LTM*       LTM    1-12/
                        2004    2003           Year ago     2003
Services                74.5    76.0    337.3     347.8    338.8
Standard Lifting                                                
Equipment               47.0    46.4    212.9     222.0    212.3
Special Cranes          43.2    43.6    178.2     205.6    178.6
./. Internal           -12.4   -15.2    -62.4     -70.0    -65.2
Total                  152.2   150.8    666.0     705.5    664.5

Operating Income by Business Area (MEUR)

                1-3/2004   1-3/2003     1-12/2003   LTM*      LTM*
               MEUR    %  MEUR    %    MEUR    %    MEUR    MEUR
Services         2.9  3.9   2.9   3.8   22.4   6.6    22.4    24.8
Equipment        3.2  6.8   2.7   5.8   17.6   8.3    18.1    17.8
Special Cranes   2.4  5.5   1.1   2.5   13.1   7.3    14.4    14.8
Group costs     -5.3       -4.6        -29.5         -30.2   -23.6
items           -0.6       -0.7         -2.0          -2.1    -1.4
Total            2.5        1.4         21.5          22.6    32.4

*) LTM = last 12 months (full year 2003 ./. three months 2003 + three
months 2004

                                                           16 (17)

Personnel by Business Area (at the End of the Period)

                             3/2004      3/2003       12/2003
Maintenance Services          2,541       2,687         2,622
Standard Lifting                                             
Equipment                     1,030       1,031         1,000
Special Cranes                  610         659           614
Group staff                     117         111           114
Total                         4,298       4,488         4,350
Average number of                                            
personnel during period                                      
                              4,324       4,465         4,423

Order Intake by Business Area (Excl. Service Contract Base) (MEUR)

                       1-3/     1-3/     LTM*       LTM     1-12/
                       2004     2003           Year ago      2003
Services               70.7     69.4    270.3     278.2     269.0
Standard Lifting                                                 
Equipment              60.8     54.5    226.6     223.5     220.3
Special Cranes         53.3     41.0    197.3     161.1     184.9
./. Internal          -13.8    -15.4    -60.7     -67.5     -62.4
Total                 171.0    149.5    633.4     595.3     611.9

Order Book (Excl. Service Contract Base)

                            3/2004         3/2003        12/2003
Total (MEUR)                 234.9          210.3          211.2

Sales by Market (MEUR)

                      1-3/      1-3/      LTM*       LTM     1-12/
                      2004      2003            Year ago      2003
Nordic and Eastern                                                
Europe                29.7      33.4     161.4     173.9     165.1
EU (excl. Nordic)     43.6      44.5     177.6     217.2     178.6
Americas              45.3      55.0     211.6     239.5     221.3
Asia-Pacific          33.6      17.9     115.4      74.9      99.6
Total                152.2     150.8     666.0     705.5     664.5

*) LTM = last 12 months (full year 2003 ./. three months 2003 + three
months 2004)

                                                           17 (17)
Analyst and press briefing

An analyst briefing will be arranged today, on 11 May at 12.00 noon in
Helsinki, Finland (address: Helsinki World Trade Center, Marski Hall,
Aleksanterinkatu 17).


An international teleconference will be arranged today on 11 May 2004
at 4.00 p.m. Finnish time (2.00 p.m. London time). The dial-in number
is +44-(0) 20 7162 0189. Please call in at 3.50 p.m. The graphics of
the presentation are attached to the report on the Internet. A replay
of the teleconference will be available for the next 48 hours at +44-
(0) 20 8288 4459, code 713782.


This report is also available on the Internet at An
audio recording of Mr Gustavson’s presentation at the teleconference
will be available on the Internet later on 11 May.

Next report

Interim Report, 2nd quarter, will be published on 12 August 2004 at
10.00 a.m. Finnish time (8.00 a.m. London time).


A graphical presentation of this report is available on the Internet


Franciska Janzon
IR Manager

Mr Stig Gustavson, President & CEO, tel. +358-20 427 2000
Mr Teuvo Rintamäki, Chief Financial Officer, tel. +358-20 427 2040
Ms Franciska Janzon, IR Manager, tel. +358-20 427 2043

Helsinki Exchanges