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STOCK EXCHANGE RELEASE 31 Jul 2003

INTERIM REPORT JANUARY 1 - JUNE 30, 2003

JAAKKO PÖYRY GROUP OYJ              Stock Exchange Notice
                                    July 31, 2003 at 8.30 a.m. 1(13)

INTERIM REPORT JANUARY 1 - JUNE 30, 2003

The Jaakko Pöyry Group's net sales for the period under review were EUR
206.3 (203.9 during the same period 2002) million. The profit before
extraordinary items was EUR 21.6 (10.2) million, including a gain of EUR
11.0 million from the sale of Jaakko Pöyry Group Oyj's headquarter
property.

The Group's consolidated balance sheet is healthy. The equity ratio was
50.7 (46.3) per cent and the net debt/equity ratio (gearing)
-20.5 (9.7) per cent.

The Jaakko Pöyry Group's earnings per share were EUR 1.03 (0.45) and the
return on investment 34.5 (14.7) per cent.

The Group's order stock was EUR 320.8 million. It increased by EUR 12.4
million during the period under review.

The Group's operating profit will improve in 2003 and most of the
improvement will take place during the second half of the year. In
addition, the earnings will improve by the EUR 11 million gain from the
sale of the headquarter property.

Business groups

Forest Industry

Net sales for the period under review were EUR 88.5 (94.5) million.
Operating profit amounted to EUR 7.5 (9.5) million. The order stock was
EUR 91.6 (at the end of 2002 85.2) million.

Energy

Net sales for the period under review were EUR 48.1 (51.9) million.
Operating profit was EUR 1.5 (-1.9) million. The order stock amounted to
EUR 114.9 (123.8) million.

Infrastructure & Environment

Net sales for the period under review were EUR 69.8 (57.9) million.
Operating profit was EUR 4.1 (3.6) million. The order stock was EUR
114.3 (99.4) million.

Other operations

On February 5, 2003 Nordisk Renting Oy, a subsidiary of Nordea Bank,
bought Jaakko Pöyry Group Oyj's headquarter property in Vantaa, Finland.
At the same time, Jaakko Pöyry Group Oyj and Nordisk Renting Oy signed a
rental agreement for the property, extending over the next 20 years.

Before the present deal, the Jaakko Pöyry Group rented its headquarter
office building from Nordea Finance Ltd, with the option to buy back the
property. Following the deal, the entire office property, including the
                                                               2(13)

Jaakko Pöyry Group's headquarter office building, the site and half of
the Martinparkki Oy car park, were taken over by Nordisk Renting Oy.
Jaakko Pöyry Group Oyj has an option to buy back these at a later date.

The deal is a continuation of Jaakko Pöyry Group Oyj's effort to focus
its financial resources on the company's core business, consulting and
engineering. The deal improves the Jaakko Pöyry Group's profit before
extraordinary items by EUR 11 million for the period under review.

Group structure

Efforts to further develop the Group's structure and business operations
continued during the period under review.

Jaakko Pöyry Group Oyj reshaped its organisational structure as of May
1, 2003 by integrating the forest industry consulting and engineering
businesses into one forest industry business group. Following the
integration the Jaakko Pöyry Group consists of three business groups:
Forest Industry, Energy, and Infrastructure & Environment. Each business
group offers a full range of consulting, investment planning and
implementation as well as maintenance planning and operations
improvement services to its clients in the entire life-cycle of their
business. The target of the new structure is also to streamline
overlapping operations and to improve the efficiency of business
operations.

Acquisitions

Forest Industry

The business group has in March acquired the business of Redbeard
Consulting B.V. Redbeard Consulting's line of business included
strategic and IT consulting services to the European paper industry. The
company employed 4 people, who have taken up new positions within the
Forest Industry business group.

Energy

The business group has in June expanded its energy consulting operations
by acquiring ILEX Energy Consulting Ltd, situated in Oxford, United
Kingdom. The company's net sales for 2002 were EUR 3.7 million. With
this acquisition Electrowatt-Ekono will become the leading energy
management consultant serving the European energy sector. ILEX Energy
Consulting Ltd employs 25 people.

Infrastructure & Environment

JP-Terasto Oy, which belongs to this business group, acquired HT-
Rakennuttajat Oy of Turku, Finland in February, thereby expanding its
operations in the southwestern parts of the country. HT-Rakennuttajat
specialises in project and construction management services. HT-
Rakennuttajat Oy employs 10 people.


                                                               3(13)

In April the business group acquired Fintact Oy, Finland, which
specialises in soil, bedrock and groundwater studies. In 2002 Fintact
Oy's net sales amounted to EUR 0.8 million and it currently employs 11
people.

In June the business group acquired 74 per cent of the shares in
TransTec Consult GmbH. The company is active in Germany as well as
internationally and specialises in operation, system and organisation
consulting for light rail train systems. In 2002 the company's net sales
amounted to EUR 3.0 million and it employs 25 people.

Order stock

The Group's order stock is good. It has increased by EUR 12.4 million
during the period under review, totalling EUR 320.8 million at the end
of June (EUR 280.9 million at the end of June 2002).

Capital expenditure

The Group's capital expenditure for the period under review totalled EUR
10.5 (3.9) million, of which EUR 4.7 (3.9) million consisted of computer
software, systems and hardware. Capital expenditure due to business
acquisitions were EUR 5.8 (0.0) million.

Share capital and shares

The total number of shares at the end of 2002 was 13 791 601. During the
period under review 8650 new shares were subscribed based on warrants
pursuant to the Bond Loan with Warrants of 1998. In addition, 36 500 new
shares were subscribed in July. Following these subscriptions, the
number of shares totals 13 836 751.

The warrants related to the Bond Loan with Warrants issued by Jaakko
Pöyry Group Oyj in 1998 to the Group personnel and the parent company's
Board of Directors carry subscription rights for a total of 1.3 million
of the company's shares, with the subscription period having begun
partly (390 000 shares) on April 1, 2000, partly (390 000 shares) on
April 1, 2001, and partly on April 1, 2002 (520 000 shares). The
subscription period ends for all warrants on April 30, 2005. A total of
475 765 shares have been subscribed based on the warrants.

The Annual General Meeting on March 5, 2003 authorised the Board of
Directors to decide on an increase of the share capital by a new issue
and/or by taking a convertible loan and/or by issuing option rights so
that based on the new issue, the convertible bonds and option rights,
the share capital can be increased by a maximum of EUR 1.0 million by
issuing for subscription a maximum of 1.0 million new shares. The
authorisation is in force until March 5, 2004.

The Annual General Meeting authorised the Board of Directors to acquire
and convey the company's own shares to a maximum of 689 500, which is
less than 5 per cent of the company's share capital. The Board of
Directors decided on March 5, 2003 to exercise the authorisations. The
authorisations are in force until March 5, 2004. The company has
                                                               4(13)

acquired a total of 152 700 own shares during the period February 18 -
June 19, 2003. The average acquisition price was EUR 14.63. During 2002
a total of 10 000 shares were acquired.

The company's shares are quoted on the Helsinki Exchanges. The average
trading price during the period under review was EUR 14.50, with a high
of EUR 15.50 and a low of EUR 13.00. A total of 1.6 million of the
company's shares (equalling 11.6 per cent of the total number of shares)
were traded, corresponding to a turnover of EUR 23.3 million.

The Annual General Meeting approved the Board of Directors' proposal
that a dividend of EUR 0.60 be paid per share for 2002 (EUR 0.60 for
2001), totalling EUR 8.3 million. The dividend was paid on March 17,
2003.

Prospects

World economic prospects for 2003 are still uncertain. Economic growth
is expected to be modest in 2003, and growth is not expected to resume
until 2004.

The Jaakko Pöyry Group's balance sheet structure, liquidity and order
stock are good, having improved further during the period under review.

The forest industry's investment activity has remained relatively low
and the depressed earnings of forest industry companies do not support a
quick recovery. Also the demand for services related to forest industry
consulting has remained low. However, services related to consulting as
well as investment planning and implementation are showing a growing
trend in emerging markets, such as China and Brazil. Taking into account
the market prospects the Forest Industry business group's earnings
development is satisfactory and its order stock has grown. The business
group's operating profit will improve slightly in 2003 compared with the
previous year.

Demand for services related to renewable energy resources, plant
modernisations and consulting expertise is growing in the energy sector.
There are also signs of renewed investment activity in the production of
primary energy. The Energy business group streamlined its activities in
2001-2002 in line with the reduced demand. As a result, its earnings
have improved and its operating profit for 2003 will improve clearly
compared with 2002.

The Infrastructure & Environment business group has continued to grow
steadily. Its order stock has grown and its operating profit for 2003
will improve slightly compared with the previous year.

The general market situation for the current year is challenging. The
Jaakko Pöyry Group's order stock, market position and balance sheet
structure have strengthened. In view of the business groups' prospects
outlined above, the Group's operating profit will improve in 2003 and
most of the improvement will take place during the second half of the
year. In addition, the Group's earnings will be improved by the EUR 11
million gain from the sale of the headquarter property.

                                                               5(13)

Vantaa, July 30, 2003

JAAKKO PÖYRY GROUP OYJ
Board of Directors

JAAKKO PÖYRY GROUP OYJ



Erkki Pehu-Lehtonen                 Teuvo Salminen
President and CEO                   Deputy to President and CEO


Additional information by:
Erkki Pehu-Lehtonen, President and CEO, Jaakko Pöyry Group Oyj
tel. +358 9 8947 2999, +358 400 468 084
Teuvo Salminen, Deputy to President and CEO, Jaakko Pöyry Group Oyj
tel. +358 9 8947 2872, +358 400 420 285
Satu Perälampi, Investor Relations Manager, Jaakko Pöyry Group Oyj
tel. +358 9 8947 3002, +358 40 526 3388

www.poyry.com

DISTRIBUTION:
Helsinki Exchanges
Major media




























                                                               6(13)

JAAKKO PÖYRY GROUP


Consolidated Statement of    1-6/2003 1-6/2002   1-12/2002
Income
(EUR million)

NET SALES                       206.3    203.9       407.0

Other operating income           12.0      0.6         1.4

Share of associated               0.0     -0.1        -0.1
companies' results

Operating expenses             -189.6   -187.9      -376.6

Depreciation of                  -2.5     -2.1        -4.5
consolidation goodwill
Other depreciation               -4.4     -4.3        -8.8

OPERATING PROFIT                 21.8     10.1        18.4
Proportion of net sales, %       10.6      5.0         4.5

Financial income and             -0.2      0.1        -0.3
expenses

PROFIT BEFORE EXTRAORDINARY      21.6     10.2        18.1
ITEMS
Proportion of net sales, %       10.5      5.0         4.5

Extraordinary items               0.0      0.0         0.0

PROFIT BEFORE TAXES
AND MINORITY INTEREST            21.6     10.2        18.1


Income taxes                     -7.3     -3.9        -5.7

Minority interest                -0.2     -0.1        -0.1

NET PROFIT FOR THE PERIOD        14.1      6.2        12.3












                                                               7(13)

JAAKKO PÖYRY GROUP

                              June 30, June 30, December 31,
Consolidated Balance Sheet       2003     2002        2002
(EUR million)

ASSETS

FIXED ASSETS

Consolidation goodwill           34.4     29.8        34.0
Intangible and tangible          28.7     33.5        32.7
assets
Non-current investments           9.9     13.0        12.5

CURRENT ASSETS

Receivables                     142.3    159.1       146.1
Investments, cash in hand        36.8     20.9        26.0
and at banks

                                252.1    256.3       251,3

SHAREHOLDERS' EQUITY AND
LIABILITIES

SHAREHOLDERS' EQUITY            105.1    100.9       104.3

MINORITY INTEREST                 4.1      5.0         5.0

LIABILITIES *)

Non-current liabilities          21.5     20.1        23.1
Current liabilities             121.4    130.3       118.9

                                252.1    256.3       251,3

*) Interest bearing              14.4     31.1        19,9
  liabilities
   Non-interest bearing         128.5    119.3       122,1
  liabilities











                                                               8(13)

JAAKKO PÖYRY GROUP

Statement of changes in      1-6/2003 1-6/2002   1-12/2002
financial situation
(EUR million)

FROM OPERATIONS
  Operating profit                21.8     10.1        18.4
  Depreciation and value           6.9      6.4        13.3
 decrease
  Gain on sale of fixed          -11.0      0.0        -0.3
 assets
  Share of associated              0.0     -0.1         0.1
 companies' results
  Change in net working            5.1    -12.5        -3.4
 capital
  Financial income and             0.1      0.0         0.2
 expenses
  Taxes                           -2.8     -3.9        -7.0

Total from operations             20.1      0.0        21.3

CAPITAL EXPENDITURE
  Investments in shares in        -5.8      0.0        -2.5
 subsidiaries
  Investments in other shares      0.0      0.0        -0.2
  Investments in fixed assets     -4.7     -3.9        -9.1
  Sales of shares and             12.8      0.4         0.5
 investments
  Sales of  fixed assets           6.0      2.0         2.5

Capital expenditure total          8.3     -1.5        -8.8

Cash flow before financing        28.4     -1.5        12.5

FINANCING
  New loans                        0.0      0.0         0.0
  Repayments of loans             -0.8      0.0        -7.7
  Change in current financing     -4.7     -0.4        -1.5
  Change in non-current            0.0      0.0        -0.1
 investments
  Dividends                       -8.3     -8.2        -8.6
  Acquisition of own shares       -2.2      0.0        -0.1
  Share subscription               0.1      0.3         1.6
  Translation difference          -1.7     -1.8        -2.6

Financing total                  -17.6    -10.1       -19.0

Change in liquid assets           10.8    -11.6        -6.5

Liquid assets January 1           26.0     32.5        32.5

Liquid assets at the end of       36.8     20.9        26.0
period
                                                               9(13)



JAAKKO PÖYRY GROUP

                              June 30, June 30, December 31,
Contingent Liabilities           2003     2002        2002
(EUR million)

Pledged assets and mortgages
for own debt
  Mortgages on company assets      0.0      0.2         0.0

Other obligations
  Pledged assets                   0.2      2.3         2.5
  Rent and leasing               102.9     49.2        46.1
 obligations
  Pension obligations              0.0      0.0         0.0
  Other obligations               23.8     35.8        25.1

For others
  Pledged assets                   0.0      0.0         0.1
  Mortgages, real estate           0.0      3.8         3.8
  Other obligations                0.1      0.0         0.1

Derivative Instruments

Foreign exchange forward
contracts,
  Notional values                 14.6     12.0        11.9
  Fair values                      0.1

Jaakko Pöyry Group Oyj has made
interest rate swaps for
EUR 14.2 million external
loans.


















                                                               10(13)

JAAKKO PÖYRY GROUP

Key Figures                  1-6/2003 1-6/2002   1-12/2002


Earnings / share, EUR            1.03     0.45        0.90
 Corrected with dilution         1.01     0.43        0,86
 effect

Shareholders' equity /           7.71     7.39        7.57
share, EUR

Return on investment, % p.a.     34.5     14.7        14.5

Return on equity, % p.a.         26.1     11.7        11.3

Equity ratio, %                  50.7     46.3        51.0

Equity / Assets ratio, %         43.3     41.3        43.5

Net debt / Equity ratio         -20.5      9.7        -5.6
(gearing), %

Consulting and engineering,     317.0    266.8       301.6
EUR million
EPC, EUR million                  3.8     14.1         6.8
Order stock total, EUR          320.8    280.9       308.4
million

Capital expenditure,              4.7      3.9         9.1
operating, EUR million
Capital expenditure in            5.8      0.0         2.5
shares, EUR million

Personnel in group companies    4 640    4 625       4 635
in average
Personnel in group companies
at the end of the period        4 727    4 639       4 632
Personnel in associated
companies
at the end of the period          203      195         194












                                                               11(13)

JAAKKO PÖYRY GROUP

Key Figures for the Business 1-6/2003 1-6/2002   1-12/2002
Groups
(EUR million)

NET SALES

Forest Industry                  88.5     94.5       173.7
Energy                           48.1     51.9       111.2
Infrastructure & Environment     69.8     57.9       122.7
Other                            -0.1     -0.4        -0.6

Total                           206.3    203.9       407.0

OPERATING PROFIT AND PROFIT BEFORE
EXTRAORDINARY ITEMS

Forest Industry                   7.5      9.5        13.5
Energy                            1.5     -1.9        -0.7
Infrastructure & Environment      4.1      3.6         8.5
Other                             8.7     -1.1        -2.9

OPERATING PROFIT TOTAL           21.8     10.1        18.4

Financial items                  -0.2      0.1        -0.3

PROFIT BEFORE EXTRAORDINARY      21.6     10.2        18.1
ITEMS

ORDER STOCK

Forest Industry                  91.6     67.5        85.2
Energy                          114.9    119.6       123.8
Infrastructure & Environment    114.3     93.8        99.4

Total                           320.8    280.9       308.4

Consulting and engineering      317.0    266.8       301.6
EPC                               3.8     14.1         6.8

Total                           320.8    280.9       308.4

NET SALES BY AREA

The Nordic countries             61.4     62.0       117.5
Continental Europe               88.2     86.0       172.8
Asia                             24.7     26.8        60.3
North America                    12.7      9.2        21.5
South America                     8.3     12.6        22.2
Other                            11.0      7.3        12.7

Total                           206.3    203.9       407.0
                                                               12(13)

JAAKKO PÖYRY GROUP

Key Figures for the Business   7-9/01 10-12/01      1-3/02   4-6/02
Groups
(EUR million)

NET SALES

Forest Industry                  44.5     49.4        49.7     44.8
Energy                           28.0     31.9        24.1     27.8
Infrastructure & Environment     24.6     29.7        27.0     30.9
Other                             1.0     -0.3        -0.4      0.0

Total                            98.1    110.7       100.4    103.5

OPERATING PROFIT AND PROFIT BEFORE
EXTRAORDINARY ITEMS

Forest Industry                   4.2      4.5         6.0      3.5
Energy                            1.5      1.7        -1.4     -0.5
Infrastructure & Environment      1.0      3.4         1.8      1.8
Other                            -1.0     -1.3        -1.0     -0.1

OPERATING PROFIT TOTAL            5.7      8.3         5.4      4.7

Financial items                  -0.5     -0.2        -0.2      0.3

PROFIT BEFORE EXTRAORDINARY       5.2      8.1         5.2      5.0
ITEMS

ORDER STOCK

Forest Industry                  97.1     92.7        78.2     67.5
Energy                           93.4    123.5       113.2    119.6
Infrastructure & Environment     96.6    103.7        96.9     93.8

Total                           287.1    319.9       288.3    280.9

Consulting and engineering      265.9    298.1       270.5    266.8
EPC                              21.2     21.8        17.8     14.1

Total                           287.1    319.9       288.3    280.9











                                                               13(13)

JAAKKO PÖYRY GROUP

Key Figures for the Business   7-9/02 10-12/02      1-3/03   4-6/03
Groups
(EUR million)

NET SALES

Forest Industry                  37.6     41.6        43.2     45.3
Energy                           30.9     28.4        24.3     23.8
Infrastructure & Environment     28.0     36.8        34.4     35.4
Other                            -0.4      0.2         0.1     -0.2

Total                            96.1    107.0       102.0    104.3

OPERATING PROFIT AND PROFIT BEFORE
EXTRAORDINARY ITEMS

Forest Industry                   2.3      1.7         3.7      3.8
Energy                           -0.3      1.5         0.8      0.7
Infrastructure & Environment      2.3      2.6         2.0      2.1
Other                            -0.8     -1.0         9.9     -1.2

OPERATING PROFIT TOTAL            3.5      4.8        16.4      5.4

Financial items                  -0.4      0.0         0.0     -0.2

PROFIT BEFORE EXTRAORDINARY       3.1      4.8        16.4      5.2
ITEMS

ORDER STOCK

Forest Industry                  79.1     85.2       101.0     91.6
Energy                          125.4    123.8       122.0    114.9
Infrastructure & Environment     97.3     99.4       118.9    114.3

Total                           301.8    308.4       341.9    320.8

Consulting and engineering      292.6    301.6       336.8    317.0
EPC                               9.2      6.8         5.1      3.8

Total                           301.8    308.4       341.9    320.8


The figures in the interim
report are unaudited.