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STOCK EXCHANGE RELEASE 28 Apr 2003

INTERIM REPORT JANUARY 1 - MARCH 31, 2003

JAAKKO PÖYRY GROUP OYJ     Stock Exchange Notice
                           April 28, 2003, 8.30 a.m.           1(13)

INTERIM REPORT JANUARY 1 - MARCH 31, 2003

The Jaakko Pöyry Group's net sales for the period under review were EUR
102.0 (100.4 in the same period 2002) million. Profit before
extraordinary items was EUR 16.4 (5.2) 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
51.6 (46.2) per cent and the net debt/equity ratio (gearing)
-20.8 (1.8) per cent.

The Jaakko Pöyry Group's earnings per share were EUR 0.81 (0.24) and the
return on investment 51.3 (15.7) per cent.

The Group's order stock was EUR 341.9 million. It increased by EUR 33.5
million during the period under review.

The Group's earnings are expected to improve in 2003 and most of the
improvement will mainly take place during the second half of the year.
In addition, the earnings will be improved 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 35.2 (39.6) million.
Operating profit amounted to EUR 4.0 (5.6) million. The order stock was
EUR 91.8 (at the end of 2002 77.7) million.

Forest Industry Consulting

Net sales for the period under review were EUR 8.0 (10.1) million.
Operating profit was EUR -0.3 (0.4) million. The order stock amounted to
EUR 9.2 (7.5) million.

Energy

Net sales for the period under review were EUR 24.3 (24.1) million.
Operating profit was EUR 0.8 (-1.4) million. The order stock amounted to
EUR 122.0 (123.8) million.

Infrastructure & Environment

Net sales for the period under review were EUR 34.4 (27.0) million.
Operating profit was EUR 2.0 (1.8) million. The order stock was EUR
118.9 (99.4) million.

Other operations

Nordisk Renting Oy, a subsidiary of Nordea Bank, on February 5, 2003
bought Jaakko Pöyry Group Oyj's headquarter property in Vantaa, Finland.
                                                               2(13)

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
Jaakko Pöyry Group's headquarter office building, the site and half of
the Martinparkki Oy car park, will be 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.

JP Management Consulting (Europe) Oy, which is a company in the Forest
Industry Consulting business group, acquired the business of Redbeard
Consulting B.V., which operates in the European market. Redbeard
Consulting offers strategic and IT consulting services to the European
paper industry. Redbeard Consulting employs 4 people.

JP-Terasto Oy, a company in the Infrastructure & Environment business
group, acquired HT-Rakennuttajat Oy based in Turku, Finland, thereby
expanding its operations in the southwestern parts of the country. HT-
Rakennuttajat specialises in project and construction management work.
HT-Rakennuttajat Oy employs 10 people.

Efforts to further develop the Group's structure and business operations
will continue during the current year.

Order stock

The Group's order stock is good and it has increased by EUR 33.5 million
during the period under review, totalling EUR 341.9 million at the end
of March, compared with EUR 288.3 million at the end of March 2002. At
the end of December 2002 the order stock was EUR 308.4 million.

The A.T. Biopower Company Ltd power plant project, which was published
in September 2002, is not included in the order stock, as financing
arrangements for the project have not progressed as expected.

Capital expenditure

The Group's capital expenditure for the period under review totalled EUR
3.3 (2.2) million, of which EUR 2.2 (2.2) million consisted of computer
software, systems and hardware and EUR 1.1 (0.0) million were capital
expenditure due to business acquisitions.


                                                               3(13)

Share capital and shares

The total number of shares at the end of 2002 was 13 791 601. After the
period under review, in April, 8650 new shares were subscribed based on
warrants pursuant to the Bond Loan with Warrants of 1998. Following
these subscriptions, the number of shares totals 13 800 251.

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 beginning 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 439 265
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 in 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
acquired a total of 69 200 shares during the period February 18 - April
4, 2003. The average acquisition price was EUR 14.38. 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 14.26, with a high
of EUR 15.20 and a low of EUR 13.00. A total of 0.7 million of the
company's shares (equalling 5.0 per cent of the total number of shares)
were traded, corresponding to a turnover of EUR 9.7 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 normal 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 order stock represents a normal price level.

                                                               4(13)

The forest industry's investment activity has remained relatively flat
and the depressed earnings of forest industry companies do not support a
quick recovery. However, investments in emerging markets, such as China,
are showing a growing trend. The Forest Industry business group's
earnings development has improved and its order stock has grown. The
business group's operating profit will improve in 2003 compared with the
previous year.

The business environment in the consulting sector is still difficult and
no immediate improvement is in sight. The Forest Industry Consulting
business group's earnings for the period under review were
unsatisfactory, so measures to improve profitability will continue. The
business group's operating profit for 2003 will remain at the previous
year's level or improve slightly.

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 and economic prospects for the current year
are challenging. The Jaakko Pöyry Group's order stock, market position
and balance sheet structure have continued to strengthen. In view of the
business group prospects outlined above, the Group's earnings are
expected to improve in 2003. A number of major projects included in the
order stock will start to improve the work load during the second
quarter, so the earnings improvement will mainly take place in 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.

Vantaa, April 25, 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
                                                               5(13)

Teuvo Salminen, Deputy to President and CEO, Jaakko Pöyry Group Oyj
tel. +358 9 8947 2872, +358 400 420 285
Satu Perälampi, Investor Relations, 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 Income        1-3/2003  1-3/2002   1-12/2002
(EUR million)

NET SALES                                  102.0     100.4       407.0

Other operating income                      11.5       0.7         1.4

Share of associated companies' results      -0.1      -0.1        -0.1

Operating expenses                         -93.6     -92.4      -376.6

Depreciation of consolidation goodwill      -1.2      -1.0        -4.5
Other depreciation                          -2.2      -2.2        -8.8

OPERATING PROFIT                            16.4       5.4        18.4
Proportion of net sales, %                  16.1       5.4         4.5

Financial income and expenses                0.0      -0.2        -0.3

PROFIT BEFORE EXTRAORDINARY ITEMS           16.4       5.2        18.1
Proportion of net sales, %                  16.1       5.2         4.5

Extraordinary items                          0.0       0.0         0.0

PROFIT BEFORE TAXES
AND MINORITY INTEREST                       16.4       5.2        18.1


Income taxes                                -5.3      -1.8        -5.7

Minority interest                            0.0      -0.1        -0.1

NET PROFIT FOR THE PERIOD                   11.1       3.3        12.3

















                                                               7(13)

JAAKKO PÖYRY GROUP

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

ASSETS

FIXED ASSETS

Consolidation goodwill                      34.4      30.9        34.0
Intangible and tangible assets              28.6      37.8        32.7
Non-current investments                     10.1      13.5        12.5

CURRENT ASSETS

Receivables                                142.0     143.2       146.1
Investments, cash in hand and at banks      38.2      31.7        26.0

                                           253.3     257.1       251.3

SHAREHOLDERS' EQUITY AND LIABILITIES

SHAREHOLDERS' EQUITY                       106.8      99.8       104.3

MINORITY INTEREST                            4.8       5.2         5.0

LIABILITIES *)

Non-current liabilities                     22.8      20.1        23.1
Current liabilities                        118.9     132.0       118.9

                                           253.3     257.1       251.3

*) Interest bearing liabilities             15.1      33.6        19,9
   Non-interest bearing liabilities        126.6     118.5       122.1

















                                                               8(13)

JAAKKO PÖYRY GROUP

Statement of changes in financial       1-3/2003  1-3/2002   1-12/2002
situation
(EUR million)

FROM OPERATIONS
   Operating profit                          16.4       5.4        18.4
   Depreciation and value decrease            3.4       3.2        13.3
   Gain on sale of fixed assets             -11.0       0.0        -0.3
   Share of associated companies'             0.1       0.1         0.1
  results
   Change in net working capital              3.3      -2.0        -3.4
   Financial income and expenses              0.1      -0.2         0.2
   Taxes                                     -1.7      -2.3        -7.0

Total from operations                        10.6       4.2        21.3

CAPITAL EXPENDITURE
   Investments in shares in                  -1.1       0.0        -2.5
  subsidiaries
   Investments in other shares                0.0       0.0        -0.2
   Investments in fixed assets               -2.2      -2.2        -9.1
   Sales of shares and investments           12.8       0.0         0.5
   Sales of  fixed assets                     6.0       0.0         2.5

Capital expenditure total                    15.5      -2.2        -8.8

Cash flow before financing                   26.1       2.0        12.5

FINANCING
   New loans                                  0.0       0.0         0.0
   Repayments of loans                        0.0       0.0        -7.7
   Change in current financing               -4.9       4.4        -1.5
   Change in non-current investments          0.0       0.0        -0.1
   Dividends                                 -7.8      -8.2        -8.6
   Acquisition of own shares                 -0.3       0.0        -0.1
   Share subscription                         0.0       0.0         1.6
   Translation difference                    -0.9       1.0        -2.6

Financing total                             -13.9      -2.8       -19.0

Change in liquid assets                      12.2      -0.8        -6.5

Liquid assets January 1                      26.0      32.5        32.5

Liquid assets at the end of period           38.2      31.7        26.0







                                                               9(13)

JAAKKO PÖYRY GROUP

                                        March 31, March 31, 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                             0.3       2.3         2.5
   Rent and leasing obligations             104.4      51.7        46.1
   Pension obligations                        0.0       0.0         0.0
   Other obligations                         22.6      31.9        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                            7.2      12.9        11.9
   Fair values                                0.1

Jaakko Pöyry Group Oyj has made
interest rate swaps for EUR 15.0
million external loans.























                                                               10(13)

JAAKKO PÖYRY GROUP

Key Figures                             1-3/2003  1-3/2002   1-12/2002


Earnings / share, EUR                       0.81      0.24        0.90
   Corrected with dilution effect           0.79      0.23        0.86

Shareholders' equity / share, EUR           7.77      7.33        7.57

Return on investment, % p.a.                51.3      15.7        14.5

Return on equity, % p.a.                    40.3      12.6        11.3

Equity ratio, %                             51.6      46.2        51.0

Equity / Assets ratio, %                    44.0      40.8        43.5

Net debt / Equity ratio (gearing), %       -20.8       1.8        -5.6

Consulting and engineering, EUR            336.8     270.5       301.6
million
EPC, EUR million                             5.1      17.8         6.8
Order stock total, EUR million             341.9     288.3       308.4

Capital expenditure, operating, EUR          2.2       2.2         9.1
million
Capital expenditure in shares, EUR           1.1       0.0         2.5
million

Personnel in group companies in            4 611     4 590       4 635
average
Personnel in group companies
at the end of the period                   4 628     4 648       4 632
Personnel in associated companies
at the end of the period                     198       194         194

















                                                               11(13)

JAAKKO PÖYRY GROUP

Key Figures for the Business Groups     1-3/2003  1-3/2002   1-12/2002
(EUR million)

NET SALES

Forest Industry                             35.2      39.6       137.9
Forest Industry Consulting                   8.0      10.1        35.8
Energy                                      24.3      24.1       111.2
Infrastructure & Environment                34.4      27.0       122.7
Other                                        0.1      -0.4        -0.6

Total                                      102.0     100.4       407.0

OPERATING PROFIT AND PROFIT BEFORE EXTRAORDINARY ITEMS

Forest Industry                              4.0       5.6        13.3
Forest Industry Consulting                  -0.3       0.4         0.2
Energy                                       0.8      -1.4        -0.7
Infrastructure & Environment                 2.0       1.8         8.5
Other                                        9.9      -1.0        -2.9

OPERATING PROFIT TOTAL                      16.4       5.4        18.4

Financial items                              0.0      -0.2        -0.3

PROFIT BEFORE EXTRAORDINARY ITEMS           16.4       5.2        18.1

ORDER STOCK

Forest Industry                             91.8      66.5        77.7
Forest Industry Consulting                   9.2      11.7         7.5
Energy                                     122.0     113.2       123.8
Infrastructure & Environment               118.9      96.9        99.4

Total                                      341.9     288.3       308.4

Consulting and engineering                 336.8     270.5       301.6
EPC                                          5.1      17.8         6.8

Total                                      341.9     288.3       308.4

NET SALES BY AREA

The Nordic countries                        31.6      30.6       117.5
Continental Europe                          43.6      42.4       172.8
Asia                                        11.8      13.9        60.3
North America                                6.4       5.2        21.5
South America                                3.8       5.9        22.2
Other                                        4.8       2.4        12.7

Total                                      102.0     100.4       407.0
                                                               12(13)

JAAKKO PÖYRY GROUP

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

NET SALES

Forest Industry                       40.0     38.9     33.3      38.0
Forest Industry Consulting            12.1     11.7     11.2      11.4
Energy                                34.1     33.0     28.0      31.9
Infrastructure & Environment          26.9     26.3     24.6      29.7
Other                                  0.0      0.0      1.0      -0.3

Total                                113.1    109.9     98.1     110.7

OPERATING PROFIT AND PROFIT BEFORE EXTRAORDINARY
ITEMS

Forest Industry                        5.1      4.7      4.3       3.7
Forest Industry Consulting             0.2      0.4     -0.1       0.8
Energy                                -4.4      0.6      1.5       1.7
Infrastructure & Environment           2.1      1.4      1.0       3.4
Other                                  4.5     -0.6     -1.0      -1.3

OPERATING PROFIT TOTAL                 7.5      6.5      5.7       8.3

Financial items                       -0.6     -0.4     -0.5      -0.2

PROFIT BEFORE EXTRAORDINARY ITEMS      6.9      6.1      5.2       8.1

ORDER STOCK

Forest Industry                       93.5     82.2     76.7      74.2
Forest Industry Consulting            22.8     23.0     20.4      18.5
Energy                                90.3     91.2     93.4     123.5
Infrastructure & Environment          95.5     96.2     96.6     103.7

Total                                302.1    292.6    287.1     319.9

Consulting and engineering           278.6    272.6    265.9     298.1
EPC                                   23.5     20.0     21.2      21.8

Total                                302.1    292.6    287.1     319.9









                                                               13(13)

JAAKKO PÖYRY GROUP

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

NET SALES

Forest Industry                       39.6     34.6     29.7      34.0
Forest Industry Consulting            10.1     10.2      7.9       7.6
Energy                                24.1     27.8     30.9      28.4
Infrastructure & Environment          27.0     30.9     28.0      36.8
Other                                 -0.4      0.0     -0.4       0.2

Total                                100.4    103.5     96.1     107.0

OPERATING PROFIT AND PROFIT BEFORE EXTRAORDINARY
ITEMS

Forest Industry                        5.6      2.9      2.3       2.5
Forest Industry Consulting             0.4      0.6      0.0      -0.8
Energy                                -1.4     -0.5     -0.3       1.5
Infrastructure & Environment           1.8      1.8      2.3       2.6
Other                                 -1.0     -0.1     -0.8      -1.0

OPERATING PROFIT TOTAL                 5.4      4.7      3.5       4.8

Financial items                       -0.2      0.3     -0.4       0.0

PROFIT BEFORE EXTRAORDINARY ITEMS      5.2      5.0      3.1       4.8

ORDER STOCK

Forest Industry                       66.5     60.3     72.2      77.7
Forest Industry Consulting            11.7      7.2      6.9       7.5
Energy                               113.2    119.6    125.4     123.8
Infrastructure & Environment          96.9     93.8     97.3      99.4

Total                                288.3    280.9    301.8     308.4

Consulting and engineering           270.5    266.8    292.6     301.6
EPC                                   17.8     14.1      9.2       6.8

Total                                288.3    280.9    301.8     308.4


The figures in the interim report
are unaudited.