Slice 1 Created with Sketch Beta. Slice 1 Created with Sketch Beta. Slice 1 Created with Sketch Beta. Slice 1 Created with Sketch Beta. Slice 1 Created with Sketch Beta. Slice 1 Created with Sketch Beta. Slice 1 Created with Sketch Beta. Slice 1 Created with Sketch Beta. Slice 1 Created with Sketch Beta. Slice 1 Created with Sketch Beta. Rectangle 212 + Rectangle 212 + Rectangle 212 Created with Sketch. Slice 1 Created with Sketch Beta. Slice 1 Created with Sketch Beta. Slice 1 Created with Sketch Beta. Slice 1 Created with Sketch Beta. Slice 1 Created with Sketch Beta. Slice 1 Created with Sketch Beta. Slice 1 Created with Sketch Beta. Slice 1 Created with Sketch Beta. Slice 1 Created with Sketch Beta. Twitter Created with Sketch Beta. Slice 1 Created with Sketch Beta. Slice 1 Created with Sketch Beta.

STOCK EXCHANGE RELEASE 31 Oct 2003

INTERIM REPORT JANUARY 1 - SEPTEMBER 30, 2003

JAAKKO PÖYRY GROUP OYJ     Stock Exchange Notice
                           October 31, 2003 at 8.30 a.m.       1(14)

INTERIM REPORT JANUARY 1 - SEPTEMBER 30, 2003

The Jaakko Pöyry Group's net sales for the period under review were EUR
302.0 million (300.0 million during the same period 2002). The profit
before extraordinary items was EUR 27.8 (13.3) million, including a gain
of EUR 11.0 million from the sale of Jaakko Pöyry Group Oyj's
headquarter property. The profit before extraordinary items for the
third quarter was EUR 6.2 (3.1) million.

The Group's consolidated balance sheet is healthy. The equity ratio was
53.0 (48.0) per cent and the net debt/equity ratio (gearing)
-26.9 (7.9) per cent.

The Jaakko Pöyry Group's earnings per share were EUR 1.31 (0.59) and the
return on investment 28.8 (13.1) per cent.

The Group's order stock was EUR 324.9 million. It has increased by EUR
16.5 million during the period under review.

The Group's profit before extraordinary items will improve clearly in
2003. In addition, the earnings will be improved by the EUR 11 million
gain from the sale of the headquarter property.

The Group's Board of Directors foresees the proposed dividend for 2003
to be in the range of EUR 0.90-1.10 per share.

Business groups

Forest Industry

Net sales for the period under review were EUR 129.3 (132.1) million.
Operating profit amounted to EUR 11.5 (11.8) million. Taking into
account the market situation, the result was good.  Investment activity
in the forest industry has remained low and demand for consulting
services has also been depressed. The business group's order stock has
remained high, amounting to EUR 91.6  million (EUR 85.2 million at the
end of 2002). The most significant new order received in the third
quarter was the pulp mill project for Veracel Celulose S.A. in Brazil.
This project added about EUR 10 million to the order stock.

Energy

Net sales for the period under review were EUR 72.3 (82.8) million.
Operating profit was EUR 2.8 (-2.2) million. The improvement in
operating profit is due to a strengthening of the business group's
market position and the cost-cutting programme implemented during 2001-
2002. The business group's order stock amounted to EUR 107.0 (123.8)
million. The decrease is due to the low investment activity in this
sector and a decline in the order stock for turnkey projects.




                                                               2(14)

Infrastructure & Environment

Net sales for the period under review were EUR 101.0 (85.9) million.
Operating profit was EUR 6.2 (5.9) million. The business group's
profitability has remained good, though the strong growth has caused its
relative profitability to decline slightly. The order stock was EUR
126.3 (99.4) million. The order stock was improved by several
transportation system projects in Western Europe, Asia and Latin
America.

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
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 improved 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 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.
                                                               3(14)

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

In February, JP-Terasto Oy acquired HT-Rakennuttajat Oy of Turku,
Finland, 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.

In April, the business group acquired Fintact Oy, Finland, which
specialises in soil, bedrock and groundwater studies. Fintact Oy 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.

In September, the business group acquired an additional 50 per cent
stake in EPStar Oy from Elisa Oyj. Following the acquisition, Jaakko
Pöyry Group Oyj owns 80 per cent of EPStar Oy, which focuses on
consulting services and network planning for the telecommunications
sector. EPStar Oy's net sales were EUR 2.5 million in 2002 and it
employs 25 people.

Taxation

According to a decision given on August 15, 2003, the Supreme
Administrative Court of Finland has ruled that Jaakko Pöyry Group Oyj's
subsidiary Electrowatt Infra AG is not a controlled foreign company as
defined in the Controlled Foreign Company (CFC) tax legislation.

The decision made by the Supreme Administrative Court on August 15, 2003
confirms the earlier decision made by the Administrative Court of
Helsinki. The decision is final and no appeal is allowed. In practical
terms the decision confirms the tax treatment of the Jaakko Pöyry Group
informed in the Notes to the Financial Statements 2002.

Order stock

The Group's order stock is good. It has increased by EUR 16.5 million
during the period under review, totalling EUR 324.9 million at the end
of September (EUR 301.8 million at the end of September 2002).



                                                               4(14)

Capital expenditure

The Group's capital expenditure for the period under review totalled EUR
12.9 (9.0) million, of which EUR 6.6 (6.5) million consisted of computer
software, systems and hardware. Capital expenditure due to business
acquisitions was EUR 6.3 (2.5) million.

Share capital and shares

The total number of shares at the end of 2002 was 13 791 601. During the
period under review 45 150 new shares were subscribed based on warrants
pursuant to the Bond Loan with Warrants of 1998. In addition, 93 800 new
shares were subscribed in October. Following these subscriptions, the
number of shares totals 13 930 551.

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
569 565 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
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 15.65, with a high
of EUR 19.00 and a low of EUR 13.00. A total of 2.5 million of the
company's shares (equalling 18.0 per cent of the total number of shares)
were traded, corresponding to a turnover of EUR 38.9 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.



                                                               5(14)

Financial position and dividend

The Jaakko Pöyry Group's financing structure is healthy. The Group's
cash in hand and at banks exceeds its interest-bearing debts by EUR 30.9
million. The net debt/equity ratio (gearing) was -26.9 (7.9) per cent
and the equity ratio 53.0 (48.0) per cent.

Because the Group's liquidity clearly exceeds the level needed to
sustain operations, the Board of Directors intends to propose to the
Annual General Meeting in 2004 an increase in the distribution of
dividend. The Board will submit its proposal following the completion of
the Group's annual accounts for 2003. The dividend to be proposed for
2003 is foreseen to be in the range of EUR 0.90-1.10 per share. In
addition to increasing the dividend, the Group intends to use its
liquidity to expand operations through acquisitions, to further develop
its current operations and to expand its network of offices.

Prospects

The year 2003 will be characterised by slow world economic growth. The
world economy has not recovered according to expectations and a return
to growth is only foreseen in 2004.

The forest industry's investment activity has remained low and any major
recovery is unlikely during the remaining months of the year. Demand for
forest industry consulting services has also been depressed. However,
demand for consulting and engineering services in emerging markets such
as China and Brazil has grown. Taking into account the market situation,
the Forest Industry business group's earnings have developed favourably
during the period under review. Its order stock has also grown. The
business group's operating profit for 2003 will improve compared with
2002.

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 of its stronger
market position and streamlining actions, the business group's earnings
have improved during the period under review, and its operating profit
for 2003 will be significantly up on 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 2002.

The Jaakko Pöyry Group's order stock, market position and balance sheet
structure have strengthened during the period under review. The earnings
for the third quarter were significantly up on 2002. The earnings for
the final quarter will also be better than last year's.  The earnings
for 2003 as a whole will be clearly better than in 2002. In addition,
the Group's earnings will be improved by the EUR 11 million gain from
the sale of the headquarter property.

                                                               6(14)

Vantaa, October 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




























                                                               7(14)

JAAKKO PÖYRY GROUP


Consolidated Statement of         1-9/2003    1-9/2002     1-12/2002
Income
(EUR million)

NET SALES                            302.0       300.0         407.0

Other operating income                11.9         1.4           1.4

Share of associated                    0.2        -0.3          -0.1
companies' results

Operating expenses                  -275.8      -277.6        -376.6

Depreciation of                       -3.8        -3.2          -4.5
consolidation goodwill
Other depreciation                    -6.6        -6.7          -8.8

OPERATING PROFIT                      27.9        13.6          18.4
Proportion of net sales, %             9.2         4.5           4.5

Financial income and                  -0.1        -0.3          -0.3
expenses

PROFIT BEFORE                         27.8        13.3          18.1
EXTRAORDINARY ITEMS
Proportion of net sales, %             9.2         4.4           4.5

Extraordinary items                    0.0         0.0           0.0

PROFIT BEFORE TAXES
AND MINORITY INTEREST                 27.8        13.3          18.1


Income taxes                          -9.7        -5.0          -5.7

Minority interest                     -0.1        -0.2          -0.1

NET PROFIT FOR THE PERIOD             18.0         8.1          12.3












                                                               8(14)

JAAKKO PÖYRY GROUP

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

ASSETS

FIXED ASSETS

Consolidation goodwill                33.9           35.5         34.0
Intangible and tangible               27.8           33.3         32.7
assets
Non-current investments               10.4           13.0         12.5

CURRENT ASSETS

Receivables                          140.9          152.0        146.1
Investments, cash in hand             45.1           22.3         26.0
and at banks

                                     258.1          256.1        251.3

SHAREHOLDERS' EQUITY AND
LIABILITIES

SHAREHOLDERS' EQUITY                 111.1          102.5        104.3

MINORITY INTEREST                      3.8            4.9          5.0

LIABILITIES *)

Non-current liabilities               22.7           20.2         23.1
Current liabilities                  120.5          128.5        118.9

                                     258.1          256.1        251.3
   *)
   Interest bearing                   14.2           30.8         19.9
   liabilities
   Non-interest bearing              129.0          117.9        122.1
   liabilities












                                                               9(14)

JAAKKO PÖYRY GROUP

Statement of changes in           1-9/2003       1-9/2002    1-12/2002
financial situation
(EUR million)

FROM OPERATIONS
   Operating profit                   27.9           13.6         18.4
   Depreciation and value             10.4            9.9         13.3
   decrease
   Gain on sale of fixed             -11.0            0.0         -0.3
   assets
   Share of associated                -0.2            0.3          0.1
   companies' results
   Change in net working               6.9          -15.5         -3.4
   capital
   Financial income and                0.6           -0.2          0.2
   expenses
   Taxes                              -3.9           -5.0         -7.0
Total from operations                 30.7            3.1         21.3

CAPITAL EXPENDITURE
   Investments in shares in           -6.1           -2.5         -2.5
   subsidiaries
   Investments in other               -0.2            0.0         -0.2
   shares
   Investments in fixed               -6.6           -6.5         -9.1
   assets
   Sales of shares and                12.8            0.4          0.5
   investments
   Sales of  fixed assets              6.0            2.4          2.5
Capital expenditure total              5.9           -6.2         -8.8

Cash flow before financing            36.6           -3.1         12.5

FINANCING
   New loans                           0.0            0.0          0.0
   Repayments of loans                -0.8            0.0         -7.7
   Change in current                  -4.9            1.6         -1.5
   financing
   Change in non-current               0.0            0.0         -0.1
   investments
   Dividends                          -8.3           -8.6         -8.6
   Acquisition of own shares          -2.2           -0.1         -0.1
   Share subscription                  0.4            1.5          1.6
   Translation difference             -1.7           -1.5         -2.6
Financing total                      -17.5           -7.1        -19.0

Change in liquid assets               19.1          -10.2         -6.5

Liquid assets January 1               26.0           32.5         32.5

Liquid assets at the end of           45.1           22.3         26.0
period
                                                              10(14)

JAAKKO PÖYRY GROUP

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

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

Other obligations
   Pledged assets                      0.2            2.3          2.5
   Rent and leasing                  102.9           47.9         46.1
   obligations
   Pension obligations                 0.0            0.0          0.0
   Other obligations                  30.2           27.9         25.1

For others
   Pledged assets                      0.1            0.3          0.1
   Mortgages, real estate              0.0            3.8          3.8
   Other obligations                   0.0            0.1          0.1

Derivative Instruments

Foreign exchange forward
contracts,
   Notional values                    18.9           11.3         11.9
   Fair values                        -0.7

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



















                                                               11(14)

JAAKKO PÖYRY GROUP

Key Figures                       1-9/2003       1-9/2002    1-12/2002


Earnings / share, EUR                 1.31           0.59         0.90
   Corrected with dilution            1.28           0.57         0.86
   effect

Shareholders' equity /                8.13           7.44         7.57
share, EUR

Return on investment, %               28.8           13.1         14.5
p.a.

Return on equity, % p.a.              21.6           10.2         11.3

Equity ratio, %                       53.0           48.0         51.0

Equity / Assets ratio, %              44.5           40.0         43.5

Net debt / Equity ratio              -26.9            7.9         -5.6
(gearing), %

Consulting and                       322.2          292.6        301.6
engineering, EUR million
EPC, EUR million                       2.7            9.2          6.8
Order stock total, EUR               324.9          301.8        308.4
million

Capital expenditure,                   6.6            6.5          9.1
operating, EUR million
Capital expenditure in                 6.3            2.5          2.5
shares, EUR million

Personnel in group                   4 684          4 628        4 635
companies on average
Personnel in group
companies at the end
of the period                        4 782          4 611        4 632
Personnel in associated
companies at the end
of the period                          171            193          194










                                                               12(14)

JAAKKO PÖYRY GROUP

Key Figures for the               1-9/2003       1-9/2002    1-12/2002
Business Groups
(EUR million)

NET SALES

Forest Industry                      129.3          132.1        173.7
Energy                                72.3           82.8        111.2
Infrastructure &                     101.0           85.9        122.7
Environment
Other                                 -0.6           -0.8         -0.6
Total                                302.0          300.0        407.0

OPERATING PROFIT AND PROFIT BEFORE EXTRAORDINARY ITEMS

Forest Industry                       11.5           11.8         13.5
Energy                                 2.8           -2.2         -0.7
Infrastructure &                       6.2            5.9          8.5
Environment
Other                                  7.4           -1.9         -2.9
OPERATING PROFIT TOTAL                27.9           13.6         18.4

Financial items                       -0.1           -0.3         -0.3

PROFIT BEFORE                         27.8           13.3         18.1
EXTRAORDINARY ITEMS

ORDER STOCK

Forest Industry                       91.6           79.1         85.2
Energy                               107.0          125.4        123.8
Infrastructure &                     126.3           97.3         99.4
Environment
Total                                324.9          301.8        308.4

Consulting and engineering           322.2          292.6        301.6
EPC                                    2.7            9.2          6.8

Total                                324.9          301.8        308.4

NET SALES BY AREA

The Nordic countries                  84.8           88.0        117.5
Continental Europe                   128.9          123.6        172.8
Asia                                  38.6           46.5         60.3
North America                         19.3           16.0         21.5
South America                         12.7           17.2         22.2
Other                                 17.7            8.7         12.7
Total                                302.0          300.0        407.0


                                                               13(14)

JAAKKO PÖYRY GROUP

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

NET SALES

Forest Industry                  49.4      49.7      44.8      37.6
Energy                           31.9      24.1      27.8      30.9
Infrastructure &                 29.7      27.0      30.9      28.0
Environment
Other                            -0.3      -0.4       0.0      -0.4

Total                           110.7     100.4     103.5      96.1

OPERATING PROFIT AND PROFIT BEFORE
EXTRAORDINARY ITEMS

Forest Industry                   4.5       6.0       3.5       2.3
Energy                            1.7      -1.4      -0.5      -0.3
Infrastructure &                  3.4       1.8       1.8       2.3
Environment
Other                            -1.3      -1.0      -0.1      -0.8

OPERATING PROFIT TOTAL            8.3       5.4       4.7       3.5

Financial items                  -0.2      -0.2       0.3      -0.4

PROFIT BEFORE                     8.1       5.2       5.0       3.1
EXTRAORDINARY ITEMS

ORDER STOCK

Forest Industry                  92.7      78.2      67.5      79.1
Energy                          123.5     113.2     119.6     125.4
Infrastructure &                103.7      96.9      93.8      97.3
Environment

Total                           319.9     288.3     280.9     301.8

Consulting and engineering      298.1     270.5     266.8     292.6
EPC                              21.8      17.8      14.1       9.2

Total                           319.9     288.3     280.9     301.8








                                                               14(14)

JAAKKO PÖYRY GROUP

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

NET SALES

Forest Industry                  41.6      43.2      45.3      40.8
Energy                           28.4      24.3      23.8      24.2
Infrastructure &                 36.8      34.4      35.4      31.2
Environment
Other                             0.2       0.1      -0.2      -0.5

Total                           107.0     102.0     104.3      95.7

OPERATING PROFIT AND PROFIT BEFORE
EXTRAORDINARY ITEMS

Forest Industry                   1.7       3.7       3.8       4.0
Energy                            1.5       0.8       0.7       1.3
Infrastructure &                  2.6       2.0       2.1       2.1
Environment
Other                            -1.0       9.9      -1.2      -1.3

OPERATING PROFIT TOTAL            4.8      16.4       5.4       6.1

Financial items                   0.0       0.0      -0.2       0.1

PROFIT BEFORE                     4.8      16.4       5.2       6.2
EXTRAORDINARY ITEMS

ORDER STOCK

Forest Industry                  85.2     101.0      91.6      91.6
Energy                          123.8     122.0     114.9     107.0
Infrastructure &                 99.4     118.9     114.3     126.3
Environment

Total                           308.4     341.9     320.8     324.9

Consulting and engineering      301.6     336.8     317.0     322.2
EPC                               6.8       5.1       3.8       2.7

Total                           308.4     341.9     320.8     324.9


The figures in the interim
report are unaudited.