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 8 Feb 2002

JAAKKO PÖYRY GROUP FINANCIAL STATEMENTS 2001

JAAKKO PÖYRY GROUP OYJ     Stock Exchange Notice
                           February 8, 2002 at 8.30 a.m.       1(19)

JAAKKO PÖYRY GROUP FINANCIAL STATEMENTS 2001

Earnings per share decreased by 7.1 per cent during the year under
review and were EUR 1.30 (the previous year's figure 1.40). The
return on investment exceeded the set strategic target and was 21.2
(25.1) per cent. The group has no net debt and the group's net
debt/equity ratio (gearing) was -3.0 per cent. The order stock
increased and was EUR 319.9 million at the end of the year. The
Board of Directors proposes to the Annual General Meeting that a
dividend of EUR 0.60 per share be paid. The proposed dividend
corresponds to 46.1 per cent of the earnings per share.

Consolidated Earnings and Balance Sheet

The prolonged economic upswing in the world economy turned into a
decline during 2001. During the autumn of 2001, all major economies
were plunged into a recession, which is expected to continue at
least throughout the first half of the current year. The Jaakko
Pöyry Group's business operations were affected by the global
economic slowdown, especially in the second half of 2001.
Consolidated net sales decreased by 9.0 per cent to EUR 431.8
(474.5) million. The decline in net sales was primarily due to the
reduction in the volume of turn-key projects of about EUR 40
million. The operating profit of the Jaakko Pöyry Group amounted to
EUR 28.0 (31.8) million, which equals 6.5 (6.7) per cent of net
sales. Taking into account the difficult business environment, the
Group's operating profit was satisfactory, though still below the
target for 2001. Earnings per share were EUR 1.30 (1.40). The
average growth for the years 1996 to 2001 is on the target level 15
per cent.

The target for the Group's return on investment is 20.0 per cent; in
2001 the return on investment was 21.2 (25.1) per cent.

The consolidated balance sheet is healthy. Shareholders' equity was
EUR 104.7 (97.4) million. The equity ratio was 48.9 (42.2) per cent.
The Group's liquidity remained good during the financial year. The
net debt/equity ratio (gearing) was -3.0 (-2.5) per cent.

Prospects

The Jaakko Pöyry Group's market position is strong and its order
stock is good. However, because of the market situation and current
economic prospects, 2002 will be a challenging year. Assuming that
the world economy will recover as expected in the second half of
2002, the Group's earnings are estimated to remain at the previous
year's level, with the return on investment reaching its strategic
target level.

The prospects for the business groups are described in the enclosed
Board of Directors' report.

The Auditors' Report is dated February 7, 2002.

Dividend

The Board of Directors of Jaakko Pöyry Group Oyj proposes to the
Annual General Meeting that a dividend of EUR 0.60 be paid per share
for the financial year ended December 31, 2001. The dividend is
payable on March 18, 2002.
                                                               2(19)

Annual General Meeting

Jaakko Pöyry Group Oyj's Annual General Meeting of shareholders will
be held on March 6, 2002 at the Pöyry House, Vantaa, Finland.

A complete invitation to the Annual General Meeting will be
published as a separate notice on February 8, 2002 at 9.00 a.m.


Enclosures

Board of Directors' report for the year ended December 31, 2001
Consolidated statement of income and balance sheet and contingent
liabilities
Key figures for the Group

JAAKKO PÖYRY GROUP OYJ



Erkki Pehu-Lehtonen        Teuvo Salminen
President and CEO          Executive Vice President

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

www.poyry.com

DISTRIBUTION
Helsinki Exchanges
Major media

























                                                               3(19)

JAAKKO PÖYRY GROUP

BOARD OF DIRECTORS' REPORT
January 1 - December 31, 2001

Consolidated Earnings and Balance Sheet

The prolonged economic upswing in the world economy turned into a
decline during 2001. During the autumn of 2001, all major economies
were plunged into a recession, which is expected to continue at
least throughout the first half of the year 2002.

The Jaakko Pöyry Group's business operations were affected by the
global economic slowdown, especially in the second half of 2001.
Consolidated net sales decreased by 9.0 per cent to EUR 431.8 (the
previous year's figure 474.5) million. The decline in net sales was
primarily due to the reduction in the volume of turn-key projects of
about EUR 40 million. The volume of consulting and engineering work
was roughly the same in 2001 as in 2000. The Group's target is to
increase its relative profitability to a level where its operating
profit exceeds eight per cent. The relative profitability of turn-
key projects is poorer than that of consulting and engineering
projects.

The operating profit of the Jaakko Pöyry Group amounted to EUR 28.0
(31.8) million, which equals 6.5 (6.7) per cent of net sales. Taking
into account the difficult business environment, the Group's
operating profit was satisfactory, though still below the target for
2001. The operating profit includes EUR 4.0 (4.0) million
depreciation on consolidation goodwill. Profit after financial items
was EUR 26.3 (30.1) million. The Group's profit for the year was EUR
18.0 (19.2) million and earnings per share EUR 1.30 (1.40).

The consolidated balance sheet is healthy. Shareholders' equity was
EUR 104.7 (97.4) million. The equity ratio was 48.9 (42.2) per cent.
The Group's liquidity remained good during the financial year. At
the end of the year, the Group's cash in hand and at banks amounted
to EUR 32.5 (37.5) million. Interest-bearing debts totalled EUR 29.2
(34.9) million. The net debt/equity ratio (gearing) was -3.0 (-2.5)
per cent.

Earnings per share decreased by 7.1 (grew by 26.1) per cent, the
target being 15.0 per cent growth. The average growth for the years
1996 to 2001 is on the target level. The target for the Group's
return on investment is 20.0 per cent; in 2001 the return on
investment was 21.2 (25.1) per cent.

Business groups

Forest Industry

The Forest Industry business group is a world leading provider of
EPCM (Engineering, Procurement, Construction Management) services
for forest industry investment projects. Services are divided into
three main areas of expertise: new projects, rebuilds and
maintenance engineering services. The business group's services
cover all phases of a forest industry project, from preliminary
engineering to implementation, including operations management and
maintenance services.


                                                               4(19)

Net sales for the financial year were EUR 150.2 (140.8) million, and
operating profit EUR 17.8 (12.7) million, which equals 11.9 (9.0)
per cent of net sales. The profitability was good. The order stock
at the end of the year was EUR 74.2 (71.8) million.

Forest Industry Consulting

The Forest Industry Consulting business group specialises in serving
the forest industry cluster, providing advice in strategy,
operations and investment banking.

Net sales for the financial year were EUR 46.4 (53.0) million, and
operating profit EUR 1.3 (4.8) million, which equals 2.8 (9.1) per
cent of net sales. Earnings for the financial year did not meet
targets. The order stock at the end of the year was EUR 18.5 (25.6)
million.

The slow-down in economic activity in North America and Asia
affected demand for consulting services and earnings. In the
investment banking sector, several mandates were received during the
year. Closure of these mandates was affected by the general
uncertainty in the market and by financing problems.  No major
commissions from mergers and acquisitions advice were recorded
during the year.

Energy

The Energy business group is a leading international energy
consulting firm. It provides sustainable and competitive solutions,
covering the entire value chain from strategic consulting to project
implementation, operation and maintenance, and modernisation
projects. Its main business areas are hydroelectric power, renewable
energy, decentralised heat and power production, consulting and
local service.

Net sales for the financial year were EUR 127.0 (180.9) million, and
operating profit EUR -0.6 (8.1) million, which equals -0.5 (4.5) per
cent of net sales. The profitability was unsatisfactory. The order
stock at the end of the year was EUR 123.5 (111.6) million.

The decline in net sales was primarily due to the reduced volume of
turn-key projects. The business group has booked an expense of EUR 6
million in March 2001 to cover the expenses of discontinuing the
alcohol plant contracting business.

An action programme to restore the business group's profitability
was launched during 2001. The total number of employees was reduced
by 128 during the year, from 1321 to 1193.

Infrastructure & Environment

The Infrastructure & Environment business group is active in four
business areas: transportation, water and environment,
telecommunications and building services. The business group offers
consulting and engineering services, building and project management
services, operating and maintenance experience, and services related
to technology transfer in all of its main business areas.

Net sales for the financial year were EUR 107.5 (102.7) million, and
operating profit EUR 7.9 (8.6) million, which equals 7.3 (8.4) per

                                                               5(19)

cent of net sales. The profitability was good. The order stock at
the end of the year was EUR 103.7 (96.5) million.

The target for the telecommunications business was to double its
volume to EUR 20 million during 2001. Investments related to third-
generation telecommunications systems in Europe have been postponed.
For this reason, the target of doubling the business volume was not
achieved during the year. Because the volume growth target was
primarily based on refocusing and training of the Group's current
resources, the failure to reach the planned growth target did not
materially affect the business group's earnings for 2001.

The business groups' earnings are burdened by each group's relative
share of the Group's general administration and parent company
costs.  The relative share is derived from the business groups'
payroll costs.

Group structure and development of operations

The parent company of the Jaakko Pöyry Group is Jaakko Pöyry Group
Oyj.

The Jaakko Pöyry Group has three core areas of business
expertise: forest industry, energy, and infrastructure and
environment.

The Group's operations are conducted through four business groups:
Forest Industry, Forest Industry Consulting, Energy, and
Infrastructure & Environment.

The Jaakko Pöyry Group's clients are globalising and consolidating
their operations in many areas of the world. Through its global
network of offices the Group serves its client as an adviser and
project implementation specialist, globally and locally. The Jaakko
Pöyry Group's local network of offices offers clients a good
alternative for outsourcing their internal engineering services. The
Jaakko Pöyry Group is actively expanding its office network. The
Group also intends to expand its technology and know-how base by
acquiring technology leaders within its main business sectors. These
companies' expertise can also be efficiently marketed via the
Group's global network of offices.

The effort to focus operations increasingly on consulting and
engineering services is designed to improve the Group's relative
profitability. Turn-key project operations have been reduced and
earnings targets for individual turn-key projects have been raised.

The Group structure will be further streamlined by divesting or
discontinuing unprofitable or marginal operations.

Forest Industry

At the beginning of 2001, Jaakko Pöyry AB in Sweden, which is a part
of the Forest Industry business group, acquired the remaining 49.0
per cent of Rigel Consult in Gävle AB, which was merged with Jaakko
Pöyry AB at the end of the year.

In response to the continued globalisation of the forest products
industry, the Forest Industry business group's local office network
will be expanded further in North America and Continental Western
Europe.
                                                               6(19)

Forest Industry Consulting

The business group expanded its operations to Japan in October by
forming a strategic alliance with Corporate Directions Inc., a local
management consultancy.  The new office offers management consulting
and investment banking advice to the Japanese forest industry
cluster and to international companies engaged in developing their
operations in the Japanese market.

To improve its profitability and to concentrate its core business on
consulting and investment banking, the business group has, in a deal
concluded on January 28, 2002, divested 75 per cent of its 90 per
cent-owned JP Development business. JP Development's net sales
amounted to about EUR 7 million in 2001, and it posted a slight
loss. JP Development has offices in Finland and New Zealand. JP
Development specialises in forest-sector projects financed through
bilateral and multilateral development aid.

Energy

Efforts to improve the Group structure were primarily aimed at
improving the business group's profitability. As noted in the
foregoing, the Group has decided to discontinue its loss-making
alcohol plant contracting business. The net sales of this
business amounted to about EUR 31 million in 2000 and about EUR
9 million in 2001.

The business group aims to expand its local office network in
Europe and Asia. Another aim is to expand the business group's
technological expertise, especially in the area of renewable
energy resources and environmental protection.

In January 2002, the business group acquired Stora Enso's air
laboratory in Finland. The laboratory specialises in process
analyses and measuring power plant emissions.

Infrastructure & Environment

The business group intends to expand its office network and know-
how base in the areas of transportation, and water and
environment in Europe and Asia.

Order stock

The Group's order stock has remained good, on average, during the
year under review. The order stock grew by EUR 14.4 million during
2001. At the end of the year, the order stock totalled EUR 319.9
million, compared with EUR 305.5 million at the end of 2000. The
order stock of the consulting and engineering businesses increased
by EUR 19.4 million during the year. The order stock for turn-key
projects decreased by EUR 5.0 million.

The growth in consulting and engineering work reflects the Group's
aim of increasing these businesses' relative share of consolidated
net sales, which will improve the Group's relative profitability.

Consulting services and operations and maintenance services account
for a larger share of the order stock. Assignments in these areas
are short-term and are partly booked in net sales without being
recorded in the order stock.

                                                               7(19)

Research and development

The Jaakko Pöyry Group's research and development co-operation
committee consists of representatives of the business groups, IT
staff and the company's management. Its main objectives are to
promote internal R&D, to assist in obtaining supplementary financing
and engaging clients in development processes, and to keep the
Group's focus on its strategic objectives.

The Jaakko Pöyry Group is engaged in hundreds of research and
development projects each year, relying on the expertise, experience
and innovativeness of the company's employees. Research and
development efforts are conducted in partnership with clients and
research institutions, often in an interdisciplinary manner, making
use of technical and technological expertise to improve the
competitiveness of the Group and its clients.

The income and expenses due to research and development are part of
the Group's client work and therefore they cannot be defined in
exact monetary terms. The income and expenses have been taken into
account in the statement of income for the financial year.

Capital expenditure and depreciation

The Group's capital expenditure totalled EUR 8.0 (11.2) million. The
capital expenditure consisted mostly of computer software, systems
and hardware.

The depreciation for the financial year amounted to EUR 13.2 (13.1)
million, of which depreciation on consolidation goodwill was EUR 4.0
(4.0) million.

Financing

The Group's liquidity remained good during the financial year. At
the end of the year, the Group's cash in hand and at banks totalled
EUR 32.5 (37.5) million and interest-bearing liabilities EUR 29.2
(34.9) million, so cash in hand and at banks exceeded interest-
bearing debts by EUR 3.3 (2.6) million. At the end of the year the
Group had unutilised credit facilities amounting to EUR 26.0
million. The net debt/equity ratio (gearing) at the end of the year
was -3.0 (-2.5) per cent.

Swedish Staff Pension Society Consolidation (SPP) surplus

The total amount of the consolidated surplus from the Swedish Staff
Pension Society (SPP) was EUR 6.2 million. During the year 2000 EUR
1.3 million was refunded to the Group's Swedish subsidiaries and
included in the Group's operating profit.  During year 2001 EUR 1.0
million was refunded to the Swedish subsidiaries.  The Group's
operating profit for 2001 includes the refund during the year and
EUR 3.4 million of the amount remaining to be refunded, which
corresponds to 90.0 per cent of the remaining receivables of EUR 3.8
million. The refund was booked in March 2001 and included on the
line "other" in the key figure specification. The remaining
receivables are expected to be refunded during the years 2002 and
2003. The Group's Swedish subsidiaries have booked their receivables
according to prevailing practice in Sweden at a discounted net
present value of EUR 2.9 million.


                                                               8(19)

Share capital and shares

The total number of Jaakko Pöyry Group Oyj's shares at the beginning
of 2001 was 13 724 136. A total of 208 725 new shares were
subscribed during 2001 based on warrants pursuant to the bond loan
with warrants of 1998. Following these subscriptions, the number of
shares totalled 13 932 861 at the end of 2001.

The company's own shares

The Annual General Meeting of Jaakko Pöyry Group Oyj on March 8,
2001 authorised the Board of Directors to acquire and sell the
company's own shares. The authorisation covers a maximum of 686 214
shares equalling 5.0 per cent of the total number of shares. The
shares can be acquired with capital available for profit
distribution. The shares are acquired in order to strengthen the
company's capital structure and also to be used as compensation in
business acquisitions or the acquisition of assets related to the
company's business.

During the period from August 23 to December 19, 2001 the company
acquired on the Helsinki Exchanges 309 300 of its own shares, with a
total nominal value of EUR 309 300. The average acquisition price
was 15.90 EUR per share, with the acquisitions totalling EUR 4.9
million. The highest acquisition price was EUR 16.00 and the lowest
EUR 15.30. The number of acquired shares equals 2.2 per cent of the
total number of shares and voting rights, with no major effect on
the structure of the share ownership or voting rights. In force
until March 8, 2002 the authorisation still allows acquisition of
376 914 shares.

Authorisation to issue new shares

The Annual General Meeting on March 8, 2001 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 upon terms otherwise to be determined by the Board of
Directors. The authorisation is in force until March 8, 2002.

Bond loan with warrants

In 1998, Jaakko Pöyry Group Oyj issued a bond loan with warrants to
the group personnel and the parent company's Board of Directors. The
warrants carry subscription rights for a maximum of 1.3 million of
the company's shares, with the subscription period beginning partly
(390 000 shares) on April 1, 2000 and partly (390 000 shares) on
April 1, 2001 and partly (520 000 shares) on April 1, 2002. The
subscription period ends for all warrants on April 30, 2005. A total
of 262 575 shares have been subscribed based on the warrants.

Dividend policy

The dividend distributed by Jaakko Pöyry Group Oyj is dependent on
the company's earnings and investment requirements. The objective is
to increase the dividend per share from year to year, and to ensure
that at least 40.0 per cent, or more, of earnings are distributed
each year. Should the company have a need to expand its technology

                                                               9(19)

base by investing in acquisitions, or to expand its office network,
the dividend-to-earnings ratio may be changed.

Board of Directors' proposal

The Board of Directors proposes to the Annual General Meeting on
March 6, 2002 that a dividend of EUR 0.60 per share be paid,
totalling EUR 8.2 million. The proposed dividend corresponds to 46.1
per cent of the earnings per share for the financial year. The
corresponding figures for year 2000 were EUR 0.60 and 42.8 per cent.

Board of Directors and President

Members of the Board of Directors of Jaakko Pöyry Group Oyj elected
at the Annual General Meeting on March 8, 2001 are Mr. Heikki
Lehtonen (Chairman), Mr. Henrik Ehrnrooth, (Vice Chairman), Mr.
Jaakko Pöyry, (Vice Chairman), Mr. Olle Alsholm, Mr. Matti Lehti,
Mr. Niilo Pellonmaa and Mr. Franz Steinegger.

Mr. Erkki Pehu-Lehtonen, M.Sc.(Eng.) is President and CEO of Jaakko
Pöyry Group Oyj and Mr. Teuvo Salminen, M.Sc. (Econ.) Executive Vice
President and Deputy CEO.

Auditors

Auditors have been KPMG Wideri Oy Ab, Authorised Public Accountants,
with Mr. Albrecht Hagert, Authorised Public Accountant, as
responsible auditor.

Future prospects

The global economic situation and prospects for 2002 are uncertain.
The North American economy has been in recession for some time, but
on the other hand some of the most recent growth figures and
economic indicators show weak signs of an upswing and a return of
confidence. The recovery is expected to gain momentum towards the
end of 2002.  The economic outlook in Europe is very similar and the
economy is expected to recover in the second half of 2002. In Asia,
economic development will be highly dependent on global trends and
Japan's economic performance. Generally speaking, the world economy
is predicted to recover in the course of the current year. This view
is supported by low interest rates, moderate inflation, reduced
inventories and improved consumer confidence.

In spite of the difficult economic environment, the Jaakko Pöyry
Group's order stock increased in the last quarter of 2001. The price
level of work in the order stock is normal. The Group has also
managed to strengthen its market position during the year under
review.

The forest industry's general business prospect weakened during
2001. On the other hand, forest industry companies' balance sheets
are strong, and they are well equipped to react promptly to possible
changes. The Forest Industry business group has a good order stock,
basically securing a good workload for the first half of 2002. The
business group's performance in the second half of the year will
depend on the general development of the world economy and the
development within the forest industry. The business group's
earnings are expected to be slightly down on the previous year.


                                                      10(19)

The economic environment of the consulting business will remain
difficult in the first half of 2002.  The consolidation and
restructuring of the forest industry are expected to continue, which
offers new business opportunities for the Forest Industry Consulting
business group, both in management consulting and investment
banking.  The number of new mandates in the investment banking
business is good and the business climate for closing them has
improved.  The business group aims to increase its earnings markedly
compared with 2001.

Prospects for new power plant investment projects in the current
year are uncertain. The recession in the world economy, a surplus of
power generation capacity in many countries and political
uncertainties will reduce demand for consulting and engineering
services. However, modernisation projects and operations
improvements will continue to boost demand for engineering and
management consulting services. In the European market, new service
products will reduce the business group's dependence on new
investment projects, creating a more stable workload.  Asia and the
Middle East continue to offer good opportunities for winning new
projects through the local offices in these regions. Many countries
are making strong efforts to promote the use of renewable energy,
especially bioenergy and hydroelectric power. This is creating new
business opportunities for the Energy business group. Earnings for
2001 were burdened in particular by non-recurrent expenses, and
therefore the Energy business group aims to improve its earnings
clearly during 2002.

Ongoing major transportation, water supply and environmental
projects create a firm basis for the Infrastructure & Environment
business group's operations in 2002. Decisions to invest in new
railway projects in Germany and Finland, combined with the need to
improve tunnel safety in Switzerland, will boost demand in the
transportation systems market in Western and Northern Europe. Demand
for water and environment expertise in Finland and France is
expected to remain stable, but demand for building services may
decline slightly. Equipment suppliers in the telecommunications
sector expect investments to recover in second half of 2002. The
business group's earnings are predicted to remain stable in 2002.

The Jaakko Pöyry Group's market position is strong and its order
stock is good. However, because of the market situation and current
economic prospects, 2002 will be a challenging year. Assuming that
the world economy will recover as expected in the second half of
2002, the Group's earnings are estimated to remain at the previous
year's level, with the return on investment reaching its strategic
target level.














                                                      11(19)

JAAKKO PÖYRY GROUP

STATEMENT OF INCOME
                                              2001           2000
EUR million

NET SALES                                    431.8          474.5

Other operating income                         2.0            2.2

Share of associated companies'          +      0.2      -     0.1
results

Depreciation                            -     13.2      -    13.1
Operating expenses                      -    392.8      -   431.7

OPERATING PROFIT                              28.0           31.8
Proportion of net sales, %                     6.5            6.7

Financial income and expenses           -      1.7      -     1.7

PROFIT AFTER FINANCIAL ITEMS                  26.3           30.1

Extraordinary items                            0.0            0.0

PROFIT BEFORE APPROPRIATIONS,
TAXES AND MINORITY INTEREST                   26.3           30.1

Income taxes                            -      7.3      -     9.0
Minority interest                       -      1.0      -     1.9

NET PROFIT FOR THE PERIOD                     18.0           19.2



















                                                      12(19)

BALANCE SHEET

EUR million                                   2001           2000

FIXED ASSETS
Intangible assets                              6.1            6.6
Consolidation goodwill                        31.9           35.8
Tangible assets                               31.4           32.7
Non-current investments                       13.2           13.4
Total                                         82.6           88.5

CURRENT ASSETS
Non-current receivables                        7.6            3.9
Current receivables                          144.8          180.4
Investments, cash in hand and at banks        32.5           37.5
Total                                        184.9          221.8

                                             267.5          310.3

SHAREHOLDERS' EQUITY AND LIABILITIES

SHAREHOLDERS' EQUITY
Share capital                                  13.9           13.7
Share premium reserve                          23.1           21.1
Legal reserve                                  18.1           18.1
Retained earnings                              31.6           25.3
Net profit for the period                      18.0           19.2
Total                                         104.7           97.4

MINORITY INTEREST                               5.1            5.2

LIABILITIES*)
Non-current liabilities                        20.3           22.4
Current liabilities                           137.4          185.3
Total                                         157.7          207.7

                                              267.5          310.3

*) Interest bearing liabilities                29.2           34.9
   Non-interest bearing liabilities           128.5          172.8








                                                      13(19)

PROFITABILITY AND OTHER KEY FIGURES           2001           2000

Return on investment, %                        21.2           25.1

Return on equity, %                            17.8           22.3

Equity ratio, %                                48.9           42.2

Equity/assets ratio, %                         41.1           33.3

Net debt/equity ratio (gearing), %             -3.0           -2.5

Current ratio                                   0.9            1.2

Consulting and engineering, EUR million       298.1          278.7
EPC, EUR million                               21.8           26.8
Order stock, EUR million                      319.9          305.5

Capital expenditure, operating
EUR million                                     7.9            9.9
Proportion of net sales, %                      1.8            2.1

Capital expenditure in shares, EUR             0,1            1.3
million
Proportion of net sales, %                      0.0            0.3

Personnel in group companies
in average                                    4 584           4 558
Personnel in associated companies
in average                                      199            159

Personnel in group companies
at year-end                                   4 584          4 572
Personnel in associated companies
at year-end                                     197            174















                                                      14(19)

KEY FIGURES FOR THE SHARES                     2001           2000

Earnings/share, EUR                            1.30           1.40

Shareholders' equity/share, EUR                7.69           7.10

Dividend, EUR million                           8.2 1)         8.2

Dividend/share, EUR                            0.60 1)        0.60

Dividend/earnings, %                           46.1           42.8

Effective return on dividend, %                 3.7            3.3

Price/earnings multiple                        12.3           12.8

Issue-adjusted trading prices, EUR
Average trading price                         18.09          18.64
Highest trading price                         21.00          24.00
Lowest trading price                          15.00          15.00
Closing price at year-end                     16.00          18.00

Total market value of shares,
outstanding shares, EUR million               218.0          247.0
own shares, EUR million                         4.9            0.0

Trading volume of shares
Shares, 1 000 pcs                             2 280          2 385
Proportion of the total volume, %              16.5           17.4

Issue-adjusted number of outstanding shares,
1 000 pcs
In average                                   13 838         13 692
At year-end                                  13 624         13 724

1) Board of Directors' proposal














                                                      15(19)

CONTINGENT LIABILITIES                         2001           2000
EUR million

For own debt
Pledged assets and corresponding loans
Pension loans                                                  1.4
Pledged assets                                                 2.3

Mortgages and corresponding
loans
Loans from credit institutions                                 1.1
Mortgages, real estate                                         1.1
Pension loans                                                  3.7
Mortgages real estate
Mortgages on company assets                                    6.1

Pledged assets and mortgages
and corresponding loans total                   0.0            6.2

Pledged assets and mortgages for own
debts
Pledged assets                                                 2.3
Mortgages, real estate                                         1.1
Mortgages on company assets                     0.4            6.1
Total                                           0.4            9.5

Other obligations
Pledged assets                                  2.4            2.6
Mortgages, real estate                          1.4            1.4
Rent and leasing obligations                   52.8           63.5
Pension obligations                             0.0            0.4
Other obligations                              31.9           28.7
Total                                          88.5           96.6

For others
Pledged assets                                  0.2            2.5
Mortgages, real estate                          3.8            3.8
Total                                           4.0            6.3

Total
Pledged assets                                  2.6            7.4
Mortgages, real estate                          5.2            6.3
Mortgages on company assets                     0.4            6.1
Rent and leasing obligations                   52.8           63.5
Pension obligations                             0.0            0.4
Other obligations                              31.9           28.7


                                                      16(19)

KEY FIGURES FOR THE BUSINESS GROUPS
EUR million                                    2001           2000

NET SALES
Forest Industry                               150.2          140.8
Forest Industry Consulting                     46.4           53.0
Energy                                        127.0          180.9
Infrastructure & Environment                  107.5          102.7
Other                                           0.7           -2.9
Total                                         431.8          474.5

OPERATING PROFIT AND PROFIT AFTER FINANCIAL ITEMS
EUR million, proportion of net sales %                  %             %
Forest Industry                               17.8   11.9    12.7   9.0
Forest Industry Consulting                     1.3    2.8     4.8   9.1
Energy                                        -0.6   -0.5     8.1   4.5
Infrastructure & Environment                   7.9    7.3     8.6   8.4
Other                                          1.6           -2.4
OPERATING PROFIT TOTAL                        28.0    6.5    31.8   6.7
Financial items                               -1.7           -1.7
PROFIT AFTER FINANCIAL ITEMS                  26.3    6.1    30.1   6.4

ORDER STOCK
Forest Industry                               74.2           71.8
Forest Industry Consulting                    18.5           25.6
Energy                                       123.5          111.6
Infrastructure & Environment                 103.7           96.5
Total                                        319.9          305.5

Consulting and engineering                   298.1          278.7
EPC                                           21.8           26.8
Total                                        319.9          305.5

NET SALES BY AREA
The Nordic countries                         138.3          149.0
Other Europe                                 159.9          177.7
Asia                                          66.4           86.8
North America                                 29.5           26.9
South America                                 25.4           20.0
Other                                         12.3           14.1
Total                                        431.8          474.5







                                                      17(19)

PERSONNEL                                     2001           2000
Forest Industry                              1 842          1 745
Forest Industry Consulting                     311            316
Energy                                       1 193          1 321
Infrastructure & Environment                 1 206          1 162
Other                                           32             28
Total December 31                            4 584          4 572




















































                                                      18(19)

KEY FIGURES FOR BUSINESS GROUPS    1-3/01   4-6/01 7-9/01 10-12/01
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 AFTER FINANCIAL 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 AFTER FINANCIAL 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




















                                                      19(19)

KEY FIGURES FOR BUSINESS GROUPS
EUR million                        1-3/00   4-6/00 7-9/00 10-12/00

NET SALES
Forest Industry                      36.2     37.2   35.7    31.7
Forest Industry Consulting           11.8     15.3   12.6    13.3
Energy                               40.4     48.3   45.2    47.0
Infrastructure & Environment         25.9     23.0   24.9    28.9
Other                                 0.4      0.4    0.2    -3.9
Total                               114.7    124.2  118.6   117.0

OPERATING PROFIT  AND PROFIT AFTER FINANCIAL ITEMS
Forest Industry                       3.7      1.9    2.9     4.2
Forest Industry Consulting            0.5      2.9    1.2     0.2
Energy                                2.4      2.3    1.0     2.4
Infrastructure & Environment          2.1      1.0    2.8     2.7
Other                                -1.6     -0.5    0.4    -0.7
OPERATING PROFIT TOTAL                7.1      7.6    8.3     8.8
Financial items                      -0.7     -0.7   -0.3     0.0
PROFIT AFTER FINANCIAL ITEMS          6.4      6.9    8.0     8.8


ORDER STOCK
Forest Industry                      76.7     70.7   66.0    71.8
Forest Industry Consulting           23.2     22.2   25.1    25.6
Energy                              167.8    163.7  137.0   111.6
Infrastructure & Environment         89.9     94.2   97.8    96.5
Total                               357.6    350.8  325.9   305.5

Consulting and engineering          295.7    284.6  283.9   278.7
EPC                                  61.9     66.2   42.0    26.8
Total                               357.6    350.8  325.9   305.5