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STOCK EXCHANGE RELEASE 7 Feb 2003

NOTICE CONCERNING ANNUAL ACCOUNTS FOR 2002

JAAKKO PÖYRY GROUP OYJ     Stock Exchange Notice
                           February 7, 2003 at 8.30 a.m.       1(20)

NOTICE CONCERNING ANNUAL ACCOUNTS FOR 2002

Earnings per share were EUR 0.90 (1.30). The return on investment was
14.5 per cent. The Group's net debt/equity ratio (gearing) was -5.6 per
cent. The order stock was EUR 308.4 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 66.7 per cent of the earnings per share.

Consolidated Earnings and Balance Sheet

The world economy has been in recession since 2001. The Jaakko Pöyry
Group's clients, as well as the Group's own business, were affected by
the economic weakness. Consolidated net sales decreased by 5.7 per cent
to EUR 407.0 (the previous year's figure 431.8) million. The operating
profit amounted to EUR 18.4 (28.0) million, which equals 4.5 (6.5) per
cent of net sales. Taking into account the economic recession, the
Group's operating profit was satisfactory, though still below the target
for 2002. Earnings per share were EUR 0.90 (1.30).

The target for the Group's return on investment is 20 per cent; in 2002
the return on investment was 14.5 (21.2) per cent.

The consolidated balance sheet is healthy. The equity ratio rose to 51.0
(48.9) per cent. The Group's liquidity remained good during the
financial year. The net debt/equity ratio (gearing) was -5.6 (-3.0) per
cent.

Prospects

In view of current political uncertainties, the market situation and
economic prospects will be challenging in 2003. However, the Jaakko
Pöyry Group's market position, order stock and balance sheet are good.
The Group's cost structure improved in 2002 as a result of streamlining
actions. Based on the business group's prospects and the Group's order
stock, consolidated earnings are expected to improve in 2003 provided
that the general economic cycle does not further decline. The earnings
improvement will take place in the second half of the year as some of
the recently received major assignments will improve capacity
utilisation from the second quarter onwards.

The Auditors' Report is dated February 6, 2003.

Events After the Balance Sheet Date

Nordisk Renting Oy, a subsidiary of Nordea, has on February 5, 2003
bought Jaakko Pöyry Group Oyj's headquarter property at Vantaa, Finland.
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 for 2003 by about EUR 11 million. The Group's net
debt/equity ratio (gearing) improves from -5.6 per cent to about -21 per
cent.
                                                               2(20)

The profit from the deal is not taken into account in the expected
earnings stated in the future prospects above.

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, 2002. The dividend is payable on March
17, 2003.

Annual General Meeting

Jaakko Pöyry Group Oyj's Annual General Meeting of shareholders will be
held on March 5, 2003 at the Pöyry House, Vantaa, Finland.

A complete invitation to the Annual General Meeting will be published as
a separate notice on February 7, 2003 at 9.00 a.m. Finnish time.

Enclosures
Board of Directors' report for the financial year ended December 31,
2002
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          Deputy to President and CEO


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, Deputy to President and CEO, Jaakko Pöyry Group Oyj
tel. +358 9 8947 2872, +358 400 420 285
Ms. 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







                                                               3(20)

JAAKKO PÖYRY GROUP

BOARD OF DIRECTORS' REPORT January 1 - December 31, 2002

Consolidated Earnings and Balance Sheet

The world economy has been in recession since 2001. Any major change for
the better is unlikely before the second half of 2003. World economic
development is also overshadowed by political uncertainties.

The Jaakko Pöyry Group's clients, as well as the Group's own business,
were affected by the economic weakness. Consolidated net sales decreased
by 5.7 per cent to EUR 407.0 (the previous year's figure 431.8) million.

The operating profit of the Jaakko Pöyry Group amounted to EUR 18.4
(28.0) million, which equals 4.5 (6.5) 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 2002. The
operating profit includes EUR 4.5 (4.0) million depreciation on
consolidation goodwill. Profit before extraordinary items was EUR 18.1
(26.3) million. The Group's profit for the year was EUR 12.3 (18.0)
million and earnings per share EUR 0.90 (1.30). The return on investment
was 14.5 (21.2) per cent.

The consolidated balance sheet is healthy. Actions were continued during
the year under review to further improve the balance sheet. The equity
ratio rose to 51.0 (48.9) 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 26.0 (32.5) million. Interest-bearing
debts totalled EUR 19.9 (29.2) million. The net debt/equity ratio
(gearing) was -5.6 (-3.0) per cent.

Business Groups

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.

Forest Industry

The Forest Industry business group, operating under the brand name
Jaakko Pöyry, provides engineering and project implementation services
for pulp and paper industry investment projects of varying size
worldwide. Projects cover the entire life cycle of clients' mills:
greenfield mill projects, rebuilds and local services. At the end of the
year, the business group employed a total of 1891 people. The business
group is a global market leader in its sector.


                                                               4(20)

The weak economic development depressed the forest industry's investment
activity in 2002. Several pre-studies and preliminary engineering
projects have been in progress, but implementation projects were
delayed. This affected the business group's earnings in the second half
of the year. The engineering capacity in the business group was
underutilised, especially in the Swedish and US units. The capacity was
adjusted to meet current demand, so the number of staff in the above-
mentioned and also some other units decreased by about 50. Following
streamlining and savings, the annual cost burden was reduced by about
EUR 4 million. Non-recurring expenses due to streamlining actions
amounted to about EUR 0.5 million during the financial year.

Net sales for the financial year were EUR 137.9 (150.2) million, and
operating profit EUR 13.3 (17.8) million, which equals 9.6 (11.9) per
cent of net sales. The profitability was satisfactory, taking into
account the prevailing conditions. The order stock at the end of the
year was EUR 77.7 (74.2) million.

Forest Industry Consulting

The Forest Industry Consulting business group, operating under the brand
name Jaakko Pöyry Consulting, provides advice in strategy, operations
and investment banking. At the end of 2002, the business group had a
total of 272 employees. The business group is one of the world's leading
advisors to the forest industry cluster.

During 2002, the business group's clients focused on achieving their
short-term profitability targets and on cost-cutting. For this reason,
demand for consulting services was weak during the year under review.
The market situation deteriorated further towards the end of the year,
especially in the United States and Asia, and in investment banking.
Commissions from mergers and acquisitions advice were not recorded in
the last quarter, contrary to expectations earlier in the autumn. In
addition, some receivables from Asian clients had to be written off in
the last quarter. The business group's activities were streamlined to
meet the reduced demand. The number of staff was reduced by about 20.
Following streamlining actions and cost-cutting, the annual cost burden
was reduced by about EUR 2.5 million. Non-recurring expenses due to
streamlining actions amounted to about EUR 1 million.

Net sales for the financial year were EUR 35.8 (46.4) million, and
operating profit EUR 0.2 (1.3) million, which equals 0.4 (2.8) per cent
of net sales. Earnings for the financial year were disappointing and
clearly below targets. The order stock at the end of the year was EUR
7.5 (18.5) million; the decline compared with last year is primarily due
to the removal of JP-Development's order stock, following the sale of
this unit in January 2002.

Energy

The Energy business group, operating under the brand name Electrowatt-
Ekono, is a leading international energy consulting and engineering
firm. It provides sustainable and competitive solutions from strategic
consulting to project implementation, operation and maintenance, and
                                                               5(20)

modernisation projects. At the end of 2002, it had a total of 1094
employees. The business group is one of the three to five largest
companies in its field worldwide.

Because of the weak economic development, low demand in the energy
sector and major restructurings in this field, 2002 was a difficult
year. The Energy business group continued to streamline its activities
since 2001 to meet the decline in demand. The total number of staff was
reduced by about 200 compared with the beginning of 2001. During 2002,
the number of staff decreased by about 100. The annual cost burden was
reduced by about EUR 9.5 million. Non-recurring costs due to the
adjustment of activities amounted to about EUR 1.2 million during the
financial year. In addition, in the first quarter of the year a
reservation EUR 1.5 million was made to cover losses in Latin America,
especially due to projects in Argentina.

Net sales for the financial year were EUR 111.2 (127.0) million, and
operating profit EUR -0.7 (-0.6) million, which equals -0.7 (-0.5) per
cent of net sales. The profitability was unsatisfactory. Earnings
developed favourably in the final quarter of the year, resulting in an
operating profit of EUR 1.5 million. The order stock at the end of the
year was EUR 123.8 (123.5) million.

Infrastructure & Environment

The Infrastructure & Environment business group, operating under the
brand name Jaakko Pöyry Infra, is active in three business areas:
transportation, water and environment, and building services. The
business group offers consulting and engineering services, building and
project management services, operation and maintenance expertise, and
services related to technology transfer in all of its main business
areas. At the end of the year, Jaakko Pöyry Infra had a total of 1342
employees. The business group is among the largest companies in its
sector in Europe.

The Infrastructure & Environment business group continued to perform
well. Net sales increased during the financial year to EUR 122.7 (107.5)
million, and operating profit was EUR 8.5 (7.9) million, which equals
6.9 (7.3) per cent of net sales. The profitability was good and in line
with targets. The order stock at the end of the year was EUR 99.4
(103.7) million.

Jaakko Pöyry Group Oyj, the parent company, has invoiced service fees
for general administration and parent company costs from the business
groups. The invoiced relative share is derived from the business groups'
payroll costs.

Group Structure and Development of Operations

The Jaakko Pöyry Group's clients are globalising and consolidating their
operations. Through its global network of offices the Group serves its
clients 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
                                                               6(20)

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 also been raised.
Turn-key projects are only undertaken by the Energy business group and
the objective is to keep their volume at a maximum of 30-40 per cent of
net sales. This equals about 10-15 per cent of consolidated net sales.

Forest Industry

The Jaakko Pöyry Group has expanded its operations in North America by
acquiring the business of Ajami, Bédard, Gagnon, Sexton Inc., a Canadian
forest industry engineering company. Its operations have been continued
in Jaakko Pöyry ABGS Inc., a company 100 per cent owned by the Group.
The company has been consolidated into the Jaakko Pöyry Group as of July
1, 2002. The acquired business employs about 100 forest industry experts
and its net sales for 2001 were about EUR 14 million.

The Jaakko Pöyry Group has sold Jaakko Pöyry Electrowatt (Chile) S.A. to
the company's management. The company's net sales for 2001 amounted to
EUR 0.6 million and it employs about 20 people. The company has been
loss-making in 2001 and 2002. The sale of the company had no effect on
the Group's earnings in 2002.

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 Continental Europe.

Forest Industry Consulting

To improve its profitability and to focus 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.

Energy

Efforts to improve the Group structure in 2002 were primarily aimed
at improving the business group's profitability.

In January 2002, the business group acquired Stora Enso's air laboratory
in Finland. The laboratory specialises in process analyses and in
measuring power plant emissions. Furthermore, the Energy business group
has concluded a co-operation agreement with GreenStream Network Oy,
Finland, acquiring a 13.3 per cent shareholding in this company.
GreenStream Network is the first company in the Nordic countries to act
as a broker in the trade in emissions and green certificates.
                                                               7(20)

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.

Infrastructure & Environment

The Infrastructure & Environment business group acquired the transport
consulting business of Heusch/Boesefeldt GmbH in Germany at the
beginning of 2002. The acquired business employs 55 people, with net
sales amounting to EUR 3.4 million.

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 during the year under review.
At the end of 2002, the order stock totalled EUR 308.4 million, compared
with EUR 319.9 million at the end of 2001. The order stock of the
consulting and engineering businesses increased by EUR 3.5 million
during the year, reaching the highest-ever figure in the Group's history
(EUR 301.6 million). The order stock for turn-key projects decreased by
EUR 15.0 million. In the final quarter of the year, the Group's order
stock increased by EUR 6.6 million.

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

Consulting services and operation 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.

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.


                                                               8(20)

The income and expenses due to research and development are part of the
Group's client work and therefore 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 11.6 (8.0) million, of
which EUR 9.1 (7.9) million consisted of computer software, systems and
hardware and EUR 2.5 (0.1) million were capital expenditure due to
business acquisitions.

The depreciation for the financial year amounted to EUR 13.3 (13.2)
million, of which depreciation on consolidation goodwill was EUR 4.5
(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 26.0
(32.5) million and interest-bearing liabilities EUR 19.9 (29.2) million.
At the end of the year, the Group had unutilised credit facilities
amounting to EUR 26.2 million. The net debt/equity ratio (gearing) at
the end of the year was -5.6 (-3.0) per cent. The Group generated a
strong positive cash flow of EUR 14.7 million in the final quarter of
the year.

Share Capital and Shares

Pursuant to the decision made by the Annual General Meeting of Jaakko
Pöyry Group Oyj on March 6, 2002, 309 300 own shares in the company's
possession have been cancelled. As a result of the cancellation, the
registered share capital was decreased by EUR 309 300 from EUR
13 932 861 to EUR 13 623 561 and the total amount of authorized shares
decreased to 13 623 561. A total of 168 040 new shares were subscribed
during 2002 based on warrants pursuant to the bond loan with warrants of
1998. Following these subscriptions, the number of shares totalled
13 791 601 at the end of 2002.

The Company's Own Shares

The Annual General Meeting of Jaakko Pöyry Group Oyj on March 6, 2002
authorised the Board of Directors to acquire and sell 662 332 shares,
which is less than 5.0 per cent of the total number of shares. The
shares can be acquired with capital available for distribution of
profit. The shares will be 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 September 30 to October 7, 2002 the company
acquired on the Helsinki Exchanges 10 000 of its own shares, with a
total nominal value of EUR 10 000. The average acquisition price was EUR
12.88 per share, with the acquisitions totalling EUR 0.1 million. The
                                                               9(20)

highest acquisition price was EUR 13.00 and the lowest EUR 12.82. The
number of acquired shares equals 0.1 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 6, 2003 the
authorisation still allows acquisition of 652 332 shares.

Authorisation to Issue New Shares

The Annual General Meeting on March 6, 2002 authorised the Board of
Directors to decide on an increase of 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 1 000 000 million
by issuing for subscription a maximum of 1 000 000 million new shares
upon terms otherwise to be determined by the Board of Directors. The
authorisation is in force until March 6, 2003.

Bond Loan with Warrants

In 1998, Jaakko Pöyry Group Oyj issued a bond loan with warrants to the
Group's 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. The subscription period begun partly (390 000 shares)
on April 1, 2000, 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 430 615 shares have been
subscribed based with 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 per cent, or more, of earnings are distributed each year.
Should the company need to expand its technology 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
5, 2003 that a dividend of EUR 0.60 per share be paid, totalling EUR 8.3
million. The proposed dividend corresponds to 66.7 per cent of the
earnings per share for the financial year. The corresponding figures for
year 2001 were EUR 0.60 and 46.1 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 6, 2002 are Mr. Heikki Lehtonen
(Chairman), Mr. Henrik Ehrnrooth, (Vice Chairman), Mr. Jaakko Pöyry,
(Vice Chairman), Mr. Olle Alsholm, Mr. Matti Lehti, Mr. Harry Piehl and
Mr. Franz Steinegger.

                                                               10(20)

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

Auditors

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

Events After the Balance Sheet Date

Nordisk Renting Oy, a subsidiary of Nordea, has on February 5, 2003
bought Jaakko Pöyry Group Oyj's headquarter property at Vantaa, Finland.
At the same time, Jaakko Pöyry Group Oyj and Nordisk Renting Oy have
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 for 2003 by about EUR 11 million. The Group's net
debt/equity ratio (gearing) improves from -5.6 per cent to about -21 per
cent.

The profit from the deal is not taken into account in the expected
earnings stated in the future prospects below.

Future Prospects

The world economic and political climate is uncertain. Attempts have
been made to stimulate national economies through repeated interest rate
cuts and tax relieves, but even so the recession, which has now lasted
for nearly three years, is unlikely to end in the immediate future. On
the other hand, there are large liquid funds in the market and corporate
balance sheets are basically healthy. Accordingly, once the biggest
political uncertainties have been eliminated, we may even see a rapid
economic recovery.

The Jaakko Pöyry Group's balance sheet, liquidity and order stock are
good, having improved in the course of 2002. The price level of the
order stock is normal. Also the Group's market position has improved
during the year.

The forest industry's investment activity was low during the period 2001-
2002. In preparation for the growth of demand for forest products
resulting from the economic recovery, the forest industry is stepping up
                                                               11(20)

its investment activity. Some previously postponed projects are also
gradually moving ahead. Demand prospects for the Group's local services
are stable and improving in line with the trend towards outsourcing in
the industry. The Forest Industry business group's order stock grew
during 2002. Some of the recently received assignments will improve
capacity utilisation only from the second quarter onwards. The business
group's operating profit will improve somewhat in 2003 compared with
2002.

There has been no major improvement in the business environment of
forest industry consulting. The forest industry's consolidation and
restructuring are expected to continue, which offers new business
opportunities for the Forest Industry Consulting business group both in
consulting and investment banking. The business group's cost burden has
been reduced and measures to improve its profitability will be
continued. The business group's operating profit will improve in 2003
compared with 2002.

In the energy sector, demand for services related to renewable sources
of energy, power plant modernisations and consulting services has grown.
Strong fluctuations in the price of crude oil are also contributing to
the implementation of alternative and multi-source energy solutions. The
Energy business group's new service offerings, life-cycle engagement and
the selected strategic practice areas create a firm basis for improved
demand and earnings. The business group's annual operative expenses have
declined notably. The order stock grew towards the end of 2002. The
business group's operating profit will improve clearly compared with
2002.

Demand prospects for the Infrastructure & Environment business group's
services are variable. In the water and environment sector, demand is
expected to be unchanged, in transportation systems it will remain good.
Demand for building services deteriorated towards the end of 2002 and
prospects are not expected to improve in the immediate future. Bullet
train and light-rail traffic projects in Germany, tunnel projects in
Switzerland, water and flood control projects in France, and investments
in the Vuosaari harbour and its traffic routes in Finland create a firm
basis for the business group's operations in 2003. Engineering services
related to security systems, telematics and flood control are examples
of Jaakko Pöyry Infra products which are in demand also outside Europe.
The business group's market position and order stock are good. Operating
profit will remain stable in 2003.

In view of current political uncertainties, the market situation and
economic prospects will be challenging in 2003. However, the Jaakko
Pöyry Group's market position, order stock and balance sheet are good.
The Group's cost structure improved in 2002 as a result of streamlining
actions. Based on the business group's prospects outlined above and the
Group's order stock, consolidated earnings are expected to improve in
2003 provided that the general economic cycle does not further decline.
The earnings improvement will take place in the second half of the year
as some of the recently received major assignments will improve capacity
utilisation from the second quarter onwards.

                                                               12(20)

JAAKKO PÖYRY GROUP

STATEMENT OF INCOME

EUR million                               2002            2001


NET SALES                                407.0           431.8

Other operating income                     1.4             2.0

Share of associated
companies' results                        -0.1            +0.2

Depreciation                             -13.3           -13.2
Operating expenses                      -376.6          -392.8

OPERATING PROFIT                          18.4            28.0
Proportion of net sales, %                 4,5             6,5

Financial income and expenses             -0.3            -1.7

PROFIT BEFORE EXTRAORDINARY ITEMS         18,1            26,3

Extraordinary items                        0.0             0.0

PROFIT BEFORE TAXES
AND MINORITY INTEREST                     18.1            26.3

Income taxes                              -5.7            -7.3
Minority interest                         -0.1            -1.0

NET PROFIT FOR THE PERIOD                 12.3            18.0














                                                               13(20)

BALANCE SHEET
EUR million                               2002            2001

FIXED ASSETS
Intangible assets                          5.9             6.1
Consolidation goodwill                    34.0            31.9
Tangible assets                           26.8            31.4
Non-current investments                   12.5            13.2
Total                                     79.2            82.6

CURRENT ASSETS
Non-current receivables                    7.1             7.6
Current receivables                      139.0           144.8
Investments, cash in hand
and at banks                              26.0            32.5
Total                                    172.1           184.9

                                         251.3           267.5

SHAREHOLDERS' EQUITY AND LIABILITIES

SHAREHOLDERS' EQUITY
Share capital                             13.8            13.9
Share premium reserve                     24.8            23.1
Legal reserve                             18.2            18.1
Retained earnings                         35.2            31.6
Net profit for the period                 12.3            18.0
Total                                    104.3           104.7

MINORITY INTEREST                          5.0             5.1

LIABILITIES*)
Non-current liabilities                   23.1            20.3
Current liabilities                      118.9           137.4
Total                                    142.0           157.7

                                         251.3           267.5

*) Interest bearing liabilities           19,9            29,2
   Non-interest bearing liabilities      122,1           128,5





                                                               14(20)

PROFITABILITY AND OTHER KEY FIGURES       2002            2001

Return on investment, %                   14.5            21.2

Return on equity, %                       11.3            17.8

Equity ratio, %                           51.0            48.9

Equity/assets ratio, %                    43.5            41.1

Net debt/equity ratio (gearing), %        -5.6            -3.0

Current ratio                              1.4             1.3

Consulting and engineering, EUR          301.6           298,1
million
EPC, EUR million                           6.8            21.8
Order stock total, EUR million           308.4           319,9

Capital expenditure, operating
EUR million                                9.1             7.9
Proportion of net sales, %                 2.2             1.8

Capital expenditure in shares,
EUR million                                2.5             0.1
Proportion of net sales, %                 0.6             0.0

Personnel in group companies
in average                               4 635           4 584
Personnel in associated companies
in average                                 195             199

Personnel in group companies
at year-end                              4 632           4 584
Personnel in associated companies
at year-end                                194             197










                                                               15(20)

KEY FIGURES FOR THE SHARES                2002            2001

Earnings/share, EUR                       0.90            1.30

Shareholders' equity/share, EUR           7.57            7.69

Dividend, EUR million                     8,3 1)           8.2

Dividend/share, EUR                      0.60 1)          0.60

Dividend/earnings, %                      66.7            46.1

Effective return on dividend, %            4.0             3.7

Price/earnings multiple                   16.7            12.3

Issue-adjusted trading prices, EUR
Average trading price                    16.43           18.09
Highest trading price                    19.00           21.00
Lowest trading price                     11.40           15.00
Closing price at year-end                15.00           16.00

Total market value of shares,
outstanding shares, EUR million          206.7           218,0
own shares, EUR million                    0,2             4.9

Trading volume of shares
Shares, 1 000 pcs                        1 615           2 280
Proportion of the total volume, %         11.8            16.5

Issue-adjusted number of outstanding shares, 1 000
In average                              13 696          13 838
At year-end                             13 782          13 624

1) Board of Directors' proposal











                                                               16(20)

CONTINGENT LIABILITIES
EUR million                               2002            2001


Pledged assets and mortgages
and corresponding loans total              0.0             0.0

Pledged assets and mortgages for own debts
Mortgages on company assets                0.0             0.4
Total                                      0.0             0.4

Other obligations
Pledged assets                             2.5             2.4
Mortgages, real estate                     0.0             1.4
Rent and leasing obligations              46.1            52.8
Pension obligations                        0.0             0.0
Other obligations                         25.1            31.9
Total                                     73.7            88.5

For others
Pledged assets                             0.1             0.2
Mortgages, real estate                     3.8             3.8
Other obligation                           0.1             0.0
Total                                      4.0             4.0

Total
Pledged assets                             2.6             2.6
Mortgages, real estate                     3.8             5.2
Mortgages on company assets                0.0             0.4
Rent and leasing obligations              46.1            52.8
Pension obligations                        0.0             0.0
Other obligations                         25.2            31.9

DERIVATIVE INSTRUMENTS
Foreign exchange forward                  11.9            12.5
Contracts, notional values

The notional amounts are not
a measure of the foreign
rate risk of the exposure
outstanding





                                                               17(20)

KEY FIGURES FOR THE BUSINESS GROUPS
EUR million                               2002            2001

NET SALES
Forest Industry                          137.9           150.2
Forest Industry Consulting                35.8            46.4
Energy                                   111.2           127.0
Infrastructure & Environment             122.7           107,5
Other                                     -0.6             0.7
Total                                    407.0           431.8

OPERATING PROFIT AND PROFIT BEFORE EXTRAORDINARY ITEMS
EUR million, proportion of net sales %              %                %

Forest Industry                           13.3    9.6     17.8    11.9
Forest Industry Consulting                 0.2    0.4      1.3     2.8
Energy                                    -0,7   -0.7     -0.6    -0.5
Infrastructure & Environment               8.5    6.9      7.9     7.3
Other                                     -2.9             1.6
OPERATING PROFIT TOTAL                    18.4    4.5     28.0     6.5
Financial items                           -0.3            -1.7
PROFIT BEFORE EXTRAORDINARY ITEMS         18.1            26.3

ORDER STOCK
Forest Industry                           77.7            74.2
Forest Industry Consulting                 7.5            18.5
Energy                                   123.8           123.5
Infrastructure & Environment              99.4           103.7
Total                                    308.4           319.9
Consulting and engineering               301.6           298.1
EPC                                        6.8            21.8
Total                                    308.4           319.9

NET SALES BY AREA
The Nordic countries                     117.5           138.3
Continental Europe                       172.8           159.9
Asia                                      60.3            66.4
North America                             21.5            29.5
South America                             22.2            25.4
Other                                     12.7            12.3
Total                                    407.0           431.8




                                                               18(20)

                                          2002            2001
PERSONNEL
Forest Industry                          1 891           1 842
Forest Industry Consulting                 272             311
Energy                                   1 094           1 193
Infrastructure & Environment             1 342           1 206
Other                                       33              32
Total December 31                        4 632           4 584












































                                                               19(20)

KEY FIGURES FOR BUSINESS GROUPS
EUR million                    1-3/02 4-6/02 7-9/02 10-12/02


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













                                                               20(20)

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

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