The Pöyry Group's net sales for the period under review were EUR 340.0 million (297.9 million in the same period in 2006). Profit before taxes was EUR 33.3 (20.9) million. The Group's consolidated balance sheet is healthy. The equity ratio was 46.2 (46.6) per cent and the net debt/equity ratio (gearing) -29.7 (-22.1) per cent. Earnings per share were EUR 0.38 (0.24) and the return on investment 38.2 (26.9) per cent. The order stock increased by EUR 71.3 million to EUR 578.9 million during the review period. The number of personnel increased, amounting to 6960 at the end of the review period (6389 at the end of 2006). Consolidated net sales will increase during 2007. Profit before taxes is expected to improve clearly in 2007. The interim report has been prepared in accordance with the IAS 34 following the same accounting principles as in the annual financial statements for 2006. In the Financial Statements for 2007 the Group will also adopt the new standards "IFRS 7 Financial Instruments: Disclosures" and "IAS 1 Presentation of Financial Statements - Capital Disclosures". The data in this interim report are unaudited. Business groups Energy Net sales for the period under review were EUR 103.2 (88.4) million. Operating profit was EUR 9.9 (6.5) million. Demand for energy-related services has remained good especially in Europe and the business group has further strengthened its global market position. The corporate acquisitions in the consulting business and in the oil and gas sector in 2006 have had a favourable impact on earnings during the period under review. The order stock is good, amounting to EUR 233.8 million at the end of the review period (204.9 at the end of 2006). The most important new projects were the bioethanol plant for San Carlos Bioenergy Inc. in the Philippines (EUR 10 million), the Puttalam coal-fired power plant project in Sri Lanka (EUR 7 million), the combined heat and power plant project with Propower GmbH in Germany (EUR 6.2 million), the OGK-3 coal-fired power plant in Russia (EUR 2 million), Fortum Power and Heat Oy's combined heat and power plant project in Finland (EUR 5 million), the Rudbar-e-Lorestan hydropower project in Iran (EUR 7 million), the diesel oil storage EPC contract with Esergui s.a. in Spain (EUR 9.5 million) and the Vung Ang coal-fired power plant in Vietnam (EUR 11 million). Forest Industry Net sales for the period under review were EUR 132.0 (109.8) million. Operating profit amounted to EUR 16.4 (9.0) million. Most of the forest industry's new investments have been directed to Latin America. Several biofuel projects, especially in North America, have improved the business group's capacity utilisation and earnings. New openings, among others in the chemical industry, have also improved the earnings for the period under review. Demand for local engineering services and operations improvement services has remained stable, as has demand for consulting services. The business group's order stock has increased, amounting to EUR 140.2 million (111.4 million at the end of 2006), and is on a good level. The most important new projects received during the review period were the implementation of the bleached hardwood kraft pulp mill of VCP - MS Celulose Sul Mato-Grossense Ltda (the new name of Chamflora - Três Lagoas Agroflorestal Ltda) in Mato Grosso do Sul, Brazil (EUR 54 million), Stora Enso's paper machine rebuild at Wisconsin Rapids in the United States, the rebuild of two paper machines for Billerud AB in Sweden, Holmen Paper AB's TMP plant upgrade at the Braviken mill in Sweden (EUR 2 million) and L&T Recoil Oy's oil regeneration project in Finland (EUR 1.5 million). Infrastructure & Environment Net sales for the period under review were EUR 104.2 (99.0) million. Operating profit was EUR 7.2 (6.1) million. Demand in the infrastructure and environment markets has remained stable. The business group has continued to strengthen its position in local and international markets. The order stock amounted to EUR 204.6 million (191.0 at the end of 2006), which is a good level. The most important new projects were the contract with the German Railways (DB ProjektBau GmbH) for improvement of the railway network of Berlin (EUR 3 million), waste water management projects in Brno, Czech Republic and Paris, France (totally EUR 2.5 million), the traffic control system project with ASFINAG (Autobahnen- und Schnellstrassen- Finanzierungs- Aktiengesellschaft) Verkehrstelematik GmbH in Linz, Austria (EUR 1.3 million), railway line projects in Algeria and Finland (totally EUR 3.5 million) and the contract with the Latvian real estate company SIA Vertikala Pasaule for construction management and site inspection services in Latvia (EUR 3 million). Group structure Energy Pöyry has divested its French subsidiary Pöyry Energy (Lyon) SAS and sold its 100 per cent ownership in the company. The reason for the sale was that the company's profile and product portfolio were not in line with the current strategy of the Energy business group. The income from the sale was EUR 0.7 million. Forest Industry Pöyry expanded its business in Russia by acquiring in June 70 per cent of the shares of ZAO Giprobum Engineering, based in St. Petersburg, Russia. The company's net sales are about EUR 5 million and it has a staff of 260. The transaction includes an option to acquire the remaining 30 per cent of the shares during the first half of 2009. The services of Giprobum Engineering include investment studies, services related to permitting and agreements with authorities, various sectors of plant engineering, and construction management services. Giprobum Engineering has a wide clientele both in pulp and paper and mechanical wood industries in Russia, Ukraine, Belarus and several eastern European countries. Giprobum Engineering is consolidated into the Pöyry Group as of the end of June. Infrastructure & Environment Pöyry strengthened its quantity and cost calculation know-how by acquiring in May 100 per cent of the shares of Insinööritoimisto Rakennuslaskenta NHL Oy, Finland. Rakennuslaskenta NHL had sales of more than EUR 2 million in 2006. The company is consolidated into the Pöyry Group as of the end of May. In June Pöyry acquired 70 per cent of the shares of Evata Worldwide Oy, a Finnish architectural design and real estate consulting firm. Evata employs about 100 experts in its headquarters in Helsinki, and in offices in Tallinn, Estonia, and Beijing, China. It also has a representative office in St. Petersburg, Russia. Evata offers architectural and interior design, workplace design, office property consulting and services related to real estate development. The company's annual net sales are about EUR 10 million. The deal includes an option to acquire the remaining 30 per cent of the company's shares in 2010, at the earliest. After completion of the acquisition, Pöyry's real estate expertise will cover all major sectors of the business: project management, design, real estate consulting and architecture. Evata is consolidated into the Pöyry Group as of the end of June. Order stock The Group's order stock is good. It increased by EUR 71.3 million during the period under review, totalling EUR 578.9 million at the end of June. At the end of 2006 the order stock was EUR 507.6 million. Personnel The number of personnel in the Group has increased, amounting to 6960 (6389 at the end of 2006). Balance sheet structure and financial position The Group's consolidated balance sheet is healthy. The equity ratio at the end of the review period was 46.2 per cent (49.2 at the end of 2006). The Group's liquidity is good. The net debt/equity ratio (gearing) was -29.7 per cent (-37.6 at the end of 2006). Capital expenditure The Group's capital expenditure for the period under review totalled EUR 15.7 (16.5) million, of which EUR 3.8 (3.2) million was invested mainly in IT hardware, software and systems and EUR 11.9 (13.3) million in corporate acquisitions. Risks and uncertainties No such new major risks or uncertainties were identified in the period under review which, if materialised, would be assessed to have a significant impact on the Group. A detailed report on the Group's risks and risk management is given in the Financial Statements of 2006. Share capital and shares The total number of shares at the end of 2006 was 58 180 144. During the review period there were no changes in the number of shares. Pöyry Plc issued in 2004 stock options to the management of the Group as well as to a wholly-owned subsidiary of Pöyry Plc. The number of stock options is 550 000, entitling to subscription of four shares each, i.e. a total of 2 200 000 shares in Pöyry Plc. The share subscription periods are the following: for stock options 2004A 660 000 shares between March 1, 2007 and March 31, 2010, for 2004B 660 000 shares between March 1, 2008 and March 31, 2011, and for 2004C 880 000 shares between March 1, 2009 and March 31, 2012. All stock options have been issued and their receipt confirmed. 24 800 new shares were subscribed with stock options 2004A during the period under review, and 54 008 new shares after it. The shares will be registered in the Trade Register after the period under review. Following the registration of the subscribed shares the number of shares totals 58 258 952. The Annual General Meeting decided that a dividend of EUR 0.50 be distributed per outstanding share for 2006 (EUR 0.325 for 2005), totalling EUR 29.1 million. The dividend was paid on March 15, 2007. The company's shares are quoted on the OMX Nordic Exchange in Helsinki. The average trading price during the period under review was EUR 14.40, with a high of EUR 17.84 and a low of EUR 11.37. A total of 7.7 million of the company's shares were traded, equalling 13.3 per cent of the total number of shares and corresponding to a turnover of EUR 112.3 million. Authorisation to issue shares The Annual General Meeting on March 5, 2007 authorised the Board of Directors to decide to issue new shares and to convey the company's own shares held by the company in one or more tranches. The share issue can be carried out as a share issue against payment or without consideration on terms to be determined by the Board of Directors and in relation to a share issue against payment at a price to be determined by the Board of Directors. A maximum of 11 600 000 new shares can be issued. A maximum of 5 800 000 own shares held by the company can be conveyed. The authorisation is in force until the next Annual General Meeting. The Board has not exercised the authorisation during the period under review. The decision made by the Annual General Meeting was published in its entirety as a stock exchange notice on March 5, 2007. Authorisation to acquire the company's own shares The Annual Meeting authorised the Board of Directors to decide to acquire the company's own shares with distributable funds on the terms given below. The acquisition of shares reduces the company's distributable non-restricted shareholders' equity. A maximum of 5 800 000 shares can be acquired. The company's own shares can be acquired in accordance with the decision of the Board of Directors either through public trading or by public offer at their market price at the time of purchase. The authorisation is in force until the next Annual General Meeting. The Board has not exercised the authorisation during the period under review. The decision made by the Annual General Meeting was published in its entirety as a stock exchange notice on March 5, 2007. Pöyry Plc does not hold its own shares. A subsidiary of Pöyry Plc owns 8914 Pöyry Plc shares with a nominal value of EUR 2 228.50, which equals to 0.02 per cent of the total amount of shares and voting rights. Prospects Energy The good performance of Southeast Asian, Latin American and European economies, combined with the expansion of the EU, creates good opportunities for growth of demand for energy-related services. The increasing EU legislation related to energy is driving demand for industry-specific management consulting services in the energy sector. Environmental legislation, especially legislation aimed at preventing climate change, continues to boost demand for renewable energy and plant refurbishment services. The high price of crude oil is creating new opportunities within the oil and gas sectors. In the thermal power sector, clients focus on diversifying their energy mix. The Energy business group's market position has improved further and its order stock is good. The business group's operating profit will improve clearly in 2007. Forest Industry Investment activity in the forest industry will remain relatively strong in emerging markets. Rising production costs continue to call for operational and productivity improvements in mature markets. Industry restructurings will increase demand for consulting and corporate restructuring services. Demand for biofuel and chemical industry engineering services will remain strong. The business group's order stock is good. The operating profit will improve clearly during 2007. Infrastructure & Environment The infrastructure and environment markets have improved especially in Central Europe, where the recovery of national economies has boosted investments in the public sector. Maintaining a local presence is becoming more important in emerging markets. Corporate acquisitions made during 2007 expand the supply of services within the business group's real estate business. The business group's order stock has remained good. The operating profit will improve in 2007. Group The Group has a strong market position in all of its business areas. The order stock is good and has increased by EUR 71.3 million during the period under review. Consolidated net sales will increase in 2007. Profit before taxes is expected to improve clearly in 2007. Vantaa, Finland, July 25, 2007 PÖYRY PLC Board of Directors PÖYRY PLC Erkki Pehu-Lehtonen President and CEO Teuvo Salminen Deputy to President and CEO Additional information by: Erkki Pehu-Lehtonen, President and CEO, Pöyry Plc tel. +358 10 33 22999, +358 400 468 084 Teuvo Salminen, Deputy to President and CEO, Pöyry Plc tel. +358 10 33 22872, +358 400 420 285 Satu Perälampi, VP, Corporate Communications and Investor Relations, Pöyry Plc tel. +358 10 33 23002, +358 40 526 3388 www.poyry.com DISTRIBUTION: OMX Nordic Exchange Helsinki Major media PÖYRY GROUP Consolidated statement of income 4-6/2007 4-6/2006 1-6/2007 1-6/2006 1-12/2006 EUR million NET SALES 173.0 153.9 340.0 297.9 623.3 Other operating income 0.2 0.1 0.9 0.2 0.3 Share of associated companies' results 0.1 0.7 0.2 0.8 1.2 Materials and supplies -1.9 -4.7 -5.7 -10.1 -24.0 External charges, subconsulting -21.7 -18.0 -40.4 -33.2 -73.2 Personnel expenses -92.9 -83.8 -184.0 -162.1 -327.7 Depreciation -2.0 -1.9 -4.1 -3.8 -7.8 Other operating expenses -38.5 -36.0 -74.6 -69.2 -142.2 OPERATING PROFIT 16.3 10.3 32.3 20.5 49.9 Proportion of net sales, % 9.4 6.7 9.5 6.9 8.0 Financial income 0.9 0.5 1.7 1.1 2.3 Financial expenses -0.4 -0.2 -0.7 -0.4 -1.2 Exchange rate differences 0.0 -0.2 0.0 -0.3 -0.8 PROFIT BEFORE TAXES 16.8 10.4 33.3 20.9 50.2 Proportion of net sales, % 9.7 6.8 9.8 7.0 8.1 Income taxes -5.4 -3.2 -10.7 -6.7 -15.4 NET PROFIT FOR THE PERIOD 11.4 7.2 22.6 14.2 34.8 Attributable to: Equity holders of the parent company 11.0 6.9 21.9 13.8 33.6 Minority interest 0.4 0.3 0.7 0.4 1.2 Earnings per share, EUR 0.19 0.12 0.38 0.24 0.58 Corrected with dilution effect 0.19 0.12 0.37 0.24 0.57 Consolidated balance sheet June 30, June 30, December 31, EUR million 2007 2006 2006 ASSETS NON-CURRENT ASSETS Goodwill 74.6 50.9 61.4 Intangible assets 7.1 7.9 7.9 Tangible assets 17.3 15.5 17.0 Shares in associated companies 4.7 4.8 5.0 Other shares 6.9 6.9 6.7 Loans receivable 1.1 1.3 0.6 Deferred tax receivables 5.5 6.3 5.8 Pension receivables 2.4 4.8 3.1 Other 8.3 8.1 9.0 127.9 106.5 116.5 CURRENT ASSETS Work in progress 70.5 67.8 52.7 Accounts receivable 131.5 120.7 134.2 Loans receivable 0.0 0.0 0.6 Other receivables 15.4 10.8 12.1 Prepaid expenses and accrued income 11.7 10.0 9.8 Cash and cash equivalents 68.9 50.7 74.9 298.0 260.0 284.3 TOTAL 425.9 366.5 400.8 EQUITY AND LIABILITIES EQUITY Equity attributable to the equity holders of the parent company Share capital 14.5 14.5 14.5 Share premium reserve 31.6 31.5 31.5 Legal reserve 19.1 18.6 19.1 Translation difference -10.7 -10.7 -10.9 Retained earnings 73.9 69.2 69.0 Net profit for the period 21.9 13.8 33.6 150.3 136.9 156.8 Minority interest 6.5 5.0 6.1 156.8 141.9 162.9 LIABILITIES Non-current liabilities Interest bearing non-current liabilities 3.1 5.5 4.2 Pension obligations 6.8 7.0 6.9 Deferred tax liability 3.7 2.7 3.3 Other non-current liabilities 7.8 6.0 3.4 21.4 21.2 17.8 Current liabilities Amortisations of interest bearing non-current liabilities 2.7 2.6 2.7 Interest bearing current liabilities 16.7 11.3 6.6 Provisions 2.5 3.5 3.7 Project advances 86.4 62.0 70.0 Accounts payable 22.5 22.0 25.1 Other current liabilities 38.0 32.8 37.2 Current tax payable 2.1 1.7 8.2 Accrued expenses and deferred income 76.8 67.5 66.6 247.7 203.4 220.1 TOTAL 425.9 366.5 400.8 Statement of changes in financial position 4-6/2007 4-6/2006 1-6/2007 1-6/2006 1-12/2006 EUR million FROM OPERATING ACTIVITIES Net profit for the period 11.4 7.2 22.6 14.2 34.8 Depreciation and value decrease 2.0 1.9 4.1 3.8 7.8 Gain on sale of fixed assets 0.0 0.0 -0.7 0.0 -0.1 Share of associated companies' results -0.1 -0.7 -0.2 -0.8 -1.2 Financial items -0.5 -0.1 -1.0 -0.4 -0.3 Income taxes 5.4 3.2 10.7 6.7 15.4 Change in work in progress -2.2 1.6 -17.9 -11.2 3.9 Change in accounts and other receivables -10.8 -16.8 1.1 -8.2 -25.5 Change in advances received 4.6 6.5 15.9 11.0 18.9 Change in payables and other liabilities 10.1 6.1 6.4 4.9 15.5 Received financial income 0.9 0.4 1.7 1.0 1.9 Paid financial expenses -0.4 -0.2 -0.7 -0.5 -0.4 Paid income taxes -6.7 -2.5 -10.8 -6.0 -13.1 Total from operating activities 13.7 6.6 31.2 14.5 57.6 CAPITAL EXPENDITURE Investments in shares in subsidiaries -11.9 -10.6 -13.6 -14.9 -22.4 Investments in other shares 0.0 0.0 0.0 0.0 0.0 Investments in fixed assets -1.8 -1.5 -3.8 -3.2 -9.8 Sales of shares 0.0 0.0 0.6 0.5 0.5 Sales of fixed assets 0.0 0.0 0.3 0.1 0.5 Capital expenditure total, net -13.7 -12.1 -16.5 -17.5 -31.2 Net cash before financing 0.0 -5.5 14.7 -3.0 26.4 FINANCING Repayments of loans -0.9 -0.9 -1.4 -1.3 -2.5 Change in current financing 3.3 10.3 10.1 9.9 5.4 Change in non-current investments 0.0 0.0 0.0 0.0 0.5 Dividends -1.3 -0.9 -29.5 -19.4 -19.4 Share subscription 0.1 0.0 0.1 0.0 0.0 Net cash from financing 1.2 8.5 -20.7 -10.8 -16.0 Change in cash and cash equivalents 1.2 3.0 -6.0 -13.8 10.4 Cash and cash equivalents at the beginning of period 67.7 47.7 74.9 64.5 64.5 Cash and cash equivalents at the end of period 68.9 50.7 68.9 50.7 74.9 Changes in equity 4-6/2007 4-6/2006 1-6/2007 1-6/2006 1-12/2006 EUR million Share capital beginning of period 14.5 14.5 14.5 14.5 14.5 Shares subscribed with stock options 0.0 0.0 0.0 0.0 0.0 Share capital end of period 14.5 14.5 14.5 14.5 14.5 Share premium reserve beginning of period 31.5 31.5 31.5 31.5 31.5 Shares subscribed with stock options 0.1 0.0 0.1 0.0 0.0 Share premium reserve end of period 31.6 31.5 31.6 31.5 31.5 Legal reserve beginning of period 19.1 18.6 19.1 18.6 18.6 Transfer, retained earnings 0.0 0.0 0.0 0.0 0.5 Legal reserve end of period 19.1 18.6 19.1 18.6 19.1 Translation differences beginning of period -11.0 -10.2 -10.9 -8.6 -8.6 Change during the period 0.3 -0.6 0.2 -2.2 -2.4 Translation differences end of period -10.7 -10.8 -10.7 -10.8 -10.9 Retained earnings beginning of period 84.5 76.1 102.6 88.1 88.1 Payment of dividend 0.0 0.0 -29.1 -18.9 -18.9 Minority change 0.0 0.0 0.0 0.0 -0.2 Transfer, retained earnings 0.0 0.0 0.0 0.0 -0.5 Other changes 0.3 0.0 0.4 0.0 0.8 Translation difference included in the result 0.0 0.1 0.0 0.1 -0.2 Net profit for the period 11.0 6.9 21.9 13.8 33.6 Retained earnings end of period 95.8 83.1 95.8 83.1 102.6 Minority interest beginning of period 6.2 4.7 6.1 4.7 4.7 Change during the period -0.1 0.0 -0.3 -0.1 0.2 Net profit for the period 0.4 0.3 0.7 0.4 1.2 Minority interest end of period 6.5 5.0 6.5 5.0 6.1 Total equity beginning of period 144.8 135.2 162.9 148.9 148.9 Payment of dividend 0.0 0.0 -29.1 -18.9 -18.9 Shares subscribed with stock options 0.1 0.0 0.1 0.0 0.0 Other changes 0.2 0.0 0.1 -0.2 0.8 Translation differences 0.3 -0.6 0.2 -2.2 -2.4 Translation difference included in the result 0.0 0.1 0.0 0.1 -0.2 Net profit for the period 11.4 7.2 22.6 14.2 34.8 Total equity end of period 156.8 141.9 156.8 141.9 162.9 Contingent liabilities June 30, June 30, December 31, EUR million 2007 2006 2006 For own debt 0.0 0.0 0.0 Other obligations Pledged assets 0.4 0.3 0.5 Other obligations 44.1 44.9 46.4 For others Pledged assets 0.0 0.0 0.1 Other obligations 0.0 0.0 0.0 Rent and lease obligations 107.7 107.2 107.0 Derivative instruments Foreign exchange forward contracts, notional values 24.6 24.0 34.9 Foreign exchange forward contracts, 0.4 0.5 0.5 fair values -0.4 -0.1 -0.1 Interest rate swaps, fair values 0.1 0.0 0.1 Pöyry Plc has made interest rate swaps for EUR 4.8 million external loans. Related party transactions The transactions with the associated companies are determined on an arm's length basis. Sales to associated companies 0.1 0.6 0.7 Loans receivable from associated companies 0.6 0.6 0.6 Accounts receivable from associated companies 0.0 0.5 0.1 Shareholding and option rights of related parties The members of the Board of Directors, the President and CEO, the Deputy to the President and CEO and the members of the Group Executive Committee owned on June 30, 2007 a total of 209 120 shares and 257 500 stock options (on December 31, 2006 a total of 209 120 shares and 295 000 stock options 2004). With the stock options the shareholding can be increased by 1 030 000 shares equalling 1.7 per cent of the total number of shares and votes. The stock option programme is described in Financial Statements 2006. Key figures 4-6/2007 4-6/2006 1-6/2007 1-6/2006 1-12/2006 Earnings / share, EUR 0.19 0.12 0.38 0.24 0.58 Corrected with dilution effect 0.19 0.12 0.37 0.24 0,57 Equity attributable to equity holders of the parent company/share, EUR 2.58 2.35 2.70 Return on investment, % p.a. 38.2 26.9 31.1 Return on investment, % p.a. for the business groups Energy 27.3 20.8 23.3 Forest Industry 46.6 26.8 34.9 Infrastructure & Environment 24.2 23.6 25.9 Return on equity, % p.a. 28.2 19.5 22.3 Equity ratio, % 46.2 46.6 49.2 Equity / Assets ratio, % 36.8 38.7 40.7 Net debt / Equity ratio (gearing), % -29.7 -22.1 -37.6 Net debt, EUR million -46.4 -31.3 -61.3 Consulting and engineering, EUR million 558.1 514.0 500.8 EPC, EUR million 20.8 17.5 6.8 Order stock total, EUR million 578.9 531.5 507.6 Capital expenditure, operating, EUR million 1.8 1.5 3.8 3.2 9.8 Capital expenditure in shares, EUR million 11.9 12.0 11.9 13.3 27.9 Personnel in Group companies on average 6545 5798 6038 Personnel in Group companies at the end of the period 6960 6077 6389 Personnel in associated companies at the end of the period 271 275 236 Change in intangible assets EUR million Book value at beginning of period 7.3 8.1 7.9 8.5 8.5 Acquired companies 0.1 0.0 0.1 0.2 0.6 Capital expenditure 0.4 0.5 0.4 0.7 3.1 Decreases 0.0 0.0 0.0 0.0 -0.9 Depreciation and expensed -0.7 -0.7 -1.3 -1.5 -3.4 Translation difference 0.0 0.0 0.0 0.0 0.0 Book value at end of period 7.1 7.9 7.1 7.9 7.9 Change in tangible assets Book value at beginning of period 17.1 15.2 17.0 15.2 15.2 Acquired companies 0.3 0.0 0.3 0.6 1.4 Capital expenditure 1.5 1.6 3.4 2.5 6.7 Decreases 0.0 0.0 -0.3 -0.1 -0.5 Depreciation -1.6 -1.3 -3.1 -2.7 -5.7 Translation difference 0.0 0.0 0.0 0.0 -0.1 Book value at end of period 17.3 15.5 17.3 15.5 17.0 Segment information 1-6/2007 1-6/2006 1-12/2006 EUR million NET SALES Energy 103.2 88.4 197.4 Forest Industry 132.0 109.8 224.9 Infrastructure & Environment 104.2 99.0 201.8 Unallocated 0.6 0.7 -0.8 Total 340.0 297.9 623.3 OPERATING PROFIT AND NET PROFIT FOR THE PERIOD Energy 9.9 6.5 14.6 Forest Industry 16.4 9.0 22.9 Infrastructure & Environment 7.2 6.1 13.0 Unallocated -1.2 -1.1 -0.6 Operating profit total 32.3 20.5 49.9 Financial items 1.0 0.4 0.3 Profit before taxes 33.3 20.9 50.2 Income taxes -10.7 -6.7 -15.4 Net profit for the period 22.6 14.2 34.8 Profit attributable to: Equity holders of the parent company 21.9 13.8 33.6 Minority interest 0.7 0.4 1.2 OPERATING PROFIT % Energy 9.6 7.4 7.4 Forest Industry 12.4 8.2 10.2 Infrastructure & Environment 6.9 6.2 6.4 Total 9.5 6.9 8.0 ORDER STOCK Energy 233.8 237.1 204.9 Forest Industry 140.2 109.1 111.4 Infrastructure & Environment 204.6 185.3 191.0 Unallocated 0.3 0.0 0.3 Total 578.9 531.5 507.6 Consulting and engineering 558.1 514.0 500.8 EPC 20.8 17.5 6.8 Total 578.9 531.5 507.6 NET SALES BY AREA The Nordic countries 98.4 80.1 154.6 Europe 145.1 138.7 277.3 Asia 33.3 25.7 79.5 North America 17.4 11.8 26.6 South America 35.2 30.2 63.9 Other 10.6 11.4 21.4 Total 340.0 297.9 623.3 Segment information 7-9/05 10-12/05 1-3/06 4-6/06 EUR million NET SALES Energy 37.4 45.5 42.8 45.6 Forest Industry 47.4 50.4 52.8 57.0 Infrastructure & Environment 39.7 50.3 48.3 50.7 Unallocated 0.6 -0.9 0.1 0.6 Total 125.1 145.3 144.0 153.9 OPERATING PROFIT AND NET PROFIT FOR THE PERIOD Energy 1.8 3.2 3.2 3.3 Forest Industry 5.9 5.0 4.4 4.6 Infrastructure & Environment 2.3 3.0 3.3 2.8 Unallocated -0.2 0.1 -0.7 -0.4 Operating profit total 9.8 11.3 10.2 10.3 Financial items 0.6 0.4 0.3 0.1 Profit before taxes 10.4 11.7 10.5 10.4 Income taxes -3.2 -3.8 -3.5 -3.2 Net profit for the period 7.2 7.9 7.0 7.2 Profit attributable to: Equity holders of the parent company 7.4 7.7 6.9 6.9 Minority interest -0.2 0.2 0.1 0.3 OPERATING PROFIT % Energy 4.8 7.0 7.5 7.2 Forest Industry 12.4 9.9 8.3 8.1 Infrastructure & Environment 5.8 6.0 6.8 5.5 Total 7.8 7.8 7.1 6.7 ORDER STOCK Energy 197.6 195.2 220.0 237.1 Forest Industry 78.3 97.3 111.4 109.1 Infrastructure & Environment 144.2 159.5 187.6 185.3 Unallocated 0.2 0.1 0.1 0.0 Total 420.3 452.1 519.1 531.5 Consulting and engineering 388.1 428.1 496.9 514.0 EPC 32.2 24.0 22.2 17.5 Total 420.3 452.1 519.1 531.5 Segment information 7-9/06 10-12/06 1-3/07 4-6/07 EUR million NET SALES Energy 49.1 59.9 51.4 51.8 Forest Industry 54.8 60.3 64.6 67.4 Infrastructure & Environment 48.7 54.1 50.8 53.4 Unallocated 0.4 -1.9 0.2 0.4 Total 153.0 172.4 167.0 173.0 OPERATING PROFIT AND NET PROFIT FOR THE PERIOD Energy 3.7 4.4 5.3 4.6 Forest Industry 6.4 7.5 7.8 8.6 Infrastructure & Environment 3.4 3.5 3.7 3.5 Unallocated -0.3 0.8 -0.8 -0.4 Operating profit total 13.2 16.2 16.0 16.3 Financial items 0.0 -0.1 0.5 0.5 Profit before taxes 13.2 16.1 16.5 16.8 Income taxes -4.2 -4.5 -5.3 -5.4 Net profit for the period 9.0 11.6 11.2 11.4 Profit attributable to: Equity holders of the parent company 8.6 11.2 10.9 11.0 Minority interest 0.4 0.4 0.3 0.4 OPERATING PROFIT % Energy 7.5 7.3 10.3 8.9 Forest Industry 11.7 12.4 12.1 12.8 Infrastructure & Environment 7.0 6.5 7.3 6.6 Total 8.6 9.4 9.6 9.4 ORDER STOCK Energy 222.6 204.9 214.8 233.8 Forest Industry 111.0 111.4 154.1 140.2 Infrastructure & Environment 183.7 191.0 198.4 204.6 Unallocated 0.0 0.3 0.3 0.3 Total 517.3 507.6 567.6 578.9 Consulting and engineering 502.1 500.8 553.1 558.1 EPC 15.2 6.8 14.5 20.8 Total 517.3 507.6 567.6 578.9 Acquisitions during 2007 Acquisition Acquired Name and business date interest, % Rakennuslaskenta NHL Oy May 25, 2007 100 The company specialises in quantity and cost calculations, building consulting and condition assessment services. The company is based in Turku, Finland and has a staff of 23. ZAO Giprobum Engineering June 15, 2007 70 The company specialises in investment studies, services related to permitting and agreements with authorities, various sectors of plant engineering, and construction management in the forest industry. The company is based in St. Petersburg, Russia and has a staff of 260. Evata Worldwide Oy June 27, 2007 70 The company specialises in architectural and interior design, workplace design, office property consulting and services related to real estate development. The company is based in Helsinki, Finland and has a staff of 100. Aggregate figures for the above acquisitions EUR million Purchase price Fixed price, paid 11.7 Additional 30%, estimate 3.3 Earnout estimate 0.6 Order intake estimate 0.0 Fees 0.2 Total 15.8 Price allocation Equity 3.9 Fair value adjustments: Client relationship 0.0 Order stock 0.0 Other 0.1 Total 4.0 Remaining = Goodwill 11.8 Market leadership, experienced management and staff, and earnings expectations are factors contributing to the amount booked as goodwill. Impact on the Pöyry Group's income statement Operating profit from acquisition date to June 30, 2007 0.0 Sales volume on a 12-month calendar year basis 2007 17.0 Operating profit on 12-month calendar year basis 2007 1.5 Impact on the Pöyry Group's assets and liabilities EUR million Book values Fair Adjusted at acqui- value IFRS sition date adjustments values Intangible assets 0.4 -0.3 0.1 Tangible assets 0.4 0.4 Shares 0.1 0.1 0.2 Deferred tax receivables 0.0 0.0 Work in progress 0.1 0.1 Accounts receivable 2.7 2.7 Other receivables 0.3 0.3 Cash and cash equivalents 2.3 2.3 Assets total 6.3 -0.2 6.1 Deferred tax liability 0.0 0.0 Provisions 0.0 0.0 Interest bearing liabilities 0.1 0.1 Project advances 0.5 0.5 Accounts payable 0.4 0.4 Other current liabilities 1.4 1.4 Liabilities total 2.4 0.0 2.4 Net identifiable assets and liabilities 3.9 -0.2 3.7 Total cost of business combinations 15.8 Paid 11.9 Additional price, estimate 3.9 Goodwill 12.1 Consideration paid, satisfied in cash 11.9 Cash acquired 2.3 Net cash outflow 9.6 Based on the purchase agreements the companies acquired during the period under review are consolidated 100 % into the Pöyry Group as of the end of the month when acquired. The figures are preliminary figures.