Because of the uncertainty in the world economy the forest industry’s investment activity has remained low. Numerous pre-studies and preliminary engineering projects are in progress, but investment decisions have been postponed. Taking into account the market situation, the Forest Industry business group’s operating profit for 2002 will be satisfactory, though lower than previously estimated. The operating profit of the Forest Industry Consulting business group will be strongly dependent on mergers and acquisitions in the final months of the year and the commissions from this work; if planned mergers and acquisitions proceed according to plan, the business group’s operating profit will be clearly up on the previous year. Market prospects in the energy sector are still uncertain, though demand for services related to renewable sources of energy, power plant modernisations and consulting work has recovered. The Energy business group has received a number of major new assignments during the summer and early autumn, but their favourable effect on earnings will not be seen until 2003. The Energy business group’s operating profit for 2002 is expected to remain at the previous year’s level. The Infrastructure & Environment business group has not experienced any major changes; its operating profit for 2002 is estimated to remain at the level achieved in 2001.
In spite of the continued difficult market situation, the Jaakko Pöyry Group’s order stock has remained satisfactory and its market position is strong. Taking into account the business groups’ prospects outlined above, the consolidated profit before extraordinary items for 2002 is estimated at EUR 17-21 million.
JAAKKO PÖYRY GROUP OYJ
Erkki Pehu-Lehtonen
President and CEO
Teuvo Salminen
Executive Vice President