* The consolidated profit before extraordinary items and taxes was
significantly better during the second quarter and was EUR 0.6
million (EUR 0.1 million in April-June 2002). * The cumulative
result was at the same level as last year, i.e. EUR 0.9 million
(EUR 0.9 million in January-June 2002). * Net sales during the
reporting period amounted to EUR 24.5 (25.2) million. * The cash
flow from operating activities before investments was EUR 1.4
(-0,4) million.

Net sales and profit

During the reporting period, Tulikivi Group net sales amounted to
EUR 24.5 (25.2) million. The heater business net sales were EUR
20.1 (19.7) million and building stone business net sales EUR 4.4
(5.5) million.

The proportion of export of the net sales was EUR 11.1 (12.7)
million, i.e. 45.2 (50.2) per cent. The domestic net sales were
EUR 13.4 (12.5) million.

The profit before extraordinary items was EUR 0.9 (0.9) million.
During the second quarter, the result improved by 0,5 million
euros compared with the same period last year. The profit before
extraordinary items for the heater business was EUR 1.2 (0.6)
million. The result of the building stone business was EUR -0.3
(0.3) million.

Earnings per share amounted to EUR 0.35 (0.36). As income taxes
have been reported taxes relating to the group companies´ profit
for the reporting period.

Financing and investments

The Group’s financing position is good. Cash flow from operating
activities before investments amounted to EUR 1.4 (-0.4) million.
The solvency ratio was 60.1 (55.5 per cent at the end of June
2002). The current ratio was 2.2 (2.1). The shareholders´ equity
per share amounted to EUR  13.55 (13.55).

The Group’s investments in fixed assets amounted to EUR  1.3 (2.5)
million.

2(5)

Price development and trade volume of the A share

During the current reporting period a total of 60.269 Tulikivi
Corporation A shares were traded at the Helsinki Stock Exchange,
representing EUR 1.2 million.

The highest trading price of the share was EUR 22.30 and the
lowest EUR 17.49. The closing rate of the reporting period was EUR
17.55.

Company’s own shares

The board of Tulikivi Corporation has been authorized by the
annual shareholders meeting to purchase maximum of 67.213 A shares
of the company and maximum of 23.850 K shares of the company.

Tulikivi Rakennuskivet Oy to be merged with the parent company

According to the merger plan between Tulikivi Corporation and
Tulikivi Rakennuskivet Oy, Tulikivi Rakennuskivet Oy is to be
merged into the parent company via an affiliate merger by the 1st
of October, 2003. The aim with the merger is to generate more
synergy benefits from heating business and building stone
business, to improve customer service and to improve the
profitability of the building stone business.

The implementation of IAS

Tulikivi Corporation has started the preparations for the
implementation of IAS. Consolidated financial statements complying
with IAS regulations will be published for the first time for the
financial year starting January 1st 2005.

Future prospects

As the development of heater business is expected to continue
positively, the turnover and the result for the whole year for the
group will exceed the prior year’s level.

CONSOLIDATED INCOME STATEMENT
ME                                 01-06/  01-06/ Change,   01-12/
2003    2002       %     2002

Net sales                            24.5    25.2    -2.8     52.5
Change in inventories of
finished products                     0.5     1.3              0.4
Production for own use                0.1     0.5              0.7
Other operating income                0.2     0.1              0.6

3 (5)

Materials and external charges        7.4     7.7             15.3
Personnel expenses                    9.8    10.3             19.5
Depreciation and value adjustments    1.9     2.1              4.3
Other operating expenses              5.3     6.2             11.9

Operating profit                      0.9     0.8    12.5      3.2
% of net sales                        3.7     3.2              6.1

Financial income and expenses                +0.1             +0.1

Profit before extraordinary
items                                 0.9     0.9     0.0      3.3
% of net sales                        3.7     3.6              6.3

Income taxes                          0.3     0.3              1.0

Profit for the period                 0.6     0.6     0.0      2.3

CONSOLIDATED BALANCE SHEET
ME
06/2003 06/2002          12/2002
Assets
Non-current assets                   20.6    23.2             21.2
Current assets
Inventories                           6.8     7.5              6.3
Other current assets                 14.3    14.1             15.6

Liabilities and shareholders´equity
Capital stock                         6.2     6.2              6.2
Other shareholders´equity            18.5    18.5             19.8
Non-current liabilities               7.4     9.8              7.4
Current liabilities                   9.6    10.3              9.7
Total assets/liabilities             41.7    44.8             43.1

CASH FLOW STATEMENT                01-06/  01-06/           01-12/
ME                                   2003    2002             2002

Profit before extraordinary
items                                 0.9     0.9              3.3
Depreciation and other adjustments    1.9     1.9              4.1
Change in net working capital        -0.5    -2.3             -0.8
Financial items and taxes            -0.9    -0.9             -1.3
Cash flow from operating activities   1.4    -0.4              5.3

Investments in fixed assets          -1.3    -2.6             -4.3
Proceeds from sale of fixed assets and
other changes in fixed assets                 0.3              0.4
Net cash used in investing
activities                           -1.3    -2.3             -3.9

4 (5)

Cash flow before financing
activities                            0.1    -2.7              1.4

Acquisition of own shares                                     -0.2
Long-term borrowing                           5.9              7.8
Repayment of long-term loans         -0.7    -2.0             -4.2
Dividends paid                       -1.9    -2.6             -2.7
Net cash flow from financing
activities                           -2.6     1.3              0.7

Net increase (+)/decrease (-)
in cash and cash equivalents         -2.5    -1.4              2.1

Cash and cash equivalents at the
beginning of the period               7.2     5.1              5.1
Cash and cash equivalents at the
end of the period                     4.7     3.7              7.2

KEY RATIOS DESCRIBING ECONOMIC
DEVELOPMENT AND KEY INDICATORS PER SHARE

06/2003 06/2002          12/2002
Order stock (June 30), ME             7.2     6.5              3.9
Gross investments, ME                 1.3     2.5              3.9
Gross investments/net sales, %        5.3     9.9              7.4
Average number of personnel           537     578              578

Earnings per share, Euro             0.35    0.36             1.35
Equity/share, Euro                  13.55   13.55            14.25
Solvency ratio, %                    60.1    55.5             61.5
Gearing, %                           11.4    24.7              3.9
Current ratio                         2.2     2.1              2.3
Average number of shares          1821277 1799724          1798671
Number of outstanding shares
at the end of period              1821277 1799724          1821277

GIVEN GUARANTEES, CONTINGENT LIABILITIES
AND OTHER COMMITMENTS
ME
06/2003 06/2002          12/2002
Loans from credit institutions
and other non-current liabilities
for which mortgages have been given   5.1     7.5              5.3
Given mortgages                       6.7     9.4              6.7
Other mortgages and pledges given
on behalf of own liabilities          1.3     1.1              1.3

5 (5)

Environmental commitments
On the basis of mining act and environmental legislation Tulikivi
Corporation has landscaping commitments. The amount of the
commitments can not at the time being be reliably estimated.

Off-balance sheet financial instruments
The significance of off-balance sheet financial instruments is
minor.

The interim report has not been audited.

The companies included in the Group are the parent company
Tulikivi Corporation, Tulikivi U.S. Inc. and Tulikivi
Rakennuskivet Oy and its subsidiary company AWL-Marmori. Group
companies include also Tulikivi Vertriebs  GmbH and The New
Alberene Stone Company, Inc., which are dormant.

TULIKIVI CORPORATION

Board of directors

Distribution: The Helsinki Stock Exchange
Central Media

Additional information: Tulikivi Corporation, 83900 Juuka, tel.
+358-13-68 11 11, www.tulikivi.com
– Chairman of the Board of Directors Matti Virtaala
– Vice Chairman of the Board of Directors Reijo Vauhkonen
– Managing Director Juha Sivonen