*Tulikivi Group’s profit before extraordinary items increased by
22% during the reported period and amounted to EUR 2.5 million
(EUR 2.1 million). The Group’s net sales were EUR 38.3 million
(EUR 38.1 million).
*The cash flow from operating activities before investments was
2.9 (1.6) Me.
*The sales contract pertaining to the acquisition of the entire
share stock of Kivia Oy will be signed on 21 October 2003.

Net sales and result

During the reported period, the Tulikivi Group net sales amounted
to EUR 38.3 million (EUR 38.1 million January-September 2002). The
net sales of the fireplace business (previously heater business)
were EUR 31.7 million (EUR 30.4 million). The net sales of the
architectural stone business were EUR 6.6 million (EUR 7.7
million).

Domestic net sales amounted to EUR 20.8 million (EUR 19.4
million), or 54.4 (51.1) percent. Net sales for exports totaled
EUR 17.5 million (EUR 18.7 million).

The Group’s profit before extraordinary items was EUR 2.5 million
(EUR 2.1 million). In the past quarter, the result before
extraordinary items of the fireplace business amounted to EUR 2.1
million (EUR 1.3 million), and during the reported period to EUR
3.3 million (EUR 1.9 million). The result before extraordinary
items of the architectural stone business was EUR 0.8 million
negative (EUR 0.2 million). Within the architectural stone
business segment, a decision has been made to focus on the
processing of natural stone, project deliveries and interior
stone deliveries. Non-recurrent costs caused by restructuring in
the past quarter amounted to EUR 0.5 million.

Earnings per share amounted to EUR 0.99 (EUR 0.85). The taxes
included in the calculations are the taxes of the Group companies
for the reported period.

Financing and investments

The Group’s financial position is good. The cash flow of business
operations before investments amounted to EUR 2.9 million (EUR 1.6
million). The solvency ratio was 62.3 percent (55.3 percent at the
end of September 2002). The current ratio was 2.4 (2.4). The
shareholder’s equity per share amounted to EUR 14.18 (EUR 14.01).
The Group’s fixed assets investments amounted to EUR 2.2 million
(EUR 3.4 million).
2(6)
A share rating development and exchange

During the reporting period, 172,723 Tulikivi Corporation A shares
were exchanged on the Helsinki Stock Exchange, corresponding to a
total amount of EUR 3.3 million. The highest rating for the share
was EUR 22.30 and the lowest was EUR 17.49. At the end of the
reporting period, the rating was EUR 20.20.

The Group’s own shares

The board of Tulikivi Corporation has been granted authorization
by the general shareholders’ meeting to acquire a maximum of
67,213 company A shares and a maximum of 23,850 company K shares.

Events after the reporting period

Tulikivi Rakennuskivet Oy was merged with the parent company

Tulikivi Rakennuskivet Oy was merged into Tulikivi Corporation by
an affiliate merger, which was carried out on 7 October 2003.

Kivia Oy to become part of Tulikivi Group

Tulikivi Corporation signed the letter of intent to carry out the
acquisition of the entire issued capital of the soapstone
fireplaces manufacturing company Kivia Oy on 10th September 2003.
The final contract ofacquisition will be signed on 21st October
2003. The ownership will be transferred on 1 November 2003. The
acquisition will broaden Tulikivi’s product range and distribution
network. The stone reserves of Kivia will substantially increase
the Group’s soapstone reserves. The Kivia acquistion will increase
Tulikivi’s annual net sales by approx. EUR 3 million. The
acquistion will have a positive effect on Tulikivi’s result per
share.

Increasing the number of shares

The board of Tulikivi Corporation has decided to propose to the
extraordinary shareholders’ meeting to be held in December that
the nominal value of both share types be changed from EUR 3.40 to
EUR 0.68 per share, so that one old share would be split into five
new shares. After the change, the total number of K shares would
be 2.385.000, and the total number of A shares 6.721.385, total
number of shares 9.106.385.

Prospects for the near future

The demand for fireplaces continues to be good. The Group’s annual
result is estimated to be higher than that of previous year.

3(6)
CONSOLIDATED INCOME STATEMENT
ME 01-09/ 01-09/ Change, 01-12/
2003 2002 % 2002
Net sales 38.3 38.1 0.6 52.5
Change in inventories
of finished products 0.1 1.1 0.4
Production for own use 0.3 0.6 0.7
Other operating income 0.4 0.4 0.6

Materials and external charges 11.0 11.5 15.3
Personnel expenses 14.9 14.6 19.5
Depreciation and value adjustments 3.0 3.2 4.3
Other operating expenses 7.7 8.8 11.9

Operating profit 2.5 2.1 21.4 3.2
% of net sales 6.5 5.4 6.1

Financial income 0.2 0.2 0.5
Financial expenses 0.2 0.2 0.4

Profit before extraordinary items 2.5 2.1 22.0 3.3
% of net sales 6.6 5.4 6.3

Income taxes 0.7 0.7 1.1

Profit for the period 1.8 1.4 28.9 2.2

CONSOLIDATED BALANCE SHEET
ME 09/2003 09/2002 12/2002
Assets
Fixed assets and other non-
current investments
Intangible assets 3.0 3.3 3.0
Goodwill 0.7 1.2 1.1
Tangible assets
Land areas 1.1 1.0 1.0
Buildings 6.9 7.8 7.2
Machinery and equipment 8.5 9.1 8.7
Other tangible assets 0.1 0.1 0.1
Investments 0.1 0.1 0.1
Own shares 0.5
Fixed assets and other non-current
Investments total 20.4 23.1 21.2
Current assets
Inventories 6.3 7.1 6.3
Current receivables
Trade receivables 9.1 8.0 6.1
Other current receivables 1.8 3.3 2.3
Cash in hand and at banks 4.8 5.6 7.2
Total current assets 22.0 24.0 21.9
Total assets 42.4 47.1 43.1

4(6)
Liabilities and shareholders´equity
Shareholders´equity
Capital stock 6.2 6.2 6.2
Other shareholders´equity 19.6 19.4 19.8
Total shareholders´equity 25.8 25.6 26.0
Non-current liabilities
Deferred tax libilities 0.9 1.1 0.9
Non-current interest bearing
liabilities 6.4 10.4 6.5
Total non-current liabilities 7.3 11.5 7.4
Current liabilities
Current interest bearing
liabilities 0.5 0.4 1.8
Current non-interest
bearing liabilities
Account payables 1.8 2.1 1.0
Other current liabilities 7.0 7.5 6.9
Total current liabilities 9.3 10.0 9.7
Total liabilities and
Shareholders´total 42.4 47.1 43.1

CASH FLOW STATEMENT 01-09/ 01-09/ 01-12/
ME 2003 2002 2002
Profit before extraordinary
items 2.5 2.1 3.3
Depreciation and other
Adjustments 2.9 3.1 4.1
Change in net working capital -1.3 -2.6 -0.8
Financial items and taxes -1.2 -1.0 -1.3
Cash flow from operating activities 2.9 1.6 5.3

Investments in fixed assets -2.2 -3.4 -4.3
Proceeds from sale of fixed assets
and other changes in fixed assets 0.3 0.4
Net cash used in investing
activities -2.2 -3.1 -3.9

Cash flow before financing
activities 0.7 -1.6 1.4

Acquistion of own shares -0.1 -0.2
Long-term borrowing 7.8 7.8
Repayment of long-term loans -1.2 -3.0 -4.2
Dividens paid -1.9 -2.7 -2.7
Net cash flow from financing
activities -3.1 2.0 0.7

Net increase (+)/decrease(-)
in cash and cash aquivalents -2.4 0.4 2.1

5(6)
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 4.8 5.5 7.2

KEY RATIOS DESCRIBING ECONOMIC
DEVELOPMENT AND KEY INDICATORS PER SHARE

09/2003 09/2002 12/2002
Order stock (September 30), ME 6.3 6.6 3.9
Gross investments, ME 2.2 3.4 3.9
Gross investments,net sales/% 5.8 8.9 7.4
Average number of personnel 568 582 578

Earnings per share, Euro 0.99 0.85 1.35
Equity/share, Euro 14.18 14.01 14.25
Solvency ratio, % 62.3 55.3 61.5
Gearing, % 8.4 20.2 3.9
Current ratio 2.4 2.4 2.3
Average number of shares 1821277 1799345 1798671
Number of shares on Sept, 30 1821277 1789696 1821277

GIVEN GUARANTEES, CONTINGENT LIABILITIES
AND OTHER COMMITMENTS
ME
09/2003 09/2002 12/2002
Loans from credit institutions
and other non-current liabilities
for which mortgages have been given 4.7 7.5 5.3
Given mortgages 6.7 9.4 6.7
Other mortgages and pledges
given on behalf of own liabilities 1.3 1.2 1.3

Environmental commitments
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.

Group quarterly development
EUR million Q3/ Q2/ Q1/ Q4/ Q3/ Q2/ Q1/
2003 2003 2003 2002 2002 2002 2002

Net sales 13,8 12,6 11,9 14,4 12,9 12,5 12,7
Operating income 1,6 0,6 0,3 1,1 1,3 0,1 0,7
Result before taxes 1,6 0,6 0,3 1,2 1,2 0,1 0,8

6(6)
Quarterly development of businesses areas
EUR million
Q3/ Q2/ Q1/ Q4/ Q3/ Q2/ Q1/
2003 2003 2003 2002 2002 2002 2002
Fireplace business
Net sales 11,6 10,4 9,7 11,9 10,7 9,6 10,1
Result before extra-
ordinary items 2,1 0,7 0,5 1,5 1,3 0,0 0,6

Architectural stone business
Net sales 2,2 2,2 2,2 2,5 2,2 2,9 2,6
Result before extra-
ordinary items -0,5 -0,1 -0,2 -0,3 -0,1 0,1 0,2

Largest shareholders on 30 September 2003
Name of shareholder Number of Portion of
shares total vote
Vauhkonen Reijo 327.531 26,4 %
Vauhkonen Heikki 149.584 23,8 %
Virtaala Matti 120.541 12,0 %
Mutual Pension Insurance Company
Ilmarinen 102.119 1,7 %
Mutanen Susanna 89.875 7,3 %
Vauhkonen Mikko 40.035 3,6 %
Investments fund Phoebus 37.500 0,6 %
Fondita Nordic Small Cap Placfond 34.200 0,6 %
Nuutinen Kyösti 33.675 3,5 %
Vauhkonen Eliisa 24.851 3,5 %
Other shareholders 821.266 17,0 %

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