Net sales and result

The Tulikivi Group’s net sales in the report period were EUR 13.3
million (11.9 million). The Fireplace Business generated net sales
of EUR 12.1 million (9.7 million) and the Architectural Stone
Business had net sales of EUR 1.2 million (2.2 million). The share
of aggregate net sales derived in Finland was EUR 6.9 million (6.9
million), or 51.7 (58.3) per cent. Exports yielded total net sales
of EUR 6.4 million (5.0 million). The largest countries for
exports were Germany and Sweden.

The Group's profit before extraordinary items was EUR 0.9 million
(0.3 million). The improvement in earnings was due not only to the
growth in net sales but also to the restructuring measures that
were carried out in 2003.  The Fireplace Business reported profit
before extraordinary items of EUR 1.1 million (0.5 million). The
result of the Architectural Stone Business was negative EUR 0.2
million (-0.2 million).
Kivia Oy, which was acquired in autumn 2003, had net sales in the
report period of EUR 0.7 million and a positive result.

Earnings per share were EUR 0.07 (0.02). As income taxes have been
reported taxes relating to the group companies profit for the
report period.

Financing and investments

The Group's financial position is good. Cash flow from business
operations before investments was EUR 1.6 million negative (0.6
million). The Group’s net working capital increased by EUR 3.4
million (0.3 million) in the report period. The increase was due
to higher trade receivables, prepayments and  inventories.
The equity ratio was 48.4 per cent (55.6 per cent at the end of
March 2003). The dividend to be paid for the previous year has
been subtracted from shareholders’ equity and it is stated as a
corresponding increase in other current liabilities. The ratio of
interest-bearing net debt to shareholders’ equity, or gearing, was
18.1 per cent (3.3). The current ratio was 1.4 (1.9).
Financial income and expenses resulted in a net gain of just under
EUR 0.1 million in the report period.

2(7)
Equity per share was EUR 2.24 (2.66).

The Group's fixed assets investments amounted to EUR 0.7 million
(0.4 million). Investments consisted mainly of equipment and
software and opening of new quarries in Juuka and Kuhmo.

Price development and trade volume of A-share

During the report period, 608,582 Tulikivi Corporation A-shares
were traded on Helsinki Exchanges to a total value of EUR 3.9
million. The highest trading price of the share was EUR 8.02 and
the lowest EUR 5.25. The closing rate for the report period was
EUR 7.55.

Resolutions of the Annual General Meeting

Dividend distribution and administrative bodies

The Annual General Meeting of Tulikivi Corporation on 20 April
2004 resolved to pay a dividend, in accordance with the Board of
Directors’ proposal, of EUR 0.51 on A-shares and EUR 0.50 on K-
shares, or a total of EUR 4.6 million.

The following members were elected to the Board of Directors of
the parent company and the operating subsidiaries: Bishop
Ambrosius, Juhani Erma, Eero Makkonen, Aimo Paukkonen, Heikki
Vauhkonen, Reijo Vauhkonen and Matti Virtaala. From amongst its
members, the Board of Directors elected Matti Virtaala chairman
and Reijo Vauhkonen vice chairman.
Authorized Public Accountants PricewaterhouseCoopers Oy of
Helsinki were elected the company’s auditor.

Authorization to buy back and transfer the company’s own shares

The Annual General Meeting granted the Board of Directors an
authorization to buy back the company’s own shares (treasury
shares). The treasury shares will be purchased with the aim of
developing the company’s capital structure and for use as
consideration in acquisitions or other structural arrangements in
the manner and to the extent decided by the Board of Directors.
Similarly, the Annual General Meeting granted the Board of
Directors an authorization to transfer the treasury shares. The
shares can be transferred as consideration in acquisitions or they
can be used in other structural arrangements in the manner and to
the extent decided by the Board of Directors. The Board of
Directors can also decide to sell A-shares in public trading on
Helsinki Exchanges in order to obtain funds for possible
acquisitions or to finance capital expenditures. The Board of
Directors can furthermore propose that the shares be cancelled by
lowering the share capital. No more than a total of 336,069 A-
3(7)
shares and no more than a total of 119,250 K-shares will be bought
back. The company’s A-shares will be purchased in public trading
on Helsinki Exchanges and the K-shares as a rule by making a
tender offer to Series K shareholders in proportion to their
holdings.

Outlook for the future

In Finland, construction of single-family houses and renovation
work will remain robust.
In Continental Europe the upswing in the business cycle will
unfold more slowly than was previously anticipated.
All in all, demand for Tulikivi’s products is expected to be good.
The Group’s net sales and earnings are set to develop favourably
over the full year.

The order stock at the end of the report period was EUR 6.9
million (6.9 million), of which the Fireplace Business accounted
for EUR 5.2 million (5.1 million) and the Architectural Stone
Business for EUR 1.7 million (1.8 million).

CONSOLIDATED INCOME STATEMENT
ME                                 01-03/  01-03/ Change,   01-12/
2004    2003       %     2003
Net sales                            13.3    11.9    12.5     53.6
Change in inventories
of finished products                  0.2     0.1              0.4
Production for own use                0.3                      0.4
Other operating income                0.2     0.1              0.5

Materials and external charges        4.2     3.6             14.9
Personnel expenses                    5.1     4.6             20.9
Depreciation and value adjustments    1.0     0.9              4.1
Other operating expenses              2.8     2.7             10.8

Operating profit                      0.9     0.3   235.9      4.2
% of net sales                        7.1     2.4              7.9

Financial income and expensens          .       .              0.1

Profit before extraordinary
items                                 0.9     0.3   264.1      4.3
% of net sales                        6.8     2.1              7.9

Income taxes                          0.3     0.1              1.2

Profit for the period                 0.6     0.2   207.9      3.0

4(7)
CONSOLIDATED BALANCE SHEET
ME                                03/2004 03/2003          12/2003
Assets
Fixed assets and other non-
current investments
Intangible assets                     3.4     2.8              3.3
Goodwill                              0.6     1.0              0.6
Tangible assets
Land areas                            1.1     1.1              1.1
Buildings                             6.2     7.1              6.4
Machinery and equipment               8.5     8.4              8.8
Other tangible assets                 0.2     0.1              0.1
Investments                           0.1     0.1              0.1
Fixed assets and other non-current
investments total                    20.1    20.6             20.4
Current assets
Inventories                           7.3     6.5              6.9
Long term receivables
Deferred tax assets                   0.7                      0.7
Current receivables
Trade receivables                     8.7     7.9              6.6
Other current receivables             2.0     1.9              0.6
Cash in hand and at banks             3.4     7.2              6.5
Total current assets                 22.1    23.5             21.3
Total assets                         42.2    44.1             41.7

Liabilities and shareholders´equity
Shareholders´equity
Capital stock                         6.2     6.2              6.2
Other shareholders´equity            14.2    18.1             18.2
Total shareholders´equity            20.4    24.3             24.4
Provisions                            0.1                      0.1
Liabilities
Non-current liabilities
Deferred tax liabilities              0.7     0.9              0.7
Loans from credit institutions        5.0     6.4              5.0
Other non-current liabilities                 0.1
Total non-current liabilities         5.7     7.4              5.7
Current liabilities
Loans from credit institutions        2.0     1.6              2.8
Account payables                      1.9     2.2              1.0
Other current liabilities            12.1     8.6              7.7
Total current liabilities            16.0    12.4             11.5
Total liabilities and
shareholders´equity                  42.2    44.1             41.7

Interest bearing liabilities          7.1     8.0              7.8

5(7)
CASH FLOW STATEMENT                01-03/  01-03/           01-12/
ME                                   2004    2003             2003
Profit before extraordinary
items                                 0.9     0.3              4.3
Depreciation and other
adjustments                           1.1     0.9              4.1
Change in net working capital        -3.4    -0.3              1.2
Financial items and taxes            -0.2    -0.3             -1.4
Cash flow from operating activities  -1.6     0.6              8.2

Investments in fixed assets          -0.7    -0.4             -2.8
Proceeds from sale of fixed assets
and other changes in fixed assets               .              0.2
Net cash used in investing
activities                           -0.7    -0.4             -2.6

Cash flow before financing
activities                           -2.3     0.2              5.6

Repayment of long-term loans         -0.8    -0.2             -2.1
Dividens paid                                                 -4.2
Net cash flow from financing
activities                           -0.8    -0.2             -6.3

Net increase (+)/decrease(-)
in cash and cash aquivalents         -3.1       0             -0.7

Cash equivalents at the
beginning of the period               6.5     7.2              7.2
Cash equivalents at the
end of the period                     3.4     7.2              6.5

KEY RATIOS DESCRIBING ECONOMIC
DEVELOPMENT AND KEY INDICATORS PER SHARE
03/2004 03/2003          12/2003
Order stock (31.3), ME                6.9     6.9              7.2
Gross investments, ME                 0.7     0.4              2.9
Gross investments,%/net sales         5.1     3.4              5.4
Average number of personnel           545     517              555
Average number of personnel
at the end of period                  541     540              562
Earnings per share, Euro             0.07    0.02             0.34
Equity/share, Euro                   2.24    2.66             2.68
Solvency ratio, %                    48.4    55.6             58.7
Gearing, %                           18.1     3.3              5.5
Current ratio                         1.4     1.9              1.9
Average number of shares          9106385 9106385          9106385
Number of shares at the end
of period                         9106385 9106385          9106385

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.

Group quarterly development
EUR million                             Q1/   Q4/   Q3/   Q2/  Q1/
2004  2003  2003  2003 2003

Net sales                              13.3  15.3  13.8  12.6 11.9
Operating income                        0.9   1.7   1.6   0.6  0.3
Result before taxes                           0.9   1.8   1.6  0.6
0.3

Quarterly development of business areas
EUR million
Q3/   Q4/   Q3/   Q2/  Q1/
2004   2003  2003  2003 2003
Fireplace business
Net sales                              12.1  13.6  11.6  10.4  9.7
Result before extraordinary items       1.1   1.9   2.1   0.7  0.5
Architectural stone business
Net sales                               1.2   1.7   2.2   2.2  2.2
Result before extraordinary items      -0.2  -0.1  -0.5  -0.1 -0.2

LARGEST SHAREHOLDERS ON 31 MARCH 2004
Name of shareholder                              Number of
Portion of
shares       total vote

Vauhkonen Reijo                         1,038,365           24.4 %
Vauhkonen Heikki                          748,630           23.8 %
Vauhkonen Eliisa                          724,755            5.4 %
Virtaala Matti                            603,415           12.0 %
Mutual Pension Insurance
Company Ilmarinen                         515,595            1.7 %
7(7)
Mutanen Susanna                           449,375            7.3 %
Vauhkonen Mikko                           200,175            3.6 %
Nuutinen Tarja                            168,635            3.5 %
Investments fund Phoebus                  197,500            0.6 %
Fondita Nordic Small Cap
Placfond                                  168,100            0.5 %
Other shareholders                      4,291,840           17,2 %

The interim report has not been audited.

The companies included in the Group are the parent company
Tulikivi Corporation, Kivia Oy, Tulikivi U.S. Inc. and 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: Helsinki Stock Exchange
Central Media