Net sales and result

The Tulikivi Group’s net sales in the report period were EUR 39.4
million (38.3 million January-September 2003, out of which the net
sales of Kivia Oy, which was acquired in autumn 2003, account for
EUR 2.2 million. The Fireplace Business generated net sales of EUR
34.7 million (31.7 million) and the Architectural Stone Business
had net sales of EUR 4.7 million (6.6 million).

The share of aggregate net sales derived in Finland was EUR 20.5
million (20.8 million), or 51.9 (54.4) per cent. Exports yielded
net sales of EUR 18.9 million (17.5 million). The largest
countries for exports were Germany and Sweden.

The Group's profit before extraordinary items was EUR 3.2 million
(2.5 million). The Fireplace Business reported profit before
extraordinary items of EUR 3.3 million (3.3 million) in the period
under review. The Architectural Stone Business’ result before
extraordinary items turned to profit during the quarter now ended,
and in cumulative terms amounted to EUR –0.1 million (-0.8
million).

Earnings per share were EUR 0.25 (0.20). The taxes included in the
calculations are the taxes of the Group companies for the report
period.

Financing and investments

The Group's financial position is good. Cash flow from business
operations before investments was EUR 1.4 million (2.9 million).
The Group’s operating capital increased by EUR 4.2 million (1.3
million) in the report period. The equity ratio was 52.6 per cent
(62.3 per cent at the end of September 2003). The ratio of
interest-bearing net debt to shareholders’ equity was 32.3 (8.4)
per cent. The current ratio was 2.5 (2.4). Equity per share was
EUR 2.42 (2.84). Financial income during the report period

2(6)
amounted to EUR 0.1 million and financial expenses to EUR 0.2
million.

The Group's fixed assets investments amounted to EUR 2.6 million
(2.2 million). Investments primarily comprised machinery and
equipment and the opening of new quarries in Juuka and Kuhmo.

Trend in the Series A share price and share turnover

During the report period, 1,099,109 Tulikivi Corporation Series A
shares were traded on Helsinki Exchanges to a total value of EUR
7.4 million. The highest trading price of the share was EUR 8.20
and the lowest EUR 5.25. The closing rate for the report period
was EUR 6.50.

Own shares

The Board of Directors of Tulikivi Corporation has an
authorisation from the Annual General Meeting to both buy back and
transfer a maximum of 336,069 of the company’s Series A shares and
a maximum of 119,250 of the company’s Series K shares.

Adoption of IFRS

The Tulikivi Group will adopt IFRS reporting from the beginning of
2005. The change in the accounting principles is not expected to
have a significant effect on the balance sheet or result.

Outlook for the future

In Finland, construction of single-family houses and renovation
work remain robust. Demand is good in both the Fireplace Business
and the Architectural Stone Business. The Group’s net sales and
earnings are developing favourably over the full year.

The order book at the close of the report period was EUR 6.3
million (6.3 million), of which the Fireplace Business accounted
for EUR 5.3 million (5.3 million) and the Architectural Stone
Business for EUR 1.0 million (1.0 million).

CONSOLIDATED INCOME STATEMENT
MEUR                               01-09/  01-09/ Change,   01-12/
2004    2003       %     2003
Net sales                            39.4    38.3     2.9     53.6
Change in inventories
of finished products                  0.2     0.1              0.4
Production for own use                0.8     0.3              0.4
Other operating income                0.4     0.4              0.5

3(6)
Materials and external charges       11.5    11.0             14.9

Personnel expenses                   14.4    14.7             20.7
Depreciation and value adjustments    3.2     3.0              4.1
Other operating expenses              8.4     7.9             11.0

Operating profit                      3.3     2.5    32.4      4.2
% of net sales                        8.4     6.5              7.9

Financial income                      0.1     0.2             0.1
Financial expensens                   0.2     0.2

Profit before extraordinary
items                                 3.2     2.5    26.2      4.3
% of net sales                        8.0     6.6              7.9

Income taxes                          0.9     0.7              1.2

Profit for the period                 2.3     1.8    27.7      3.0

CONSOLIDATED BALANCE SHEET
MEUR                              09/2004 09/2003          12/2003
Assets
Fixed assets and other non-
current investments
Intangible assets                     3.5     3.0              3.3
Goodwill                              0.4     0.7              0.6
Tangible assets
Land areas                            1.1     1.1              1.1
Buildings                             6.2     6.9              6.4
Machinery and equipment               8.3     8.5              8.8
Other tangible assets                 0.1     0.1              0.1
Investments                           0.1     0.1              0.1
Fixed assets and other non-current
investments total                    19.7    20.4             20.4
Current assets
Inventories                           7.3     6.3              7.0
Long term receivables
Deferred tax assets                   0.6                      0.7
Current receivables
Trade receivables                     9.6     9.1              6.6
Other current receivables             0.9     1.8              0.5
Cash in hand and at banks             3.8     4.8              6.5
Total current assets                 22.2    22.0             21.3
Total assets                         41.9    42.4             41.7

Liabilities and shareholders´equity
Shareholders´equity
Capital stock                         6.2     6.2              6.2
Other shareholders´equity            15.9    19.6             18.2
Total shareholders´equity            22.1    25.8             24.4
4(6)
Provisions                            0.1                      0.1
Liabilities
Non-current liabilities

Deferred tax liabilities              0.6     0.9              0.7
Loans from credit institutions       10.3     6.4              5.0
Total non-current liabilities        10.9     7.3              5.7

Current liabilities
Loans from credit institutions        0.5     0.5              2.8
Account payables                      2.0     1.8              1.0
Advances received                                              0.1
Other current liabilities             6.3     7.0              7.6
Total current liabilities             8.8     9.3             11.5
Total liabilities and
shareholders´equity                  41.9    42.4             41.7

Interest bearing liabilities         10.9     7.0              7.9

CASH FLOW STATEMENT                01-09/  01-09/           01-12/
MEUR                                 2004    2003             2003
Profit before extraordinary
items                                 3.2     2.5              4.3
Depreciation and other
adjustments                           3.2     2.9              4.1
Change in net working capital        -4.2    -1.3              1.2
Financial items and taxes            -0.8    -1.2             -1.4
Cash flow from operating activities   1.4     2.9              8.2

Investments in fixed assets          -2.5    -2.2             -2.8
Proceeds from sale of fixed assets
and other changes in fixed assets                              0.2
Net cash used in investing
activities                           -2.5    -2.2             -2.6

Cash flow before financing
activities                           -1.1     0.7              5.6

Long-term borrowing                   5.6
Repayment of long-term loans         -2.5    -1.2             -2.1
Dividens paid                        -4.6    -1.9             -4.2
Net cash flow from financing
activities                           -1.5    -3.1             -6.3

Net increase (+)/decrease(-)
in cash and cash aquivalents         -2.7    -2.4             -0.7

Cash equivalents at the
beginning of the period               6.5     7.2              7.2
Cash equivalents at the
end of the period                     3.8     4.8              6.5

5(6)
KEY RATIOS DESCRIBING ECONOMIC
DEVELOPMENT AND KEY INDICATORS PER SHARE
09/2004 09/2003          12/2003
Order stock (30.9.), MEUR             6.3     6.3              7.2
Gross investments, MEUR               2.6     2.2              2.9
Gross investments,%/net sales         6.6     5.8              5.4
Average number of personnel           508     568              555

Earnings per share, Euro             0.25    0.20             0.34
Equity/share, Euro                   2.42    2.84             2.68
Solvency ratio, %                    52.6    62.3             58.7
Gearing, %                           32.3     8.4              5.5
Current ratio                         2.5     2.4              1.9
Average number of shares          9106385 9106385          9106385
Number of shares on Sept. 30      9106385 9106385          9106385

The number of shares for the comparison year has been multiplied
by five due to the split carried out in December 2003.

CONTINGENT LIABILITIES
MEUR
09/2004 09/2003          12/2003
Loans from credit institutions
and other non-current liabilities
for which mortgages and pledges
have been given                       9.7     4.7              6.0
Given mortgages and pledges          13.0     6.7              8.0
Other mortgages and pledges
given on behalf of own liabilities    1.7     1.3              1.7

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, but
it is not expected to be remarkable.

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

Group quarterly development
MEUR                        Q3/   Q2/   Q1/   Q4/   Q3/   Q2/  Q1/
2004  2004  2004  2003  2003  2003 2003

Net sales                  13.3  12.8  13.3  15.3  13.8  12.6 11.9
Operating income            1.7   0.7   0.9   1.7   1.6   0.6  0.3
Result before
taxes                       1.6   0.7   0.9   1.8   1.6   0.6  0.3

6(6)
Quarterly development of business areas
MEUR
Q3/   Q2/   Q1/   Q4/   Q3/   Q2/  Q1/
2004  2004 2004   2003  2003  2003 2003
Fireplace business
Net sales                  11.6  11.0  12.1  13.6  11.6  10.4  9.7
Result before extraordinary
items                       1.5   0.7   1.1   1.9   2.1   0.7  0.5

Architectural stone business
Net sales                   1.7   1.8   1.2   1.7   2.2   2.2  2.2
Result before extraordinary
items                       0.1     0  -0.2  -0.1  -0.5  -0.1 -0.2

LARGEST SHAREHOLDERS ON 30 SEPTEMBER 2004
Name of shareholder                     Number of    Proportion of
shares       total vote
Vauhkonen Reijo                         1,038,977           24.4 %
Vauhkonen Heikki                          749,242           23.8 %
Vauhkonen Eliisa                          724,255            5.4 %
Virtaala Matti                            604,027           12.0 %
Mutual Pension Insurance
Company Ilmarinen                         515,595            1.7 %
Mutanen Susanna                           449,375            7.3 %
Vauhkonen Mikko                           200,175            3.6 %
Nuutinen Tarja                            168,635            3.5 %
The Finnish Cultural Foundation           110,000            1.1 %
Laakkonen Reino                            25,000            0.8 %
Sivonen Juha                               25,000            0.8 %
Other shareholders                      4,496,104           15.6 %

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
Oy. Group companies include also Tulikivi Vertriebs GmbH and The
New Alberene Stone Company, Inc., which are dormant.

TULIKIVI CORPORATION

Board of directors
Matti Virtaala,  Chairman of the Board