OLVI PLC             PRESS RELEASE  4 NOV 2004 at 09:00 am  1 of 4

OLVI GROUP'S INTERIM REPORT, 1 JANUARY TO 30 SEPTEMBER 2004 (9
MONTHS)

At 99.90 million euro, the Olvi Group's net sales were 16.0%
higher than the previous year (86.09 million euro). The Group's
operating profit for the period amounted to 7.83 million euro
(7.65 million euro), which is 7.8% (8.9%) of net sales. The parent
company’s earnings weakened. The Estonian subsidiary generated a
good result. The subsidiaries in Latvia and Lithuania posted
positive operating profits. The equity to total assets ratio was
46.6% (50.8%) and earnings per share amounted to 0.85 (0.96) euro.
The Group's gross capital expenditure amounted to 15.14 million
euro (6.60 million euro).

Net sales and earnings

The Group's net sales from January to September totalled 99.90
million euro (86.09 million euro). The parent company Olvi plc
accounted for 52.4 percent of the total (60.7%) after
eliminations.

Net sales by Group company (million euro)
                           1-9/2004          1-9/2003
Parent company Olvi plc       54.82             54.18
Subsidiaries:
AS Tartu Õlletehas            32.77             20.85
AS Ösel Foods*                 6.77
(* acquired by Olvi Group 11/2003)
A/S Cesu Alus                  8.73              5.69
AB Ragutis                     9.44              8.21
Eliminations                 -12.63            - 2.84
Olvi Group total              99,90             86,09

The Group's operating profit amounted to 7.83 million euro (7.65
million euro), and the net profit for the period under review was
4.21 (4.63) million euro.

Breakdown of operating profit (million euro)
                           1-9/2004          1-9/2003
Parent company Olvi plc       3.42              4.84
Subsidiaries in Baltic states  5.65             3.56
Total eliminations           -1.24            - 0.75
Olvi Group                    7.83              7.65

Sales volumes per company (million litres)

                           1-9/2004          1-9/2003
Parent company Olvi plc    76.4              75.5
Subsidiaries:
 AS Tartu Õlletehas        77.5*             46.7
 A/S Cesu Alus             22.7              14.3
 AB Ragutis                22.6              18.7
Eliminations              -21.4              -8.8
Olvi Group total          177.8             146.4

                                                           2 of 4

* The 77.5 million litres for AS Tartu Õlletehas includes 21.2
million litres of sales of AS Ösel Foods products.

Total sales of the parent company Olvi plc amounted to 76.4 (75.5)
million litres, 1.2 percent more than a year earlier. Olvi’s
domestic sales increased by 2.6 percent to 68.0 (66.3) million
litres. Growth in total sales was held back by poor weather in the
summer season in comparison with the previous year. The growth of
volume outperformed the market average in beers, which is the
primary product group. Olvi’s tax free and export sales from
January to September totalled 8.4 (9.2) million litres,
representing a decrease of 9.2 percent. The parent company Olvi
plc's operating profit in the period under review decreased to
3.42 (4.84) million euro. Special offers on beer were used to
attract customers to retail stores, and this lead to intense price
competition.

The total sales of the Estonian subsidiary AS Tartu Õlletehas
amounted to 77.5 (46.7) million litres. 21.2 million euro of the
increase is attributable to the sales of AS Ösel Foods products.
The company was acquired by Olvi Group in November last year. The
operating profit was good.

From January to September, the sales of A/S Cesu Alus operating in
Latvia totalled 22.7 (14.3) million litres. The company’s
operating profit for the period under review improved
substantially on the previous year. The company posted its first
positive operating profit. A/S Cesu Alus is now the second largest
brewery in Latvia.

In the period under review, the domestic sales of AB Ragutis
operating in Lithuania totalled 22.6 (18.7) million litres. The
beer prices in the Lithuanian market are still persistently low.
The company posted a positive operating profit in the period under
review. The company is the third largest in the Lithuanian brewing
industry.

Investments

During the period under review, the Olvi Group’s gross capital
expenditure amounted to 15.14 million euro (6.60 million euro).
The gross capital expenditure includes 5.7 million euro for A/S
Cesu Alus shares subscribed by AS A. Le Coq on 20 June 2004. The
subscription increased A. Le Coq’s share of ownership from 90.87
percent to 96.06 percent. The parent company Olvi plc accounted
for 3.82 million euro and the subsidiaries in the Baltic states
for 11.32 million euro of the gross capital expenditure.

Personnel

The Group's average number of personnel during the period under
review was 1054 (919), 343 (345) of them in Finland, 361 (261) in
Estonia, 162 (123) in Latvia and 188 (190) in Lithuania.


                                                           3 of 4

The Olvi plc share and warrants

Olvi plc’s registered share capital was 9,880,204.00 euro on 30
September 2004. The share capital is divided into 933,064 K shares
and 4,007,038 A shares. Unregistered share capital stood at
110,200 euro. The share’s nominal value is 2 euro.

From 1 July to 30 September 2004, a total of 55,100 Olvi plc A
shares have been subscribed using the warrants associated with the
1999 bond with warrants. The share capital has increased by a
total of 110,200.00 euro. The new shares have the same value and
belong to the same series as the listed Olvi plc shares.

The increase in share capital was registered in the Trade Register
on 29 October 2004. The shares subscribed using the warrants have
been traded together with the existing shares from 1 November 2004
onwards. The company’s new share capital after the registration is
9,990,404.00 euro.

The Olvi plc A share is quoted on the Main List maintained by the
Helsinki Exchanges. A total of 863,168 Olvi plc shares changed
hands from January to September, totalling 11.30 million euro in
trading volume. The traded shares represented 21.5 percent of the
total number of A shares. The average share price was 13.09 euro,
with a low of 11.56 euro quoted in August and a high of 14.18 euro
quoted in April.

The company does not hold any of its own shares, and the company’s
Board of Directors has not exercised its authorisation to sell the
company’s shares.

A total of 59,550 Olvi plc share warrants issued to the personnel
and the parent company’s Board of Directors in 1999 changed hands
from January to September, totalling 0.62 million euro in trading
volume. The average price of the warrants was 10.34 euro, with a
low of 8.00 euro quoted in August and a high of 12.00 euro quoted
in January. No option rights 2002A or 2002B have been granted.

Shareholders

At the end of the period under review, Finnish shareholders
accounted for 96.8 percent and non-Finnish shareholders for the
remaining 3.2 percent of the number of Olvi plc shares. On 19
October 2004, Olvi plc had 4,481 shareholders in the book-entry
system of securities.

International Financial Reporting Standards (IFRS)

The company will publish an opening balance sheet, a description
of the most essential quantitative effects and changes to the
accounting plan in connection with the disclosure of the 2004
financial statements. The first interim report for the year 2005
will be presented in accordance with the IFRS regulations.

                                                           4 of 4

Outlook for the rest of the year

Price competition in the overall market is expected to become even
more intense during the rest of the year both in Finland and parts
of the Baltic region.

The Group’s full-year result is estimated to match or exceed the
level of 2003.



The information in this interim report is unaudited.




OLVI PLC
Board of Directors




Lasse Aho
Managing Director
Phone +358 17 838 5200 or +358 400 203 600


APPENDICES
-        Income statement
-        Balance sheet
-        Key financial ratios


DISTRIBUTION
Hex Plc
Key media


                                  
                                                               
                                                      APPENDIX 1
OLVI GROUP

INTERIM REPORT, JANUARY-SEPTEMBER 2004

OLVI GROUP
                    Actual                  Previous year
                    1.1.-30.9.04    1.1.-30.9.03    1.1.-31.12.03
                    EUR 1000  %     EUR 1000  %     EUR 1000  %
INCOME STATEMENT

Net sales            99899     100   86089    100   114554   100
Other income from
operations             287     0.3     299    0.3     444    0.4
Operating expenses  -83622    83.7  -69891  -81.2   -95483 -83.4
Depreciation
according to plan    -8733    -8.7   -8846  -10.3   -11501 -10.0
Operating profit      7831     7.8    7651    8.9     8014   7.0
Financial income
and expenses         -2379    -2.4   -1397   -1.6    -2062  -1.8
Profit before
extraordinary items,
provisions and taxes  5452     5.5    6254    7.3    5952     5.2
Extraordinary income     0     0.0       0    0.0      0      0.0
Extraordinary expenses   0     0.        0    0.0      0      0.0
Profit before
provisions and taxes  5452     5.5    6254    7.3    5952    5.5
Taxes                -1396    -1.4   -1815   -2.1    -2087  -1.8
Minority interest      153     0.2     191    0.2      294   0.3
Profit for the period  4210    4.2    4630    5.4     4159   3.6


OLVI GROUP                Actual      Previous year
                          30.9.04        30.9.03       31.12.03
                          EUR 1000       EUR 1000      EUR 1000
BALANCE SHEET
Total fixed assets           81532          75860          81021
Current assets:
  Inventories                25369          20858          19299
  Receivables                21307          18947          24346
  Financial assets               0              0              0
  Cash in hand and at bank    3108           2828           3691

Total shareholders’ equity   60799          59637          59764
Minority interest              331            599            496
Statutory provisions
Debt:
  Deferred tax liability      1699           2247           2196
  Total long-term debt       33281          24461          30988
  Total short-term debt      35206          31549          34913
Total debt                   70186          58257          68096

Balance sheet total         131317         118493         128356

Gross capital expenditure    15138           6603          19700

                                                      APPENDIX 2

CASH FLOW STATEMENT, 1,000 euro

                       1.1.-30.9.04    1.1.-30.9.03  1.1.-31.12.03

Earnings from operations
before extraordinary items      5393          6254           5952
Depreciation according to
plan and other adjustments     10929          9733          13520
Change in net working capital  -3136         -3178        -  3390
Net financial expenses
and taxes paid                -3008          -2994         -4256
Cash flow from operations(A)   10178          9815         11826

Investments                    -8882         -6399         -12062
Disposals of fixed assets        62           102             234
Cash flow from investments(B)  -8819        -6297          -11828

Change in debt capital and
other financial items          1467           -96          2750
Dividends paid                -3409         -3021         -3021
Cash flow from financing(C)    -1942        -3117          -271

Increase (+)/decrease (-)
in liquid assets (A+B+C)       -583           401          -273
Liquid assets 1 January        3691          2427          3964
Liquid assets 30 Sep/31 Dec    3108          2828          3691
Change in liquid assets        -583           401          -273






OLVI GROUP               Actual                     Previous year
                         1.1.-30.9.04  1.1.-30.9.03  1.1.-31.12.03

*)Earnings per share, EUR    0.85            0.96          0.86
*)Earnings per share
adjusted for dilution
from warrants, EUR           0.82            0.94          0.83
*)Equity per share, EUR      12.17          12.20         12.11
Equity to total assets, %    46.6            50.8         47.0


*) The comparison data for these ratios has been converted to
comparable format due to the bonus issue.


                                                       APPENDIX 3


                           Actual                    Previous year
                          1.1.-30.9.04  1.1.-30.9.03 1.1.-31.12.03
Number of shares
- average                     4944026       4840060        4856313
- at end of period            4995202       4888302        4936502
- average number of shares
  adjusted for dilution
  from warrants               5103121       4940703        4998244

NUMBER OF PERSONNEL, PARENT COMPANY OLVI PLC
  Full-time                       276           280            275
  Part-time                        67            65             66
Total                             343           345            341

NUMBER OF PERSONNEL, SUBSIDIARIES IN BALTIC STATES
  AS Tartu Õlletehas
  + AS Ösel Foods                 361           261            347
  A/S Cesu Alus                   162           123            125
  AB Ragutis                      188           190            181
Total                             711           574            653

OLVI Group total                 1054           919            994


CONTINGENT LIABILITIES, 1,000 euro

                            30.9.04        30.9.03       31.12.03
Pledges and
contingent liabilities
For own commitments:
Mortgages on land
and buildings              1135              1135          1135

Leasing liabilities:
due next year              1696              1610          1705
due later                  1880              1866          1920
Total leasing liabilities  3576              3476          3625

Debts for which assets have
been pledged as collateral:
Loans from financial
institutions               7554              5351          9320

DERIVATIVES CONTRACTS, 1,000 euro

30.9.2004             Nominal value    Market value     Book value

Derivatives                 14551          14483              0

The business significance of the derivatives contracts is minor.
The derivatives contracts will reach maturity in 2007 and 2008.