OLVI PLC    PRESS RELEASE 6 MAY 2004 at 09.00 am            1 of 6

OLVI GROUP'S INTERIM REPORT, 1 JANUARY TO 31 MARCH 2004 (3 MONTHS)

At 25.65 million euro, the Olvi Group's net sales were 18.0%
higher than in the previous year (21.74 million euro). The Group's
operating profit for the period amounted to -0.12 million euro
(-0.14 million euro). The Group's gross capital expenditure
amounted to 3.32 (2.74) million euro, and its equity to total
assets ratio stood at 44.9 percent (48.1%). The parent company’s
earnings remained almost unchanged. The operations of the Baltic
companies developed favourably.

Net sales and earnings

The Group's net sales from January to March totalled 25.65 (21.74)
million euro. The parent company Olvi plc accounted for 57.8
percent of the total (65.4%).

Net sales by Group company (million euro)
                           1-3/2004          1-3/2003
Parent company Olvi plc    15.10             14.53
Subsidiaries:
AS Tartu Õlletehas          7.51              4.73
AS Ösel Foods               2.26
A/S Cesu Alus               1.79              1.04
AB Ragutis                  2.10              1.86
Eliminations               -3.11             -0.42
Olvi Group total           25.65             21.74

Owing to the seasonal character of the brewing industry, the sales
volumes for the first quarter of the year are typically lower than
those for the other quarters. 2.3 million euro of the net sales
increase originates in AS Ösel Foods, which was acquired by Olvi
in November last year.

The Group's operating profit amounted to -0.12 (-0.14) million
euro, and the net result for the period under review showed a loss
of 0.82 million euro (a loss of 0.68 million euro).


Breakdown of operating profit (million euro)
                           1-3/2004          1-3/2003
Parent company Olvi plc     0.18               0.20
Subsidiaries in
Baltic states               0.10              -0.09
Total eliminations         -0.40              -0.25
Olvi Group total           -0.12              -0.14









                                                                 2

Sales volumes per company (million litres)

                           1-3/2004          1-3/2003
Parent company Olvi plc    20.7              20.0
Subsidiaries:
 AS Tartu Õlletehas        18.2*             10.3
 A/S Cesu Alus              4.8               2.5
 AB Ragutis                 5.1               4.2
Eliminations               -3.6              -0.8
Olvi Group total           45.2              36.3

* The 18.2 million litres for AS Tartu Õlletehas includes 6.8
million litres of sales of AS Ösel Foods products.

Total sales of the parent company Olvi plc amounted to 20.7
million litres, 3.5 percent more than a year earlier. Olvi’s
domestic sales increased by 8.1 percent to 18.7 (17.3) million
litres. Olvi’s tax free and export sales from January to March
totalled 2.0 million litres, which was 0.8 million litres or 26.4
percent less than a year earlier.
The parent company Olvi plc's operating profit in the period under
review amounted to 0.18 (0.20) million euro.

The total sales of the Estonian subsidiary AS Tartu Õlletehas
amounted to 18.2 (10.3) million litres. 6.8 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. AS
Tartu Õlletehas recorded a good operating profit.

From January to March, the sales of A/S Cesu Alus operating in
Latvia totalled 4.8 (2.5) million litres. The company’s operating
profit for the period under review improved on the previous year
but remained in the red. The Latvian aggregate beer market
diminished by 3.0 percent during the period. Price competition in
beers has remained intense.

From January to March, the sales of AB Ragutis operating in Latvia
totalled 5.1 (4.2) million litres. The overall beer market
increased by 3.0 percent during the period. The beer prices are
still persistently low. The company’s operating result remained in
the red. Mr. Vytautas Meistas started as the Managing Director of
AB Ragutis on 13 April 2004.

Investments

During the period under review, the Olvi Group's gross capital
expenditure amounted to 3.32 million euro (2.74 million euro). The
parent company Olvi plc accounted for 0.92 million euro and the
subsidiaries in the Baltic states for 2.40 million euro of the
total.



                                                               3

Personnel

The Group's average number of personnel during the period under
review was 966 (849), 308 (324) of them in Finland, 329 (234) in
Estonia, 145 (110) in Latvia and 184 (181) in Lithuania. The
figures for Estonia 1-3/2004 also include the personnel of AS Ösel
Foods.

Annual General Meeting of 14 April 2004

At their Annual General Meeting held on 14 April 2004, the
shareholders of Olvi plc adopted the closing of the accounts for
the year 2003 and granted discharge from liability to the members
of the Board of Directors and Managing Director as regards the
fiscal year 2003.

In accordance with the Board’s proposal, the shareholders’ meeting
decided that a dividend of 0.70 euro be paid on each K and A share
for fiscal 2003.

The dividend to be paid represents 70.0 percent of the company’s
earnings per share. The dividend payout totals almost 3.5 million
euro.

The dividend was paid on 26 April 2004 to all shareholders
recorded in the company’s register of shareholders maintained by
the Finnish Central Securities Depository Ltd on the record date
19 April 2004 at the latest.

Board members and auditors

The Annual General Meeting re-elected the current members of the
Board: Mr. Heikki Hortling, Chairman of the Board, M.Sc. (Econ),
Iisalmi, Mr. Esa Lager, Director, LL.M., M.Sc. (Econ), Kauniainen,
Dr. Hannele Ranta-Lassila, Department Manager, LL.D., M.Sc.
(Econ), Helsinki and Mr. Lauri Ratia, Managing Director, M.Sc.
(Eng), Helsinki, and appointed Mr. Heikki Sinnemaa, LL.M., Member
of the Bar, Iisalmi, as a new member of the Board.

The Annual General Meeting appointed Mr. Pekka Loikkanen,
Authorised Public Accountant, Kuopio, as the company’s auditor.
PricewaterhouseCoopers Ltd, Authorised Public Accountants,
Helsinki, were appointed as deputy auditors, with Mr. Pekka
Nikula, Authorised Public Accountant, as the responsible auditor.

Organisation of the Board of Directors

At its organising meeting held on 14 April 2004, the Board elected
Mr. Heikki Hortling as the Chairman of the Board and Mr. Esa Lager
as the Vice Chairman of the Board. As Mr. Markku Rönkkö left the
position of Managing Director at Olvi plc as of 30 April 2004, the
Board of Directors appointed Mr. Heikki Hortling as Acting
Managing Director from 1 May 2004 until a new Managing Director
assumes the position.

                                                                 4

While Mr. Hortling is acting as the Managing Director, the Vice
Chairman of the Board, Mr. Esa Lager, will act as the Chairman of
the Board.

Decision regarding the acquisition of own shares

In accordance with the Board of Directors’ proposal, the Annual
General Meeting decided to authorise the Board of Directors to
decide on the acquisition of the company’s own shares using
distributable funds. The authorisation is valid for one year
starting from the Annual General Meeting and covers a maximum of
245,000 A shares. The Board of Directors may also propose that any
shares acquired on the company’s own account be cancelled by
reducing the share capital.
                  
The authorisation allows the Board of Directors to acquire the
company’s own shares for use as consideration in case of any
upcoming corporate acquisitions, for the funding of investments or
for cancellation. The shares would be purchased in accordance with
the Board of Directors’ decision in public trading on the Helsinki
Exchanges at the current market price at the time of acquisition.
The purchase price shall be paid to the sellers within the payment
period determined on the basis of the Rules of the Helsinki
Exchanges and the Finnish Central Securities Depository.
                  
Because the maximum number of A shares to be acquired represents
less than 5% of all the shares in the company and approximately
1.1% of all the votes, the acquisition would not have any
significant effect on the distribution of shareholdings and voting
rights in the company.
                  
The decision made by the Annual General Meeting on 13 April 2000
to acquire a maximum of 110,000 A shares in the company has not
been exercised, and the decision was cancelled.

Decision regarding the transfer of own A shares

In accordance with the Board of Directors’ proposal, the Annual
General Meeting decided to authorise the Board of Directors to
decide on the transfer of any A shares acquired on the company’s
own account within one year of the Annual General Meeting. The
authorisation would comprise the transfer of all shares purchased
on the basis of acquisition authorisations granted to the Board of
Directors.
                  
The authorisation grants the Board of Directors with the power to
decide to whom and in what order the shares held by the company
shall be transferred. The Board of Directors could transfer the
company’s own shares for use as consideration in case of any
upcoming corporate acquisitions or for the funding of investments.

The Board of Directors is authorised to decide on the transfer
price of the company’s own shares and on the bases for determining
the transfer price.

                                                                 5

The Olvi plc share and warrants

Olvi plc’s registered share capital was 9.9 million euro on 31
March 2004. The share capital is divided into 933,064 K shares and
4,003,438 A shares. The share's nominal value is 2 euro.

The Olvi plc A share is quoted on the Main List maintained by the
Helsinki Exchanges. A total of 269,401 Olvi plc shares changed
hands from January to March, totalling 3.73 million euro in
trading volume. The traded shares represented 6.7 percent of the
total number of A shares. The average share price was 13.83 euro,
with a low of 13.35 euro quoted in January and a high of 14.15
euro also quoted in January.

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 15,150 Olvi plc share warrants issued to the personnel
and the parent company’s Board of Directors in 1999 changed hands
from January to March, totalling 0.17 million euro in trading
volume. From January to March, the average price of the warrants
was 11.16 euro, with a low of 10.31 euro and a high of 12.00 euro.

Shareholders

At the end of the period under review, Finnish shareholders
accounted for about 96.8 percent and non-Finnish shareholders for
the remaining 3.2 percent of Olvi plc's ownership. On 8 April
2004, Olvi plc had 4,448 shareholders in the book-entry system of
securities.

Outlook for the rest of the year

Owing to the seasonal character of the beverage industry, the
majority of the company's result is made during the summer season.
The Olvi Group's earnings development depends to a large extent on
the volume and price developments in the overall market. The
decrease in alcohol excise as of the beginning of March, as well
as active beer sales promotion by retailers, have clearly
increased the consumption of beer in Finland. Tourist imports of
beer from Estonia will increase as the country joins the EU on 1
May 2004. The Group’s sales volume for the entire year is expected
to increase and the operating profit is expected to improve.











                                                                 6





For further information, please contact:


Heikki Hortling, Acting Managing Director
Phone +358 17 838 5500 or +358 500 273 058

The information in this interim report is unaudited.

OLVI PLC
Board of Directors






APPENDICES
-        Income statement
-        Balance sheet
-        Key financial ratios
-        Cash flow statement


DISTRIBUTION
Hex Plc
Key media
http://www.olvi.fi

                                                      APPENDIX 1
OLVI GROUP

INTERIM REPORT, JANUARY-MARCH 2004


OLVI GROUP

                    1.1.-31.3.04    1.1.-31.3.03    1.1.-31.12.03
                    EUR 1000  %     EUR 1000  %     EUR 1000  %
INCOME STATEMENT

Net sales             25652   100    21745    100    114554   100
Other income from
operations               82    0.3      79    0.4       444   0.4
Operating expenses   -22995  -89.6  -18970   -87.2   -95483 -83.4
Depreciation
according to plan     -2858  -11.1   -2990  -13.7    -11501 -10.0
Operating profit       -119   -0.5    -136   -0.6      8014   7.0
Financial income
and expenses           -579   -2.3    -452   -2.1     -2062  -1.8
Profit before
extraordinary items,
provisions and taxes    -698   -2.7    -588   -2.7     5952   5.2
Extraordinary income       0      0       0    0.0       0    0.0              
Extraordinary expenses     0      0       0    0.0       0    0.0
Profit before
provisions and taxes   -698    -2.7    -588   -2.7     6008   5.5
Taxes                  -240   -0.9     -191   -0.9    -2087  -1.8
Minority interest       122    0.5      103    0.5      294   0.3
Profit/loss
for the period         -817   -3.2    -676   -3.1      4159   3.6



APPENDIX 2


OLVI GROUP
                         31.3.04       31.3.03       31.12.03
                         EUR 1000      EUR 1000      EUR 1000
BALANCE SHEET

Total fixed assets           81693          78735         81021
Current assets:
  Inventories                21746          20846         19299
  Receivables                25305          18465         24346

Cash in hand and at bank      2881           1571          3691
Total shareholders' equity   58791          56821         59764
Minority interest              363            687           496
Debt:
  Deferred tax liability      2059           2606          2196
  Total long-term debt       29468          25075         30988
Total short-term debt        40944          34428         34913
Total debt                   72471          62109         68096
Balance sheet total         131625         119617        128356

Gross capital expenditure     3319           2736         19700


OLVI GROUP
                         1.1.-31.3.04  1.1.-31.3.03  1.1.-31.12.03

*)Earnings per share, EUR     -0.17         -0.14           1.0
*)Equity per share, EUR       11.91         11.75          12.11
Equity to total assets, %      44.9          48.1           47.0

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





APPENDIX 3
OLVI GROUP

                      1.1.-31.3.04    1.1.-31.3.03   1.1.-31.12.03

Number of shares
- average                  4936502          4834104     4167619
- at end of period         4936502          4834104     4936502


NUMBER OF PERSONNEL, OLVI PLC
Full-time                      248              270         275
Part-time                       60               54          66
Total                          308              324         341

NUMBER OF PERSONNEL, AS A.LE COQ
 AS Tartu Ölletehas
 + AS Ösel Foods               329              234         256
 A/S Cesu Alus                 145              110         125
 AB Ragutis                    184              181         181
Total                          658              525         562

OLVI Group total               966              849         877


CONTINGENT LIABILITIES, 1,000 euro


                           31.3.04          31.3.03      31.12.03
Pledges and
contingent liabilities
For own commitments:
Mortgages on land
and buildings                1135            1942          1135

Leasing liabilities:
due next year                1639            1516          1705
due later                    1733            2272          1920
Total leasing liabilities    3372            3788          3625

Debts for which assets have
been pledged as collateral:
Loans from
financial institutions       6182           11960          9320

DERIVATIVES CONTRACTS, 1,000 euro
31.3.2004
                      Nominal value     Market value   Book value
Derivatives                 16,182          16,099            0

The business significance of the derivatives is minor. Some of the
derivatives contracts will expire in 2007, some in 2008.





                                                       APPENDIX 4

CASH FLOW STATEMENT, 1,000 euro


                      1.1.-31.3.04    1.1.-31.3.03  1.1.-31.12.03

Cash flow from operations
before extraordinary items   -672            -588          5952
Depreciation according to
plan and other adjustments   3089            3442         13520
Change in
net working capital         -2175           -2295         -3390
Net financial expenses
and taxes paid               -975            -991         -4256
Cash flow from operations(A)  -733            -432        11826

Investments                 -3252           -2715        -12062
Disposals of fixed assets      38              13           234
Cash flow from investments(B)-3214          -2702        -11828

Change in debt capital and
other financial items        3137            2278          2750
Dividends paid                  0                         -3021
Cash flow from financing(C)  3137            2278          -271

Increase (+)/decrease (-)
in liquid assets (A+B+C)     -810            -856          -273
Liquid assets 1 January      3691            2427          3964
Liquid assets 31 Mar/31 Dec  2881            1571          3691
Change in liquid assets      -810            -856          -273