OLVI PLC             PRESS RELEASE 6 NOV 2002 at 09.00 am  1 of 5

OLVI GROUP'S INTERIM REPORT, 1 JANUARY TO 30 SEPTEMBER 2003
(9 MONTHS)

At 86.09 million euro, the Olvi Group's net sales were 1.3% lower
than the previous year (87.24 million euro). The Group's operating
profit for the period amounted to 7.65 million euro (8.27 million
euro), which is 8.9% (9.5%) of net sales. The parent company’s
earnings weakened. The Group's Estonian subsidiary posted a good
result, whereas the Latvian and Lithuanian subsidiaries made a
loss. The equity to total assets ratio was 50.8% (49.8%) and
earnings per share amounted to 1.18 (1.23) euro. The Group's gross
capital expenditure amounted to 6.60 million euro (14.38 million
euro).

Net sales and earnings

The Group's net sales from January to September totalled 86.09
million euro (87.24 million euro). The parent company Olvi plc
accounted for 62.9 percent of the total (64.2%).

Net sales by Group company (million euro)
                           1-9/2003          1-9/2002
Parent company Olvi plc       54.18             56.02
Subsidiaries:
AS Tartu Ölletehas            20.85             20.83
A/S Cesu Alus                  5.69              4.48
AB Ragutis                     8.21              9.04
Eliminations                  -2.84             -3.13
Olvi Group total              86.09             87.24

The Group's operating profit amounted to 7.65 million euro (8.27
million euro), and the net profit for the period under review was
4.63 (4.83) million euro.

Breakdown of operating profit (million euro)
                           1-9/2003          1-9/2002
Parent company Olvi plc       4.84              5.83
Subsidiaries in Baltic states 3.56              3.33
Total eliminations           -0.75             -0.89
Olvi Group                    7.65              8.27

Total sales of the parent company Olvi plc amounted to 75.5 (79.8)
million litres, 5.5 percent less than a year earlier. Olvi’s
domestic sales decreased by 5.5 percent to 66.3 (70.1) million
litres. The decrease in sales was attributable to less favourable
weather conditions in the early summer, as well as the company's
choice of not engaging in price competition in various segments.
Olvi’s tax free and export sales from January to September
totalled 9.2 (9.7) million litres, representing a decrease of 5.3
percent.

During the period under review, the market share of Olvi's beers
rose by 0.3 percentage points to 12.8 percent. The Finnish beer
                                                      2 of 5

market diminished by 2.9 percent during the period. The market
share of Olvi's mineral waters was 26.4 (25.0) percent, and the
market share of Olvi's ciders was 10.7 (11.9) percent. In the
period under review, the overall Finnish mineral water market
increased by 2.1 percent, and the overall cider market diminished
by 10.4 percent. The parent company Olvi plc's operating profit in
the period under review amounted to 4.84 (5.83) million euro. The
earnings of the parent company were burdened by costs on the
scrapping of beverage packages which stood at 1.30 million euro,
representing a slight increase compared to the previous year.
Furthermore, comparisons with the previous year should account for
the distribution of the parent company’s sales and marketing
expenses in the current year, which were mainly focused in the
early months.

The total sales of the Estonian subsidiary AS Tartu Ölletehas
amounted to 46.7 (44.6) million litres. Domestic sales amounted to
42.1 (43.2) million litres and exports, including manufacturing
for other Group companies, stood at 4.6 (1.5) million litres.
During the period under review, the company was the largest seller
of beverages in Estonia. The market share of the company’s beers
in the period under review was 36.0 (37.0) percent. The Estonian
beer market diminished by approximately 4.6 percent during the
period. AS Tartu Ölletehas recorded a good operating profit.

From January to September, the sales of A/S Cesu Alus operating in
Latvia totalled 14.3 (8.9) million litres. The market share of the
company’s beers in the period under review was 11.6 (8.6) percent.
The company was the second largest seller of beer in Latvia. The
company’s operating profit for the period under review improved on
the previous year but remained in the red. The earnings are
burdened by depreciation of investments in the new brewery, the
level of which is fairly high with respect to the volume of sales.
The overall Latvian beer market increased by 7.8 percent during
the period.

In the period under review, the domestic sales of AB Ragutis
operating in Lithuania totalled 18.7 (16.9) million litres. There
were no exports to A/S Cesu Alus in Latvia this year (compared to
1.7 million litres last year). The market share of the company’s
beers in the period under review was 9.3 (8.4) percent. The
Lithuanian beer market diminished by approximately 8.0 percent
during the period. The beer prices in the Lithuanian market were
still persistently low. The company posted an operating loss in
the period under review. The operating result is burdened by
depreciation of investments in production equipment, the level of
which is fairly high with respect to the volume of sales. The
company was the fourth largest in the Lithuanian brewing industry.

Investments

During the period under review, the Olvi Group's gross capital
expenditure amounted to 6.60 million euro (14.38 million euro).
                                                      3 of 5

The parent company Olvi plc accounted for 2.13 million euro and
the subsidiaries in the Baltic states for 4.47 million euro of the
total. The investments have been financed from cash flow.

The gross capital expenditure for the previous year includes 3.7
million euro worth of shares in A/S Cesu Alus subscribed by AS A.
Le Coq on 2 July 2002, which increased the holdings of the latter
from 60.5 percent to 90.9 percent.

On 23 September 2003 AS A. Le Coq, the Estonian subsidiary of Olvi
plc, concluded the acquisition of the entire stock of the Estonian
company OÜ Finelin. OÜ Finelin holds 100 per cent of the Estonian
beverage company AS Ösel Foods. The acquisition price is 10.3
million euro, including the company’s liabilities. The final
execution of the sale requires approval from the Estonian
competition authority. The authority is expected to issue its
resolution before the end of 2003.

AS Ösel Foods is a beverage company manufacturing juices and
mineral waters, as well as soft drinks with added vitamins. It is
domiciled in Reola, Ülenurme, Tartumaa, approximately 10
kilometres from Tartu. The company’s Estonian brands include Aura,
Aura ACE, Aura Spring and Gruuv.

Its net sales in 2002 amounted to 10.4 million euro, while the net
sales for the first six months of 2003 stood at 7.0 million euro.
The sales volume of the company’s beverages was 20 million litres
in 2002, followed by 14 million litres during the first six months
of 2003. AS Ösel Foods is the market leader in the Estonian juice
market with a 27 per cent market share. It employs approximately
90 people.

Personnel

The Group's average number of personnel during the period under
review was 919 (882), 345 (350) of them in Finland, 261 (243) in
Estonia, 123 (108) in Latvia and 190 (181) in Lithuania.

The Olvi plc share and warrants

Olvi plc's registered share capital was 9.7 million euro on 30
September 2003. The share capital is divided into 933,064 K shares
and 3,901,040 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 767,855 Olvi plc shares changed
hands from January to September, totalling 8.50 million euro in
trading volume. The traded shares represented 19.4 percent of the
total number of A shares. The average share price was 11.07 euro,
with a low of 10.00 euro quoted in April and a high of 12.55 euro
quoted in September.
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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 85,090 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 0.54 million euro in trading
volume. The average price of the warrants was 6.37 euro, with a
low of 4.00 euro quoted in June and a high of 8.90 euro quoted in
September.

From 1 April to 30 September 2003, a total of 54,198 A shares have
been subscribed using the warrants associated with the 1999 bond
with warrants. The share capital has increased by a total of
108,396.00 euro. The new shares have the same value and belong to
the same series as the listed Olvi plc shares. The company’s new
share capital is 9,776,604.00 euro.

The increase in share capital has been registered in the Trade
Register on 4 November 2003.
The shares subscribed using the warrants have been traded together
with the existing shares from 5 November 2003 onwards.

Shareholders

At the end of the period under review, Finnish shareholders
accounted for 97.3 percent and non-Finnish shareholders for the
remaining 2.7 percent of Olvi plc's ownership. On 23 October 2003,
Olvi plc had 4,201 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 Group’s result is made during the second and third
quarters of the year. Tight price competition in the overall
market is expected to continue also during the rest of the year
both in Finland and parts of the Baltic region. The Group’s full-
year result is estimated to remain at the level of 2002.

The information in this interim report is unaudited.

OLVI PLC
Board of Directors

Markku Rönkkö
Managing Director
Phone +358 50 65 851
                                                      5 of 5

APPENDICES
-        Income statement
-        Balance sheet
-        Key financial ratios

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

                                         
                                         APPENDIX 1

OLVI GROUP

INTERIM REPORT, JANUARY-SEPTEMBER 2003

OLVI GROUP

                    Actual                          Previous year
                    1.1.-30.9.03    1.1.-30.9.02    1.1.-31.12.02
                    EUR 1000  %     EUR 1000  %     EUR 1000  %

INCOME STATEMENT

Net sales            86089     100   87244    100   110184   100
Other income from
operations             299     0.3     322    0.4     359    0.3
Operating expenses  -69891   -81.2  -70212  -80.5   -91102 -82.7
Depreciation
according to plan    -8846   -10.3   -9085  -10.4   -11798 -10.7
Operating profit      7651     8.9    8269    9.5     7643   6.9
Financial income
and expenses         -1397    -1.6   -1250   -1.4    -1635  -1.5
Profit before
extraordinary items,
provisions and taxes          6254     7.3    7019    8.0    6008
5.5
Extraordinary income             0     0.0       0    0.0       0
0.0
Extraordinary expenses    0     0.0              0    0.0       0
0.0
Profit before
provisions and taxes          6254     7.3    7019    8.0    6008
5.5
Taxes                -1815    -2.1   -2302   -2.6    -2357  -2.1
Minority interest      191     0.2     110    0.1      306   0.3
Profit for the period  4630    5.4    4827    5.5     3957   3.6


                                                    APPENDIX 2


OLVI GROUP                Actual                     Previous year
                          30 Sep 03      30 Sep 02     31 Dec 02
                          EUR 1000       EUR 1000      EUR 1000
BALANCE SHEET

Total fixed assets           75860          80910          78437
Current assets:
  Inventories                20858          21570          19288
  Receivables                18947          16275          19273
  Financial assets               0              0             59
  Cash in hand and at bank    2828           1525           2427

Total shareholders' equity   59637          58865          57179
Minority interest              599            985            791
Statutory provisions
Debt:
  Deferred tax liability      2247           2892           2860
  Total long-term debt       24461          28707          27545
  Total short-term debt      31549          28831          31050
Total debt                  58257           60430          61455

Balance sheet total         118493         120280         119425

Gross capital expenditure     6603          14377          16284



OLVI GROUP               Actual                     Previous year
                         1.1.-30.9.03  1.1.-30.9.02  1.1.-31.12.02

*)Earnings per share, EUR      1.18          1.23          1.01
*)Earnings per share
adjusted for dilution
from warrants, EUR             1.15          1.20          0.98
*)Equity per share, EUR             15.22
15.02        14.59
Equity to total assets, %      50.83                 49.8
48.5


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



                                                       APPENDIX 3


                           Actual                    Previous year
                          1.1.-30.9.03  1.1.-30.9.02 1.1.-31.12.02
Number of shares
- average                     3919278       2417052        2417052
- at end of period            4888302       2417052        2417052
- average number of shares
  adjusted for dilution
  from warrants               4021033       2448330        2447256

NUMBER OF PERSONNEL, OLVI PLC
  Full-time                       280           304            302
  Part-time                        65            46             48
Total                             345           350            350

NUMBER OF PERSONNEL, AS A.LE COQ
  AS Tartu Ölletehas
  + AS Saare Ölu                  261           243            239
  A/S Cesu Alus                   123           108            107
  AB Ragutis                      190           181            181
Total                             574           532            527

OLVI Group total                  919           882            877


CONTINGENT LIABILITIES, 1,000 euro

                            30.9.03         30.9.02       31.12.02
Pledges and
contingent liabilities
For own commitments:
Mortgages on land
and buildings              1135              1942          1942

Leasing liabilities:
due next year              1610              1479          1358
due later                  1866              2538          2003
Total leasing liabilities  3476              4017          3361

Debts for which assets have
been pledged as collateral:
Loans from
financial institutions     5351             7687           11007

DERIVATIVES CONTRACTS, 1,000 euro

30.9.2003             Nominal value    Market value     Book value

Derivatives                 16955          16876              0

The derivatives contracts are interest rate swaps on loans and
will reach maturity in 2007 and 2008.

                                                       APPENDIX 4

CASH FLOW STATEMENT, 1,000 euro

                       1.1.-30.9.03    1.1.-30.9.02  1.1.-31.12.02

Earnings from operations
before extraordinary items  6254             7019          6008
Depreciation according to
plan and other adjustments  9733            10417         13446
Change in net working
capital                   -3178              -100          1057
Net financial expenses
and taxes paid            -2994             -3245         -3882
Cash flow
from operations(A)         9815             14091         16629

Investments               -6399            -10651        -12653
Disposals of fixed assets    102              125          1055
Cash flow
from investments(B)        -6297           -10526        -11599

Change in debt capital
and other financial items    -96            -2515         -3138
Dividends paid             -3021            -2175         -2175
Cash flow from financing(C) -3117           -4690         -5313

Increase (+)/decrease (-)
in liquid assets (A+B+C)      401           -1125          -283
Liquid assets 1 January     2427             2650          2709
Liquid assets 30 Sep/31 Dec 2828             1525          2427
Change in liquid assets      401            -1125          -283


The information in this interim report is unaudited.