Date Subject
13.05.2004 INTERIM REPORT for January 1 ? March 31,
LÄNNEN TEHTAAT PLC STOCK EXCHANGE RELEASE May 13, 2004 at 9;00 am

INTERIM REPORT for January 1 – March 31, 2004

Lännen Tehtaat’s net turnover for January-March 2004 was EUR 123.9
million (Jan-Mar 2003: EUR 113.5 million). Operating profit for the
period was EUR 0.5 million (EUR 0.1 million) and profit before
extraordinary items EUR –0.3 million (EUR –1.1 million). Earnings per
share came to EUR 0.00 (EUR –0.08).

Net turnover
Lännen Tehtaat’s net turnover for January-March 2004 was EUR 123.9
million (Jan-Mar 2003: EUR 113.5 million). The increase on the
previous year’s figure was attributable to the growth in grain trade
net turnover. Net turnover by division was as follows: Food Division
EUR 25.1 million (EUR 24.7 million), Agricultural Division EUR 78.1
million (EUR 66.8 million) and Machinium Division EUR 20.7 million
(EUR 22.0 million).

Financial performance
Although falling short of the target, Lännen Tehtaat’s financial
performance in the first quarter was an improvement on the same period
last year: operating profit for the period was EUR 0.5 million (EUR
0.1 million), profit before extraordinary items EUR –0.3 million (EUR
–1.1 million) and profit after taxes and minority interests EUR 0.0
million (EUR –0.5 million). Earnings per share thus amounted to EUR
0.00 (EUR –0.08).

Taxes for the period came to EUR 0.3 million (Jan-Mar 2003: tax
receivable EUR 0.1 million).

Financing
The Group’s interest-bearing liabilities at the end of the period
amounted to EUR 76.6 million (EUR 87.3 million) and financial assets
totalled EUR 18.1 million (EUR 13.5 million). The consolidated balance
sheet total was EUR 243.4 million (EUR 253.7 million) and the equity
ratio 40% (37%). Commercial papers were used for short-term financing
and liquidity was secured with long-term committed credit facilities.
No credit facilities were used. Overall, the Group’s financing
position was good throughout the period, although the Machinium
Division’s restrictive financing situation has continued.

Investment
First-quarter investment was mainly in replacement and maintenance,
totalling EUR 1.4 million (EUR 4.1 million). The high level of
investment in 2003 included EUR 3.4 million on purchasing the head
office and staff restaurant buildings in Säkylä.

Decisions of the Annual General Meeting
The Annual General Meeting of March 24, 2004 decided that the dividend
to be distributed on 2003 will be EUR 0.65 per share (EUR 0.30).

The AGM authorized the Board of Directors to decide on whether to
raise the company’s share capital by means of a new issue and/or by
issuing convertible bonds in one or more tranches. Such a new issue
and/or convertible bond issue may not increase the share capital by
more than EUR 1,224,514, which means a maximum of 611,257 shares
issued for subscription. The authorization remains valid for one year
after the Annual General Meeting. The share capital can be raised
and/or a convertible bond issued diverging from the pre-emptive
subscription right of shareholders if, from the company’s viewpoint,
there exists a pressing financial reason for making such an exception.

The Board was also authorized to take decisions on surrendering the
company’s own shares. The authorization allows the Board to surrender
the 65,000 company shares acquired. This may be done in connection
with corporate acquisitions or for some similar purpose, or the shares
can be sold in public trading on Helsinki Exchanges. The authorization
remains valid for one year after the AGM.

The 65,000 Lännen Tehtaat shares in the company’s possession represent
1.1 per cent of the share capital and the votes.

Share trading
The volume of stock exchange trading in Lännen Tehtaat shares during
the period was 313,574 shares (21,961), or 5.1% (0.4%) of all Lännen
Tehtaat shares. The highest share price was EUR 12.50 (EUR 9.90) and
the lowest EUR 11.00 (EUR 8.70).

BUSINESS DIVISIONS

Food Division
Net turnover for the Food Division was EUR 25.1 million (EUR 24.7
million). Apetit Group sales were at the same level as last year,
while sugar sales were slightly up. Sales of frozen foods and fish
products were also up on last year. Sales of frozen vegetables,
however, were down on the 2003 figures. Sales of other frozen products
and jams and marmalades were about the same as last year.

Food Division profitability as a whole was at the same level as last
year and met the target set for it. Apetit’s profitability fell short
of last year’s level, however, as a result of reduced margins due to
tougher competition and the rise in raw-material prices. Apetit’s
performance was compensated by the improved performance of Lännen’s
associated company, Sucros. Operating profit for the Food Division was
EUR 0.8 million (EUR 0.8 million).

Ateriamestarit Oy, the new joint venture set up by Raisio Group and
Lännen Tehtaat, began operating at the end of April, when Raisio and
Lännen catering-sector personnel transferred to the new company. The
new company will manage Raisio and Lännen sales to customers in the
hotel, restaurant and catering business. The aim is to provide an
improved service to these customers by offering a wider product range.

Agricultural Division
Net turnover for the Agricultural Division was EUR 78.1 million (EUR
66.8 million). Net turnover in the animal feeds business was at last
year’s level, which was slightly short of the target. Grain trade net
turnover for Avena Nordic Grain was below the target, but rose to a
level surpassing last year’s figure. Other operations in the
Agricultural Division accounted for only a small proportion of the
Division’s net turnover.

Agricultural Division profitability was up on last year’s figure and
met the target set for it. Profitability in the animal feeds business
showed a distinct improvement on last year’s poor performance,
reaching a level close to the target thanks to the savings made in
costs. Grain trade profitability was slightly higher than last year
and a little above the target set, thanks to the growth in sales.
Operating profit for the Agricultural Division was EUR 1.4 million
(EUR 0.2 million).

Machinium Division
Net turnover for the Machinium Division was EUR 20.7 million (EUR 22.0
million), which was short of the target and was lower than last year’s
figure. Domestic sales of earthmoving machinery were up on last year,
whereas the reverse was true for sales in Sweden and the Baltic
States. Sales of materials handling machinery were below target and
were slightly less than last year’s figure.

First-quarter profitability for the Machinium Division was poor, and
the Division recorded a loss that was greater than its first-quarter
loss last year. Profitability in earthmoving machinery was
considerably weaker than a year ago, particularly so in Sweden,
although the performance in Finland and the Baltic States was also
down on last year. By contrast, profitability in materials handling
machinery was up on the 2003 figure, but still fell short of the
targets. The Machinium Division’s operating loss was EUR –1.7 million
(EUR –0.9 million).

Outlook for the rest of the year
The growth in net turnover for the Food Division is expected to follow
the general trend in the markets. Apetit’s sales for the full year are
forecast to be up slightly on last year. Although total sugar
consumption will not grow, it is expected that sales of Lännen Sugar’s
consumer products will be up on the exceptionally low level of 2003.

In the Agricultural Division, net turnover in the animal feeds
business is expected to be at last year’s level. Grain trade net
turnover will depend on the quantity and quality of this year’s
harvests in the main market areas. Turnover is nevertheless likely to
exceed last year’s figures.

The earthmoving and utility machinery markets are expected to be
unchanged from 2003 in both Finland and Sweden. In the Baltic States,
market growth is expected to continue. The market for materials
handling machinery in Sweden is forecast to remain unchanged. Net
turnover for the Machinium Division is expected to be somewhat higher
than last year.

Lännen Tehtaat’s consolidated net turnover for 2004 is expected to
exceed EUR 500 million.

The Group’s financial performance, excluding the Machinium Division,
is expected to be similar to last year. The aim is to withdraw from
Machinium ownership during 2004. Lännen Tehtaat’s liabilities and
commitments concerning the Machinium Division will amount to EUR 7.3
million. The consolidated financial statements for 2003 include a
restructuring provision of EUR 1.9 million for the exit from Machinium
ownership. The measures required to complete this process are expected
to weaken the Group’s profit performance in the latter part of the
year.

The next interim report, covering the period January 1 – June 30,
2004, will be published on August 10.


CONSOLIDATED PROFIT AND LOSS ACCOUNT

1-3/ 1-3/ 1-12/
2004 2003 2003
EUR million

Net turnover 123.9 113.5 492.0
Other operating income 0.7 0.5 2.1
Costs and expenses -121.7 -111.3 -473.8
Depreciation -2.9 -2.8 -11.8
Share of profits of
associated undertakings 0.5 0.2 3.2

Operating profit 0.5 0.1 11.7
Finacial income and
expenses -0.8 -1.2 -3.3
Profit/loss before extra-
ordinary items and taxes -0.3 -1.1 8.4
Extraordinary income
Extraordinary expenses
Income taxes -0.3 0.1 -2.6
Minority interests 0.6 0.5 0.9

Profit/loss for the financial
period 0.0 -0.5 6.7

The tax corresponding to the profit for the period has been taken into
account as tax shown in the profit and loss statement.


CONSOLIDATED BALANCE SHEET

March 31, March 31, March 31,
2004 2003 2003
EUR million
Assets
Intangible assets 20.8 19.4 21.6
Tangible assets 64.8 71.5 65.6
Investments 23.1 21.8 21.9
Own shares 0.8 0.8 0.8
Stocks 72.6 79.5 80.2
Receivables 43.2 47.2 46.5
Marketable securities 0.5 3.3 1.5
Cash and cash equivalents 17.6 10.2 11.6

Total 243.4 253.7 249.7


Liabilities
Share capital 12.2 12.2 12.2
Other capital and reserves 83.2 78.4 82.8
Minority interests 3.9 5.6 4.9
Provisions 2.1 0.1 2.1
Long-term liabilities 48.3 68.2 48.3
Current liabilities 93.7 89.2 99.4

Total 243.4 253.7 249.7


CONSOLIDATED CASH FLOW STATEMENT

1-3/ 1-3/ 1-12/
2004 2003 2003
EUR million

Operations
Cash flow from operations 2.2 1.7 18.8
Change in working capital 3.7 -4.1 7.4

Net cash flow from
operations (A) 5.9 -2.4 26.2

Investments
Investments in non-current
assets -1.4 -4.0 -9.5
Proceeds from sales of
non-current assets 0.3 0.1 1.5

Net cash flow from
investments (B) -1.1 -3.9 -8.0

Financing
Change in loans 0.9 3.4 -18.0
Dividends paid -1.8
Other changes in capital and
reserves and in minority
interests -0.6 -0.6 -2.4

Net cash flow from
financing (C) 0.3 2.8 -22.2

Changes in liquid assets
(A+b+C) 5.1 -3.5 -4.0

Liquid assets on Jan 1 13.0 17.0 17.0
Liquid assets on March 31 18.1 13.5 13.0


KEY INDICATORS
March 31, March 31, Dec 31,
2004 2003 2003

Earnings per share, EUR 0.00 -0.08 1.11
Equity per share, EUR 15.35 14.55 15.29
Equity ratio, % 40.0 37.3 39.5
Gross investments, EURm 1.4 4.1 9.5
% of net turnover 1.1 3.6 1.9


BUSINESS SEGMENT INFORMATION

NET TURNOVER
1-3/ 1-3/ 1-12/
2004 2003 2003
EUR million

Food Division 25.1 24.7 114.9
Agricultural Division 78.1 66.8 282.6
Machinium Division 20.7 22.0 94.5

Total 123.9 113.5 492.0


OPERATING PROFIT

Food Division 0.8 0.8 6.5
Agricultural Division 1.4 0.2 8.3
Machinium Division -1.7 -0.9 -3.1

Total 0.5 0.1 11.7


AVERAGE PERSONNEL
1-3/ 1-3/ 1-12/
2004 2003 2003

Food Division 301 300 331
Agricultural Division 426 419 442
Machinium Division 391 376 388

Total 1118 1095 1161


CONTINGENT LIABILITIES
March 31, March 31, Dec 31,
2004 2003 2003
EUR million

Securities given for debts
Real estate mortgages 32.5 37.6 32.6
Corporate Mortgages 75.8 54.7 76.0
Shares pledged 3.6 43.4 3.6

Other securities given
Pledges 0.0 0.0 0.0
Corporate mortgages 6.9 8.2 6.9

Leasing liabilities 1.8 2.4 2.1

Contingent liabilities
for own commitments
Repurchasing commitments 18.3 17.7 19.0
Other commitments 2.1 1.4 2.4

Contingent liabilities on behalf
of associated undertakings
Guarantees 0.4

Other contingent liabilities
Redemption liability
of leased buildings 2.6 2.7 2.6

Outstanding derivative instruments
Forward currency contracts
Market value -0.2 -0.1 -0.3
Value of underlying instruments 6.7 8.9 9.5
Raw material futures
Market value -0.4 0.7 -0.5
Value of underlying instruments 6.9 16.3 10.6
Interest rate swaps
Value of underlying instruments 25.0 25.0 25.0


The data have not been audited.


LÄNNEN TEHTAAT PLC
Board of Directors


More details: Erkki Lepistö, President & CEO, tel. +358 2 8397 4001

Distribution:
Helsinki Exchanges
Main media
www.lannen.fi


20.04.2004 MATTI KAVETVUO HAS RESIGNED FROM HIS POS
LÄNNEN TEHTAAT PLC Stock exchange release April 20, 2004 at 4.10 pm

MATTI KAVETVUO HAS RESIGNED FROM HIS POSITION AS A BOARD MEMBER


Due to several Board membership duties, Matti Kavetvuo has resigned
from his position as a Board Member of Lännen Tehtaat plc with effect
from April 20, 2004.


LÄNNEN TEHTAAT PLC

Erkki Lepistö
President & CEO


More details: Erkki Lepistö, tel. +358 2 8397 4001.

Distribution:
Helsinki Exchanges
Main media
www.lannen.fi



24.03.2004 LÄNNEN TEHTAAT PLC ANNUAL GENERAL MEETIN
LÄNNEN TEHTAAT PLC STOCK EXCHANGE RELEASE MARCH 24, 2004 at 3;45 p.m.

LÄNNEN TEHTAAT PLC ANNUAL GENERAL MEETING

The Annual General Meeting on March 24, 2004 approved the financial
statements, discharged those accountable from liability and decided to
distribute a dividend of EUR 0.65 per share.

MATTERS DEALT WITH BY THE ANNUAL GENERAL MEETING

FINANCIAL STATEMENTS
The Annual General Meeting approved the Company’s and the Group’s
profit and loss accounts and balance sheets, and discharged the
members of the Board of Directors, the members of the Supervisory
Board and the President from liability for the financial year 2003.

The Annual General Meeting decided to distribute as dividend EUR 0.65
per share. The record date is March 29, 2004 and the dividend payment
date April 5, 2004.

ELECTION OF THE MEMBERS OF THE SUPERVISORY BOARD AND THE AUDITORS
Antti Bärlund, Heikki Halkilahti, Jussi Hantula, Börje Helenelund, Tom
Liljeström, Samu Pere, Esa Ruohola and Mikko Soro were re-elected to
the Supervisroy Board.

Kauko Lehtonen, Authorized Public Accountant, and PricewaterCoopers Oy
Authorized Public Accountants with Hannu Pellinen, Authorized Public
Accountant as responsible auditor, were re-elected as auditors.

RAISING THE SHARE CAPITAL
The Annual General Meeting decided to authorize the Board of Directors
to raise share capital by new share issues and/or to issue a
convertible bond in one or more instalments. The authorization is
valid one year, starting from the date of the AGM decision. In a new
share issue and/or an issue through a convertible bond, the share
capital can be raised by a maximum total of EUR 1,222,514 in such a
way that a maximum of 611,257 shares with a nominal value of EUR 2.00
are offered for subscription.

The Board of Directors was authorized to diverge from the
shareholders’ pre-emptive subscription right to new shares and/or to
convertible bonds if the company’s financial status so requires. The
authorization also covers the right to decide on the subscription
prices, those entitled to subscribe shares, subscription terms, terms
concerning a convertible bond and other terms and aspects related to a
new share issue and/or issue of a convertible bond.

SURRENDERING THE COMPANY’S OWN SHARES
The Annual General Meeting decided to authorize the Board of Directors
to decide to surrender the company’s own shares. The authorization
concerns the 65,000 company shares acquired using the authorization
granted by the AGM on April 5, 2001. The Board is authorized to decide
to whom and in what order the company’s own shares are surrendered.
The shares can be surrendered in one or more tranches. The Board may
decide to surrender the Company’s own shares otherwise than in
proportion to the pre-emptive right of shareholders.

The shares can be surrendered in one or more tranches, as decided by
the Board, in connection with corporate acquisitions or other
corporate arrangements or for some other similar purpose that the
Board may consider suitable. Surrender of the shares can also be
carried out via public trading on Helsinki Exchanges.

The share price is the current value at the time of surrender,
determined in public trading on Helsinki Exchanges. The shares may
also be surrendered against other than monetary consideration. The
authorization is valid for one year, starting from the date of the AGM
decision.


LÄNNEN TEHTAAT PLC

Erkki Lepistö
President & CEO


More details: Erkki Lepistö (President & CEO), tel. +358 2 8397 4001

Distribution:
Helsinki Exchanges
Main media
www.lannen.fi

17.03.2004 LÄNNEN TEHTAAT ANNUAL REPORT 2003 PUBLIS
LÄNNEN TEHTAAT PLC Stock exchange announcement March 17, 2004

LÄNNEN TEHTAAT ANNUAL REPORT 2003 PUBLISHED

Lännen Tehtaat Annual Report for 2003 with financial statements has
been published today in Finnish and English.

The Annual Report can also be read at www.lannen.fi/investor info. A
printed version of the Annual Report can be ordered by telephone +358
2 83971 or by e-mail .

LÄNNEN TEHTAAT PLC

Riitta Jaakkola
Director of Finance
tel +358 2 8397 4920

DISTRIBUTION
Helsinki Exchanges


05.03.2004 SUMMONS TO ANNUAL GENERAL MEETING OF SHA
LÄNNEN TEHTAAT PLC Stock Exchange Announcement March 5, 2004

SUMMONS TO ANNUAL GENERAL MEETING OF SHAREHOLDERS

Company shareholders are hereby invited to the Annual General
Meeting, which will be held on Wednesday, March 24, 2004, starting
at 2:00 p.m. in the Lännen Tehtaat staff restaurant in Iso-Vimma,
Säkylä.

The AGM will deal with the following:

1. Items to be dealt with by the AGM under section 11 of the
Articles of Association.

2. A Board of Directors proposal that the Board be authorized to
decide to raise the share capital in one or more new share
issues and/or to issue a convertible bond in one or more
instalments. In a new share issue and/or an issue through a
convertible bond, the share capital can be raised by a
maximum of EUR 1,222,514 or by a smaller amount in such a way
that a maximum of 611,257 shares with a nominal value of EUR
2.00 are offered for subscription. The authorization also
covers the right in targeted issues to diverge from the
shareholders’ pre-emptive subscription right, and to decide
on the subscription prices and terms, and other terms and
aspects related to a new share issue. The authorization is
valid for one year, starting from the date of the AGM
decision.

3. A Board of Directors proposal that the Board be authorized to
decide to surrender the company’s own shares, diverging from
the shareholders’ pre-emptive subscription right. The
authorization concerns the 65,000 company shares acquired
using the authorization granted by the AGM on April 5, 2001.
The Board is authorized to decide to whom and in what order
the company’s own shares are surrendered. The shares can be
surrendered in one or more tranches, as decided by the Board,
in connection with corporate acquisitions or other corporate
arrangements or for some other similar purpose that the Board
may consider suitable. Surrender of the shares can also be
carried out via public trading on Helsinki Exchanges. The
share price is the current value at the time of surrender,
determined in public trading on Helsinki Exchanges. The
shares may also be surrendered against other than monetary
consideration. The Board may not make a decision on
divergence from pre-emptive subscription rights that benefits
members of the inner circle of the company. The authorization
is valid for one year, starting from the date of the AGM
decision.

Distribution of dividend

The Board of Directors proposes to the Annual General Meeting that
a dividend of EUR 0.65 per share be paid for the financial year
2003. Dividend will be paid to shareholders whose shares are
registered by the Finnish Central Securities Depository Ltd, not
later than the record date, March 29, 2004. The dividend will be
paid on April 5, 2004.

Right to attend the Annual General Meeting

A shareholder whose shares have been registered in the register of
shareholders maintained by the Finnish Central Securities
Depository Ltd not later than March 12, 2004 has the right to
attend the Annual General Meeting.

A shareholder who was entered in the company’s share register
prior to 20 May 1995 also has the right to attend the Annual
General Meeting. In these circumstances, the shareholder must at
the Annual General Meeting present his share certificates or some
other evidence that the right of ownership to the shares has not
been entered into a book-entry account.

Notification of intended participation at the Annual General
Meeting must be given to the company not later than March 22,
2004 before 4:00 p.m. local time either by writing to Lännen
Tehtaat plc, P.O.Box. 100, 27801 Säkylä, or by telefax +358 2 8397
4022 or by phoning +358 2 8397 4011/Arja Antikainen or by e-mail
. If notice is given by letter, this
should arrive before the above mentioned time. Possible proxies
should be forwarded to the same place within the same time.

The financial statement documents and other documents required
under the Companies Act can be inspected during the week before
the shareholders’ meeting at the company’s head office, Lännen
Tehtaat plc, Maakunnantie 4, 27820 Säkylä. Copies of documents
will be sent to shareholders on request.


Säkylä, March 1, 2004


LÄNNEN TEHTAAT PLC
Supervisory Board










24.02.2004 BOARD PROPOSALS TO LÄNNEN TEHTAAT ANNUAL
LÄNNEN TEHTAAT PLC Stock exchange release Feb. 24, 2004 at 9;00 am

BOARD PROPOSALS TO LÄNNEN TEHTAAT ANNUAL GENERAL MEETING

I DIVIDEND

The Board of Directors proposes to the Annual General Meeting that a
dividend of EUR 0.65 per share be paid for the financial year 2003.

II AUTHORIZATION TO INCREASE SHARE CAPITAL

The Board of Directors proposes to the Annual General Meeting that the
Company’s Board of Directors be authorized, in derogation from the
shareholders’ pre-emptive right to subscribe, to decide on increasing
the share capital by one or more new issues and/or taking out a
convertible loan in one or more tranches on the following conditions:

1. The new issue and/or new issue based on the convertible loan will
allow the share capital to be increased by a maximum of EUR 1,222,514
or an amount smaller than this, which corresponds, taking into account
existing unused authorizations, to no more than one fifth of the
company’s share capital registered at the time of the AGM
authorization decision and the Board of Directors’ decision to make
the increase, and of the combined voting rights of the shares so that
a maximum of 611,257 shares will be put up for subscription at a
nominal value of EUR 2 per share.

2. The authorization covers the right in targeted issues to disregard
the shareholders’ pre-emptive right to subscribe new shares and/or
convertible loans on condition that the company has a pressing
financial reason to do so, and the right to decide on the new issue so
that the shares can be subscribed against property given as a
subscription in kind or otherwise under certain conditions or by using
the right of set-off.

The authorization can be used, for example, for implementing a
corporate acquisition, some other development of the company’s
business operations, broadening the ownership base or strengthening
the capital structure or for similar purposes.

3. The authorization also covers the right to decide on those who are
entitled to subscribe, the subscription prices and terms and
conditions, the terms and conditions of the convertible loan and other
terms and conditions and matters associated with the new issue and/or
taking out the convertible loan. The Board of Directors is not
permitted to make a decision about derogating from the pre-emptive
right to subscribe if this would be for the benefit of a person
belonging to the inner circle of the Company.

4. The authorization is valid for one year from the decision of the
AGM.

III AUTHORIZATION FOR SURRENDER OF OWN SHARES

The Board of Directors will propose to the Annual General Meeting that
the Board be authorized to surrender the company’s own shares in
derogation from the shareholders’ prior subscription right.

1.The authorization concerns the 65,000 company shares acquired for
the company under authorization of the AGM on April 5, 2001.

2.The Board of Directors will be authorized to decide to whom and
in what order company shares will be surrendered. The shares can be
surrendered in one or more lots. The Board can decide on surrender of
its own shares otherwise than in the pre-emptive right of shareholders
to acquire company’s own shares.

3.The shares can be surrendered in one or more lots as decided by
the Board in connection with corporate transactions or other
arrangements, or for some other similar purpose that the Board
considers practicable.

The shares can also be sold in public trading on Helsinki Exchanges.

4.Shares will be surrendered at their current value at the time of
surrender, determined in public trading on Helsinki Exchanges. They
can also be surrendered against other than monetary consideration.

5.The authorization is valid for one year from the AGM decision.

Justification for divergence from right of pre-emption;
When shares are surrendered, the Board can decide to diverge from the
shareholders' right of pre-emption within the limits laid down in the
Companies Act if there is some weighty financial reason for so doing
on the company's part. The shares can also be surrendered through
public trading, when all would have an equal right to purchase them.


LÄNNEN TEHTAAT PLC
Board of Directors

Erkki Lepistö
President & CEO

More details: Erkki Lepistö, President & CEO, tel. +358 2 8397 4001

Distribution:
Helsinki Exchanges
Main media
www.lannen.fi

24.02.2004 ANNUAL ACCOUNTS INFORMATION January 1 ?
LÄNNEN TEHTAAT PLC Stock exchange release Feb. 24, 2004 at 9;00 am

ANNUAL ACCOUNTS INFORMATION January 1 – December 31, 2003

Net turnover by Lännen Tehtaat totalled EUR 492.0 million (2002: EUR
283.4 million). The increase on the previous year’s figure was from
the business operations of Suomen Rehu and Avena Nordic Grain, which
were acquired in November 2002. The consolidated operating profit was
EUR 11.7 (3.3) million and profit before extraordinary items EUR 8.4 (-
0.1) million. Earnings per share came to EUR 1.11 (EUR 0.40). The
Board proposes a dividend of EUR 0.65 (EUR 0.30) per share to the
Annual General Meeting.


Group structure

No significant changes occurred in the Group structure. The Group’s
division into three business areas remained unchanged.

The Food Division consists of Apetit and Lännen Sugar, both units of
Lännen Tehtaat plc, and the subsidiary company Tresko Fish Ltd.

The Agricultural Division consists of the following companies: Suomen
Rehu Ltd and its subsidiary companies Hiven Oy in Finland, SIA Baltic
Feed in Latvia and Rehu Eesti Oü in Estonia; Lännen Rehu Oy, which was
set up at the start of the year in a business transfer; Avena Nordic
Grain Oy and its Russian subsidiary ZAO Avena St. Petersburg; and
Lännen Plant Systems and Harviala Oy. Avena Oy, which was previously
part of the Agricultural Division, was merged with Lännen Tehtaat plc
at the end of the year.

The Machinium Division comprises Machinium Ltd as the parent company
and the following subsidiaries: Lännen Engineering Oy and Suomen
Rakennuskone Oy in Finland; SMA Construction AB and SMA Maskin AB,
plus its subsidiary SMA Maskinuthyrning AB, in Sweden; AS Balti
Ehitusmasin-Baltem in Estonia; SIA BCM Baltijas Celtniecibas Masina in
Latvia; and UAB Baltijos Statybines Masinos in Lithuania.

Of the associated companies, Sucros Ltd belongs to the Food Division,
while Movere Oy and Farmit Website Oy are part of the Agricultural
Division. The shares in Agribalt Oy, which was previously part of the
Agricultural Division, were sold at the start of July.


Net turnover

Consolidated net turnover totalled EUR 492.0 million (2002: EUR 283.4
million). The increase on the previous year’s figure was from the
business operations of Suomen Rehu and Avena Nordic Grain, which were
acquired in November 2002. The Food Division accounted for 23% (43%)
of net turnover, the Agricultural Division for 58% (25%) and the
Machinium Division for 19% (32%).

Net turnover for the Food Division was EUR 114.9 (120.8) million, of
which frozen products accounted for EUR 41.6 (41.9) million. Sales of
frozen pizzas and frozen potato products were up, as were sales of
fish products. Sales of frozen vegetables, frozen meals and jams were
down on the previous year’s level. The drop in net turnover in
comparison with 2002 was in part due to the sale of Lannen Polska in
late 2002.

Sugar sales were down on the previous year’s level due to the fairly
poor berry and apple crops. Sales in 2002 were boosted by the fact
that consumers stocked up on sugar following the fire at the Sucros
sugar packaging unit.

Net turnover for the Agricultural Division was EUR 282.6 (70.8)
million. The figure cannot be compared directly with the previous
year’s level because Suomen Rehu and Avena Nordic Grain were
incorporated into the Division at the end of 2002. Sales volumes in
the animal feeds business were at the previous year’s level. Adjusting
the figures to allow a direct comparison with 2002 reveals that net
turnover was down on the previous year, due to the lower sales prices,
and fell short of the expected level. Grain trade net turnover reached
the same level as in 2002. Other operations in the Agricultural
Division accounted for only a minor proportion of the Division’s net
turnover.

Net turnover for the Machinium Division was EUR 94.5 (91.8) million.
The increase on the previous year’s figure was due to the higher sales
of earthmoving machinery. Sales were up in Finland and also increased
markedly in Sweden and the Baltic States. Sales in the materials
handling business were significantly below the targeted level and fell
short of the previous year’s figure as well, on account of both the
market downturn and loss of market share in Sweden.

Net turnover for the parent company Lännen Tehtaat plc was EUR 115.0
(140.1) million. The decrease on the previous year’s figure was mainly
due to transfer of the net turnover for the animal feeds business to
Lännen Tehtaat plc’s subsidiary Lännen Rehu Oy at the start of 2003.


Profits

The consolidated operating profit was EUR 11.7 (3.3) million and
profit before extraordinary items EUR 8.4 (-0.1) million.

Direct taxes recorded in the profit and loss account came to EUR 2.6
million (2002: receivables 0.5 million).

After taxes and minority interests, 2003 profits came to EUR 6.7 (2.4)
million. This result was boosted by EUR 1.7 million as a consequence
of the fact that 40.2% of the Machinium Group’s loss was carried by
its minority shareholders; by contrast, the result was weakened by a
figure of EUR 0.7 million because 17.9% of Suomen Rehu’s profits were
allocated to its minority shareholders.

The Food Division’s operating profit stood at EUR 6.5 (3.3) million.
The Division’s profitability as a whole was much improved on the
previous year, but fell short of the targeted level. The profitability
of Apetit’s domestic business was below the previous year’s level due
to the higher proportionate sales of products with special pricing
campaigns or with a lower margin, and because of the rise in prices of
energy and imported raw materials. Profitability was improved by the
increased profit contribution of the associated company Sucros and the
profits came to the level preceding the 2002 fire. The Division’s 2002
operating profit had been affected by the loss-making operations of
the Polish subsidiary and the costs of withdrawing from Poland,
together amounting to approximately EUR 4.1 million.

The Agricultural Division’s operating profit was EUR 8.3 (5.2)
million. The figure is not directly comparable with the previous year
due to the changes in the Group’s structure. The Division’s
profitability was at the planned level. Profitability in the animal
feeds business was maintained at the 2002 level, thanks to efficiency
improvements in production and logistics and the savings in fixed
costs, despite the higher raw material prices at the end of the year.
Grain trade profitability was at the 2002 level.

The Machinium Division’s operating result was EUR –3.1 (-5.2) million.
This continued operating loss occurred in spite of the Division’s
improved profitability. The loss was principally due to the poor
performance of the materials handling machines business, especially
the reduced sales and maintenance volumes. The earthmoving machinery
business made a profit, and its performance in Finland and the Baltic
States was in line with targets. The financial performance of the
Swedish earthmoving machinery business was also improved on the 2002
level, although it fell short of the target and recorded a loss.

Lännen Tehtaat plc has a 59.8% holding in the Machinium Group. The
balance sheet value of this holding was reduced from EUR 5.5 million
to EUR 2.5 million. The value adjustment does not affect the pre-tax
consolidated profits. In addition, the parent company’s financial
expenses include a provision of EUR 1.0 million for restructuring
within the Machinium Group. The parent company’s other liabilities in
the Machinium Group amount to EUR 7.3 million.


Financing

The Group’s financial structure strengthened in 2003 on account of the
good cash flow from operations. Interest-bearing liabilities totalled
EUR 73.7 (83.9) million at the end of the year, and financial assets
amounted to EUR 13.1 (17.0) million. Commercial papers were used for
short-term financing. Liquidity was secured by long-term committed
credit facilities; no credit facilities were used during the year. Net
financial expenses came to EUR 3.3 (3.2) million. Net financial
expenses were reduced by one-off income and expenses with a net total
of EUR 0.3 million. The equity ratio was 40% (37%) at the end of the
year.

The Machinium Division’s liquidity has remained satisfactory despite
the losses made. The 2003 loss was financed by reducing the amount of
working capital.


Decisions of the Annual General Meeting

Lännen Tehtaat plc’s Annual General Meeting on April 3, 2003 decided
to distribute a dividend of EUR 0.30 (0.60) per share.

The Annual General Meeting authorized the Board of Directors to take
decisions regarding release of Lännen shares in the company’s
possession. Under the authorization, the Board of Directors may
release the 65,000 company shares in its possession. The shares may be
released in connection with corporate acquisitions or for a similar
purpose, or sold in public trading on Helsinki Exchanges. The
authorization remains valid for one year from the date of the AGM.

The Board has not yet made use of the authorization. The 65,000
company shares in its possession represent 1.1% of the company’s total
share capital and total votes.


Investment

Gross investment in non-current assets came to EUR 9.5 (47.3) million.
The investment was mainly in developing and maintaining production
technology.

Investment by the Food Division totalled EUR 1.7 (5.8) million, and by
the Agricultural Division EUR 7.1 (40.8) million. The Agricultural
Division’s investment included EUR 3.4 million on the purchase in
early 2003 of the headquarters and staff restaurant buildings that
were previously rented under a leasing agreement. The buildings are
located in Säkylä and have been in the company’s constant use. In
2002, the Division’s investment included purchase of the Avena Oy
shares. Investment by the Machinium Division totalled EUR 0.7 (0.7)
million.


R&D

The Group’s product development expenses accounted for 0.7% (0.6%) of
net turnover. The focus was especially on the development of animal
feeds and food products. In animal feeds, the emphasis in 2003 was on
the development of feeding that advances animal health and wellbeing,
feeding technologies that improve the profitability of livestock
production, and the special feeds business.

In food products, the focus of development was on the Apetit unit’s
products. The start of the year saw the launch of a modified range of
pizzas specially tailored to Finnish tastes, and in September the new
Quick & Tasty fast-food range was introduced, containing plenty of
vegetables but little fat.


Environmental matters

Environmental protection and investment expenses have been charged to
the profit and loss account with the exception of EUR 0.2 million
capitalized for wastewater treatment equipment and waste disposal at
the Säkylä industrial estate.


Changeover to IAS financial statements

Lännen Tehtaat will publish its first financial statements under the
IAS-IFRS standards in 2005. Interim reports will also be prepared in
accordance with the IAS standards as of 2005. IAS comparison data will
be compiled in 2004 in preparation for the 2005 financial statements
and interim reports.


Events after the end of the financial year

At the start of 2004, Lännen Rehu Oy shares were transferred in a
share exchange from the parent company to the ownership of Suomen Rehu
Ltd. Lännen Tehtaat’s holding in Suomen Rehu rose to 87.9% (82.1%).


Outlook for 2004

The Food Division’s net turnover is expected to grow in line with the
general trend in the market. The Apetit unit’s sales are expected to
increase slightly. Although the total consumption of sugar will not
rise, it is expected that sales of Lännen Sugar’s consumer products
will be up slightly in comparison with the exceptionally low level of
2003.

Net turnover in the animal feeds business is expected to be unchanged
from the 2003 level. The rise in raw material prices will weaken
profitability, especially in the early part of the year. Grain trade
net turnover will depend on the amount and quality of this year’s
crops in the main market areas.

The earthmoving and utility machinery market is expected to remain
good in Finland. In Sweden, the decline that began in 2000 is expected
to come to a halt. The stable growth in the Baltic States is forecast
to continue in the next few years. There are nevertheless
uncertainties in the market, concerning for instance the future course
of the economy, which will affect decision-making on investment in
construction and engineering projects. The market for materials
handling machines in Sweden is expected to remain unchanged.

Lännen Tehtaat Group’s net turnover is expected to rise to over EUR
500 million in 2004. The profit trend in the first part of the year
will be very modest, as was the case the previous year. Full-year
profits are expected to be at the same level as in 2003.


CONSOLIDATED PROFIT AND LOSS ACCOUNT
EUR million
10-12/ 10-12/ 1-12/ 1-12/
2003 2002 2003 2002

Net turnover 129.2 107.5 492.0 283.4
Other operating income 0.8 3.7 2.1 4.2
Costs and expenses -123.8 -104.3 -473.8 -278.3
Depreciation -3.5 -3.6 -11.8 -8.5
Share of profits of
associated undertakings 0.6 1.1 3.2 2.5

Operating profit 3.3 4.4 11.7 3.3
Share of loss of
associated undertakings -0.2 -0.2
Financial income and
expenses -0.9 -0.1 -3.3 -3.2

Profit/loss before
extraordinary items 2.4 4.1 8.4 -0.1
Extraordinary income
Extraordinary expenses

Profit/loss before taxes
and minority interests 2.4 4.1 8.4 -0.1
Income taxes -0.7 -0.3 -2.6 0.5
Minority interests 0.3 1.0 0.9 2.0

Profit for the period 2.0 4.8 6.7 2.4


PROPOSAL OF THE BOARD FOR THE DISTRIBUTION OF PROFIT

The Board of Directors proposes that Lännen Tehtaat plc pay a dividend
of EUR 0.65 per share.


CONSOLIDATED PROFIT AND LOSS ACCOUNT, PRO FORMA
AVENA FIGURES INCLUDED IN COMPARISON DATA 2002

EUR million Pro forma Pro forma
10-12/ 10-12/ 1-12/ 1-12/
2003 2002 2003 2002

Net turnover 129.2 137.9 492.0 506.5
Other operating income 0.8 3.9 2.1 5.2
Costs and expenses -123.8 -133.4 -473.8 -491.5
Depreciation -3.5 -4.2 -11.8 -13.9
Share of profits of
associated undertakings 0.6 1.1 3.2 2.6

Operating profit 3.3 5.3 11.7 8.9
Share of loss of
associated undertakings -0.1 -0.4
Financial income and
expenses -0.9 -0.7 -3.3 -6.2

Profit before
extraordinary items 2.4 4.5 8.4 2.3
Extraordinary income
Extraordinary expenses

Profit before taxes
and minority interests 2.4 4.5 8.4 2 3
Income taxes -0.7 -0.4 -2.6 0.0
Minority interests 0.3 1.0 0.9 1.5

Profit for the period 2.0 5.1 6.7 3.8


CONSOLIDATED BALANCE SHEET
EUR million 2003 2002

Assets
Intangible assets 21.6 20.3
Tangible assets 65.6 69.4
Investments 21.9 21.5
Own shares 0.8 0.8
Stocks 80.2 81.9
Receivables 46.5 52.0
Marketable securities 1.5 5.7
Cash and cash equivalents 11.6 11.3

Total 249.7 262.9

Liabilities
Share capital 12.2 12.2
Other capital and reserves 82.8 78.9
Minority interests 4.9 6.1
Provisions 2.1 0.2
Long-term liabilities 48.3 69.0
Current liabilities 99.4 96.5

Total 249.7 262.9

CONSOLIDATED CASH FLOW STATEMENT
EUR million 2003 2002


Operations
Cash flow from operations 18.8 10.5
Change in working capital 7.4 -16.5

Net cash flow from
operations (A) 26.2 -6.0

Investments
Investments in non-current
assets -9.5 -63.3
Proceeds from sales of
non-current assets 1.5 10.1

Net cash flow from
investments (B) -8.0 -53.2

Financing
Change in loans -18.0 58.5
Dividends paid -1.8 -3.6
Other changes in capital and
reserves and in minority
interests -2.3 0.5

Net cash flow from
financing (C) -22.1 55.4

Changes in liquid assets
(A+B+C) -3.9 -3.8

Liquid assets on Jan. 1 17.0 20.8
Liquid assets on Dec. 31 13.1 17.0


KEY INDICATORS
2003 2002

Earnings per share, EUR 1.11 0.40
Equity per share, EUR 15.29 14.66
Dividend per share, EUR 0.65 0.30

Return on investment, % (ROI) 7.7 2.7
Return on equity, % (ROE) 6.0 0.5
Equity ratio, % 39.5 36.5
Current ratio 1.4 1.6

Gross investments, EUR million 9.5 47.3
% of net turnover 1.9 16.7
Average number of personnel 1161 993
Average number of shares in thousands 6058 6058


BUSINESS SEGMENT INFORMATION

NET TURNOVER
EUR million
10-12/ 10-12/ 1-12/ 1-12/
2003 2002 2003 2002


Food Division 27.3 29.3 114.9 120.8
Agricultural Division 73.4 53.0 282.6 70.8
Machinium Division 28.5 25.2 94.5 91.8

Total 129.2 107.5 492.0 283.4


OPERATING PROFIT
EUR million

Food Division 1.8 3.0 6.5 3.3
Agricultural Division 2.7 4.8 8.3 5.2
Machinium Division -1.2 -3.4 -3.1 -5.2

Total 3.3 4.4 11.7 3.3

AVERAGE PERSONNEL

Food Division 331 438
Agricultural Division 442 175
Machinium Division 388 380

Total 1161 993


CONTINGENT LIABILITIES
EUR million 2003 2002

Debts against which mortgages
have been given
Pension loans 7.9 8.1
Loans from credit institutions 46.6 57.3

Mortgages given for debts
Real estate mortgages 32.6 37.6
Corporate mortgages 76.0 54.7
Shares pledged 3.6 39.8

Other securities given
Corporate Mortgages 6.9 8.2
Pledges 0.0 0.0

Leasing liabilities
Falling due during the following year 1.0 0.8
Falling due at later date 1.1 0.8

Contingent liabilities
for own commitments
Repurchasing commitments 19.0 22.5
Other commitments 2.4 1.4

Contingent liabilities on behalf of
associated undertakings 0.4

Other contingent liabilities
Redemption liability
of leased buildings 2.6 6.0

Outstanding derivative instruments
Forward currency contracts
Market value -0.3 -0.2
Value of underlying instruments 9.5 11.8
Raw material futures
Market value -0.5 -0.5
Value of underlying instruments 10.6 15.5
Interest rate swaps
Value of underlying instruments 25.0

The data have not been audited.


LÄNNEN TEHTAAT PLC
Board of Directors

Erkki Lepistö
President & CEO


More details: Erkki Lepistö, President & CEO, tel. +358 2 8397 4001

Distribution:
Helsinki Exchanges
Main media
www.lannen.fi


31.12.2003 AVENA OY MERGED WITH LÄNNEN TEHTAAT PLC
LÄNNEN TEHTAAT PLC Stock exchange release Dec. 31, 2003 at 1.45 p.m.

AVENA OY MERGED WITH LÄNNEN TEHTAAT PLC

The merger of Avena Oy, the subsidiary of Lännen Tehtaat plc, has
been implemented according to the merger plan with Lännen Tehtaat
plc. The merger of Avena Oy has today been entered in the trade
register.

LÄNNEN TEHTAAT PLC

Erkki Lepistö
President & CEO


More details: Erkki Lepistö, tel. +358 2 8397 4001

Distribution:
Helsinki Exchanges
Main media
www. lannen.fi


29.12.2003 LÄNNEN TEHTAAT PLC?S FINANCIAL INFORMATI
LÄNNEN TEHTAAT PLC STOCK EXCHANGE ANNOUNCEMENT December 29, 2003

LÄNNEN TEHTAAT PLC’S FINANCIAL INFORMATION IN 2004

Lännen Tehtaat plc will publish during the year 2004 the following
financial reports:

Financial statement bulletin 2003 February 24, 2004
Annual Report 2003 in week 12, 2004
Interim report for January-March May 13, 2004
Interim report for January-June August 10, 2004
Interim report for January-September November 2, 2004

The financial reports are also published in English.

The Annual General Meeting of Lännen Tehtaat plc is scheduled for
Wednesday, March 24, 2004. The Supervisory Board of the company
will decide on the summoning of the meeting at a later date.

The financial information is also available on the company web
pages at www.lannen.fi.


LÄNNEN TEHTAAT PLC


Riitta Jaakkola
Director of Finance


For additional information:
Lännen Tehtaat plc, Riitta Jaakkola, tel +358 2 8397 4920


11.11.2003 INTERIM REPORT JANUARY 1 ? September 30,
LÄNNEN TEHTAAT PLC Stock exchange release November 11, 2003, 9.00 a.m.

INTERIM REPORT JANUARY 1 – September 30, 2003

Lännen Tehtaat’s net turnover for January-September was EUR 362.8
million (2002: EUR 175.9 million). Operating profit for the period
under review was EUR 8.4 million (EUR -1,1 million) and profit before
extraordinary items EUR 6.0 million (EUR -4.2 million). Earnings per
share came to EUR 0.78 (EUR -0.40).

Net turnover
Lännen Tehtaat’s net turnover for January-September was EUR 362.8
million (2002: EUR 175.9 million). Suomen Rehu and Avena Nordic Grain,
which were merged with the Agricultural Division at the beginning of
November 2002, more than doubled the Group’s net turnover. Net
turnover for the Food Division was EUR 87.6 million (EUR 91.5
million), for the Agriculture Division EUR 209.2 million (EUR 17.8
million) and for the Machinium Division EUR 66.0 million (EUR 66.6
million).

Financial performance
Lännen Tehtaat’s financial performance improved on that of the
comparison period in 2002. Operating profit for the period under
review was EUR 8.4 million (EUR -1.1 million) and profit before
extraordinary items EUR 6.0 million (EUR -4.2 million). Performance in
the comparison period was upset by an estimated EUR 5.0 million in non-
recurrent costs incurred from the discontinuation of operations in
Poland, including an operating loss of EUR 3.1 million. Profit for the
period under review after taxes and minority interests came to EUR 4.7
million (EUR -2.4 million). Earnings per share came to EUR 0.78 (EUR
-0.40).

Taxes for the period under review amounted to EUR 1.9 million (2002:
tax receivable EUR 0.8 million).

Financing
The Group’s financial structure was altered by the Avena acquisition.
The consolidated balance sheet total at the end of the period under
review was EUR 246.7 million (EUR 149.0 million). Equity ratio was 39%
(60%). Interest-bearing liabilities were EUR 72.1 million (EUR 21.6
million) and financial assets EUR 9.3 million (EUR 17.5 million).
Commercial papers were used for short-term financing and liquidity was
secured with long-term committed credit facilities. No credit
facilities were used during the review period. The Group’s financing
situation was solid throughout the period.

Investments
Investments during the period under review came to EUR 7.4 million,
and depreciation to EUR 8.3 million. A total of EUR 4.0 million were
used for development of production technology and maintenance and EUR
3.4 million for other investments. Investments for the same period
last year were EUR 2.2 million and depreciation EUR 4.9 million.

Shares
The Board has not yet exercised the authority given it by the AGM to
surrender the company’s own shares. The 65,000 company shares owned by
the company represent 1.1% of share capital and votes.

138,927 company shares (270,886) or 2.3 % of all shares (4.4%) were
traded on the stock exchange. The highest share price was EUR 9.90
(EUR 11.90) and the lowest EUR 8.20 (EUR 9.50).

Adopting IAS financial statements
Lännen Tehtaat will publish its first financial statements drawn up in
accordance with IAS/IFRS standards for 2005. Interim reports for 2005
will also be consistent with IAS. Comparative IAS data will be
generated in 2004 for the 2005 financial statements and interim
reports.


BUSINESS DIVISIONS

Food Division
Net turnover for the Food Division was EUR 87.6 million (EUR 91.5
million). The Apetit Group’s domestic sales showed a moderate rise.
Sales of both frozen pizzas and fish products increased, while sales
of frozen vegetables and frozen foods fell below last year’s figures.
The sale of Lannen Polska in late 2002 also reduced net turnover on
the comparison period.

Sales of sugar fell behind last year’s figures because of a somewhat
poor berry and apple crop. For the comparison period, the hoarding of
retail sugar boosted sales after a fire at the Sucros packing plant.

Overall, Food Division profitability improved on that of last year.
The profitability of Apetit domestic sales, however, decreased from
last year, because of a larger proportion of campaign-priced products
and products with a lower margin, and because of higher imported raw-
material and energy prices. Operating profit was improved thanks to
the recovery of associated company Sucros' profits to the level
preceding the 2002 fire. Operating profit in the comparison period was
weakened by the loss-making subsidiary in Poland and the non-recurrent
costs incurred from giving up the Polish unit, in total some EUR 4.1
million. The Food Division’s operating profit was EUR 4.7 million (EUR
0.3 million).

Agricultural Division
The Agricultural Division’s net turnover of EUR 209.2 million (EUR
17.8 million) was on the anticipated level. The figure is not
comparable with last year’s, as Suomen Rehu and Avena Nordic Grain
were merged into the Division in late 2002. The sales volume of the
animal feed operation was on the same level as the previous year,
although net turnover fell short of both the figure for the previous
year and the target because of lower selling prices. The grain trade’s
net turnover exceeded that of the previous year. The Agricultural
Division’s other net turnover was of a minor nature.

The Agricultural Division’s profitability reached the targeted level.
Following a rather weak start this year, the animal feed sector’s
profitability has enjoyed stability thanks to consolidating operations
and the reductions achieved in fixed expenses. The profitability of
the grain trade improved slightly on the previous year. The
Agricultural Division’s operating profit was EUR 5.6 million (EUR 0.4
million). Due to structural changes in the Group, operating profit is
not comparable to that of last year.

Machinium Division
The Machinium Division’s net turnover was EUR 66.0 million (EUR 66.6
million), which was lower than targeted and less than last year’s
figure. The decrease was caused by the failure of the materials-
handling business in Sweden to reach either its target or the figure
for the previous year. Sales of earthmoving machinery increased in
Finland and Sweden and particularly in the Baltic States.

The Machinium Division’s profitability was on last year’s level but
fell short of the target, largely because of decreased volume in the
materials-handling business' sales and in maintenance. The earthmoving
machinery business was profitable and on target in Finland and the
Baltic States, and better than last year in Sweden, despite falling
short of the target there. The Machinium Division recorded an
operating loss of EUR 1.9 million, against the 2002 loss of EUR 1.8
million.

Outlook for the rest for the year
The Food Division’s net turnover is expected to be lower than last
year because of the sale of the Polish subsidiary. Apetit's domestic
net turnover is expected to grow slightly on last year, however.
Lännen Sugar’s net turnover will fall, in part because of a decline in
the berry and apple crop compared with last year.

A significant boost to the Food Division's profits is expected against
last year due to the sale of the loss-making Polish subsidiary.
Tougher competition, a smallish crop and resulting increase in raw-
material unit costs will affect business on the domestic market, where
profits are expected to decrease on last year.

In the Agricultural Division, net turnover for the feed business is
expected to almost attain last year’s figures compared with the pro
forma figures for the whole of 2002. This level will be attained
despite the fact that in order to receive the Office of Free
Competition’s approval for the Avena deal, the Division has had to
transfer the sale of sugar refining by-products, such as beet pulp,
partly to other channels, reducing the Feed group’s sales of sugar-
based feeds. The autumn grain trade took off in August in Finland, as
usual, and the crop was normal. Drought reduced crops in continental
Europe while North America enjoyed a good wheat crop. The Division’s
grain trade net turnover is expected to reach last year’s figures
despite the late launch of oat exports.

Feed business profitability is expected to remain on the level of last
year compared with the pro forma figures for the whole of 2002,
despite the anticipated rise in raw-material costs. Profitability in
the grain trade is expected to remain at last year’s level, too.

The market for earthmoving machinery in Sweden is experiencing a
downturn, while it is still expanding in Finland and the Baltic
States. Sales of the Division’s earthmoving machinery are expected to
increase on last year especially in Sweden, thanks to a solid order
book. The decline in the market for materials-handling machinery in
Sweden is continuing, meaning that targets in the materials handling
machinery business will probably not be met.

Thanks to growing sales, the profitability of the earthmoving
machinery business will improve. The materials-handling machinery
business will continue to show a loss. Although the entire Machinium
Division will show a loss, financial performance will improve on last
year without the sizeable non-recurrent expenses and depreciations
entered for 2002.

Thanks to the feed and grain operations acquired at the end of 2002,
Lännen Tehtaat’s net turnover for 2003 will rise to approximately EUR
500 million. We expect the positive trend to continue in the final
quarter and the result for the whole year to improve from poor to
satisfactory.


CONSOLIDATED PROFIT AND LOSS ACCOUNT
EUR million
7-9/ 7-9/ 1-9/ 1-9/ 1-12/
2003 2002 2003 2002 2002

Net turnover 113.5 56.9 362.8 175.9 283.4
Other operating income 0.5 0.2 1.3 0.5 4.2
Costs and expenses -108.7 -59.0 -350.0 -174.0 -278.3
Depreciation -2.8 -1.6 -8.3 -4.9 -8.5
Share of profits of
associated undertakings 1.3 0.3 2.6 1.4 2.5

Operating profit/loss 3.8 -3.2 8.4 -1.1 3.3
Share of loss of
associated undertakings -0.2

Financial income and
expenses -0.9 -2.2 -2.4 -3.1 -3.2
Profit/loss before
extraordinary items
and taxes 2.9 -5.4 6.0 -4.2 -0.1
Extraordinary income
Extraordinary expenses
Income taxes -0.8 1.5 -1.9 0.8 0.5
Minority interests 0.1 0.3 0.6 1.0 2.0

Profit/loss for the
financial period 2.2 -3.6 4.7 -2.4 2.4

The tax corresponding to the profit for the period has been taken into
account as tax shown in the profit and loss statement.


CONSOLIDATED PROFIT AND LOSS ACCOUNT, PRO FORMA
AVENA FIGURES INCLUDED IN COMPARISON DATA 2002
EUR million
Pro forma Pro forma
7-9/ 7-9/ 1-9/ 1-9/ 1-12/
2003 2002 2003 2002 2002

Net turnover 113.5 120.6 362.8 368.6 506.5
Other operating income 0.5 0.4 1.3 1.3 5.2
Costs and expenses -108.7 -118.9 -350.0 -358.1 -491.5
Depreciation -2.8 -3.2 -8.3 -9.7 -13.9
Share of profits of
associated undertakings 1.3 0.4 2.6 1.5 2.6

Operating profit/loss 3.8 -0.7 8.4 3.6 8.9
Share of loss of
associated undertakings -0.1 -0.3 -0.4
Financial income and
expenses -0.9 -3.0 -2.4 -5.5 -6.2
Profit/loss before
extraordinary items
and taxes 2.9 -3.8 6.0 -2.2 2.3
Extraordinary income
Extraordinary expenses
Income taxes -0.8 1.2 -1.9 0.4 0.0
Minority interests 0.1 0.0 0.6 0.5 1.5

Profit/loss for the
financial period 2.2 -2.6 4.7 -1.3 3.8


CONSOLIDATED BALANCE SHEET
EUR million Pro forma
Sep 30, Sep 30, Sep 30, Dec 31,
2003 2002 2002 2002
Assets
Intangible assets 17.8 5.6 22.6 20.4
Tangible assets 71.1 32.9 74.6 69.4
Investments 21.2 19.6 21.6 21.5
Own shares 0.8 0.8 0.8 0.8
Stocks 71.6 40.5 79.0 81.9
Receivables 54.9 32.1 41.4 51.9
Marketable securities 1.5 6.3 8.9 5.7
Cash and cash equivalents 7,8 11.2 11.2 11.3

Total 246.7 149.0 260.1 262.9

Liabilities
Share capital 12.2 12.2 12.2 12.2
Other capital and reserves 80.8 74.4 75.5 79.0
Minority interests 5.3 4.5 7.0 6.1
Provisions 0.1 3.2 3.2 0.2
Long-term liabilities 65.0 19.5 76.0 68.9
Current liabilities 83.3 35.2 86.2 96.5

Total 246.7 149.0 260.1 262.9


CONSOLIDATED CASH FLOW STATEMENT
EUR million
1-9/ 1-9/ 1-12/
2003 2002 2002
Operations
Cash flow from operations 12.0 9.3 10.5
Change in working capital -5.0 -0.8 -16.5

Net cash flow from
operations (A) 7.0 8.5 -6.0

Investments
Investments in non-current
assets -7.6 -1.8 -63.3
Proceeds from sales of
non-current assets 1.3 1.2 10.1

Net cash flow from
investments (B) -6.3 -0.6 -53.2

Financing
Change in loans -4.7 -6.8 58.5
Dividends paid -1.8 -3.6 -3.6

Other changes in capital and
reserves and in minority
interests -1.9 -0.8 0.5

Net cash flow from
financing (C) -8.4 -11.2 55.4

Changes in liquid assets
(A+B+C) -7.7 -3.3 -3.8

Liquid assets on Jan 1 17.0 20.8 20.8
Liquid assets on Sep 30 9.3 17.5 17.0


KEY INDICATORS
Sep 30, Sep 30, Dec 31,
2003 2002 2002

Earnings per share, EUR 0.78 -0.40 0.40
Equity per share, EUR 14.95 13.89 14.66
Equity ratio, % 39.0 60.2 36.5
Gross investments, EURm 7.4 2.2 47.3
% of net turnover 2.2 1.3 16.7


BUSINESS SEGMENT INFORMATION

NET TURNOVER
EUR million
7-9/ 7-9/ 1-9/ 1-9/ 1-12/
2003 2002 2003 2002 2002

Food Division 31.2 33.1 87.6 91.5 120.8
Agricultural Division 62.8 4.8 209.2 17.8 70.8
Machinium Division 19.5 19.0 66.0 66.6 91.8

Total 113.5 56.9 362.8 175.9 283.4


OPERATING PROFIT/LOSS
EUR million

Food Division 1.7 -2.0 4.7 0.3 3.3
Agricultural Division 2.6 -0.4 5.6 0.4 5.2
Machinium Division -0.5 -0.8 -1.9 -1.8 -5.2

Total 3.8 -3.2 8.4 -1.1 3.3


AVERAGE PERSONNEL
1-9/ 1-9/ 1-12/
2003 2002 2002

Food Division 325 456 438
Agricultural Division 440 120 175
Machinium Division 386 376 380

Total 1151 952 993


CONTINGENT LIABILITIES
EUR million Sep 30, Sep 30, Dec 31,
2003 2002 2002

Securities given for debts
Real estate mortgages 37.6 37.6
Corporate Mortgages 54.9 13.7 54.7
Shares pledged 43.4 39.8

Other securities given
Pledges 0.0 0.0 0.0
Real estate mortgages 1.7
Corporate Mortgages 8.3 1.7 8.2

Leasing liabilities 2.0 0.7 1.6

Contingent liabilities
for own commitments
Guarantees 0.0 0.0
Repurchasing commitments 17.6 22.5 22.4
Other commitments 1.1 1.0 1.4

Contingent liabilities on behalf
of associated undertakings
Guarantees 0.4 0.4

Other contingent liabilities
Redemption liability
of leased buildings 2.6 6.1 6.0

Outstanding derivative instruments

Forward currency contracts
Market value 0.3 -0.2
Value of underlying instruments 6.3 2.0 11.8

Raw material futures
Market value 0.0 -0.5
Value of underlying instruments 9.5 15.5

Interest rate swaps
Market value -0.5
Value of underlying instruments 25.0


The data in this interim report have not been audited.


Säkylä, November 11, 2003

LÄNNEN TEHTAAT PLC
Board of Directors


More details: Erkki Lepistö, President & CEO, tel. +358 2 8397 4001

Distribution:
Helsinki Exchanges
Main media
www. lannen.fi



10.11.2003 ELECTION OF THE BOARD OF DIRECTORS
LÄNNEN TEHTAAT PLC Stock exchange release November 10, 2003 at 4.00 p.m.

ELECTION OF THE BOARD OF DIRECTORS

The Supervisory Board of Lännen Tehtaat plc on November 10, 2003
elected Matti Kavetvuo and Matti Lappalainen, Managing Director of
Vaasan & Vaasan Oy as new members to the Board of Directors.

After the election, the Board of Directors of Lännen Tehtaat plc
consists of Tom v. Weymarn as Chairman, Hannu Simula as Deputy
Chairman and Matti Kavetvuo, Matti Lappalainen, Erkki Lepistö and
Soili Suonoja as members.


LÄNNEN TEHTAAT PLC

Erkki Lepistö
President & CEO

More details: President & CEO Erkki Lepistö, tel. +358 2 8397 4001

Distribution:
Helsinki Exchanges
Main media
www.lannen.fi



26.09.2003 OLAVI KUUSELA HAS RESIGNED FROM HIS POSI
LÄNNEN TEHTAAT PLC Stock exchange release Sept. 26, 2003 at 15.00 pm

OLAVI KUUSELA HAS RESIGNED FROM HIS POSITION AS A BOARD MEMBER


Olavi Kuusela, EVP of Raisio Nutrition, has resigned from his position
as a Board Member of Lännen Tehtaat plc with effect from September 26,
2003.


LÄNNEN TEHTAAT PLC

Erkki Lepistö
President & CEO


More details: Erkki Lepistö, tel. +358 2 8397 4001.

Distribution:
Helsinki Exchanges
Main media
www.lannen.fi



12.08.2003 INTERIM REPORT JANUARY 1 ? JUNE 30, 2003
LÄNNEN TEHTAAT PLC Stock exchange release August 12, 2003 at 9.00 a.m.


INTERIM REPORT JANUARY 1 – JUNE 30, 2003

Lännen Tehtaat’s net turnover for January-June was EUR 249.3 million
(2002: EUR 119.0 million). Operating profit for the period under
review was EUR 4.6 million (EUR 2.1 million) and profit before
extraordinary items EUR 3.1 million (EUR 1.2 million). Earnings per
share came to EUR 0.42 (EUR 0.20).

Net turnover
Lännen Tehtaat’s net turnover for January-June was EUR 249.3 million
(2002: EUR 119.0 million). Suomen Rehu and Avena Nordic Grain, which
were merged with the Agricultural Division at the beginning of
November 2002, more than doubled the Group’s net turnover. Net
turnover for the Food Division was EUR 56.4 million (EUR 58.4
million), for the Agricultural Division EUR 146.4 million (EUR 13.0
million) and for the Machinium Division EUR 46.5 million (EUR 47.6
million).

Financial performance
Lännen Tehtaat’s financial performance improved on that of the
comparable period in 2002, thanks to the profits for the second
quarter. Operating profit for the period under review was EUR 4.6
million (EUR 2.1 million) and profit before extraordinary items EUR
3.1 million (EUR 1.2 million). Profit for the period under review
after taxes and minority interests stood at EUR 2.5 million (EUR 1.2
million). Earnings per share came to EUR 0.42 (EUR 0.20).

Taxes for the period under review amounted to EUR 1.1 million (EUR 0.7
million).

Financing
The Group’s financial structure was altered by the Avena acquisition.
The consolidated balance sheet total at the end of the period under
review was EUR 242.5 million (EUR 160.6 million). The equity ratio
rose to the target level of 40% (59%). Interest-bearing liabilities
were EUR 80.8 million (EUR 21.7 million) and financial assets EUR 18.7
million (EUR 18.4 million). Commercial papers were used for short-term
financing and liquidity was secured with long-term committed credit
facilities. These were not used during the period. The Group’s
financing situation was good throughout the period under review.

After the end of the period under review, on July 1, 2003 Avena Oy
sold its shares in the associated company Agribalt Oy to Hankkija
Maatalous Oy. This will have no significant effect on the Group’s
financial performance.

Investments
Investments during the period under review came to EUR 5.4 million.
EUR 2.0 million were used for development and maintenance of
production technology and EUR 3.4 million for acquisition of the
buildings in Säkylä housing the headquarters and the canteen
facilities. Investments for the same period of the previous year
amounted to EUR 1.3 million.

Shares
The Board of Directors has not yet exercised the authority given it by
the AGM to surrender the company’s own shares. The 65,000 company
shares owned by the company represent 1.1% of share capital and votes.

59,200 company shares (248,177) or 1.0 % of all shares (4.1%) were
traded on the stock exchange. The highest share price was EUR 9.90
(EUR 11.90) and the lowest EUR 8.20 (EUR 9.50).

BUSINESS DIVISIONS

Food Division
Net turnover for the Food Division was EUR 56.4 million (EUR 58.4
million). The Apetit Group’s domestic sales were on the level of last
year. Sales of both frozen pizzas and fish products increased, while
sales of frozen vegetables and jams fell below last year’s figures.
Net turnover was affected most by the sale of Lannen Polska in late
2002.

Due to a late berry crop, sugar sales were down slightly from last
year.

Overall, Food Division profitability improved on that of last year.
The profitability of domestic sales, however, decreased from last
year, because of a larger proportion of campaign-priced products and
products with a lower margin, and because of higher energy prices.
Operating profit improved as Lännen Tehtaat gave up the loss-making
subsidiary in Poland (an operating loss of EUR 0.8 million for the
same period of the previous year). The Food Division’s operating
profit was EUR 3.0 million (EUR 2.3 million).

Agricultural Division
The Agricultural Division’s net turnover of EUR 146.4 million (EUR
13.0 million) reached the forecast level. The figure is not comparable
with last year’s, as Suomen Rehu and Avena Nordic Grain were not
acquired until the end of 2002. The sales volume of the animal feed
operation was on the level of the previous year, although net turnover
fell short of both the figure for the previous year and the target.
The grain trade’s net turnover exceeded that of the previous year. Net
turnover for the rest of the Agricultural Division business was minor.

The Agricultural Division’s profitability during the first half of the
year reached the targeted level. Thanks to post-acquisition
consolidation and the reductions achieved in fixed expenses,
profitability in the animal feed sector improved. The profitability of
the grain trade improved on the previous year. The Agricultural
Division’s operating profit was EUR 3.0 million (EUR 0.8 million). Due
to structural changes in the Group, operating profit was not
comparable to that of last year.

Machinium Division
The Machinium Division’s net turnover was EUR 46.5 million (EUR 47.6
million), which was lower than targeted and less than last year’s
figure. The decrease was caused by the failure of the materials-
handling machinery business in Sweden to reach either its target or
the figure for the previous year. Sales of earthmoving machinery
increased, particularly in the Baltic States, but also in Sweden.
Domestic sales were on the level of the previous year.

The Machinium Division’s profitability fell short of the comparable
period of the previous year and also of the target. The earthmoving
machinery business met the targets and showed a profit both in Finland
and in the Baltic States. In Sweden, the profitability of the
earthmoving machinery business improved on the comparable period, but
fell short of the target. The volume of sales and maintenance in the
materials-handling machinery business decreased significantly, eroding
profitability and preventing the targets from being reached. The
Machinium Division recorded an operating loss of EUR 1.4 million (EUR
1.0 million).


Outlook for the rest of the year
The Food Division’s net turnover is expected to be lower than last
year because of the sale of Polish subsidiary. The Apetit Group’s
domestic net turnover is expected to reach last year’s level. Lännen
Sugar’s net turnover is likely to fall, in part because of a
forecasted decline in the berry and apple crop compared with last
year.

A significant boost to the Food Division's profits is expected against
last year due to the fact that losses in Poland will no longer have an
impact. Tougher competition and rising costs will affect business on
the domestic market, where profits are expected to decrease somewhat
on last year.

In the Agricultural Division, net turnover for the feed industry is
expected to remain at the level of last year compared with the figures
for all of 2002. The grain trade’s net turnover will depend on the
volume and quality of this year’s harvest in the main market areas.
Net turnover should still reach last year’s level.

Feed industry profitability is expected to remain on the level of last
year, compared with the figures for all of 2002. The grain trade will
be slower during the summer months, but its financial performance is
nevertheless expected to be positive. The grain trade profitability
for the entire year is expected to be on the level of last year.

The market for earthmoving machinery in Sweden is experiencing a
slight downturn, while it is still expanding in Finland and the Baltic
States. Sales of the Division’s earthmoving machinery in Sweden began
to increase in the first half of the year and continued growth in
sales is also expected for the entire year. Sales in Finland and the
Baltic States are expected to increase too. The decline in the market
for materials-handling machinery in Sweden is expected to continue.
However, rising sales in the earthmoving machinery business will
increase the Machinium Division’s net turnover.

Thanks to growing sales, the profitability of the earthmoving
machinery business will improve. The materials-handling machinery
business will continue to show a loss. Although the entire Machinium
Division will show a loss, financial performance will improve on last
year without the sizeable non-recurrent expenses and depreciations
entered for 2002.

Thanks to the feed business and grain trade acquired at the end of
2002, Lännen Tehtaat’s net turnover for 2003 will rise to
approximately EUR 500 million. Profits for the whole year are expected
to rise to a satisfactory level from the poor 2002 figure.

The next interim report — for January 1 to September 30, 2003 — will
be published on November 11, 2003.


CONSOLIDATED PROFIT AND LOSS ACCOUNT
EUR million
4-6/ 4-6/ 1-6/ 1-6/ 1-12/
2003 2002 2003 2002 2002

Net turnover 135.8 66.3 249.3 119.0 283.4
Other operating income 0.3 0.1 0.8 0.3 4.2
Costs and expenses -130.0 -64.0 -241.3 -115.0 -278.3
Depreciation -2.7 -1.6 -5.5 -3.3 -8.5
Share of profits of
associated undertakings 1.1 0.9 1.3 1.1 2.5

Operating profit 4.5 1.7 4.6 2.1 3.3
Share of loss of
associated undertakings
-0.2
Financial income and
expenses -0.3 -0.6 -1.5 -0.9 -3.2
Profit/loss before
extraordinary items
and taxes 4.2 1.1 3.1 1.2 -0.1
Extraordinary income
Extraordinary expenses
Income taxes -1.2 -0.4 -1.1 -0.7 0.5
Minority interests 0.0 0.2 0.5 0.7 2.0

Profit for the
financial period 3.0 0.9 2.5 1.2 2.4

The tax corresponding to the profit for the period has been taken into
account as tax shown in the profit and loss statement.


CONSOLIDATED PROFIT AND LOSS ACCOUNT, PRO FORMA
AVENA FIGURES INCLUDED IN COMPARISON DATA 2002
EUR million
Pro forma Pro forma
4-6/ 4-6/ 1-6/ 1-6/ 1-12/
2003 2002 2003 2002 2002

Net turnover 135.8 131.1 249.3 248.0 506.5
Other operating income 0.3 0.3 0.8 0.9 5.2
Costs and expenses -130.0 -125.8 -241.3 -239.2 -491.5
Depreciation -2.7 -3.2 -5.5 -6.5 -13.9
Share of profits of
associated undertakings 1.1 0.9 1.3 1.1 2.6

Operating profit 4.5 3.3 4.6 4.3 8.9
Share of loss of
associated undertakings -0.1 -0.2
-0.4
Financial income and
expenses -0.3 -1.6 -1.5 -2.5 -6.2
Profit before
extraordinary items
and taxes 4.2 1.6 3.1 1.6 2.3
Extraordinary income
Extraordinary expenses
Income taxes -1.2 -0.5 -1.1 -0.8 0.0
Minority interests 0.0 0.1 0.5 0.5 1.5

Profit for the
financial period 3.0 1.2 2.5 1.3 3.8


CONSOLIDATED BALANCE SHEET
EUR million Pro forma
June 30, June 30, June 30, Dec 31,
2003 2002 2002 2002
Assets
Intangible assets 18.7 6.1 23.8 20.4
Tangible assets 70.9 37.1 79.2 69.4
Investments 21.8 20.6 22.6 21.5
Own shares 0.8 0.8 0.8 0.8
Stocks 61.7 37.8 63.8 81.9
Receivables 49.9 39.9 43.5 51.9
Marketable securities 9.6 6.4 10.7 5.7
Cash and cash equivalents 9.1 11.9 12.2 11.3

Total 242.5 160.6 256.6 262.9

Liabilities
Share capital 12.2 12.2 12.2 12.2
Other capital and reserves 78.7 78.1 78.2 79.0
Minority interests 5.5 4.9 7.1 6.1
Provisions 0.1 0.1 0.1 0.2
Long-term liabilities 64.7 19.6 75.2 68.9
Current liabilities 81.3 45.7 83.8 96.5

Total 242.5 160.6 256.6 262.9


CONSOLIDATED CASH FLOW STATEMENT
EUR million
1-6/ 1-6/ 1-12/
2003 2002 2002
Operations
Cash flow from operations 6.5 3.5 10.5
Change in working capital 7.9 1.7 -16.5

Net cash flow from
operations (A) 14.4 5.2 -6.0

Investments
Investments in non-current
assets -5.5 -1.0 -63.3
Proceeds from sales of
non-current assets 1.3 1.0 10.1

Net cash flow from
investments (B) -4.2 0.0 -53.2

Financing
Change in loans -5.0 -3.6 58.5
Dividends paid -1.8 -3.6 -3.6
Other changes in capital and
reserves and in minority
interests -1.7 -0.4 0.5

Net cash flow from
financing (C) -8.5 -7.6 55.4

Changes in liquid assets
(A+B+C) 1.7 -2.4 -3.8

Liquid assets on Jan 1 17.0 20.8 20.8
Liquid assets on June 30 18.7 18.4 17.0


KEY INDICATORS
June 30, June 30, Dec 31,
2003 2002 2002

Earnings per share, EUR 0.42 0.20 0.40
Equity per share, EUR 14.60 14.50 14.66
Equity ratio, % 39.6 58.5 36.5
Gross investments, EURm 5.4 1.3 47.3
% of net turnover 2.2 1.1 16.7


BUSINESS SEGMENT INFORMATION

NET TURNOVER
EUR million
4-6/ 4-6/ 1-6/ 1-6/ 1-12/
2003 2002 2003 2002 2002

Food Division 31.7 32.4 56.4 58.4 120.8
Agricultural Division 79.6 6.4 146.4 13.0 70.8
Machinium Division 24.5 27.5 46.5 47.6 91.8

Total 135.8 66.3 249.3 119.0 283.4


OPERATING PROFIT
EUR million

Food Group 2.2 1.6 3.0 2.3 3.3
Agricultural Division 2.8 0.3 3.0 0.8 5.2
Machinium Division -0.5 -0.24 -1.4 -1.0 -5.2

Total 4.5 1.7 4.6 2.1 3.3


AVERAGE PERSONNEL
1-6/ 1-6/ 1-12/
2003 2002 2002

Food Group 310 415 438
Agricultural Division 436 117 175
Machinium Division 380 375 380

Total 1126 907 993

CONTINGENT LIABILITIES
EUR million June 30, June 30, Dec 31,
2003 2002 2002

Securities given for debts
Real estate mortgages 37.6 0.1 37.6
Corporate Mortgages 54.7 13.4 54.7
Shares pledged 43.4 39.8

Other securities given
Pledges 0.0 0.0 0.0
Real estate mortgages 1.7
Corporate Mortgages 8.2 1.7 8.2

Leasing liabilities 2.1 0.7 1.6

Contingent liabilities
for own commitments
Guarantees 0.0 0.0
Repurchasing commitments 17.9 22.7 22.4
Other commitments 1.0 1.0 1.4

Contingent liabilities on behalf
of associated undertakings
Guarantees 0.4 0.4

Other contingent liabilities
Redemption liability
of leased buildings 2.7 6.1 6.0

Outstanding derivative instruments

Forward currency contracts
Market value -0.3 -0.2
Value of underlying instruments 5.0 2.5
11.8

Raw material futures
Market value -0.1 -0.5
Value of underlying instruments 6.6
15.5

Interest rate swaps
Market value -0.7
Value of underlying instruments 25.0


The data in this interim report have not been audited.


Säkylä, August 12, 2003

LÄNNEN TEHTAAT PLC
Board of Directors

More details: Erkki Lepistö, President & CEO, tel. +358 2 8397 4001

Distribution:
Helsinki Exchanges
Main media
www. lannen.fi


12.06.2003 ORGANIZATION OF THE SUPERVISORY BOARD AN
LÄNNEN TEHTAAT PLC STOCK EXCHANGE RELEASE June 12, 2003 at 5.45 p.m.

ORGANIZATION OF THE SUPERVISORY BOARD AND ELECTION OF THE BOARD OF
DIRECTORS

The Supervisory Board of Lännen Tehtaat plc on June 12, 2003 re-
elected Tom Liljeström as Chairman of the Supervisory Board. Juha
Nevavuori was elected as Vice Chairman of the Supervisory Board.

Olavi Kuusela, Erkki Lepistö, Hannu Simula and Tom v. Weymarn were re-
elected as members of the Board of Directors. Soili Suonoja was
elected as a new member to the Board. Tom v. Weymarn was re-elected as
Chairman of the Board and Hannu Simula was elected as Vice Chairman of
the Board.


LÄNNEN TEHTAAT PLC

Erkki Lepistö
President & CEO

More details: President Erkki Lepistö, tel. +358 2 8397 4001

Distribution:
Helsinki Exchanges
Main media
www.lannen.fi


13.05.2003 INTERIM REPORT JANUARY 1 ? MARCH 31, 200
LÄNNEN TEHTAAT PLC Stock exchange release May 13, 2003 at 9.00 a.m.


INTERIM REPORT JANUARY 1 – MARCH 31, 2003

Lännen Tehtaat’s net turnover for January-March was EUR 113.5 million
(2002: EUR 52.7 million). Operating profit for the period was EUR 0.1
million (EUR 0.4 million) and result before extraordinary items was
EUR –1.1 million (EUR 0.1 million). Earnings per share came to EUR
–0.08 (EUR 0.05).

Changes in Group structure and in the presentation of figures

The corporate structure was altered as a result of the Avena
acquisition in November 2002. The Lännen Tehtaat Group now consists of
three operating divisions: the Food Division, the Agricultural
Division and the Machinium Division. The new Agricultural Division
comprises Suomen Rehu Ltd and its subsidiaries acquired via Avena;
Avena Nordic Grain Oy; and three companies which used to form the
division ‘Other Business Units’: Lännen Feed, Lännen Plant Systems,
and Harviala Oy. Lännen Cultivation now operates in the Food Division,
while the Machinium Division retained its former structure.
In this interim report, presentation of data on the individual
divisions reflects the new organization. Comparative data for previous
years have been brought into line with the new organization structure.

The profit and loss account and the balance sheet are presented in two
ways: the actual data for the period under review are compared with
both the actual data and the pro forma data for the previous year. Pro
forma data consist of the combined data for the Lännen Tehtaat Group
and for the Avena Group for 2002.

Net turnover

Lännen Tehtaat’s net turnover for January-March was EUR 113.5 million
(2002: EUR 52.7 million); addition of Suomen Rehu and the Avena Nordic
Grain business units more than doubled the net turnover. Net turnover
for the Food Division was EUR 24.7 million (EUR 26.0 million); for the
Agricultural Division, EUR 66.8 million (EUR 6.6 million); and for the
Machinium Division, EUR 22.0 million (EUR 20.1 million).

Financial performance

During the period under review, Lännen Tehtaat’s financial performance
fell below that for the last year and the targets set for this period.
Operating profit was EUR 0.1 million (EUR 0.4 million) and result
before extraordinary items was EUR –1.1 million (EUR 0.1 million).
Result after taxes and minority interests stood at EUR –0.5 million
(EUR 0.3 million). Earnings per share came to EUR –0.08 (EUR 0.05).

Direct taxes for the period under review came to EUR 0.1 million
receivable (EUR –0.3 million).

Financing

The Group’s financial structure was altered by the Avena acquisition,
which was mainly financed with external capital. As the acquisition
included Avena’s debts, Lännen Tehtaat’s interest-bearing liabilities
increased to EUR 87.3 million by the end of the period under review
(EUR 25.2 million). Financial assets stood at EUR 13.5 million (EUR 23.6
million). The consolidated balance sheet total came to EUR
253.7 million (EUR 163.0 million) and the equity ratio was 37% (59%).
Short-term financing has been arranged through commercial paper. The
availability of short-term financing has been safeguarded with
sufficient and binding committed credit facilities; these were not
used during the period. The Group’s financing situation remained good
for the entire period.

Investments

Investments during the period under review came to EUR 4.1 million. At
the beginning of the year, the parent company bought the buildings
housing the headquarters and the canteen facilities for EUR 3.4
million. These buildings were sold to a finance company in 1988 but
have always been used by Lännen Tehtaat. Other investments focused on
minor replacement or maintenance of technology and facilities. They
totalled EUR 0.7 million. Last year’s figure was EUR 0.6 million.

Decisions of the Annual General Meeting

The Annual General Meeting on April 3, 2003 decided to distribute a
dividend of EUR 0.30 (0.60) per share on 2002.

The Board was authorized to decide on surrender of the company’s own
shares. In accordance with this authorization, the Board may surrender
the 65,000 company shares acquired. Shares can be surrendered in
connection with corporate acquisitions or for some similar purpose, or
sold in public trading on the Helsinki Exchanges. This authorization
is valid for one year as of the AGM.

The 65,000 company shares owned by the company represent 1.1% of share
capital and votes.

Share trading

The volume of trading in company shares on the stock exchange amounted
to 21,961 shares (198,531), or 0.4% of all shares (3.2%). The highest
share price was EUR 9.90 (EUR 11.90) and the lowest EUR 8.70 (EUR
10.30).

Merger plan

On January 31, 2003, the Boards of Directors of Lännen Tehtaat plc and
Avena Oy signed a merger plan. Avena Oy will merge with Lännen Tehtaat
plc by the end of 2003.

Business Divisions

Food Division

Net turnover for the Food Division was EUR 24.7 million (EUR 26.0
million). Apetit’s domestic sales were about the same last year, and
sugar sales were down slightly. Sales of both frozen pizzas and fish
products increased. Sales of frozen vegetables and the sale of jams
and marmalades, however, fell below last year’s figures. Net turnover
was affected most by the sale of Lannen Polska in late 2002.

Food Division profitability fell short of the target but remained at
the level of last year. Profitability from domestic business was lower
than last year and suffered from the fact that campaign-priced
products accounted for a larger proportion of sales and that energy
prices were higher. Operating profit improved as Lännen Tehtaat gave
up the loss-making subsidiary in Poland. Operating profit for the Food
Division was EUR 0.8 million (EUR 0.7 million).

Agricultural Division

Net turnover for the Agricultural Division was EUR 66.8 million (EUR
6.6 million). This figure is not comparable with last year’s figure,
as Suomen Rehu and Avena Nordic Grain were not acquired until the end
of 2002. Net turnover for the division’s animal feed industry fell
short of the targeted level. The demand for industrially produced
feeds fell because of the excess of milk quotas for the year ending on
March 31. Net turnover for Avena Nordic Grain was much the same as
last year. Net turnover for the rest of the Agricultural Division
business was low.

Agricultural Division profitability fell short of the target during
the first quarter. Because of the rising prices of raw materials and
turnover below target, the division’s feed industry business did not
meet the target results nor did it reach the last year’s comparative
figures. In spite of higher freight costs due to difficult ice
conditions at sea, the grain trade increased its operating profit on
the comparable period of last year. Operating profit for the
Agricultural Division was EUR 0.2 million (EUR 0.5 million).

A new subsidiary called Lännen Rehu Oy started operations at the
beginning of 2003. The new subsidiary had been formed through a
transfer of the assets and liabilities of Lännen Tehtaat plc’s animal
feeds business to the new company under the Corporate Taxation Act.

Machinium Division

The Machinium Division’s net turnover was EUR 22.0 million (EUR 20.1
million), which was higher than targeted and exceeded last year’s
figure. In particular, sales of earthmoving machinery increased in
Sweden and the Baltic republics, which in turn increased deliveries
made by the Finnish sales company and manufacture of the machinery.
Sales of materials-handling machinery had a difficult time in Sweden,
and failed to meet both their target and last year’s figures.

Profitability for the Machinium Division during the first quarter was
about the same as last year, but did not meet the targets set for it.
The earthmoving machinery business met the targets and showed a profit
both in Finland and in the Baltic republics, and profitability in
Sweden also improved. The decline in the volume of sales and
maintenance of materials-handling machinery brought lower
profitability and the business did not meet its targets. Operating
loss for the Machinium Division was EUR –0.9 million (EUR –0.8
million).

Outlook for the rest of the year

Net domestic turnover for the Food Division is expected to be slightly
lower than last year because of the sale of the subsidiary in Poland.
Net domestic turnover for the Apetit Group is expected to exceed last
year’s figures. Net turnover for Lännen Sugar is likely to fall as the
domestic consumer market for sugar is expected to decline.

A significant boost to the Food Division's profits is expected against
last year, due to the sale of the loss-making Polish subsidiary and
the fact that the one-off costs related to withdrawing from Poland
will no longer have an impact. Tougher competition and rising costs
will affect business on the domestic market where profits are expected
to weaken on last year.

In the Agricultural Division, the net turnover for the feed industry,
compared with the figures for all of 2002, is expected to remain at
the level of last year. Net turnover for the grain trade will depend
on the volume and quality of this season’s crops in the main market
areas. Net turnover should still reach last year’s level.

Animal feed industry profitability is likely to improve on the first
quarter thanks to the growth expected in sales and net income and to
the campaign launched in February to cut costs. For the grain trade,
profitability will remain on the first quarter level for the rest of
the year. Despite a slack beginning, the Agricultural Division’s
profitability and financial performance are expected to reach the same
figures for this year as in 2002.

The market for earthmoving machinery in Sweden is experiencing a
slight downturn. While there was a rise in the domestic market in
early 2003, the overall figure for 2003 is not likely to exceed that
for 2002. The sales of earthmoving machinery in Sweden began to grow
in the first quarter and will continue to grow for the rest of the
year, one reason for this being the recent strengthening of the sales
organization. Sales in Finland and the Baltic republics will remain at
the 2002 level. The decline in the market for materials-handling
machinery in Sweden is expected to continue. However, rising sales in
the earthmoving machinery business will increase Machinium Division’s
overall net turnover.

Thanks to growing sales and the reorganization and restructuring
project carried out in Sweden, the profitability of the earthmoving
machinery business will improve. We also expect reduced losses from
the materials-handling machinery business, despite an expected decline
in sales. The Machinium Division’s financial performance will improve
considerably although it will not earn a profit.

Lännen Tehtaat’s net turnover for 2003 will amount to approximately
EUR 500 million. Despite the weak performance in the first quarter,
profits for the whole year are expected to rise to a satisfactory
level.

The next interim report for January 1 - June 30, 2003 will be
published on August 12, 2003.


CONSOLIDATED PROFIT AND LOSS ACCOUNT

1-3/ 1-3/ 1-12/
2003 2002 2002
EUR million

Net turnover 113.5 52.7 283.4
Other operating income 0.5 0.2 4.2
Costs and expenses -111.3 -51.0 -278.3
Depreciation -2.8 -1.7 -8.5
Share of profits of
associated undertakings 0.2 0.2 2.5

Operating profit 0.1 0.4 3.3
Share of loss of
associated undertakings -0.2
Finacial income and
expenses -1.2 -0.3 -3.2
Profit/loss before extra-
ordinary items and taxes -1.1 0.1 -0.1
Extraordinary income
Extraordinary expenses
Income taxes 0.1 -0.3 0.5
Minority interests 0.5 0.5 2.0

Profit/loss for the financial
period -0.5 0.3 2.4

The tax corresponding to the profit for the period has been taken into
account as tax shown in the profit and loss statement.


CONSOLIDATED PROFIT AND LOSS ACCOUNT, PRO FORMA
AVENA FIGURES INCLUDED IN COMPARISON DATA 2002

Pro forma
1-3/ 1-3/ 1-12/
2003 2002 2002
EUR million

Net turnover 113.5 116.9 506.5
Other operating income 0.5 0.6 5.2
Costs and expenses -111.3 -113.4 -491.5
Depreciation -2.8 -3.3 -13.9
Share of profits of
associated undertakings 0.2 0.2 2.6

Operating profit 0.1 1.0 8.9
Share of loss of
associated undertakings -0.1 -0.4
Finacial income and
expenses -1.2 -0.9 -6.2
Profit/loss before extra-
ordinary items and taxes -1.1 0.0 2.3
Extraordinary income
Extraordinary expenses
Income taxes 0.1 -0.3 0.0
Minority interests 0.5 0.4 1.5

Profit/loss for the financial
period -0.5 0.1 3.8


CONSOLIDATED BALANCE SHEET
Pro forma
March 31, March 31, March 31, Dec 31,
2003 2002 2002 2002
EUR million
Assets
Intangible assets 19.4 6.5 24.8 20.4
Tangible assets 71.5 38.4 80.9 69.4
Investments 21.8 19.4 21.4 21.5
Own shares 0.8 0.8 0.8 0.8
Stocks 79.5 40.5 73.3 81.9
Receivables 47.2 33.8 39.6 51.9
Marketable securities 3.3 6.6 10.9 5.7
Cash and cash equivalents 10.2 17.0 18.0 11.3

Total 253.7 163.0 269.7 262.9

Liabilities
Share capital 12.2 12.2 12.2 12.2
Other capital and reserves 78.4 80.8 80.6 79.0
Minority interests 5.6 5.2 7.3 6.1
Provisions 0.1 0.1 0.1 0.2
Long-term liabilities 68.2 23.4 76.7 68.9
Current liabilities 89.2 41.3 92.8 96.5

Total 253.7 163.0 269.7 262.9


CONSOLIDATED CASH FLOW STATEMENT
1-3/ 1-3/ 1-12/
2003 2002 2002
EUR million

Operations
Cash flow from operations 1.7 1.8 10.5
Change in working capital -4.1 0.8 -16.5

Net cash flow from
operations (A) -2.4 2.6 -6.0

Investments
Investments in non-current
assets -4.0 -0.3 -63.3
Proceeds from sales of
non-current assets 0.1 0.5 10.1

Net cash flow from
investments (B) -3.9 0.2 -53.2

Financing
Change in loans 3.4 0.2 58.5
Dividends paid -3.6
Other changes in capital and
reserves and in minority
interests -0.6 -0.2 0.5

Net cash flow from
financing (C) 2.8 0.0 55.4

Changes in liquid assets
(A+b+C) -3.5 2.8 -3.8

Liquid assets on Jan 1 17.0 20.8 20.8
Liquid assets on March 31 13.5 23.6 17.0

KEY INDICATORS
March 31, March 31, Dec 31,
2003 2002 2002

Earnings per share, EUR -0.08 0.05 0.40
Equity per share, EUR 14.55 14.95 14.66
Equity ratio, % 37.3 59.5 36.5
Gross investments, EURm 4.1 0.6 47.3
% of net turnover 3.6 1.1 16.7


BUSINESS SEGMENT INFORMATION

NET TURNOVER
1-3/ 1-3/ 1-12/
2003 2002 2002
EUR million

Food Division 24.7 26.0 120.8
Agricultural Division 66.8 6.6 70.8
Machinium Division 22.0 20.1 91.8

Total 113.5 52.7 283.4

OPERATING PROFIT

Food Division 0.8 0.7 3.3
Agricultural Division 0.2 0.5 5.2
Machinium Division -0.9 -0.8 -5.2

Total 0.1 0.4 3.3


AVERAGE PERSONNEL
1-3/ 1-3/ 1-12/
2003 2002 2002

Food Division 300 394 438
Agricultural Division 419 101 175
Machinium Division 376 375 380

Total 1095 870 993


CONTINGENT LIABILITIES
March 31, March 31, Dec 31,
2003 2002 2002
EUR million

Securities given for debts
Real estate mortgages 37.6 0.1 37.6
Corporate Mortgages 54.7 13.5 54.7
Shares pledged 43.4 39.8

Other securities given
Pledges 0.0 0.0 0.0
Real estate mortgages 1.7
Corporate mortgages 8.2 1.7 8.2

Leasing liabilities 2.4 0.4 1.6

Contingent liabilities
for own commitments
Guarantees 0.0 0.0 0.0
Repurchasing commitments 17.7 23.0 22.4
Other commitments 1.4 0.9 1.4

Contingent liabilities on behalf
of associated undertakings
Guarantees 0.4 0.4

Other contingent liabilities
Redemption liability
of leased buildings 2.7 6.1 6.0

Outstanding derivative instruments
Forward currency contracts
Market value -0.1 -0.2
Value of underlying instruments 8.9 4.7 11.8
Raw material futures
Market value 0.7 -0.5
Value of underlying instruments 16.3 15.5


The data have not been audited.

Säkylä, May 13, 2003


LÄNNEN TEHTAAT PLC
Board of Directors

More details: Erkki Lepistö, President and CEO, tel. +358 2 8397 4001

Distribution:
Helsinki Exchanges
Main media
www. lannen.fi

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