INTERIM REPORT January-September 2004

INTERIM REPORT January-September 2004 Corporate Identity No. 556025-5001 www.billerud.com Quarter January- September 2004 2004 2003 III II III 2004 2003 Net 1 822 1 764 1 728 5 406 5 303 turnover, MSEK Operating 269 161 282 655 863 profit, MSEK Operating 15 9 16 12 16 margin, % Profit 251 140 262 596 804 after financial items, MSEK Net profit, 181 101 186 429 577 MSEK Earnings 3.46 1.91 3.28 8.09 10.03 per share, SEK · The operating profit in the January-September period was MSEK 655, down 24% on the same period last year, mainly due to lower prices and changed exchange rates. · Compared with the second quarter of 2004, the operating profit soared 67% to MSEK 269, mainly due to higher delivery volumes and lower costs. · The profit after financial items was MSEK 596 and the return on capital employed over the past 12-month period was 20%. Excluding the effects of currency hedging the return was 13%. · The operating cash flow in the January-September period was MSEK 600, of which MSEK 209 was in the third quarter. · Deliveries amounted to 1,019,000 tonnes, up 6% on last year. Maintenance stoppages have been completed at all of Billerud's mills. · The Board has decided to continue buying back the company's shares. · Billerud's profit after financial items is expected to be around MSEK 750 for the full year in 2004. The difference compared with the previous forecast, MSEK 800, depends on lower pulp prices. Billerud's CEO Bert Östlund will present the Financial Statement live at a press conference on Friday 22 October at 10.00 a.m. Location: Spårvagnshallarna, Birger Jarlsgatan 57 A, Stockholm. The press conference will be transmitted live at www.billerud.se If you have any questions concerning this report, please contact Bert Östlund, President & CEO, +46 8 553 335 00 or Nils Lindholm, CFO, +46 8 553 335 00 or +46 70 217 5225 E-mail: ir@billerud.com This document is a translation of the original, published in Swedish. In cases of any discrepancies between the Swedish and English versions, or in any other context, the Swedish original shall have precedence. ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2004/10/21/20041021BIT22380/wkr0010.pdf The full report

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BillerudKorsnäs provides packaging materials and solutions that challenge conventional packaging for a sustainable future. We are a world-leading provider of primary fibre based packaging materials and have customers in over 100 countries. The company has 8 production sites in Sweden, Finland and the UK and about 4300 employees in over 13 countries. BillerudKorsnäs has an annual turnover of about SEK 22 billion and is listed on Nasdaq Stockholm. www.billerudkorsnas.com

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