INTERIM REPORT JANUARY - SEPTEMBER 2004

INTERIM REPORT JANUARY - SEPTEMBER 2004 Quarter January-September Full year MSEK 3-04 2-04 3-03 2004 2003 2003 Net 3,824 3,884 3,865 11,611 11,876 15,816 turnover Operating 535 456 587 1,525 1,831 2,338 profit Profit 478 403 532 1,373 1,664 2,126 after financial items Profit 338 286 375 973 1,156 1,451 after tax Earnings 3.99 3.37 4.68 11.70 14.45 18.14 per share (before dilution), SEK Earnings 3.99 3.37 4.52 11.55 13.92 17.48 per share (after dilution), SEK Return on 10.1 7.8 10.1 8.9 10.3 9.7 equity, % · The Group's net turnover for January-September amounted to MSEK 11,611 (January-September 2003: 11,876). · The profit after tax was MSEK 973 (1,156). · Earnings per share after dilution amounted to SEK 11.55 (13.92). The return on equity was 8.9 per cent (10.3). · The operating profit for January-September was MSEK 1,525 (1,831). The decline in the profit is due to lower newsprint prices and negative currency effects, which were partly offset by higher delivery volumes. The third quarter operating profit of MSEK 535 was MSEK 79 higher than the previous quarter's result. The improvement is mainly due to seasonally lower costs. · Demand for newsprint and magazine paper has continued to increase. Capacity utilisation was high but the price level was unsatisfactory. Holmen Paper's deliveries rose by 3 per cent in relation to the previous year. Demand for virgin fibre-based paperboard remained stable. Iggesund Paperboard's capacity utilisation was high, prices were stable and deliveries rose by 4 per cent in relation to the previous year. For further information please contact: Magnus Hall, President and CEO, tel +46 8 666 21 33 Anders Almgren, CFO, tel +46 8 666 21 16 Christer Lewell, Public Relations Director, tel +46 8 666 21 15. Holmen is a forest products industry group with the capacity to produce 2.4 million tonnes of paper and paperboard per year. The EU countries, which account for some 90 per cent of the Group's turnover, are by far the largest market. Holmen Paper produces paper for daily newspapers, magazines, directories and advertising matter at three Swedish mills and one Spanish mill. Iggesund Paperboard produces paperboard for packaging and graphic purposes at two Swedish mills and one English mill. Iggesund Timber produces sawn timber at one Swedish sawmill. Holmen Skog manages the Group's one million hectares of forests and the annual volume harvested from company forests is some 2.5 million m3. Holmen's annual wood consumption is some 4.5 million m3. Holmen Skog's earnings are largely generated by the sale of wood harvested in company forests. Holmen Kraft produces in a normal yearsome 1,100 GWh of electric power at wholly and partly owned hydroelectric power stations in Sweden. Holmen's annual power consumption is some 4,200 GWh. Holmen Kraft's earnings are largely generated from the production of electric power by wholly and partly owned hydroelectric power assets. ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2004/10/28/20041028BIT20640/wkr0001.pdf The full report

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Holmen is a forest industry group that manufactures paperboard, paper and wood products and runs forestry and energy production operations. In 2016 Holmen’s net sales were SEK 15.5 billion and the group has approx. 3 000 employees. Holmen’s shares are listed on Nasdaq Stockholm, Large Cap. For more information, visit holmen.com

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