INTERIM REPORT JANUARY – JUNE 2004

QUARTERLY REPORT APRIL – JUNE 2004

* Turnover Jan. – Jun.SEK 1,238 mSEK (1,222)

Apr. – Jun. 623m (582)

* Income after net financial items Jan. – Jun.SEK 79 mSEK (38)

Apr. – Jun. 64 m(23)

* Earnings per share after net financial items Jan. – Jun.SEK 0.44 (0.21)

Apr. – Jun. SEK 0.36 (0.12 )

* Profit after tax Jan. – Jun. SEK 52 m (26)

Apr. – Jun. SEK 45 m (18)

* Earnings per share after tax Jan. – Jun. SEK 0.29 (0.14)

Apr. – Jun. SEK 0.25 (0.10)

* Cash flow per share Jan. – Jun. SEK -0.30 (-0.13)

Apr. – Jun. SEK 0.17 ( 0.02)

* Shareholders’ equity per share SEK 9.51 (31.12.03: 9.50)

* Equity/assets ratio 72 % (31.12.03: 73%)

* The pulp market for long-fibre chemical pulp has had a continued positive development as to prices and deliveries, whereas the development for short-fibre chemical pulp and mechanical pulp has been weaker.

* Earlier published forecast remains meaning that the result for the whole of 2004 is expected to improve compared to 2003.

(For complete interim report see attached file)