Year-end report 2003

Year-end report 2003 Sveaskog conducts forestry and timber sales based on its holdings of approximately 3.5 million ha of productive forest land. The forestry operations also include property management as well as commercial activities relating to hunting, fishing and recreation. The forestry operations are conducted under the Sveaskog name. The Group also includes industrial operations in the form of cartonboard manufacture, AssiDomän Cartonboard. In addition, Sveaskog has a 50% stake in the wood products industry company Setra Group AB which was formed on 1 July 2003. Quarter Full year MSEK 2003 Q 4 2003 Q 3 2002 Q 4 2003 2002 Net sales 1,991 1,726 2,208 8,420 8,390 Operating profit 366 270 335 1,563 1,261 (of which, capital gains from property sales) (98) (44) (19) (250) (43) Profit after net financial items 245 152 199 1,047 766 Net profit for the period 363 110 171 941 579 Net earnings per share (SEK) 3.07 0.93 1.45 7.95 4.89 · Operating profit for the fourth quarter amounted to MSEK 366, a primarily seasonal increase of MSEK 96 or 36%, compared with the previous quarter. Compared with the previous quarter, earnings from Forestry operations increased for seasonal reasons. Earnings for the cartonboard business (Cartonboard) decreased as a result of lower production due to the annual maintenance shutdown. Share of profits of Setra Group was also lower than in the previous quarter. Gains from property sales increased. Compared with the fourth quarter of 2002, operating profit increased by MSEK 31 or 9%. · Operating profit for the full-year 2003 was MSEK 1,563, an increase of MSEK 302 or 24% compared with 2002. Earnings improved for Forestry operations and Cartonboard. Property sales increased substantially. Earnings from the sawmill operations (Setra Group and AssiDomän Timber in 2003) decreased. ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2004/02/18/20040218BIT00550/wkr0001.pdf The full report

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