Interim Report January-June 2003

INTERIM REPORT JANUARY - JUNE 2003 Quarter January-June Full year MSEK 2-03 1-03 2003 2002 2002 Net turnover 4,010 4,001 8,011 7,965 16,081 Operating profit 609 635 1,244 1,359 2,713 Profit after financial items 551 581 1,132 1,277 2,564 Profit after tax 392 389 781 1,013 1,959 Earnings per share (before 4.91 4.86 9.77 12.67 24.50 dilution), SEK Earnings per share (after 4.72 4.69 9.41 12.20 23.58 dilution), SEK Return on equity, % 10.5 10.3 10.4 14.6 13.7 - The Group's net turnover for January-June amounted to MSEK 8,011 (January-June 2002: 7,965). - Profit after tax was MSEK 781 (1,013). - Earnings per share amounted to SEK 9.77 (12.67). The return on equity was 10.4 per cent (14.6). - The operating profit was MSEK 1,244 (1,359). Holmen Paper's operating profit declined by MSEK 451 as a result of lower prices. Iggesund Paperboard's result increased by MSEK 147 primarily as a result of higher volumes. Compared with the first quarter the result declined by MSEK 26 to MSEK 609. - The market conditions for newsprint and magazine paper were weak during the second quarter. Holmen Paper's production has continued to be restricted. Prices were stable during the quarter but they were lower than in the previous year. The market conditions for paperboard were stable during the quarter. Iggesund Paperboard's capacity utilisation remained high and prices were stable. For further information please contact: Göran Lundin, 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 2.3 million tonnes of paper and paperboard per year. The EU countries, which account for some 85 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 Kraft produces in a normal year some 1,100 GWh of electricity at wholly and partly owned hydroelectric power stations in Sweden. ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2003/08/20/20030820BIT00500/wkr0002.doc The Full Report http://www.waymaker.net/bitonline/2003/08/20/20030820BIT00500/wkr0003.pdf The Full Report

About Us

Holmen’s business concept is to own and add value to the forest. The forest holdings form the basis of the business – an ecocycle in which the raw material grows and is refined into everything from wood for climate-smart building to renewable packaging, magazines and books. The forest is managed to provide a good annual return and stable value growth while our production operations are run with a focus on profitability and greater value added. In 2019 Holmen’s net sales were approx. SEK 17 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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