Interim report January-March 2009

Quarter Full year
MSEK 1-09 4-08 1-08 2008
Net turnover 4 529 5 043 4 875 19 334
Operating
profit* 415 284 446 1 051
Profit after
tax 245 271 271 642
Earnings per
share, SEK 2.9 3.2 3.2 7.6
Return on
equity, % 6.4 6.9 6.4 3.9

* Operating profit for full year 2008 includes items affecting comparability of cost MSEK 361.



- The Group’s net turnover for January-March 2009 amounted to MSEK 4 529 (January-March 2008: 4 875).

- Profit after tax was MSEK 245 (271).

- Earnings per share amounted to SEK 2.9 (3.2). The return on equity was 6.4 per cent (6.4).

- The operating profit was MSEK 415 (446). Increases in prices of newsprint and
paperboard had a favourable effect on the result, whereas weak demand and extensive production curtailments lowered it.

The operating profit was MSEK 131 higher than for the fourth quarter of 2008. The improvement in the result is mainly explained by higher prices and lower costs. Low deliveries had a negative effect on the result.

- Demand for newsprint in Europe was 15 per cent lower in the first quarter than during the corresponding period in 2008. Prices were increased.

- Deliveries of virgin fibre board to Europe declined by 15 per cent during the first quarter of 2009. Following increases during the second half of 2008 prices have remained stable.


For further information please contact:

Magnus Hall, President and CEO, tel +46 8 666 21 05
Anders Almgren, CFO, tel +46 8 666 21 16
Ingela Carlson, Public Relations Director, tel +46 8 666 21 15