Huhtamaki's first quarter in line with expectations - sales volume up by 3%

HUHTAMAKI'S FIRST QUARTER IN LINE WITH EXPECTATIONS - SALES VOLUME UP BY 3% Consumer packaging specialist Huhtamaki (HEX symbol: Huh1V) performed to expectations amidst the challenging market conditions of early 2003. Driven by strong progress in Europe and Asia, the company's sales volume increased by 3% in the first quarter. On the other hand, the strengthening of the Euro depressed the sales figures by 9%, and price and sales mix changes by 1%. Hence, the company's reported net sales in the first quarter amounted to EUR 519 million, 7% below the corresponding figure in 2002. European volume growth was 4%. As expected, negative volume development was evident in the Americas. In Asia, Oceania and Africa, aggregate volume was up by 6%. The quarter's profits were affected by raw materials and energy prices, which were sharply up due to the crisis in Iraq. The group's operating profit before goodwill amortization (EBITA) amounted to EUR 39 million, down by EUR 10 million or 21% from the previous year's figure. The profit before minority interest and taxes declined by a similar amount, to EUR 17 million. Earnings per share (before amortization) were EUR 0.22, down by 21%. Among the highlights of the first quarter was the continuing success of flexible packaging and films. Recently introduced rigid packaging products were also in good demand. Following the product-specific setbacks experienced in the United States in 2002, efforts to develop new business have been intensified. By the end of March, new contracts with a total value of approx. USD 30 million in 2003 had been secured. The deliveries will mainly fall on the second half of the year. Huhtamaki remains optimistic about reaching full-year earnings per share similar to last year's record result. INTERIM REPORT JANUARY 1 - MARCH 31, 2003 Consumer packaging specialist Huhtamaki reports an overall sales growth of 2% in the first quarter of 2003 (at constant exchange rates) against the corresponding period in 2002 amidst a challenging economic environment. The reported net sales amounted to EUR 519 million, 7% below prior. Sales volumes were up by 3% while currency translations depressed the sales figure by 9% and price/mix changes by a further 1%. The operating margin was affected by higher raw material and energy prices. Inquiries: Mr. Timo Salonen, CFO Tel. +358-9-6868 8401 HUHTAMÄKI OYJ Timo Salonen CFO Markku Pietinen Senior Communications Advisor ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2003/04/23/20030423BIT00730/wkr0001.doc The full report http://www.waymaker.net/bitonline/2003/04/23/20030423BIT00730/wkr0002.pdf The full report