INTERIM REPORT JANUARY – SEPTEMBER 2004

* Turnover Jan. – Sep. 1,821 SEK m (1,809)

Jul. – Sep. 583 SEK m (587)

* Income after net financial items Jan. – Sep. -55 SEK m (54)

Jul. – Sep. -134 SEK m (16)

* Earnings per share after net financial items Jan. – Sep. -0.31 SEK (0.30)

Jul. – Sep. -0.75 SEK (0.09 )

* Profit after tax Jan. – Sep. -41 SEK m (37)

Jul. – Sep. -93 SEK m (11)

* Earnings per share after tax Jan. – Sep. -0.23 SEK (0.20)

Jul. – Sep. -0.52 SEK (0.06)

* Cash flow per share Jan. – Sep. 0.51 SEK (-0.35)

Jul. – Sep. 0.21 SEK (-0.23)

* Shareholders’ equity per share 8.96 SEK (31.12.03: 9.50)

* Equity/assets ratio 69 % (31.12.03: 73%)

* The pulp market weakened during the third quarter with a price recoil as a consequence.

* The result for the third quarter includes negative non-recurring items totalling SEK 116 million, of which only SEK 19 million affects cash-flow.

* The forecast adjustment communicated on September 16, 2004 regarding the whole of 2004 remains. This means a positive result after net financial items, excluding non-recurring items of SEK 116 million. All in all the company estimates a loss for the whole of 2004.

(For complete interim report see attached file)