QUARTERLY REPORT JANUARY – MARCH 2004

Tue, Apr 27, 2004 11:38 CET

* Turnover Jan. – Mar. SEK 615 m (640)

* Income after net financial items Jan. – Mar. SEK 15 m (15)

* Earnings per share after net financial items Jan. – Mar. SEK 0.08 (0.09)

* Profit after tax Jan. – Mar. SEK 7 m (8)

* Earnings per share after tax Jan. – Mar. SEK 0.04 (0.05)

* Cash flow per share Jan. – Mar. SEK –0.47 (-0.15)

* Shareholders’ equity per share SEK 9.57 (31.12.03: 9.50)

* Equity/assets ratio 74 % (31.12.03: 73%)

* The pulp market improved during the first quarter 2004 with several price increases.

* A better result after net financial items is expected for the full year 2004 than for 2003.

(For complete interim report see attached file)