YEAR-END RELEASE 2005

Amounts in SEK million unless per share data.

* Net turnover, SEK m Jan - Dec 2 429 (2 356)

Oct - Dec 607 (535)

* Income after net financial items, SEK m Jan - Dec -103 (-121)

Oct - Dec -21 (-65)

* Earnings per share after net financial items, SEK Jan - Dec -0,57 (-0,67)

Oct - Dec -0,11 (-0,36)

* Profit/loss after tax, SEK m Jan - Dec -63 (-91)

Oct - Dec -4 (-49)

* Earnings per share after tax, SEK Jan - Dec -0,35 (-0,50)

Oct - Dec -0,02 (-0,27)

* Cash flow per share, SEK Jan - Dec -2,13 (-0,41)

Oct - Dec -0,10 (0,21)

* Shareholders' equity per share, SEK 8,45 (9,28)

* Equity/assets ratio 58 % (65 %)

* Fourth quarter 2005 result: a loss after net financial items of 21 MSEK. The loss is mainly due to production troubles in the new CTMP line at the Utansjö mill.

* Income after financial items amounted to -103 MSEK which is in line with the prognosis delivered on 14 October 2005. One-time costs for restructuring at Utansjö has charged the result with -70 MSEK.

* New program for cost reductions of 100 MSEK in all as a consequence of higher energy prices, mainly electricity.

* The Board proposes a dividend of SEK 0.10 per share (SEK 0.20) and presents a proposal for the treatment of the company’s buy-back-program of own shares.

* The company expects increasing pulp prices in USD during the first quarter 2006.

* The company will not make a prognosis for the whole year 2006 due to the fact that the development on the market is difficult to predict.

(For complete YEAR-END RELEASE see attached file)