Interim Report January - June 2004

Interim Report January - June 2004 Sveaskog conducts forestry and timber sales based on its holdings of approximately 3.5 million ha of productive forest land. The forestry operations also include property management as well as commercial activities relating to hunting, fishing and recreation. The forestry operations are conducted under the Sveaskog name. The Group also includes industrial operations in the form of cartonboard manufacture, AssiDomän Cartonboard. In addition, Sveaskog has a 50% stake in the wood products industry company Setra Group AB. Quarter January - June MSEK 2004 Q2 2004 Q1 2003 Q2 2004 2003 Net sales 2,321 2,029 2,469 4,350 4,703 Operating 529 371 515 900 927 profit (of which, capital gains from property (91) (68) (73) (159) (108) sales) Profit 398 234 375 632 650 after net financial items Net profit 286 169 270 455 468 for the period Net 2.41 1.43 2.28 3.84 3.95 earnings per share (SEK) · Operating profit for the second quarter was MSEK 529, an increase of 43% compared with the previous quarter. Earnings for the forestry operations improved mainly due to increased deliveries from own forests and seasonal revenues. Earnings from the cartonboard business (Cartonboard) improved, due among other things to higher delivery volumes. Share of profits from Setra Group also improved. Property sales increased. · Compared with the second quarter of 2003, operating profit in the second quarter of 2004 rose 3%. Earnings for the cartonboard business were higher (volume increase) while the result for the forestry operations was largely unchanged. Share of profits from Setra Group in 2004 was lower than AssiDomän Timber's operating profit in 2003. Capital gains from property sales increased. · Operating profit for the first half of the year decreased by 3% compared with the same period in 2003. Earnings declined for the forestry operations due to, among other things, a different product range composition and higher silvicultural costs. A less favourable business climate for sawmill operations meant that the profit share in Setra Group was lower than the earlier result from AssiDomän Timber. Earnings from Cartonboard and property sales rose. ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2004/08/25/20040825BIT20540/wkr0001.pdf The full report

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