Holmen’s interim report January

Quarter         Full year
SEKm                                  1-16     4-15   1-15       2015
Net sales                            3 828    3 689  4 154     16 014
Operating profit                       580      376    396      1 700
excl. items affecting comparability
Operating profit                       348     -555    396        769
Profit after tax                       450      326    298      1 323
excl. items affecting comparability
Profit after tax                       222     -438    298        559
Return on capital employed, %*         9.1      5.7    5.9        6.4
Return on equity, %                    4.3     -8.4    5.6        2.6
Earnings per share, SEK                2.6     -5.2    3.5        6.7
Cash flow before investments           542      775    522      2 526
Debt/equity ratio                     0.21     0.23   0.26       0.23

* Excluding items affecting comparability, which are included in operating
profit at SEK -232 million (0).

  · Operating profit for the first quarter of 2016 was SEK 580 million,
excluding items affecting comparability, which were SEK 184 million higher than
in the first quarter of 2015 and SEK 204 million higher than in the fourth
quarter. A shutdown for rebuild of a board machine had a negative effect of just
over SEK 60 million on earnings for the quarter, but this was offset by a
dispute over water costs for a corresponding amount being settled in Holmen’s
favour. Earnings from timber trading were high and depreciation decreased. Both
the first quarter of 2015 and the fourth quarter of 2015 were negatively
affected by maintenance and rebuilding shutdowns.
  · Operating profit after items affecting comparability amounted to SEK 348
million. The quarter was impacted by a net amount of SEK -232 million in items
affecting comparability regarding the sale of the Group’s Spanish operations and
insurance compensation for reconstruction following the fire at Hallsta Paper
Mill.
  · Profit after tax for January–March amounted to SEK 222 million (298), which
corresponds to earnings per share of SEK 2.6 (3.5). Excluding items affecting
comparability, profit after tax amounted to SEK 450 million (298) and earnings
per share was SEK 5.4 (3.5).

For further information please contact:
Henrik Sjölund, President and CEO, tel. +46 8 666 21 05
Anders Jernhall, EVP and CFO, tel. +46 8 666 21 22
Ingela Carlsson, Communications Director, tel. +46 70 212 97 12

This is information that Holmen AB is obliged to disclose under the Swedish
Securities Market Act and the Swedish Financial Instruments Trading Act. The
information was submitted for publication on 26 April 2016 at 11.15 CET.
Holmen’s interim report January–March 2016

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