STOCKHOLM, Feb. 18, 2003 (PRIMEZONE) -- Sveaskog (Other OTC:ASDOF) 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 natural experiences. The forestry operations are conducted under the Sveaskog name. The Group also includes a sawmill business and cartonboard manufacture. The industrial operations are conducted under the names AssiDoman Timber and AssiDoman Cartonboard.
Quarter Full year
Pro forma
Remaining
units
MSEK 2002 Q 4 2002 Q 3 2002 2001
Net sales 2,208 1,931 8,390 7,644
Operating profit 335 209 1,261 1,007
Profit after net financial items 199 61 766
Operating profit for the fourth quarter amounted to MSEK 335, an increase of MSEK 126 or 60% compared with the previous quarter. Earnings from the Forestry Operations improved for seasonal reasons. Timber's earnings also improved due to continued favourable market development. Cartonboard's earnings decreased as a result of a planned investment and maintenance shutdown during the quarter.
Operating profit for the full year 2002 improved by MSEK 254 or 25%, compared with the full year 2001. Earnings for Cartonboard and Timber increased substantially while the Forestry Operations showed a slightly lower result. Capital gains from property sales decreased as did Group- wide costs.
In August, Sveaskog acquired approximately 200,000 ha of productive forest land as well as the Korsnas sawmill operations from Kinnevik.
If you have any questions concerning this report, please contact Lars Skold, President, or Leif Oster, Senior Vice President, Corporate Communications. Telephone: +46 8 655 90 00.
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