Billerud AB Interim Report January -- September 2003

STOCKHOLM, Sweden, Oct. 21, 2003 (PRIMEZONE) -- Billerud AB's (Other OTC:BLRDF) (Other OTC:BLRDY):


 Interim report
 January-September 2003
                                                      January-
                                      Quarter         September
                                 2003  2003   2002
                                 III    II     III   2003   2002

 Net turnover, MSEK              1,728 1,731  1,804  5,303  5,332

 Operating profit, MSEK            282   284    354    863    873

 Operating margin, %                16    16     20     16     16

 Profit after financial items,     262   266    329    804    804
 MSEK

 Net profit, MSEK                  186   190    235    577    576

 Earnings per share, SEK          3.28  3.30   4.02  10.03   9.42

- Market demand continued to be weaker. - The operating profit for the January to September period was MSEK 863, down 1% on last year. The decrease was mainly due to a small reduction in delivery volumes.

- Compared with the second quarter, operating profit fell during the third quarter by 1% to MSEK 282. The decline was mainly due to lower average prices.

The profit after financial items was MSEK 804, which was around the same level as in 2002. The return on capital employed over the most recent 12-month period was 26%. Excluding the effects of currency hedging, the return was 15%.

- Operating cash flow during the period was MSEK 666, of which MSEK 355 was realised during the third quarter.

- Deliveries amounted to 961,000 tonnes, down 3% on last year. Maintenance stoppages have now been completed at all the Billerud mills.

- A decision has been made to invest MSEK 316 in two major projects at Gruvon and Skarblacka.

- Based on the current market situation, Billerud expects that the operating profit for the full year in 2003 will be around 10% lower than in 2002. In the interim report for the second quarter 2003, the expectation was of a 10-15% decline compared to 2002.

Billerud AB (publ) Box 703, SE-169 27 Solna Corporate Identity Number 556025-5001 Tel +46 8 553 335 00 Fax +46 8 553 335 80 E-mail: info@billerud.com Internet website: http://www.billerud.com

Billerud AB Interim Report January -- September 2003

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