Billerud: Interim Report January -- March 2004

STOCKHOLM, Sweden, April 22, 2004 (PRIMEZONE) -- Billerud: this document is a translation of the original, published in Swedish. In cases of any discrepancies between the Swedish and English versions, or in any other context, the Swedish original shall have precedence.

INTERIM REPORT January-March 2004



 Corporate Identity No. 556025-5001
 www.billerud.com



                                    Quarter             Full year
                                    2004   2003   2003    2003
                                     I      IV     I

 Net turnover, MSEK                1 820  1 689  1 844   6 992
 Operating profit, MSEK              225    255    297   1 118
 Operating margin, %                  12     15     16      16
 Profit after financial items,MSEK   205    238    276   1 042
 Net profit, MSEK                    147    172    200     748
 Earnings per share, SEK            2.73   3.10   3.45   13.13

. Market demand for Billerud's products during the first quarter of 2004 improved, but average prices for packaging paper were lower than in the final quarter of 2003.

. The operating profit was MSEK 225, down 24% on the first quarter of 2003 and down 12 % compared with the final quarter of 2003. In both cases, the deviation is due to lower average prices for packaging paper and less favourable exchange rates.

. The profit after financial items was MSEK 205 and the return on capital employed over the past 12 months was 23%. Excluding the effects of currency hedging the return was 12%.

. The operating cash flow was MSEK 248.

. Deliveries amounted to 357,000 tonnes, up 9% on the final quarter of 2003. New production record was set.

. The UK packaging paper company, Henry Cooke Ltd, was acquired during the quarter. The name has been changed to Billerud Beetham Ltd. and the company was consolidated in the Billerud Group as of March 2004.

. The forecast from January 2004 is unchanged, which means that increased deliveries and expected price changes will not fully compensate for the negative effect of changes in currency rates during 2004.

Billerud's CEO Bert Ostlund will present the Financial Statement live at a press conference today at 15.00 pm CET. Location: Sparvagnshallarna, Birger Jarlsgatan 57 A, Stockholm.

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

Billerud: Interim Report January -- March 2004

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