Holmen’s year-end report 2015

                                            Quarter         Full year
SEKm                                  4-15     3-15   4-14    2015        2014
Net sales                            3 689    4 032  4 011  16 014      15 994
Operating profit                       376      493    472   1 700       1 734
excl. items affecting comparability
Operating profit                      -555      493     22     769       1 284
Profit after tax                       326      377    347   1 323       1 258
excl. items affecting comparability
Profit after tax                      -438      377     -4     559         907
Return on capital employed, %*         5.7      7.3    7.0     6.4         6.4
Return on equity, %                   -8.4      7.2    0.0     2.6         4.3
Earnings per share, SEK               -5.2      4.5   -0.1     6.7        10.8
Cash flow before investments           775      654    414   2 526       2 176
Debt/equity ratio                     0.23     0.27   0.28    0.23        0.28

* Excluding items affecting comparability, which are included in operating
profit at SEK -931 million (-450).

  · Operating profit for 2015 was SEK 1 700 million, excluding items affecting
comparability (2014: SEK 1 734 million). Earnings were negatively affected by
price decreases for printing paper and sawn timber, as well as a number of
significant rebuilding and maintenance shutdowns. This was largely offset by a
weaker Swedish krona, good production and cost rationalisations.
  · Compared with the third quarter, operating profit decreased by SEK 117
million to SEK 376 million as a result of a significant maintenance shutdown at
Iggesund Mill.
  · Operating profit for 2015 after items affecting comparability amounted to
SEK 769 million (1 284). Operating profit for the fourth quarter was negatively
affected by SEK 931 million in items affecting comparability relating to
impairment losses on non-current assets, provisions for costs and the effects of
a fire.
  · Profit after tax for 2015 amounted to SEK 559 million (907), which
corresponds to earnings per share of SEK 6.7 (10.8). Excluding items affecting
comparability, profit after tax amounted to SEK 1 323 million (1 258) and
earnings per share was SEK 15.8 (15.0).
  · The Board proposes a dividend of SEK 10.5 (10) per share.

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 5 February 2016 at 08.00 CET.
Holmen’s year-end report 2015

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