Holmen AB

Holmen is a forest products group manufacturing and selling printing paper, paperboard and sawn timber.  The net turnover in 2008 amounted to MSEK 19 334 and the number of employees was about 4 800. Holmen is a public company whose Series "A" and Series "B" shares are listed on the Nasdaq OMX Nordic, Large Cap.

The Group's net turnover for 2008 amounted to MSEK 19 334 (2007: 19 159). Profit after tax was MSEK 642 (1 505). Earnings per share after dilution amounted to SEK 7.6 (17.8). The return on equity was 3.9 percent (9.2). The Board proposes a dividend of SEK 9 (12) per share. The operating profit was MSEK 1 051 (2 843). This figure includes net costs affecting comparability of MSEK 361 (profit 557) mainly due to closures of production facilities during the year. The operating profit excluding items affecting comparability amounted to MSEK 1 412 (2 286).

The decline in the result is mainly due to lower newsprint and sawn timber prices, and the higher cost of wood and other input goods. The operating profit excluding items affecting comparability for the fourth quarter amounted to MSEK 284 which was MSEK 78 lower than for the third quarter. The deterioration in the result is mainly attributable to a decline in the result for Iggesund Paperboard and seasonally higher personnel and maintenance costs. Demand for newsprint in Europe was 3 percent lower in 2008 than in the previous year. However, the balance between supply and demand was relatively favourable, as a result of significant capacity reductions and higher exports from and lower imports into Europe. Deliveries of virgin fibre board from European producers to Europe declined by 2 percent in 2008. Prices were increased in Europe during the second half of the year.

The Group also owns forest and power assets.

Analysts following Holmen
ABG Sundal Collier, CA Cheuvreux, Carnegie, Deutsche Bank, DnB NOR Markets, Erik Penser Bankaktiebolag,
Handelsbanken Capital Markets, HQ Bank, SEB Enskilda, Swedbank Markets, UBS, Ålandsbanken and Öhman.