holmen statistics

8/3/2019 Holmen Statistics

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HolmenContent

Tables Updated

Quarterly figures 2011-08-17

Income statements in summary 2011-08-17

Balance sheets in summary 2011-08-17

Cash flow statements in summary 2011-08-17

Key figures 2011-08-17

Holmen Paper 2011-08-17

Iggesund Paperboard 2011-08-17

Holmen Timber 2011-08-17

Holmen Skog 2011-08-17

Holmen Energi 2011-08-17

Multi-year review 2011-04-27

Income statements 2011-04-27

Balance sheets 2011-04-27

Cash flow analysis 2011-04-27

Key ratios 2011-04-27Holmen Paper 2011-04-27

Iggesund Paperboard 2011-04-27

Holmen Timber 2011-04-27

Holmen Skog 2011-04-27

Holmen Energi 2011-04-27

External net turnover by market 2011-04-27


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Holmen

Quarterly figures

SEKm Q12007 Q22007 Q32007 Q42007 Q12008 Q22008 Q32008 Q42008 Q12009 Q22009 Q32009 Q42009 Q12010

Income statement

Net sales, Group 4787 4662 4637 5073 4875 4826 4591 5043 4529 4496 4387 4659 4400Operating costs -3818 -3802 -3666 -4261 -4107 -4178 -3909 -4437 -3789 -3806 -3636 -3943 -3782

Depreciation and amortisationaccording to plan -336 -332 -332 -337 -334 -339 -337 -333 -332 -333 -322 -334 -308Interest in earnings of associates 1 1 3 7 12 12 16 10 7 15 13 10 9Items affecting comparability - - - 557 - -63 -298 - - - - - -Operating profit, Group 634 529 642 1039 446 257 64 284 415 372 442 392 320Net financial items -62 -65 -68 -66 -64 -73 -85 -89 -74 -66 -55 -60 -52

Profit before tax 571 464 573 974 383 185 -22 195 341 306 386 332 268Tax -174 -135 -135 -633 -111 -61 -2 76 -96 -51 -106 -107 -89Profit for the period 397 329 438 341 271 124 -24 271 245 256 280 225 178Diluted earnings per share 4.7 3.9 5.2 4.0 3.2 1.5 (0.3) 3.2 2.9 3.0 3.3 2.7 2.1

Net salesNet sales, Holmen Paper 2530 2461 2556 2798 2525 2547 2517 2854 2284 2361 2348 2310 1982Net sales, Iggesund Paperboard 1326 1297 1239 1239 1237 1219 1210 1194 1266 1274 1223 1260 1195Net sales, Holmen Timber 149 164 124 151 149 124 116 109 127 130 142 155 128Net sales, Holmen Skog 1165 1200 1074 1335 1436 1433 1208 1365 1283 1163 1048 1306 1408Net sales, Holmen Energi 433 344 352 462 499 392 442 501 442 359 363 465 549Elimination of intra-group net sales -815 -804 -708 -911 -972 -890 -902 -980 -872 -791 -737 -837 -862

4787 4662 4637 5073 4875 4826 4591 5043 4529 4496 4387 4659 4400

Operating profit

Operating profit, Holmen Paper 160 115 241 107 80 100 80 20 117 150 107 -34 -178Operating profit, Iggesund

Paperboard 206 178 115 100 116 61 127 16 73 77 128 140 163Operating profit, Holmen Timber 32 43 35 37 23 -2 -1 -7 -16 5 13 19 7Operating profit, Holmen Skog 155 209 145 192 151 152 150 179 134 144 147 179 189Operating profit, Holmen Energi 114 45 40 73 125 58 33 110 144 59 72 138 182Group-wide costs and eliminations -34 -61 66 -27 -49 -49 -27 -34 -38 -62 -26 -50 -43Op profit excl items affecting

comp, Group 634 529 642 482 446 320 362 284 415 372 442 392 320Items affecting comparability - - - 557 - -63 -298 - - - - - -

Operating profit 634 529 642 1039 446 257 64 284 415 372 442 392 320

Operating capital

Operating capital, Holmen Paper 11724 11711 11762 9971 9827 10109 9729 10237 10019 9778 9170 8789 8223Operating capital, Iggesund

Paperboard 4062 4088 4149 4180 4163 4196 4227 4254 4277 4330 4143 4114 4018Operating capital, Holmen Timber 215 219 236 345 356 359 369 366 342 319 324 396 527Operating capital, Holmen Skog 9041 9097 9126 11264 11317 11392 11378 11415 11449 11420 11437 11384 11395Operating capital, Holmen Energi 2936 2940 2947 2960 2968 2952 2954 3006 3025 3156 3175 3207 3219Group central costs and other -321 -459 -389 -630 -550 -698 -519 -1654 -2411 -1435 -829 -961 -641

Operating capital, Group 27657 27597 27831 28090 28080 28311 28138 27623 26701 27569 27420 26929 26741Deferred tax liability, net -4657 -4730 -4757 -5181 -5212 -5206 -5111 -4477 -4491 -4631 -4863 -4741 -4945

Capital employed, Group 23000 22867 23073 22909 22868 23105 23027 23146 22211 22938 22557 22188 21796

Operating margin, %

Operating margin, Holmen Paper 6.3 4.7 9.4 3.6 3.2 3.9 3.2 0.7 5.1 6.3 4.6 (1.5) (9.0)Operating margin, Iggesund

Paperboard 15.6 13.7 9.3 8.1 9.3 5.0 10.5 1.4 5.8 6.1 10.5 11.1 13.7Operating margin, Holmen Timber 20.8 25.8 27.5 24.0 15.3 (1.5) (1.1) (6.8) (12.4) 3.5 9.5 12.2 5.3Operating margin, Group 13.2 11.3 13.8 9.5 9.2 6.4 7.5 5.6 9.2 8.3 10.1 8.4 7.3

Return on operating capital, %

Return on operating capital, Holmen

Paper 5.5 3.9 8.2 3.7 3.3 4.0 3.2 0.8 4.6 6.0 4.5 (1.5) (8.4)Return on operating capital,

Iggesund Paperboard 20.6 17.4 11.1 9.6 11.1 5.8 12.1 1.5 6.9 7.2 12.1 13.6 16.1Return on operating capital, Holmen

Timber 59.6 79.3 61.4 56.7 26.2 (2.1) (1.3) (7.9) (17.7) 5.6 16.7 21.0 5.9


3/36


Skog 6.9 9.2 6.4 8.4 5.3 5.4 5.3 6.3 4.7 5.0 5.1 6.3 6.6Return on operating capital, Holmen

Energi 15.5 6.1 5.4 9.9 16.9 7.9 4.5 14.8 19.1 7.7 9.1 17.3 22.6Return on operating capital, Group 9.4 7.7 9.3 6.9 6.4 4.5 5.1 4.1 6.1 5.5 6.4 5.8 4.8

Return, %

Return on capital employed, Group 11.1 9.2 11.2 8.4 7.8 5.6 6.3 4.9 7.3 6.6 7.8 7.0 5.8Return on equity, Group 9.7 8.2 10.6 8.1 6.4 3.0 (0.6) 6.9 6.4 6.6 7.0 5.5 4.3

Items affecting comparability:

Q4 2007: Write-down of MSEK 569

in goodwill and of MSEK 1 034 in

tangible fixed assets within Holmen

Paper, a reversed write-down of

MSEK 60 within Holmen Timber, and

a positive revaluation of forests by

MSEK 2 100 within Holmen Skog.Q2 2008: A cost of MSEK 115 for

the closure of PM 2 at Hallsta Paper

Mill. An income of MSEK 52

corresponds to the effects on the

result of the fire at Braviken Paper

Mill.

Q3 2008: Closure of Wargn Mill

MSEK 298.Q4 2010: Impairment of fixed assets

(SEK -555 million), provisions for

restructuring (SEK -231 million) andrevaluation of forrest (SEK +1050

million).

Updated: 2011-08-17


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Holmen

Quarterly figures

SEKm

Income statementNet sales, Group

Operating costs

Depreciation and amortisationaccording to plan

Interest in earnings of associates

Items affecting comparability

Operating profit, Group

Net financial items

Profit before taxTax

Profit for the period

Diluted earnings per share

Net salesNet sales, Holmen Paper

Net sales, Iggesund Paperboard

Net sales, Holmen Timber

Net sales, Holmen Skog

Net sales, Holmen Energi

Elimination of intra-group net sales

Operating profit

Operating profit, Holmen Paper

Operating profit, Iggesund

Paperboard

Operating profit, Holmen Timber

Operating profit, Holmen Skog

Operating profit, Holmen Energi

Group-wide costs and eliminationsOp profit excl items affecting

comp, Group


Operating profit

Operating capital

Operating capital, Holmen Paper

Operating capital, Iggesund

Paperboard

Operating capital, Holmen Timber

Operating capital, Holmen Skog

Operating capital, Holmen Energi

Group central costs and other

Operating capital, Group

Deferred tax liability, net

Capital employed, Group

Operating margin, %Operating margin, Holmen Paper

Operating margin, Iggesund

Paperboard

Operating margin, Holmen Timber

Operating margin, Group



PaperReturn on operating capital,

Iggesund Paperboard


Timber

Q22010 Q32010 Q42010 Q12011 Q22011

4227 4205 4747 4721 4787

-3650 -3516 -4078 -3875 -3983

-318 -314 -312 -306 -316

8 7 4 18 5

- - 264 0 -

268 383 625 558 492

-55 -54 -48 -58 -64

214 329 578 501 428

-81 -113 -402 -131 -125

133 216 176 370 302

1.6 2.6 2.1 4.4 3.6

1955 1982 2223 2170 2215

1139 1225 1291 1257 1340

150 162 147 151 221

1441 1281 1456 1697 1594

408 419 556 494 436

-864 -863 -924 -1048 -1019

4227 4205 4747 4721 4787

-170 -129 -141 57 70

180 243 231 244 238

11 8 -6 -27 -38

214 212 203 221 178

90 96 127 107 75

-57 -48 -52 -37 -36

268 383 361 -7 5

- - 264 0 0

268 383 625 558 492

8116 7909 6954 6937 6985

4259 4141 4313 4433 4673

759 972 1192 1396 1482

11410 11511 12597 12627 12557

3207 3223 3235 3245 3226

185 288 94 -634 -244

27936 28044 28385 28004 28679

-5107 -5318 -5910 -5688 -5598

22829 22726 22684 22316 23081

(8.7) (6.5) (6.3) 2.6 3.1

15.8 19.8 17.9 19.4 17.8

7.6 5.2 (4.3) (17.9) (17.2)

6.4 9.1 7.6 11.8 10.3

(8.3) (6.4) (7.6) 3.3 4.0

17.4 23.1 21.8 22.3 20.9

7.1 3.9 (2.3) (8.4) (10.6)


5/36


Skog


Energi

Return on operating capital, Group

Return, %

Return on capital employed, GroupReturn on equity, Group













Mill.



(SEK -555 million), provisions for

restructuring (SEK -231 million) andrevaluation of forrest (SEK +1050

million).

Updated: 2011-08-17

7.5 7.4 6.7 7.0 5.7

11.2 12.0 15.7 13.2 9.2

3.9 5.5 5.1 7.9 6.9

4.8 6.7 6.4 9.9 8.73.2 5.2 4.2 8.8 7.3


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Holmen

Income statements in summary


Net sales 4787 4662 4637 5073 4875 4826 4591 5043 4529 4496 4387 4659 4400Other operating income 135 95 220 192 151 277 117 199 140 146 128 188 190Change in inventories 120 63 -24 -97 89 -69 232 -147 -26 -65 -127 -163 -1

Raw materials and consumables -2612 -2479 -2413 -2642 -2810 -2736 -2765 -2701 -2350 -2237 -2163 -2267 -2467Staff costs -663 -700 -601 -725 -666 -790 -760 -720 -653 -695 -614 -699 -625Other operating costs -810 -866 -858 -971 -850 -931 -998 -1040 -890 -985 -891 -945 -882Depreciation and amortisation

according to plan -336 -332 -332 -337 -334 -339 -337 -333 -332 -333 -322 -334 -308Impairment losses - - - -1543 - - -56 -1 - - - -22 -

Change in value of biological assets 12 85 10 2082 -21 8 23 -26 -10 30 31 -35 1Interest in earnings of associates 1 1 3 7 12 12 16 10 7 15 13 10 9

Operating profit 634 529 642 1039 446 257 64 284 415 372 442 392 320Finance income 4 4 5 5 3 3 3 7 4 2 2 4 2

Finance costs -66 -69 -73 -71 -67 -76 -88 -96 -78 -68 -57 -63 -54Profit before tax 571 464 573 974 383 185 -22 195 341 306 386 332 268Tax -174 -135 -135 -633 -111 -61 -2 76 -96 -51 -106 -107 -89Profit for the year 397 329 438 341 271 124 -24 271 245 256 280 225 178

Earnings per share, basic 4.7 3.9 5.2 4.0 3.2 1.5 (0.3) 3.2 2.9 3.0 3.3 2.7 2.1Earnings per share, diluted 4.7 3.9 5.2 4.0 3.2 1.5 (0.3) 3.2 2.9 3.0 3.3 2.7 2.1

Updated: 2011-08-17


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Holmen

Income statements in summary

SEKm

Net sales

Other operating income

Change in inventories

Raw materials and consumablesStaff costs

Other operating costs

Depreciation and amortisation

according to plan

Impairment losses

Change in value of biological assets

Interest in earnings of associates

Operating profitFinance income

Finance costsProfit before taxTax

Profit for the year

Earnings per share, basic

Earnings per share, diluted

Updated: 2011-08-17

Q22010 Q32010 Q42010 Q12011 Q22011

4227 4205 4747 4721 4787

273 121 278 193 219

31 24 -53 240 -42

-2383 -2298 -2652 -2859 -2594-663 -568 -834 -607 -636

-908 -842 -983 -825 -937

-318 -314 -312 -306 -316

- - -555 0 0

1 47 1053 -17 6

8 7 -63 18 5

268 383 625 558 492

2 2 6 5 2

-56 -56 -54 -63 -66214 329 578 501 428

-81 -113 -402 -131 -125

133 216 176 370 302

1.6 2.6 2.1 4.4 3.6

1.6 2.6 2.1 4.4 3.6


8/36

Holmen

Balance sheets in summary


Assets

Non-current assetsIntangible non-current assets 625 615 610 42 124 130 125 106 33 34 30 27 22

Property, plant and equipment 13898 13838 13805 12984 12873 12886 12904 13142 12969 12943 12502 12473 12317Biological assets 8857 8924 8927 11073 11069 11066 11070 11080 11088 11099 11121 11109 11131Interests in associates 1736 1735 1737 1745 1754 1767 1790 1824 1824 1837 1760 1770 1770Other shares and participating

interests 12 12 12 7 7 8 8 11 9 9 11 10 10Non-current financial receivables 130 122 119 108 109 149 119 87 95 93 170 151 157Deferred tax assets 354 337 328 301 300 290 319 342 359 348 305 304 264

Total non-current assets 25612 25584 25537 26261 26236 26296 26335 26593 26376 26365 25899 25845 25670

Current AssetsInventories 2737 2961 2915 3063 3105 3143 3395 3434 3464 3262 2967 2850 2740

Current operating receivables 3611 3449 3616 3485 3358 3849 3936 3833 3376 3361 3346 3225 3232Current financial receivables 19 50 36 39 30 45 42 88 78 36 32 74 87Cash and cash equivalents 609 309 417 394 575 250 324 653 737 470 390 182 94

Total current assets 6976 6769 6984 6982 7068 7288 7697 8009 7655 7129 6735 6331 6153

Total assets 32588 32353 32521 33243 33305 33584 34031 34602 34031 33494 32634 32176 31823

Total equity and liabilities

Equity 15951 16341 16697 16932 17044 16064 15839 15641 15163 15668 16270 16504 16358

Non-current liabilities

Non-current financial liabilities 2548 2474 2482 2452 2470 2385 2450 3223 2736 2639 2538 3472 3400Pension provisions 346 305 309 247 301 284 401 354 425 382 299 320 260Other provisions 644 652 656 658 675 663 796 1080 1121 1113 1084 1102 687Deferred tax liabilities 5011 5067 5085 5482 5512 5496 5430 4819 4850 4979 5168 5045 5209Total non-current liabilities 8549 8498 8532 8840 8959 8828 9077 9475 9131 9114 9089 9939 9555

Current liabilities

Current financial liabilities 4894 4217 4157 3819 3766 4817 4822 4756 4796 4847 4042 2298 2116Operating liabilities 3194 3297 3146 3652 3535 3875 4293 4730 4940 3865 3234 3435 3794

Total current liabilities 8089 7514 7293 7471 7302 8692 9116 9486 9736 8712 7276 5733 5910

Total liabilities 16638 16012 15825 16311 16260 17520 18193 18960 18867 17825 16364 15672 15465

Total equity and liabilities 32588 32353 32521 33243 33305 33584 34031 34602 34030 33494 32634 32176 31823

Updated: 2011-08-17


9/36

Holmen

Balance sheets in summary

SEKm

Assets

Non-current assetsIntangible non-current assets

Property, plant and equipmentBiological assets

Interests in associates

Other shares and participating

interests

Non-current financial receivables

Deferred tax assets

Total non-current assets

Current AssetsInventories

Current operating receivablesCurrent financial receivables

Cash and cash equivalents

Total current assets

Total assets


Equity


Non-current financial liabilities

Pension provisions

Other provisions

Deferred tax liabilities

Total non-current liabilities

Current liabilities

Current financial liabilities

Operating liabilities

Total current liabilities

Total liabilities


Updated: 2011-08-17

Q22010 Q32010 Q42010 Q12011 Q22011

20 21 19 14 12

12451 12297 11877 11962 1202411130 11160 12161 12145 12155

1775 1776 1748 1765 1776

12 12 12 12 12

157 156 188 165 132

265 225 210 198 182

25811 25646 26216 26261 26295

2858 3060 3340 3477 3406

3500 3618 3610 3520 353693 146 73 194 25

110 109 193 178 104

6562 6934 7216 7369 7071

32373 32580 33432 33630 33366

16545 16771 16913 16564 16736

3615 3773 3666 3654 3643

300 193 213 205 173

539 545 459 459 461

5372 5542 5910 5886 5781

9827 10054 10247 10205 10059

2729 2399 2349 2430 2791

3272 3355 3923 4431 3781

6001 5755 6273 6861 6571

15828 15809 16520 17066 16630

32373 32580 33432 33630 33366


10/36

Holmen

Cash flow statements in summary


Operating activities

Profit before tax 571 464 573 974 383 185 -22 195 341 306 386 332 268Adjustments for non-cash items 293 276 242 -185 308 348 717 424 255 202 397 308 225

Paid income taxes -155 -36 -152 -47 -104 -117 -79 108 51 -131 -123 -130 -592Cash flow from operating

activities before changes in

working capital 710 704 663 742 586 416 617 727 647 377 661 510 -99

Cash flow from changes in

working capital

Change in inventories -131 -225 48 -150 -41 -37 -257 -38 91 199 216 115 124Change in trade receivables and

other op receivables -192 108 -17 -110 82 -450 118 210 305 34 52 55 165Change in trade payables and other

operating liabilities -53 190 -146 334 -101 294 -82 -384 -389 -77 -70 147 -70Cash flow from operating

activities 334 777 549 816 526 223 397 514 654 533 859 828 120

Investing activitiesAcquisition of non-current assets -290 -316 -344 -484 -305 -334 -278 -243 -131 -172 -164 -293 -193Disposal of non-current assets 4 4 4 107 3 11 11 12 17 8 12 7 38Change in non-current financial

receivables - - - - - - - - - - -80 -24 -13Cash flows from investing

activities -286 -312 -340 -377 -302 -323 -267 -232 -114 -163 -232 -309 -168

Financing activities

Change in financial liabilities and

receivables 78 250 -99 -464 -42 930 -60 39 -457 120 -702 -727 -37Buy-back of company's own shares

etc. - - - - - -138 - - - - - - -Dividends paid to the owners of the

parent company - -1017 - - - -1017 - - - -756 - - -Cash flow from financing

activities 78 -767 -99 -464 -42 -225 -60 39 -457 -636 -702 -727 -37

Cash flow for the period 126 -302 109 -25 182 -325 70 320 83 -267 -75 -209 -85

Opening cash and cash equivalents 484 609 309 417 394 575 250 324 653 737 470 390 182Exchange difference in cash and

cash equivalents -2 2 -1 2 -1 0 4 9 1 -1 -5 1 -3Closing cash and cash

equivalents 609 309 417 394 575 250 324 653 737 470 390 182 94

Updated: 2011-08-17


11/36

Holmen

Cash flow statements in summa

SEKm

Operating activitiesProfit before tax

Adjustments for non-cash items

Paid income taxesCash flow from operating

activities before changes in

working capital


working capital

Change in inventories

Change in trade receivables and

other op receivables

Change in trade payables and other

operating liabilitiesCash flow from operating

activities

Investing activities

Acquisition of non-current assets

Disposal of non-current assets

Change in non-current financial

receivablesCash flows from investing

activities

Financing activities

Change in financial liabilities and

receivables

Buy-back of company's own shares

etc.

Dividends paid to the owners of the

parent companyCash flow from financing

activities

Cash flow for the period

Opening cash and cash equivalents

Exchange difference in cash and

cash equivalentsClosing cash and cash

equivalents

Updated: 2011-08-17

Q22010 Q32010 Q42010 Q12011 Q22011

214 329 578 501 428

306 285 -5 281 237

-111 10 -11 -66 -169

408 624 562 716 496

-122 -256 -174 -93 45

-186 -23 -95 -44 -211

102 192 370 -138 140

202 537 663 441 470

-495 -373 -631 -425 -427

34 8 27 10 5

0 0 1 27 13

-461 -366 -602 -388 -409

863 -169 24 -66 450

- - - - -

-588 - - - -588

275 -169 24 -66 -138

16 3 85 -13 -77

94 110 109 193 178

-1 -4 0 -2 3

110 109 193 178 104


12/36

Holmen

Key figures


Earnings measurement

Operating profit 634 529 642 1039 446 257 64 284 415 372 442 392 320Op profit excl items affecting

comparability 634 529 642 482 446 320 362 284 415 372 442 392 320Profit for the period 397 329 438 341 271 124 -24 271 245 256 280 225 178Earnings per share 4.7 3.9 5.2 4.0 3.2 1.5 (0.3) 3.2 2.9 3.0 3.3 2.7 2.1

Margin measurements

Operating margin 13.2 11.3 13.8 9.4 9.2 6.4 7.5 5.6 9.2 8.3 10.1 8.4 7.3

Capital structureEquity per share 188 193 197 200 201 191 189 186 181 187 194 196 195Equity/asset ratio 48.9 50.5 51.3 50.9 51.2 47.8 46.5 45.2 44.6 46.8 49.9 51.3 51.4Debt/equity ratio 0.44 0.40 0.38 0.35 0.34 0.44 0.45 0.48 0.46 0.46 0.39 0.34 0.33

Investments, SEKm 290 316 344 484 305 334 278 243 131 172 164 293 193Depreciation/amortisation for the

period 336 332 332 337 334 339 337 333 332 333 322 334 308Operating capital 27657 27597 27831 28090 28080 28311 28138 27623 26701 27569 27420 26929 26741Capital employed 23000 22867 23073 22909 22868 23105 23027 23146 22211 22938 22557 22188 21796Net financial debt 7049 6526 6377 5977 5823 7041 7189 7504 7047 7270 6287 5683 5437

ReturnsReturn on operating capital 9.4 7.7 9.3 6.9 6.4 4.5 5.1 4.1 6.1 5.5 6.4 5.8 4.8Return on capital employed 11.1 9.2 11.2 8.4 7.8 5.6 6.3 4.9 7.3 6.6 7.8 7.0 5.8Return on average equity 9.7 8.2 10.6 8.1 6.4 3.0 (0.6) 6.9 6.4 6.6 7.0 5.5 4.3

Other

Average number of employees 4889 4912 4956 4931 4802 4840 4870 4829 4627 4600 4638 4577 4341













Mill.



(SEK -555 million), provisions forrestructuring (SEK -231 million) and

revaluation of forrest (SEK +1050

million).

Updated: 2011-08-17


13/36

Holmen

Key figures

SEKm

Earnings measurementOperating profit

Op profit excl items affecting

comparabilityProfit for the period

Earnings per share

Margin measurementsOperating margin

Capital structure

Equity per share

Equity/asset ratio

Debt/equity ratio

Investments, SEKmDepreciation/amortisation for the

period

Operating capital

Capital employed

Net financial debt

Returns

Return on operating capital

Return on capital employed

Return on average equity

Other

Average number of employees













Mill.Q3 2008: Closure of Wargn Mill


(SEK -555 million), provisions forrestructuring (SEK -231 million) and

revaluation of forrest (SEK +1050

million).

Updated: 2011-08-17

Q22010 Q32010 Q42010 Q12011 Q22011

268 383 361 558 492

268 383 625 558 492133 216 176 370 302

1.6 2.6 2.1 4.4 3.6

6.4 9.1 7.6 11.8 10.3

197 200 201 195 198

51.1 51.5 50.6 49.3 50.2

0.38 0.36 0.34 0.35 0.38

495 373 631 425 427

318 314 312 306 316

27936 28044 28385 28004 28679

22829 22726 22684 22316 23081

6284 5955 5772 5752 6345

3.9 5.5 5.1 7.9 6.9

4.8 6.7 6.4 9.9 8.7

3.2 5.2 4.2 8.8 7.3

4267 4281 4241 4108 4080


14/36

Holmen

Holmen Paper


Holmen PaperNet sales 2530 2461 2556 2798 2525 2547 2517 2854 2284 2361 2348 2310 1982Operating costs -2139 -2117 -2088 -2464 -2222 -2217 -2213 -2617 -1944 -1990 -2024 -2126 -1945Depreciation according to plan -231 -229 -227 -226 -223 230 -225 -217 -223 -221 -217 -218 -215Items affecting comparability - - - -1603 - -63 -298 - - - - - -Operating profit 160 115 241 -1496 80 37 -218 20 117 150 107 -34 -178Op profit excl items affecting

comparability 160 115 241 107 80 100 80 20 117 150 107 -34 -178Investments 174 180 117 113 231 193 150 108 39 44 114 94 17Operating capital 11724 11711 11762 9971 9827 10109 9729 10237 10019 9778 9170 8789 8223Operating margin 6 5 9 4 3 1 3 1 5 6 5 -2 -9Return on operating capital 6 4 8 4 3 2 3 1 5 6 5 -2 -8Production, 000' tonnes 514 498 499 523 523 494 515 500 415 432 431 437 417Deliveries, 000' tonnes 489 477 503 555 503 508 493 539 397 437 455 456 421

Items affecting comparability:Q4 2007: Write-down of MSEK 569


tangible fixed assets.Q2 2008: A cost of MSEK 115 for





Mill.Q3 2008: Closure of Wargn Mill

MSEK 298.

Q4 2010: Impairment of fixed assets

SEK -555 million, provisions for

restructuring SEK -231 million.

Updated: 2011-08-17


15/36

Holmen

Holmen Paper

SEKm

Holmen PaperNet sales

Operating costs

Depreciation according to plan


Operating profitOp profit excl items affecting

comparability

Investments

Operating capital

Operating margin


Production, 000' tonnes

Deliveries, 000' tonnes

Items affecting comparability:Q4 2007: Write-down of MSEK 569


tangible fixed assets.Q2 2008: A cost of MSEK 115 for





Mill.


MSEK 298.

Q4 2010: Impairment of fixed assets

SEK -555 million, provisions for

restructuring SEK -231 million.

Updated: 2011-08-17

Q22010 Q32010 Q42010 Q12011 Q22011

1955 1982 2223 2170 2215

-1911 -1901 -2157 -1919 -1953

-214 -210 -207 -194 -193

- - -786 0 0

-170 -129 -927 57 70

-170 -129 -141 57 70

69 80 45 49 48

8116 7909 6954 6937 6985

-9 -7 -6 3 3

-8 -6 -8 3 4

431 413 452 446 416

420 425 467 419 426


16/36

HolmenIggesund Paperboard


Iggesund PaperboardNet sales 1326 1297 1239 1239 1237 1219 1210 1194 1266 1274 1223 1260 1195Operating costs -1031 -1033 -1037 -1046 -1029 -1068 -990 -1085 -1103 -1105 -1008 -1027 -959Depreciation according to plan -89 -86 -88 -92 -92 -91 -92 -93 -90 -92 -86 -93 -73

Operating profit 206 178 115 100 116 61 127 16 73 77 128 140 163Investments 100 120 209 260 49 79 102 98 56 75 54 75 28Operating capital 4062 4088 4149 4180 4163 4169 4227 4254 4277 4330 4143 4114 4018Operating margin 16 14 9 8 9 5 11 1 6 6 11 11 14Return on operating capital 21 17 11 10 11 6 12 2 7 7 12 14 16

Production, paperboard, 000' tonnes 135 135 116 127 127 123 128 113 114 120 118 118 113Deliveries, paperboard, 000' tonnes 134 130 125 127 127 127 124 115 117 119 118 123 115

Updated: 2011-08-17


17/36


SEKm

Iggesund PaperboardNet sales

Operating costs


Operating profitInvestments

Operating capital

Operating margin


Production, paperboard, 000' tonnes

Deliveries, paperboard, 000' tonnes

Updated: 2011-08-17

Q22010 Q32010 Q42010 Q12011 Q22011

1139 1225 1291 1257 1340

-874 -898 -978 -932 -1021

-84 -84 -82 -81 -81

180 243 231 244 238

164 65 264 196 208

4259 4141 4313 4433 4673

16 20 18 19 18

17 23 22 22 21

107 126 117 126 124

110 118 121 118 127


18/36

HolmenHolmen Timber


Holmen TimberNet sales 149 164 124 151 149 124 116 109 127 130 142 155 128Operating costs -112 -116 -84 -108 -118 -118 -109 -107 -134 -117 -120 -129 -113Depreciation according to plan -6 -6 -6 -6 -8 -8 -9 -9 -8 -8 -8 -7 -8Items affecting comparability - - - 60 - - - - - - - - -Operating profit 32 43 35 97 23 -2 -1 -7 -16 5 13 19 7Op profit excl items affecting

comparability 32 43 35 37 23 -2 -1 -7 -16 5 13 19 7Investments 6 9 10 39 6 20 5 -11 -8 9 40 69 115Operating capital 215 219 236 345 356 359 369 366 342 319 324 396 527Operating margin 21 26 28 24 15 -2 -2 -7 -12 4 10 12 5Return on operating capital 60 79 61 57 26 -2 -1 -8 -18 6 17 21 6Production, 000' m3 71 72 57 73 73 63 72 72 68 72 75 76 67Deliveries, 000' m3 72 74 53 64 72 66 66 63 81 80 76 76 62Items affecting comparability:Q4 2007: A reversed write-down of

MSEK 60.

Updated: 2011-08-17


19/36

HolmenHolmen Timber

SEKm

Holmen TimberNet sales

Operating costs



Operating profitOp profit excl items affecting

comparability

Investments

Operating capital

Operating margin


Production, 000' m3

Deliveries, 000' m3

Items affecting comparability:Q4 2007: A reversed write-down of

MSEK 60.

Updated: 2011-08-17

Q22010 Q32010 Q42010 Q12011 Q22011

150 162 147 151 221

-131 -146 -147 -159 -229

-7 -7 -7 -19 -31

- - - - -

11 8 -6 -27 -38

11 8 -6 -27 -38

224 212 248 172 143

759 972 1192 1396 1482

8 5 -4 -18 -17

7 4 -2 -8 -11

77 70 72 110 140

71 77 74 78 123


20/36

HolmenHolmen Skog


Holmen SkogNet sales 1165 1200 1074 1335 1436 1433 1208 1365 1283 1163 1048 1306 1408Operating costs -1016 -1070 -932 -1118 -1259 -1283 -1075 -1151 -1133 -1042 -926 -1083 -1214Depreciation according to plan -6 -6 -6 -7 -6 -6 -6 -9 -6 -6 -6 -9 -6

Earnings from operations 143 124 135 210 172 144 127 205 144 114 116 214 188Change in value of forests 12 85 10 -18 -21 8 23 -26 -10 30 31 -35 1Items affecting comparability - - - 2100 - - - - - - - - -Operating profit 155 209 145 2292 151 152 150 179 134 144 147 179 189Op profit excl items affecting

comparability 155 209 145 192 151 152 150 179 134 144 147 179 189Investments 7 4 5 63 8 19 10 9 8 3 4 54 1Operating capital 9041 9097 9126 11264 11317 11392 11378 11415 11449 11420 11437 11384 11395Return on operating capital 7 9 6 8 5 5 5 6 5 5 5 6 7Harvesting company forests, 000'

m3 533 672 642 728 534 714 631 770 580 753 704 859 643

Items affecting comparability:Q4 2007: A positive revaluation of

forests by MSEK 2 100.K4 2010: A positive revaluation of

forests by MSEK 1 050.

Updated: 2011-08-17


21/36

Holmen

Holmen Skog

SEKm

Holmen SkogNet sales

Operating costs


Earnings from operationsChange in value of forests


Operating profit

Op profit excl items affecting

comparability

Investments

Operating capital


Harvesting company forests, 000'

m3

Items affecting comparability:Q4 2007: A positive revaluation of


K4 2010: A positive revaluation of


Updated: 2011-08-17

Q22010 Q32010 Q42010 Q12011 Q22011

1441 1281 1456 1697 1594

-1222 -1110 -1245 -1452 -1415

-6 -6 -10 -7 -7

213 165 200 238 1721 47 3 -17 6

- - 1050 0 0

214 212 1253 221 178

214 212 203 221 178

-3 7 -8 -2 17

11410 11511 12597 12627 12557

8 7 7 7 6

882 711 762 664 792


22/36

Holmen

Holmen Energi


Holmen EnergiNet sales 433 344 352 462 499 392 442 501 442 359 363 465 549Operating costs -314 -295 -307 -384 -369 -329 -404 -386 -293 -295 -286 -320 -362Depreciation according to plan -4 -4 4 -4 -4 -4 -5 -5 -5 -5 -5 -7 -5

Operating profit 114 45 40 73 125 58 33 110 144 59 72 138 182Investments 2 2 3 7 11 22 8 35 19 31 15 19 10Operating capital 2936 2940 2947 2960 2968 2952 2954 3006 3025 3156 3175 3207 3219Return on operating capital 16 6 5 10 17 8 5 15 19 8 9 17 23Production of hydro power 396 272 249 276 388 254 176 311 304 203 229 355 323

Updated: 2011-08-17

H l


23/36

HolmenHolmen Energi

SEKm

Holmen EnergiNet sales

Operating costs


Operating profitInvestments

Operating capital


Production of hydro power

Updated: 2011-08-17

Q22010 Q32010 Q42010 Q12011 Q22011

408 419 556 494 436

-313 -317 -423 -382 -357

-5 -5 -5 -5 -5

90 96 127 107 758 10 38 -0 7

3207 3223 3235 3245 3226

11 12 16 13 9

255 268 299 276 234

Holmen


24/36

Holmen

Multi-year review

SEKm 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

Income statementNet sales, Group 15155 16655 16081 15816 15653 16319 18592 19159 19334 18071 17581Operating costs -11843 -12460 -12205 -12306 -12570 -13250 -14954 -15548 -16630 -15175 -15026Depreciation and amortisation

according to plan -1045 -1126 -1153 -1166 -1156 -1167 -1346 -1337 -1343 -1320 -1251Interest in earnings of associates 552 -3 -10 -6 25 20 11 12 50 45 28Items affecting comparability 2023 -620 0 0 0 0 0 557 -361 - 264

Operating profit, Group 4842 2446 2713 2338 1952 1967 2303 2843 1051 1620 1596Net financial items -101 -152 -149 -212 -206 -233 -247 -261 -311 -255 208

Profit before tax 4741 2294 2564 2126 1746 1734 2056 2582 740 1366 1388Tax -769 -108 -605 -675 -471 -478 -597 -1077 -98 -360 -684Profit for the year 3972 2186 1959 1451 1275 1256 1459 1505 642 1006 704Diluted earnings per share 44.7 26.4 23.6 17.5 15.1 14.8 17.2 17.8 7.6 12.0 8.4

Net sales

Net sales, Holmen Paper 7618 8757 8164 7788 7814 8442 10140 10345 10443 9303 8142Net sales, Iggesund Paperboard 4186 4467 4850 4920 4877 4860 5240 5100 4860 5023 4849Net sales, Holmen Timber 762 712 572 510 492 460 465 589 499 553 586Net sales, Holmen Skog 4117 3982 3538 3613 3780 3858 4042 4775 5443 4799 5585Net sales, Holmen Energi 1110 1108 1120 1337 1258 1480 1691 1590 1834 1628 1932Elimination of intra-group net sales -2638 -2371 -2163 -2352 -2568 -2781 -2986 -3239 -3745 -3236 -3513

15155 16655 16081 15816 15653 16319 18592 19159 19334 18071 17581

Operating profitOperating profit, Holmen Paper 1389 2410 1664 747 487 631 754 623 280 340 -618

Operating profit, IggesundPaperboard 569 455 818 1001 809 626 752 599 320 419 817Operating profit, Holmen Timber -116 -79 -6 18 5 13 80 146 13 21 20Operating profit, Holmen Skog 466 455 450 516 586 537 643 702 632 605 818Operating profit, Holmen Energi 99 49 -26 193 178 301 197 272 327 414 495Group-wide costs and eliminations -112 -224 -187 -137 -113 -141 -123 -56 -159 -178 -200Op profit excl items affecting

comparability 2295 3066 2713 2338 1952 1967 2303 2286 1412 1620 1332Items affecting comparability 2023 -620 - - - - - 557 -361 - 264Transferred operations 524 - - - - - - - - - -

Operating profit 4842 2446 2713 2338 1952 1967 2303 2843 1051 1620 1596

Operating capitalOperating capital, Holmen Paper 8564 9584 9884 9461 9659 11452 11541 9971 10237 8789 6954Operating capital, Iggesund

Paperboard 4877 4330 3963 3885 3871 3965 3935 4180 4254 4114 4313Operating capital, Holmen Timber 411 232 258 277 231 230 208 345 366 396 1192Operating capital, Holmen Skog 6527 6517 6429 6383 8842 8919 9001 11264 11415 11384 12597Operating capital, Holmen Energi 826 805 2877 2926 2930 2958 2965 2960 3006 3207 3235Group central costs and other -412 -424 -242 65 -118 -87 -354 -630 -1654 -961 93Operating capital, Group 20793 21044 23169 22997 25415 27437 27297 28090 27623 26929 28385Deferred tax liability, net -4073 -3811 -4176 -4262 -4904 -4791 -4676 -5181 -4477 -4741 -5910

Capital employed, Group 16720 17233 18993 18735 20511 22646 22621 22909 23146 22188 22684

Operating margin, %

Operating margin, Holmen Paper 18 28 21 10 6 7 7 6 3 4 -8Operating margin, Iggesund

Paperboard 14 10 17 20 17 13 14 12 7 8 17Operating margin, Holmen Timber -7 -11 -1 3 1 3 17 24 2 4 4Operating margin, Group 15 18 17 15 12 12 12 12 7 9 8


Return on operating capital, HolmenPaper 17 26 17 8 5 6 6 5 3 4 -8Return on operating capital,

Iggesund Paperboard 12 9 20 25 20 16 19 15 8 10 20Return on operating capital, Holmen

Timber -28 -20 -3 7 2 6 38 64 4 6 3



25/36


Skog 7 7 7 8 7 6 7 8 6 5 7Return on operating capital, Holmen

Energi 9 7 5 7 6 10 7 9 11 13 15Return on operating capital, Group 12 14 13 10 8 7 8 8 5 6 5

Return, %

Return on capital employed, Group 15 18 16 12 10 9 10 10 6 7 6Return on equity, Group 24 16 14 10 8 8 9 9 4 6 4

Items affecting comparability:Year 2000: Mainly the divestment

within the Group of Modo Paper AB,

an associated company, for MSEK 1

848, and the repayment of SPP

funds of MSEK 175.

Year 2001: Write-down of MSEK

620 in fixed assets.Year 2007: Write-down of MSEK

569 in goodwill and of MSEK 1 034in tangible fixed assets within

Holmen Paper, a reversed write-

down of MSEK 60 within Holmen

Timber, and a positive revaluation of

forests by MSEK 2 100 within

Holmen Skog, all of which were

taken into the accounts in the fourth

quarter of 2007.

Year 2008: Closure of Wargn Mill

MSEK 298 and a cost of MSEK 115for the closure of PM 2 at Hallsta

Paper Mill. An income of MSEK 52



Mill.Year 2010: Impairment of fixed

assets SEK -555 million, provisions

for restructuring SEK -231 million

and revaluation of forrest (SEK

+1050 million).

Updated: 2011-04-27

Holmen


26/36

Holmen

Income statements

SEKm 2004 2005 2006 2007 2008 2009 2010

Net sales 15653 16319 18592 19159 19334 18071 17581Other operating income 414 546 501 642 755 600 862Change in inventories 95 66 91 62 106 -381 0Raw materials and consumables -7534 -8105 -9666 -10146 -10929 -9017 -9800

Capitalised work on own account - 36 5 - - - -Staff costs -2420 -2518 -2538 -2767 -2965 -2662 -2689Other operating costs -3186 -3312 -3462 -3428 -3885 -3709 -3616Depreciation and amortisation

according to plan -1156 -1167 -1346 -1337 -1343 -1320 -1251Impairment losses - - - -1543 -57 -22 -555

Change in value of biological assets 61 82 115 2189 -16 16 1102Interest in earnings of associates 25 20 11 12 50 45 -38

Operating profit 1952 1967 2303 2843 1051 1620 1596

Finance income 18 11 15 17 17 12 12Finance costs -224 -244 -262 -279 -328 -267 -220

Profit before tax 1746 1734 2056 2582 740 1366 1388

Tax -471 -478 -597 -1077 -98 -360 -684

Profit for the year 1275 1256 1459 1505 642 1006 704

Earning per share, basic 15.10 14.80 17.20 17.80 7.60 12.00 8.40

Earnings per share, diluted 15.10 14.80 17.20 17.80 7.60 12.00 8.40

Updated: 2011-04-27

Holmen


27/36

Balance sheets

SEKm 2004 2005 2006 2007 2008 2009 2010

Assets

Non-current assets

Intangible non-current assets 559 658 627 42 106 27 19Property, plant and equipment 12153 14321 13782 12984 13142 12473 11877

Biological assets 8622 8704 8830 11073 11080 11109 12161Interests in associates 1668 1622 1731 1745 1824 1770 1748Other shares and participating

interests 86 117 11 7 11 10 12Non-current financial receivables 78 93 130 108 87 151 188Deferred tax assets 273 352 354 301 342 304 210

Total non-current assets 23439 25867 25464 26261 26593 25845 26216

Current Assets

Inventories 2399 2518 2606 3063 3434 2850 3340Trade receivables 2324 2547 2812 3004 3144 2712 2518Current tax receivable 23 34 138 21 141 22 4Other operating receivables 403 610 582 460 548 490 1088Current financial receivables 34 58 55 39 88 74 73Cash and cash equivalents 367 580 484 394 653 182 193Total current assets 5550 6347 6677 6982 8009 6331 7216

Total assets 28989 32214 32141 33243 34602 32176 33432

Total equity and liabilitiesEquity

Share capital 4238 4238 4238 4238 4238 4238 4238Other contributed capital 281 281 281 281 281 281 281Reserves 108 142 211 -16 -672 -70 2Retained earnings incl. profit for the

year 11008 11346 11906 12429 11795 12056 12392Total equity attributable to the

owners of the parent company 15523 16007 16636 16932 15641 16504 16913


Non-current financial liabilities 2625 2584 2503 2452 3223 3472 3666Pension provisions 302 418 356 247 354 320 213Other provisions 217 225 626 658 1080 1102 459Deferred tax liabilities 5177 5143 5030 5482 4819 5045 5910

Total non-current liabilities 8321 8370 8515 8840 9475 9939 10247

Current liabilities

Current financial liabilities 2408 4349 3775 3819 4756 2298 2349Trade payables 1510 2221 2063 2338 2282 1911 2453Current tax liability 170 137 28 17 14 102 112Provisions 118 125 91 102 277 274 270

Other operating liabilities 827 1005 1033 1196 2157 1149 1088Total current liabilities 5033 7837 6990 7471 9486 5733 6273

Total liabilities 13354 16207 15505 16311 18960 15672 16520

Total equity and liabilities 28989 32214 32141 33243 34602 32176 33432

Updated: 2011-04-27

Holmen


28/36

Cash flow analysis

SEKm 2005 2006 2007 2008 2009 2010

Operating activities

Profit before tax 1734 2056 2582 740 1366 1388Adjustments for non-cash items 914 1225 629 1797 1162 811Paid income taxes -516 -664 -390 -192 -334 -704

Cash flow from op activitiesbefore changes in working cap 2132 2617 2821 2345 2195 1495


working capital

Change in inventories -85 -89 -457 -373 621 -428Change in trade receivables and

other op receivables -333 -117 -213 -40 445 -139Change in trade payables and other

op liabilities 757 -53 325 -273 -389 595Cash flow from operating

activities 2471 2358 2476 1660 2873 1523

Investing activities

Acquisition of property, plant and

equipment -3001 -1051 -1373 -1135 -747 -1648Disposal of property, plant and

equipment 32 102 11 23 28 95Acquisition of intangible non-current

assets -13 -18 -7 -8 0 0Disposal of intangible non-current

assets 7 3 - - - 0Acquisition of biological assets -6 -10 -53 -12 -5 -8Disposal of biological assets 45 27 6 12 5 12Increase in non-current financial

receivables - - - - -107 -14Repayment of non-current financial

receivables - - - - 3 3Acquisition of shares and

participating interests -149 0 -1 -5 -6 -36Disposal of shares and participating

interests 56 - 102 2 12 0

Cash flows from investingactivities -3029 -947 -1315 -1124 -818 -1597

Financing activitiesRaised long-term loans 793 741 - 927 1492 500Repayments of long-term loans -1167 -1435 -344 -109 -584 -959

Change in current financial liabilities 2027 129 109 31 -2672 1141Change in current financial

receivables -40 -1 -1 17 -1 -1

Buy-back of company's own shares - - - -153 - 0Premiums received for issued call

options - - - 15 - 0Dividends paid to the owners of the

parent company -848 -932 -1017 -1017 -756 -588Cash flow from financing

activities 765 -1498 -1253 -289 -2522 93

Cash flow for the year 207 -87 -91 247 -467 19

Opening cash and cash equivalents 367 580 484 394 653 182Exchange difference in cash and

cash equivalents 6 -9 1 12 -4 -8Closing cash and cash

equivalents 580 484 394 653 182 193

Updated: 2011-04-27


29/36

Holmen

K r ti


30/36

Key ratios

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

Earnings measurementOperating profit 4842 2446 2713 2338 1952 1967 2303 2843 1051 1620 1332Op profit excl items affecting

comparability 2819 3066 2713 2338 1952 1967 2303 2286 1412 1620 1596

Profit for the year 3972 2186 1959 1451 1275 1256 1459 1505 642 1006 704Earnings per share 44.7 26.4 23.6 17.5 15.1 14.8 17.2 17.8 7.6 12.0 8.4

Margin measurements

Operating margin 15 18 17 15 12 12 12 12 7 9 8

Capital structure

Equity per share 213 176 188 192 184 189 196 200 186 196 201Equity/assets ratio 64.7 56.4 56.3 58.3 53.9 50.0 51.8 50.9 45.2 51.3 50.6Debt/equity ratio (0.02) 0.22 0.25 0.22 0.31 0.41 0.36 0.35 0.48 0.34 0.34Investments 1115 1715 3191 755 1291 3170 1079 1433 1160 759 1692Depreciation/amortisation for the

period 1045 1126 1153 1166 1156 1167 1346 1337 1343 1320 1251Operating capital 20793 21044 23169 22997 25415 27437 27297 28090 27623 26929 28385Capital employed 16720 17233 19153 18735 20511 22615 22621 22909 23146 22188 22684Net financial debt 294 3161 3808 3369 4876 6536 5985 5977 7504 5683 5772

ReturnsReturn on operating capital 12 14 13 10 8 7 8 8 5 6 5Return on capital employed 15 18 16 12 10 9 10 10 6 7 6Return on average equity 24 16 14 10 8 8 9 9 4 6 4

OtherAverage number of employees 5275 5238 5075 4927 4897 4868 4958 4931 4829 4577 4241

Items affecting comparability:Year 2000: Mainly the divestment

within the Group of Modo Paper AB,

an associated company, for MSEK 1

848, and the repayment of SPP

funds of MSEK 175.

Year 2001: Write-down of MSEK

620 in fixed assets.

Year 2007: Write-down of MSEK569 in goodwill and of MSEK 1 034

in tangible fixed assets within

Holmen Paper, a reversed write-

down of MSEK 60 within Holmen

Timber, and a positive revaluation of

forests by MSEK 2 100 within

Holmen Skog, all of which were

taken into the accounts in the fourth

quarter of 2007.

Year 2008: Closure of Wargn MillMSEK 298 and a cost of MSEK 115

for the closure of PM 2 at Hallsta




Mill.Year 2010: Impairment of fixed

assets (SEK -555 million), provisions

for restructuring (SEK -231 million)

and revaluation of forrest (SEK

+1050 million).

Updated: 2011-04-27

Holmen

Holmen Paper


31/36

Holmen Paper

SEKm 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

Holmen Paper

Net sales 7618 8757 8164 7788 7814 8442 10140 10345 10443 9303 8142Operating costs -5660 -5706 -5793 -6291 -6600 -7084 -8472 -8808 -9268 -8084 -7913Depreciation according to plan -569 -641 -707 -750 -727 -727 -913 -914 -896 -878 -847

Items affecting comparability - - - - - - - -1603 -361 - -786Operating profit 1389 2410 1664 747 487 631 754 -980 -81 340 -1404Op profit excl items affecting

comparability 1389 2410 1664 747 487 631 754 623 280 340 -618Investments 2544 1418 1121 395 869 2655 686 584 679 287 211Operating capital 8564 9584 9884 9461 9659 11452 11541 9971 10237 8789 6954Operating margin 18 28 21 10 6 7 7 6 3 4 -8Return on operating capital 17 26 17 8 5 6 6 5 3 4 -8Production, 000' tonnes 1535 1586 1541 1645 1739 1773 2044 2034 2033 1715 1713Deliveries, 000' tonnes 1560 1525 1528 1655 1731 1764 2021 2025 2044 1745 1732Average number of employees 2391 2494 2528 2488 2496 2488 2667 2666 2584 2301 2084

Items affecting comparability:Year 2007: Write-down of MSEK

569 in goodwill and of MSEK 1 034

in tangible fixed assets within

Holmen Paper.Year 2008: Closure of Wargn Mill

MSEK 298 and a cost of MSEK 115

for the closure of PM 2 at Hallsta




Mill.

Year 2010: Impairment of fixed

assets SEK -555 million, provisions

for restructuring SEK -231 million.

Updated: 2011-04-27



32/36

Iggesund Paperboard

SEKm 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

Iggesund PaperboardNet sales 4186 4467 4850 4920 4877 4860 5240 5100 4860 5023 4849Operating costs -3259 -3620 -3662 -3585 -3725 -3884 -4133 -4147 -4173 -4244 -3708Depreciation according to plan -358 -392 -370 -334 -343 -350 -356 -355 -368 -361 -324

Operating profit 569 455 818 1001 809 626 752 599 320 419 817Investments 405 249 227 264 381 307 351 689 327 260 521Operating capital 4877 4330 3963 3885 3871 3965 3935 4180 4254 4114 4313Operating margin 14 10 17 20 17 13 14 12 7 8 17Return on operating capital 12 9 20 25 20 16 19 15 8 10 20

Production, paperboard, 000' tonnes 445 403 458 479 502 493 542 513 491 471 463Deliveries, paperboard, 000' tonnes 415 410 453 481 501 492 536 516 494 477 464Average number of employees 1979 1930 1850 1843 1840 1824 1744 1704 1670 1669 1528

Updated: 2011-04-27

Holmen

Holmen Timber


33/36

SEKm 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

Holmen TimberNet sales 762 712 572 510 492 460 465 589 499 553 586Operating costs -829 -756 -560 -470 -464 -422 -361 -420 -452 -501 -537Depreciation according to plan -49 -35 -18 -22 -23 -25 -24 -23 -34 -31 -29

Items affecting comparability - - - - - - - 60 - - -Operating profit -116 -79 -6 18 5 13 80 206 13 21 20Op profit excl items affecting

comparability - - - - 5 13 80 146 13 21 20Investments 69 13 65 27 8 41 5 63 21 110 800Operating capital 411 232 258 277 231 230 208 345 366 396 1192Operating margin -7 -11 -1 3 1 3 17 24 3 4 4Return on operating capital -28 -20 -3 7 2 6 38 64 4 6 3Production, 000' m3 374 299 195 191 205 222 247 272 279 291 285Deliveries, 000' m3 360 322 220 189 195 229 248 262 266 313 285Average number of employees 274 229 138 106 96 92 87 97 110 114 139

Items affecting comparability:Year 2007: A reversed write-down of

MSEK 60.

Updated: 2011-04-27

Holmen

Holmen Skog


34/36

SEKm 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

Holmen Skog

Net sales 4117 3982 3538 3613 3780 3858 4042 4775 5443 4799 5585Operating costs -3613 -3495 -3059 -3068 -3227 -3375 -3485 -4136 -4769 -4184 -4791Depreciation according to plan -38 -32 -29 -29 -28 -28 -28 -26 -26 -27 -28

Earnings from operations 466 455 450 516 525 455 528 613 648 589 766Change in value of forests - - - - 61 82 115 89 -16 16 52Items affecting comparability - - - - - - - 2100 - - 1050

Operating profit 466 455 450 516 586 537 643 2802 632 605 1868Op profit excl items affecting

comparability 466 455 450 516 586 537 643 702 632 605 818Investments 37 25 39 31 21 43 29 79 47 69 -3Operating capital 6527 6517 6429 6383 8842 8919 9001 11264 11415 11384 12597Return on operating capital 7 7 7 8 7 6 7 8 6 5 7Harvesting company forests, 000'

m3 2338 2394 2510 2725 2608 2334 2618 2575 2649 2897 2999

Average number of employees 475 448 426 430 408 409 402 409 413 446 442Items affecting comparability:Year 2007: A positive revaluation of

forests by MSEK 2 100.Year 2010: A positive revaluation of


Updated: 2011-04-27

Holmen

Holmen Energi

SEK 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010


35/36

SEKm 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

Holmen EnergiNet sales 1110 1108 1120 1337 1258 1480 1691 1590 1834 1628 1932Operating costs -995 -1048 -1135 -1126 -1062 -1161 -1476 -1300 -1488 -1194 -1416Depreciation according to plan -16 -11 -11 -17 -18 -18 -17 -17 -19 -21 -21

Operating profit 99 49 -26 193 178 301 197 272 327 414 495Investments - 3 1671 37 12 93 6 14 76 88 65Operating capital 826 805 2877 2926 2930 2958 2965 2960 3006 3207 3235Return on operating capital 9 7 5 7 6 10 7 9 11 13 15Production of hydro power 1308 1362 1048 867 1054 1236 934 1193 1128 1090 1145Average number of employees 14 13 9 9 9 9 9 8 10 10 11

Updated: 2011-04-27

HolmenExternal net turnover by market

SEKm 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010


36/36

SEKm 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

Sweden 4057 4114 3801 3730 3657 3916 4181 4487 4940 4211 4274UK 2304 2635 2699 2444 2460 2336 2502 2383 1943 2083 1811Germany 1903 2104 1894 1937 1937 2229 2651 2509 2597 2676 2541Spain 1142 1480 1219 1026 951 1111 1665 1709 1909 1427 1461

The Netherlands 847 847 825 833 827 732 693 728 771 771 655France 1017 953 873 741 761 820 787 754 786 728 724Italy 476 571 610 582 566 713 912 954 953 848 763Rest of Europe 2316 2621 2462 2764 2467 2769 3054 3939 3411 3011 3357Rest of the world 1093 1330 1698 1759 2027 1693 2147 1997 2024 2316 1993

Total 15155 16655 16081 15816 15653 16319 18592 19159 19334 18071 17581

Updated: 2011-04-27

holmen statistics

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