Regulatory
Press release
28 Apr 2009, 10:00 CET

Interim report January-March 2009

Submitted for publication at 10.a.m. on 28 April 2009

Quarter Full year
2009 2008 2008
I IV I 2008

Net turnover, 1 900 1 709 2 096 7 792
MSEK

EBITDA, MSEK 102 -35 337 796

Operating -37 -165 214 289
profit/loss
MSEK

Operating -2 -10 10 4
margin, %

Profit/loss -69 -222 180 124
after
financial
items, MSEK

Net profit/ -39 -98 130 152
loss, MSEK

Earnings per -0.76 -1.89 2.52 2.96
share, SEK


January-March 2009 compared with same period in 2008
• Net turnover was MSEK 1,900 (2,096), down 9%.
• Net loss was MSEK -39 (130).
• Earnings per share were SEK -0.76 (2.52).
• Operating loss was MSEK -37 (214), representing a margin of -2% (10).
• Currency hedging had negative effects on operating loss with MSEK -151 (51) compared with if no hedging had been performed.
• During the quarter Billerud refinanced its syndicated credit facility worth MSEK 1,800 and due in September 2010, replacing it with a new, three-year syndicated facility for the same amount and due in April 2012.

January-March 2009 compared with October-December 2008
• Net turnover was MSEK 1,900 (1,709), up 11%.
• Net loss was MSEK -39 (-98), an improvement of MSEK 59.
• Orders for packaging paper improved from a very low level and delivered volumes increased by 15%.
• The lack of balance between supply and demand remained on the pulp market, with continued high inventories, low prices and unsatisfactory profitability.

Outlook for 2009
• Orders have improved compared with the historic low level of the fourth quarter but major uncertainty remains. Due to the weak market and increased competition, prices in local currency have generally fallen.
• An improving balance on the pulp market is expected to give possibilities for increased pulp prices.
• Lower wood prices and a significantly improved currency situation are expected to have positive effects on earnings whereupon old currency hedges will be replaced with new ones, and lower wood prices will make an impact.
• Cost savings are continuing according to plan and are expected to amount to at least MSEK 250 annually by the end of 2009, while investment levels will be reduced to half during 2009.