Press release
29 Jan 2018, 13:00 CET

YEAR-END REPORT January–December 2017

(Tables included in attached PDF)


  • Net sales SEK 5 565 m
  • EBITDA SEK 923 m
  • EBITDA margin 17%
  • Earnings per share SEK 1.78


  • Net sales for the fourth quarter increased by 2% compared with the same quarter of the previous year, mainly as a result of improved selling prices.
  • EBITDA was SEK 923 million (693) which was better than the same quarter of the previous year due to price increases and lower fixed costs.
  • Adjusted EBITDA was SEK 950 million (898) which was 6% better.
  • EBITDA was affected by costs of SEK 140 million (135) for planned maintenance shutdowns.
  • The operating margin was 9%; the adjusted operating margin was 11%.
  • Earnings per share amounted to SEK 1.78 (0.66).


  • Record high net sales and all financial targets fulfilled.
  • Net sales increased by 3%, while sales volumes were in line with the previous year.
  • Favourable price and currency developments were offset by higher variable costs – EBITDA increased by 4%, with an EBITDA margin of 17%.
  • The earnings impact from planned maintenance shutdowns in 2017 was SEK 657 million, which was SEK 84 million higher than in 2016 and SEK 62 million higher than expected.
  • Project costs for investments at Gruvön and Skärblacka had an impact of SEK 150 million (325) for 2017.
  • Earnings per share amounted to SEK 7.91 (7.33).


  • The Board proposes a dividend of SEK 4.30 (4.30) per share for 2017.

Comments by BillerudKorsnäs’ CEO Petra Einarsson:

Stable results

“Our strong position in a growing market is enabling us to continue reporting high growth and stable earnings. Strong demand is continuing, resulting in increased sales, which are up by just over 3 percent on the previous year. Production volumes are at record-high levels, despite recurring availability problems. Of course, we are not satisfied with being unable to meet the demand that exists, and we are therefore now intensifying our action plan to boost production stability. Going forward, ensuring operating excellence will be one of my focal areas.
Our investments for long-term growth have proved to be more expensive than expected. However, the projects are continuing to progress and I believe our initiatives, both to meet customer demand and to increase operational stability, will generate results over the next few years”

The result

EBITDA for the full year rose by 4% to SEK 3 760 million. Sales volumes were unchanged compared with the previous year, while net sales increased by 3% owing mainly to increased prices and a positive currency impact. Variable costs increased, in part because of external pulp purchases at the start of the year relating to the rebuild of Rockhammar.
All business areas are continuing to deliver stable earnings. Despite inadequate Consumer Board production availability, growth was 3%, which is in line with the Group’s overall target. Managed Packaging, within Corrugated Solutions, is continuing to deliver strong sales growth – up 50% on the previous year. Packaging Paper delivered record earnings, despite lower capacity owing to the relocation of the MG machine from Tervasaari to Skärblacka.

Market outlook

The strong performance in the market by all business areas is expected to continue. We are seeing favourable order levels and opportunities for further price increases, particularly in Packaging Paper and Corrugated Solutions.
The positive picture is reinforced by the fact that we are correctly positioned, with a broad offering of innovative and sustainable packaging and solutions. Demand for a comprehensive offering in which the material plays a key role is growing. Packaging is gaining an increasingly important role in many brand owners’ efforts to make their products more competitive. This continues to give us great confidence in our products and our development.


Efficiency is a cornerstone of our strategy. Our approach to efficiency is about doing things right, and having efficient processes and practices. It is our customers who principally determine what the right things to do are. That’s why we are increasingly focusing on developing and harmonising our working practices by strengthening group-wide functions within our production organisation. This relates in particular to minimising production disruptions and ensuring our products maintain consistently high quality.
Another important element relates to developing new business models and progressing along the value chain. Managed Packaging is expected to deliver strong sales growth, both through new customers and increased volumes from existing customers.

BillerudKorsnäs’ President and CEO Petra Einarsson and CFO Susanne Lithander will present the interim report at a press and analyst conference at 15:30 CET on Monday 29 January 2018.
Venue: Tändstickspalatset, Västra Trädgårdsgatan 15, Stockholm
The press and analyst conference can also be viewed live on BillerudKorsnäs’ website

For further information, please contact:

Petra Einarsson, President and CEO +46 (0)8 553 335 00
Susanne Lithander, CFO, +46 (0)8 553 335 00
Christopher Casselblad, IR, +46 (0)8 553 335 08

This information constituted insider information prior to publication. This is information that BillerudKorsnäs AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 13.00 CET on 29 January 2018. 

BillerudKorsnäs provides packaging materials and solutions that challenge conventional packaging for a sustainable future. We are a world leading provider of primary fiber based packaging materials and have customers in over 100 countries. The company has 8 production units in Sweden, Finland and the UK and about 4300 employees in over 13 countries. BillerudKorsnäs has an annual turnover of about SEK 22 billion and is listed on Nasdaq Stockholm.