Billerud: Financial Statement 2002

STOCKHOLM, Sweden, January 28, 2003 (PRIMEZONE) -- Billerud:


   FINANCIAL STATEMENT 
  January-December 2002
                            Quarter     Full year
                              2002       2002      2001            
                               IV        III        IV    2002   2001
                                                                         
 Net turnover, MSEK            1,735   1,804  1,735  7,067  6,910
 Operating profit, MSEK          341     354    265  1,214  1,299
 Operating margin, %              20      20     15     17     19
 Profit after financial items,   312     329    230  1,116  1,181
  MSEK
 Earnings per share. SEK         3.85   4.02   2.98  13.25  13.81

- Market demand remained good during the final quarter. Record production was achieved for Billerud as a whole and for nearly all paper machines in 2002.

- Operating profit in the final quarter reached MSEK 341, down 4% on the previous quarter due to higher costs in connection with the maintenance stoppage at Gruvon.

- Operating profit for the full year was MSEK 1,214 (1,299). After adjustments for one-off costs, the full-year result for 2001 was MSEK 1,346.

- Currency hedging had a positive effect on results of MSEK 316, of which MSK 131 was in the final quarter. Currency hedging had a negative effect of MSEK 20 in 2001.

- Synergy benefits from the formation of Billerud had a positive effect on results of MSEK 100.

- Return on capital employed amounted to 25% (27). Excluding currency hedging effects, the return was 19%.

- Cash flow in 2002 was MSEK 969, of which MSEK 661 was used to pay dividends and buy back Billerud shares.

- The Board proposes a dividend of SEK 6.50 per share (3.50), up 86% on last year. The Board will also propose additional share buy-backs.

- Based on the current economic conditions and existing currency hedging, Billerud estimates that results in 2003 will be in line with 2002.

Bert Ostlund, CEO, will present the results in a teleconference in English at 18.00 CET Please call +46 8 5052 0114 (from Sweden), +44 (0)20 7162 0125 (from Europe) or +1 334 323 6203 (from the US) at 17.55 CET. If you are unable to participate, there will be a replay facility for 48 hours. Please call UK replay number +44 (0)20 8288 4459 or US replay number +1 334 323 6222. Access code: 682 002



If you have any questions concerning this report, please contact:
Bert Ostlund, President & CEO
+46 8 553 335 00 or +46 70 518 2757 

Nils Lindholm, CFO
+46 8 553 335 00 or +46 70 217 5225
E-mail: info@billerud.com

Corporate Identity No. 556025-5001 www.billerud.com

This document is a translation of the original, published in Swedish. In cases of any discrepancies between the Swedish and English versions, or in any other context, the Swedish original shall have precedence.

Billerud: Financial Statement 2002

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