Billerud: Interim Report January -- June 2003

STOCKHOLM, Sweden, July 17, 2003 (PRIMEZONE) -- Billerud (Other OTC:BLRDF)(Other OTC:BLRDY): Interim reportJanuary-June 2003


                                Quarter                January-June
                                   2003   2003   2002
                                    II      I     II    2003    2002

 Net turnover, MSEK               1,731  1,844  1,772   3,575   3,528
 Operating profit, MSEK             284    297    251     581     519
 Operating margin, %                 16     16     14      16      15
 Profit after financial
  items, MSEK                       266    276    228     542     475

 Earnings per share, SEK               3.30   3.45   2.64    6.75    5.46

- Demand deteriorated gradually during the second quarter.

- The operating profit for the January to June period was MSEK 581, up 12% on last year.

- The increase was mainly due to higher prices.

- Compared with the first quarter, earnings fell during the second quarter by 4% to MSEK 284. The decline was mainly due to lower delivery volumes. - The profit after financial items was MSEK 542 and the return on capital employed over the most recent 12-month period was 27%. Excluding the effects of currency hedging, the return was 17%.

- Operating cash flow was MSEK 311.

- Deliveries amounted to 639,000 tonnes, down 4% on last year.

- Planned maintenance stoppages were carried out at Skarblacka and Karlsborg.

- The Board has decided to continue buying back Billerud shares.

- Based on the current demand, Billerud's assessment is that operating profit for the full year 2003 will be approximately 10-15% lower than in 2002.

If you have any questions concerning this report, please contact Bert Ostlund, President & CEO, +46 8 553 335 00 or +46 70 518 2757 or Nils Lindholm, CFO, +46 8 553 335 00 or +46 70 217 5225 E-mail: info@billerud.com


 Future financial statements
 Third quarter 2003              21 October 2003
 Financial statement 2003        27 January 2004

The next Annual General Meeting will be held on 5 May 2004.

Billerud AB (publ) Box 703, SE-169 27 Solna Corporate Identity Number 556025-5001 Tel +46 8 553 335 00 Fax +46 8 553 335 80 E-mail: info@billerud.com

Internet website: http://www.billerud.com

Billerud manufactures and markets packaging paper in the form of kraft paper andcontainerboard, and market pulp. Production is carried out at the Group'sintegrated pulp and paper mills in Gruvon, Karlsborg and Skarblacka. Billerudhas a world-leading position within several well-defined product segments. Themain customer base is in Europe but also includes the rest of the world.Billerud has annual sales of approximately SEK 7 billion and around 2,400employees.

Billerud: Interim Report January -- June 2003

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