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BillerudKorsnäs — Interim / Quarterly Report 2011
Feb 1, 2012
2893_10-k_2012-02-01_18cc225e-19c3-4771-8407-8cc67cb3861c.pdf
Interim / Quarterly Report
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YEAR-END REPORT JANUARY-DECEMBER 2011
| Q4 | Q3 | ∆, % | Q4 | ∆, % | Jan-Dec | Jan-Dec | ∆, % | |
|---|---|---|---|---|---|---|---|---|
| SEKm | 2011 | 2011 | 2010 | 2011 | 2010 | |||
| Net sales | 2 086 | 2 327 | -10% | 2 279 | -8% | 9 343 | 8 828 | 6% |
| EBITDA | 225 | 456 | -51% | 492 | -54% | 1 592 | 1 647 | -3% |
| Operating profit/loss | 75 | 296 | -75% | 326 | -77% | 978 | 1 037 | -6% |
| Operating margin, % | 4% | 13% | -9 | 14% | -10 | 10% | 12% | -2 |
| Profit/Loss before tax | 62 | 288 | -78% | 308 | -80% | 933 | 960 | -3% |
| Net profit/loss for the period | 45 | 209 | -78% | 225 | -80% | 683 | 705 | -3% |
| Earnings per share, SEK | 0.44 | 2.03 | -78% | 2.19 | -80% | 6.63 | 6.84 | -3% |
SEK 75m
Operating profit
4% Operating margin
SEK 62m Profit before tax
SEK 0.44
Earnings per share
Fourth quarter 2011
- − Net sales amounted to SEK 2 086 million compared with SEK 2 327 million in the previous quarter.
- − Operating profit amounted to SEK 75 million, a decrease of SEK 221 million compared with the previous quarter. The decline is mainly due to less favourable prices and a periodic maintenance shutdown at the Gruvön mill leading to lower volumes and higher fixed costs.
- − Price pressure continued during the quarter and prices in local currency for packaging paper decreased by approximately 4% compared with the third quarter.
- − Market-related production shutdowns were implemented.
Full year 2011 compared with the same period in 2010
- − Net sales increased by 6% to SEK 9 343 million.
- − Operating profit amounted to SEK 978 million, a decrease of 6%. Lower operating profit for the Market Pulp business area was partly compensated by higher operating profit for the packaging paper segments.
Proposed dividend
− The Board of Directors proposes a dividend of SEK 3.50 (3.50) per share for 2011.
Outlook
- − At present there is uncertainty about the order situation for the Group in the first part of 2012. However, the market is showing signs of more stable development.
- − Continued price pressure is expected for the packaging paper segments at the beginning of 2012.
- − If required, market-related production shutdowns will be implemented in order to restore the balance in the market.
Billerud's President and CEO Per Lindberg and CFO Susanne Lithander will present the year-end report at a press and analyst conference on Wednesday, 1 February at 10.000 CET. Venue: Spårvagnshallarna, Birger Jarlsgatan 57 A, Stockholm, Sweden.
For further information, please contact: Per Lindberg, President and CEO +46 70 248 15 17 Susanne Lithander, CFO, +46 730 370 874
The information in this report is such that Billerud AB (publ) is obliged to disclose under the Swedish Securities Market Act. The information was submitted for publication on 1 February 2012 at 07.30 CET.
6% Net sales growth 2011 vs. 2010
10% Operating margin 2011
Per Lindberg President and CEO
Approximately 4% lower prices in local currency for packaging paper compared with the previous quarter
The price of NBSK pulp in Europe decreased by approximately USD 125 per tonne during the quarter
COMMENTS BY BILLERUD'S CEO PER LINDBERG
TOUGH END TO A GOOD YEAR
"2011 was an interesting and challenging year. It started very positively with high demand and rising prices which resulted in very strong earnings. The year ended more moderately after a fall in demand in the summer and autumn, price pressure on packaging paper, falling pulp prices and decreasing customer stocks. The consequence of this was that we generated an operating margin of only 4% in the fourth quarter. Operating profit was affected by a periodic maintenance shutdown in Gruvön, market-related production shutdowns, a 4% price reduction for packaging paper and an additional fall in pulp prices. Despite this, we are delivering a very strong result for the full year with an operating margin that met our 10% target and a return on capital employed of 20%.
In order to further strengthen our competitiveness going forward a decision was made during the quarter to invest approximately SEK 900 million in the Skärblacka mill. This investment will improve energy efficiency and environmental performance as well as enabling future expansion.
We look forward with confidence to an equally interesting and challenging 2012, with a market which shows signs of stabilising but which remains uncertain and difficult to predict."
MARKET
Billerud offers the global packaging market innovative and sustainable products and services. The Group has a leading position in primary fibre-based packaging paper. The packaging market shows continued positive long-term development primarily due to increased globalisation, greater prosperity and changed consumption patterns. In addition to packaging paper, Billerud sells the surplus of long-fibre pulp, Northern Bleached Softwood Kraft (NBSK), which is not used in its own production.
For the packaging paper segments the order situation during the quarter was at lower levels than normal. Compared to the previous quarter, the order situation for sack and kraft paper during the quarter was relatively stable and for primary fibre-based containerboard less favourable. As in the previous quarter, customers continued to focus on reducing their capital tied up in stocks. Price pressure continued during the quarter. Prices in local currency decreased by approximately 4% during the quarter compared with the third quarter. In order to restore the balance in the market, Billerud implemented market-related shutdowns during the quarter, primarily relating to sack and kraft paper production. Further market information per business area is provided on pages 5-6.
The market for NBSK pulp continued to weaken during the quarter compared with the previous quarter. Several non-integrated producers of NBSK implemented market-related production shutdowns during the quarter in order to restore the market balance. The price level in Europe fell to approximately USD 825 per tonne at the end of the quarter, compared with approximately USD 950 per tonne at the end of the previous quarter.
SALES VOLUMES
| ktonnes | Q4 -11 | Q3 -11 | ∆, % | Q4 -10 | ∆, % |
|---|---|---|---|---|---|
| Packaging paper | 227 | 244 | -7 | 242 | -6 |
| Market pulp | 88 | 91 | -3 | 81 | 9 |
| Total | 315 | 335 | -6 | 323 | -2 |
6% lower sales volumes
During the fourth quarter of 2011 Billerud's total sales volumes amounted to 315 000 tonnes, a decrease of 6% compared with the previous quarter. The decrease was mainly due to a periodic maintenance shutdown at the Gruvön mill. In addition, market-related production shutdowns were implemented to a greater extent which had a negative impact on volumes for packaging paper. The market-related production shutdowns were intended to restore market balance and mainly affected the Packaging & Speciality Paper business area.
NET SALES
OPERATING PROFIT
The decline in operating profit is mainly due to less favourable prices and a periodic maintenance shutdown at the Gruvön mill leading to lower volumes and higher fixed costs.
8% operating margin for packaging paper and -6% for market pulp
SALES AND RESULTS
FOURTH QUARTER COMPARED WITH THIRD QUARTER
Net sales amounted to SEK 2 086 million, a decrease of 10% compared with the third quarter, mainly attributable to lower sales volumes and less favourable prices.
Operating profit amounted to SEK 75 million, a decrease of SEK 221 million. The change in operating profit is shown in the table below. The operating margin amounted to 4% (13).
| CHANGE IN OPERATING PROFIT COMPARED WITH PREVIOUS QUARTER | |||
|---|---|---|---|
| SEKm | Q1 -11 /Q4 -10 |
Q2 -11 /Q1 -11 |
Q3 -11 /Q2 -11 |
Q4 -11 /Q3 -11 |
|---|---|---|---|---|
| Sales and production volumes, | ||||
| incl. product mix | 51 | -83 | -22 | -26 |
| Selling prices (in respective sales currency) | 46 | 81 | -35 | -111 |
| Change in variable costs | -78 | -5 | 26 | -24 |
| Change in fixed costs | 49 | -51 | 57 | -63 |
| Change in depreciation | 13 | 2 | -9 | 10 |
| Effects of exchange rate fluctuations, incl. hedging* | -75 | -1 | 4 | -7 |
| Total change in operating profit/loss | 6 | -57 | 21 | -221 |
* Effects of exchange rate fluctuations totalling SEK -7 million comprise the following components: changed spot rates SEK 22 million, currency hedging SEK 49 million and currency effects from remeasurement of trade receivables and payments from customers SEK -78 million.
A periodic maintenance shutdown was charged against the fourth quarter with costs of SEK 97 million compared with SEK 42 million in the third quarter. Lower sales and production volumes had a negative effect on operating profit of SEK 26 million. Changed selling prices in local currency had a negative impact of SEK 111 million. Prices in local currency for the packaging paper segments decreased by an average of 4% compared with the previous quarter. Variable costs increased by SEK 24 million, of which the effect of higher wood prices was SEK 10 million. Fixed costs increased by SEK 63 million, mainly due to maintenance costs and seasonally higher personnel costs.
OPERATING PROFIT PER BUSINESS AREA
| Business area | Operating margin, % | Operating profit/loss, SEKm | Deviation | ||
|---|---|---|---|---|---|
| (share of sales) | Q4 -11 | Q3 -11 | Q4 -11 | Q3 -11 | |
| Packaging & Speciality Paper | |||||
| and Packaging Boards | 8% | 15% | 125 | 262 | -137 |
| Packaging paper (approx. | |||||
| 80%) | |||||
| Market Pulp | -6% | 6% | -24 | 30 | -54 |
| Market pulp (approx. 20%) | |||||
| Currency hedging and other | na | na | -26 | 4 | -30 |
| Group | 4% | 13% | 75 | 296 | -221 |
In addition to the three business areas, the Group includes Currency hedging, etc., and Other and eliminations according to the specification on page 15.
Operating profit for packaging paper (Packaging & Speciality Paper and Packaging Boards) decreased by SEK 137 million, corresponding to a decrease in the operating margin from 15% to 8%. The decrease is mainly explained by less favourable prices and higher costs and lower volumes attributable to a periodic maintenance shutdown. Operating profit for Market Pulp decreased by SEK 54 million, mainly due to lower prices. The operating margin amounted to -6% compared with 6%. Further financial information per business area is provided on pages 5-7.
Net financial items amounted to SEK -13 million (-8). Profit before tax amounted to SEK 62 million and estimated tax was SEK -17 million. Net profit therefore amounted to SEK 45 million.
Net sales decreased by 8%
Operating profit decreased by SEK 251 million
6% growth in net sales
Operating profit decreased by SEK 59 million
FOURTH QUARTER COMPARED WITH THE SAME PERIOD IN 2010
Net sales decreased by 8% compared with the same period in the previous year.
Operating profit decreased by SEK 251 million, which was largely due to less favourable prices, lower sales volumes and higher variable costs (see table below). No periodic maintenance shutdowns took place during the same period in 2010. The operating margin reached 4% (14).
FULL YEAR 2011 COMPARED WITH THE SAME PERIOD IN 2010
Net sales amounted to SEK 9 343 million, an increase of 6% compared with the same period in the previous year. Improved prices and higher sales volumes are the main reasons for the increase.
Operating profit amounted to SEK 978 million, a decrease of SEK 59 million. Lower operating profit for the Market Pulp business area was partly compensated by higher operating profit for the packaging paper segments. Information about the changed operating profit items is provided in the table below. Variable costs increased by SEK 243 million, of which the effect of higher wood prices was SEK 212 million. The operating margin amounted to 10% (12).
CHANGE IN OPERATING PROFIT COMPARED WITH THE SAME PERIOD IN THE PREVIOUS YEAR
| Q1 -11 | Q2 -11 | Q3 -11 | Q4 -11 | Jan-Dec -11 | |
|---|---|---|---|---|---|
| SEKm | /Q1 -10 | /Q2 -10 | /Q3 -10 | /Q4 -10 | /Jan-Dec -10 |
| Sales and production volumes, | |||||
| incl. product mix | 10 | 80 | 5 | -73 | 22 |
| Selling prices (in respective | |||||
| sales currency) | 481 | 343 | 169 | -50 | 943 |
| Strike compensation | - | -77 | - | - | -77 |
| Change in variable costs | -88 | -57 | -28 | -70 | -243 |
| Change in fixed costs | -22 | -36 | -26 | -8 | -92 |
| Change in depreciation | -7 | -2 | -11 | 16 | -4 |
| Effects of exchange rate | |||||
| fluctuations, incl. hedging* | -276 | -177 | -89 | -66 | -608 |
| Total change in operating | 98 | 74 | 20 | -251 | -59 |
| profit/loss |
* Effects of exchange rate fluctuations totalling SEK -608 million comprise the following components: changed spot rates SEK -683 million, currency hedging SEK -154 million and currency effects from remeasurement of trade receivables and payments from customers SEK 229 million.
Net financial items amounted to SEK -45 million (-77), an improvement of SEK 32 million which is explained by lower debt. Profit before tax amounted to SEK 933 million and estimated tax was SEK -250 million. Net profit therefore amounted to SEK 683 million.
SHARE OF GROUP'S NET SALES Q4 -11
OPERATING PROFIT
PACKAGING & SPECIALITY PAPER BUSINESS AREA
Packaging & Speciality Paper offers technically advanced kraft and sack paper for packaging for food, industrial applications and carrier bags, as well as services within packaging optimisation and design. Europe and Asia are the largest markets.
| Quarter | Full year | ||||
|---|---|---|---|---|---|
| SEKm | Q4 -11 | Q3 -11 | Q4 -10 | 2011 | 2010 |
| Net sales | 941 | 1 056 | 1 020 | 4 293 | 4 166 |
| Other income | - | - | 1 | - | 40 |
| Operating expenses, other | -801 | -835 | -797 | -3 525 | -3 461 |
| Depreciation and impairment | -75 | -78 | -93 | -318 | -328 |
| Operating profit/loss | 65 | 143 | 131 | 450 | 417 |
| Operating margin, % | 7% | 14% | 13% | 10% | 10% |
| Sales volumes, ktonnes | 112 | 119 | 121 | 507 | 524 |
FOURTH QUARTER
Operating profit amounted to SEK 65 million, a decrease of SEK 78 million compared with the previous quarter. The decrease is mainly explained by lower prices but also by higher costs.
Compared with the same period in 2010 operating profit decreased by SEK 66 million, which is due to lower sales volumes, mainly related to market-related production shutdowns and periodic maintenance shutdown, and higher variable costs.
FULL YEAR
Operating profit increased by SEK 33 million to SEK 450 million compared with the same period in the previous year, mainly due to improved prices which compensated for higher variable costs and lower sales volumes.
MARKET DEVELOPMENT
The order situation for sack and kraft paper was lower than normal during the quarter. For sack paper the order situation during the quarter was stable compared with the second half of the third quarter. Towards the end of the fourth quarter, the order situation for sack paper improved to some extent. The order situation for kraft paper during the quarter was stable compared with the previous quarter, a situation which still applied at the end of the quarter. As in the previous quarter, customers continued to reduce their capital tied up in stocks. Price pressure continued during the quarter. The price level in local currency deteriorated for all products compared with the previous quarter. In order to restore market balance, marketrelated production shutdowns were implemented during the quarter.
SHARE OF GROUP'S NET SALES Q4 -11
OPERATING PROFIT
PACKAGING BOARDS BUSINESS AREA
The Packaging Boards business area develops and sells containerboard for packaging for fruit and vegetables, consumer goods and transport packaging. The offering also includes liquid board and board for paper cups (Cup Stock) as well as packaging optimisation services. Europe is the largest market.
| Quarter | Full year | ||||
|---|---|---|---|---|---|
| SEKm | Q4 -11 | Q3 -11 | Q4 -10 | 2011 | 2010 |
| Net sales | 644 | 696 | 648 | 2 772 | 2 428 |
| Other income | - | - | - | - | 26 |
| Operating expenses, other | -542 | -537 | -485 | -2 238 | -2 023 |
| Depreciation and impairment | -42 | -40 | -41 | -164 | -160 |
| Operating profit/loss | 60 | 119 | 122 | 370 | 271 |
| Operating margin, % | 9% | 17% | 19% | 13% | 11% |
| Sales volumes, ktonnes | 115 | 125 | 121 | 504 | 482 |
FOURTH QUARTER
Operating profit amounted to SEK 60 million, a decrease of SEK 59 million compared with the previous quarter. The decrease is explained by increased costs and lower sales volumes due to the maintenance shutdown at the Gruvön mill, where a large part of the business area's production takes place. The business area has to bear approximately 60% of the total costs for a periodic maintenance shutdown at Gruvön. In addition, lower prices had a negative impact on operating profit.
Compared with the same period in 2010 operating profit decreased by SEK 62 million. The decrease is partly explained by lower sales volumes and higher fixed costs, which are due to the fact that no maintenance shutdown took place at the business area's most important mill, Gruvön, during the same period in the previous year. Furthermore, variable costs increased.
FULL YEAR
Operating profit increased by SEK 99 million to SEK 370 million compared with the same period in the previous year due to improved prices and higher sales volumes.
MARKET DEVELOPMENT
The order situation continued to deteriorate during the quarter compared with the previous quarter, a situation which still applied at the end of the quarter. The order situation in the fourth quarter was at lower levels than normal. During the quarter customers reduced their stocks to a greater extent. Price pressure continued during the quarter which led to a less favourable price level in local currency for most products compared with the previous quarter.
SHARE OF GROUP'S NET SALES Q4 -11
OPERATING PROFIT
MARKET PULP BUSINESS AREA
The Market Pulp business area is responsible for sales of long-fibre market pulp to among others manufacturers of tissue, printing and writing paper, and packaging paper. The largest markets are Europe and Asia.
| Quarter | Full year | ||||
|---|---|---|---|---|---|
| SEKm | Q4 -11 | Q3 -11 | Q4 -10 | 2011 | 2010 |
| Net sales | 416 | 465 | 450 | 1 752 | 1 731 |
| Other income | - | - | - | - | 12 |
| Operating expenses, other | -410 | -405 | -367 | -1 574 | -1 352 |
| Depreciation and impairment | -30 | -30 | -30 | -114 | -115 |
| Operating profit/loss | -24 | 30 | 53 | 64 | 276 |
| Operating margin, % | -6% | 6% | 12% | 4% | 16% |
| Sales volumes, ktonnes | 88 | 91 | 81 | 343 | 301 |
FOURTH QUARTER
Operating loss amounted to SEK 24 million, a decrease of SEK 54 million compared with the previous quarter. Less favourable prices in local currency were compensated to some extent by an improved currency situation. The write-down of the value of finished goods stocks due to the less favourable pulp price during the quarter had a negative impact on operating profit.
Compared with the corresponding period in 2010 operating profit fell by SEK 77 million due to lower prices in local currency but also to a less favourable currency situation.
FULL YEAR
Operating profit decreased by SEK 212 million to SEK 64 million compared with the same period in the previous year, mainly due to a less favourable currency situation.
MARKET DEVELOPMENT
The market for NBSK pulp continued to weaken during the quarter compared with the previous quarter. Several non-integrated producers of NBSK implemented market-related production shutdowns during the quarter in order to restore the market balance. The price level in Europe fell to approximately USD 825 per tonne at the end of the quarter, compared with approximately USD 950 per tonne at the end of the previous quarter.
CURRENCY HEDGING
During 2011 net flows were hedged at EUR/SEK 9.28 (10.56), USD/SEK 6.92 (7.56) and GBP/SEK 10.71 (11.46). Currency hedging had an overall earnings impact of SEK 44 million (79) for the fourth quarter and SEK 190 million (344) for 2011 (compared with if no hedging had taken place).
Billerud's outstanding forward exchange contracts at 31 December 2011 had a market value of SEK 35 million. Of this SEK 18 million, which is the part of the contracts matched by trade receivables, affected earnings in the fourth quarter. Other contracts had a market value of SEK 17 million.
HEDGED PORTION OF CURRENCY FLOW FOR EUR, USD AND GBP AND EXCHANGE RATES AGAINST SEK (31 DECEMBER 2011)
| Currency | Q1 -12 | Q2 -12 | Q3 -12 | Q4 -12 | Total 12 months | |
|---|---|---|---|---|---|---|
| EUR | Share of net flow | 92% | 68% | 41% | 17% | 54% |
| Rate | 9.35 | 9.19 | 9.22 | 9.19 | 9.26 | |
| USD | Share of net flow | 92% | 60% | 41% | 19% | 53% |
| Rate | 6.65 | 6.71 | 6.79 | 6.90 | 6.71 | |
| GBP | Share of net flow | 85% | 60% | 38% | 15% | 50% |
| Rate | 10.59 | 10.56 | 10.68 | 10.75 | 10.61 | |
| Market value of currency contracts* | 21 | 7 | 5 | 2 | 35 |
*As of 31 December 2011.
Billerud continuously hedges approximately 50% of forecasted net flows over the next 12 month period but in accordance with the financial policy is also able to extend currency hedging to 100% of net flows over the next 15 months.
SEK 44 million earnings impact for the quarter
SEK 179 million in gross investments for the quarter
RETURN, % (ROLLING 12 MONTHS)
INVESTMENTS AND CAPITAL EMPLOYED
Gross investments including company acquisitions for the fourth quarter amounted to SEK 179 million (83) and SEK 512 million (334) for the full year 2011.
Billerud's capital employed at 31 December 2011 amounted to SEK 4 639 million (4 792). Return on capital employed, calculated over the past 12-month period, amounted to 20% (21). If the effects of currency hedging are excluded, return on capital employed was 16% (14). Return on equity after tax was 14% (17).
CASH FLOW AND FINANCIAL POSITION
SUMMARY CASH FLOW STATEMENT
| SEKm | Quarter | Full year | ||
|---|---|---|---|---|
| (positive figure indicates reduction in debt) | Q4 -11 | Q4 -10 | Jan-Dec -11 | Jan-Dec -10 |
| Operating surplus, etc. | 238 | 583 | 1 604 | 1 625 |
| Change in working capital, etc. | 48 | -115 | -113 | -147 |
| Net financial items, taxes, etc. | -12 | -7 | -219 | -85 |
| Cash flow from operating activities | 274 | 461 | 1 272 | 1 393 |
| Current net investments | -178 | -81 | -510 | -331 |
| Operating cash flow | 96 | 380 | 762 | 1 062 |
| Dividend | - | - | -361 | -52 |
| Other items, not affecting cash flow | -4 | -10 | -13 | -13 |
| Change in net debt during | ||||
| the period | 92 | 370 | 388 | 997 |
Cash flow from operating activities in 2011 amounted to SEK 1 272 million (1 393) and operating cash flow was SEK 762 million (1 062).
Interest-bearing net cash at 31 December 2011 amounted to SEK 233 million, compared with an interest-bearing net debt of SEK 155 million at the end of 2010. The Group's net debt/equity ratio at the end of the period was -0.05 (0.03). Billerud's financial target for the net debt/equity ratio is between 0.60 and 0.90 over a business cycle. The present net debt/equity ratio is therefore lower than the average net debt/equity ratio aimed for over time.
FINANCING
A bond loan amounting to SEK 150 million was repaid during the third quarter of 2011.
During the first quarter of 2011 the SEK 1 200 million syndicated credit facility which matures in 2012 was replaced with a new 5-year facility amounting to SEK 801 million with a consortium of banks.
Interest-bearing loans amounted to SEK 819 million at 31 December 2011. Of this amount, utilisation of the syndicated credit facility (maximum: SEK 801 million) accounted for SEK 117 million, bond loans for SEK 675 million, utilisation of Billerud's commercial paper programme (maximum: SEK 1 500 million) for SEK 0 million and other interest-bearing liabilities for SEK 27 million.
PARENT COMPANY
The parent company Billerud AB includes the Gruvön mill, the sales organisation for the Nordic market and markets outside Europe, and the head office functions.
Net sales in 2011 amounted to SEK 4 151million (3 760). Operating profit amounted to SEK 529 million, an increase compared with the previous year of SEK 4 million.
The parent company hedges both its own and the Group's net currency flows. The parent company's earnings include the results of these hedging measures. This result amounted to SEK 190 million (344) in 2011.
Investments in property, plant and equipment and intangible assets excluding shares in 2011 amounted to SEK 201 million (128). The average number of employees was 937 (924). Cash and bank balances and short-term investments amounted to SEK 842 million (644).
SEASONAL EFFECTS
MAINTENANCE SHUTDOWNS
In addition to ongoing maintenance during production, Billerud's mills normally also require more extensive maintenance at some time during the year. In order to carry out maintenance, production of pulp and paper is stopped – known as a maintenance shutdown. The cost of a maintenance shutdown mainly comprises the loss of volume related to the shutdown and fixed costs, mainly in the form of costs for maintenance and overtime work, as well as to some extent variable costs such as higher consumption of electricity and wood when production is restarted. The effects of shutdowns on earnings vary depending on the extent of the measures carried out, their nature and the actual length of the shutdown. Estimated cost of shutdown is an estimate of the impact on earnings of a normal shutdown in relation to a quarter during which no periodic maintenance shutdown takes place.
| Estimated shutdown cost |
Estimated breakdown of shutdown cost by business area |
Planned dates of maintenance shutdown |
|||
|---|---|---|---|---|---|
| Mill | (SEKm) | PSP | PB | MP | 2012 2011 2010 |
| Gruvön | About 100 | About 30% | About 60% | About 10% | Q4 Q4 Q2 |
| Karlsborg | About 40 | About 50% | 0% | About 50% | Q3 Q3 Q3 |
| Skärblacka About 60 | About 70% | About 15% | About 15% | Q3 Q2 Q3 |
Maintenance shutdowns at Beetham have an insignificant effect on Billerud's total earnings.
OTHER SEASONAL EFFECTS
A significant part of Billerud Flute® volumes are used to package fruit exports from the Mediterranean area. Demand from this customer group varies with the fruit export season and is normally highest from September to March each year. A significant portion of Billerud's sack paper and QuickFill® sack paper is used as packaging for cement and building materials. Demand for building materials in Europe is generally higher during the period May to October.
LARGEST SHAREHOLDERS
BILLERUD'S TEN LARGEST SHAREHOLDERS (30 DECEMBER 2011)
| Number of | ||
|---|---|---|
| Shareholder | Shareholder | votes, % |
| Frapag Beteiligungsholding AG | 21 621 400 | 21.0 |
| DFA funds | 2 918 268 | 2.8 |
| Government of Norway | 2 681 057 | 2.6 |
| Swedbank Robur funds | 2 619 203 | 2.5 |
| SHB funds | 1 927 743 | 1.9 |
| SEB funds | 1 884 538 | 1.8 |
| Fourth Swedish National Pension Fund | 1 532 918 | 1.5 |
| Nordea funds | 1 146 016 | 1.1 |
| Avanza Pension Insurance | 793 982 | 0.8 |
| The Foundation for Baltic and East European Studies | 782 428 | 0.8 |
| Total 10 largest shareholders | 37 907 553 | 36.8 |
| Total number of shares in the market | 103 114 299 | 100.0 |
Source: SIS Ägarservice AB. Billerud's approximately1.7 million treasury shares and foreign custodian banks are excluded.
The proportion of foreign ownership was 48.6% of the number of shares in the market. The total number of owners (including nominee-registered) amounted to 107 795. More information about shareholder structure is available at www.billerud.com/investors.
DISTRIBUTION OF SHARES
DISTRIBUTION OF SHARES ( 30 DECEMBER 2011)
| Registered number of shares | 104 834 613 |
|---|---|
| Treasury shares | -1 720 314 |
| Total number of shares in the market | 103 114 299 |
No treasury shares have been purchased since year-end 2004.
SIGNIFICANT RISKS AND UNCERTAINTIES
Billerud's products are generally dependent on the business cycle, in terms of both price development and potential sales volumes. The Group is exposed to currency fluctuations since most revenues are invoiced in foreign currency while a large part of operating expenses are in SEK. Changed conditions from the Swedish Energy Agency relating to allocation of electricity certificates after 2012 may have an impact on earnings. In 2011, the effect of sold electricity certificates affected operating profit by SEK 131 million (162). A more in-depth description of risks and a sensitivity analysis are provided on pages 71-75 of the 2010 Annual Report.
RELATED PARTY TRANSACTIONS
No transactions have taken place between Billerud and related parties that significantly affect the company's position and earnings.
EVENTS AFTER THE END OF THE QUARTER
The Board of Directors proposes a dividend of SEK 3.50 (3.50) per share for 2011.
Solna, 1 February 2012 Billerud AB (publ) Board of Directors
FINANCIAL CALENDAR
Interim report January-March 2012 26 April 2012 Interim report January-June 2012 19 July 2012 Interim report January-September 2012 25 October 2012
Billerud's annual report for 2011 will be available at the company and on www.billerud.com during the week commencing 2 April 2012. The 2012 AGM will be held on 9 May 2012.
ACCOUNTING PRINCIPLES
The interim report for the Group is prepared in accordance with IAS 34 Interim Financial Reporting and the Swedish Annual Accounts Act. A number of amended standards and interpretations came into force with effect from 1 January 2011. None of the amendments that came into force have had any material impact on Billerud's financial statements. In addition to the amendments referred to above, the accounting principles applied in this interim report are the same as those used in the most recent annual report for 2010, see pages 76-84 and page 111 for definitions of key indicators. The interim report for the parent company is prepared in accordance with the Swedish Annual Accounts Act. Key figure definitions are provided on page 16 of this report. Starting on 1 January 2011, Billerud AB recognises group contributions received as financial income and group contributions provided as a financial expense.
This information in this year-end report is such that Billerud AB (publ) is obliged to publish pursuant to the Swedish Securities Markets Act. This report has been prepared in both a Swedish and an English version. In the event of variations between the two, the Swedish version shall take precedence. The report has not been reviewed by the company's auditors.
BILLERUD GROUP INCOME STATEMENT
| Full year | |||||
|---|---|---|---|---|---|
| SEKm | Q4 -11 | Q3 -11 | Q4 -10 | 2011 | 2010 |
| Net sales | 2 086 | 2 327 | 2 279 | 9 343 | 8 828 |
| Other income | 9 | 4 | 2 | 18 | 85 |
| Operating income | 2 095 | 2 331 | 2 281 | 9 361 | 8 913 |
| Change in inventories | 69 | 0 | 213 | 1 | 105 |
| Raw materials and consumables | -1 095 | -1 084 | -1 175 | -4 480 | -4 241 |
| Other external costs | -480 | -450 | -455 | -1 863 | -1 753 |
| Employee benefits expense | -363 | -341 | -372 | -1 427 | -1 377 |
| Depreciation and impairment of non-current assets | -150 | -160 | -166 | -614 | -610 |
| Profit/Loss from participations in associated companies | -1 | 0 | 0 | 0 | 0 |
| Operating expenses | -2 020 | -2 035 | -1 955 | -8 383 | -7 876 |
| Operating profit/loss | 75 | 296 | 326 | 978 | 1 037 |
| Financial income and expenses | -13 | -8 | -18 | -45 | -77 |
| Profit/Loss before tax | 62 | 288 | 308 | 933 | 960 |
| Taxes | -17 | -79 | -83 | -250 | -255 |
| Net profit/loss for the period | 45 | 209 | 225 | 683 | 705 |
| Profit/Loss attributable to: | |||||
| Owners of the parent company | 45 | 209 | 225 | 683 | 705 |
| Non-controling interests | 0 | - | - | 0 | - |
| Net profit/loss for the period | 45 | 209 | 225 | 683 | 705 |
| Earnings per share, SEK | 0.44 | 2.03 | 2.19 | 6.63 | 6.84 |
| Diluted earnings per share, SEK | 0.44 | 2.03 | 2.18 | 6.61 | 6.83 |
STATEMENT OF COMPREHENSIVE INCOME
| Quarter | Full year | ||||
|---|---|---|---|---|---|
| SEKm | Q4 -11 | Q3 -11 | Q4 -10 | 2011 | 2010 |
| Net profit/loss for the period | 45 | 209 | 225 | 683 | 705 |
| Other comprehensive income | |||||
| Differences arising from the translation of foreign operations' accounts | -1 | 6 | -2 | 3 | -15 |
| Change in fair value of available-for-sale financial assets for the period | 0 | 0 | 0 | 0 | 0 |
| Change in fair value of cash flow hedges | -4 | -77 | -65 | -312 | -315 |
| Change in fair value of cash flow hedges transferred to net profit/loss for the | |||||
| period | 44 | -5 | 75 | 186 | 313 |
| Tax attributable to components of other comprehensive income | -11 | 22 | -2 | 33 | 1 |
| Total comprehensive income for the period | 73 | 155 | 231 | 593 | 689 |
| Attributable to: | |||||
| Owners of the parent company | 73 | 155 | 231 | 593 | 689 |
| Non-controling interests | - | - | - | - | - |
| Total comprehensive income for the period | 73 | 155 | 231 | 593 | 689 |
STATEMENT OF CHANGES IN EQUITY
| Full year | ||
|---|---|---|
| SEKm | 2011 | 2010 |
| Opening balance | 4 637 | 3 995 |
| Comprehensive income for the period | 593 | 689 |
| Share-based payment to be settled in equity instruments | 2 | 0 |
| Sales of treasury shares, incentive programme | - | 5 |
| Dividends paid | -361 | -52 |
| Attributable to owners of the parent company | 4 871 | 4 637 |
| Non-controling interests | 1 | - |
| Closing balance | 4 872 | 4 637 |
BALANCE SHEET
| 31 Dec | 30 Sep | 31 Dec | |
|---|---|---|---|
| SEKm | 2011 | 2011 | 2010 |
| Non-current assets | 5 508 | 5 480 | 5 531 |
| Inventories | 1 135 | 1 088 | 1 070 |
| Accounts receivable | 1 391 | 1 570 | 1 412 |
| Other current assets | 372 | 269 | 447 |
| Cash and cash equivalents | 929 | 829 | 740 |
| Total assets | 9 335 | 9 236 | 9 200 |
| Attributable to owners of the parent company | 4 871 | 4 798 | 4 637 |
| Non-controling interests | 1 | - | - |
| Shareholders' equity | 4 872 | 4 798 | 4 637 |
| Interest-bearing liabilities | 819 | 814 | 798 |
| Provisions for pensions | 219 | 215 | 207 |
| Other provisions | 36 | 28 | 27 |
| Deferred tax liabilities | 1 467 | 1 393 | 1 434 |
| Total non-current liabilities | 2 541 | 2 450 | 2 466 |
| Interest-bearing liabilities | 0 | 0 | 150 |
| Accounts payables | 1 227 | 1 122 | 1 157 |
| Other liabilities and provisions | 695 | 866 | 790 |
| Total current liabilities | 1 922 | 1 988 | 2 097 |
| Total equity and liabilities | 9 335 | 9 236 | 9 200 |
STATEMENT OF CASH FLOW
| Quarter | Full year | ||||
|---|---|---|---|---|---|
| SEKm | Q4 -11 | Q3 -11 | Q4 -10 | 2011 | 2010 |
| Operating surplus, etc. 1) | 238 | 464 | 583 | 1 604 | 1 625 |
| Change in working capital, etc. | 48 | 83 | -115 | -113 | -147 |
| Net financial items, taxes, etc. | -12 | -16 | -7 | -219 | -85 |
| Cash flow from operating activities | 274 | 531 | 461 | 1 272 | 1 393 |
| Investments in property, plant and equipment | -179 | -121 | -83 | -512 | -334 |
| Acquisition of financial assets | - | -50 | -100 | -81 | -261 |
| Disposal of property, plant and equipment | 1 | 0 | 2 | 2 | 3 |
| Cash flow from investing activities | -178 | -171 | -181 | -591 | -592 |
| Change in interest-bearing liabilities | 6 | -131 | -199 | -132 | -820 |
| Dividend | - | - | - | -361 | -52 |
| Sale of treasury shares, incentive programme | - | - | 1 | - | 5 |
| Cash flow from financing activities | 6 | -131 | -198 | -493 | -867 |
| Total cash flow (=change in cash and cash equivalents) | 102 | 229 | 82 | 188 | -66 |
| Cash and cash equivalents at start of period | 829 | 597 | 663 | 740 | 818 |
| Translation differences in cash and cash equivalents | -2 | 3 | -5 | 1 | -12 |
| Cash and cash equivalents at the end of the period | 929 | 829 | 740 | 929 | 740 |
1) The amount for the period January - December 2011 includes operating profit of SEK 978 million, reversed depreciation SEK 614 million, increase in pension liabilities SEK 3 million, net of produced and sold electricity certificates and sold emission rights SEK -6 million, change in restructuring provisions SEK 9 million, capital gain SEK 1 million and incentive programme SEK 5 million. The amount for the period January – December 2010 includes operating profit SEK 1 037 million, reversed depreciation SEK 610 million, increase in pension liabilities SEK 7 million, net of produced and sold electricity certificates and sold emission rights SEK -29 million.
KEY FIGURES
| Full year | ||||||||
|---|---|---|---|---|---|---|---|---|
| 2011 | 2010 | |||||||
| Margins | ||||||||
| Gross margin, % | 17 | 19 | ||||||
| Operating margin, % | 10 | 12 | ||||||
| Return (rolling 12 months) | ||||||||
| Return on capital employed, % | 20 | 21 | ||||||
| Return on total capital, % | 11 | 12 | ||||||
| Return on equity, % | 14 | 17 | ||||||
| Return on equity after dilution, % | 14 | 17 | ||||||
| Capital structure at end of period | ||||||||
| Capital employed, SEKm | 4 639 | 4 792 | ||||||
| Equity, SEKm | 4 872 | 4 637 | ||||||
| Interest-bearing net debt, SEKm | -233 | 155 | ||||||
| Net debt/equity ratio, multiple | -0.05 | 0.03 | ||||||
| Net debt/equity ratio after dilution, multiple | -0.05 | 0.03 | ||||||
| Equity ratio, % | 52 | 50 | ||||||
| Equity ratio after dilution, % | 52 | 50 | ||||||
| Key figures per share | ||||||||
| Earnings per share, SEK | 6.63 | 6.84 | ||||||
| Average number of shares, thousands | 103 114 | 103 062 | ||||||
| Earnings per share after dilution, SEK | 6.61 | 6.83 | ||||||
| Average number of shares after dilution, thousands | 103 406 | 103 254 | ||||||
| Cash flow from operating activities per share, SEK | 12.33 | 13.52 | ||||||
| Operating cash flow per share, SEK | 7.39 | 10.30 | ||||||
| Equity per share, SEK | 47.24 | 44.97 | ||||||
| Number of share at the end of the period, thousands | 103 114 | 103 114 | ||||||
| Equity per share after dilution, SEK | 47.11 | 44.88 | ||||||
| Number of share at the end of the period, thousands | 103 406 | 103 306 | ||||||
| Other key figures | ||||||||
| Gross investments, SEKm | 512 | 334 | ||||||
| Average number of employees | 2 277 | 2 240 | ||||||
| QUARTERLY KEY FIGURES | ||||||||
| Q4 -11 | Q3 -11 | Q2 -11 | Q1 -11 | Q4 -10 | Q3 -10 | Q2 -10 | Q1 -10 | |
| Earnings per share, SEK | 0.44 | 2.03 | 1.88 | 2.28 | 2.19 | 1.84 | 1.30 | 1.52 |
| Cash flow from operating activities | ||||||||
| per share, SEK | 2.66 | 5.15 | 4.54 | -0.01 | 4.49 | 4.49 | 2.01 | 2.53 |
| Return on capital employed, % | 2 | 6 | 6 | 7 | 7 | 6 | 4 | 5 |
Return on equity, % 1 4 4 5 5 4 3 4 Equity per share, SEK 47.24 46.53 45.02 47.22 44.97 42.72 40.24 39.89
PARENT COMPANY SUMMARISED INCOME STATEMENT
| Quarter | Full year | ||||
|---|---|---|---|---|---|
| SEKm | Q4 -11 | Q4 -10 | 2011 | 2010 | |
| Operating income | 909 | 1 097 | 4 185 | 3 881 | |
| Operating expenses | -895 | -888 | -3 656 | -3 356 | |
| Operating profit/loss | 14 | 209 | 529 | 525 | |
| Financial income and expenses | 1 060 | -223 | 1 051 | -271 | |
| Profit/Loss after financial income and expenses | 1 074 | -14 | 1 580 | 254 | |
| Appropriations | -2 212 | 2 098 | -2 212 | 2 098 | |
| Profit/loss before tax | -1 138 | 2 084 | -632 | 2 352 | |
| Taxes | 301 | -550 | 168 | -618 | |
| Net profit/loss for the period | -837 | 1 534 | -464 | 1 734 |
2010 Financial income and expenses as well as Taxes are recalculated due to the new principles for recognition of group contributions.
SUMMARISED BALANCE SHEET
| 31 Dec | 31 Dec | |
|---|---|---|
| SEKm | 2011 | 2010 |
| Non-current assets | 4 198 | 4 146 |
| Current assets | 3 931 | 2 927 |
| Total assets | 8 129 | 7 073 |
| - | ||
| Shareholders' equity | 3 090 | 3 915 |
| Untaxed reserves | 2 212 | - |
| Provisions | 543 | 869 |
| Interest-bearing liabilities | 1 409 | 1 227 |
| Other liabilities | 875 | 1 062 |
| Total equity and liabilities | 8 129 | 7 073 |
BUSINESS AREAS
The Group's operations are governed and reported per Billerud's three business areas - Packaging & Speciality Paper, Packaging Boards and Market Pulp. Non-current assets and capital investments cannot be broken down by business area since the business areas are highly integrated in terms of production.
Other business comprises group-wide functions such as corporate headquarters, wood supplies and the sales organisations. Other business also reports profit shares in the associated company ScandFibre Logistics AB, as well as the subsidiaries Tenova Bioplastics AB, Nine TPP AB and Billerud Inc. Other business also includes results from hedging of the Group's net currency flows, the result of pulp price hedges and group eliminations.
The results of the business areas are reported excluding the effects of currency hedging and excluding the effect on profit/loss of remeasurement of trade receivables in foreign currency and currency effects in connection with payments. These effects are reported separately on the line Currency hedging, etc. The part of currency exposure relating to changes in invoicing rates is included in the business area's profit or loss.
NET SALES
QUARTERLY PER BUSINESS AREA AND FOR THE GROUP
| Jan-Dec | Jan-Dec | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| SEKm | Q4 -11 | Q3 -11 | Q2 -11 | Q1 -11 | Q4 -10 | Q3 -10 | Q2 -10 | Q1 -10 | 2011 | 2010 |
| Packaging & Speciality Paper | 941 | 1 056 | 1 079 | 1 217 | 1 020 | 1 085 | 1 009 | 1 052 | 4 293 | 4 166 |
| Packaging Boards | 644 | 696 | 704 | 728 | 648 | 649 | 518 | 613 | 2 772 | 2 428 |
| Market Pulp | 416 | 465 | 435 | 436 | 450 | 452 | 445 | 384 | 1 752 | 1 731 |
| Currency hedging, etc. | 16 | 46 | 90 | 78 | 54 | -17 | 52 | 64 | 230 | 153 |
| Other and eliminations | 69 | 64 | 75 | 88 | 107 | 82 | 84 | 77 | 296 | 350 |
| Total Group | 2 086 | 2 327 | 2 383 | 2 547 | 2 279 | 2 251 | 2 108 | 2 190 | 9 343 | 8 828 |
OPERATING PROFIT/LOSS
QUARTERLY PER BUSINESS AREA AND FOR THE GROUP
| Jan-Dec | Jan-Dec | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| SEKm | Q4 -11 | Q3 -11 | Q2 -11 | Q1 -11 | Q4 -10 | Q3 -10 | Q2 -10 | Q1 -10 | 2011 | 2010 |
| Packaging & Speciality Paper | 65 | 143 | 102 | 140 | 131 | 106 | 84 | 96 | 450 | 417 |
| Packaging Boards | 60 | 119 | 94 | 97 | 122 | 107 | -14 | 56 | 370 | 271 |
| Market Pulp | -24 | 30 | 20 | 38 | 53 | 92 | 100 | 31 | 64 | 276 |
| Currency hedging, etc. | 16 | 46 | 90 | 78 | 54 | -17 | 52 | 64 | 230 | 153 |
| Other and eliminations | -42 | -42 | -31 | -21 | -34 | -12 | -21 | -13 | -136 | -80 |
| Total Group | 75 | 296 | 275 | 332 | 326 | 276 | 201 | 234 | 978 | 1 037 |
OPERATING MARGIN
QUARTERLY PER BUSINESS AREA AND FOR THE GROUP
| Jan-Dec | Jan-Dec | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| % | Q4 -11 | Q3 -11 | Q2 -11 | Q1 -11 | Q4 -10 | Q3 -10 | Q2 -10 | Q1 -10 | 2011 | 2010 |
| Packaging & Speciality Paper | 7 | 14 | 9 | 12 | 13 | 10 | 8 | 9 | 10 | 10 |
| Packaging Boards | 9 | 17 | 13 | 13 | 19 | 16 | -3 | 9 | 13 | 11 |
| Market Pulp | -6 | 6 | 5 | 9 | 12 | 20 | 22 | 8 | 4 | 16 |
| Group | 4 | 13 | 12 | 13 | 14 | 12 | 10 | 11 | 10 | 12 |
SALES VOLUMES
QUARTERLY PER BUSINESS AREA AND FOR THE GROUP
| Jan-Dec | Jan-Dec | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| ktonnes | Q4 -11 | Q3 -11 | Q2 -11 | Q1 -11 | Q4 -10 | Q3 -10 | Q2 -10 | Q1 -10 | 2011 | 2010 |
| Packaging & Speciality Paper | 112 | 119 | 126 | 150 | 121 | 133 | 132 | 138 | 507 | 524 |
| Packaging Boards | 115 | 125 | 128 | 136 | 121 | 125 | 106 | 130 | 504 | 482 |
| Market Pulp | 88 | 91 | 81 | 83 | 81 | 74 | 71 | 75 | 343 | 301 |
| Total | 315 | 335 | 335 | 369 | 323 | 332 | 309 | 343 | 1 354 | 1 307 |
DEFINITIONS
Capital employed
Total assets less non-interest bearing liabilities, non-interest bearing provisions and interest-bearing assets.
Cash flow from operating activities per share
Cash flow from operating activities divided by the average number of shares in the market during the period.
Earnings per share
Profit for the period, attributable to owners of the parent, divided by the average number of shares in the market.
Earnings per share after dilution
Profit for the period, attributable to owners of the parent, divided by the average number of shares in the market after estimated utilisation of incentive programmes.
Equity
Shareholders' equity at the end of the period.
Equity per share
Shareholders' equity at the end of the period, attributable to owners of the parent, divided by the number of shares in the market at the end of the period.
Equity per share after dilution
Shareholders' equity at the end of the period, attributable to owners of the parent, plus the effect of estimated utilisation of incentive programmes divided by the number of shares in the market at the end of the period after estimated utilisation of incentive programmes.
Equity ratio
Shareholders' equity as a percentage of total assets.
Equity ratio after dilution
Shareholders' equity plus the effect of estimated utilisation of incentive programmes as a percentage of total assets plus the effect of estimated utilisation of incentive programmes.
Fluting
The rippled middle layer in corrugated board, produced from either primary or recycled fibre.
Gross Margin
Operating profit before depreciation (EBITDA = Earnings before Interest, Taxes, Depreciation and Amortisation) as a percentage of net sales.
Interest-bearing net debt
Interest-bearing provisions and liabilities less interest-bearing assets.
Market pulp
Pulp which is sold to paper mills that do not produce their own pulp.
Net debt/equity ratio
Interest-bearing net debt divided by shareholders' equity.
Net debt/equity ratio after dilution
Interest-bearing net debt divided by shareholders' equity plus the effect of estimated utilisation of incentive programmes.
Operating cash flow per share
Operating cash flow divided by the average number of shares in the market during the period.
Operating margin
Operating profit as a percentage of net sales.
Sulphate pulp
Chemical pulp produced by cooking wood under high pressure and at a high temperature in cooking liquor, known as white liquor (sodium hydroxide and sodium sulphide). Sulphate pulp is also known as kraft pulp.
Return on capital employed
Operating profit as a percentage of average capital employed.
Return on equity
Profit for the period, attributable to owners of the parent, as a percentage of average shareholders' equity, attributable to owners of the parent.
Return on equity after dilution
Profit for the period, attributable to owners of the parent, as a percentage of average shareholders' equity, attributable to owners of the parent, plus the effect of estimated utilisation of incentive programmes.
Return on total capital
Operating profit as a percentage of average total capital.
THE NATURAL PART IN SMARTER PACKAGING
Billerud offers material and services for the packaging of the future. Three business areas, four mills and ten sales offices in nine countries supply more than 1 000 customers in over 100 countries with products and services. The offering is summarised by the concept smarter packaging, solutions which attract more consumers, boost productivity, cut transport costs and reduce waste of resources and environmental impact. Billerud has a world-leading market position within primary fibre-based packaging paper.
Through its business model Billerud focuses on its customers and offers high-quality materials, knowledge of the entire value chain, as well as a global network of customers and packaging partners. Billerud's strategy is to generate profitable growth through World Class Process Efficiency, and Customer-focused Development.
The global packaging market is showing continued positive long-term development primarily due to increased globalisation, greater prosperity and changed consumption patterns.
Billerud AB (publ) Postal address: Box 703, SE-169 27 Solna, Sweden Visitors' address: Frösundaleden 2b Reg. no. 556025-5001 Tel +46 8 553 335 00, Fax +46 8 553 335 60 [email protected], www.billerud.se