MIRA INFORM REPORT

Report Date :

19.07.2012

IDENTIFICATION DETAILS

Name :	BILLERUD AB
Registered Office :	Frosundaleden 2 B, Box 703, Solna, 169 27
Country :	Sweden
Financials (as on) :	31.12.2011
Date of Incorporation :	2001
Com. Reg. No.:	5560255001
Legal Form :	Public Parent
Line of Business :	Engaged in the production of fiber-based packaging paper, pulp and other packaging solutions
No. of Employees :	2,233

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Good
Payment Behaviour :	No complaints
Litigation :	Clear

NOTES :

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31^st, 2012

Country Name	Previous Rating (31.12.2011)	Current Rating (31.03.2012)
Sweden	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Company name and address

Billerud AB

Frosundaleden 2 B, Box 703

Solna, 169 27

Sweden

Tel:

46-8-55333500

Fax:

46-8-55333560

www.billerud.com

Employees:

2,233

Company Type:

Public Parent

Corporate Family:

17 Companies

Traded:

Stockholm Stock Exchange:

BILL

Incorporation Date:

2001

Auditor:

Ernst & Young AB

Fiscal Year End:

31-Dec-2011

Reporting Currency:

Swedish Krona

Annual Sales:

1,441.6  ¹

Net Income:

105.2

Total Assets:

1,361.7  ²

Market Value:

945.9

(29-Jun-2012)

Business Description

Billerud AB is a Sweden-based company engaged in the production of fiber-based packaging paper, pulp and other packaging solutions, primarily for the food and beverage, industrial, consumer and luxury goods, and medical and hygiene industries. The Company operates through three business areas: Packaging & Specialty Paper, which is responsible for the sale of the Company’s sack and kraft paper, mainly for food packaging, paper carrier bags, sack solutions and industrial applications; Packaging Boards, which is involved in the sale of fluting, liner and liquid packaging board, primarily as packaging for fruit, vegetables and consumer goods, as well as Market Pulp, which is responsible for the sale of long-fiber market pulp to tissue manufacturers and others. The Company operates in 100 countries through a number of subsidiaries, including Billerud Skarblacka AB, Billerud Skog AB, Billerud Beetham Ltd, Billerud Wood Supply SIA and Billerud S.r.l., among others. For the three months ended 31 March 2012, Billerud AB's total revenue decreased 10% to SEK2.29B. Net income for the period decreased 59% to SEK96M. Total revenue reflects decreased demand for the Company's products and services in most business segments, especially in the Packaging & Speciality and the Packaging Boards business segments. Net income for the period suffered from lower operating margins.

Industry

Industry	Paper and Paper Products
ANZSIC 2006:	1510 - Pulp, Paper and Paperboard Manufacturing
NACE 2002:	2112 - Manufacture of paper and paperboard
NAICS 2002:	322121 - Paper (except Newsprint) Mills
UK SIC 2003:	2112 - Manufacture of paper and paperboard
US SIC 1987:	2621 - Paper Mills

Key Executives

Name	Title
Per Lindberg	President, Chief Executive Officer
Susanne Lithander	Chief Financial Officer
Anders Snell	Environment and Energy Manager
Magnus Wikstrom	Technical Director
Per Bjurbom	Production Director

Significant Developments

Topic	#*	Most Recent Headline	Date
Mergers & Acquisitions	3	Billerud AB to Merge with Investment AB Kinnevik's Korsnas	20-Jun-2012
General Reorganization	1	Billerud AB Carries Out Environmental and Energy Improvements in Skarblacka	7-Dec-2011
Strategic Combinations	1	Billerud AB's Subsidiary Billerud Fresh Services AB Signs Agreement with Carmel Container Systems Ltd to Become Member of Fresh Box Alliance	19-Sep-2011
Equity Investments	2	Billerud AB Becomes Minority Owner in BioBag International AS	1-Dec-2011
Dividends	1	Billerud AB's Board of Directors Proposes FY 2011 Dividend of SEK 3.50 per Share	2-Apr-2012

* number of significant developments within the last 12 months

News

Title	Date
Investment AB Kinnevik Conference Call to Discuss the Merger between Korsnäs and Billerud AB - Final FD (Fair Disclosure) Wire (5492 Words)	4-Jul-2012
Deal snapshot: KINNEVIK AGREES TIE-UP BETWEEN KORSNAS, BILLERUD M&A Navigator (95 Words)	21-Jun-2012
Billerud to merge with Kinnevik's packaging company Korsnas ADP Nordic News (333 Words)	20-Jun-2012
Kinnevik agrees tie-up between Korsnas, Billerud M&A Navigator (350 Words)	20-Jun-2012
Investment AB Kinnevik: Korsnäs to merge with Billerud - Kinnevik will be the largest owner in the combined company Hugin (English) (986 Words)

Financial Summary

As of 31-Mar-2012

Key Ratios	Company	Industry
Current Ratio (MRQ)	1.87	2.10
Quick Ratio (MRQ)	1.33	1.23
Debt to Equity (MRQ)	0.16	1.32
Sales 5 Year Growth	4.86	1.68
Net Profit Margin (TTM) %	5.98	3.25
Return on Assets (TTM) %	5.85	3.13
Return on Equity (TTM) %	11.04	9.87

raded: Stockholm Stock Exchange: BILL

As of 29-Jun-2012

   Financials in: SEK

Recent Price	63.75	EPS	6.61
52 Week High	66.50	Price/Sales	0.71
52 Week Low	40.20	Dividend Rate	3.50
Avg. Volume (mil)	0.20	Price/Earnings	11.61
Market Value (mil)	6,683.21	Price/Book	1.35
		Beta	1.97

	Price % Change	Rel S&P 500%
4 Week	20.28%
13 Week	4.08%
52 Week	-3.77%
Year to Date	8.97%

Registered No.(SWE)

 5560255001

1 - Profit & Loss Item Exchange Rate: USD 1 = SEK 6.49369
2 - Balance Sheet Item Exchange Rate: USD 1 = SEK 6.8553

Corporate Overview

Location
Frosundaleden 2 B, Box 703
Solna, 169 27
Sweden

Tel:	46-8-55333500
Fax:	46-8-55333560

www.billerud.com

Quote Symbol - Exchange
BILL - Stockholm Stock Exchange
Sales SEK(mil):	9,361.0
Assets SEK(mil):	9,335.0
Employees:	2,233
Fiscal Year End:	31-Dec-2011

Industry:	Paper and Paper Products

Incorporation Date:	2001
Company Type:	Public Parent
Quoted Status:	Quoted
Registered No.(SWE):	5560255001

President, Chief Executive Officer:	Per Lindberg

Industry Codes

ANZSIC 2006 Codes:
1521	-	Corrugated Paperboard and Paperboard Container Manufacturing
1510	-	Pulp, Paper and Paperboard Manufacturing

NACE 2002 Codes:
2112	-	Manufacture of paper and paperboard
2121	-	Manufacture of corrugated paper and paperboard and of containers of paper and paperboard
2111	-	Manufacture of pulp

NAICS 2002 Codes:
322211	-	Corrugated and Solid Fiber Box Manufacturing
322121	-	Paper (except Newsprint) Mills
322212	-	Folding Paperboard Box Manufacturing
322110	-	Pulp Mills

US SIC 1987:
2653	-	Corrugated and Solid Fiber Boxes
2621	-	Paper Mills
2657	-	Folding Paperboard Boxes, Including Sanitary
2611	-	Pulp Mills

UK SIC 2003:
2112	-	Manufacture of paper and paperboard
2121	-	Manufacture of corrugated paper and paperboard and of containers of paper and paperboard
21213	-	Manufacture of cartons, boxes and cases of corrugated paper and paperboard
2111	-	Manufacture of pulp

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Business Description

Billerud AB is a Sweden-based company engaged in the production of fiber-based packaging paper, pulp and other packaging solutions, primarily for the food and beverage, industrial, consumer and luxury goods, and medical and hygiene industries. The Company operates through three business areas: Packaging & Specialty Paper, which is responsible for the sale of the Company’s sack and kraft paper, mainly for food packaging, paper carrier bags, sack solutions and industrial applications; Packaging Boards, which is involved in the sale of fluting, liner and liquid packaging board, primarily as packaging for fruit, vegetables and consumer goods, as well as Market Pulp, which is responsible for the sale of long-fiber market pulp to tissue manufacturers and others. The Company operates in 100 countries through a number of subsidiaries, including Billerud Skarblacka AB, Billerud Skog AB, Billerud Beetham Ltd, Billerud Wood Supply SIA and Billerud S.r.l., among others. For the three months ended 31 March 2012, Billerud AB's total revenue decreased 10% to SEK2.29B. Net income for the period decreased 59% to SEK96M. Total revenue reflects decreased demand for the Company's products and services in most business segments, especially in the Packaging & Speciality and the Packaging Boards business segments. Net income for the period suffered from lower operating margins.

More Business Descriptions

Billerud is a supplier of materials to specific segments of the packaging market. The company's operations are divided into three different business areas:Packaging & speciality paper, responsible for sales of Billerud's sack paper and kraft paper with a focus on the following customer segments:Food Packaging, Sack Solutions and Industrial Packaging.Packaging boards, responsible for sales of Billerud fluting and liner with a focus on the Fresh Foods and Consumer Goods customer segments and Market Pulp, responsible for sales of Billerud's long-fibremarket pulp.

Packaging Paper Mfr & Seller

Billerud AB is primarily engaged in manufacturing paper (except newsprint and uncoated groundwood paper) from pulp. These establishments may manufacture or purchase pulp. In addition, the establishments may also convert the paper they make.

Billerud AB (Billerud) is a supplier of primary fibre-based packaging paper. The company serves around 1000 customers in 100 countries. It provides packaging materials and solutions in countries such as Sweden, Germany, the Netherlands, UK, France, Spain, the United Arab Emirates, China, Indonesia and Italy.The company operates through four reportable business segments, namely, Packaging and Specialty Papers, Packaging Boards, Market Pulp and Other business.The Packaging and Specialty Paper segment provides sack paper, which is used to pack cement and building materials, chemicals, foodstuff, and animal feed. It offers packaging paper such as carrier bags, technical kraft paper, consumer bags, protective wrapping and envelopes, and grease resistant paper especially for packing bread, sugar, flour, ice cream, copy paper, and snacks. This segment also offers specialty paper for various industrial applications such as self-adhesive labels, steel protection, sterile medical packages, and pulp wrap. For the fiscal year ended 2010, the company reported revenue of SEK4,166m for the Packaging and Specialty Paper segment, reflecting an increase of 5.9% over revenue in 2009. The segment accounted for 47.19% of the company’s total revenue in 2010.The Packaging Boards segment offers liner and fluting products to pack fruits and vegetables, wine, and other beverages; fast foods; heavy goods, such as white goods, home electronics, and luxury and gift items including perfumes, mobile phones, and spirits. This segment through its Fresh Services, offers producers, wholesalers and retailers a long-term partnership aimed at reducing losses in the supply chain for fruit and vegetables. For the fiscal year ended 2010, the company reported revenue of SEK2,428m for the Packaging Boards segment, reflecting an increase of 2.8% over revenue in 2009. The segment accounted for 27.5% of the company’s total revenue in 2010.The Market Pulp segment provides long-fiber market pulp for the producers of writing and printing papers, coated and uncoated papers, LWC, packaging paper, tissues, thermo paper, and special papers. It also offers special products such as air filter for cars. It produces 330,000 tons of market pulp annually. For the fiscal year ended 2010, the company reported revenue of SEK1,731m for the Market Pulp segment, reflecting an increase of 29.4% over revenue in 2009. The segment accounted for 19.61% of the company’s total revenue in 2010.The company’s other business segment include operations such as group-wide functions. For the fiscal year ended 2010, the company reported revenue of SEK503m for the other business segment reflecting an increase of 299.2% over revenue in 2009. The segment accounted for 5.7% of the company’s total revenue in 2010.Geographically, the company operates through regions, namely, Germany, Italy, Sweden, the UK, France, Rest of Europe and Rest of World. For the fiscal year ended 2010, Rest of Europe segment accounted for 26.08% of the company’s total revenue, followed by Rest of World with 22.85%, Germany with 15.16%, Italy with 12.27%, Sweden with 9.86%, the UK with 8.05% and France with 5.74%.In September 2011, the NINE innovation and design agency, in which the company is the main shareholder, has been awarded Pentaward’s Best of the Show for its work on Ramlosa premium PET. The company’s subsidiary, Billerud Fresh Services AB entered into an agreement with Carmel Container Systems Ltd. from the Hadera Paper Group to be a member of the Fresh Box Alliance. In August 2011, the company and Santa Maria, a provider of herbs and spices entered into collaboration with Scanpack, Scandinavia’s biggest packaging fair to launch ‘PackDesign Engineer 2012’ – a pan-Nordic packaging design competition. In July 2011, the company invested in a minority stake in PACCESS Packaging, a US based company with numerous operations throughout Asia.

Billerud AB (Billerud) is a packaging paper company. It carries out the production of pulp and paper packaging. The company operates with three business areas, namely, Packaging and Specialty Papers, Packaging Boards and Market Pulp. It supplies wide range of packaging paper products for applications in the pharmaceuticals, food and consumer electrical industries. These applications include packaging of medicine, pizzas, wines, perfumes, pet food, fruit and vegetables, and white goods and domestic appliances. Billerud also operates internationally and manages four mills and 11 sales offices in ten countries. Its sales subsidiaries are located in Sweden, Germany, the Netherlands, UK, France, Spain, the United Arab Emirates, China, Indonesia and Italy. Billerud is headquartered at Solna, Sweden.The company reported revenues of (Swedish Krona) SEK 9,361.00 million during the fiscal year ended December 2011, an increase of 5.03% over 2010. The operating profit of the company was SEK 978.00 million during the fiscal year 2011, a decrease of 5.69% from 2010. The net profit of the company was SEK 683.00 million during the fiscal year 2011, a decrease of 3.12% from 2010.

Paperboard Container Manufacturing

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Financial Data

Financials in:	SEK(mil)
Revenue:	9,361.0
Net Income:	683.0
Assets:	9,335.0
Long Term Debt:	819.0
Total Liabilities:	4,464.0
Working Capital:	1.0
Date of Financial Data:	31-Dec-2011

1 Year Growth

5.0%

-3.1%

1.5%

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Market Data

Quote Symbol:	BILL
Exchange:	Stockholm Stock Exchange
Currency:	SEK
Stock Price:	63.8
Stock Price Date:	06-29-2012
52 Week Price Change %:	-3.8
Market Value (mil):	6,683,207.0
SEDOL:	7240371
ISIN:	SE0000862997
Equity and Dept Distribution:
08/2009, Rights Issue, 1 new share for every 1 share held @ SEK 19 (Factor: 1.41358). 10/2010, Nominal value changed from SEK12.5.
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Subsidiaries

Company	Percentage Owned	Country
Billerud Inc	100%	USA
Billerud Karlsborg AB	100%	SWEDEN
Billerud Skärblacka AB	100%	SWEDEN
Billerud Beetham Ltd	100%	UK
Billerud Benelux BV	100%	NETHERLANDS
Billerud France SAS	100%	FRANCE
Billerud GmbH	100%	GERMANY
Billerud Iberica SL	100%	SPAIN
Billerud Srl	100%	ITALY
Billerud Sales Ltd	100%	UK
Billerud Fresh Services AB	100%	SWEDEN
Billerud Holding AB	100%	SWEDEN
Nine TPP AB	71.6%	SWEDEN
Tenova Bioplastics AB	71.6%	SWEDEN
Billerud Mediena UAB	85%	LITHUANIA
Billerud Wood Supply SIA	100%	LATVIA
Billerud Estonia OU	100%	ESTONIA
Billerud Finland Oy	100%	FINLAND
Billerud Skog AB	100%	SWEDEN
Billerud Trading Co Ltd	100%	PEOPLE'S REPUBLIC OF CHINA

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Shareholders

Major Shareholders

Frapag Beteilgungsholding AG (21%)

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Key Corporate Relationships

Auditor:	Ernst & Young AB
Auditor:	Ernst & Young AB, Ernst & Young AB

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Billerud AB

The Strategic Initiatives report is created using technology to extract meaningful insights from analyst reports about a company's strategic projects and investments. More about Strategic Initiatives

Strategic Initiatives

Partnerships

We have therefore in recent years been working intensively with our repositioning from a production oriented company to a customer-and solution-oriented company with the aim of reaching a higher and more stable margins. I believe that in all value chains are positions that are better than others. This implies a long-term and closer collaboration with customers, a more intensive Product, business development and greater flexibility. I am convinced that Billerud has a strong basis in order to offer products that have environmental sustainability as fundamental property. We will continue to develop our range of alternatives to traditional plastic packages. 

The company’s subsidiary, Billerud Fresh Services AB entered into an agreement with Carmel Container Systems Ltd. from the Hadera Paper Group to be a member of the Fresh Box Alliance. In August 2011, the company and Santa Maria, a provider of herbs and spices entered into collaboration with Scanpack, Scandinavia’s biggest packaging fair to launch ‘PackDesign Engineer 2012’ – a pan-Nordic packaging design competition. In July 2011, the company invested in a minority stake in PACCESS Packaging, a US based company with numerous operations throughout Asia.GlobalData uses a range of research techniques to gather and verify its information and analysis. These include primary research, in-house knowledge and expertise, proprietary databases, and secondary sources such as company websites, annual reports, SEC filings and press releases. 

Corporate Family	Corporate Structure News:
	Billerud AB
Billerud AB  Total Corporate Family Members: 17

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
Billerud AB	Parent	Solna	Sweden	Paper and Paper Products	1,441.6	2,233
Billerud Skarblacka AB	Subsidiary	Norrkoping	Sweden	Paper and Paper Products	344.7	600
Billerud Karlsborg AB	Subsidiary	Karlskoga	Sweden	Paper and Paper Products	261.0	410
Billerud Beetham Ltd.	Subsidiary	Milnthorpe	United Kingdom	Paper and Paper Products	59.2	140
Billerud Skog AB	Subsidiary	Solna	Sweden	Forestry and Wood Products	410.8	25
Billerud Tenova Bioplastics AB	Subsidiary	Aby	Sweden	Fabricated Plastic and Rubber	1.6	15
Billerud France S.A	Subsidiary	Paris	France	Paper and Paper Products	2.6	14
Billerud GmbH	Subsidiary	Hamburg, Hamburg	Germany	Paper and Paper Products		14
Billerud S.r.l.	Subsidiary	Sesto San Giovanni	Italy	Paper and Paper Products	4.1	10
Billerud Sales Ltd.	Subsidiary	Nottingham	United Kingdom	Miscellaneous Capital Goods	2.3	10
Billerud Ltd	Subsidiary	Nottingham	United Kingdom	Paper and Paper Products		10
Billerud Benelux B.V	Subsidiary	Amsterdam	Netherlands	Office Supplies		8
Billerud Trading (Shanghai) Co. Ltd	Subsidiary	Shanghai	China	Office Supplies		6
Billerud Gulf	Subsidiary	Dubai	United Arab Emirates	Containers and Packaging		4
Billerud Wood Supply SIA	Subsidiary	Riga	Latvia	Miscellaneous Capital Goods		3
Billerud Iberica S.L	Subsidiary	Sant Just Desvern, Barcelona	Spain	Containers and Packaging
Billerud Scandinavia	Subsidiary	Solna, Stockholm	Sweden	Miscellaneous Capital Goods

Billerud AB

Competitors Report

CompanyName	Location	Employees	Ownership
Holmen AB	Stockholm, Sweden	3,940	Public
Korsnäs AB	Gävle, Sweden	1,800	Private
Smurfit Kappa Group Plc	Dublin, Ireland	38,068	Public
Stora Enso OYJ	Helsinki, Finland	29,041	Public
UPM-Kymmene Corporation	Helsinki, Finland	23,112	Public

Billerud AB Solna, , Sweden, Tel: 46-8-55333500, URL: http://www.billerud.com/, Executives Page

Executives Report

Board of Directors

Name	Title	Function
Ingvar Petersson	Chairman of the Board, Independent Director	Chairman
Biography: Mr. Ingvar Petersson is Chairman and Independent Member of the Board of Directors at Billerud AB. He has been employed by the Company since 2001. He is also Chairman of the Compensation Committee and Member of the Audit and serves as Secretary of the Nomination Committee at Billerud AB. In addition to his duties at the Company, he serves as Chair at Econova AB and RAM One AB; Board Member at Munksjo AB, among other companies. In his professional career, he was also Senior Executive Vice President at Stora Enso; First Executive Vice President at Stora Group and Chief Executive Officer at Kopparfors AB. Mr. Ingvar Petersson is a Business Economist. He graduated from Lunds Universitet. Age: 71 Education: Lunds Universitet (Business Economics) Compensation/Salary:525,000 Compensation Currency: SEK
Michael M. F. Kaufmann	Deputy Chairman of the Board	Vice-Chairman
Biography: Mr. Michael M.F. Kaufmann has been Deputy Chairman of the Board of Directors at Billerud AB since 2006. He is Chairman of the Company's Nomination Committee and Member of the Company's Compensation Committee. Since September 2005, he has occupied the post of Member of the Company's Board of Directors. In addition to his current duties at the Company, he is Chief Executive Officer at Frapag Beteiligungsholding AG, Vienna, Austria, as well as Board Member at Hirsch Servo AG, Glanegg, Austria. He holds a Masters of Business Administration degree from Friedrich-Alexander-Universitaet Erlangen-Nuernberg and from Universitaet Stuttgart. Age: 64 Education: Universitaet Stuttgart, MBA  Friedrich-Alexander-Universitaet Erlangen-Nuernberg, MBA  Compensation/Salary:400,000 Compensation Currency: SEK
Helena Andreas	Independent Director	Director/Board Member
Biography: Ms. Helena Andreas has served as Independent Member of the Board of Directors for Billerud AB since 2011. She serves also as Head of Retail at Vodafone Group and as Member of the Board of Directors in Extenda AB. Ms. Andreas held positions in the Retail and Consumer Goods Industry, such as Head of Marketing Fresh Foods at Tesco UK. She worked as Management Consultant for Accenture. She holds Master of Business Administration Degree awarded at INSEAD, France/Singapore, as well as Master of Engineering in Technical Physics, awarded at Lunds Universitet at the Faculty of Engineering LTH/Caltech. She also holds Economics degree from the same university. Age: 37 Education: INSEAD, Singapore, MBA  Lunds Universitet, ME  Lunds Universitet (Economics) Compensation/Salary:250,000 Compensation Currency: SEK
BjÃrn BjÃrnsson	Director	Director/Board Member
GÃsta Brink	Director	Director/Board Member
Sten Rickard Cato	ledamot	Director/Board Member
Stewe Cato	Director, Employee Representative	Director/Board Member
Biography: Mr. Stewe Cato has served as Employee Representative, Member of the Board of Directors at Billerud AB since 2001. In addition to his duties at the Company, he serves as Chairman of the Swedish Paper Workers Union local 96 at Billerud Gruvon. Age: 59
Helen Gustafsson	Director, Employee Representative	Director/Board Member
Biography: Ms. Helen Gustafsson has been Employee Representative, Member of the Board of Directors at Billerud AB since 2010. In addition to her duties at the Company, she serves as Production Technician, Process Development at Billerud Skarblacka AB. Age: 41
Mikael Hellberg	Independent Director	Director/Board Member
Biography: Mr. Mikael Hellberg has served as Independent Member of the Board of Directors of Billerud AB since 2011. Prior to joining the Company, Mr. Hellberg served as Chief Executive Officer of Wasabrod AB, Pripps Bryggerier/Carlsberg Sverige AB and Alcro-Beckers AB. He served as Advisor to Ericsson's Business Unit Systems, as well as served as Category Manager for Procter & Gamble Norden. Apart from his duties in the Company, he serves as Chairman of Delicato Bakverk AB, NCS Colour AB, Pelly Industrier AB, Berntson Brands AB, Björnkläder AB and Wallvision. He serves as Member of the Board of Directors of AB Annas Pepparkakor, Cederroth International AB, Color Processing Systems and other companies. Mr. Hellberg serves as Chairman of the Audit Committee. He holds Bachelor of Science Degree in Business Administration awarded by University of Minnesota. He studied at Handelshogskolan i Stockholm. Age: 58 Education: University of Minnesota, BS (Business Administration) Handelshogskolan i Stockholm Compensation/Salary:250,000 Compensation Currency: SEK
Lennart Holm	Director	Director/Board Member
Jan Homan	Director	Director/Board Member
Gunilla Jonson	Independent Director	Director/Board Member
Biography: Ms. Gunilla Jonson has served as Independent Member of the Board of Directors at Billerud AB since 2003. In addition to her current duties at Billerud AB, she serves as Professor of Packaging Logistics at Lunds Tekniska Hogskola and as Adjunct Professor of Packaging Technology at Michigan State University; Vice Chairman at University Board of Chalmers; Board member at SIK, Blekinge Institute of Technology, Invest Skane AB and Invest Sweden, as well as Member of the Royal Swedish Academy of Engineering Sciences (IVA). In her professional career, she acted as Dean at Lunds Tekniska Hogskola. She also held various directorships positions in SCA Packaging, in Sweden, Belgium and the UK. Apart from that, she occupied the post of Research Director at Swedish Packaging Research Institute, Stockholm. Ms. Gunilla Jonson holds a Master of Science Degree and a Doctorate of Philosophy Degree in Mechanical Engineering and Transport Technology from Chalmers Tekniska Hogskola. She is Member of the Company's Audit Committee. Age: 69 Education: Chalmers Tekniska Hogskola, PHD (Mechanical Engineering) Chalmers Tekniska Hogskola, MS (Mechanical Engineering) Compensation/Salary:250,000 Compensation Currency: SEK
Gundel Tora JÃnson	ledamot	Director/Board Member
Kurt Lindvall	Director, Employee Representative	Director/Board Member
Biography: Mr. Kurt Lindvall has served as Employee Representative, Member on the Board of Directors at Billerud AB since 2001. He is Member of the Company's Audit Committee. In addition to his duties at the Company, he is Chairman of the Swedish Paper Workers Union local 165 at Billerud Karlsborg. Age: 61
Ewald Nageler	Director	Director/Board Member
Biography: Mr. Ewald Nageler has been Member of the Board of Directors at Billerud AB since 2006. In addition to his duties at the Company, he serves as Chief Financial Officer at Frapag Beteiligungsholding AG, Vienna, Austria. In his professional career, he also acted as Chief Financial Officer at Egger Holzindustrie Beteiligungsgesellschaft mbH, St Johann, Austria. He has a 25 years’ experience in banking. Apart from that, he was Member of the Managing Board of Creditanstalt AG, Vienna, as well as Member of the Boards of many financial institutions and companies in Austria and elsewhere. He holds Economics degree from Universitaet Innsbruck. Age: 62 Education: Universitaet Innsbruck (Economics) Compensation/Salary:250,000 Compensation Currency: SEK
Per Nilsson	Director	Director/Board Member
Fredrik Nordstrom	Director, Employee Representative	Director/Board Member
Biography: Mr. Fredrik Nordstrom has served as Employee Representative at the Board of Directors in Billerud AB since 2011. In addition, he serves as Production Controller in Billerud Gruvon AB. Age: 40
Anders Henning Petersson	ledamot och ordförande	Director/Board Member
Stefan Ragnarsson	Board Member	Director/Board Member
Yngve Stade	Independent Director	Director/Board Member
Biography: Mr. Yngve Stade has served as Independent Member of the Board of Directors at Billerud AB since 2005. He is Member of the Company's Compensation Committe. In addition to his current duties at the Company, he is Chairman of RISE Holding AB and Member of the Royal Swedish Academy of Engineering Sciences and Mantex AB. In his professional career, he was Chief Executive Officer at Stora Enso AB; Member of the Executive Management at Stora Enso Oyj; Chief Executive Officer at Kamyr AB and at NLK Celpap Engineering AB. Apart from that, he held various production and technical positions at Korsnas AB and the Swedish Pulp and Paper Research Institute (STFI); Member of the Board at MoDo Chemetics, Innventia AB, Swedish Forest Industries Federation and Chairman of the Board in several research institutions associated with forest industry issues, as well as Member of the Board of Falu Rodfargs AB/ Stora Kopparbergs Bergslags AB. Mr. Yngve Stade gained a Master of Science Degree in Engineering and Doctorate in Philosophy from Royal Institute of Technology, Stockholm (Kungliga Tekniska Hogskola - KTH). Age: 65 Education: Kungliga Tekniska Hogskolan - KTH, PHD  Kungliga Tekniska Hogskolan - KTH, MS (Engineering) Compensation/Salary:250,000 Compensation Currency: SEK
Meg Tiveus	Board Member	Director/Board Member

Executives

Name	Title	Function
Per Lindberg	President, Chief Executive Officer	Chief Executive Officer
Biography: Mr. Per Lindberg is President and Chief Executive Officer at Billerud AB. He is Board Member of VindIn AB and Middlepoint AB as well as Chairman of YKI. He has been employed by the Company since 2005. In his professional career, he was also Chief Executive Officer at Korsnas AB, as well as Executive Vice President at Investment AB Kinnevik, and Management and Strategy Consultant at Applied Value Sorporation, US. Mr. Per Lindberg holds a Master of Science and Doctorate in Philosophy degrees from Chalmers Tekniska Hogskola (Chalmers University of Technology). Age: 53 Education: Chalmers Tekniska Hogskola, PHD  Chalmers Tekniska Hogskola, MS  :4,938,000 Compensation Currency: SEK
Bert Ostlund	Verkställande direktÃr	Chief Executive Officer
TorbjÃrn Joghed	DirektÃr-GruvÃn Mill	Operations Executive
Torbjörn Söderström	DirektÃr-GruvÃn Mill	Operations Executive
Anders Snell	Environment and Energy Manager	Environment/Safety Executive
Age: 62 Education: Kungliga Tekniska Hogskolan - KTH, MS (Chemistry)
Bertil Carlsen	CFO	Finance Executive
Nils Lindholm	Ekonomidirektör	Finance Executive
Susanne Lithander	Chief Financial Officer	Finance Executive
Biography: Ms. Susanne Lithander has been appointed Chief Financial Officer of Billerud AB (Publ) effective as of September 1, 2011. She previously held the position of Vice President of Finance at SCA, where she lead a global change project. She served as Chief Executive Officer of Mercuri International Group; Executive Vice President, Head of Product Area Advise in BU Global Services, Ericsson AB, as well as Executive Vice President Finance and Operational Development in BU Global Services for Ericsson AB. EVP as well as held several other positions within Ericsson. She is Member of the Board of Directors and Audit Committee Member of Acando. She holds Master's Degree in Business Administration and Economics awarded by Goteborgs Handelshogskola. Age: 51 Education: Handelshogskolan, Gothenburg, M (Business Administration)
Tobias Bergarp	Analyst	Investment Executive
Bengt Andersson	Personalchef-Skärblacka	Human Resources Executive
Lotta Bergquist	Personalchef-Gruvön	Human Resources Executive
Karin Hagfeldt	Senior Vice President of Human Resources	Human Resources Executive
Biography: Ms. Karin Hagfeldt has served as Senior Vice President of Human Resources (HR) of Billerud AB since June 1, 2011. She previously served as Human Resources Lead Global Supply Chain and Strategy in AstraZeneca. She also has experience as Head of Human Resources at Sweden Operations at AstraZeneca. She holds Executive Master of Business Administration Degree awarded at Handelshogskolan i Stockholm and took Human resources and occupational programme at Umea Universitet. Age: 42 Education: Handelshogskolan i Stockholm, MBA  Umea Universitet (Human Resources)
Anne Karlenius	Personalchef-Karlsberg	Human Resources Executive
Anna-Lena Nyberg	Personalchef	Human Resources Executive
Staffan Fors	Marketing direktör-Paper	Marketing Executive
Elisabeth Olin	Head of Corporate Communications	Corporate Communications Executive
Sophie Arnius	Investor Relations Manager	Investor Relations Executive
Magnus Wikstrom	Technical Director	Engineering/Technical Executive
Biography: Mr. Magnus Wikstrom is Technical Director at Billerud AB. He has been employed by the Company since 2006. In addition to his current duties at the Company, he serves as Board Member at Innventia AB. In his professional career, he acted as Research & Development Director at Korsnas AB; Research Manager at Korsnas Development; Project Area Manager at Swedish Pulp and Paper Research Institute (STFI). He holds a Master of Science degree in Chemical Engineering and a Doctor of Philosophy Degree in Engineering. He is a Associate Professor at Royal Institute of Technology. Age: 49
Per Bjurbom	Production Director	Manufacturing Executive
Biography: Mr. Per Bjurbom has been Production Director at Billerud AB. He has been employed by the Company since 2007. In his professional career, he served as Site Manager at Holmen Paper Hallsta; Site Manager and Production Manager at Stora Enso Skoghall mill, as well as Production Manager at PM53, Holmen Paper Braviken and at Braviken Holmen Paper, within Technical Marketing Telephone Directory Paper, and Operating Engineer PM52 at Holmen Paper Braviken. He holds a Master of Science degree in Mechanical Engineering from Royal Institute of Technology, Stockholm (Kungliga Tekniska Hogskola - KTH). Age: 51 Education: Kungliga Tekniska Hogskolan - KTH, MS (Mechanical Engineering)
Peter Davidson	Senior VP & Manager-Skarblacka Mill	Manufacturing Executive
Stina Blomback	Sustainability & Energy Director	Other
Age: 61
Lennart Eberleh	Business Area Director for Packaging Boards	Other
Biography: Mr. Lennart Eberleh is Business Area Director for Packaging Boards at Billerud AB. He has been employed by the Company since 2001. Previously, he was also the Company’s Product Area Manager of Containerboard. He served as Sales Manager of Containerboard at Stora Enso Gruvon; Stora Support Team at Stora Kopparberg Bergslags AB; Product Manager of Containerboard at Stora Gruvon. He holds a Master of Science degree from Technical University Carolo Wilhelmina, Braunschweig (Technische Universitaet Carolo-Wilhelmina zu Braunschweig). He also holds an Executive Master of Business Administration degree. Age: 43 Education: Technische Universitaet Carolo-Wilhelmina zu Braunschweig, MS
Johan Nellbeck	Business Area Director for Packaging & Specialty Paper	Other
Biography: Mr. Johan Nellbeck is Business Area Director for Packaging and Specialty Paper at Billerud AB. He has been employed by the Company since 2006. In addition to his duties at the company, he is Board Member at CEPI Eurokraft and Paperlmpact. In his professional career, he also acted as Sales Manager at Tele2 Stockholm; Managing Director AssiDoman Kraft Products Sales AB and Sales Manager at AssiDoman Scandinavia. He holds a Master of Science degree in Business Administration from Uppsala Universitet. Apart from that, he holds an Executive Masters of Business Administration Degree. Age: 48 Education: Uppsala Universitet, MS (Business Administration)
Niklas Soderstrom	Business Area Director of Market Pulp	Other
Biography: Mr. Niklas Soderstrom is Business Area Director of Market Pulp at Billerud AB. He has been employed by the Company since 2001. In addition to his duties at the Company, he is Chairman of the Board at Bjurfors i Uppsala AB. In his professional career, he acted as Market Director at AssiDoman and at Rottneros; Sales Manager at Utansjom mill; Order/Logistics Manager at Varnamo Gummi; Board Member at Scand-Fibre Logistics. He holds a degree in Economics. Age: 62

Billerud AB

Significant Developments

Billerud AB to Merge with Investment AB Kinnevik's Korsnas

Jun 20, 2012

Billerud AB announced the combination of Billerud and Investment AB Kinnevik's Korsnas AB (Korsnas). The new company, BillerudKorsnas, will become a virgin fibre -based packaging materials and solutions company. Both companies and their respective principal owners estimate a synergy potential to be realized within the next few years following the transaction, estimated to amount to approximately SEK 300 million yearly. Billerud will acquire the shares in Korsnas from Kinnevik. Kinnevik will receive shares in Billerud and a cash payment in exchange. Billerud will undertake a rights issue with preferential rights for BillerudKorsnas' shareholders of SEK 2,000 million following the transaction to strengthen the financial position. Kinnevik will, in the transaction, receive 25.1% of the votes in Billerud and a cash payment of SEK 3,200 million, and has agreed to subscribe for SEK 500 million in the rights issue. The current main shareholder in Billerud, FRAPAG Beteiligungsholding AG supports the transaction and has agreed to subscribe for its pro rata share in the rights issue. After the transaction, the main shareholders in BillerudKorsnas will be Kinnevik with a 25.1% holding followed by Frapag with a 15.7% holding. Billerud assumes current net debt in Korsnas amounting to SEK 5,650 million in connection with the transaction. The transaction includes Korsnas, Kinnevik's 75% share in Latgran Biofuels AB (Latgran) and Korsnas' 5% share in Bergvik Skog AB (Bergvik). 

Billerud AB's Subsidiary Billerud Finland Oy Completes Acquisition of UPM Kymmene Oyj's Packaging Paper Operations

Jun 01, 2012

Billerud AB announced that its wholly owned subsidiary Billerud Finland Oy, has acquired the Packaging Paper Operations at Pietarsaari and Tervasaari from UPM Kymmene Oyj. The purchase price is approximately EUR 130 million. The acquired operations will be consolidated as of June 1, 2012, and will be included in the Packaging & Speciality Paper Business Area. In the Company's 2012 interim report, sales of the Company's market pulp will continue to be reported as a separate business area, that is Market Pulp. As of July 1, 2012, market pulp sales will not be reported separately but will be included in the Packaging and Speciality Paper Business Area. In 2011, the acquired operations' sales amounted to approximately EUR 220 million, and EBITDA was approximately EUR 18 million (pro forma). The annual depreciation is estimated to be approximately EUR 6.5 million. The transaction is financed through half cash and cash equivalents, half through raising loans within existing credit frameworks. The impact of the acquisition on the Company's net debt/equity ratio will be +24 percentage points. 

Billerud AB's Board of Directors Proposes FY 2011 Dividend of SEK 3.50 per Share

Apr 02, 2012

Billerud AB announced that its Board of Directors proposes a dividend of SEK 3.50 per share for the fiscal year 2011 and May 14, 2012 as the record day for the dividend. If the Meeting approves the Board's proposal, the payment via Euroclear Sweden AB is expected to be sent on May 18, 2012. Previously, a dividend of SEK 3.50 per share was reported for the fiscal year 2010. 

Billerud AB o Acquire UPM-Kymmene's Packaging Paper Business

Feb 01, 2012

Billerud AB announced that Billerud Finland Oy, a wholly-owned subsidiary of Billerud AB, has signed an agreement with UPM-Kymmene (UPM) to acquire UPM's packaging paper business in Pietarsaari and Tervasaari. Billerud pays EUR 130 million (approximately SEK 1.2 billion) for the business. The acquisition will significantly reduce Billerud's pulp exposure and strengthen the offering within packaging paper. In addition, the currency exposure is also reduced. The acquisition includes one paper machine in Pietarsaari and one paper machine in Tervasaari, both in Finland. Annual net synergies are estimated to approximately SEK 30 million with full financial impact from year-end 2013. Synergies are mainly obtained through increased production flexibility within the Billerud Group. One-off costs associated with the separation of the acquired business from UPM is estimated to approximately SEK 22 million during 2012. The acquisition is expected to be cash flow positive from day one after closing. 

Billerud AB Carries Out Environmental and Energy Improvements in Skarblacka

Dec 07, 2011

Billerud AB announced that the Board of the Company has decided to proceed with an environmental and energy investment at Skarblacka mill outside Norrkoping. The goal is to strengthen the mill for the future by improving environmental performance and energy efficiency as well as enabling future expansion. The investment is expected to amount to SEK 900 million. The investment includes upgrading the recovery boiler and its flue gas cleaning system with the best available technology. In addition a new evaporation unit will be build to improve energy efficiency at the mill. This will lead to a substantial reduction in consumption of fossil oil and external biofuels. Billerud has applied to the Land and Environment Court in Vaxjo for permission to implement these changes and received approval on November 29, 2011. The entire project is scheduled for completion at the end of 2013. 

Billerud AB Becomes Minority Owner in BioBag International AS

Dec 01, 2011

Billerud AB announced that the Company is integrating development work in the field of bioplastics and other future materials. This work has previously taken place in the subsidiary Tenova Bioplastics AB. In connection with this process, the production business currently located in Aby will be transferred to the Norwegian company BioBag International AS. This will mean that Billerud will become a minority owner in the Norwegian company. Billerud will work closely with BioBag on certain development projects. 

Billerud AB's Subsidiary Billerud Fresh Services AB Signs Agreement with Carmel Container Systems Ltd to Become Member of Fresh Box Alliance

Sep 19, 2011

Billerud AB announced that Billerud Fresh Services AB has signed an agreement with Carmel Container Systems Ltd. from the Hadera Paper Group to become a member of the Fresh Box Alliance. Members of the alliance have access to an optimized supply chain management concept called SoliQ, specifically created for the global fresh produce industry. SoliQ was created by Billerud Fresh Services AB to ensure efficiency throughout the fresh produce cold chain. The concept utilizes real-time data and is backed up by technical knowhow in order to meet the specific requirements of both importers and retailers. 

Billerud AB Signs Agreement for 30% Investment in PACCESS Packaging

Jul 21, 2011

Billerud AB announced that it has signed an agreement to make an investment corresponding to 30% in the packaging company PACCESS Packaging, a division of PACCESS LLC. PACCESS Packaging is engaged in the design and development of packaging for production and delivery in Asia. The transaction will enhance the Company's presence in Asia. The investment is a cash transaction and subject to customary closing conditions being met. 

Billerud AB Solna, Sweden, Tel: 46-8-55333500, URL: http://www.billerud.com/

Annual Profit & Loss

	31-Dec-2010	31-Dec-2009	31-Dec-2008
Period Length	12 Months	12 Months	12 Months
Filed Currency	SEK	SEK	SEK
Exchange Rate (Period Average)	7.206564	7.645194	6.599156
Consolidated	Yes	Yes	Yes
Total Revenue	1,236.8	1,019.2	1,183.0
Gross Profit	228.5	112.6	120.6
Net Financial Items	-10.7	-14.9	-25.0
Operating Income	143.9	39.2	43.8
Income Before Tax	133.2	24.3	18.8
Net Income	97.8	21.6	23.0

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2010	31-Dec-2009	31-Dec-2008
Filed Currency	SEK	SEK	SEK
Exchange Rate	6.72285	7.1401	7.90795
Consolidated	Yes	Yes	Yes
Total Assets	1,368.5	1,271.8	1,140.8
Total Liabilities	678.7	712.3	807.2
Total Equity	689.7	559.5	333.6

Annual Ratios

	31-Dec-2010	31-Dec-2009	31-Dec-2008
Period Length	12 Months	12 Months	12 Months
Filed Currency	-	-	-
Exchange Rate	-	-	-
Consolidated	Yes	Yes	Yes
Operating Margin	11.69	3.93	3.91
Current Ratio	174.96	145.28	127.22
Total debt/total equity	50.40	43.99	29.24
Return on average equity	20.70	4.66	4.70

Annual Growth Rates

	31-Dec-2009	31-Dec-2008
Period Length	12 Months	12 Months
Filed Currency	-	-
Exchange Rate	-	-
Consolidated	Yes	Yes
Turnover Percent Change	14.39%	-0.19%
Marginal Contribution Percent Change	91.29%	8.17%
Net Financial Items Percent Change	32.46%	30.91%
Operating Results Percent Change	245.67%	3.81%
Profit/Loss Before Tax Percent Change	416.13%	50.00%
Profit/Loss for the Year Percent Change	327.27%	8.55%
Assets Percent Change	1.31%	0.67%
Debts Percent Change	-10.28%	-20.32%
Equity Capital Percent Change	16.07%	51.44%
Operating Margin Percent Change	197.46%	0.51%
Current Ratio Percent Change	20.43%	14.20%
Debt/Equity Ratio Percent Change	14.57%	50.44%
Retun On Equity Percent Change	344.21%	-0.85%

Billerud AB Solna, Sweden, Tel: 46-8-55333500, URL: http://www.billerud.com/

Annual Income Statement

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

Financial Glossary

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal  31-Dec-2011	Updated Normal  31-Dec-2010	Updated Normal  31-Dec-2009	Updated Normal  31-Dec-2008	Updated Normal  31-Dec-2007
Filed Currency	SEK	SEK	SEK	SEK	SEK
Exchange Rate (Period Average)	6.493691	7.206564	7.645194	6.599156	6.757461
Auditor	Ernst & Young AB	Ernst & Young LLP	Ernst & Young AB	KPMG LLP	KPMG LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Sales	1,438.8	1,225.0	1,015.0	1,180.8	1,148.1
Revenue	1,438.8	1,225.0	1,015.0	1,180.8	1,148.1
Other Revenue	2.8	11.8	4.2	2.3	1.8
Other Revenue, Total	2.8	11.8	4.2	2.3	1.8
Total Revenue	1,441.6	1,236.8	1,019.2	1,183.0	1,149.8
Cost of Revenue	689.7	573.9	502.8	602.3	540.4
Cost of Revenue, Total	689.7	573.9	502.8	602.3	540.4
Gross Profit	749.0	651.1	512.2	578.4	607.6
Labor & Related Expense	219.8	191.1	180.5	198.4	189.0
Total Selling/General/Administrative Expenses	219.8	191.1	180.5	198.4	189.0
Depreciation	94.6	84.6	73.4	76.8	70.0
Depreciation/Amortization	94.6	84.6	73.4	76.8	70.0
Investment Income - Operating	0.0	0.0	0.1	0.0	0.3
Interest/Investment Income - Operating	0.0	0.0	0.1	0.0	0.3
Interest Expense (Income) - Net Operating Total	0.0	0.0	0.1	0.0	0.3
Other Operating Expense	286.9	243.3	223.1	261.7	262.8
Other Operating Expenses, Total	286.9	243.3	223.1	261.7	262.8
Total Operating Expense	1,290.9	1,092.9	980.0	1,139.2	1,062.5
Operating Income	150.6	143.9	39.2	43.8	87.3
Interest Expense - Non-Operating	-7.1	-7.1	-12.6	-27.1	-20.0
Interest Expense, Net Non-Operating	-7.1	-7.1	-12.6	-27.1	-20.0
Interest Income - Non-Operating	3.4	0.7	0.5	2.4	2.7
Investment Income - Non-Operating	0.0	0.0	0.3	0.0	0.0
Interest/Investment Income - Non-Operating	3.4	0.7	0.8	2.4	2.7
Interest Income (Expense) - Net Non-Operating Total	-3.7	-6.4	-11.8	-24.7	-17.3
Other Non-Operating Income (Expense)	-3.2	-4.3	-3.1	-0.3	0.0
Other, Net	-3.2	-4.3	-3.1	-0.3	0.0
Income Before Tax	143.7	133.2	24.3	18.8	70.0
Total Income Tax	38.5	35.4	2.7	-4.2	20.3
Income After Tax	105.2	97.8	21.6	23.0	49.7
Net Income Before Extraord Items	105.2	97.8	21.6	23.0	49.7
Net Income	105.2	97.8	21.6	23.0	49.7
Income Available to Common Excl Extraord Items	105.2	97.8	21.6	23.0	49.7
Income Available to Common Incl Extraord Items	105.2	97.8	21.6	23.0	49.7
Basic/Primary Weighted Average Shares	103.1	103.1	81.0	72.8	72.7
Basic EPS Excl Extraord Items	1.02	0.95	0.27	0.32	0.68
Basic/Primary EPS Incl Extraord Items	1.02	0.95	0.27	0.32	0.68
Diluted Net Income	105.2	97.8	21.6	23.0	49.7
Diluted Weighted Average Shares	103.4	103.3	81.2	72.8	72.8
Diluted EPS Excl Extraord Items	1.02	0.95	0.27	0.32	0.68
Diluted EPS Incl Extraord Items	1.02	0.95	0.27	0.32	0.68
Dividends per Share - Common Stock Primary Issue	0.54	0.49	0.07	0.00	0.37
Gross Dividends - Common Stock	55.6	50.1	6.7	0.0	26.6
Interest Expense, Supplemental	7.1	7.1	12.6	27.1	20.0
Depreciation, Supplemental	90.4	80.5	71.3	76.1	70.0
Total Special Items	-	1.8	0.0	-	-
Normalized Income Before Tax	143.7	135.0	24.3	18.8	70.0
Effect of Special Items on Income Taxes	-	0.5	0.0	-	-
Inc Tax Ex Impact of Sp Items	38.5	35.9	2.7	-4.2	20.3
Normalized Income After Tax	105.2	99.2	21.6	23.0	49.7
Normalized Inc. Avail to Com.	105.2	99.2	21.6	23.0	49.7
Basic Normalized EPS	1.02	0.96	0.27	0.32	0.68
Diluted Normalized EPS	1.02	0.96	0.27	0.32	0.68
Amort of Intangibles, Supplemental	2.6	2.4	2.1	0.9	0.0
Rental Expenses	8.2	7.8	7.1	6.4	6.1
Normalized EBIT	150.6	145.7	39.4	43.8	87.6
Normalized EBITDA	243.6	228.5	112.8	120.8	157.6
Current Tax - Other	28.2	24.6	1.8	0.5	1.2
Current Tax - Total	28.2	24.6	1.8	0.5	1.2
Deferred Tax - Total	10.3	10.8	0.9	-4.7	19.1
Deferred Tax - Total	10.3	10.8	0.9	-4.7	19.1
Income Tax - Total	38.5	35.4	2.7	-4.2	20.3
Interest Cost - Domestic	1.4	1.2	0.8	1.2	0.9
Service Cost - Domestic	2.8	2.2	1.2	3.2	1.5
Other Pension, Net - Domestic	13.1	12.8	12.3	8.6	10.7
Domestic Pension Plan Expense	17.2	16.2	14.3	13.0	13.0
Total Pension Expense	17.2	16.2	14.3	13.0	13.0
Discount Rate - Domestic	3.30%	3.80%	3.90%	3.70%	4.30%
Compensation Rate - Domestic	3.00%	3.00%	3.00%	3.00%	3.00%
Pension Payment Rate - Domestic	2.00%	2.00%	-	-	-
Total Plan Interest Cost	1.4	1.2	0.8	1.2	0.9
Total Plan Service Cost	2.8	2.2	1.2	3.2	1.5
Total Plan Other Expense	13.1	12.8	12.3	8.6	10.7

Annual Balance Sheet

Financials in: USD (mil)

Financial Glossary

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
UpdateType/Date	Updated Normal  31-Dec-2011	Updated Normal  31-Dec-2010	Updated Normal  31-Dec-2009	Updated Normal  31-Dec-2008	Updated Normal  31-Dec-2007
Filed Currency	SEK	SEK	SEK	SEK	SEK
Exchange Rate	6.8553	6.72285	7.1401	7.90795	6.4632
Auditor	Ernst & Young AB	Ernst & Young LLP	Ernst & Young AB	KPMG LLP	KPMG LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Cash & Equivalents	135.5	110.1	114.6	68.5	111.1
Cash and Short Term Investments	135.5	110.1	114.6	68.5	111.1
Accounts Receivable - Trade, Gross	-	214.0	163.6	165.5	231.0
Provision for Doubtful Accounts	-	-4.0	-2.2	-1.9	-1.1
Trade Accounts Receivable - Net	202.9	210.0	161.3	163.6	229.9
Other Receivables	43.2	56.2	57.1	26.7	41.2
Total Receivables, Net	246.1	266.3	218.5	190.3	271.1
Inventories - Finished Goods	94.4	96.7	76.6	64.6	86.0
Inventories - Work In Progress	5.4	7.0	6.4	2.7	0.0
Inventories - Raw Materials	56.7	55.3	59.1	62.1	58.8
Inventories - Other	9.0	0.1	7.0	8.6	0.0
Total Inventory	165.6	159.2	149.2	138.0	144.8
Prepaid Expenses	11.1	10.3	11.6	7.5	13.0
Total Current Assets	558.3	545.8	493.8	404.3	540.0
Land/Improvements	263.0	259.4	245.4	220.5	260.1
Machinery/Equipment	1,543.3	1,529.1	1,436.0	1,282.9	1,469.4
Construction in Progress	7.1	10.1	17.5	1.4	31.4
Property/Plant/Equipment - Gross	1,813.5	1,798.6	1,698.9	1,504.8	1,760.9
Accumulated Depreciation	-1,076.2	-1,028.6	-936.5	-780.6	-885.9
Property/Plant/Equipment - Net	737.2	770.1	762.3	724.2	875.0
Goodwill, Net	3.1	4.5	4.2	0.0	-
Intangibles - Gross	13.1	13.2	12.6	10.1	-
Accumulated Intangible Amortization	-8.6	-6.2	-3.4	-0.8	-
Intangibles, Net	4.5	7.0	9.2	9.4	6.3
LT Investment - Affiliate Companies	8.6	2.2	2.1	2.8	2.3
Long Term Investments	8.6	2.2	2.1	2.8	2.3
Note Receivable - Long Term	49.9	38.8	0.0	0.0	0.2
Deferred Income Tax - Long Term Asset	0.1	0.1	0.1	0.1	0.0
Other Long Term Assets, Total	0.1	0.1	0.1	0.1	0.0
Total Assets	1,361.7	1,368.5	1,271.8	1,140.8	1,423.8
Accounts Payable	176.5	171.8	146.9	127.0	132.6
Accrued Expenses	64.0	78.4	83.1	54.5	77.1
Notes Payable/Short Term Debt	0.0	0.0	41.6	29.1	206.9
Current Portion - Long Term Debt/Capital Leases	0.0	22.3	56.0	44.3	16.6
Income Taxes Payable	24.9	25.9	0.4	0.0	0.9
Other Payables	0.1	0.1	0.3	1.5	2.6
Other Current Liabilities	14.7	13.4	11.9	63.0	32.0
Other Current liabilities, Total	39.8	39.4	12.6	64.5	35.6
Total Current Liabilities	280.4	311.9	340.2	319.3	468.7
Long Term Debt	119.5	118.7	151.3	303.0	264.3
Total Long Term Debt	119.5	118.7	151.3	303.0	264.3
Total Debt	119.5	141.0	248.9	376.3	487.7
Deferred Income Tax - LT Liability	214.0	213.3	190.1	158.6	211.8
Deferred Income Tax	214.0	213.3	190.1	158.6	211.8
Minority Interest	0.1	0.0	-	-	-
Reserves	5.3	4.0	3.8	3.2	3.9
Pension Benefits - Underfunded	31.9	30.8	27.0	23.1	26.8
Other Liabilities, Total	37.2	34.8	30.8	26.3	30.6
Total Liabilities	651.2	678.7	712.3	807.2	975.4
Common Stock	112.9	115.1	108.4	84.3	103.2
Common Stock	112.9	115.1	108.4	84.3	103.2
Additional Paid-In Capital	131.7	134.3	126.5	10.7	13.2
Retained Earnings (Accumulated Deficit)	468.3	443.1	324.6	238.5	332.0
Translation Adjustment	-2.3	-2.8	-	-	-
Other Equity, Total	-2.3	-2.8	-	-	-
Total Equity	710.5	689.7	559.5	333.6	448.4
Total Liabilities & Shareholders’ Equity	1,361.7	1,368.5	1,271.8	1,140.8	1,423.8
Shares Outstanding - Common Stock Primary Issue	103.1	103.1	103.0	72.8	72.8
Total Common Shares Outstanding	103.1	103.1	103.0	72.8	72.8
Treasury Shares - Common Stock Primary Issue	1.7	1.7	1.9	2.6	2.6
Employees	2,287	2,263	2,232	2,281	2,352
Number of Common Shareholders	107,795	120,733	122,192	118,222	144,447
Accumulated Intangible Amort, Suppl.	8.6	6.2	3.4	0.8	0.0
Total Long Term Debt, Supplemental	0.0	22.3	56.0	45.0	16.6
Long Term Debt Maturing within 1 Year	0.0	22.3	56.0	45.0	16.6
Long Term Debt Matur. in Year 6 & Beyond	0.0	0.0	0.0	0.0	0.0
Total Operating Leases, Supplemental	20.7	61.3	34.3	19.6	17.5
Operating Lease Payments Due in Year 1	6.3	7.9	6.0	4.3	5.7
Operating Lease Payments Due in Year 2	3.6	22.8	16.1	3.8	2.9
Operating Lease Payments Due in Year 3	3.6	10.2	4.1	3.8	2.9
Operating Lease Payments Due in Year 4	3.6	10.2	4.1	3.8	2.9
Operating Lease Payments Due in Year 5	3.6	10.2	4.1	3.8	2.9
Operating Lease Pymts. Due in 2-3 Years	7.2	33.0	20.2	7.7	5.9
Operating Lease Pymts. Due in 4-5 Years	7.2	20.4	8.1	7.7	5.9
Oper. Lse. Pymts. Due in Year 6 & Beyond	0.0	0.0	0.0	0.0	0.0
Pension Obligation - Domestic	39.7	37.6	33.5	27.6	28.6
Plan Assets - Domestic	7.7	6.8	6.4	4.4	1.9
Funded Status - Domestic	-31.9	-30.8	-27.0	-23.1	-26.8
Total Funded Status	-31.9	-30.8	-27.0	-23.1	-26.8
Discount Rate - Domestic	3.30%	3.80%	3.90%	3.70%	4.30%
Compensation Rate - Domestic	3.00%	3.00%	3.00%	3.00%	3.00%
Pension Payment Rate - Domestic	2.00%	2.00%	-	-	-
Total Plan Obligations	39.7	37.6	33.5	27.6	28.6
Total Plan Assets	7.7	6.8	6.4	4.4	1.9

Annual Cash Flows

Financials in: USD (mil)

Financial Glossary

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal  31-Dec-2011	Updated Normal  31-Dec-2010	Updated Normal  31-Dec-2009	Updated Normal  31-Dec-2008	Updated Normal  31-Dec-2007
Filed Currency	SEK	SEK	SEK	SEK	SEK
Exchange Rate (Period Average)	6.493691	7.206564	7.645194	6.599156	6.757461
Auditor	Ernst & Young AB	Ernst & Young LLP	Ernst & Young AB	KPMG LLP	KPMG LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Income/Starting Line	143.7	133.2	24.3	18.8	70.0
Depreciation	94.6	84.6	73.4	77.0	70.0
Depreciation/Depletion	94.6	84.6	73.4	77.0	70.0
Other Non-Cash Items	2.8	-2.5	-1.7	-9.4	-14.7
Non-Cash Items	2.8	-2.5	-1.7	-9.4	-14.7
Accounts Receivable	-1.7	-30.3	-3.0	46.8	-49.0
Inventories	-9.9	-1.5	5.2	-24.4	-31.2
Accounts Payable	-5.9	11.4	12.9	15.3	65.1
Other Operating Cash Flow	-27.7	-1.7	0.5	-4.2	-2.2
Changes in Working Capital	-45.1	-22.1	15.7	33.5	-17.3
Cash from Operating Activities	195.9	193.3	111.7	119.9	108.0
Purchase of Fixed Assets	-71.6	-46.2	-34.3	-89.0	-93.1
Purchase/Acquisition of Intangibles	-0.2	-0.1	-1.0	-3.0	-3.6
Capital Expenditures	-71.8	-46.3	-35.3	-92.0	-96.6
Acquisition of Business	-	0.0	-4.6	-1.4	0.0
Sale of Fixed Assets	0.3	0.4	0.3	0.2	0.1
Sale/Maturity of Investment	-	0.0	1.6	0.0	-
Purchase of Investments	-19.6	-36.2	-0.1	-0.9	-0.6
Other Investing Cash Flow Items, Total	-19.2	-35.8	-2.9	-2.1	-0.4
Cash from Investing Activities	-91.0	-82.1	-38.2	-94.1	-97.1
Other Financing Cash Flow	-24.2	-117.3	-174.4	-218.8	-4.0
Financing Cash Flow Items	-24.2	-117.3	-174.4	-218.8	-4.0
Cash Dividends Paid - Common	-55.6	-7.2	0.0	-27.3	-26.6
Total Cash Dividends Paid	-55.6	-7.2	0.0	-27.3	-26.6
Sale/Issuance of Common	-	-	127.9	0.0	0.9
Common Stock, Net	-	-	127.9	0.0	0.9
Treasury Stock	0.0	0.7	-	-	-
Issuance (Retirement) of Stock, Net	0.0	0.7	127.9	0.0	0.9
Long Term Debt Issued	3.8	3.5	9.5	192.8	59.5
Long Term Debt, Net	3.8	3.5	9.5	192.8	59.5
Issuance (Retirement) of Debt, Net	3.8	3.5	9.5	192.8	59.5
Cash from Financing Activities	-75.9	-120.3	-36.9	-53.3	29.7
Foreign Exchange Effects	0.2	-1.7	-0.5	0.9	0.0
Net Change in Cash	29.1	-10.8	36.1	-26.7	40.7
Net Cash - Beginning Balance	114.0	113.5	70.9	108.8	65.6
Net Cash - Ending Balance	143.1	102.7	107.0	82.1	106.3
Cash Interest Paid	9.1	11.0	17.3	23.6	16.4
Cash Taxes Paid	27.7	1.7	-0.5	4.2	2.2

Billerud AB Solna, Sweden, Tel: 46-8-55333500, URL: http://www.billerud.com/

Annual Income Statement

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal  31-Dec-2011	Updated Normal  31-Dec-2010	Updated Normal  31-Dec-2009	Updated Normal  31-Dec-2008	Updated Normal  31-Dec-2007
Filed Currency	SEK	SEK	SEK	SEK	SEK
Exchange Rate (Period Average)	6.493691	7.206564	7.645194	6.599156	6.757461
Auditor	Ernst & Young AB	Ernst & Young LLP	Ernst & Young AB	KPMG LLP	KPMG LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Turnover	1,438.8	1,225.0	1,015.0	1,180.8	1,148.1
Other Op. Inc.	2.8	11.8	4.2	2.3	1.8
Total Revenue	1,441.6	1,236.8	1,019.2	1,183.0	1,149.8
Change in Inventory	-0.2	-14.6	-3.4	7.0	-12.1
Raw Materials	689.9	588.5	506.2	595.4	552.6
Other External Exp.	286.9	243.3	223.1	261.7	262.8
Staff Exp.	219.8	191.1	180.5	198.4	189.0
Depreciation	94.6	84.6	73.4	76.8	70.0
Profit/Loss from participations in assoc	0.0	0.0	0.1	0.0	0.3
Total Operating Expense	1,290.9	1,092.9	980.0	1,139.2	1,062.5
Interest Inc.	3.4	0.7	0.5	2.4	2.7
Interest Exp.	-7.1	-7.1	-12.6	-27.1	-20.0
Exchange Differences	0.0	0.0	0.3	0.0	0.0
Other Financial Items	-3.2	-4.3	-3.1	-0.3	0.0
Net Income Before Taxes	143.7	133.2	24.3	18.8	70.0
Provision for Income Taxes	38.5	35.4	2.7	-4.2	20.3
Net Income After Taxes	105.2	97.8	21.6	23.0	49.7
Net Income Before Extra. Items	105.2	97.8	21.6	23.0	49.7
Net Income	105.2	97.8	21.6	23.0	49.7
Income Available to Com Excl ExtraOrd	105.2	97.8	21.6	23.0	49.7
Income Available to Com Incl ExtraOrd	105.2	97.8	21.6	23.0	49.7
Basic Weighted Average Shares	103.1	103.1	81.0	72.8	72.7
Basic EPS Excluding ExtraOrdinary Items	1.02	0.95	0.27	0.32	0.68
Basic EPS Including ExtraOrdinary Item	1.02	0.95	0.27	0.32	0.68
Diluted Net Income	105.2	97.8	21.6	23.0	49.7
Diluted Weighted Average Shares	103.4	103.3	81.2	72.8	72.8
Diluted EPS Excluding ExtraOrd Items	1.02	0.95	0.27	0.32	0.68
Diluted EPS Including ExtraOrd Items	1.02	0.95	0.27	0.32	0.68
DPS-Common Stock	0.54	0.49	0.07	0.00	0.37
Gross Dividends - Common Stock	55.6	50.1	6.7	0.0	26.6
Normalized Income Before Taxes	143.7	135.0	24.3	18.8	70.0
Inc Tax Ex Impact of Sp Items	38.5	35.9	2.7	-4.2	20.3
Normalized Income After Taxes	105.2	99.2	21.6	23.0	49.7
Normalized Inc. Avail to Com.	105.2	99.2	21.6	23.0	49.7
Basic Normalized EPS	1.02	0.96	0.27	0.32	0.68
Diluted Normalized EPS	1.02	0.96	0.27	0.32	0.68
Rental Costs	8.2	7.8	7.1	6.4	6.1
Interest Expense	7.1	7.1	12.6	27.1	20.0
Depreciation	90.4	80.5	71.3	76.1	70.0
Amortization	2.6	2.4	2.1	0.9	0.0
Current Tax	28.2	24.6	1.8	0.5	1.3
Adjustment Previous Years	0.0	0.0	0.0	0.0	-0.1
Current Tax - Total	28.2	24.6	1.8	0.5	1.2
Deferred Tax	10.3	10.8	0.9	-4.7	19.1
Deferred Tax - Total	10.3	10.8	0.9	-4.7	19.1
Income Tax - Total	38.5	35.4	2.7	-4.2	20.3
Service Cost	2.8	2.2	1.2	3.2	1.5
Interest Cost	1.4	1.2	0.8	1.2	0.9
Contribution Expense	9.9	10.0	9.8	6.2	7.5
Wage Tax	3.2	2.8	2.5	2.4	3.1
Domestic Pension Plan Expense	17.2	16.2	14.3	13.0	13.0
Total Pension Expense	17.2	16.2	14.3	13.0	13.0
Discount Rate	3.30%	3.80%	3.90%	3.70%	4.30%
Compensation Rate	3.00%	3.00%	3.00%	3.00%	3.00%
Pension Payment Rate	2.00%	2.00%	-	-	-

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
UpdateType/Date	Updated Normal  31-Dec-2011	Updated Normal  31-Dec-2010	Updated Normal  31-Dec-2009	Updated Normal  31-Dec-2008	Updated Normal  31-Dec-2007
Filed Currency	SEK	SEK	SEK	SEK	SEK
Exchange Rate	6.8553	6.72285	7.1401	7.90795	6.4632
Auditor	Ernst & Young AB	Ernst & Young LLP	Ernst & Young AB	KPMG LLP	KPMG LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Raw Materials	56.7	55.3	59.1	62.1	58.8
Finished Goods	94.4	96.7	76.6	64.6	86.0
Work in Progress	5.4	7.0	6.4	2.7	0.0
Advance from Supplier	9.0	0.1	7.0	8.6	0.0
Tax Rcvbls.	2.5	3.1	2.2	3.3	1.2
Accounts Rcvbl.	-	214.0	163.6	165.5	231.0
Bad Debts	-	-4.0	-2.2	-1.9	-1.1
Accounts Rcvbl.	202.9	-	-	-	-
Prepaid/Accrued	11.1	10.3	11.6	7.5	13.0
Receiveables Asscoaites	0.4	1.0	-	-	-
Other Rcvbls.	40.3	52.1	54.9	23.4	39.9
Cash/Bank	135.5	110.1	114.6	68.5	111.1
Total Current Assets	558.3	545.8	493.8	404.3	540.0
Intangibles, Gross	13.1	13.2	12.6	10.1	-
Amortization	-8.6	-6.2	-3.4	-0.8	-
Goodwill	3.1	4.5	4.2	0.0	-
Intangibles, Net	-	-	-	-	6.3
Buildings/Land	263.0	259.4	245.4	220.5	260.1
Plant/Equip.	1,822.8	1,814.1	1,702.5	1,523.5	1,763.8
Construction	7.1	10.1	17.5	1.4	31.4
Write Downs	-279.5	-285.0	-266.5	-240.6	-294.4
Depreciation	-1,076.2	-1,028.6	-936.5	-780.6	-885.9
Share of Associates	4.2	0.6	0.6	0.5	0.6
Inv./Other Comp.	4.4	1.6	1.5	2.3	1.7
Deferred Tax	0.1	0.1	0.1	0.1	0.0
LT Receivables	49.9	38.8	0.0	0.0	0.2
Total Assets	1,361.7	1,368.5	1,271.8	1,140.8	1,423.8
Int.-Bear.Liabs.	0.0	0.0	41.6	29.1	206.9
Current Portion of Bond Loan	0.0	22.3	56.0	44.3	16.6
Accounts Payable	176.5	171.8	146.9	127.0	132.6
Associates/Liab.	2.5	0.3	1.0	1.9	2.0
Inc.Tax Liab.	24.9	25.9	0.4	0.0	0.9
Accrued Exp.	64.0	78.4	83.1	54.5	77.1
Other Liabs./ Provisions	12.3	13.1	10.9	61.1	30.0
Provisions	0.1	0.1	0.3	1.5	2.6
Total Current Liabilities	280.4	311.9	340.2	319.3	468.7
Int.-Bear.Liabs.	119.5	118.7	151.3	303.0	264.3
Total Long Term Debt	119.5	118.7	151.3	303.0	264.3
Pension Prov.	31.9	30.8	27.0	23.1	26.8
Other Prov.	5.3	4.0	3.8	3.2	3.9
Def.Tax Prov.	214.0	213.3	190.1	158.6	211.8
Non-Controling Interests	0.1	0.0	-	-	-
Total Liabilities	651.2	678.7	712.3	807.2	975.4
Share Capital	112.9	115.1	108.4	84.3	103.2
Other Paid-In Capital	131.7	134.3	126.5	10.7	13.2
Reserves	0.0	13.8	12.6	-22.3	8.8
Translation Reserve	-2.3	-2.8	-	-	-
Retained Earnings	468.3	429.3	312.0	260.8	323.2
Total Equity	710.5	689.7	559.5	333.6	448.4
Total Liabilities & Shareholders' Equity	1,361.7	1,368.5	1,271.8	1,140.8	1,423.8
S/O-Common Stock	103.1	103.1	103.0	72.8	72.8
Total Common Shares Outstanding	103.1	103.1	103.0	72.8	72.8
T/S-Common Stock	1.7	1.7	1.9	2.6	2.6
Acc. Amortization	8.6	6.2	3.4	0.8	0.0
Full-Time Employees	2,287	2,263	2,232	2,281	2,352
Number of Common Shareholders	107,795	120,733	122,192	118,222	144,447
Current maturities	0.0	22.3	56.0	45.0	16.6
Total Long Term Debt, Supplemental	0.0	22.3	56.0	45.0	16.6
Operating Lease Mat. within 1 Year	6.3	7.9	6.0	4.3	5.7
Operating Lease Mat. within 1-5 Years	14.4	30.6	12.2	15.3	11.8
Optg leases-year 2	-	22.8	16.1	-	-
Total Operating Leases	20.7	61.3	34.3	19.6	17.5
Pension Obligation	39.7	37.6	33.5	27.6	28.6
Plan Assets	7.7	6.8	6.4	4.4	1.9
Funded Status	-31.9	-30.8	-27.0	-23.1	-26.8
Total Funded Status	-31.9	-30.8	-27.0	-23.1	-26.8
Discount Rate	3.30%	3.80%	3.90%	3.70%	4.30%
Salary Increase	3.00%	3.00%	3.00%	3.00%	3.00%
Pension Payment Rate	2.00%	2.00%	-	-	-

Annual Cash Flows

Financials in: USD (mil)

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal  31-Dec-2011	Updated Normal  31-Dec-2010	Updated Normal  31-Dec-2009	Updated Normal  31-Dec-2008	Updated Normal  31-Dec-2007
Filed Currency	SEK	SEK	SEK	SEK	SEK
Exchange Rate (Period Average)	6.493691	7.206564	7.645194	6.599156	6.757461
Auditor	Ernst & Young AB	Ernst & Young LLP	Ernst & Young AB	KPMG LLP	KPMG LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Profit Aft.Fin.Items	143.7	133.2	24.3	18.8	70.0
Depreciation	94.6	84.6	73.4	77.0	70.0
Non-Paid Int.	1.1	0.6	-1.8	2.7	0.6
Other Provisions	1.7	-3.1	0.1	-12.4	-15.2
Capital Gain/Loss	0.0	0.0	0.0	0.3	0.0
Tax Paid	-27.7	-1.7	0.5	-4.2	-2.2
Inventories	-9.9	-1.5	5.2	-24.4	-31.2
Receivables	-1.7	-30.3	-3.0	46.8	-49.0
Liabilities	-5.9	11.4	12.9	15.3	65.1
Cash from Operating Activities	195.9	193.3	111.7	119.9	108.0
Acq. of Intangibles	-0.2	-0.1	-1.0	-3.0	-3.6
Investments in Property, Plant and Equip	-71.6	-46.2	-34.3	-89.0	-93.1
Acq. of Fin. Fixed Assets	-19.6	-36.2	-0.1	-0.9	-0.6
Acquisition of Shares in Subsidiaries	-	0.0	-4.6	-1.4	0.0
Disp. of Tangibles	0.3	0.4	0.3	0.2	0.1
Disp. of Fin. Assets	-	0.0	1.6	0.0	-
Cash from Investing Activities	-91.0	-82.1	-38.2	-94.1	-97.1
Dividend	-55.6	-7.2	0.0	-27.3	-26.6
Share Issue	-	-	127.9	0.0	0.9
Share Issue Costs	-	-	-6.9	0.0	-
Sale of Treasury	0.0	0.7	-	-	-
Raised Loans	3.8	3.5	9.5	192.8	59.5
Amortisation of Loan	-24.2	-117.3	-167.4	-218.8	-4.0
Cash from Financing Activities	-75.9	-120.3	-36.9	-53.3	29.7
Foreign Exchange Effects	0.2	-1.7	-0.5	0.9	0.0
Net Change in Cash	29.1	-10.8	36.1	-26.7	40.7
Net Cash - Beginning Balance	114.0	113.5	70.9	108.8	65.6
Net Cash - Ending Balance	143.1	102.7	107.0	82.1	106.3
Cash Interest Paid	9.1	11.0	17.3	23.6	16.4
Cash Taxes Paid	27.7	1.7	-0.5	4.2	2.2

Billerud AB Solna, Sweden, Tel: 46-8-55333500, URL: http://www.billerud.com/

Financial Health

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

Key Indicators USD (mil)
Â	Quarter Ending 31-Mar-2012	Quarter Ending Yr Ago	Annual Year End 31-Dec-2011	1 Year Growth	3 Year Growth	5 Year Growth
Total Revenue1	339.5	-10.08%	1,441.6	5.03%	6.24%	4.86%
Operating Income1	21.0	-57.23%	150.6	-5.69%	50.13%	12.12%
Income Available to Common Excl Extraord Items1	14.2	-59.15%	105.2	-3.12%	65.02%	16.96%
Basic EPS Excl Extraord Items1	0.14	-59.15%	1.02	-3.17%	46.93%	9.03%
Capital Expenditures2	24.4	98.80%	71.8	39.52%	-8.43%	-6.24%
Cash from Operating Activities2	17.5	-	195.9	-8.69%	17.16%	9.88%
Free Cash Flow	-7.0	-	117.6	-23.89%	63.62%	39.79%
Total Assets3	1,372.6	-2.73%	1,361.7	1.47%	1.15%	2.64%
Total Liabilities3	626.7	-8.14%	651.2	-2.17%	-11.24%	-4.14%
Total Long Term Debt3	75.4	-36.52%	119.5	2.63%	-30.08%	-14.77%
Employees3	-	-	2287	1.06%	0.09%	-1.26%
Total Common Shares Outstanding3	103.1	0.00%	103.1	0.00%	12.31%	7.27%
1-ExchangeRate: SEK to USD Average for Period	6.754933	Â	6.493691	Â	Â	Â
2-ExchangeRate: SEK to USD Average for Period	6.754933	Â	6.493691	Â	Â	Â
3-ExchangeRate: SEK to USD Period End Date	6.680894	Â	6.855300	Â	Â	Â

Key Ratios
Â	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Profitability
Gross Margin	52.06%	53.15%	50.46%	48.99%	52.93%
Operating Margin	10.45%	11.63%	3.85%	3.70%	7.59%
Pretax Margin	9.97%	10.77%	2.39%	1.59%	6.09%
Net Profit Margin	7.30%	7.91%	2.12%	1.95%	4.32%
Financial Strength
Current Ratio	1.99	1.75	1.45	1.27	1.15
Long Term Debt/Equity	0.17	0.17	0.27	0.91	0.59
Total Debt/Equity	0.17	0.20	0.44	1.13	1.09
Management Effectiveness
Return on Assets	7.37%	7.71%	1.82%	1.67%	3.86%
Return on Equity	14.37%	16.33%	4.98%	5.49%	12.05%
Efficiency
Receivables Turnover	5.38	5.32	5.08	4.79	4.90
Inventory Turnover	4.06	3.87	3.57	3.92	4.39
Asset Turnover	1.01	0.98	0.86	0.86	0.89

Market Valuation USD (mil)
P/E (TTM)	12.12	.	Enterprise Value2	989.6
Price/Sales (TTM)	0.73	.	Enterprise Value/Revenue (TTM)	0.73
Price/Book (MRQ)	1.32	.	Enterprise Value/EBITDA (TTM)	4.73
Market Cap as of 29-Jun-20121	945.9	.
1-ExchangeRate: SEK to USD on 29-Jun-2012	7.065302
2-ExchangeRate: SEK to USD on 31-Mar-2012	6.680894

Billerud AB Solna, Sweden, Tel: 46-8-55333500, URL: http://www.billerud.com/

Annual Ratios

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Financial Strength
Current Ratio	1.99	1.75	1.45	1.27	1.15
Quick/Acid Test Ratio	1.36	1.21	0.98	0.81	0.82
Working Capital1	277.9	233.8	153.6	85.0	71.3
Long Term Debt/Equity	0.17	0.17	0.27	0.91	0.59
Total Debt/Equity	0.17	0.20	0.44	1.13	1.09
Long Term Debt/Total Capital	0.14	0.14	0.19	0.43	0.28
Total Debt/Total Capital	0.14	0.17	0.31	0.53	0.52
Payout Ratio	52.84%	51.17%	24.55%	0.00%	53.61%
Effective Tax Rate	26.80%	26.56%	11.29%	-22.58%	28.96%
Total Capital1	830.0	830.7	808.4	709.9	936.1
Efficiency
Asset Turnover	1.01	0.98	0.86	0.86	0.89
Inventory Turnover	4.06	3.87	3.57	3.92	4.39
Days In Inventory	89.84	94.21	102.36	93.06	83.10
Receivables Turnover	5.38	5.32	5.08	4.79	4.90
Days Receivables Outstanding	67.79	68.59	71.79	76.14	74.48
Revenue/Employee2	597,076	585,849	488,934	432,808	511,136
Operating Income/Employee2	62,380	68,162	18,824	16,022	38,812
EBITDA/Employee2	100,905	107,402	54,026	44,184	69,928
Profitability
Gross Margin	52.06%	53.15%	50.46%	48.99%	52.93%
Operating Margin	10.45%	11.63%	3.85%	3.70%	7.59%
EBITDA Margin	16.90%	18.33%	11.05%	10.21%	13.68%
EBIT Margin	10.45%	11.63%	3.85%	3.70%	7.59%
Pretax Margin	9.97%	10.77%	2.39%	1.59%	6.09%
Net Profit Margin	7.30%	7.91%	2.12%	1.95%	4.32%
COGS/Revenue	47.85%	46.40%	49.33%	50.92%	47.00%
SG&A Expense/Revenue	15.24%	15.45%	17.71%	16.77%	16.44%
Management Effectiveness
Return on Assets	7.37%	7.71%	1.82%	1.67%	3.86%
Return on Equity	14.37%	16.33%	4.98%	5.49%	12.05%
Valuation
Free Cash Flow/Share2	1.14	1.53	0.79	0.32	0.16
Operating Cash Flow/Share 2	1.80	2.01	1.16	1.37	1.55
1-ExchangeRate: SEK to USD Period End Date	6.8553	6.72285	7.1401	7.90795	6.4632
2-ExchangeRate: SEK to USD Average for Period	6.8553	6.72285	7.1401	7.90795	6.4632

Current Market Multiples
Market Cap/Earnings (TTM)	12.32
Market Cap/Equity (MRQ)	1.34
Market Cap/Revenue (TTM)	0.73
Market Cap/EBIT (TTM)	8.48
Market Cap/EBITDA (TTM)	4.78
Enterprise Value/Earnings (TTM)	12.19
Enterprise Value/Equity (MRQ)	1.33
Enterprise Value/Revenue (TTM)	0.73
Enterprise Value/EBIT (TTM)	8.39
Enterprise Value/EBITDA (TTM)	4.73

Billerud AB Solna, Sweden, Tel: 46-8-55333500, URL: http://www.billerud.com/

Annual Income Statement Standardized

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

Financial Glossary

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal  31-Dec-2011	Updated Normal  31-Dec-2010	Updated Normal  31-Dec-2009	Updated Normal  31-Dec-2008	Updated Normal  31-Dec-2007
Filed Currency	SEK	SEK	SEK	SEK	SEK
Exchange Rate (Period Average)	6.493691	7.206564	7.645194	6.599156	6.757461
Auditor	Ernst & Young AB	Ernst & Young LLP	Ernst & Young AB	KPMG LLP	KPMG LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Sales	1,438.8	1,225.0	1,015.0	1,180.8	1,148.1
Revenue	1,438.8	1,225.0	1,015.0	1,180.8	1,148.1
Other Revenue	2.8	11.8	4.2	2.3	1.8
Other Revenue, Total	2.8	11.8	4.2	2.3	1.8
Total Revenue	1,441.6	1,236.8	1,019.2	1,183.0	1,149.8
Cost of Revenue	689.7	573.9	502.8	602.3	540.4
Cost of Revenue, Total	689.7	573.9	502.8	602.3	540.4
Gross Profit	749.0	651.1	512.2	578.4	607.6
Labor & Related Expense	219.8	191.1	180.5	198.4	189.0
Total Selling/General/Administrative Expenses	219.8	191.1	180.5	198.4	189.0
Depreciation	94.6	84.6	73.4	76.8	70.0
Depreciation/Amortization	94.6	84.6	73.4	76.8	70.0
Investment Income - Operating	0.0	0.0	0.1	0.0	0.3
Interest/Investment Income - Operating	0.0	0.0	0.1	0.0	0.3
Interest Expense (Income) - Net Operating Total	0.0	0.0	0.1	0.0	0.3
Other Operating Expense	286.9	243.3	223.1	261.7	262.8
Other Operating Expenses, Total	286.9	243.3	223.1	261.7	262.8
Total Operating Expense	1,290.9	1,092.9	980.0	1,139.2	1,062.5
Operating Income	150.6	143.9	39.2	43.8	87.3
Interest Expense - Non-Operating	-7.1	-7.1	-12.6	-27.1	-20.0
Interest Expense, Net Non-Operating	-7.1	-7.1	-12.6	-27.1	-20.0
Interest Income - Non-Operating	3.4	0.7	0.5	2.4	2.7
Investment Income - Non-Operating	0.0	0.0	0.3	0.0	0.0
Interest/Investment Income - Non-Operating	3.4	0.7	0.8	2.4	2.7
Interest Income (Expense) - Net Non-Operating Total	-3.7	-6.4	-11.8	-24.7	-17.3
Other Non-Operating Income (Expense)	-3.2	-4.3	-3.1	-0.3	0.0
Other, Net	-3.2	-4.3	-3.1	-0.3	0.0
Income Before Tax	143.7	133.2	24.3	18.8	70.0
Total Income Tax	38.5	35.4	2.7	-4.2	20.3
Income After Tax	105.2	97.8	21.6	23.0	49.7
Net Income Before Extraord Items	105.2	97.8	21.6	23.0	49.7
Net Income	105.2	97.8	21.6	23.0	49.7
Income Available to Common Excl Extraord Items	105.2	97.8	21.6	23.0	49.7
Income Available to Common Incl Extraord Items	105.2	97.8	21.6	23.0	49.7
Basic/Primary Weighted Average Shares	103.1	103.1	81.0	72.8	72.7
Basic EPS Excl Extraord Items	1.02	0.95	0.27	0.32	0.68
Basic/Primary EPS Incl Extraord Items	1.02	0.95	0.27	0.32	0.68
Diluted Net Income	105.2	97.8	21.6	23.0	49.7
Diluted Weighted Average Shares	103.4	103.3	81.2	72.8	72.8
Diluted EPS Excl Extraord Items	1.02	0.95	0.27	0.32	0.68
Diluted EPS Incl Extraord Items	1.02	0.95	0.27	0.32	0.68
Dividends per Share - Common Stock Primary Issue	0.54	0.49	0.07	0.00	0.37
Gross Dividends - Common Stock	55.6	50.1	6.7	0.0	26.6
Interest Expense, Supplemental	7.1	7.1	12.6	27.1	20.0
Depreciation, Supplemental	90.4	80.5	71.3	76.1	70.0
Total Special Items	-	1.8	0.0	-	-
Normalized Income Before Tax	143.7	135.0	24.3	18.8	70.0
Effect of Special Items on Income Taxes	-	0.5	0.0	-	-
Inc Tax Ex Impact of Sp Items	38.5	35.9	2.7	-4.2	20.3
Normalized Income After Tax	105.2	99.2	21.6	23.0	49.7
Normalized Inc. Avail to Com.	105.2	99.2	21.6	23.0	49.7
Basic Normalized EPS	1.02	0.96	0.27	0.32	0.68
Diluted Normalized EPS	1.02	0.96	0.27	0.32	0.68
Amort of Intangibles, Supplemental	2.6	2.4	2.1	0.9	0.0
Rental Expenses	8.2	7.8	7.1	6.4	6.1
Normalized EBIT	150.6	145.7	39.4	43.8	87.6
Normalized EBITDA	243.6	228.5	112.8	120.8	157.6
Current Tax - Other	28.2	24.6	1.8	0.5	1.2
Current Tax - Total	28.2	24.6	1.8	0.5	1.2
Deferred Tax - Total	10.3	10.8	0.9	-4.7	19.1
Deferred Tax - Total	10.3	10.8	0.9	-4.7	19.1
Income Tax - Total	38.5	35.4	2.7	-4.2	20.3
Interest Cost - Domestic	1.4	1.2	0.8	1.2	0.9
Service Cost - Domestic	2.8	2.2	1.2	3.2	1.5
Other Pension, Net - Domestic	13.1	12.8	12.3	8.6	10.7
Domestic Pension Plan Expense	17.2	16.2	14.3	13.0	13.0
Total Pension Expense	17.2	16.2	14.3	13.0	13.0
Discount Rate - Domestic	3.30%	3.80%	3.90%	3.70%	4.30%
Compensation Rate - Domestic	3.00%	3.00%	3.00%	3.00%	3.00%
Pension Payment Rate - Domestic	2.00%	2.00%	-	-	-
Total Plan Interest Cost	1.4	1.2	0.8	1.2	0.9
Total Plan Service Cost	2.8	2.2	1.2	3.2	1.5
Total Plan Other Expense	13.1	12.8	12.3	8.6	10.7

Billerud AB Solna, Sweden, Tel: 46-8-55333500, URL: http://www.billerud.com/

Interim Income Statement Standardized

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

Financial Glossary

	31-Mar-2012	31-Dec-2011	30-Sep-2011	30-Jun-2011	31-Mar-2011
Period Length	3 Months	3 Months	3 Months	3 Months	3 Months
UpdateType/Date	Updated Normal  31-Mar-2012	Updated Normal  31-Dec-2011	Updated Normal  30-Sep-2011	Updated Normal  30-Jun-2011	Updated Normal  31-Mar-2011
Filed Currency	SEK	SEK	SEK	SEK	SEK
Exchange Rate (Period Average)	6.754933	6.744624	6.471495	6.265461	6.491464
Net Sales	339.2	309.3	359.6	380.3	392.4
Revenue	339.2	309.3	359.6	380.3	392.4
Other Revenue	0.3	1.3	0.6	0.3	0.5
Other Revenue, Total	0.3	1.3	0.6	0.3	0.5
Total Revenue	339.5	310.6	360.2	380.7	392.8
Cost of Revenue	176.3	152.1	167.5	177.8	193.3
Cost of Revenue, Total	176.3	152.1	167.5	177.8	193.3
Gross Profit	162.8	157.2	192.1	202.5	199.0
Labor & Related Expense	53.6	53.8	52.7	59.1	54.4
Total Selling/General/Administrative Expenses	53.6	53.8	52.7	59.1	54.4
Depreciation	22.2	22.2	24.7	24.1	23.6
Depreciation/Amortization	22.2	22.2	24.7	24.1	23.6
Investment Income - Operating	0.0	0.1	0.0	-0.2	0.0
Interest/Investment Income - Operating	0.0	0.1	0.0	-0.2	0.0
Interest Expense (Income) - Net Operating Total	0.0	0.1	0.0	-0.2	0.0
Other Operating Expense	66.3	71.2	69.5	76.0	70.4
Other Operating Expenses, Total	66.3	71.2	69.5	76.0	70.4
Total Operating Expense	318.4	299.5	314.5	336.8	341.7
Operating Income	21.0	11.1	45.7	43.9	51.1
Interest Income (Expense) - Net Non-Operating	-1.5	-1.9	-1.2	-1.9	-1.8
Interest Income (Expense) - Net Non-Operating Total	-1.5	-1.9	-1.2	-1.9	-1.8
Income Before Tax	19.5	9.2	44.5	42.0	49.3
Total Income Tax	5.3	2.5	12.2	11.0	13.1
Income After Tax	14.2	6.7	32.3	31.0	36.2
Net Income Before Extraord Items	14.2	6.7	32.3	31.0	36.2
Net Income	14.2	6.7	32.3	31.0	36.2
Income Available to Common Excl Extraord Items	14.2	6.7	32.3	31.0	36.2
Income Available to Common Incl Extraord Items	14.2	6.7	32.3	31.0	36.2
Basic/Primary Weighted Average Shares	103.1	103.1	103.1	103.1	103.1
Basic EPS Excl Extraord Items	0.14	0.06	0.31	0.30	0.35
Basic/Primary EPS Incl Extraord Items	0.14	0.06	0.31	0.30	0.35
Diluted Net Income	14.2	6.7	32.3	31.0	36.2
Diluted Weighted Average Shares	103.4	103.4	103.4	103.4	103.3
Diluted EPS Excl Extraord Items	0.14	0.06	0.31	0.30	0.35
Diluted EPS Incl Extraord Items	0.14	0.06	0.31	0.30	0.35
Dividends per Share - Common Stock Primary Issue	0.00	0.52	0.00	0.00	0.00
Gross Dividends - Common Stock	0.0	53.5	0.0	0.0	0.0
Depreciation, Supplemental	22.2	22.2	24.7	24.1	23.6
Normalized Income Before Tax	19.5	9.2	44.5	42.0	49.3
Inc Tax Ex Impact of Sp Items	5.3	2.5	12.2	11.0	13.1
Normalized Income After Tax	14.2	6.7	32.3	31.0	36.2
Normalized Inc. Avail to Com.	14.2	6.7	32.3	31.0	36.2
Basic Normalized EPS	0.14	0.06	0.31	0.30	0.35
Diluted Normalized EPS	0.14	0.06	0.31	0.30	0.35
Normalized EBIT	21.0	11.3	45.7	43.7	51.1
Normalized EBITDA	43.2	33.5	70.5	67.8	74.7

Billerud AB Solna, Sweden, Tel: 46-8-55333500, URL: http://www.billerud.com/

Annual Balance Sheet Standardized

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

Financial Glossary

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
UpdateType/Date	Updated Normal  31-Dec-2011	Updated Normal  31-Dec-2010	Updated Normal  31-Dec-2009	Updated Normal  31-Dec-2008	Updated Normal  31-Dec-2007
Filed Currency	SEK	SEK	SEK	SEK	SEK
Exchange Rate	6.8553	6.72285	7.1401	7.90795	6.4632
Auditor	Ernst & Young AB	Ernst & Young LLP	Ernst & Young AB	KPMG LLP	KPMG LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Cash & Equivalents	135.5	110.1	114.6	68.5	111.1
Cash and Short Term Investments	135.5	110.1	114.6	68.5	111.1
Accounts Receivable - Trade, Gross	-	214.0	163.6	165.5	231.0
Provision for Doubtful Accounts	-	-4.0	-2.2	-1.9	-1.1
Trade Accounts Receivable - Net	202.9	210.0	161.3	163.6	229.9
Other Receivables	43.2	56.2	57.1	26.7	41.2
Total Receivables, Net	246.1	266.3	218.5	190.3	271.1
Inventories - Finished Goods	94.4	96.7	76.6	64.6	86.0
Inventories - Work In Progress	5.4	7.0	6.4	2.7	0.0
Inventories - Raw Materials	56.7	55.3	59.1	62.1	58.8
Inventories - Other	9.0	0.1	7.0	8.6	0.0
Total Inventory	165.6	159.2	149.2	138.0	144.8
Prepaid Expenses	11.1	10.3	11.6	7.5	13.0
Total Current Assets	558.3	545.8	493.8	404.3	540.0
Land/Improvements	263.0	259.4	245.4	220.5	260.1
Machinery/Equipment	1,543.3	1,529.1	1,436.0	1,282.9	1,469.4
Construction in Progress	7.1	10.1	17.5	1.4	31.4
Property/Plant/Equipment - Gross	1,813.5	1,798.6	1,698.9	1,504.8	1,760.9
Accumulated Depreciation	-1,076.2	-1,028.6	-936.5	-780.6	-885.9
Property/Plant/Equipment - Net	737.2	770.1	762.3	724.2	875.0
Goodwill, Net	3.1	4.5	4.2	0.0	-
Intangibles - Gross	13.1	13.2	12.6	10.1	-
Accumulated Intangible Amortization	-8.6	-6.2	-3.4	-0.8	-
Intangibles, Net	4.5	7.0	9.2	9.4	6.3
LT Investment - Affiliate Companies	8.6	2.2	2.1	2.8	2.3
Long Term Investments	8.6	2.2	2.1	2.8	2.3
Note Receivable - Long Term	49.9	38.8	0.0	0.0	0.2
Deferred Income Tax - Long Term Asset	0.1	0.1	0.1	0.1	0.0
Other Long Term Assets, Total	0.1	0.1	0.1	0.1	0.0
Total Assets	1,361.7	1,368.5	1,271.8	1,140.8	1,423.8
Accounts Payable	176.5	171.8	146.9	127.0	132.6
Accrued Expenses	64.0	78.4	83.1	54.5	77.1
Notes Payable/Short Term Debt	0.0	0.0	41.6	29.1	206.9
Current Portion - Long Term Debt/Capital Leases	0.0	22.3	56.0	44.3	16.6
Income Taxes Payable	24.9	25.9	0.4	0.0	0.9
Other Payables	0.1	0.1	0.3	1.5	2.6
Other Current Liabilities	14.7	13.4	11.9	63.0	32.0
Other Current liabilities, Total	39.8	39.4	12.6	64.5	35.6
Total Current Liabilities	280.4	311.9	340.2	319.3	468.7
Long Term Debt	119.5	118.7	151.3	303.0	264.3
Total Long Term Debt	119.5	118.7	151.3	303.0	264.3
Total Debt	119.5	141.0	248.9	376.3	487.7
Deferred Income Tax - LT Liability	214.0	213.3	190.1	158.6	211.8
Deferred Income Tax	214.0	213.3	190.1	158.6	211.8
Minority Interest	0.1	0.0	-	-	-
Reserves	5.3	4.0	3.8	3.2	3.9
Pension Benefits - Underfunded	31.9	30.8	27.0	23.1	26.8
Other Liabilities, Total	37.2	34.8	30.8	26.3	30.6
Total Liabilities	651.2	678.7	712.3	807.2	975.4
Common Stock	112.9	115.1	108.4	84.3	103.2
Common Stock	112.9	115.1	108.4	84.3	103.2
Additional Paid-In Capital	131.7	134.3	126.5	10.7	13.2
Retained Earnings (Accumulated Deficit)	468.3	443.1	324.6	238.5	332.0
Translation Adjustment	-2.3	-2.8	-	-	-
Other Equity, Total	-2.3	-2.8	-	-	-
Total Equity	710.5	689.7	559.5	333.6	448.4
Total Liabilities & Shareholders’ Equity	1,361.7	1,368.5	1,271.8	1,140.8	1,423.8
Shares Outstanding - Common Stock Primary Issue	103.1	103.1	103.0	72.8	72.8
Total Common Shares Outstanding	103.1	103.1	103.0	72.8	72.8
Treasury Shares - Common Stock Primary Issue	1.7	1.7	1.9	2.6	2.6
Employees	2,287	2,263	2,232	2,281	2,352
Number of Common Shareholders	107,795	120,733	122,192	118,222	144,447
Accumulated Intangible Amort, Suppl.	8.6	6.2	3.4	0.8	0.0
Total Long Term Debt, Supplemental	0.0	22.3	56.0	45.0	16.6
Long Term Debt Maturing within 1 Year	0.0	22.3	56.0	45.0	16.6
Long Term Debt Matur. in Year 6 & Beyond	0.0	0.0	0.0	0.0	0.0
Total Operating Leases, Supplemental	20.7	61.3	34.3	19.6	17.5
Operating Lease Payments Due in Year 1	6.3	7.9	6.0	4.3	5.7
Operating Lease Payments Due in Year 2	3.6	22.8	16.1	3.8	2.9
Operating Lease Payments Due in Year 3	3.6	10.2	4.1	3.8	2.9
Operating Lease Payments Due in Year 4	3.6	10.2	4.1	3.8	2.9
Operating Lease Payments Due in Year 5	3.6	10.2	4.1	3.8	2.9
Operating Lease Pymts. Due in 2-3 Years	7.2	33.0	20.2	7.7	5.9
Operating Lease Pymts. Due in 4-5 Years	7.2	20.4	8.1	7.7	5.9
Oper. Lse. Pymts. Due in Year 6 & Beyond	0.0	0.0	0.0	0.0	0.0
Pension Obligation - Domestic	39.7	37.6	33.5	27.6	28.6
Plan Assets - Domestic	7.7	6.8	6.4	4.4	1.9
Funded Status - Domestic	-31.9	-30.8	-27.0	-23.1	-26.8
Total Funded Status	-31.9	-30.8	-27.0	-23.1	-26.8
Discount Rate - Domestic	3.30%	3.80%	3.90%	3.70%	4.30%
Compensation Rate - Domestic	3.00%	3.00%	3.00%	3.00%	3.00%
Pension Payment Rate - Domestic	2.00%	2.00%	-	-	-
Total Plan Obligations	39.7	37.6	33.5	27.6	28.6
Total Plan Assets	7.7	6.8	6.4	4.4	1.9

Billerud AB Solna, Sweden, Tel: 46-8-55333500, URL: http://www.billerud.com/

Interim Balance Sheet Standardized

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

Financial Glossary

	31-Mar-2012	31-Dec-2011	30-Sep-2011	30-Jun-2011	31-Mar-2011
UpdateType/Date	Updated Normal  31-Mar-2012	Updated Normal  31-Dec-2011	Updated Normal  30-Sep-2011	Updated Normal  30-Jun-2011	Updated Normal  31-Mar-2011
Filed Currency	SEK	SEK	SEK	SEK	SEK
Exchange Rate	6.680894	6.8553	6.8682	6.31005	6.3084
Cash & Equivalents	131.3	135.5	120.7	94.6	103.0
Cash and Short Term Investments	131.3	135.5	120.7	94.6	103.0
Trade Accounts Receivable - Net	211.6	202.9	228.6	251.0	251.4
Total Receivables, Net	211.6	202.9	228.6	251.0	251.4
Total Inventory	159.6	165.6	158.4	172.1	181.5
Other Current Assets	45.1	54.3	39.2	55.2	93.2
Other Current Assets, Total	45.1	54.3	39.2	55.2	93.2
Total Current Assets	547.5	558.3	546.9	572.9	629.2
Other Long Term Assets	825.0	803.5	797.9	866.6	865.2
Other Long Term Assets, Total	825.0	803.5	797.9	866.6	865.2
Total Assets	1,372.6	1,361.7	1,344.7	1,439.4	1,494.4
Accounts Payable	158.1	179.0	163.4	168.0	153.8
Notes Payable/Short Term Debt	44.9	0.0	0.0	23.8	23.8
Other Current Liabilities	89.2	101.4	126.1	124.1	154.1
Other Current liabilities, Total	89.2	101.4	126.1	124.1	154.1
Total Current Liabilities	292.2	280.4	289.4	315.8	331.6
Long Term Debt	75.4	119.5	118.5	125.7	125.9
Total Long Term Debt	75.4	119.5	118.5	125.7	125.9
Total Debt	120.3	119.5	118.5	149.4	149.6
Deferred Income Tax - LT Liability	220.0	214.0	202.8	224.2	227.3
Deferred Income Tax	220.0	214.0	202.8	224.2	227.3
Minority Interest	0.1	0.1	-	-	-
Reserves	5.5	5.3	4.1	4.4	4.4
Pension Benefits - Underfunded	33.4	31.9	31.3	33.6	33.3
Other Liabilities, Total	38.9	37.2	35.4	38.0	37.7
Total Liabilities	626.7	651.2	646.2	703.8	722.5
Other Equity	745.9	710.5	698.6	735.7	771.8
Other Equity, Total	745.9	710.5	698.6	735.7	771.8
Total Equity	745.9	710.5	698.6	735.7	771.8
Total Liabilities & Shareholders’ Equity	1,372.6	1,361.7	1,344.7	1,439.4	1,494.4
Shares Outstanding - Common Stock Primary Issue	103.1	103.1	103.1	103.1	103.1
Total Common Shares Outstanding	103.1	103.1	103.1	103.1	103.1
Treasury Shares - Common Stock Primary Issue	1.7	1.7	1.7	1.7	1.7
Employees	2,233	2,287	2,279	2,264	2,202
Number of Common Shareholders	107,716	107,795	109,052	108,968	119,653

Billerud AB Solna, Sweden, Tel: 46-8-55333500, URL: http://www.billerud.com/

Annual Cash Flows Standardized

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

Financial Glossary

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal  31-Dec-2011	Updated Normal  31-Dec-2010	Updated Normal  31-Dec-2009	Updated Normal  31-Dec-2008	Updated Normal  31-Dec-2007
Filed Currency	SEK	SEK	SEK	SEK	SEK
Exchange Rate (Period Average)	6.493691	7.206564	7.645194	6.599156	6.757461
Auditor	Ernst & Young AB	Ernst & Young LLP	Ernst & Young AB	KPMG LLP	KPMG LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Income/Starting Line	143.7	133.2	24.3	18.8	70.0
Depreciation	94.6	84.6	73.4	77.0	70.0
Depreciation/Depletion	94.6	84.6	73.4	77.0	70.0
Other Non-Cash Items	2.8	-2.5	-1.7	-9.4	-14.7
Non-Cash Items	2.8	-2.5	-1.7	-9.4	-14.7
Accounts Receivable	-1.7	-30.3	-3.0	46.8	-49.0
Inventories	-9.9	-1.5	5.2	-24.4	-31.2
Accounts Payable	-5.9	11.4	12.9	15.3	65.1
Other Operating Cash Flow	-27.7	-1.7	0.5	-4.2	-2.2
Changes in Working Capital	-45.1	-22.1	15.7	33.5	-17.3
Cash from Operating Activities	195.9	193.3	111.7	119.9	108.0
Purchase of Fixed Assets	-71.6	-46.2	-34.3	-89.0	-93.1
Purchase/Acquisition of Intangibles	-0.2	-0.1	-1.0	-3.0	-3.6
Capital Expenditures	-71.8	-46.3	-35.3	-92.0	-96.6
Acquisition of Business	-	0.0	-4.6	-1.4	0.0
Sale of Fixed Assets	0.3	0.4	0.3	0.2	0.1
Sale/Maturity of Investment	-	0.0	1.6	0.0	-
Purchase of Investments	-19.6	-36.2	-0.1	-0.9	-0.6
Other Investing Cash Flow Items, Total	-19.2	-35.8	-2.9	-2.1	-0.4
Cash from Investing Activities	-91.0	-82.1	-38.2	-94.1	-97.1
Other Financing Cash Flow	-24.2	-117.3	-174.4	-218.8	-4.0
Financing Cash Flow Items	-24.2	-117.3	-174.4	-218.8	-4.0
Cash Dividends Paid - Common	-55.6	-7.2	0.0	-27.3	-26.6
Total Cash Dividends Paid	-55.6	-7.2	0.0	-27.3	-26.6
Sale/Issuance of Common	-	-	127.9	0.0	0.9
Common Stock, Net	-	-	127.9	0.0	0.9
Treasury Stock	0.0	0.7	-	-	-
Issuance (Retirement) of Stock, Net	0.0	0.7	127.9	0.0	0.9
Long Term Debt Issued	3.8	3.5	9.5	192.8	59.5
Long Term Debt, Net	3.8	3.5	9.5	192.8	59.5
Issuance (Retirement) of Debt, Net	3.8	3.5	9.5	192.8	59.5
Cash from Financing Activities	-75.9	-120.3	-36.9	-53.3	29.7
Foreign Exchange Effects	0.2	-1.7	-0.5	0.9	0.0
Net Change in Cash	29.1	-10.8	36.1	-26.7	40.7
Net Cash - Beginning Balance	114.0	113.5	70.9	108.8	65.6
Net Cash - Ending Balance	143.1	102.7	107.0	82.1	106.3
Cash Interest Paid	9.1	11.0	17.3	23.6	16.4
Cash Taxes Paid	27.7	1.7	-0.5	4.2	2.2

Billerud AB Solna, Sweden, Tel: 46-8-55333500, URL: http://www.billerud.com/

Interim Cash Flows Standardized

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

Financial Glossary

	31-Mar-2012	31-Dec-2011	30-Sep-2011	30-Jun-2011	31-Mar-2011
Period Length	3 Months	12 Months	9 Months	6 Months	3 Months
UpdateType/Date	Updated Normal  31-Mar-2012	Updated Normal  31-Dec-2011	Updated Normal  30-Sep-2011	Updated Normal  30-Jun-2011	Updated Normal  31-Mar-2011
Filed Currency	SEK	SEK	SEK	SEK	SEK
Exchange Rate (Period Average)	6.754933	6.493691	6.411174	6.379966	6.491464
Net Income/Starting Line	21.0	143.7	140.8	95.1	51.1
Depreciation	22.2	94.6	72.4	47.6	23.6
Depreciation/Depletion	22.2	94.6	72.4	47.6	23.6
Unusual Items	-	-	0.2	-	-
Other Non-Cash Items	0.9	0.0	-0.3	-1.4	-0.6
Non-Cash Items	0.9	0.0	-0.2	-1.4	-0.6
Other Assets & Liabilities, Net	3.3	-17.4	-25.1	-38.2	-46.4
Other Operating Cash Flow	-29.9	-24.9	-32.3	-29.9	-27.9
Changes in Working Capital	-26.6	-42.3	-57.4	-68.2	-74.3
Cash from Operating Activities	17.5	195.9	155.7	73.2	-0.2
Purchase of Fixed Assets	-24.4	-71.6	-51.9	-33.2	-12.8
Purchase/Acquisition of Intangibles	-	-0.2	-	-	-
Capital Expenditures	-24.4	-71.8	-51.9	-33.2	-12.8
Sale of Fixed Assets	1.5	0.3	0.2	0.2	0.2
Purchase of Investments	0.0	-19.6	-12.6	-4.9	0.0
Other Investing Cash Flow Items, Total	1.5	-19.2	-12.5	-4.7	0.2
Cash from Investing Activities	-22.9	-91.0	-64.4	-37.9	-12.6
Cash Dividends Paid - Common	0.0	-55.6	-56.3	-56.6	0.0
Total Cash Dividends Paid	0.0	-55.6	-56.3	-56.6	0.0
Treasury Stock	-	0.0	0.0	0.0	0.0
Issuance (Retirement) of Stock, Net	-	0.0	0.0	0.0	0.0
Long Term Debt, Net	-2.1	-20.3	-21.5	-1.1	-0.8
Issuance (Retirement) of Debt, Net	-2.1	-20.3	-21.5	-1.1	-0.8
Cash from Financing Activities	-2.1	-75.9	-77.8	-57.7	-0.8
Foreign Exchange Effects	-0.1	0.2	0.5	0.0	-0.3
Net Change in Cash	-7.7	29.1	13.4	-22.4	-13.9
Net Cash - Beginning Balance	137.5	114.0	115.4	116.0	114.0
Net Cash - Ending Balance	129.8	143.1	129.3	93.6	100.1

Billerud AB Solna, Sweden, Tel: 46-8-55333500, URL: http://www.billerud.com/

Annual Income Statement As Reported

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal  31-Dec-2011	Updated Normal  31-Dec-2010	Updated Normal  31-Dec-2009	Updated Normal  31-Dec-2008	Updated Normal  31-Dec-2007
Filed Currency	SEK	SEK	SEK	SEK	SEK
Exchange Rate (Period Average)	6.493691	7.206564	7.645194	6.599156	6.757461
Auditor	Ernst & Young AB	Ernst & Young LLP	Ernst & Young AB	KPMG LLP	KPMG LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Turnover	1,438.8	1,225.0	1,015.0	1,180.8	1,148.1
Other Op. Inc.	2.8	11.8	4.2	2.3	1.8
Total Revenue	1,441.6	1,236.8	1,019.2	1,183.0	1,149.8
Change in Inventory	-0.2	-14.6	-3.4	7.0	-12.1
Raw Materials	689.9	588.5	506.2	595.4	552.6
Other External Exp.	286.9	243.3	223.1	261.7	262.8
Staff Exp.	219.8	191.1	180.5	198.4	189.0
Depreciation	94.6	84.6	73.4	76.8	70.0
Profit/Loss from participations in assoc	0.0	0.0	0.1	0.0	0.3
Total Operating Expense	1,290.9	1,092.9	980.0	1,139.2	1,062.5
Interest Inc.	3.4	0.7	0.5	2.4	2.7
Interest Exp.	-7.1	-7.1	-12.6	-27.1	-20.0
Exchange Differences	0.0	0.0	0.3	0.0	0.0
Other Financial Items	-3.2	-4.3	-3.1	-0.3	0.0
Net Income Before Taxes	143.7	133.2	24.3	18.8	70.0
Provision for Income Taxes	38.5	35.4	2.7	-4.2	20.3
Net Income After Taxes	105.2	97.8	21.6	23.0	49.7
Net Income Before Extra. Items	105.2	97.8	21.6	23.0	49.7
Net Income	105.2	97.8	21.6	23.0	49.7
Income Available to Com Excl ExtraOrd	105.2	97.8	21.6	23.0	49.7
Income Available to Com Incl ExtraOrd	105.2	97.8	21.6	23.0	49.7
Basic Weighted Average Shares	103.1	103.1	81.0	72.8	72.7
Basic EPS Excluding ExtraOrdinary Items	1.02	0.95	0.27	0.32	0.68
Basic EPS Including ExtraOrdinary Item	1.02	0.95	0.27	0.32	0.68
Diluted Net Income	105.2	97.8	21.6	23.0	49.7
Diluted Weighted Average Shares	103.4	103.3	81.2	72.8	72.8
Diluted EPS Excluding ExtraOrd Items	1.02	0.95	0.27	0.32	0.68
Diluted EPS Including ExtraOrd Items	1.02	0.95	0.27	0.32	0.68
DPS-Common Stock	0.54	0.49	0.07	0.00	0.37
Gross Dividends - Common Stock	55.6	50.1	6.7	0.0	26.6
Normalized Income Before Taxes	143.7	135.0	24.3	18.8	70.0
Inc Tax Ex Impact of Sp Items	38.5	35.9	2.7	-4.2	20.3
Normalized Income After Taxes	105.2	99.2	21.6	23.0	49.7
Normalized Inc. Avail to Com.	105.2	99.2	21.6	23.0	49.7
Basic Normalized EPS	1.02	0.96	0.27	0.32	0.68
Diluted Normalized EPS	1.02	0.96	0.27	0.32	0.68
Rental Costs	8.2	7.8	7.1	6.4	6.1
Interest Expense	7.1	7.1	12.6	27.1	20.0
Depreciation	90.4	80.5	71.3	76.1	70.0
Amortization	2.6	2.4	2.1	0.9	0.0
Current Tax	28.2	24.6	1.8	0.5	1.3
Adjustment Previous Years	0.0	0.0	0.0	0.0	-0.1
Current Tax - Total	28.2	24.6	1.8	0.5	1.2
Deferred Tax	10.3	10.8	0.9	-4.7	19.1
Deferred Tax - Total	10.3	10.8	0.9	-4.7	19.1
Income Tax - Total	38.5	35.4	2.7	-4.2	20.3
Service Cost	2.8	2.2	1.2	3.2	1.5
Interest Cost	1.4	1.2	0.8	1.2	0.9
Contribution Expense	9.9	10.0	9.8	6.2	7.5
Wage Tax	3.2	2.8	2.5	2.4	3.1
Domestic Pension Plan Expense	17.2	16.2	14.3	13.0	13.0
Total Pension Expense	17.2	16.2	14.3	13.0	13.0
Discount Rate	3.30%	3.80%	3.90%	3.70%	4.30%
Compensation Rate	3.00%	3.00%	3.00%	3.00%	3.00%
Pension Payment Rate	2.00%	2.00%	-	-	-

Billerud AB Solna, Sweden, Tel: 46-8-55333500, URL: http://www.billerud.com/

Interim Income Statement As Reported

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Mar-2012	31-Dec-2011	30-Sep-2011	30-Jun-2011	31-Mar-2011
Period Length	3 Months	3 Months	3 Months	3 Months	3 Months
UpdateType/Date	Updated Normal  31-Mar-2012	Updated Normal  31-Dec-2011	Updated Normal  30-Sep-2011	Updated Normal  30-Jun-2011	Updated Normal  31-Mar-2011
Filed Currency	SEK	SEK	SEK	SEK	SEK
Exchange Rate (Period Average)	6.754933	6.744624	6.471495	6.265461	6.491464
Turnover	339.2	309.3	359.6	380.3	392.4
Other Op. Inc.	0.3	1.3	0.6	0.3	0.5
Total Revenue	339.5	310.6	360.2	380.7	392.8
Raw Materials	164.9	162.4	167.5	177.6	183.0
Change in Inventory	11.4	-10.2	0.0	0.2	10.3
Other External Exp.	66.3	71.2	69.5	76.0	70.4
Staff Exp.	53.6	53.8	52.7	59.1	54.4
Depreciation	22.2	22.2	24.7	24.1	23.6
Profit/Loss from Participations in Assoc	0.0	0.1	0.0	-0.2	0.0
Total Operating Expense	318.4	299.5	314.5	336.8	341.7
Financial Income and Expense	-1.5	-1.9	-1.2	-1.9	-1.8
Net Income Before Taxes	19.5	9.2	44.5	42.0	49.3
Provision for Income Taxes	5.3	2.5	12.2	11.0	13.1
Net Income After Taxes	14.2	6.7	32.3	31.0	36.2
Net Income Before Extra. Items	14.2	6.7	32.3	31.0	36.2
Net Income	14.2	6.7	32.3	31.0	36.2
Income Available to Com Excl ExtraOrd	14.2	6.7	32.3	31.0	36.2
Income Available to Com Incl ExtraOrd	14.2	6.7	32.3	31.0	36.2
Basic Weighted Average Shares	103.1	103.1	103.1	103.1	103.1
Basic EPS Excluding ExtraOrdinary Items	0.14	0.06	0.31	0.30	0.35
Basic EPS Including ExtraOrdinary Item	0.14	0.06	0.31	0.30	0.35
Diluted Net Income	14.2	6.7	32.3	31.0	36.2
Diluted Weighted Average Shares	103.4	103.4	103.4	103.4	103.3
Diluted EPS Excluding ExtraOrd Items	0.14	0.06	0.31	0.30	0.35
Diluted EPS Including ExtraOrd Items	0.14	0.06	0.31	0.30	0.35
DPS-Common Stock	0.00	0.52	0.00	0.00	0.00
Gross Dividends - Common Stock	0.0	53.5	0.0	0.0	0.0
Normalized Income Before Taxes	19.5	9.2	44.5	42.0	49.3
Inc Tax Ex Impact of Sp Items	5.3	2.5	12.2	11.0	13.1
Normalized Income After Taxes	14.2	6.7	32.3	31.0	36.2
Normalized Inc. Avail to Com.	14.2	6.7	32.3	31.0	36.2
Basic Normalized EPS	0.14	0.06	0.31	0.30	0.35
Diluted Normalized EPS	0.14	0.06	0.31	0.30	0.35
Depreciation	22.2	22.2	24.7	24.1	23.6

Billerud AB Solna, Sweden, Tel: 46-8-55333500, URL: http://www.billerud.com/

Annual Balance Sheet As Reported

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
UpdateType/Date	Updated Normal  31-Dec-2011	Updated Normal  31-Dec-2010	Updated Normal  31-Dec-2009	Updated Normal  31-Dec-2008	Updated Normal  31-Dec-2007
Filed Currency	SEK	SEK	SEK	SEK	SEK
Exchange Rate	6.8553	6.72285	7.1401	7.90795	6.4632
Auditor	Ernst & Young AB	Ernst & Young LLP	Ernst & Young AB	KPMG LLP	KPMG LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Raw Materials	56.7	55.3	59.1	62.1	58.8
Finished Goods	94.4	96.7	76.6	64.6	86.0
Work in Progress	5.4	7.0	6.4	2.7	0.0
Advance from Supplier	9.0	0.1	7.0	8.6	0.0
Tax Rcvbls.	2.5	3.1	2.2	3.3	1.2
Accounts Rcvbl.	-	214.0	163.6	165.5	231.0
Bad Debts	-	-4.0	-2.2	-1.9	-1.1
Accounts Rcvbl.	202.9	-	-	-	-
Prepaid/Accrued	11.1	10.3	11.6	7.5	13.0
Receiveables Asscoaites	0.4	1.0	-	-	-
Other Rcvbls.	40.3	52.1	54.9	23.4	39.9
Cash/Bank	135.5	110.1	114.6	68.5	111.1
Total Current Assets	558.3	545.8	493.8	404.3	540.0
Intangibles, Gross	13.1	13.2	12.6	10.1	-
Amortization	-8.6	-6.2	-3.4	-0.8	-
Goodwill	3.1	4.5	4.2	0.0	-
Intangibles, Net	-	-	-	-	6.3
Buildings/Land	263.0	259.4	245.4	220.5	260.1
Plant/Equip.	1,822.8	1,814.1	1,702.5	1,523.5	1,763.8
Construction	7.1	10.1	17.5	1.4	31.4
Write Downs	-279.5	-285.0	-266.5	-240.6	-294.4
Depreciation	-1,076.2	-1,028.6	-936.5	-780.6	-885.9
Share of Associates	4.2	0.6	0.6	0.5	0.6
Inv./Other Comp.	4.4	1.6	1.5	2.3	1.7
Deferred Tax	0.1	0.1	0.1	0.1	0.0
LT Receivables	49.9	38.8	0.0	0.0	0.2
Total Assets	1,361.7	1,368.5	1,271.8	1,140.8	1,423.8
Int.-Bear.Liabs.	0.0	0.0	41.6	29.1	206.9
Current Portion of Bond Loan	0.0	22.3	56.0	44.3	16.6
Accounts Payable	176.5	171.8	146.9	127.0	132.6
Associates/Liab.	2.5	0.3	1.0	1.9	2.0
Inc.Tax Liab.	24.9	25.9	0.4	0.0	0.9
Accrued Exp.	64.0	78.4	83.1	54.5	77.1
Other Liabs./ Provisions	12.3	13.1	10.9	61.1	30.0
Provisions	0.1	0.1	0.3	1.5	2.6
Total Current Liabilities	280.4	311.9	340.2	319.3	468.7
Int.-Bear.Liabs.	119.5	118.7	151.3	303.0	264.3
Total Long Term Debt	119.5	118.7	151.3	303.0	264.3
Pension Prov.	31.9	30.8	27.0	23.1	26.8
Other Prov.	5.3	4.0	3.8	3.2	3.9
Def.Tax Prov.	214.0	213.3	190.1	158.6	211.8
Non-Controling Interests	0.1	0.0	-	-	-
Total Liabilities	651.2	678.7	712.3	807.2	975.4
Share Capital	112.9	115.1	108.4	84.3	103.2
Other Paid-In Capital	131.7	134.3	126.5	10.7	13.2
Reserves	0.0	13.8	12.6	-22.3	8.8
Translation Reserve	-2.3	-2.8	-	-	-
Retained Earnings	468.3	429.3	312.0	260.8	323.2
Total Equity	710.5	689.7	559.5	333.6	448.4
Total Liabilities & Shareholders' Equity	1,361.7	1,368.5	1,271.8	1,140.8	1,423.8
S/O-Common Stock	103.1	103.1	103.0	72.8	72.8
Total Common Shares Outstanding	103.1	103.1	103.0	72.8	72.8
T/S-Common Stock	1.7	1.7	1.9	2.6	2.6
Acc. Amortization	8.6	6.2	3.4	0.8	0.0
Full-Time Employees	2,287	2,263	2,232	2,281	2,352
Number of Common Shareholders	107,795	120,733	122,192	118,222	144,447
Current maturities	0.0	22.3	56.0	45.0	16.6
Total Long Term Debt, Supplemental	0.0	22.3	56.0	45.0	16.6
Operating Lease Mat. within 1 Year	6.3	7.9	6.0	4.3	5.7
Operating Lease Mat. within 1-5 Years	14.4	30.6	12.2	15.3	11.8
Optg leases-year 2	-	22.8	16.1	-	-
Total Operating Leases	20.7	61.3	34.3	19.6	17.5
Pension Obligation	39.7	37.6	33.5	27.6	28.6
Plan Assets	7.7	6.8	6.4	4.4	1.9
Funded Status	-31.9	-30.8	-27.0	-23.1	-26.8
Total Funded Status	-31.9	-30.8	-27.0	-23.1	-26.8
Discount Rate	3.30%	3.80%	3.90%	3.70%	4.30%
Salary Increase	3.00%	3.00%	3.00%	3.00%	3.00%
Pension Payment Rate	2.00%	2.00%	-	-	-

Billerud AB Solna, Sweden, Tel: 46-8-55333500, URL: http://www.billerud.com/

Interim Balance Sheet As Reported

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Mar-2012	31-Dec-2011	30-Sep-2011	30-Jun-2011	31-Mar-2011
UpdateType/Date	Updated Normal  31-Mar-2012	Updated Normal  31-Dec-2011	Updated Normal  30-Sep-2011	Updated Normal  30-Jun-2011	Updated Normal  31-Mar-2011
Filed Currency	SEK	SEK	SEK	SEK	SEK
Exchange Rate	6.680894	6.8553	6.8682	6.31005	6.3084
Stocks	159.6	165.6	158.4	172.1	181.5
Receivables	211.6	202.9	228.6	251.0	251.4
Other Curr.Assets	45.1	54.3	39.2	55.2	93.2
Cash/Bank	131.3	135.5	120.7	94.6	103.0
Total Current Assets	547.5	558.3	546.9	572.9	629.2
Non-Current Assets	825.0	803.5	797.9	866.6	865.2
Total Assets	1,372.6	1,361.7	1,344.7	1,439.4	1,494.4
ST Interest Bearing Liabilities	44.9	0.0	0.0	23.8	23.8
Accounts Payable	158.1	179.0	163.4	168.0	153.8
Other Liabilities/ Provisions	89.2	101.4	126.1	124.1	154.1
Total Current Liabilities	292.2	280.4	289.4	315.8	331.6
LT Interest Bearing Liabilities	75.4	119.5	118.5	125.7	125.9
Total Long Term Debt	75.4	119.5	118.5	125.7	125.9
Provisions for Pensions	33.4	31.9	31.3	33.6	33.3
Other Provisions	5.5	5.3	4.1	4.4	4.4
Deferred Liabilities	220.0	214.0	202.8	224.2	227.3
Non-Controling Interests	0.1	0.1	-	-	-
Total Liabilities	626.7	651.2	646.2	703.8	722.5
Shareholders' Equity	745.9	710.5	698.6	735.7	771.8
Total Equity	745.9	710.5	698.6	735.7	771.8
Total Liabilities & Shareholders' Equity	1,372.6	1,361.7	1,344.7	1,439.4	1,494.4
S/O-Common Stock	103.1	103.1	103.1	103.1	103.1
Total Common Shares Outstanding	103.1	103.1	103.1	103.1	103.1
T/S-Common Stock	1.7	1.7	1.7	1.7	1.7
Full-Time Employees	2,233	2,287	2,279	2,264	2,202
Shareholders	107,716	107,795	109,052	108,968	119,653

Billerud AB Solna, Sweden, Tel: 46-8-55333500, URL: http://www.billerud.com/

Annual Cash Flows As Reported

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal  31-Dec-2011	Updated Normal  31-Dec-2010	Updated Normal  31-Dec-2009	Updated Normal  31-Dec-2008	Updated Normal  31-Dec-2007
Filed Currency	SEK	SEK	SEK	SEK	SEK
Exchange Rate (Period Average)	6.493691	7.206564	7.645194	6.599156	6.757461
Auditor	Ernst & Young AB	Ernst & Young LLP	Ernst & Young AB	KPMG LLP	KPMG LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Profit Aft.Fin.Items	143.7	133.2	24.3	18.8	70.0
Depreciation	94.6	84.6	73.4	77.0	70.0
Non-Paid Int.	1.1	0.6	-1.8	2.7	0.6
Other Provisions	1.7	-3.1	0.1	-12.4	-15.2
Capital Gain/Loss	0.0	0.0	0.0	0.3	0.0
Tax Paid	-27.7	-1.7	0.5	-4.2	-2.2
Inventories	-9.9	-1.5	5.2	-24.4	-31.2
Receivables	-1.7	-30.3	-3.0	46.8	-49.0
Liabilities	-5.9	11.4	12.9	15.3	65.1
Cash from Operating Activities	195.9	193.3	111.7	119.9	108.0
Acq. of Intangibles	-0.2	-0.1	-1.0	-3.0	-3.6
Investments in Property, Plant and Equip	-71.6	-46.2	-34.3	-89.0	-93.1
Acq. of Fin. Fixed Assets	-19.6	-36.2	-0.1	-0.9	-0.6
Acquisition of Shares in Subsidiaries	-	0.0	-4.6	-1.4	0.0
Disp. of Tangibles	0.3	0.4	0.3	0.2	0.1
Disp. of Fin. Assets	-	0.0	1.6	0.0	-
Cash from Investing Activities	-91.0	-82.1	-38.2	-94.1	-97.1
Dividend	-55.6	-7.2	0.0	-27.3	-26.6
Share Issue	-	-	127.9	0.0	0.9
Share Issue Costs	-	-	-6.9	0.0	-
Sale of Treasury	0.0	0.7	-	-	-
Raised Loans	3.8	3.5	9.5	192.8	59.5
Amortisation of Loan	-24.2	-117.3	-167.4	-218.8	-4.0
Cash from Financing Activities	-75.9	-120.3	-36.9	-53.3	29.7
Foreign Exchange Effects	0.2	-1.7	-0.5	0.9	0.0
Net Change in Cash	29.1	-10.8	36.1	-26.7	40.7
Net Cash - Beginning Balance	114.0	113.5	70.9	108.8	65.6
Net Cash - Ending Balance	143.1	102.7	107.0	82.1	106.3
Cash Interest Paid	9.1	11.0	17.3	23.6	16.4
Cash Taxes Paid	27.7	1.7	-0.5	4.2	2.2

Billerud AB Solna, Sweden, Tel: 46-8-55333500, URL: http://www.billerud.com/

Interim Cash Flows As Reported

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Mar-2012	31-Dec-2011	30-Sep-2011	30-Jun-2011	31-Mar-2011
Period Length	3 Months	12 Months	9 Months	6 Months	3 Months
UpdateType/Date	Updated Normal  31-Mar-2012	Updated Normal  31-Dec-2011	Updated Normal  30-Sep-2011	Updated Normal  30-Jun-2011	Updated Normal  31-Mar-2011
Filed Currency	SEK	SEK	SEK	SEK	SEK
Exchange Rate (Period Average)	6.754933	6.493691	6.411174	6.379966	6.491464
Operating Profit	21.0	143.7	140.8	95.1	51.1
Depreciation	22.2	94.6	72.4	47.6	23.6
Restructuring Charges	-	-	0.2	-	-
Increase in Pension Liabilities	0.4	-	0.3	0.2	0.2
Electric Certificate	0.3	-	-1.1	-1.6	-0.8
Capital Gain/Loss	0.1	0.0	0.2	-	-
Incentive Programme	-	-	0.3	-	-
Working Capital	3.3	-17.4	-25.1	-38.2	-46.4
Financials	-29.9	-24.9	-32.3	-29.9	-27.9
Cash from Operating Activities	17.5	195.9	155.7	73.2	-0.2
Acq. of Tangibles	-24.4	-71.6	-51.9	-33.2	-12.8
Acq. of Intangibles	-	-0.2	-	-	-
Sale of Tangibles	1.5	0.3	0.2	0.2	0.2
Acq. of Financial Assets	0.0	-19.6	-12.6	-4.9	0.0
Cash from Investing Activities	-22.9	-91.0	-64.4	-37.9	-12.6
Loans, Net	-2.1	-20.3	-21.5	-1.1	-0.8
Dividend	0.0	-55.6	-56.3	-56.6	0.0
Sale of Treasury Shares	-	0.0	0.0	0.0	0.0
Cash from Financing Activities	-2.1	-75.9	-77.8	-57.7	-0.8
Foreign Exchange Effects	-0.1	0.2	0.5	0.0	-0.3
Net Change in Cash	-7.7	29.1	13.4	-22.4	-13.9
Net Cash - Beginning Balance	137.5	114.0	115.4	116.0	114.0
Net Cash - Ending Balance	129.8	143.1	129.3	93.6	100.1

Billerud AB Solna, Sweden, Tel: 46-8-55333500, URL: http://www.billerud.com/

Geographic Segments

Financials in: As Reported (mil)

Annual

External Revenue   USD (mil)
	31-Dec-11		31-Dec-10		31-Dec-09		31-Dec-08		31-Dec-07
Germany	205.4	14.3 %	185.7	15.2 %	162.2	16 %	175.0	14.8 %	144.7	12.6 %
Italy	174.8	12.1 %	150.3	12.3 %	137.3	13.5 %	163.4	13.8 %	171.5	14.9 %
Sweden	153.2	10.6 %	120.7	9.9 %	86.1	8.5 %	112.9	9.6 %	80.2	7 %
United Kingdom	112.7	7.8 %	98.7	8.1 %	68.0	6.7 %	-	-	-	-
France	73.8	5.1 %	70.4	5.7 %	55.1	5.4 %	64.1	5.4 %	67.3	5.9 %
Rest of Europe	352.0	24.5 %	319.4	26.1 %	264.5	26.1 %	414.4	35.1 %	442.5	38.5 %
Other Markets	366.8	25.5 %	279.9	22.8 %	241.9	23.8 %	250.9	21.3 %	241.8	21.1 %
Segment Total	1,438.8	100 %	1,225.0	100 %	1,015.0	100 %	1,180.8	100 %	1,148.1	100 %
Consolidated Total	1,438.8	100 %	1,225.0	100 %	1,015.0	100 %	1,180.8	100 %	1,148.1	100 %
Exchange Rate: SEK to USD	6.493691		7.206564		7.645194		6.599156		6.757461
Total Revenue   USD (mil)
	31-Dec-11		31-Dec-10		31-Dec-09		31-Dec-08		31-Dec-07
Germany	205.4	14.3 %	185.7	15.2 %	162.2	16 %	175.0	14.8 %	144.7	12.6 %
Italy	174.8	12.1 %	150.3	12.3 %	137.3	13.5 %	163.4	13.8 %	171.5	14.9 %
Sweden	153.2	10.6 %	120.7	9.9 %	86.1	8.5 %	112.9	9.6 %	80.2	7 %
United Kingdom	112.7	7.8 %	98.7	8.1 %	68.0	6.7 %	-	-	-	-
France	73.8	5.1 %	70.4	5.7 %	55.1	5.4 %	64.1	5.4 %	67.3	5.9 %
Rest of Europe	352.0	24.5 %	319.4	26.1 %	264.5	26.1 %	414.4	35.1 %	442.5	38.5 %
Other Markets	366.8	25.5 %	279.9	22.8 %	241.9	23.8 %	250.9	21.3 %	241.8	21.1 %
Segment Total	1,438.8	100 %	1,225.0	100 %	1,015.0	100 %	1,180.8	100 %	1,148.1	100 %
Consolidated Total	1,438.8	100 %	1,225.0	100 %	1,015.0	100 %	1,180.8	100 %	1,148.1	100 %
Exchange Rate: SEK to USD	6.493691		7.206564		7.645194		6.599156		6.757461

Employees
	31-Dec-11		31-Dec-10		31-Dec-09		31-Dec-08		31-Dec-07
Germany	19.0	-	15.0	-	15.0	-	14.0	-	15.0	-
Italy	9.0	-	10.0	-	9.0	-	9.0	-	8.0	-
Sweden	2,051.0	-	2,022.0	-	2,027.0	-	2,118.0	-	2,162.0	-
United Kingdom	153.0	-	149.0	-	145.0	-	144.0	-	147.0	-
France	11.0	-	11.0	-	9.0	-	9.0	-	10.0	-
Netherlands	5.0	-	6.0	-	6.0	-	7.0	-	6.0	-
Spain	9.0	-	10.0	-	8.0	-	8.0	-	8.0	-
China	7.0	-	6.0	-	6.0	-	6.0	-	5.0	-
Lithuania	5.0	-	5.0	-	4.0	-	4.0	-	0.0	-
Latvia	3.0	-	2.0	-	0.0	-	-	-	-	-
Estonia	1.0	-	0.0	-	-	-	-	-	-	-
Other Countries	4.0	-	4.0	-	3.0	-	3.0	-	3.0	-
Segment Total	2,277.0	-	2,240.0	-	2,232.0	-	2,322.0	-	2,364.0	-
Consolidated Total	2,277.0	-	2,240.0	-	2,232.0	-	2,322.0	-	2,364.0	-

Billerud AB Solna, Sweden, Tel: 46-8-55333500, URL: http://www.billerud.com/

Business Segments

Financials in: As Reported (mil)

Annual

External Revenue   USD (mil)
	31-Dec-11		31-Dec-10			31-Dec-09			31-Dec-08			31-Dec-07
Kraft Paper	661.1	45.9 %	578.1	47.2 %		514.6	50.7 %		580.7		49.2 %	590.3		51.4 %
Containerboard	426.9	29.7 %	336.9	27.5 %		309.0	30.4 %		358.2		30.3 %	321.3		28 %
Market Pulp	269.8	18.8 %	240.2	19.6 %		175.0	17.2 %		227.2		19.2 %	230.3		20.1 %
Currency	35.4	2.5 %	-	-		-14.4	-1.4 %		4.2		0.4 %	6.2		0.5 %
Other/Eliminations	45.6	3.2 %	69.8	5.7 %		30.9	3 %		10.5		0.9 %	0.0		0 %
Segment Total	1,438.8	100 %	1,225.0	100 %		1,015.0	100 %		1,180.8		100 %	1,148.1		100 %
Consolidated Total	1,438.8	100 %	1,225.0	100 %		1,015.0	100 %		1,180.8		100 %	1,148.1		100 %
Exchange Rate: SEK to USD	6.493691		7.206564			7.645194			6.599156			6.757461
Other Revenue   USD (mil)
					31-Dec-11					31-Dec-10
Kraft Paper					0.0			0 %		5.6			47.1 %
Containerboard					0.0			0 %		3.6			30.6 %
Market Pulp					0.0			0 %		1.7			14.1 %
Other/Eliminations					2.8			100 %		1.0			8.2 %
Segment Total					2.8			100 %		11.8			100 %
Consolidated Total					2.8			100 %		11.8			100 %
Exchange Rate: SEK to USD					6.493691					7.206564

Total Revenue   USD (mil)
	31-Dec-11		31-Dec-10				31-Dec-09			31-Dec-08				31-Dec-07
Kraft Paper	661.1	45.9 %	583.6		47.2 %		514.6		50.7 %	580.7		49.2 %		590.3		51.4 %
Containerboard	426.9	29.6 %	340.5		27.5 %		309.0		30.4 %	358.2		30.3 %		321.3		28 %
Market Pulp	269.8	18.7 %	241.9		19.6 %		175.0		17.2 %	227.2		19.2 %		230.3		20.1 %
Currency	35.4	2.5 %	-		-		-14.4		-1.4 %	4.2		0.4 %		6.2		0.5 %
Other/Eliminations	48.4	3.4 %	70.8		5.7 %		30.9		3 %	10.5		0.9 %		0.0		0 %
Segment Total	1,441.6	100 %	1,236.8		100 %		1,015.0		100 %	1,180.8		100 %		1,148.1		100 %
Consolidated Total	1,441.6	100 %	1,236.8		100 %		1,015.0		100 %	1,180.8		100 %		1,148.1		100 %
Exchange Rate: SEK to USD	6.493691		7.206564				7.645194			6.599156				6.757461
Depreciation   USD (mil)
				31-Dec-11				31-Dec-10					31-Dec-09
Kraft Paper				49.0		51.8 %		45.5			53.8 %		37.0		50.4 %
Containerboard				25.3		26.7 %		22.2			26.2 %		21.6		29.4 %
Market Pulp				17.6		18.6 %		16.0			18.9 %		13.6		18.5 %
Other/Eliminations				2.8		2.9 %		1.0			1.1 %		1.2		1.6 %
Segment Total				94.6		100 %		84.6			100 %		73.4		100 %
Consolidated Total				94.6		100 %		84.6			100 %		73.4		100 %
Exchange Rate: SEK to USD				6.493691				7.206564					7.645194

Operating Income/Loss   USD (mil)
	31-Dec-11			31-Dec-10				31-Dec-09				31-Dec-08					31-Dec-07
Kraft Paper	69.3	46 %		57.9			40.2 %	50.5			128.7 %	37.0			84.4 %		52.5		60.2 %
Containerboard	57.0	37.8 %		37.6			26.1 %	30.1			76.7 %	37.6			85.8 %		26.5		30.3 %
Market Pulp	9.9	6.5 %		38.3			26.6 %	-19.4			-49.3 %	-22.0			-50.2 %		12.0		13.7 %
Currency	35.4	23.5 %		-			-	-14.4			-36.7 %	4.2			9.7 %		6.2		7.1 %
Other/Eliminations	-20.9	-13.9 %		10.1			7 %	-7.6			-19.3 %	-13.0			-29.8 %		-9.9		-11.4 %
Segment Total	150.6	100 %		143.9			100 %	39.2			100 %	43.8			100 %		87.3		100 %
Consolidated Total	150.6	100 %		143.9			100 %	39.2			100 %	43.8			100 %		87.3		100 %
Exchange Rate: SEK to USD	6.493691			7.206564				7.645194				6.599156					6.757461
Operating Margin (%)
			31-Dec-11			31-Dec-10				31-Dec-09				31-Dec-08				31-Dec-07
Kraft Paper			10.5		-	9.9			-	9.8			-	6.4		-		8.9		-
Containerboard			13.3		-	11.0			-	9.7			-	10.5		-		8.2		-
Market Pulp			3.7		-	15.8			-	-11.1			-	-9.7		-		5.2		-
Currency			100.0		-	-			-	100.0			-	100.0		-		100.0		-
Other/Eliminations			-43.3		-	14.3			-	-24.6			-	-124.6		-		-		-
Segment Total			10.4		-	11.6			-	3.9			-	3.7		-		7.6		-
Consolidated Total			10.4		-	11.6			-	3.9			-	3.7		-		7.6		-

Billerud AB Solna, Sweden, Tel: 46-8-55333500, URL: http://www.billerud.com/

Business Segments

Financials in: As Reported (mil)

Interim

External Revenue   USD (mil)
	31-Mar-12				31-Dec-11		30-Sep-11			30-Jun-11				31-Mar-11
Packaging & Speciality Paper	161.5		49.3 %		139.5	52.6 %	163.2	45.4 %		172.2		43.7 %		187.5	49.5 %
Packaging Boards	98.2		30 %		95.5	36 %	107.5	29.9 %		112.4		28.5 %		112.1	29.6 %
Market Pulp	64.5		19.7 %		61.7	23.2 %	71.9	20 %		69.4		17.6 %		67.2	17.7 %
Currency Hedging/Other and Eliminations	3.3		1 %		-31.3	-11.8 %	17.0	4.7 %		40.4		10.2 %		12.0	3.2 %
Segment Total	327.5		100 %		265.4	100 %	359.6	100 %		394.4		100 %		378.8	100 %
Eliminations	11.7		3.6 %		43.9	16.5 %	0.0	0 %		-14.0		-3.6 %		13.6	3.6 %
Consolidated Total	339.2		103.6 %		309.3	116.5 %	359.6	100 %		380.3		96.4 %		392.4	103.6 %
Exchange Rate: SEK to USD	6.754933				6.744624		6.471495			6.265461				6.491464
Other Revenue   USD (mil)
		31-Mar-12			31-Dec-11		30-Sep-11				30-Jun-11			31-Mar-11
Packaging & Speciality Paper		0.0		0 %	0.0	0 %	0.0		0 %		0.0		0 %	0.0	0 %
Packaging Boards		0.0		0 %	0.0	0 %	0.0		0 %		0.0		0 %	0.0	0 %
Market Pulp		0.0		0 %	0.0	0 %	0.0		0 %		0.0		0 %	0.0	0 %
Currency Hedging/Other and Eliminations		0.3		100 %	1.3	100 %	0.6		100 %		0.3		100 %	0.5	100 %
Segment Total		0.3		100 %	1.3	100 %	0.6		100 %		0.3		100 %	0.5	100 %
Consolidated Total		0.3		100 %	1.3	100 %	0.6		100 %		0.3		100 %	0.5	100 %
Exchange Rate: SEK to USD		6.754933			6.744624		6.471495				6.265461			6.491464

Total Revenue   USD (mil)
	31-Mar-12				31-Dec-11		30-Sep-11				30-Jun-11			31-Mar-11
Packaging & Speciality Paper	161.5		49.3 %		139.5	52.3 %	163.2		45.3 %		172.2	43.6 %		187.5	49.4 %
Packaging Boards	98.2		29.9 %		95.5	35.8 %	107.5		29.9 %		112.4	28.5 %		112.1	29.6 %
Market Pulp	64.5		19.7 %		61.7	23.1 %	71.9		19.9 %		69.4	17.6 %		67.2	17.7 %
Currency Hedging/Other and Eliminations	3.6		1.1 %		-29.9	-11.2 %	17.6		4.9 %		40.7	10.3 %		12.5	3.3 %
Segment Total	327.8		100 %		266.7	100 %	360.2		100 %		394.7	100 %		379.3	100 %
Eliminations	11.7		3.6 %		43.9	16.5 %	0.0		0 %		-14.0	-3.6 %		13.6	3.6 %
Consolidated Total	339.5		103.6 %		310.6	116.5 %	360.2		100 %		380.7	96.4 %		392.8	103.6 %
Exchange Rate: SEK to USD	6.754933				6.744624		6.471495				6.265461			6.491464
Depreciation   USD (mil)
		31-Mar-12			31-Dec-11		30-Sep-11			30-Jun-11				31-Mar-11
Packaging & Speciality Paper		11.3		50.7 %	11.1	50 %	12.1	48.8 %		13.1			54.3 %	12.8	54.2 %
Packaging Boards		6.5		29.3 %	6.2	28 %	6.2	25 %		6.7			27.8 %	6.2	26.1 %
Market Pulp		4.1		18.7 %	4.4	20 %	4.6	18.8 %		4.1			17.2 %	4.3	18.3 %
Currency Hedging/Other and Eliminations		0.3		1.3 %	0.4	2 %	1.9	7.5 %		0.2			0.7 %	0.3	1.3 %
Segment Total		22.2		100 %	22.2	100 %	24.7	100 %		24.1			100 %	23.6	100 %
Consolidated Total		22.2		100 %	22.2	100 %	24.7	100 %		24.1			100 %	23.6	100 %
Exchange Rate: SEK to USD		6.754933			6.744624		6.471495			6.265461				6.491464

Operating Income/Loss   USD (mil)
	31-Mar-12		31-Dec-11			30-Sep-11					30-Jun-11			31-Mar-11
Packaging & Speciality Paper	14.8	61.7 %	9.6	30.8 %		22.1			48.3 %		16.3	40.2 %		21.6			39.7 %
Packaging Boards	8.3	34.6 %	8.9	28.4 %		18.4			40.2 %		15.0	37 %		14.9			27.5 %
Market Pulp	-2.4	-9.9 %	-3.6	-11.4 %		4.6			10.1 %		3.2	7.9 %		5.9			10.8 %
Currency Hedging/Other and Eliminations	3.3	13.6 %	16.3	52.1 %		0.6			1.4 %		6.1	15 %		12.0			22.1 %
Segment Total	24.0	100 %	31.3	100 %		45.7			100 %		40.5	100 %		54.4			100 %
Eliminations	-3.0	-12.3 %	-20.2	-64.5 %		0.0			0 %		3.4	8.3 %		-3.2			-5.9 %
Consolidated Total	21.0	87.7 %	11.1	35.5 %		45.7			100 %		43.9	108.3 %		51.1			94.1 %
Exchange Rate: SEK to USD	6.754933		6.744624			6.471495					6.265461			6.491464
Operating Margin (%)
					31-Mar-12			31-Dec-11			30-Sep-11		30-Jun-11			31-Mar-11
Packaging & Speciality Paper					9.2		-	6.9		-	13.5	-	9.5		-	11.5		-
Packaging Boards					8.4		-	9.3		-	17.1	-	13.4		-	13.3		-
Market Pulp					-3.7		-	-5.8		-	6.5	-	4.6		-	8.7		-
Currency Hedging/Other and Eliminations					91.7		-	-54.5		-	3.5	-	14.9		-	96.3		-
Segment Total					7.3		-	11.7		-	12.7	-	10.3		-	14.3		-
Eliminations					-25.3		-	-45.9		-	-	-	-23.9		-	-23.9		-
Consolidated Total					6.2		-	3.6		-	12.7	-	11.5		-	13.0		-

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.33
UK Pound	1	Rs.86.55
Euro	1	Rs.67.95

INFORMATION DETAILS

Report Prepared by :

PDT

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.