• Sales EUR 1,027.5 million (971.1 million for January - September 2006) • Operating profit EUR 159.9 million (151.8 million) • Profit before extraordinary items EUR 150.6 million (146.3 million) • Investments EUR 317.1 million (412.4 million) • Return on capital employed 12.2% (14.3%) • Equity ratio 62.8% (68.4%) • Net gearing 34.1% (16.1%) The figures given in this Interim Review comply with IFRS accounting standards. Result burdened by rise in wood raw material costs, but profitability slightly improved on this period last year Sales for the first nine months of the year were EUR 1,027.5 million, six per cent up on this period last year (EUR 971.1 million). Pulp sales totalled 1,884,400 tonnes, about the same as for January - September last year. Operating profit was EUR 159.9 million, up five per cent on the same period last year (151.8 million). The improvement in both sales and financial result is attributable to the strong upward trend in pulp prices. The main factors adversely affecting the financial result were the weakening of the dollar against the euro and the rise in the cost of wood raw material. Foreign currency prices for softwood pulp were on average 18 per cent higher than during the same period a year ago. Average prices for hardwood pulp were nine per cent stronger. The dollar was more than eight per cent weaker against the euro than during this period last year. Steady rise in pulp prices on a stable market stable The market for pulp has been stable all year and demand has been good. Pulp stocks have varied throughout the supply chain between low and normal. Wood shortages in Finland, Russia and Indonesia disrupted the pulp supply and unscheduled downtime was necessary as a result. Pulp prices have risen steadily throughout the year. In January, softwood pulp was selling in Europe at USD 730/tonne and hardwood pulp at USD 670. The corresponding prices in September were USD 830 and USD 720. Prices will continue to be raised in October. During the autumn pulp supplies will be affected by local strikes by forest workers and pulp mill operatives in Canada and Korea. New hardwood pulping capacity totalling over 3 million tonnes is due to come on stream before the end of the year. However, the impact on the market will not be seen until 2008.