Sales and profit up on the previous quarter and on this period last year Sales for the first quarter of 2008 were up by 11 per cent on the same period last year at EUR 397.9 million (357.1 million). Pulp sales were 749,600 tonnes, an increase of 16 per cent. Operating profit was EUR 75.3 million, 18 per cent higher than for the first quarter of last year (63.7 million). Sales and operating profit benefited from the successful start-up of the Uruguay mill and from the continued positive trend in pulp prices. The financial result was adversely affected particularly by the weakening of the dollar against the euro and by the rise in the price of wood raw material. Foreign currency market prices for softwood pulp were on average 16 per cent higher than during the first quarter of last year. Average prices for hardwood pulp strengthened by 18 per cent. The exchange rate for the dollar was more than 14 per cent weaker than at the same time last year. Pulp trading is in dollars, which means that prices on translation into euros rose only very slightly. Operating profit was almost three times higher than for the final quarter of 2007, while the sales volume was up by 13 per cent, or 85,000 tonnes. Foreign currency market prices were four per cent higher for both softwood and hardwood pulp. The dollar was more than three per cent weaker during the first quarter • Sales EUR 397.9 million (357.1 million for January - March 2007) • Operating profit EUR 75.3 million (63.7 million) • Profit before extraordinary items EUR 61.0 million (61.9 million) • Investments EUR 23.3 million (115.8 million) • Return on capital employed 15.9% (15.4%) • Equity ratio 59.9% (64.9%) • Net gearing 41.9% (27.2%) The figures given in this Interim Review comply with IFRS accounting standards. of 2008 than in the final quarter of 2007.