During the first quarter of the year, Botnia's sales fell by 24% compared to the corresponding period last year, amounting to EUR 302.8 million (EUR 397.9 million January-March 2008). With the Fray Bentos mill in full production, the pulp sales volume, however, increased by over 5%, amounting to 789,800 tonnes. Operating profit excluding non-recurring items was EUR -47.4 million (EUR 75.3 million). The cost effects of non-recurring items and fixed assets writedowns connected to the closure of the Kaskinen mill were EUR 75 million, of which EUR 20 million have an impact on cash flow. The fall in sales and profit was due to the significant weakening of the market situation and the price of pulp. The result was also weakened by production curtailment shutdowns caused by declining demand. Operating profit weakened significantly compared to the last quarter of 2008 as well. The sales volume during the first quarter of 2009 was 10%, or 72,000 tonnes, higher than in the previous quarter. The demand for pulp continues to be weak due to the low utilisation rate of paper mills. Producers' inventory levels are high in spite of production curtailments at several mills and closures of older capacity. A shutdown of three weeks was carried out in the Joutseno mill for the period 28 February-23 March 2009. Shutdowns will take place at the other mills during the year if the market situation so requires. The International Finance Corporation (IFC) of the World Bank Group published on 19 March 2009 the results of the environmental monitoring for the first year of operations at the Fray Bentos mill. According to the report by the independent consultant EcoMetrix, the mill's operations comply with the strict environmental standards stated in the Environmental Impact Assessment (EIA) and the Cumulative Impact Study (CIS). The mill's emissions and effluents also remain below the levels set by the Uruguayan environmental authorities and defined by the IFC and the EU. The report also indicates that the mill has not had an impact on the quality of water in Río Uruguay or the air quality in the region. >> Read more about Botnia's interim review • Sales EUR 302.8 million (EUR 397.9 million in January-March 2008) • Operating profit excluding non-recurring items EUR -47.4 million (EUR 75.3 million) Operating profit including non-recurring items EUR -122.4 million (EUR 75.3 million) • Profit before taxes and excluding non-recurring items EUR -56.2 million (EUR 61.0 million). • Investments EUR 10.2 million (EUR 23.3 million) • Return on capital employed excluding non-recurring items -8.8% (15.9%) Return on capital employed including non-recurring items -22.8% (15.9%) • Equity ratio 59.9% (59.9%) • Net gearing 42.4% (41.9%)