Interim report January-March 2009

Submitted for publication at 10.a.m. on 28 April 2009 

                                     Quarter                   Full year
                       2009           2008           2008             
                         I             IV             I             2008
Net turnover,         1 900          1 709          2 096          7 792
MSEK                                                               
EBITDA, MSEK            102            -35            337            796
Operating               -37           -165            214            289
profit/loss
MSEK                                                                 
Operating                -2            -10             10             4
margin, %                                                              
Profit/loss             -69           -222            180            124
after
financial
items, MSEK                                                          
Net profit/             -39            -98            130            152
loss, MSEK                             
Earnings per          -0.76          -1.89           2.52          2.96
share, SEK                                                     


January-March 2009 compared with same period in 2008
• Net turnover was MSEK 1,900 (2,096), down 9%.
• Net loss was MSEK -39 (130).
• Earnings per share were SEK -0.76 (2.52).
• Operating loss was MSEK -37 (214), representing a margin of -2% (10).
• Currency hedging had negative effects on operating loss with MSEK -151 (51)
compared with if no hedging had been performed. 
• During the quarter Billerud refinanced its syndicated credit facility worth
MSEK 1,800 and due in September 2010, replacing it with a new, three-year
syndicated facility for the same amount and due in April 2012.

January-March 2009 compared with October-December 2008
• Net turnover was MSEK 1,900 (1,709), up 11%.
• Net loss was MSEK -39 (-98), an improvement of MSEK 59.
• Orders for packaging paper improved from a very low level and delivered
volumes increased by 15%.
• The lack of balance between supply and demand remained on the pulp market,
with continued high inventories, low prices and unsatisfactory profitability.

Outlook for 2009
• Orders have improved compared with the historic low level of the fourth
quarter but major uncertainty remains. Due to the weak market and increased
competition, prices in local currency have generally fallen.
• An improving balance on the pulp market is expected to give possibilities for
increased pulp prices.
• Lower wood prices and a significantly improved currency situation are expected
to have positive effects on earnings whereupon old currency hedges will be
replaced with new ones, and lower wood prices will make an impact.
• Cost savings are continuing according to plan and are expected to amount to at
least MSEK 250 annually by the end of 2009, while investment levels will be
reduced to half during 2009.

For further information in connection with this report, please contact Per
Lindberg, President and CEO, +46 8 553 335 00 or +46 70 248 15 17 and Bertil
Carlsén, CFO, +46 8 553 335 00 or +46 730 211 092

Billerud's President Per Lindberg and CFO Bertil Carlsén will present the
financial statement at a press conference for analysts and journalists on
Tuesday 28 April at 3.30 p.m. Location: Spårvagnshallarna, Birger Jarlsgatan 57
A, Stockholm.