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.