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INTERIM REPORT | JANUARY-MARCH 2012




Per Lindberg, CEO and President, and Susanne Lithander, CFO | 26 April, 2012
                                                                               1
AGENDA




 • Highlights
 • Development by Business Area
 • Financials
 • Outlook




                                  2
HIGHLIGHTS IN Q1 2012



 • Increase in net sales and sales volumes vs. Q4 2011
 • Operating profit of MSEK 142, 6% operating margin
 • Non-recurring costs of MSEK 14
 • Price cuts halted
     ‒ ~2% lower prices in local currency for packaging paper
     ‒ ~25 USD/tonne price increase for NBSK pulp in Europe
 • Price increases announced for sack and kraft papers
 • Lower wood costs



                                                                3
INCREASED SALES DUE TO HIGHER VOLUMES



                           NET SALES                                        SALES VOLUME
                  2 500                                               400




                                              Sales volume, ktonnes
                              +10%
                                                                      350       +14%
Net sales, MSEK




                  2 000                                               300
                  1 500                                               250
                          2 086      2 291                            200     315       360
                  1 000                                               150
                   500                                                100
                                                                       50
                     0                                                  0
                          Q4 -11     Q1 -12                                  Q4 -11    Q1 -12
                                                                                                4
BUSINESS AREAS & SEGMENTS




PACKAGING &
SPECIALITY PAPER                                                   PACKAGING BOARDS
Kraft & Sack Paper                                                  S/C Fluting, Liner, Liquid Board




                                                                   MARKET PULP
                                                                   Nordic Bleached
                                                                   Softwood Kraft Pulp

Note: Graph shows sales breakdown per business area for Q1 2012.                                 5
PACKAGING & SPECIALITY PAPER
Market situation in Q1 2012




  • Improved order situation vs. Q4 2011
  • Sack paper had higher order levels than normal while kraft
    paper was at normal levels towards the end of Q1
  • Price cuts halted
  • 80 EUR/tonne in price increase announced from 1 June for
    sack and kraft papers




                                                                 6
PACKAGING & SPECIALITY PAPER
Financials – Q1 2012 vs. Q4 2011



                                                            160
  • Operating profit up by MSEK 35                          140




                                           Operating profit, MSEK
                                                            120
  • Mainly due to higher sales volumes                      100
    and lower variable costs                                        80
                                                                    60
                                                                    40
                                                                    20
                                                                    0
                                                                          Q1 -11   Q2 -11   Q3 -11    Q4 -11   Q1 - 12


                                Q1 -12                  Q4 -11                     Q1 -11      FY 2011
   Net sales, MSEK                 1,091                            941            1,217         4,293

   Operating profit, MSEK          100                              65              140              450
   Operating margin, %               9                               7              12               10
                                                                                                                         7
PACKAGING BOARDS
Market situation in Q1 2012




  • Somewhat improved order situation
      ‒ Slightly lower levels than normal
  • Price cuts halted




                                            8
PACKAGING BOARDS
Financials – Q1 2012 vs. Q4 2011



                                                             140
  • Operating profit down by MSEK 4                          120




                                            Operating profit, MSEK
  • Lower prices were partly offset by                       100

    higher sales volumes and lower                                   80

    costs                                                            60

                                                                     40

                                                                     20

                                                                     0
                                                                              Q1 -11   Q2 -11   Q3 -11    Q4 -11   Q1 - 12


                                   Q1 -12                            Q4 -11            Q1 -11        FY 2011
    Net sales, MSEK                 663                               644                728             2,772

    Operating profit, MSEK           56                                   60              97             370
    Operating margin, %              8                                    9               13              13
                                                                                                                             9
MARKET PULP
Market situation in Q1 2012




  • Pulp market improved vs. Q4 2011
  • Price increased to ~850 USD/tonne at end of Q1 2012 from
    ~825 USD/tonne at end of Q4 2011
  • Price increase to 870 USD/tonne announced for April




                                                               10
MARKET PULP
Financials – Q1 2012 vs. Q4 2011



                                                                     50
  • Operating profit improved by MSEK 8                              40




                                            Operating profit, MSEK
  • Higher sales volumes and lower fixed                             30

    costs compensated for lower prices                               20

                                                                     10

                                                                     0
                                                                            Q1 -11   Q2 -11    Q3 -11    Q4 -11   Q1 -12
                                                             -10
                                                             -20

                                                             -30


                                   Q1 -12                            Q4 -11           Q1 -11        FY 2011
    Net sales, MSEK                 436                                   416          436              1,752

    Operating profit, MSEK          -16                                   -24           38               64
    Operating margin, %              -4                                   -6             9               4
                                                                                                                           11
Q1 2012 IN SUM



 • 10% increase in net sales due to higher sales volumes
   (vs. Q4 2011)
 • Operating profit of MSEK 142, 6% operating margin
 • Non-recurring costs of MSEK 14
 • Price cuts halted
 • Price increases announced for sack and kraft papers
 • Lower wood costs
 • Closing of the deal with UPM-Kymmene anticipated to
   take place in Q2 2012


                                                           12
FINANCIAL INFORMATION




                        13
QUARTERLY KEY FIGURES




                         Q1 -12   Q4 -11   Q1 -11

Net sales, MSEK          2,291    2,086    2,547

Operating profit, MSEK    142      75       332

Operating margin          6%       4%       13%

Profit/share, SEK         0.94     0.44     2.28

Net debt/equity ratio    -0.04    -0.05     0.05

Sales volume (ktonnes)    360      315      369

                                                    14
OPERATING PROFIT BRIDGE Q1 2012 vs. Q4 2011


       160
                              +69                                                           +41                         142
                                                                                                           0
       140

       120
                                                                            +37
       100
MSEK




                  75                          -56
        80

        60                                                   -24

        40

        20

         0
             Operating        Sales &     Selling prices    Effects of   Change in      Change in      Change in     Operating
               profit       production    (in respective exchange rate variable costs   fixed costs   depreciation     profit
             Q4 2011         volumes*    sales currency) fluctuations,                                               Q1 2012
                                                          incl. hedging
  * Includes product mix.
                                                                                                                                 15
CASH FLOW GENERATION FROM OPERATION




      MSEK
                                            Q1 -12   Q4 -11   Q1 -11
      Operating surplus, etc                  298      238      481
      Change in working capital, etc.          22       48      -301
      Net financial items, taxes, etc.        -202      -12     -181

      Cash flow from operating activities     118      274        -1

      Current net investments                 -155     -178      -82
      Operating cash flow                      -37      96       -83




1)   Minus equals increase in net debt                                 16
WORKING CAPITAL KEY RATIOS


           Days sales outstanding                            Overdue                                                       WC as % of quarterly sales
           70                                                6,0                                                           70%




                                                                       Working capital (excl. IAS)/quartely net turnover
           60                                                                                                              60%
                                                             5,0

           50                                                                                                              50%
                                                             4,0
                                    % of total receivables
DSO days




           40                                                                                                              40%
                                                             3,0
           30                                                                                                              30%

                                                             2,0
           20                                                                                                              20%


           10                                                1,0                                                           10%


            0                                                0,0                                                           0%




                                                                                                                                                  17
MARKET PRICES AFFECTING RESULT




Electricity index (Sweden*)                                   Wood price index
280                                                          160
240                                                          140
200
                                                             120
160
120                                                          100

 80                                                           80
      2004 Q4 -    Q4 -   Q4 -   Q4 -   Q4 -   Q4 -   Q4 -         2004   Q4 -   Q4 -   Q4 -   Q4 -   Q4 -   Q4 -   Q4 -
            05      06     07     08     09     10     11                  05     06     07     08     09     10     11

Source: Nordpool. *Price area Sweden                          Source: Billerud




                                                                                                                           18
MARKET PRICES AFFECTING RESULT




Market pulp (USD/t)                                               TCW index*
                                                                  118
 1 050
 1 000                                                            115
   950                                                            112
   900
   850
                                                                  109
   800                                                            106
   750                                                            103
   700
   650                                                            100
   600                                                             97
   550
                                                                   94
         2004   Q4 -   Q4 -   Q4 -    Q4 -   Q4 -   Q4 -   Q4 -         2004 Q4 -    Q4 -   Q4 -    Q4 -   Q4 -   Q4 -      Q4 -
                 05     06     07      08     09     10     11
                                                                              05      06     07      08     09     10        11
Note: Average price for the quarter                               Source: Riksbanken *Total Competitiveness Weights Index




                                                                                                                                   19
CURRENCY SITUATION



    • Profit effect of net flow hedging MSEK 44 (99) for Q1 2012
    • Market value of outstanding contracts not relating to trade
      receivable was MSEK 38*

         Hedge level 12 months forward:                             Average hedged currency rates (share of net flow)
                                                                      Q2 -12   Q3 -12     Q4 -12    Q1 -13   Total 12
                                                                                                             months

         EUR               50%                                          9.19     9.16      9.10      8,99     9.15
                                                                       (83%)    (65%)     (41%)     (14%)     (50%)
                                                                        6.74     6.81      6.88      6.82     6.79
         USD               49%
                                                                       (84%)    (57%)     (38%)     (16%)     (49%)
                                                                       10.58    10.68     10.74     10.71     10.65
         GBP               49%
                                                                       (83%)    (62%)     (36%)     (16%)     (49%)
Note: Data in table and graph are as of 31 March 2012. *As of 31 March 2012.                                      20
OUTLOOK




          21
OUTLOOK



 • The market shows signs of an upturn during the second quarter.
 • The order situation in the packaging paper segments improved in the
   first quarter, compared to the previous one, and had at the beginning
   of the second quarter on average returned to normal levels. It is
   anticipated that the order situation will remain good in the next quarter.
 • Price cuts in the packaging paper segments halted during the quarter.
 • Price rises have during the quarter been announced in certain product
   categories and a price increase of 8-10% for sack and kraft paper was
   announced after the end of the quarter, to take effect on 1 June 2012.




                                                                                22
OUTLOOK CONT.



 • Acquisition-related non-recurring costs will be charged to results in the
   quarter in which the acquisition of UPM-Kymmene’s packaging paper
   business will be completed. These costs are estimated to an additional
   approximately SEK 15 million. Added to this figure will be non-recurring
   costs, already disclosed, estimated at approximately SEK 22 million to
   separate off the business acquired. The costs will accrue over the three
   remaining quarters of the year.
 • Wood prices are anticipated to be lower in 2012 than in 2011.




                                                                               23
Q&A




  We believe in embracing what is important to our customers, our company,
our employees and the environment. By always giving back more than we take,
              we are building a company for future generations.




                                                                              24

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Billerud Interim Report Q1 2012 presentation

  • 1. INTERIM REPORT | JANUARY-MARCH 2012 Per Lindberg, CEO and President, and Susanne Lithander, CFO | 26 April, 2012 1
  • 2. AGENDA • Highlights • Development by Business Area • Financials • Outlook 2
  • 3. HIGHLIGHTS IN Q1 2012 • Increase in net sales and sales volumes vs. Q4 2011 • Operating profit of MSEK 142, 6% operating margin • Non-recurring costs of MSEK 14 • Price cuts halted ‒ ~2% lower prices in local currency for packaging paper ‒ ~25 USD/tonne price increase for NBSK pulp in Europe • Price increases announced for sack and kraft papers • Lower wood costs 3
  • 4. INCREASED SALES DUE TO HIGHER VOLUMES NET SALES SALES VOLUME 2 500 400 Sales volume, ktonnes +10% 350 +14% Net sales, MSEK 2 000 300 1 500 250 2 086 2 291 200 315 360 1 000 150 500 100 50 0 0 Q4 -11 Q1 -12 Q4 -11 Q1 -12 4
  • 5. BUSINESS AREAS & SEGMENTS PACKAGING & SPECIALITY PAPER PACKAGING BOARDS Kraft & Sack Paper S/C Fluting, Liner, Liquid Board MARKET PULP Nordic Bleached Softwood Kraft Pulp Note: Graph shows sales breakdown per business area for Q1 2012. 5
  • 6. PACKAGING & SPECIALITY PAPER Market situation in Q1 2012 • Improved order situation vs. Q4 2011 • Sack paper had higher order levels than normal while kraft paper was at normal levels towards the end of Q1 • Price cuts halted • 80 EUR/tonne in price increase announced from 1 June for sack and kraft papers 6
  • 7. PACKAGING & SPECIALITY PAPER Financials – Q1 2012 vs. Q4 2011 160 • Operating profit up by MSEK 35 140 Operating profit, MSEK 120 • Mainly due to higher sales volumes 100 and lower variable costs 80 60 40 20 0 Q1 -11 Q2 -11 Q3 -11 Q4 -11 Q1 - 12 Q1 -12 Q4 -11 Q1 -11 FY 2011 Net sales, MSEK 1,091 941 1,217 4,293 Operating profit, MSEK 100 65 140 450 Operating margin, % 9 7 12 10 7
  • 8. PACKAGING BOARDS Market situation in Q1 2012 • Somewhat improved order situation ‒ Slightly lower levels than normal • Price cuts halted 8
  • 9. PACKAGING BOARDS Financials – Q1 2012 vs. Q4 2011 140 • Operating profit down by MSEK 4 120 Operating profit, MSEK • Lower prices were partly offset by 100 higher sales volumes and lower 80 costs 60 40 20 0 Q1 -11 Q2 -11 Q3 -11 Q4 -11 Q1 - 12 Q1 -12 Q4 -11 Q1 -11 FY 2011 Net sales, MSEK 663 644 728 2,772 Operating profit, MSEK 56 60 97 370 Operating margin, % 8 9 13 13 9
  • 10. MARKET PULP Market situation in Q1 2012 • Pulp market improved vs. Q4 2011 • Price increased to ~850 USD/tonne at end of Q1 2012 from ~825 USD/tonne at end of Q4 2011 • Price increase to 870 USD/tonne announced for April 10
  • 11. MARKET PULP Financials – Q1 2012 vs. Q4 2011 50 • Operating profit improved by MSEK 8 40 Operating profit, MSEK • Higher sales volumes and lower fixed 30 costs compensated for lower prices 20 10 0 Q1 -11 Q2 -11 Q3 -11 Q4 -11 Q1 -12 -10 -20 -30 Q1 -12 Q4 -11 Q1 -11 FY 2011 Net sales, MSEK 436 416 436 1,752 Operating profit, MSEK -16 -24 38 64 Operating margin, % -4 -6 9 4 11
  • 12. Q1 2012 IN SUM • 10% increase in net sales due to higher sales volumes (vs. Q4 2011) • Operating profit of MSEK 142, 6% operating margin • Non-recurring costs of MSEK 14 • Price cuts halted • Price increases announced for sack and kraft papers • Lower wood costs • Closing of the deal with UPM-Kymmene anticipated to take place in Q2 2012 12
  • 14. QUARTERLY KEY FIGURES Q1 -12 Q4 -11 Q1 -11 Net sales, MSEK 2,291 2,086 2,547 Operating profit, MSEK 142 75 332 Operating margin 6% 4% 13% Profit/share, SEK 0.94 0.44 2.28 Net debt/equity ratio -0.04 -0.05 0.05 Sales volume (ktonnes) 360 315 369 14
  • 15. OPERATING PROFIT BRIDGE Q1 2012 vs. Q4 2011 160 +69 +41 142 0 140 120 +37 100 MSEK 75 -56 80 60 -24 40 20 0 Operating Sales & Selling prices Effects of Change in Change in Change in Operating profit production (in respective exchange rate variable costs fixed costs depreciation profit Q4 2011 volumes* sales currency) fluctuations, Q1 2012 incl. hedging * Includes product mix. 15
  • 16. CASH FLOW GENERATION FROM OPERATION MSEK Q1 -12 Q4 -11 Q1 -11 Operating surplus, etc 298 238 481 Change in working capital, etc. 22 48 -301 Net financial items, taxes, etc. -202 -12 -181 Cash flow from operating activities 118 274 -1 Current net investments -155 -178 -82 Operating cash flow -37 96 -83 1) Minus equals increase in net debt 16
  • 17. WORKING CAPITAL KEY RATIOS Days sales outstanding Overdue WC as % of quarterly sales 70 6,0 70% Working capital (excl. IAS)/quartely net turnover 60 60% 5,0 50 50% 4,0 % of total receivables DSO days 40 40% 3,0 30 30% 2,0 20 20% 10 1,0 10% 0 0,0 0% 17
  • 18. MARKET PRICES AFFECTING RESULT Electricity index (Sweden*) Wood price index 280 160 240 140 200 120 160 120 100 80 80 2004 Q4 - Q4 - Q4 - Q4 - Q4 - Q4 - Q4 - 2004 Q4 - Q4 - Q4 - Q4 - Q4 - Q4 - Q4 - 05 06 07 08 09 10 11 05 06 07 08 09 10 11 Source: Nordpool. *Price area Sweden Source: Billerud 18
  • 19. MARKET PRICES AFFECTING RESULT Market pulp (USD/t) TCW index* 118 1 050 1 000 115 950 112 900 850 109 800 106 750 103 700 650 100 600 97 550 94 2004 Q4 - Q4 - Q4 - Q4 - Q4 - Q4 - Q4 - 2004 Q4 - Q4 - Q4 - Q4 - Q4 - Q4 - Q4 - 05 06 07 08 09 10 11 05 06 07 08 09 10 11 Note: Average price for the quarter Source: Riksbanken *Total Competitiveness Weights Index 19
  • 20. CURRENCY SITUATION • Profit effect of net flow hedging MSEK 44 (99) for Q1 2012 • Market value of outstanding contracts not relating to trade receivable was MSEK 38* Hedge level 12 months forward: Average hedged currency rates (share of net flow) Q2 -12 Q3 -12 Q4 -12 Q1 -13 Total 12 months EUR 50% 9.19 9.16 9.10 8,99 9.15 (83%) (65%) (41%) (14%) (50%) 6.74 6.81 6.88 6.82 6.79 USD 49% (84%) (57%) (38%) (16%) (49%) 10.58 10.68 10.74 10.71 10.65 GBP 49% (83%) (62%) (36%) (16%) (49%) Note: Data in table and graph are as of 31 March 2012. *As of 31 March 2012. 20
  • 21. OUTLOOK 21
  • 22. OUTLOOK • The market shows signs of an upturn during the second quarter. • The order situation in the packaging paper segments improved in the first quarter, compared to the previous one, and had at the beginning of the second quarter on average returned to normal levels. It is anticipated that the order situation will remain good in the next quarter. • Price cuts in the packaging paper segments halted during the quarter. • Price rises have during the quarter been announced in certain product categories and a price increase of 8-10% for sack and kraft paper was announced after the end of the quarter, to take effect on 1 June 2012. 22
  • 23. OUTLOOK CONT. • Acquisition-related non-recurring costs will be charged to results in the quarter in which the acquisition of UPM-Kymmene’s packaging paper business will be completed. These costs are estimated to an additional approximately SEK 15 million. Added to this figure will be non-recurring costs, already disclosed, estimated at approximately SEK 22 million to separate off the business acquired. The costs will accrue over the three remaining quarters of the year. • Wood prices are anticipated to be lower in 2012 than in 2011. 23
  • 24. Q&A We believe in embracing what is important to our customers, our company, our employees and the environment. By always giving back more than we take, we are building a company for future generations. 24