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Forest Paperboard Paper Wood Products Renewable Energy the Year in Brief 3 Holmen in Brief CEO’S Message 4

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Forest Paperboard Paper Wood Products Renewable Energy the Year in Brief 3 Holmen in Brief CEO’S Message 4 Forest Paperboard Paper Wood products Renewable energy The year in brief 3 Holmen in brief CEO’s message 4 Strategy and targets 6 Forest 10 Paperboard 12 Paper 14 Forest Wood products 16 Active and sustainable forestry is Renewable energy 18 conducted on over a million hectares of productive forest land owned by A sustainable business 20 Holmen. The annual harvest amounts Employees 26 to 3 million cubic metres. Corporate governance report 28 Risk management 32 Shareholder information 36 Paperboard Paperboard in the premium consumer Financial statements 38 packaging segment. Production, which takes place at one Swedish Notes 44 and one UK mill, amounts to just over Proposed appropriation of profits 66 500 000 tonnes a year. Auditor’s report 67 Review of Sustainability Report 69 Board of Directors 70 Paper Group management 72 Paper for magazines, books and advertising. The two Swedish mills produce a combined total Key figures 73 of 1.1 million tonnes per year. Ten-year review, finance 74 Five-year review, sustainability 76 Definitions and glossary 78 Wood products Calendar 79 Wood products for the joinery and construction industries. The annual production at three The Board of Directors and the CEO of Holmen Aktiebolag (publ.), corporate identity number 556001-3301, submit their annual report sawmills, whose by-products are used in the for the parent company and the Group for the 2017 financial year. Group’s paperboard and The annual report comprises the administration report (pages 2–3, paper mills, amounts to just 8–9, 22, 25–26, 28–37, 66, 70–71) and the financial statements, together with the notes and supplementary information (pages over 800 000 cubic metres. 38–65). The statutory sustainability report in accordance with the Annual Accounts Act is included in the annual report (pages 8–9, 22, 25–26 and 33). The Group’s income statement and balance sheet and the parent company’s income statement and balance sheet will be adopted at the Annual General Meeting. The basis for the sustainability information presented is the sustain- ability issues identified as key in view of the business that Holmen Renewable energy conducts. The sustainability work is reported in accordance with the Global Reporting Initiative’s GRI G4 guidelines at Core level. The In a normal year, the renewable Sustainability Report comprises pages 8–9, 20–27, 33, 76–77 and energy production from hydroand the GRI index on the website holmen.com. The information is audited by a third party, see separate assurance report at holmen.com. wind power amounts to over 1.2 TWh. This is a translation of the Swedish annual report of Holmen Aktie- bolag (publ.). In the event of inconsistency between the English and the Swedish versions, the Swedish version shall prevail. Strong cash flow Operating profit for 2017 amounted to SEK 2 166 Net sales and Operating profit/loss million and the return on capital employed was 8.7 operating margin and return per cent, which is largely unchanged compared SEKm % SEKm % 20 000 20 2 500 10 with 2016 but significantly above the Group’s 2 166 16 133 8.7 target level. Deliveries increased and the sales mix 16 000 16 2 000 8 13.4 improved, but this was offset by somewhat higher 12 000 12 1 500 6 costs and major maintenance shutdowns in paper- 8 000 8 1 000 4 board. Cash flow was strong and covered the 4 000 4 500 2 dividend of SEK 1 008 million, while net debt was 0 0 0 0 reduced by SEK 889 million. 12 13 14 15 16 17 12 13 14 15 16 17 Net sales Operating profit/loss* Sales of paperboard increased by 6 per cent through higher deliveries to Operating margin* Return on capital employed* customers in the premium segment, both in and outside Europe. A rise in sales of book and magazine paper, which now account for over 85 *Excl. items affecting comparability *Excl. items affecting comparability per cent of the paper business, meant that deliveries of paper were also up 6 per cent, adjusted for the fire at Hallsta Paper Mill at the end of 2015 and the divestment of the newsprint mill in Madrid in 2016. The market for wood products was strong with rising prices, and Holmen’s Cash flow, SEKm Debt/equity ratio, times deliveries climbed by 10 per cent, driven by productivity increases in the sawmills and the acquisition of a small sawmill, Linghem. The har- 3 000 0.5 vesting of forest stood at a normal level and the volume of standing timber grew by 1 per cent, as planned. Production of hydro and wind 2 310 0.4 power was 5 per cent lower than in a normal year, due to reduced levels 2 000 0.3 of rainfall and wind. 644 1 000 0.2 Outlook. The market situation for paperboard is good, but additional 0.1 0.13 production capacity is expected to increase competition. Holmen’s 1 008 ambition is to continue to increase paperboard production on the back 0 0.0 12 13 14 15 16 17 12 13 14 15 16 17 of implemented investments and grow globally in the premium seg- ment. Despite the falling demand for paper, the market balance is good Investments as a consequence of capacity closures. Holmen’s aim is to continue to Dividend capture market share by offering a cost-effective alternative to estab- lished products for books, magazines and advertising. Demand for Cash flow before investments wood products is strong. Holmen is focusing on increasing production, and change in working capital while at the same time raising the value added through its wood treat- ment plant at Braviken Sawmill, which is due to come on stream in 2018. The harvesting of company-owned forest and the production of hydro and wind power are expected to be at normal levels in 2018. Operating profit/loss* Capital employed* Business area, % Business area, % 3 6 3 Key figures 2017 2016 12 12 Net sales, SEKm 16 133 15 513 9 Operating profit/loss, SEKm 2 166 1 930 46 54 Operating profit/loss, SEKm** 2 166 2 162 21 Profit for the year, SEKm 1 668 1 424 33 Profit for the year**, SEKm 1 668 1 652 Diluted earnings per share, SEK 19.9 16.9 Dividend per share, SEK 13* 12 Return on capital employed, %** 8.7 8.6 Total: 2 166 Total: 24 972 Cash flow before investments, SEKm 2 509 1 961 Forest 1 069 SEKm Forest 13 824 SEKm Cash flow from investments, SEKm 644 123 Paperboard 764 SEKm Paperboard 5 433 SEKm Net financial debt, SEKm 2 936 3 945 Paper 288 SEKm Paper 2 193 SEKm Debt/equity ratio, times 0.13 0.19 Wood Products 80 SEKm Wood Products 862 SEKm Average number of employees 2 976 2 989 Renewable Energy 135 SEKm Renewable Energy 3 115 SEKm *Board proposal **Excl. items affecting comparability *Excl. Group-wide *Excl. Group-wide HOLMEN ANNUAL REPORT 2017 / THE YEAR IN BRIEF 3 In 2017, we succeeded in significantly growing sales Dear of paperboard, paper and wood products, while at the same time seeing a positive development of the product shareholder and market mix. This is the fruit of both long-term invest- ments and focused internal work. The return is almost 9 per cent, which is good, considering that forest and energy account for two-thirds of the balance sheet. Our financial position is strong, thanks to sound cash flow. Against the background of this, the Board has proposed to raise the dividend from SEK 12 to SEK 13 per share. 4 HOLMEN ANNUAL REPORT 2017 / CEO’S MESSAGE There is a growing awareness of the forest’s value and its role in the transition to an economy where products based on fossil raw materials are replaced with renewable alternatives. Holmen’s own forest holdings are the foundation for its business. With Braviken Sawmill is another example that increases the value added and a focus on profitability, we manage the raw material from the forest and gives us a broader offering for builders’ merchants. refine it into everything from wood products for climate-smart construc- tion to renewable packaging, magazines and books. Right to manage our forests There is a growing awareness of the forest’s value and its role in the Strength in fresh fibre transition to an economy where products based on fossil raw materials In the paperboard business, Holmen has an enviable position as a market are replaced with renewable alternatives. The correct conditions for the leader in the premium segment for consumer packaging. Our fresh fibre- Swedish forest industry, such as the right to manage our forests and mar- based paperboard of the very highest quality, combined with active long- ket acceptance of fresh fibre-based products in competition with recov- term sustainability work, is appreciated by customers all over the world, ered fibre, are crucial if we are to complete the transition and make full prompting close collaborations with global brand owners such as Apple use of the forest’s potential. and IKEA. Substantial investments in recent years have created an Holmen has many years’ experience of long-term and successful opportunity to increase production and improve our cost position. Our sustainability work that combines efficient and rational forestry with the strong market position and high product quality provide a sound basis preservation of biodiversity. Conducting sustainable forestry involves for continued global growth. balancing different interests: economic, social and not least environmen- With a paper business fully focused on fresh fibre-based paper for tal.
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