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HOLMEN ANNUAL REPORT 2014 3 CEO’S MESSAGE Dear Shareholder

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HOLMEN ANNUAL REPORT 2014 3 CEO’S MESSAGE Dear Shareholder Holmen AB (publ) P.O. Box 5407, SE-114 84 STOCKHOLM, SWEDEN Tel +46 8 666 21 00 E-mail [email protected] • www.holmen.com ID no. 556001-3301 • Registered office Stockholm ANNUAL REPORT 2014 ANNUAL REPORT 2014 100 % Holmen-produced paper This entire annual report is made using Holmen’s own products. The cover is printed on Invercote Creato, manufactured at Iggesund Mill. This is a paperboard with high whiteness and a smooth, matt surface. Both sides are fully coated. The paperboard is built up in several layers, making it ideal for graphical products where the focus is on designing and embossing the surface for first-class results. The insert is printed on Holmen TRND, which is manufactured at Hallsta Paper Mill. This is an uncoated, matt magazine paper that offers a wide range of options in terms of bulk, grammage and shade. Both Holmen TRND and Invercote Creato are made from virgin fibre. INFORMATION The interim and year-end reports are presented at press and teleconferences Contents in English. The conferences can also be accessed live on Holmen’s website. The Board of Directors and the CEO of Holmen Aktiebolag (publ.), Financial statements The annual report, together with year-end corporate identity number 556001-3301, submit their annual Income statement 58 and interim reports, is published in Swedish report for the parent company and the Group for the 2014 financial and English and the reports are sent Statement of comprehensive income 59 year. The annual report comprises pages 6–92. The results of automatically to the shareholders who have the year’s operations and the financial position of the parent com- Balance sheet 60 indicated their wish to receive them. pany and the Group are presented in the administration report, Changes in equity 61 They are also available on the website www.holmen.com pages 6–57, and the accompanying financial statements, together Cash flow statement 62 with the notes and supplementary information. The Group’s Parent company 64 How to order printed material: income statement and balance sheet and the parent company’s • www.holmen.com income statement and balance sheet will be submitted to the Notes • Holmen AB, Group Communications, Annual General Meeting for adoption. P.O. Box 5407, 1. Accounting policies 66 SE-114 84 Stockholm, Sweden 2. Operating segment reporting 70 • e-mail [email protected] The annual report describes Holmen’s financial development as 3. Other operating income 72 • telephone +46 8 666 21 00 well as the Group’s sustainability work. The management and 4. Employees, staff costs and handling of relevant sustainability issues has a major impact on remuneration to senior management 72 profitability, risk and thus the opportunity to create value. Sustain- 5. Auditors’ fee and remuneration 73 ability is a natural and integrated part of Holmen’s business and is 6. Net financial items and income from financial therefore also a logical element of the Group’s annual report. instruments 74 7. Taxes 75 4 CEO’s message 8. Earnings per share (EPS) 77 CALENDAR 9. Intangible non-current assets 77 For 2015 Holmen will publish the following 10. Property, plant and equipment 78 Business operations financial reports: 11. Biological assets 79 The year in brief 6 12. Investments in associates, joint ventures and Strategy 8 other shares and participating interests 80 8/5 Interim report January–March Paperboard 12 13. Financial instruments 81 Printing paper 16 14. Inventories 84 13/8 Interim report January–June Sawn timber 20 15. Operating receivables 84 Forest 24 Energy 28 16. Equity, parent company 84 5/11 Interim report January–September Risk management 32 17. Pension provisions 85 18. Other provisions 86 2016 19. Operating liabilities 86 5/2 Year-end report Sustainability 20. Operating leases 86 Sustainability report 36 21. Collateral and contingent liabilities 87 Sustainable products 38 22. Related parties 87 Environment 40 23. Investments in Group companies 88 Employees 44 24. Untaxed reserves 89 Society & stakeholders 46 25. Cash flow statement 89 26. Critical accounting estimates and judgements 89 Corporate governance Corporate governance report 48 Proposed appropriation 90 Board of Directors 52 Audit report 91 The cover is printed on Invercote® Creato 260 gsm. It is matt laminated and partially Group management 54 UV-varnished. The insert is printed on Holmen TRND, 2.0 – 80 gsm. Assurance report 91 Layout: BYN Kommunikationsbyrå AB. Graphic production: Gylling Produktion AB. Shareholder information 55 Five-year review, sustainability 93 Photos: Ulla-Carin Ekblom, Rolf Lavergren, Liam Melton, Carl Hjelte, Viktor J Fremling, Jan Jansson, Teknomedia, Lasse Hejdenberg and others. Print: Åtta.45 Ten-year review, finance 96 Definitions and glossary 98 This is a translation of the Swedish annual report of Holmen Aktiebolag (publ.). In the event of Calendar 99 inconsistency between the English and the Swedish versions, the Swedish version shall prevail. Holmen in brief BUSINESS AREAS: PRODUCTS IGGESUND PAPERBOARD: Paperboard Products: Solid bleached board (SBB) and folding box board (FBB) for consumer packaging and graphical printing. Customers: Converters of paperboard for packaging, as well as printers and wholesalers. Main market: Europe. Production facilities: Iggesund Mill and Workington Mill. Brands: Invercote and Incada. Production 2014: 0.5 million tonnes HOLMEN PAPER: Printing paper Products: Printing paper for magazines, product catalogues, direct mail, books and newspapers. Customers: Publishers, retailers, printers and catalogue publishers. Main market: Europe. Production facilities: Braviken Paper Mill, Hallsta Paper Mill and Holmen Paper Madrid. Brands: Holmen VIEW, Holmen TRND, Holmen UNIQ, Holmen XLNT, Holmen BOOK, Holmen PLUS and Holmen NEWS. Production 2014: 1.3 million tonnes HOLMEN TIMBER: Sawn timber Products: Pine joinery timber and spruce construction timber. Customers: Joinery and furniture industry, planing mills, builders’ merchants, house construction firms, etc.Main market: Europe, North Africa and the Middle East. Production facilities: Braviken Sawmill and Iggesund Sawmill. Production 2014: 0.7 million cubic metres BUSINESS AREAS: RAW MATERIALS HOLMEN SKOG Products: Wood and biofuel. Operations: Responsible for Holmen’s forests and for wood supply to the Group’s Swedish units. Customers: Pulp and paper industry, sawmills and thermal plants. Holding: Total land acreage 1 269 000, of which 1 042 000 hectares of productive forest land with a volume of wood of 121 million m3 growing stock, solid over bark. Harvesting 2014: 3.3 million m3sub Growth: 4.0 million m3sub/year HOLMEN ENERGI Products: Hydro power, wind power and peat. Operations: Responsible for the Group’s hydro and wind power plants, as well as the electricity supply to the Group’s Swedish units. Production facilities (wholly and partly owned): 21 hydro power stations and 4 wind farms. Production 2014: 1.1 TWh from hydro and wind power HOLMEN ANNUAL REPORT 2014 3 CEO’s MESSAGE Dear shareholder As we sum up 2014, we can report that the sweeping measures within the Group over the past few years have had an impact. With our industrial operations seeing positive develop- ment, Holmen’s position has been strengthened over the year – a fact that is reflected in this year’s results. Against the background of this, the Board has resolved to propose a dividend of SEK 10 (9) per share. Active measures in a according to plan. This has led to a consider­ Renewable raw material provides challenging market ably more efficient mill, while also enabling long-term profitability Despite the weak European economy, the mar­ us to reverse the bark streams, making us a The forest is a fantastic raw material that offers ket situation for paperboard is relatively good, significant supplier of biofuel to nearby heating resource­efficient and climate­smart products, thanks to increased demand from outside plants. and using it in a sustainable way allows Holmen Europe. Our Incada paperboard is in great de­ The market for sawn timber improved in to create value not only for shareholders but for mand and last autumn’s decision to invest in early 2014, due to increased demand and a future generations. The silviculture improve­ increased production at the mill in Working­ good balance in the market. During the second ments we have introduced and the age structure ton, where Incada is produced, marks a natural half of the year, the market situation declined, of our forests will serve to enhance growth and step in exploiting the market potential. Igge­ due to high supply and the subsequent pressure the facility to harvest wood from the forests sund Mill performed better in 2014, particu­ on market prices. Over the year, Holmen’s two over the longer term. larly in the second half of the year, than it did sawmills improved their productivity and in­ Although, for the most part, forest manage­ in 2013, and the investments announced on the creased deliveries. However, we can report that ment is about long time horizons, it is vital to pulp front present an opportunity to increase the difference in log prices between southern continue working on productivity in the forest production of both pulp and paperboard, and northern Sweden continues, which poses a right now. Higher productivity in logging and while also improving competitiveness through challenge for sawmills in the south of the coun­ harvesting is the best guarantee of a good yield lower production costs. This investment takes try. The bio co­location of the paperboard mill in the near future and beyond. Iggesund Mill yet another step towards becom­ and sawmill in Iggesund is in good balance, With 21 wholly and partly owned hydro ing one of the world’s leading paperboard mills which bodes well for the capacity expansion of power stations and four wind farms, as well as in technological terms, with the lowest environ­ around 15 per cent that was announced in the electricity produced at our mills, company­pro­ mental impact.
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