Holmen AB

Welcome, everybody, and welcome to the Interim Report presentation by myself, Henrik, and Anders Janhall. We do as we usually do. We go through the presentation, and then we're happy to take your questions after that. So let's start with the first slide, which is a very nice one for us this time. Another record quarter, which means that in an environment characterized by lack of raw material and energy, we've been able to perform, in our history, a fantastic result. Thanks to, first of all, really good control over the raw material when it comes to wood supply, favorable energy situation, and also we've been able to raise prices in all our business areas. Earning a lot of money, Anders, also means that our net debt, despite the fact that we gave an extra dividend, we also invested in half a wind farm and we bought some forest. The net debt after that is actually down a little bit, thanks to good cash flow during the first and second half of the year. A few words about the situation in the forest market we have had a quite long period now when saw mills have been running full that we have seen that there is quite the competition for saw logs in the market but lately and during the second quarter we've also seen that competition for pulpwood has picked up which is uh Not so strange after all. We also have the Russian situation where we know that Russian wood, pulp wood, is no longer coming into the rest of Europe. And pulp mills have been running quite full. And that also means that prices are up now, not only saw logs, but also pulp wood, which has had some effect on the result, I guess.

Yes, we see that in the second quarter we finally got the effect of increasing prices in the wood market. So it's quite a nice and good revenue that has been added to the Q2 result, coming in at close to 350 million SEK. As expected.

Then moving on to paperboard. This is a market which have been developing quite favorable. We have seen last few years slightly higher demand or increased demand, a bit more than we're used to. And lately also, maybe mainly thanks to or thanks to this, depending on high cost for some producers, prices have also been able to be pushed up a bit. Where we are right now, our order books are good. On the other hand, when we look at the deliveries from European suppliers in the beginning of this year, we see that it is a little bit slower than it used to be, which is not strange in this market situation. If we look at the result after a quarter which have been also quite good when it comes to producing,