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2011-10-06

Year-End Report 1 September 2010 - 31 August 2011

Summary

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Financial Year (1 September 2010 - 31 August 2011)

- The Group reports net sales of SEK 853.0 (916.0) million, an operating loss of SEK -36.6 million (profit of SEK 41.9 million) and a loss of SEK -53.5 million (profit of SEK 32.0 million) after financial items.

- A loss of SEK -39.4 million (profit of SEK 24.1 million) after tax was recorded, resulting in earnings per share of SEK -5.71 (3.49) after tax. Shareholders’ equity per share was SEK 33.33 (39.30).

- The weaker results were above all attributable to lower deliveries, weaker prices for sawn timber and higher raw material costs.

- The operating result was boosted by SEK 31.8 (0) million from the sale of forest properties and SEK 3.7 (4.4) million from revaluation of the remaining forest holdings.

- Profit for the year was charged with an impairment adjustment of SEK -10.3 (-0.7) million for inventories of sawn timber, on the basis of a quality classification in which a fair value appraisal was applied.

- The operating profit was adversely affected by an impairment adjustment of SEK -8.8 (0) million for machinery and equipment, as well as other costs arising from the closure of operations at Järnforsen.

- Profits were boosted by recognised exchange rate differences of SEK 9.7 (2.5) million.

- Cash flow from day-to-day operations totalled SEK -45.2 million (43.3) million.

- Production of sawn timber declined by 9 percent.

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Fourth Quarter (1 June 2011 - 31 August 2011)

- The Group reports net sales of SEK 209.7 (240.4) million, an operating loss of SEK -11.0 million (profit of SEK 22.4 million) and a loss of SEK -17.1 million (profit of SEK 19.9 million) after financial items.

- A loss of SEK -12.5 million (profit of SEK 14.7 million) after tax was recorded, resulting in earnings per share of SEK -1.81 (2.13) after tax.

- The operating result was boosted by SEK 4.2 (0) million from the sale of forest properties and SEK 3.7 (4.4) million from revaluation of the remaining forest holdings.

- The weaker results were above all attributable to lower margins on the sale of sawn timber and a lower volume of deliveries from the sawmills than in the same period in the preceding year.

- Profits were boosted by higher volumes at the timber preservation company Bitus.

- Profits were affected by recognised exchange rate differences of SEK -0.8 (0.2) million.

- Production of sawn timber declined by 20 percent.

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- The Board of Directors proposes a dividend of SEK 0 (0.25) per share.

    Read the whole official report (inswedish),clickhere:
  
  http://feed.ne.cision.com/wpyfs/00/00/00/00/00/16/9F/59/wkr0001.pdf