Printing Papers operating profits in the first quarter of 2018 were $64 million versus $136 million in the fourth quarter of 2017. In North America, the benefits from increased sales prices and a favorable mix were more than offset by higher planned maintenance outages and higher input costs related to transportation and energy. In Brazil, seasonally lower sales volumes and an unfavorable geographic and product mix exceeded the benefits from higher sales price realizations. In Europe and Russia, earnings decreased due to higher planned maintenance outage costs, higher input costs and lower sales volumes, partially offset by improved pricing. Industrial Packaging operating profits in the first quarter of 2018 were $437 million ($464 million excluding special items) compared with $609 million ($614 million excluding special items) in the fourth quarter of 2017. In North America, strong demand in box and export containerboard markets, along with price realization, were more than offset by seasonally lower sales volume, production constraints due to weather related disruptions and maintenance outage costs. Click Read More below for additional information.

Key highlights *Weak volumes in North America and negative price and mix impact in both regions *Sequentially lower input costs, mainly related to pulpwood in Europe *Another strong delivery of our efficiency enhancement program *Excellent cash delivery through working capital focus *Negative profit impact from revaluation of biological assets in the associated company BSÖ. Quarterly data Q4 *Net sales decreased by 20% to SEK 9,566 million (11,971) *Operating loss SEK 191 million (profit: 1,353) including items affecting comparability of SEK -244 million (-52) *Net loss SEK 330 million (profit: 940)

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