Holmen’s operating profit for 2023 amounted to SEK 4 755 million ($459 million), compared to SEK 7 527 million ($727 million) in 2022. Excluding the item affecting comparability last year, operating profit decreased by SEK 2 507 million ($242 million), mainly due to weaker market conditions for wood products and paperboard.
FY 2023 net sales were SEK 22 795 million ($2.2 billion), compared to SEK 23 952 million ($2.3 billion) in 2022.
Compared with the Q3 2023, operating profit for the Q4 2023 decreased by SEK 452 million ($43.7 million) to SEK 714 million ($69 million). Earnings were negatively affected by a major maintenance shutdown (SEK -180 million ($17.4 million), slightly lower prices for paper and wood products and seasonally higher fixed costs.
Profit after tax in 2023 amounted to SEK 3 697 million ($357 million), which corresponds to earnings per share of SEK 23.0 ($2.2).
The book value of the Group’s forest assets, calculated based on market prices for forest properties, increased by 8% during the annual revaluation, from SEK 52 151 million ($5 billion) at the beginning of the year to SEK 56 348 million ($5.4 billion).
Henrik Sjölund, President and CEO, says: “This was a year characterized by central banks raising interest rates to fight inflation, which slowed down the pace of new construction and dampened the consumption of goods. Despite the challenging economic environment, we were able to maintain operating profit for 2023 at a historically good level of SEK 4 755 million ($459 million), thanks to high profits from paper, forest and hydro power. Given the Group’s good profit and strong financial position, the Board of Directors proposes that the dividend per share increases from SEK 8 to SEK 8.5, and a payment of an extra dividend of SEK 3.”
Holmen’s business is built around the forest ecocycle and the renewable products. Its business areas are Forest, Wood Products, Paperboard, Paper and Renewable Energy.
