Billerud Annual Report 2009.pdf

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Annual report 2009 NULLA DIES SINE LINEA – Not a day without progress! 2 B I L L E R U D I N B R I E F CONTENTS Billerud in brief........................................................ 2 Statement by Per Lindberg....................................... 4 Business concept, strategies and targets .................. 6 Market overview ................................................... 10 Business areas ...................................................... 16 Sustainability report ...............................28 Environmental responsibility ........................... 35 Social responsibility ........................................ 40 Annual report </a> Annual report <a title="Billerud Annual Report 2009.pdf page 2" href="http://viewer.zmags.com/publication/0df26863?page=2">2 B I L L E R U D I N B R I E FCONTEN</a> 2 B I L L E R U D I N B R I E FCONTEN<a title="Billerud Annual Report 2009.pdf page 3" href="http://viewer.zmags.com/publication/0df26863?page=3">B I L L E R U D I N B R I E F 3Part of a</a> B I L L E R U D I N B R I E F 3Part of a<a title="Billerud Annual Report 2009.pdf page 4" href="http://viewer.zmags.com/publication/0df26863?page=4">4 S T A T E M E N T B Y P E R L I N D B E </a> 4 S T A T E M E N T B Y P E R L I N D B E <a title="Billerud Annual Report 2009.pdf page 5" href="http://viewer.zmags.com/publication/0df26863?page=5">S T A T E M E N T B Y P E R L I N D B E R G , </a> S T A T E M E N T B Y P E R L I N D B E R G , <a title="Billerud Annual Report 2009.pdf page 6" href="http://viewer.zmags.com/publication/0df26863?page=6">6 B U S I N E S S C O N C E P T , S T R A T</a> 6 B U S I N E S S C O N C E P T , S T R A T<a title="Billerud Annual Report 2009.pdf page 7" href="http://viewer.zmags.com/publication/0df26863?page=7">B U S I N E S S C O N C E P T , S T R A T E G I</a> B U S I N E S S C O N C E P T , S T R A T E G I<a title="Billerud Annual Report 2009.pdf page 8" href="http://viewer.zmags.com/publication/0df26863?page=8">8 B U S I N E S S C O N C E P T , S T R A T</a> 8 B U S I N E S S C O N C E P T , S T R A T<a title="Billerud Annual Report 2009.pdf page 9" href="http://viewer.zmags.com/publication/0df26863?page=9">B U S I N E S S C O N C E P T , S T R A T E G I</a> B U S I N E S S C O N C E P T , S T R A T E G I<a title="Billerud Annual Report 2009.pdf page 10" href="http://viewer.zmags.com/publication/0df26863?page=10">1 0 M A R K E T O V E R V I E WBiller</a> 1 0 M A R K E T O V E R V I E WBiller<a title="Billerud Annual Report 2009.pdf page 11" href="http://viewer.zmags.com/publication/0df26863?page=11">M A R K E T O V E R V I E W 1 1</a> M A R K E T O V E R V I E W 1 1<a title="Billerud Annual Report 2009.pdf page 12" href="http://viewer.zmags.com/publication/0df26863?page=12">1 2 M A R K E T O V E R V I E WCustom</a> 1 2 M A R K E T O V E R V I E WCustom<a title="Billerud Annual Report 2009.pdf page 13" href="http://viewer.zmags.com/publication/0df26863?page=13">M A R K E T O V E R V I E W 1 3Biller</a> M A R K E T O V E R V I E W 1 3Biller<a title="Billerud Annual Report 2009.pdf page 14" href="http://viewer.zmags.com/publication/0df26863?page=14">1 4 M A R K E T O V E R V I E WOvervi</a> 1 4 M A R K E T O V E R V I E WOvervi<a title="Billerud Annual Report 2009.pdf page 15" href="http://viewer.zmags.com/publication/0df26863?page=15">M A R K E T O V E R V I E W 1 5</a> M A R K E T O V E R V I E W 1 5<a title="Billerud Annual Report 2009.pdf page 16" href="http://viewer.zmags.com/publication/0df26863?page=16">1 6 B U S I N E S S A R E A SBusiness</a> 1 6 B U S I N E S S A R E A SBusiness<a title="Billerud Annual Report 2009.pdf page 17" href="http://viewer.zmags.com/publication/0df26863?page=17">B U S I N E S S A R E A S 1 7LEVERANS</a> B U S I N E S S A R E A S 1 7LEVERANS<a title="Billerud Annual Report 2009.pdf page 18" href="http://viewer.zmags.com/publication/0df26863?page=18">1 8 P A C K A G I N G & S P E C I A L I T Y</a> 1 8 P A C K A G I N G & S P E C I A L I T Y<a title="Billerud Annual Report 2009.pdf page 19" href="http://viewer.zmags.com/publication/0df26863?page=19">P A C K A G I N G & S P E C I A L I T Y P A P </a> P A C K A G I N G & S P E C I A L I T Y P A P <a title="Billerud Annual Report 2009.pdf page 20" href="http://viewer.zmags.com/publication/0df26863?page=20">2 0 P A C K A G I N G & S P E C I A L I T Y</a> 2 0 P A C K A G I N G & S P E C I A L I T Y<a title="Billerud Annual Report 2009.pdf page 21" href="http://viewer.zmags.com/publication/0df26863?page=21">P A C K A G I N G & S P E C I A L I T Y P A P </a> P A C K A G I N G & S P E C I A L I T Y P A P <a title="Billerud Annual Report 2009.pdf page 22" href="http://viewer.zmags.com/publication/0df26863?page=22">2 2 P A C K A G I N G B O A R D SA gr</a> 2 2 P A C K A G I N G B O A R D SA gr<a title="Billerud Annual Report 2009.pdf page 23" href="http://viewer.zmags.com/publication/0df26863?page=23">P A C K A G I N G B O A R D S 2 3clea</a> P A C K A G I N G B O A R D S 2 3clea<a title="Billerud Annual Report 2009.pdf page 24" href="http://viewer.zmags.com/publication/0df26863?page=24">2 4 P A C K A G I N G B O A R D SSUSTA</a> 2 4 P A C K A G I N G B O A R D SSUSTA<a title="Billerud Annual Report 2009.pdf page 25" href="http://viewer.zmags.com/publication/0df26863?page=25">P A C K A G I N G B O A R D S 2 5</a> P A C K A G I N G B O A R D S 2 5<a title="Billerud Annual Report 2009.pdf page 26" href="http://viewer.zmags.com/publication/0df26863?page=26">2 6 P A C K A G I N G B O A R D SStab</a> 2 6 P A C K A G I N G B O A R D SStab<a title="Billerud Annual Report 2009.pdf page 27" href="http://viewer.zmags.com/publication/0df26863?page=27">P A C K A G I N G B O A R D S 2 7Glob</a> P A C K A G I N G B O A R D S 2 7Glob<a title="Billerud Annual Report 2009.pdf page 28" href="http://viewer.zmags.com/publication/0df26863?page=28">2 8 S U S T A I N A B I L I T Y R E P O R T</a> 2 8 S U S T A I N A B I L I T Y R E P O R T<a title="Billerud Annual Report 2009.pdf page 29" href="http://viewer.zmags.com/publication/0df26863?page=29">S U S T A I N A B I L I T Y R E P O R T 2 9</a> S U S T A I N A B I L I T Y R E P O R T 2 9<a title="Billerud Annual Report 2009.pdf page 30" href="http://viewer.zmags.com/publication/0df26863?page=30">3 0 S U S T A I N A B I L I T Y R E P O R T</a> 3 0 S U S T A I N A B I L I T Y R E P O R T<a title="Billerud Annual Report 2009.pdf page 31" href="http://viewer.zmags.com/publication/0df26863?page=31">S U S T A I N A B I L I T Y R E P O R T 3 1</a> S U S T A I N A B I L I T Y R E P O R T 3 1<a title="Billerud Annual Report 2009.pdf page 32" href="http://viewer.zmags.com/publication/0df26863?page=32">3 2 S U S T A I N A B I L I T Y R E P O R T</a> 3 2 S U S T A I N A B I L I T Y R E P O R T<a title="Billerud Annual Report 2009.pdf page 33" href="http://viewer.zmags.com/publication/0df26863?page=33">S U S T A I N A B I L I T Y R E P O R T 3 3</a> S U S T A I N A B I L I T Y R E P O R T 3 3<a title="Billerud Annual Report 2009.pdf page 34" href="http://viewer.zmags.com/publication/0df26863?page=34">3 4 S U S T A I N A B I L I T Y R E P O R T</a> 3 4 S U S T A I N A B I L I T Y R E P O R T<a title="Billerud Annual Report 2009.pdf page 35" href="http://viewer.zmags.com/publication/0df26863?page=35">S U S T A I N A B I L I T Y R E P O R T 3 5</a> S U S T A I N A B I L I T Y R E P O R T 3 5<a title="Billerud Annual Report 2009.pdf page 36" href="http://viewer.zmags.com/publication/0df26863?page=36">3 6 S U S T A I N A B I L I T Y R E P O R T</a> 3 6 S U S T A I N A B I L I T Y R E P O R T<a title="Billerud Annual Report 2009.pdf page 37" href="http://viewer.zmags.com/publication/0df26863?page=37">S U S T A I N A B I L I T Y R E P O R T 3 7</a> S U S T A I N A B I L I T Y R E P O R T 3 7<a title="Billerud Annual Report 2009.pdf page 38" href="http://viewer.zmags.com/publication/0df26863?page=38">3 8 S U S T A I N A B I L I T Y R E P O R T</a> 3 8 S U S T A I N A B I L I T Y R E P O R T<a title="Billerud Annual Report 2009.pdf page 39" href="http://viewer.zmags.com/publication/0df26863?page=39">S U S T A I N A B I L I T Y R E P O R T 3 9</a> S U S T A I N A B I L I T Y R E P O R T 3 9<a title="Billerud Annual Report 2009.pdf page 40" href="http://viewer.zmags.com/publication/0df26863?page=40">4 0 S U S T A I N A B I L I T Y R E P O R T</a> 4 0 S U S T A I N A B I L I T Y R E P O R T<a title="Billerud Annual Report 2009.pdf page 41" href="http://viewer.zmags.com/publication/0df26863?page=41">S U S T A I N A B I L I T Y R E P O R T 4 1</a> S U S T A I N A B I L I T Y R E P O R T 4 1<a title="Billerud Annual Report 2009.pdf page 42" href="http://viewer.zmags.com/publication/0df26863?page=42">4 2 S U S T A I N A B I L I T Y R E P O R T</a> 4 2 S U S T A I N A B I L I T Y R E P O R T<a title="Billerud Annual Report 2009.pdf page 43" href="http://viewer.zmags.com/publication/0df26863?page=43">S U S T A I N A B I L I T Y R E P O R T 4 3</a> S U S T A I N A B I L I T Y R E P O R T 4 3<a title="Billerud Annual Report 2009.pdf page 44" href="http://viewer.zmags.com/publication/0df26863?page=44">4 4 S U S T A I N A B I L I T Y R E P O R T</a> 4 4 S U S T A I N A B I L I T Y R E P O R T<a title="Billerud Annual Report 2009.pdf page 45" href="http://viewer.zmags.com/publication/0df26863?page=45">S U S T A I N A B I L I T Y R E P O R T 4 5</a> S U S T A I N A B I L I T Y R E P O R T 4 5<a title="Billerud Annual Report 2009.pdf page 46" href="http://viewer.zmags.com/publication/0df26863?page=46">4 6 S U S T A I N A B I L I T Y R E P O R T</a> 4 6 S U S T A I N A B I L I T Y R E P O R T<a title="Billerud Annual Report 2009.pdf page 47" href="http://viewer.zmags.com/publication/0df26863?page=47">S U S T A I N A B I L I T Y R E P O R T 4 7</a> S U S T A I N A B I L I T Y R E P O R T 4 7<a title="Billerud Annual Report 2009.pdf page 48" href="http://viewer.zmags.com/publication/0df26863?page=48">4 8 S U S T A I N A B I L I T Y R E P O R T</a> 4 8 S U S T A I N A B I L I T Y R E P O R T<a title="Billerud Annual Report 2009.pdf page 49" href="http://viewer.zmags.com/publication/0df26863?page=49">S U S T A I N A B I L I T Y R E P O R T 4 9</a> S U S T A I N A B I L I T Y R E P O R T 4 9<a title="Billerud Annual Report 2009.pdf page 50" href="http://viewer.zmags.com/publication/0df26863?page=50">5 0 S U S T A I N A B I L I T Y R E P O R T</a> 5 0 S U S T A I N A B I L I T Y R E P O R T<a title="Billerud Annual Report 2009.pdf page 51" href="http://viewer.zmags.com/publication/0df26863?page=51">S U S T A I N A B I L I T Y R E P O R T 5 1</a> S U S T A I N A B I L I T Y R E P O R T 5 1<a title="Billerud Annual Report 2009.pdf page 52" href="http://viewer.zmags.com/publication/0df26863?page=52">5 2 S U S T A I N A B I L I T Y R E P O R T</a> 5 2 S U S T A I N A B I L I T Y R E P O R T<a title="Billerud Annual Report 2009.pdf page 53" href="http://viewer.zmags.com/publication/0df26863?page=53">S U S T A I N A B I L I T Y R E P O R T 5 3</a> S U S T A I N A B I L I T Y R E P O R T 5 3<a title="Billerud Annual Report 2009.pdf page 54" href="http://viewer.zmags.com/publication/0df26863?page=54">54 D I R E C T O R S ' R E P O R TB </a> 54 D I R E C T O R S ' R E P O R TB <a title="Billerud Annual Report 2009.pdf page 55" href="http://viewer.zmags.com/publication/0df26863?page=55">D I R E C T O R S ' R E P O R T 55CH</a> D I R E C T O R S ' R E P O R T 55CH<a title="Billerud Annual Report 2009.pdf page 56" href="http://viewer.zmags.com/publication/0df26863?page=56">56 D I R E C T O R S ' R E P O R TDIRECTORS'</a> 56 D I R E C T O R S ' R E P O R TDIRECTORS'<a title="Billerud Annual Report 2009.pdf page 57" href="http://viewer.zmags.com/publication/0df26863?page=57">D I R E C T O R S ' R E P O R T 57cut</a> D I R E C T O R S ' R E P O R T 57cut<a title="Billerud Annual Report 2009.pdf page 58" href="http://viewer.zmags.com/publication/0df26863?page=58">58 D I R E C T O R S ' R E P O R TDIRECTORS'</a> 58 D I R E C T O R S ' R E P O R TDIRECTORS'<a title="Billerud Annual Report 2009.pdf page 59" href="http://viewer.zmags.com/publication/0df26863?page=59">D I R E C T O R S ' R E P O R T 59DI</a> D I R E C T O R S ' R E P O R T 59DI<a title="Billerud Annual Report 2009.pdf page 60" href="http://viewer.zmags.com/publication/0df26863?page=60">60 F I N A N C I A L S T A T E M E N T S</a> 60 F I N A N C I A L S T A T E M E N T S<a title="Billerud Annual Report 2009.pdf page 61" href="http://viewer.zmags.com/publication/0df26863?page=61">F I N A N C I A L S T A T E M E N T S 61</a> F I N A N C I A L S T A T E M E N T S 61<a title="Billerud Annual Report 2009.pdf page 62" href="http://viewer.zmags.com/publication/0df26863?page=62">62 F I N A N C I A L S T A T E M E N T S</a> 62 F I N A N C I A L S T A T E M E N T S<a title="Billerud Annual Report 2009.pdf page 63" href="http://viewer.zmags.com/publication/0df26863?page=63">F I N A N C I A L S T A T E M E N T S 63</a> F I N A N C I A L S T A T E M E N T S 63<a title="Billerud Annual Report 2009.pdf page 64" href="http://viewer.zmags.com/publication/0df26863?page=64">64 F I N A N C I A L S T A T E M E N T S</a> 64 F I N A N C I A L S T A T E M E N T S<a title="Billerud Annual Report 2009.pdf page 65" href="http://viewer.zmags.com/publication/0df26863?page=65">F I N A N C I A L S T A T E M E N T S 65</a> F I N A N C I A L S T A T E M E N T S 65<a title="Billerud Annual Report 2009.pdf page 66" href="http://viewer.zmags.com/publication/0df26863?page=66">66 F I N A N C I A L S T A T E M E N T S</a> 66 F I N A N C I A L S T A T E M E N T S<a title="Billerud Annual Report 2009.pdf page 67" href="http://viewer.zmags.com/publication/0df26863?page=67">F I N A N C I A L S T A T E M E N T S 67</a> F I N A N C I A L S T A T E M E N T S 67<a title="Billerud Annual Report 2009.pdf page 68" href="http://viewer.zmags.com/publication/0df26863?page=68">68 F I N A N C I A L S T A T E M E N T S</a> 68 F I N A N C I A L S T A T E M E N T S<a title="Billerud Annual Report 2009.pdf page 69" href="http://viewer.zmags.com/publication/0df26863?page=69">F I N A N C I A L S T A T E M E N T S 69</a> F I N A N C I A L S T A T E M E N T S 69<a title="Billerud Annual Report 2009.pdf page 70" href="http://viewer.zmags.com/publication/0df26863?page=70">70 F I N A N C I A L S T A T E M E N T S</a> 70 F I N A N C I A L S T A T E M E N T S<a title="Billerud Annual Report 2009.pdf page 71" href="http://viewer.zmags.com/publication/0df26863?page=71">F I N A N C I A L S T A T E M E N T S 71</a> F I N A N C I A L S T A T E M E N T S 71<a title="Billerud Annual Report 2009.pdf page 72" href="http://viewer.zmags.com/publication/0df26863?page=72">72 F I N A N C I A L S T A T E M E N T S</a> 72 F I N A N C I A L S T A T E M E N T S<a title="Billerud Annual Report 2009.pdf page 73" href="http://viewer.zmags.com/publication/0df26863?page=73">F I N A N C I A L S T A T E M E N T S 73</a> F I N A N C I A L S T A T E M E N T S 73<a title="Billerud Annual Report 2009.pdf page 74" href="http://viewer.zmags.com/publication/0df26863?page=74">74 F I N A N C I A L S T A T E M E N T S</a> 74 F I N A N C I A L S T A T E M E N T S<a title="Billerud Annual Report 2009.pdf page 75" href="http://viewer.zmags.com/publication/0df26863?page=75">F I N A N C I A L S T A T E M E N T S 75</a> F I N A N C I A L S T A T E M E N T S 75<a title="Billerud Annual Report 2009.pdf page 76" href="http://viewer.zmags.com/publication/0df26863?page=76">76 F I N A N C I A L S T A T E M E N T S</a> 76 F I N A N C I A L S T A T E M E N T S<a title="Billerud Annual Report 2009.pdf page 77" href="http://viewer.zmags.com/publication/0df26863?page=77">F I N A N C I A L S T A T E M E N T S 77</a> F I N A N C I A L S T A T E M E N T S 77<a title="Billerud Annual Report 2009.pdf page 78" href="http://viewer.zmags.com/publication/0df26863?page=78">78 F I N A N C I A L S T A T E M E N T S</a> 78 F I N A N C I A L S T A T E M E N T S<a title="Billerud Annual Report 2009.pdf page 79" href="http://viewer.zmags.com/publication/0df26863?page=79">F I N A N C I A L S T A T E M E N T S 79</a> F I N A N C I A L S T A T E M E N T S 79<a title="Billerud Annual Report 2009.pdf page 80" href="http://viewer.zmags.com/publication/0df26863?page=80">80 F I N A N C I A L S T A T E M E N T SFINA</a> 80 F I N A N C I A L S T A T E M E N T SFINA<a title="Billerud Annual Report 2009.pdf page 81" href="http://viewer.zmags.com/publication/0df26863?page=81">F I N A N C I A L S T A T E M E N T S 81</a> F I N A N C I A L S T A T E M E N T S 81<a title="Billerud Annual Report 2009.pdf page 82" href="http://viewer.zmags.com/publication/0df26863?page=82">82 F I N A N C I A L S T A T E M E N T S</a> 82 F I N A N C I A L S T A T E M E N T S<a title="Billerud Annual Report 2009.pdf page 83" href="http://viewer.zmags.com/publication/0df26863?page=83">F I N A N C I A L S T A T E M E N T S 83</a> F I N A N C I A L S T A T E M E N T S 83<a title="Billerud Annual Report 2009.pdf page 84" href="http://viewer.zmags.com/publication/0df26863?page=84">84 F I N A N C I A L S T A T E M E N T S</a> 84 F I N A N C I A L S T A T E M E N T S<a title="Billerud Annual Report 2009.pdf page 85" href="http://viewer.zmags.com/publication/0df26863?page=85">F I N A N C I A L S T A T E M E N T S 85</a> F I N A N C I A L S T A T E M E N T S 85<a title="Billerud Annual Report 2009.pdf page 86" href="http://viewer.zmags.com/publication/0df26863?page=86">86 F I N A N C I A L S T A T E M E N T S</a> 86 F I N A N C I A L S T A T E M E N T S<a title="Billerud Annual Report 2009.pdf page 87" href="http://viewer.zmags.com/publication/0df26863?page=87">F I N A N C I A L S T A T E M E N T S 87</a> F I N A N C I A L S T A T E M E N T S 87<a title="Billerud Annual Report 2009.pdf page 88" href="http://viewer.zmags.com/publication/0df26863?page=88">88 F I N A N C I A L S T A T E M E N T S</a> 88 F I N A N C I A L S T A T E M E N T S<a title="Billerud Annual Report 2009.pdf page 89" href="http://viewer.zmags.com/publication/0df26863?page=89">F I N A N C I A L S T A T E M E N T S 89</a> F I N A N C I A L S T A T E M E N T S 89<a title="Billerud Annual Report 2009.pdf page 90" href="http://viewer.zmags.com/publication/0df26863?page=90">90 F I N A N C I A L S T A T E M E N T S</a> 90 F I N A N C I A L S T A T E M E N T S<a title="Billerud Annual Report 2009.pdf page 91" href="http://viewer.zmags.com/publication/0df26863?page=91">F I N A N C I A L S T A T E M E N T S 91</a> F I N A N C I A L S T A T E M E N T S 91<a title="Billerud Annual Report 2009.pdf page 92" href="http://viewer.zmags.com/publication/0df26863?page=92">92 F I N A N C I A L S T A T E M E N T S</a> 92 F I N A N C I A L S T A T E M E N T S<a title="Billerud Annual Report 2009.pdf page 93" href="http://viewer.zmags.com/publication/0df26863?page=93">F I N A N C I A L S T A T E M E N T S 93</a> F I N A N C I A L S T A T E M E N T S 93<a title="Billerud Annual Report 2009.pdf page 94" href="http://viewer.zmags.com/publication/0df26863?page=94">94 F I N A N C I A L S T A T E M E N T S</a> 94 F I N A N C I A L S T A T E M E N T S<a title="Billerud Annual Report 2009.pdf page 95" href="http://viewer.zmags.com/publication/0df26863?page=95">F I N A N C I A L S T A T E M E N T S 95</a> F I N A N C I A L S T A T E M E N T S 95<a title="Billerud Annual Report 2009.pdf page 96" href="http://viewer.zmags.com/publication/0df26863?page=96">96 F I N A N C I A L S T A T E M E N T S</a> 96 F I N A N C I A L S T A T E M E N T S<a title="Billerud Annual Report 2009.pdf page 97" href="http://viewer.zmags.com/publication/0df26863?page=97">F I N A N C I A L S T A T E M E N T S 97</a> F I N A N C I A L S T A T E M E N T S 97<a title="Billerud Annual Report 2009.pdf page 98" href="http://viewer.zmags.com/publication/0df26863?page=98">98 F I N A N C I A L S T A T E M E N T S</a> 98 F I N A N C I A L S T A T E M E N T S<a title="Billerud Annual Report 2009.pdf page 99" href="http://viewer.zmags.com/publication/0df26863?page=99">A U D I T O R S ' R E P O R T 99Audit</a> A U D I T O R S ' R E P O R T 99Audit<a title="Billerud Annual Report 2009.pdf page 100" href="http://viewer.zmags.com/publication/0df26863?page=100">100 C O R P O R A T E G O V E R N A N C E R E</a> 100 C O R P O R A T E G O V E R N A N C E R E<a title="Billerud Annual Report 2009.pdf page 101" href="http://viewer.zmags.com/publication/0df26863?page=101">C O R P O R A T E G O V E R N A N C E R E P O R</a> C O R P O R A T E G O V E R N A N C E R E P O R<a title="Billerud Annual Report 2009.pdf page 102" href="http://viewer.zmags.com/publication/0df26863?page=102">102 C O R P O R A T E G O V E R N A N C E R E</a> 102 C O R P O R A T E G O V E R N A N C E R E<a title="Billerud Annual Report 2009.pdf page 103" href="http://viewer.zmags.com/publication/0df26863?page=103">C O R P O R A T E G O V E R N A N C E R E P O R</a> C O R P O R A T E G O V E R N A N C E R E P O R<a title="Billerud Annual Report 2009.pdf page 104" href="http://viewer.zmags.com/publication/0df26863?page=104">104 C O R P O R A T E G O V E R N A N C E R E</a> 104 C O R P O R A T E G O V E R N A N C E R E<a title="Billerud Annual Report 2009.pdf page 105" href="http://viewer.zmags.com/publication/0df26863?page=105">C O R P O R A T E G O V E R N A N C E R E P O R</a> C O R P O R A T E G O V E R N A N C E R E P O R<a title="Billerud Annual Report 2009.pdf page 106" href="http://viewer.zmags.com/publication/0df26863?page=106">106 C O R P O R A T E G O V E R N A N C E R E</a> 106 C O R P O R A T E G O V E R N A N C E R E<a title="Billerud Annual Report 2009.pdf page 107" href="http://viewer.zmags.com/publication/0df26863?page=107">C O R P O R A T E G O V E R N A N C E R E P O R</a> C O R P O R A T E G O V E R N A N C E R E P O R<a title="Billerud Annual Report 2009.pdf page 108" href="http://viewer.zmags.com/publication/0df26863?page=108">108 C O R P O R A T E G O V E R N A N C E R E</a> 108 C O R P O R A T E G O V E R N A N C E R E<a title="Billerud Annual Report 2009.pdf page 109" href="http://viewer.zmags.com/publication/0df26863?page=109">S H A R E H O L D E R I N F O R M A T I O N </a> S H A R E H O L D E R I N F O R M A T I O N <a title="Billerud Annual Report 2009.pdf page 110" href="http://viewer.zmags.com/publication/0df26863?page=110">110 Q U A R T E R L Y D A T AQuarterly </a> 110 Q U A R T E R L Y D A T AQuarterly <a title="Billerud Annual Report 2009.pdf page 111" href="http://viewer.zmags.com/publication/0df26863?page=111">5 - Y E A R R E V I E W 1115-year rev</a> 5 - Y E A R R E V I E W 1115-year rev<a title="Billerud Annual Report 2009.pdf page 112" href="http://viewer.zmags.com/publication/0df26863?page=112">112 5 - Y E A R R E V I E WKEY FINANCI</a> 112 5 - Y E A R R E V I E WKEY FINANCI<a title="Billerud Annual Report 2009.pdf page 113" href="http://viewer.zmags.com/publication/0df26863?page=113">T H E B I L L E R U D S H A R E 113T</a> T H E B I L L E R U D S H A R E 113T<a title="Billerud Annual Report 2009.pdf page 114" href="http://viewer.zmags.com/publication/0df26863?page=114">114 T H E B I L L E R U D S H A R EOW</a> 114 T H E B I L L E R U D S H A R EOW<a title="Billerud Annual Report 2009.pdf page 115" href="http://viewer.zmags.com/publication/0df26863?page=115">K E Y F I G U R E D E F I N I T I O N S 115</a> K E Y F I G U R E D E F I N I T I O N S 115<a title="Billerud Annual Report 2009.pdf page 116" href="http://viewer.zmags.com/publication/0df26863?page=116">116 G L O S S A R YGlossaryBiofuelsRen</a> 116 G L O S S A R YGlossaryBiofuelsRen<a title="Billerud Annual Report 2009.pdf page 117" href="http://viewer.zmags.com/publication/0df26863?page=117">117</a> 117<a title="Billerud Annual Report 2009.pdf page 118" href="http://viewer.zmags.com/publication/0df26863?page=118">118 B I L L E R U D ' S U N I T SBiller</a> 118 B I L L E R U D ' S U N I T SBiller<a title="Billerud Annual Report 2009.pdf page 119" href="http://viewer.zmags.com/publication/0df26863?page=119"></a> <a title="Billerud Annual Report 2009.pdf page 120" href="http://viewer.zmags.com/publication/0df26863?page=120"> BILLERUD AB </a> BILLERUD AB