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Based on average rates for the year, a strengthening US dollar was offset by a weaker UK pound and Swedish krona, thus the net effect on sales was negative EUR 15 million. The corresponding estimated currency effect on operating profit, mainly due to Swedish krona-based costs and depreciation, was a positive EUR 60 million, equal to EUR 0.05 per share.
Depreciation and goodwill amortisation totalled EUR 1 267.6 (EUR 1 129.4) million. The Consolidated Papers, Inc. acquisition increased these costs by EUR 416.0 million in a full year, or by EUR 285.0 million over the previous year, of which EUR 95.5 million and EUR 64.7 million respectively related to goodwill amortisation. The increased depreciation was partly offset by the divestment of Gruvön Mill.
The share of results in associated companies amounted to EUR 79.6 (EUR 20.6) million, or EUR 0.09 per share, of which EUR 56.9 million related to Billerud AB and EUR 15.2 million to Sunila Oy.
Profit before tax and minority interests was EUR 1 223.0 (EUR 2 099.0) million. Net interest paid for the year was EUR 333.1 million, being 5.9% of interest-bearing net liabilities and EUR 27.9 million more than for the previous year. Foreign exchange losses of EUR 58.5 million were allocated to the period, dividend income was EUR 17.0 million and other financial net income EUR 31.1 million.
Net profit was EUR 926.3 (EUR 1 435.0) million, EUR 1.03 (EUR 1.77) per share. Taxes amounted to EUR 299.6 (EUR 650.3) million, net of a one-time adjustment of EUR 86.6 million due to the corporate restructuring in Germany, giving a revised tax rate of 31.6% (31.0%).
Return on capital employed was 10.8% (16.8%) excluding non-recurring items. Capital employed was EUR 13 859.1 million at 31 December, a net decrease of EUR 43.8 million for the year.
 Income Statement in Brief
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