Holmen reports a profit after tax for 2011 of 3,955 million Kronor (2010: 704 million). Revaluation of forest affected profit after tax for the year in the amount of 2,648 million Kronor. Earnings per share totalled 47.1 Kronor (8.4), including 31.5 Kronor from revaluation of forest. Return on equity was 23.1 percent (4.2). The Board of Directors proposes a dividend of eight Kronor per share.Operating profit, excluding items affecting comparability, totalled 1,980 million Kronor (1,332). The improvement is explained by higher prices for printing paper and paperboard, while higher costs for wood and recovered paper had an adverse impact on the result. Compared to the third quarter, operating profit in the fourth quarter declined by 109 million to 410 million Kronor as a result of seasonally higher costs and market related production limitations.Demand in Europe for printing paper, paperboard and sawn timber remained weak in the fourth quarter.