Interim report January June 2012
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1 Interim report January June 212 Lennart Evrell President & CEO Mikael Staffas CFO
2 Q2 Summary Revenues 1,363 (9,896) MSEK EBIT excl. PIR* 931 (1,12) MSEK Operating profit MSEK 769 (1,134) Free Cash Flow 79 (-79) MSEK Msek Quarterly EBIT Quarterly EBIT excl PIR* Rolling Q EBIT excl PIR* 6 5 High production Aitik, Garpenberg Rönnskär e-recycling, full production Stable market Maintenance stops in copper smelters Expansion projects on plan Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q * PIR=Process Inventory Revaluation
3 The Market
4 Industrial production Change from the previous year % USA Euro Area China World Brazil Russia India China BRIC Total Lower growth in China Unclear development in USA Recession in parts of Europe Source: Boliden calculation world IP
5 Construction Change from the previous year % Low activity in mature economies Good growth in China, but lower pace USA EU27 China USA: construction spending value EU27: Index construction production China: fixed asset investments - cumulative value
6 Car production Change from the previous year % High production growth in USA, China and Japan European production down Q1 212 Q2 212 China Germany S Korea Japan USA Source: Reuters Datastream, CRU, Wards Automotive
7 Zinc price and inventories USD/t LME Inventory Shanghai Inventory Price Price Q avg Tonnes Zinc price (LME average) USD/t Q2-12 vs period Q2 11 2,25-14% Q3 11 2,224-13% Q4 11 1,897 +2% Q1 12 2,25-5% Q2 12 1, Global Zinc demand, QoQ +1% and YoY -2% Price down by 8% in the quarter Inventories up 4%
8 Copper price and inventories USD/t LME Inventory Shanghai Inventory COMEX Inventory Price Price Q avg Tonnes Copper price (LME average) USD/t Q2-12 vs period Q2 11 9,137-14% Q3 11 8,982-12% Q4 11 7,489 +5% Q1 12 8,31-5% Q2 12 7,869 - Global Copper demand, QoQ +9% and YoY +4% Price decreased by 1% in the quarter Inventories down 2%
9 Smelter treatment charges Zinc US$/t concentrate Copper US$/t concentrate Realised TC (including price participation) Spot TC - outturn Standard grade TC Cif spot mine/trader USD/t TC Annual contract benchmark Mine supply below expectations Increased availability of Zinc concentrates spot TC up from very low levels Copper concentrate market remains tight spot TC/RC low Source: CRU (
10 Metal premiums Zinc US$/t metal Copper US$/t metal Europe ex-works Far East (Western) US Midwest Delivered Spot Copper premium CIF W. Europe Benchmark CIF Europe Stable Zinc premium Slightly lower Copper premium in Europe Source: CRU (
11 Gold, Silver and Lead prices USD/oz 2 Gold USD/oz 6 Silver USD/t Lead Inventory Price Price Q avg Tonnes Average prices Q2 212 vs period Q2-11 Q1-12 Gold +7% -5% Silver -23% -1% Lead -23% -6%
12 Mines
13 Mines Summary Q2 EBIT 726 (1,64) MSEK Msek 822 MSEK in Q1 212 High production High grades in Garpenberg High costs Quarterly EBIT Rolling 4Q EBIT External services Personnel CAPEX 753 (599) MSEK MSEK in Q Projects on plan 6 2 Aitik 38 mt Kankberg on plan Garpenberg on plan Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q
14 Mines Production Milled ore, ktonnes Copper Metal content, tonnes Milled ore, ktonnes Zinc Metal content, tonnes Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q Milled ore (Aitik) Metal content Milled ore Zinc metal content Record production in Aitik, low grade Continued high copper production in Boliden Area Continued good production and high grades in Tara and Garpenberg
15 Smelters
16 Smelters Summary Q2 EBIT excl. PIR* 24 (143) MSEK 349 MSEK in Q1 212 Rönnskär e-recycling at full production Maintenance stops (EBIT effect 13 MSEK) CAPEX 274 (412) MSEK 27 MSEK in Q1 212 Msek Quarterly EBIT Quarterly EBIT excl PIR* Rolling 4Q EBIT excl PIR* Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q * PIR=Process Inventory Revaluation
17 Smelters Production Total feed, tonnes Copper Cathode production, tonnes Total feed, tonnes Zinc Metal production, tonnes Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q Copper feed, total Cathode production Zinc feed, total Zinc metal production Extensive maintenance stop at Harjavalta Rönnskär on annual pace of 12 ton e-scrap Stable production at Odda Production disturbances at Kokkola
18 Financials
19 Financial development - Summary MSEK Q2 212 Q2 211 Q1 212 Revenues 1,363 9,896 1,321 Operating profit before depr. 1,315 1,616 2,41 Operating profit 769 1,134 1,499 Operating profit ex PIR 931 1,12 1,217 Free cashflow Capital expenditures 1,29 1,2 917 Earnings per share, SEK Net debt / equity ratio, %
20 Group EBIT Q2 212 vs Q1 212 MSEK Q2 212 Q1 212 EBIT 769 1,499 Process inventory revaluation (PIR) EBIT excl. PIR 931 1,217 Deviation -287 Specification of deviation Volume 168 Prices and Terms -416 Currency effects 178 Costs -137 Depreciation -3 Internal profit elimination -64 Others -14 Deviation -287 Result for respective period Realized Metal- and Currency hedge Higher production in both Mines, +111 MSEK, and Smelters, +57 MSEK Weaker SEK offset some USD price decline. Net -238 MSEK Maintenance stop in Smelters Increased production in Mines Q2 18 MSEK Q1 82 MSEK
21 Group EBIT Q2 212 vs Q2 211 MSEK Q2 212 Q2 211 EBIT 769 1,134 Process inventory revaluation (PIR) EBIT excl. PIR 931 1,12 Deviation -189 Specification of deviation Volume 167 Prices and Terms -579 Currency effects 399 Costs -161 Depreciation -64 Internal profit elimination 57 Others -8 Deviation -189 Result for respective period Realized Metal- and Currency hedge Increased production in Mines and Smelters Weaker SEK offset some USD price decline. Net -18 MSEK 6 % increase, inflation 3 % Cost increases Mines Hedged prices lower in 212 vs
22 Cash flow MSEK Q2 212 Q2 211 Q1 212 EBITDA* (Operating profit before depr.) 1,315 1,616 2,41 PIR Change in inventories Change in payables Change in receivables Change in other working capital Change in working capital 145-1, Investment activities -1,27-1, Financial items Tax paid Other Free cash flow * Includes PIR=Process Inventory Revaluation
23 Capital structure SEK billion 3 Jun Mar 212 Total assets MSEK 1 Net debt & Gearing % 6 Capital employed Shareholders equity* Net debt Net debt /equity ratio, % Equity/assets ratio, % Loan duration, years Average loan interest, % Interest duration, år.6.9 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q Net payment capacity Net debt Gearing * Shareholders equity includes market valuations of metal and currency hedge contracts
24 Project update Aitik 38 mt pace in Q2 Kankberg on plan Mine production started Tellurium leaching to start end of year Garpenberg on plan Close to 7% of total CAPEX on firm orders Start-up in 214, full production end 215 Rönnskär E-recycling Formal inauguration on June 1 Total e-scrap in Rönnskär on plan 12 tonnes annual pace Silver recovery Kokkola Early stage, preparatory phase Process testing Start-up Q
25 Crushing station
26 Foundation for headframe
27 Moulding mill foundation
28 Mounting Flotation Hall roof
29 Summary Q2 Prices lower Good production Aitik on record volumes E-recycling at full capacity Going forward Boliden area mix changes Kankberg mine started limited effect in 212 Copper gradually down (Maurliden East) towards year-end Zinc gradually higher (Maurliden) Garpenberg high head grades in Q2 towards reserve grade Focus on costs Maintenance EBIT effect in Q3-5 MSEK Capex in bn SEK
30 Disclaimer This presentation has been prepared by Boliden for information purposes only. Nothing in this material shall be construed as an offer or solicitation to buy or sell any security or product, or to engage in or refrain from engaging in any transaction. This presentation has been prepared as per the indicated date and Boliden does not undertake any obligation to correct or update the information or any statements made therein. Views that may have been expressed may be subject to change without notice. Certain statements in this presentation are forward-looking and are based on plans, estimates, assumptions, projections and expectations and are subject to risks and uncertainties. In addition to the factors explicitly discussed, other circumstances may also have a material effect on the actual outcome. Such factors include, but are not limited to, general economic or political conditions, fluctuations in exchange or interest rates or metal prices, technological factors, interruptions in supply or production, actions of courts, regulators, governmental agencies, competitors, customers, suppliers, employees or other third parties. Nothing contained herein shall constitute any representation or warranty as to the accuracy or completeness and Boliden accepts no responsibility or liability as to the accuracy or completeness of the information contained herein. The material may include information from third party sources believed to be reliable. However, Boliden has not made an independent verification of the information provided. Save as by prior approval in writing, this material may not be copied, transmitted or disclosed, whether in print, electronic or any other format. All rights to the material are reserved. Boliden does not accept any liability whatsoever for any direct, indirect, consequential or other loss arising from or in connection with any use of this information. This material has not been reviewed, registered or approved by any authority under any applicable laws
31 Metals for modern life
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Currency conversion for comparison purposes only. An average rate of has been used for conversions to EUR. 2)
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