Interim report Q2 2014
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1 Interim report Q2 214 Lennart Evrell President & CEO Mikael Staffas CFO
2 Summary Q2 214 Revenues (8 35) MSEK EBIT ex PIR* 374 (37) MSEK EBIT 478 (-59) MSEK Free Cash Flow 92 (-1 477) MSEK MSEK Quarterly EBIT excl PIR* Rolling Q EBIT, RHS Rolling Q EBIT excl PIR*, RHS R4Q, MSEK High production Production start Garpenberg Record production Aitik Maintenance shutdowns better than plan -12 (-35) MSEK Improved metal prices and terms Internal profit -84 (+55) MSEK Strong free cash flow * PIR=Process Inventory Revaluation Boliden Group Q
3 Improved market sentiment Macro Continued recovery in mature economies Good growth in China, housing sector a concern Metals markets Metal prices increased Supply disruptions caused metal deficits Lower supply forecast Zn and Cu (mines and smelters) Premiums stable Exchange rates Swedish Central Bank rate cut, weakening SEK Boliden Group Q
4 Market balance Zinc global market Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Metals demand 2.5% 3.1% 3.4% 4.2% 4.4% Smelter production 4.5% 7.8% 4.1% -1.7% 2.4% Metal balance, kt Mine production 3.% 3.%.9% -4.3% -4.2% Concentrate balance, kt Copper global market Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Metals demand 5.% 6.5% 8.1% 2.5% 4.3% Smelter production 3.4% 2.9% 4.5% 2.6% 5.1% Metal balance, kt Mine production 6.3% 1.6% 13.1% 3.7% 2.4% Concentrate balance, kt Source: CRU June and July 214, Boliden calculations Boliden Group Q
5 Zinc inventories down and price up Zinc price highest since August 211 USD/t 5, 4,5 LME Inventory Shanghai Inventory Price Price Q avg Millions 2,4 2,3 2,2 2,1 USD/t Q2 Q3 Q4 Q1 Q2 4, 3,5 3, 2,5 2, 1,5 1, , 1,9 1,8 1,7 1,6 1,5 Apr/13 Jul/13 Oct/13 Jan/14 Apr/14 Jul/14 Average price in Q2 vs period Q1-14 Q4-13 Q3-13 Q % +9% +12% +13% Boliden Group Q
6 Copper inventories down and price stable USD/t LME Inventory Shanghai Inventory COMEX Inventory Price Price Q avg 11, 1, 9, 8, Millions 9, 8,5 8, 7,5 USD/t Q2 Q3 Q4 Q1 Q2 7, 1. 7, 6, 5, 4, 3, 2, 1, ,5 6, Apr/13 Jul/13 Oct/13 Jan/14 Apr/14 Jul/14 Average price in Q2 vs period Q1-14 Q4-13 Q3-13 Q % -5% -4% -5% Boliden Group Q
7 Gold, silver and lead prices USD/troy oz. 2, 1,8 Gold USD/t 5, 4,5 Lead 45 4 Thousands 1,6 4, 35 1,4 1,2 1, 8 3,5 3, 2,5 2, , , USD/troy oz Silver Average price in Q2 vs period Q1-14 Q4-13 Q3-13 Q2-13 Gold % 1% -3% -9% Silver -4% -6% -8% -15% Lead % -1% % 2% Boliden Group Q
8 Mines Boliden Group Q
9 Mines Q2 214 EBIT 336 (376) MSEK 147 MSEK in Q1 214 Capex 657 (977) MSEK MSEK 1 6 Quarterly EBIT Rolling Q EBIT R4Q, MSEK Improved prices and currency High production Production start Garpenberg Record production Aitik Higher operating costs Volume Increased depreciation Production start Garpenberg Volume Boliden Group Q
10 Mines Production Milled ore, mt Copper Metal content, kt Milled ore, mt 1,5 1,2,9 Zinc Metal content, kt , ,3 2 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q Milled ore (Aitik) Metal content, Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q Milled ore Zinc metal content Aitik high and stable production 1 mt milled production in Q2 Boliden Area lower milled production Similar grade and recovery as in Q1 Tara higher milled ore and grade vs. Q1 Garpenberg production started Higher milled ore and grade vs. Q1 Low recoveries Boliden Area lower milled production Similar grade and recovery as in Q1 Boliden Group Q
11 Smelters Boliden Group Q
12 Smelters Q2 214 EBIT ex PIR* 174 (-3) MSEK 199 MSEK in Q MSEK Quarterly EBIT excl PIR* Rolling Q EBIT, RHS Rolling Q EBIT excl PIR*, RHS R4Q, MSEK 2 7 Improved metal prices and TC/RC Maintenance shutdowns better than plan -12 (-35) MSEK Stable production Rönnskär delivers on action plan Improved process stability, +2 MSEK in cash flow effect New environmental permit for Rönnskär Additional investments of ~1 bn SEK Included in previous capex guidance Kokkola silver recovery Initial production * PIR=Process Inventory Revaluation Boliden Group Q
13 Smelters Production Total feed, kt 4 Copper Cathode production, kt 1 Total feed, kt 25 Zinc Metal production, kt Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q Copper feed, total Cathode production Zinc feed, total Zinc metal production Planned maintenance shutdown in Harjavalta Lower secondary feed Planned maintenance shutdown in Kokkola Stable zinc production, good production planning Odda good production 3 of 4 leaching tanks in place Boliden Group Q
14 Financials Boliden Group Q
15 Financial development Summary MSEK Q2 214 Q2 213 Q1 214 Revenues EBITDA EBIT EBIT ex PIR Investments Free cash flow Earnings per share, SEK Net debt / equity ratio Boliden Group Q
16 EBIT analysis Q2 vs. Q2 Higher production and improved metal prices MSEK Q2 214 Q2 213 EBIT Process inventory revaluation (PIR) EBIT excl. PIR Deviation 4 Specification of deviation Volume 176 Prices and Terms (incl. hedges) 9 Whereof currency effects -43 Costs -33 Depreciation -81 Internal profit -14 Other -8 Garpenberg Lower Smelter maintenance Higher metal prices (+256 MSEK) Hedges expires Q2 13 (-156 MSEK) Garpenberg production start Higher mine production Internal profit -84 (+55) MSEK Deviation 4 Boliden Group Q
17 EBIT analysis Q2 vs. Q1 Higher mine production and improved prices MSEK Q2 214 Q1 214 EBIT Process inventory revaluation (PIR) EBIT excl. PIR Deviation -11 Specification of deviation Volume 28 Prices and Terms (incl. hedges) 237 Whereof currency effects 86 Costs -243 Depreciation -85 Internal profit -137 Other 9 Deviation -11 Higher mine production Improved metal prices and currency situation Planned maintenance shutdown Higher mine production Garpenberg production start Higher mine production Internal profit -84 (+52) MSEK due to improved prices and terms Boliden Group Q
18 Cash flow Lower inventory and investments MSEK Q2 214 Q2 213 Q1 214 EBITDA including PIR PIR adjustment Inventories Payables Receivables Other -2 Changes in working capital Cash flow from investments Financial items Tax paid Other incl. translation differences Free cash flow Starting Q1 214, PIR is included in adjustment for non cash flow items Boliden Group Q
19 Capital structure SEK bn Unless otherwise stated 3 June Mar 214 Total Asset Capital employed Shareholders' equity Net debt MSEK % Gearing, % 39 4 Loan duration, years Average interest rate, % Interest duration, years.7.6 Net payment capacity Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q Net debt Gearing Boliden Group Q
20 Project update Garpenberg Initial production in March, ramping up in Q2 Silver recovery Kokkola Initial production in Q2 Aitik45 Early stage on budget and on time Boliden Group Q
21 Acquisition of mine and exploration rights Announced 8 July 214 Enterprise value: 95 MUSD EV/EBIT: 5 Seller: Altona Mining, Australia Transaction subject to: Approval by the Finnish competition authority Shareholders' approval in Altona Mining Closing expected 1 October 214 Boliden s net debt/equity ratio increase by 3 percentage points Operating mine in Outokumpu area, Finland Kylylahti mine and Luikonlahti concentrator Geology similar to Boliden s Synergies in mining and metallurgy Brown field potential Limited exploration after 198 Leverage near mine exploration and geophysical expertise of Boliden Infrastructure Low country risk 1) Jun 213-Mar 214 Boliden Group Q
22 Summary going forward Aitik Below average grades through 214, average reserve grade Garpenberg 2 Mton production plan Mton pace end 215 Below average grades in Q3 214 Tara Production stoppage 1 week in July Cost reduction plan under negotiations Kokkola silver project Full production end Q3 214 Rönnskär Action plan under implementation Odda Full leaching capacity July Planned maintenance Q3 EBIT impact -8 MSEK Boliden Group Q
23 Capital Markets Day on 1-11 November 214 Stockholm 1 November Garpenberg site visit 11 November More info will be posted on Boliden Group Q
24 Disclaimer This presentation has been prepared by Boliden for information purposes only and as per the indicated date. Boliden does not undertake any obligation to correct or update the information or any statements made therein. Certain statements in this presentation are forward-looking and are subject to risks and uncertainties. Nothing contained herein shall constitute any representation or warranty as to accuracy or completeness. Boliden has not made any independent verification of the information obtained from third parties. 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. Boliden does not accept any liability whatsoever arising from or in connection with the use of this information. 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 Group Q
25 25 Boliden Group Q2 214
26 Appendix Boliden Group Q
27 Economic development GDP growth, year on year % Industrial production, year on year % China USA World EU China USA World EU Latest data: Q Latest data: China and USA May, World & EU27 April Source: Reuters Datastream, Boliden calculations for world data Source: Reuters Datastream, Boliden calculations for world data Boliden Group Q
28 Construction Largest segment for Cu and Zn Activity, year on year % EU27 construction IP USA - construction expenditure China - fixed assets investment -3 Source: Reuters Datastream Boliden Group Q
29 Automotive Year on year % China - production of passenger cars USA - IP Automobile & light duty motor vehicle Europe - production light vehicles Latest data: Q Source: Reuters Datastream, European data from LMC Automotive Boliden Group Q
30 Zinc TC and premiums Treatment charge USD/tonne concentrate Metal premium USD/tonne metal Spot TC, China imports Annual contract according to CRU Annual contract, Europe US Midwest Europe Far East (western) Increasing trend; spot TC, contract TC up European premium slightly up Good demand growth in Europe Source: CRU June and July 214 Boliden Group Q
31 Copper TC and premiums Treatment charge USD/tonne concentrate Metal premium USD/tonne metal Spot TC Annual and mid-year contract Spot, Europe Benchmark according to market sources including CRU Benchmark, Europe Positive trend? Increasing concentrate demand in China Spot TC slightly down in June from Q4 Spot premium down in June Russian cathode export duty gone Source: CRU June and July 214 Boliden Group Q
32 Boliden Group Q
Interim report January March 2013
Interim report January March 213 Lennart Evrell President & CEO Mikael Staffas CFO Summary Revenues 9,249 (1,321) MSEK EBIT ex PIR* 751 (1,258) MSEK EBIT 695 (1 54) MSEK Free Cash Flow -22 (888) MSEK Msek
Interim report January June 2012
Interim report January June 212 Lennart Evrell President & CEO Mikael Staffas CFO Q2 Summary Revenues 1,363 (9,896) MSEK EBIT excl. PIR* 931 (1,12) MSEK Operating profit MSEK 769 (1,134) Free Cash Flow
Interim Report January September 2011
Interim Report January September 2 Lennart Evrell President & CEO Mikael Staffas CFO Summary Market Financial turmoil - low visibility Price drop end of period Low growth in construction and automotive
Interim Report January June 2010
Interim Report January June 21 Lennart Evrell President & CEO Johan Fant CFO Second quarter 21 The Market Concerns over China price volatility Improving demand Metal prices down gold, silver up Tight concentrate
Full year Report. January December Lennart Evrell. Johan Fant. Bildplatshållare. President & CEO CFO
Full year Report January December 2008 Bildplatshållare Lennart Evrell President & CEO Johan Fant CFO 1 2009-02-13 Fourth Quarter 2008 Market Lower demand for base metals Negative growth in mature regions
Prudent capital managment. Mikael Staffas, CFO Capital Markets Day 2014 November 10, 2014
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Boliden. Interim Report January - March Mines Smelters Zinc Copper. Boliden AB 1 May 4, 2006
Boliden AB 1 Boliden Interim Report January - March 2006 Mines Smelters Zinc Copper Boliden AB 2 Continued strong growth in China lower growth rate in the rest of the world Global 2006 Q1* - Cu-consumption
Boliden. Interim Report January - June Mines Smelters Zinc Copper. Boliden AB
Boliden Interim Report January - June 2005 Mines Smelters Zinc Copper Boliden AB 1 Boliden AB 2 Continued strong growth in China lower growth rate in the rest of the world Global Q2 2005* - Cu-consumption
Boliden. Full Year Report Mines Smelters Zinc Copper. Boliden AB 1 February 9, 2005
Boliden AB 1 Boliden Full Year Report 2004 Mines Smelters Zinc Copper Boliden AB 2 Strong global financial recovery Growth 2004 Global - Cu consumption 7 % - Cu production 6 % - Zn consumption 7 % - Zn
The operating profit, excluding revaluation of process inventory, was SEK 2,020 m (1,744). High production levels at Aitik and Garpenberg.
The operating profit, excluding revaluation of process inventory, was SEK 2,020 m (1,744). The free cash flow totalled SEK 822 m (1,715). High production levels at Aitik and Garpenberg. Smelters production
The operating profit, excluding the revaluation of process inventory, totalled SEK 711 million (SEK 603 m).
The operating profit, excluding the revaluation of process inventory, totalled SEK 711 million (SEK 603 m). Improvements in zinc prices and a weaker SEK had a positive impact on the profit. Copper concentrate
The operating profit, excluding the revaluation of process inventory, totalled SEK 1,134 million (SEK 548 m).
The operating profit, excluding the revaluation of process inventory, totalled SEK 1,134 million (SEK 548 m). Record production levels at Harjavalta and Odda in 2014. Stronger USD compensated for lower
High metal grades and increased smelter production
26-10-2009 Interim Report Boliden AB (publ) Box 44, 101 20 Stockholm, Sweden Tel +46 8 610 15 00, Fax +46 8 31 55 45 www.boliden.com Corp. ID no. 556051-4142 Interim Report, January September 2009 High
Boliden does not accept any liability whatsoever arising from or in connection with the use of this information.
Disclaimer This presentation has been prepared by Boliden for information purposes only and as per the indicated date. Boliden does not undertake any obligation to correct or update the information or
The free cash flow was negatively affected by high stock levels, and totalled SEK 91 m (953).
The operating profit, excluding revaluation of process inventory, increased to SEK 1,318 m (1,055). Improved metal prices had a positive effect on the profit. The free cash flow was negatively affected
The operating profit, excluding the revaluation of process inventory totalled SEK 1,257 m (374).
The operating profit, excluding the revaluation of process inventory totalled SEK 1,257 m (374). The free cash flow was SEK 1,557 m (920). Improved market terms had a positive impact on the profit. Mines
Currency conversion for comparison purposes only. An average rate of has been used for conversions to EUR. 2)
5 August 2004 Interim Report Boliden AB (publ) Investor Relations Box 44, S-101 20 Stockholm, Sweden Tel +46 8 610 15 00, Fax +46 8 31 55 45 www.boliden.se Reg. No 556051-4142 Interim Report, 1 st January
The free cash flow was SEK -4,794 m (1,557). The cash flow includes the consideration for Kevitsa, which totalled just under SEK 6 billion.
The operating profit, excluding the revaluation of process inventory, fell to SEK 901 m (1,257), largely due to lower metal prices. The profit includes items affecting comparability and provisions for
Interim Report. Interim Report January June 2010 Increased mine production but higher costs Q2 2010
19-07-2010 Interim Report Boliden AB (publ) Box 44, 101 20 Stockholm, Sweden Tel +46 8 610 15 00, Fax +46 8 31 55 45 www.boliden.com Corp. ID no. 556051-4142 Interim Report January June 2010 Increased
Market analysis. Mines Smelters Zinc Copper. President & CEO Jan Johansson. Boliden s Capital Markets Days 7-8 June 2006 Odda, Norway
Boliden s Capital Markets Days 7-8 June 2006 Odda, Norway Market analysis President & CEO Jan Johansson Mines Smelters Zinc Copper Boliden s Capital Markets Days 7-8 June 2006 Odda, Norway 2 Continued
The operating profit, excluding revaluation of process inventory, totalled SEK 2,001 m (2,912). Stable production by Smelters.
The operating profit, excluding revaluation of process inventory, totalled SEK 2,001 m (2,912). The free cash flow totalled SEK 1,721 m (2,382). Stable production by Smelters. Stable mined production,
Currency conversion for comparison purposes only. An average rate of has been used for conversions to EUR. 2)
Interim Report Boliden AB (publ) Investor Relations Box 44, SE-101 20 Stockholm, Sweden Tel.: +46 8 610 15 00, Fax: +46 8 31 55 45 www.boliden.se Co. reg. no. 556051-4142 Interim Report, 1 st January 30
The free cash flow totalled SEK 1,692 m (36). The operating profit, excluding revaluation of process inventory, increased to SEK 2,106 m (596).
The operating profit, excluding revaluation of process inventory, increased to SEK 2,106 m (596). Improved market terms and high production levels had a positive effect on the profit. The free cash flow
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