Full year Report. January December Lennart Evrell. Johan Fant. Bildplatshållare. President & CEO CFO
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1 Full year Report January December 2008 Bildplatshållare Lennart Evrell President & CEO Johan Fant CFO
2 Fourth Quarter 2008 Market Lower demand for base metals Negative growth in mature regions Lower growth in developing countries Lower zinc and copper prices Zn -55% and Cu -46% from Q Stable gold price and pressure on silver Weak sulphuric acid market Stronger USD
3 Fourth Quarter 2008 Boliden Stable production Revenues 6,287 MSEK (7,290) Positive impact from higher copper production and stronger USD Reduction in zinc smelter production Operating profit -491 MSEK (590) Re-valuation of process inventory 702 MSEK (-277)
4 Full year 2008 Market Stable demand in 1H accelerating weakening trend in 2H Metal prices fell Zn across the year Cu in Q4 Stable gold price, pressure on silver across the year Strong sulphuric acid demand USD average somewhat lower than in
5 Full year 2008 Boliden Lower mined production, higher smelter production Revenues 30,987 MSEK (33,204) Operating profit 1,004 MSEK (5,428) Prices, terms and exchange rates -3,486 MSEK Operating margin 3% (16%) Aitik36 on time-plan Good cash flow generation considering Aitik project
6 The Market
7 End-user market fundamentals weaker Automotive U.S. and European automotive sales declining Car and light vehicle production reduced early 2009 Asian automotive sales and production declined end 2008 Construction EU market weaker in the second half 2008 US market continued to weaken in 2008 except in infrastructure Asian market weaker in the second half 2008
8 Zinc price fell 33% from Q3 Tonnes USD/Tonnes Zinc price (LME average) USD/t Q4-08 vs. period Q ,646-55% Q ,426-51% Q ,115-44% Q ,773-33% Q , Prices historically low relative to industry cash cost Around 50% of mines were cash flow negative at USD per tonne Zinc industry output reductions 2009 of approximately 7%* * Announced reductions/closures in the zinc mining and smelting industry, % of 2007 production
9 Flat zinc price since November USD/tonne nov-08 dec-08 jan-09 feb-09 Zinc price (LME average) USD/t Q4-08 vs. period Q ,646-55% Q ,426-51% Q ,115-44% Q ,773-33% Q ,189
10 Zinc price below 90 th percentile cash cost Zinc price (LME average) USD/t Q4-08 vs. period Q ,646-55% Q ,426-51% Q ,115-44% Q ,773-33% Q ,189 90th percentile industry cast cost Source: Macquarie Research
11 Zinc TC and spot premiums down in 2008 USD per tonne of concentrate Treatment charge USD per tonne of metal Metal price premium Realised TC (incl.price participation) Spot TC - Asia Source: Brook Hunt, CRU US Midwest Delivered Europe ex-works Far East (Western) Source: CRU Realised TC declined in 2H 2008 Spot TC below realised TC in 2008 Spot metal price premiums fell further
12 Copper price fell steeply in Q4 Tonnes USD/Tonne Copper price (LME average) USD/t Q4-08 vs. period Q ,239-46% Q ,763-49% Q ,448-53% Q ,693-49% Q ,
13 Almost flat copper price since December USD/tonne nov-08 dec-08 jan-09 feb-09 Copper price (LME average) USD/t Q4-08 vs. period Q ,239-46% Q ,763-49% Q ,448-53% Q ,693-49% Q ,940
14 Current copper price at the 90th percentile Copper price (LME average) USD/t Q4-08 vs. period Q ,239-46% Q ,763-49% Q ,448-53% Q ,693-49% Q ,940 90th percentile industry cast cost Source: Macquarie Research
15 Copper spot TC up in Q4, spot premiums down USD per tonne of concentrate Treatment charge USD per tonne of metal Metal price premium Source: CRU TC spot China buying terms TC benchmark Indicative level for Spot Copper premium CIF W. Europe Benchmark CIF Europe Source: Brook Hunt Spot TC/RC rebound Sulphuric acid demand impacts TC/RC Spot premiums below benchmark levels
16 USD strengthened in the second half USD/SEK EURO/SEK USD/SEK USD/SEK Q4-08 vs. period Q % Q % Q % Q % Q EUR/SEK EURO/SEK average USD/SEK USD/SEK annual average
17 Lead price declined Tonnes USD/Tonne Lead price (LME average) USD/t Q4-08 vs. period Q ,262-62% Q ,891-57% Q ,316-46% Q ,912-35% Q ,
18 Gold price remained stable USD/oz Gold price (LBMA) USD/oz Q4-08 vs. period Q % Q % Q % Q % Q
19 Silver price down 32% in Q4 USD/oz Silver price (LBMA) USD/oz Q4-08 vs. period Q % 10 Q % Q % 5 Q % Q
20 Sulphuric acid prices fell in Q4 /t Sulphuric acid, contract CFR NW Europe Source: Fertilizer Market Bulletin Data to February 5, 2009 Low High Demand declined and prices fell sharply
21 Segment Smelters
22 Zinc smelters reduced production in December Comments on Q Odda Maintenance stop to mid October Production running well after stop Lower feed and cast production than Q and Q Kokkola Feed somewhat lower than Q and Q Cast production higher than Q and Q Concentrate feed, tonnes Q Q Q Q Q Concentrate feed Zinc metal production Zinc metal prod, tonnes
23 Zinc smelters approximate revenue distribution Lower value of free metals By-products 14% FY 2008 By-products 9% FY 2007 Premiums 14% TC 51% Premiums 16% TC 44% Free metal 21% Free metal 31%
24 Copper Smelters increased production Comments on Q Rönnskär Increased copper and precious metals production Harjavalta Higher feed and copper production from Q and Q Bergsöe (lead) Production higher than Q3 2008, in line with Q Concentrate feed, tonnes Q Q Q Q Q Copper cathode prod, tonnes Concentrate feed Copper cathode production
25 Copper smelters approx. revenue distribution Decrease in TC/RC By-products 26% FY 2008 By-products 17% FY 2007 TC/RC 44% Premiums 5% Premiums 4% TC/RC 54% Free metal 24% Free metal 26%
26 Segment Mines
27 Mines zinc production increased from Q3 Comments on Q Tara Lower grades and lower production than in Q Garpenberg Higher grades and higher production Boliden area Planned reduction Higher production than in Q Milled ore, tonnes Q Q Q Q Q4-08 Milled ore Zinc metal content Zinc metal content, tonnes
28 Mines copper production improved from Q3 Comments on Q Aitik Increased production from Q Higher grades, improved grindability from Q Boliden area Planned reductions Higher production than in Q Milled ore, Ktonnes Milled ore (Aitik) Q Q Q Q Q Copper metal content Copper metal content, tonnes
29 Financials
30 Financial summary SEK m Q4 08 Q Revenues 6,287 7,290 30,987 33,204 Operating profit (EBIT) ,004 5,428 EBIT margin, % Free cash flow (before financing activities) ,212 Earnings per share, SEK Gearing 39% 43% 39% 43%
31 vs 2007 QUARTERLY Q Q FY 2008 FY 2007 EBIT YTD, (MSEK) whereof: Iron stock revaluation Hedgeresult MAMA EBIT excl Iron stock, Hedge, MAMA DEVIATION Specification of deviations: Currency Prices & Terms Metal prices and terms TC/RC terms Premiums Volume Costs Others 6 24 DEVIATION FULL YEAR
32 Q vs Q Q Q EBIT QTD, (MSEK) whereof: Iron stock revaluation Hedgeresult MAMA EBIT excl Iron stock, Hedge, MAMA DEVIATION -67 Specification of deviations: Currency 302 Prices & Terms -414 Metal prices and terms -322 TC/RC terms -29 Premiums -63 Volume 322 Costs -284 Others 7 DEVIATION -67 QUARTERLY
33 EBIT by segment SEK m Q4 08 Q Smelters ,297 Mines ,135 Other / Eliminations The Boliden Group ,004 5,428 Smelters EBIT analysis FY period Exchange rate effects SEK -228 million Prices and terms SEK -1,527 million Volume variation SEK 244 million Cost changes SEK -438 million Other SEK 24 million Mines EBIT analysis FY period Exchange rate effects SEK -272 million Prices and terms SEK -1,375 million Volume variation SEK -612 million Cost changes SEK -151 million Other SEK 9 million
34 Operating costs increased Exte r nal services 19% Depreciation & Other Ene r gy 17% 11% Change in operating costs Consumables 17% 2008 vs Q vs. Q Energy +11% +10% Consumables +5% +8% Personnel +1% -13% Transports +33% +64% Transports 7% Personnel 29% External services +9% - Depreciation & other -2% +18% Costs increased by 6% FY 2008 and 4% in Q Weaker SEK pushing costs up in 2H +4.5% FY 2008 and unchanged Q408 excluding FX Higher prices for energy, consumables and transport
35 Cash flow SEK m Q4 08 Q Cash flow from operating activities ,576 4,773 Cash flow from changes in working capital 1, ,894-1,043 Investments -1, ,624-2,512 Other Free cash flow (before financing activities) ,212 Net debt 6,305 5,524 6,305 5,524 Reduction of working capital up to December
36 Capital structure on December SEK bn Unless otherwise stated 31 Dec Dec 2007 Balance sheet turnover % 43% Gearing Capital employed % 39% 37% 39% Shareholders equity Net debt Gearing, % % 20% 31% Equity/assets ratio, % % Average maturity in years Average interest rate 5.18% 5.17% Liquidity reserves* % Q Q Q Q Q * Defined as unutilised credit lines and cash less outstanding commercial papers
37 Sensitivity analysis on December Change in metal prices, +10% EBIT effect, SEK m Change in USD, +10% EBIT effect, SEK m Change in TC/RC, +10% EBIT effect, SEK m Zinc 325 USD/SEK 450 TC Zn 45 Copper 140 EUR/USD 290 TC/RC Cu 60 Lead 55 USD/NOK 70 TC Pb -15 Gold 70 Silver 55 Estimate of the 12-month effect on Group EBIT on December , based on planned production volumes. Effects of hedging, contracted TC/RC or stock exposures are not taken into account.
38 Metal price hedging on December Metal futures Maturity year Copper (tonne) Metal price, USD 5,920 7,606 Quantity 42,600 62,700 Market value 2, SEK m Metal Volume Coverage rate % Lead (tonne) ,252 36, % Gold (troy oz) Silver (troy oz) , ,850 5,676,000 5,170,000 Market value of outstanding contracts, SEK m ) Approximate metal price hedging on outstanding metal positions during the period. 2) Market value on other outstanding metal contracts, not included in above table, totals MSEK % %
39 Currency hedging after December Currency future contracts Maturity year Rate Amount sold, MUSD USD/SEK
40 To summarize 2008 Q Price pressure in main metals Re-valuation of process inventory Smelter output reduced in December Mining output improved Full year 2008 Zinc prices fell across the year Copper price fell in Q4 Stronger USD in 2H Smelter output higher Mining production lower (Boliden Area) Reduction of working capital higher capex
41 Actions in 2009 Reduction of workforce Procurement project Reduced zinc and copper smelter production Cost reduction programme in Tara
42 Forward-looking statements Certain statements in this presentation are forward-looking, and the actual outcome could be materially different. Such forward-looking statements are based on Boliden s present plans, estimates, assumptions, projections and expectations and are subject to risks and uncertainties. In addition to the factors explicitly discussed, other could have a material effect on the actual outcome. Such factors include, but are not limited to, general economic or political conditions, fluctuations in exchange rates, interest rates and in metal prices, production disruptions, technological issues, interruptions in supply, actions of courts, regulators, government agencies, competitors, customers, suppliers, employees and other third parties.
43 Boliden produces metals that make modern life work
Interim Report January June 2010
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