Interim report January March 2013
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1 Interim report January March 213 Lennart Evrell President & CEO Mikael Staffas CFO
2 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 2 5 Quarterly EBIT Quarterly EBIT excl PIR* Rolling Q EBIT excl PIR* 6 Positive one-off, net 171 MSEK Smelters strong Mines weak 2 5 Maintained cost level Higher depreciations in Mines Projects on plan Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q * PIR=Process Inventory Revaluation Boliden Group Q
3 The Market Boliden Group Q
4 Industrial production Year on year % Boliden calculation world IP and BRIC IP USA Euro Area China World BRIC Boliden Group Q
5 Construction Year on year % USA: construction spending value EU27: Index construction production USA EU27 China Boliden Group Q
6 Automotive Year on year % China Germany USA Boliden Group Q
7 Zinc price and inventories USD/t LME Inventory Shanghai Inventory Price Price Q avg Zinc price (LME average) ,8 1,6 1,4 1,2 1,,8,6 Millions USD/t Q1-13 vs period Q1 12 2,25 % Q2 12 1,928 +5% Q3 12 1,885 +8% Q4 12 1,947 +4% Q1 13 2,33-1,4 5,2 2 4 USD/t Q4 Q , Global zinc demand up 4,5 % YoY End Q4 to end Q1: Price down 4 % Inventories down 2 % sep 28-okt 28-nov 28-dec 28-jan 28-feb 31-mar Boliden Group Q
8 Zinc TC and premiums USD/t concentrate Treatment charge (TC) USD/t metal Metal premium Realised TC (including price participation) Spot TC - outturn Europe ex-works Far East (Western) US Midwest Delivered Source: CRU ( Concentrate deficit Contract TC USD/DMT Source: CRU ( Small increase in European premium Low level of exchange stocks in Europe Boliden Group Q
9 Copper price and inventories USD/t LME Inventory Shanghai Inventory COMEX Inventory Price Price Q avg ,6 1,4 1,2 1,,8,6 Millions Copper price (LME average) USD/t Q1-13 vs period Q1 12 8,31-5% Q2 11 7,869 +1% Q3 12 7,76 +3% Q4 12 7,99 % Q1 13 7, ,4,2, USD/t Q4 Q1 Global copper demand up 4,1 % YoY End Q4 to end Q1: Price down by 4 %. Continued down in April Inventories up 49 %. Continued up in April sep 28-okt 28-nov 28-dec 28-jan 28-feb 31-mar Boliden Group Q
10 Copper TC and premiums USD/t concentrate Treatment charge (TC) USD/t metal Metal premium TC annual and mid-year benchmark contract Standard grade spot TC US$/dmt Source: CRU ( Spot TC down vs Q4 Continued high growth in Chinese smelter production Spot Copper premium CIF W. Europe Benchmark CIF Europe Source: CRU ( Copper spot premiums up Boliden Group Q
11 USD/oz Gold, Silver and Lead prices Precious metals, sharp reductions in April Gold USD/t Lead Inventory Price Price Q avg Thousands USD/oz 6 Silver Average prices Q1 213 vs period Q1-12 Q4-12 Gold -3% -5% Silver -8% -8% Lead 1% 5% Boliden Group Q
12 Metals and concentrate markets Balanced markets, zinc concentrate deficit Global metals and concentrate markets, tonnes Q3212 Q4212 Q1213 Metals demand Copper 4,917 5,78 5,26 - Change % Zinc 3,124 3,151 3,165 - Change % Metal production Copper 5,29 5,18 5,29 - Change % Zinc 2,989 3,29 3,17 - Change % Mine production tonnes Copper (metal in concentrate) 3,292 3,439 3,353 - Change % Zinc (metal in concentrate) 3,137 3,15 2,729 - Change % Source: CRU Development in Q1 213 Higher demand growth than in 212 Balanced metal markets Balanced Cu concentrate market, deficit of Zn concentrate Boliden Group Q
13 Mines Boliden Group Q
14 Mines Summary EBIT 427 (842) MSEK Msek 545 MSEK in Q Quarterly EBIT 5 Copper, gold production down Aitik grades Boliden area ore mix Lower gold (Kankberg stable) Rolling Q EBIT Tara positive one-off 171 MSEK Restated pensions +217 Restructuring costs -46 Depreciations higher Capex 82 (734) MSEK Projects on plan 2 5 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q Boliden Group Q
15 EBIT analysis Mines Q1 vs Q4 MSEK Q1 213 Q4 212 EBIT Deviation -117 Specification of deviation Volume -42 Prices and Terms (incl. hedges) -59 Currency effects -54 Costs -39 Depreciation -93 One-off items Tara 171 Other -1 Deviation -117 Result for respective period Realized Metal- and Currency hedge Lower mine production Lower precious metals prices Lower hedge result Negative TC/RC impact USD/SEK decreased by 3% Commissioned projects Reclamations Higher retirement age +217 Restructuring cost -46 Boliden Group Q
16 Mines Production 1 Milled ore, mt Copper Metal content, kt 24 Milled ore, mt 1,5 Zinc Metal content, kt ,2, , ,3 2 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1, Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q Milled ore (Aitik) Metal content Milled ore Zinc metal content Aitik head grade lower Milled volume higher but impacted by Winter conditions Several minor disruptions Boliden Group Q Milled volume and grades higher in Garpenberg and Tara
17 Smelters Boliden Group Q
18 Smelters Summary Msek EBIT ex PIR* 298 (36) MSEK 22 MSEK in Q4 212 Capex 213 (27) MSEK Kokkola silver recovery project on plan Quarterly EBIT Quarterly EBIT excl PIR* Rolling Q EBIT excl PIR* Major maintenance stops in Q Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q * PIR=Process Inventory Revaluation Boliden Group Q
19 Smelters Production Total feed, kt 4 Copper Cathode production, kt 1 Total feed, kt 25 Zinc Metal production, kt Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q Copper feed, total Cathode production Five-day strike in Harjavalta Two-day power outage in Rönnskär Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q Zinc feed, total Zinc metal production Increased feed and production in Odda Direct leaching break-down in Q4 Boliden Group Q
20 Financials Boliden Group Q
21 Financial development Summary MSEK Q1 213 Q1 212 Q4 212 Revenues 9,249 1,321 1,194 EBITDA 1,377 2,157 1,279 EBIT 695 1, EBIT ex PIR 751 1, Investments 1,19 1,5 1,474 Free cash flow Earnings per share, SEK Net debt / equity ratio Boliden Group Q
22 EBIT analysis Q1 vs Q4 MSEK Q1 213 Q4 212 EBIT Process inventory revaluation (PIR) EBIT excl. PIR Deviation -87 Specification of deviation Volume -33 Prices and Terms (incl. hedges) 34 Currency effects -78 Costs -2 Depreciation -81 Internal profit elimination -91 One-off items Tara 171 Other 1 Deviation -87 Result for respective period Realized Metal- and Currency hedge 42 7 Lower mine production TC/RCs & premiums positive Higher price for base metals USD/SEK decreased by 3% Commissioned projects Reclamations Higher retirement age +217 Restructuring cost -46 Boliden Group Q
23 EBIT analysis Q1 vs Q1 MSEK Q1 213 Q1 212 EBIT 695 1,54 Process inventory revaluation (PIR) EBIT excl. PIR 751 1,258 Deviation -58 Specification of deviation Volume -169 Prices and Terms (incl. hedges) -216 Currency effects -97 Costs -73 Depreciation -72 Internal profit elimination -28 One-off items Tara 171 Other -25 Deviation -58 Result for respective period Realized Metal- and Currency hedge Lower mine production, grades All metals down except lead Commissioned projects Reclamations Higher retirement age +217 Restructuring cost -46 Boliden Group Q
24 Cash flow MSEK Q1 213 Q1 212 Q4 212 Op profit before depreciation (EBITDA)* 1,377 2,157 1,279 PIR Change in inventories Change in payables Change in receivables Other 5 Changes in working capital* Cash flow from investments -1,18-1,4-1,452 Financial items Tax paid Other Free cash flow * Includes PIR=Process Inventory Revaluation Boliden Group Q
25 Capital structure SEK bn Unless otherwise stated 31 Mar Dec 212 MSEK Net debt & Gearing % Total Asset Capital employed Shareholders' equity Net debt Gearing, % Loan duration, years Average interest rate, % Interest duration, years Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q Net payment capacity Net debt Gearing Boliden Group Q
26 Changes in accounting principles IFRIC 2 deferred stripping Calculated per push-back, no netting Increased activated costs - lower operating costs excluding depreciation Increased depreciation Increased investments Timing adjustments stripping asset lower 212 restated IAS 19 defined benefit pensions Corridor method discontinued Full pension liability on balance sheet 212 restated Boliden Group Q
27 Project update Aitik on plan to 36 Mt 214 Kankberg (Boliden area) Leaching plant ramp-up continues Silver recovery Kokkola on plan Garpenberg on plan Underground infrastructure, shafts, concentrator Start-up first half 214, full production end 215 Aitik45 feasibility study Laver conceptual study Boliden Group Q
28 Summary Market Metals macro uncertain China slower Metal prices down Strong Swedish krona Boliden Aitik on low grades for two years Mix change in Boliden area Tara efficiency program Projects on plan Smelters generally good Maintenance stops: EBIT -325 MSEK Whereof approx. -3 in Q2 Boliden Group Q
29 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. Boliden Group Q
30 Metals for modern life Boliden Group Q
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