Slide 1: Boliden – Metals for generations to come
Boliden – Metals for generations to come Q1 Interim Report 2023 Mikael Staffas, President and CEO Håkan Gabrielsson, CFO 2023-04-25 Q1 2023
Slide 2: Q1 2023 – Lower metal prices and lower mine production
Q1 2023 – Lower metal prices and lower mine production KEY HIGHLIGHTS PROJECTS ▪ Lower grades and ▪ The projects in Odda, production disruptions in Mines Kristineberg and Aitik ▪ Improved terms and stable production are proceeding according to plan in Smelters ▪ Inflation pressure FINANCIAL PERFORMA
Slide 3: Q1 2023 EBIT development Group
Q1 2023 EBIT* development Group EBIT excl. PIR MSEK ▪ Group 3,020 (4,466) MSEK Rolling, MSEK 5,000 18,000 4,500 16,200 ▪ Mines 1,197 (3,115) MSEK 4,000 14,400 3,500 12,600 3,000 10,800 ▪ Smelters 1,497 (1,378) MSEK 2,500 9,000 2,000 7,200 1,500 5,400 1,000 3,600 500 1,800 0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Slide 4: ESG is key in our purpose, vision and values
ESG is key in our purpose, vision and values CO2 total (Scope 1 and 2), Ktonnes 300 Q1 2023 250 ▪ Lost Time Injury Frequency 2.5 (5.2) 200 ▪ Sick leave 5.8 (7.4) % 150 100 ▪ CO2 emissions 177 (227) Ktonnes 50 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2019 2020 2021 2022 2023 Q1 INTERIM RE
Slide 5: Prices and terms
Boliden price index* Prices and terms 175 150 125 100 ▪ Weaker metal prices 75 50 25 ▪ Stronger USD 0 ▪ Increased Zn and Cu TC 200 175 150 125 100 75 50 25 0 *Index 100 = 1 January 2018 Q1 INTERIM REPORT 2023
Slide 6: Copper, zinc and nickel prices relative to cash cost
Copper, zinc and nickel prices relative to cash cost Copper Zinc Nickel USD/tonne USD/tonne USD/tonne 12 000 5 000 35 000 4 500 10 000 30 000 4 000 3 500 25 000 8 000 3 000 20 000 6 000 2 500 2 000 15 000 4 000 1 500 10 000 1 000 2 000 5 000 500 0 0 0 Source: Wood Mackenzie 2022 Composite C1 cash co
Slide 7: Mines – Q1 2023 production
Metal content, Ktonnes Copper Mines – Q1 2023 production 40 30 Aitik 20 ▪ Milled volume 10.0 (10.4) Mtonnes 10 ▪ Conveyor belt disruptions 0 ▪ Cu grade 0.19 (0.22) % Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2019 2020 2021 2022 2023 Garpenberg Zinc ▪ Milled volume 757 (720) Ktonnes 100 ▪ Un
Slide 8: Smelters – Q1 2023 production
Metal production, Ktonnes Copper Smelters – Q1 2023 production 120 100 80 60 Rönnskär, Harjavalta 40 20 ▪ Process disturbances 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 ▪ Unfavorable feed mix 2019 2020 2021 2022 2023 ▪ Logistical disturbances Zinc 150 Kokkola, Odda 100 ▪ Stable production
Slide 9: Financial summary
Financial summary MSEK Q1 2023 Q1 2022 Q4 2022 Revenues 19,962 21,812 23,577 EBITDA 4,889 6,416 5,004 EBIT 3,405 5,038 3,229 EBIT excl. PIR 3,020 4,466 3,190 Investments 2,918 1,537 3,712 Free cash flow -46 674 3,520 Earnings per share, SEK 9.29 14.51 9.42 Q1 INTERIM REPORT 2023
Slide 10: EBIT excl. PIR by Business Area
EBIT excl. PIR by Business Area MSEK Q1 2023 Q1 2022 Q4 2022 Mines 1,197 3,115 1,512 Smelters 1,497 1,378 1,570 Other/eliminations 326 -27 108 The Group 3,020 4,466 3,190 Mines Smelters MSEK Rolling, MSEK Rolling, MSEK MSEK 3,500 12,600 1,800 6,750 3,000 10,800 1,600 6,000 1,400 5,250 2,500 9,000 1,
Slide 11: EBIT deviation Q1 2023 vs Q1 2022
EBIT deviation Q1 2023 vs Q1 2022 EBIT excl. PIR MSEK Stronger USD, higher TC´s and metal premia, offset by Q1 2022 4,466 lower metal prices Prices and terms 332 Whereof currency 954 Lower grades in Aitik, Garpenberg and Tara Lower milled volume in open-pit mines Volumes -663 Costs -1,052 Inflation
Slide 12: EBIT deviation Q1 2023 vs Q4 2022
EBIT deviation Q1 2023 vs Q4 2022 EBIT excl. PIR MSEK Q4 2022 3,190 Higher metal prices and premia Prices and terms 266 Whereof currency -116 Lower milled volume Lower production in Copper Smelters Volumes -807 Costs 58 Inflation offset by lower maintenance in Smelters Depreciation 60 and lower elec
Slide 13: Cash flow
Cash flow MSEK Q1 2023 Q1 2022 Q4 2022 EBITDA excl. PIR 4,504 5,844 4,965 Cash flow from working capital -260 -3,024 3,174 Cash flow from investments -2,917 -1,536 -3,775 Financial items -204 -46 -7 Tax paid -1,036 -620 -1,028 Other -133 57 191 Free cash flow -46 674 3,520 Q1 INTERIM REPORT 2023
Slide 14: Capital structure
Capital structure Net debt & Gearing BSEK 31 Mar 2023 31 Mar 2022 31 Dec 2022 BSEK % Total Assets 102.3 88.0 96.4 8 20 Capital Employed 64.4 57.5 62.2 7 Equity 60.8 55.2 58.3 6 15 Net debt 0.1 -1.5 0.0 5 4 10 Net debt/equity, % 0 -3 0 3 Net reclamation 2 5 liability/equity, % 5 5 5 1 Average interes
Slide 15: Outlook
Outlook ▪ Aitik ‒ 2023: Cu 0.17%, Au 0.07 g/tonne ▪ Garpenberg ‒ 2023: Zn 3.6%, Ag 100 g/tonne ‒ 2023: 3.3 Mtonnes milled production ▪ Kevitsa ‒ 2023: Grades slightly below average ‒ 2023: 10 Mtonnes milled production ▪ Maintenance shutdowns ‒ 2023: -620 (-500) MSEK ▪ Inflation pressure remaining bu
Slide 16: This is Boliden
This is Boliden Our purpose To provide the metals essential to improve society for generations to come Our vision To be the most climate friendly and respected metal provider in the world Our values Care, Courage, Responsibility Q1 INTERIM REPORT 2023
Slide 17: APPENDIX
APPENDIX Q1 INTERIM REPORT 2023
Slide 18: Financing
Financing Net Debt MSEK Q1 2023 Q1 2022 Q4 2022 Debt to credit institutions 12,655 7,851 10,989 Other interest bearing debt 189 238 203 Pensions 946 1,176 953 Interest bearing assets 0 -9 -1 Cash -13,722 -10,769 -12,159 Total 68 -1,512 -15 Net Payment Capacity MSEK Q1 2023 Q1 2022 Q4 2022 Not utiliz
Slide 19: Loan structure
Loan structure Maturity of which MSEK Reported value utilized < 1 year 1-5 years > 5 years Revolving credit facility 13,050 - - - - Bilateral loans 8,205 8,205 354 6,425 1,426 Bonds 4,450 4,450 - 4,450 - Commercial papers - - - - - Leases, other 189 189 73 116 - Total 12,844 427 10,991 1,426 Q1 INTE
Slide 20: Preliminary priced volumes
Preliminary priced volumes Preliminary priced volumes in Mines* 31 Mar 2023 Copper, ktonnes 7.8 Zinc, ktonnes 23.0 Nickel, ktonnes 2.4 Lead, ktonnes 5.4 Silver, kg 40,298 Gold, kg 779 Palladium, kg 174 Platinum, kg 234 * Preliminary priced volumes of metal in concentrate in Mines Q1 INTERIM REPORT 2
Slide 21: Copper and zinc treatment charges
Copper and zinc treatment charges Copper TC Zinc TC USD/tonne USD/tonne concentrate concentrate 100 350 300 80 250 60 200 150 40 100 20 50 0 0 2018 2019 2020 2021 2022 2023 2018 2019 2020 2021 2022 2023 Contract TC - annual and mid-year benchmark Standard grade spot TC Contract TC - realized Spot TC
Slide 22: Base metal prices
Base metal prices USD/tonne ktonnes USD/tonne ktonnes Copper Nickel 15,000 2,400 50,000 2,500 2,000 40,000 2,000 10,000 1,600 30,000 1,500 1,200 5,000 800 20,000 1,000 400 10,000 500 0 0 0 0 LME inventory Shanghai inventory Comex inventory LME inventory Price Price Q avg Price Price Q avg Average pr
Slide 23: Gold, silver and lead prices
Gold, silver and lead prices USD/tonne USD/tr.oz. Lead Silver 3,000 35 2,500 30 2,000 25 20 1,500 15 1,000 10 500 5 0 0 Price Price Q avg Price Price Q avg USD/tr.oz. Gold Average price in Q1 2023 vs period 2,500 Q4 2022 Q3 2022 Q2 2022 Q1 2022 2,000 Gold 9% 9% 1% 1% Silver 7% 17% 0% -6% 1,500 Lead
Slide 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 ri