Boliden Ab · OMXSTO:BOL

Boliden Ab — Q1 2004 Earnings Presentation

18 slides from Boliden Ab's earnings presentation, Apr 27, 2004

1. Slide 1: Interim Report January – March 2004

   Interim Report January – March 2004 Jan Johansson, President & CEO April 27, 2004 1

2. Slide 2: Growth in the Industrial Production

   Growth in the Industrial Production World USA 4,5 4 3,7 4,1 4 3,5 3 3,5 3,1 2,5 3 2 1,8 2,5 2,3 1,5 2 1 1,5 0,5 0,3 1 0 0,5 0,3 -0,5 -0,7 0 -1 2002 2003 2004-Q1 2004 2002 2003 2004-Q1 2004 Europe China 2 18 1,7 16,7 16 1,5 14,2 13,9 14 12,8 1 12 0,6 0,5 10 0,1 0 8 6 -0,5 4 -1 -1,1 2 -1,5 0 2002 2003

3. Slide 3: Copper – Price and Stock

   Copper – Price and Stock1) USc/lb Tonnes 140 1 000 000 130 900 000 120 800 000 110 700 000 100 600 000 90 500 000 80 400 000 70 300 000 60 200 000 2 02 03 3 04 l-0 l-0 n- n- n- Ju Ju Ja Ja Ja 1) Source: LME

4. Slide 4: Zinc – Price and Stock

   Zinc – Price and Stock1) USc/lb Tonnes 55 800 000 50 700 000 45 600 000 40 500 000 35 400 000 30 300 000 3 2 02 03 04 l-0 l-0 n- n- n- Ju Ju Ja Ja Ja 1) Source: LME

5. Slide 5: Exchange Rates USD/SEK

   Exchange Rates USD/SEK Sweden, Spot Rates, USD/SEK, Close 9.00 8.75 8.50 8.25 USD/SEK 8.00 7.75 7.50 7.25 7.00 Jan Feb Mar Apr Maj Jun Jul Aug Sep Okt Nov Dec Jan Feb Mar 03 04 Source: EcoWin

6. Slide 6: New Boliden

   New Boliden ƒ New Boliden is one of the world’s leading smelting companies and the world’s fourth largest zinc mining company ƒ New Boliden has better balance between its areas of operation and is financially stronger ƒ New Boliden’s increased focus on mining and smelting operations brings greater p

7. Slide 7: Production Entities

   Production Entities ‘BOLIDEN

8. Slide 8: Highlights – First Quarter 2004

   Highlights – First Quarter 2004 ƒ Record result for the first quarter - operating result increased to SEK 434 million (SEK 126 m) and the result after net financial items rose to SEK 307 million (SEK 54 m) ƒ Increased production from all business areas ƒ Significant improvement in metal prices and w

9. Slide 9: Operating Result – Boliden Group

   Operating Result – Boliden Group 550 450 434 350 250 150 126 50 -50 Q1 2003 Q1 2004 9

10. Slide 10: Metal Production – Mining Operations

    Metal Production – Mining Operations1) Zinc tonnes Copper tonnes Lead tonnes Gold oz Silver thousand oz 100 000 95 520 90 000 87 740 80 000 70 000 60 000 50 000 41 907 39 763 40 000 30 000 21 761 20 941 20 000 11 407 12 201 10 000 2 330 2 221 0 Q1 2003 Q1 2004 1) IncludingTara 10

11. Slide 11: Operating Result – Mines

    Operating Result – Mines1) 350 300 245 250 200 150 100 50 8 0 Q1 2003 Q1 2004 1) Including Tara 11

12. Slide 12: Production – Smelters Copper and Zinc

    Production – Smelters Copper and Zinc Copper Zinc Cathodes Production 100 000 108 000 106 143 106 000 95 000 104 000 89 600 90 000 102 000 100 000 85 000 82 600 98 140 98 000 80 000 96 000 75 000 94 000 Q1 2003 Q1 2004 Q1 2003 Q1 2004 12

13. Slide 13: Operating Result – Smelter Copper

    Operating Result – Smelter Copper1) 250 220 200 150 112 100 50 0 Q1 2003 Q1 2004 1) Including Harjavalta 13

14. Slide 14: Operating Result – Smelter Zinc

    Operating Result – Smelter Zinc1) 70 64 60 50 40 29 30 20 10 0 Q1 2003 Q1 2004 1) Proforma 14

15. Slide 15: Financial Position

    Financial Position 31st March 31st Dec 31st March 2004 2003 2003 Net debt (SEK m) -7 764 -8 957 -4 704 Shareholders’ equity (SEK m) 7 574 6 100 2 ,937 Net debt/Shareholder’s equity, % 103 147 160 Equity/assets ratio, % 35.4 30.7 27.0 15

16. Slide 16: Boliden – Main Financial Objectives

    Boliden – Main Financial Objectives ƒ Boliden must, throughout the business cycle, attain good profitability, where returns must exceed market-orientated capital costs. Returns on employed capital, based on current capital, must surpass 10% over the business cycle. ƒ The financial position must be s

17. Slide 17: Summary and Outlook 2004

    Summary and Outlook 2004 ƒ Record result for the first quarter ƒ Good production from all business areas ƒ Fully-subscribed rights issue generates SEK 1.4 billion ƒ Continuing growth in the world economy ƒ Conditions indicate continuing strong metal prices and low stockpiles 17

18. Slide 18: www.boliden.se www.boliden.com

    www.boliden.se www.boliden.com

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