Slide 1: Fourth Quarter Report 2001 Telephone Conference
Boliden Fourth Quarter Report 2001 Telephone Conference February 5, 2002 1 2002-01-31
Slide 2: Introduction...
Introduction... Boliden • First interim report under Swedish GAAP • 2001 - a lost year when it comes to earnings • Healthy core business • Fewer problem areas 2 2002-01-31
Slide 3: Highlights 2001
Highlights 2001 Boliden Focus on financial and operational restruction Feb Sale of Norzink Oct Laisvall closed down Jun Sale of Lomas Bayas Nov Redomiciliation approved New CEO Dec Boliden AB new parent company Aug Equity offering of MSEK The Boliden share listed on the 2,600 O-list of the Stockholm
Slide 4: Revenues & EBIT
Revenues & EBIT Boliden Q4 Full Year Boliden Group (MSEK) 2001 2000 2001 2000 Revenues 2,426 2,852 10,250 9,825 EBIT -78 -4,482 -949 -4,937 EBIT margin (%) -3.2 n.m -9.3 n.m + Higher production at Rönnskär + Stronger USD vs SEK - Lower metal prices - Lower production from mines - Lower treatment and
Slide 5: Mining Operations
Mining Operations Boliden Q4 Full year Mining Operations MSEK 2001 2000 2001 2000 Revenues 520 558 2 197 2 217 EBIT excl iac* -18 -158 -300 -424 Depreciations 78 115 477 436 Capital Expenditures 127 156 474 390 *Items affecting comparability + Stronger USD vs SEK - Lower metal prices - Lower product
Slide 6: Metal Production
Metal Production Boliden Q4 Change Full Year Change Metal Production 2001 2000 in % 2001 2000 in % Copper (tonnes) 19,599 23,896 -18% 88,935 98,409 -10% Zinc (tonnes) 30,785 63,647 -52% 211,162 247,180 -15% Lead (tonnes) 9,022 30,273 -70% 85,991 121,324 -29% Gold (ounces) 43,166 41,121 5% 165,015 13
Slide 7: Metal Prices
Metal Prices Boliden Metal Prices Q4 Change Full Year Change average LME/LBM 2001 2000 in % 2001 2000 in % Copper (USD/lb) 0.65 0.84 -23% 0.72 0.82 -13% Zinc (USD/lb) 0.35 0.49 -29% 0.40 0.51 -21% Lead (USD/lb) 0.21 0.21 ---- 0.22 0.21 5% Gold (USD/oz) 278 269 3% 271 279 -3% Silver (USD/oz) 4.29 4.7
Slide 8: LME Copper Stocks and Prices
LME Copper Stocks and Prices Boliden USD/t USD/t tonnes tonnes 1900 1900 900000 900000 1800 1800 800000 800000 1700 1700 700000 700000 1600 1600 600000 600000 1500 1500 500000 500000 1400 1400 400000 400000 1300 1300 300000 300000 Jan-01 Jan-01 Jan-02 Jan-02 8 2002-01-31
Slide 9: LME Copper Stocks and Prices
LME Copper Stocks and Prices Boliden USD/t USD/t tonnes tonnes 3700 3700 900000 900000 3400 3400 800000 800000 3100 3100 700000 700000 2800 2800 600000 600000 2500 2500 500000 500000 2200 2200 400000 400000 1900 1900 300000 300000 1600 1600 200000 200000 1300 1300 100000 100000 1000 1000 00 1985 198
Slide 10: LME Zinc Stocks and Prices
LME Zinc Stocks and Prices Boliden USD/t USD/t tonnnes tonnnes 1100 1100 500000 500000 1050 1050 450000 450000 1000 1000 400000 400000 950 950 350000 350000 900 900 300000 300000 850 850 250000 250000 800 800 200000 200000 750 750 150000 150000 700 700 100000 100000 Jan-01 Jan-01 Jan-02 Jan-02 10 20
Slide 11: LME Zinc Stocks and Prices
LME Zinc Stocks and Prices Boliden USD/t USD/t tonnes tonnes 2250 2250 1400000 1400000 2000 2000 1200000 1200000 1750 1750 1000000 1000000 1500 1500 800000 800000 1250 1250 600000 600000 1000 1000 400000 400000 750 750 200000 200000 500 500 00 1985 1985 1986 1986 1987 1987 1988 1988 1989 1989 1990 1
Slide 12: Smelter Operations
Smelter Operations Boliden Q4 Full Year Smelter Operations MSEK 2001 2000 2001 2000 Revenues 1,724 1,767 6,710 5,597 EBIT excl iac* 107 87 111 271 Depreciations 60 49 227 146 Capital Expenditures 43 154 152 807 *Items affecting comparability + Higher production + Higher productivity - Lower metal pr
Slide 13: Fabrication
Fabrication Boliden Q4 Full Year Fabrication MSEK 2001 2000 2001 2000 Revenues 563 746 2,412 2,326 EBIT excl iac* 8 36 14 63 Depreciations 14 16 57 57 Capital Expenditures 7 6 25 35 *Items affecting comparability + Stable demand and higher prices for copper - Lower demand and prices for brass • Acti
Slide 14: Summary Q4 & 2001
Summary Q4 & 2001 Boliden Market • Lower economic growth in the world • Lower metal prices • Stronger USD vs SEK Operations • Focus on financial and operational restruction • Rönnskär hits production record for copper and gold • Lower production from mining operation • Improvements in all business u
Slide 15: Outlook 2002
Outlook 2002 Boliden • Metal prices at their lowest? • USD-level - a “cushion” for Swedish operations • Rönnskär on production capacity • Fewer problem areas • Management focus • Healthy core business 15 2002-01-31