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6.8 Mt 6.9Mt INTERIM REPORT Q3/2018 STRONG EARNINGS IN FAVOURABLE MARKET CONDITIONS The market continues to place a premium on high-quality iron ore products, and demand remains high. Sales increased in the third quarter and operating income improved by 37 percent compared with the same period last year. However, operations were affected by both a stoppage at the processing plant in Svappavaara and disruption on the Ore Railway. OPERATIONS – THIRD QUARTER Q3 Q3 Q1– Q3 Q1– Q3 Full year MSEK Note 2018 2017 2018 2017 2017 Net sales 6,594 5,958 18,981 17,159 23,367 LKAB Underlying operating profit 7 2,764 2,083 6,787 5,457 7,148 benefitted from Costs for urban transformation provisions 10 -287 -263 -1,817 -794 -1,147 the prevailing Impairment of property, plant and equipment -12 -12 -26 Operating profit/loss 2,477 1,808 4,969 4,651 5,975 market conditions Net financial income/expense 35 41 605 244 290 and from an ever Profit/loss before tax 2,512 1,849 5,574 4,895 6,266 increasing focus on Profit/loss for the period 1,954 1,434 4,395 3,825 4,803 resource efficiency Operating cash flow 1,552 1,916 4,655 6,549 7,136 and sustainability Investments in property, plant and equipment 475 489 1,831 1,408 2,008 Depreciation -673 -741 -2,127 -2,090 -2,887 among steel customers. Deliveries of iron ore products, Mt 6.9 7.1 20.1 20.3 27.6 Proportion of pellets, % 82 81 83 83 83 Production of iron ore products, Mt 6.8 6.5 20.2 20.0 27.2 Return on equity, % 7 14.6 6.6 14.6 6.6 14.4 Net debt/equity ratio, % 7 5.0 -4.4 5.0 -4.4 -6.6 • The production volumes in the third quarter were higher than in the same quarter last year. Delivery volumes were lower than in the same period last year, partly due to disruption on the Ore Railway during the quarter. • Operating profit for the third quarter was 37 percent higher than in the same period last year, 6.8 Mt mainly as a result of a stronger dollar exchange rate and higher prices for highly upgraded iron Produced during the quarter ore products in the period. • The average global spot price1 for iron ore products in the third quarter was USD 67 (71)/tonne compared with USD 65/tonne in the second quarter 2018. The global spot price at the end of September was USD 69/tonne. The premium for pellet sales stayed at a high level. 6.9 Mt • Operating cash flow for the third quarter was MSEK 1,552 (1,916). Delivered during the quarter • The return on equity increased to 13.9 (4.0) percent. • The net debt/equity ratio was 5.0 (-4.4) percent. 82% Percentage of pellets for the quarter 1Platts IODEX 62% Fe CFR North China LKAB INTERIM REPORT Q3/2018 THE GROUP IN SUMMARY | 1 THE LKAB GROUP NET SALES AND OPERATING PROFIT/LOSS NET SALES AND OPERATING PROFIT ANALYSIS OF CHANGE IN OPERATING PROFIT MSEK Q3 Q1– Q3 Net sales 2018 Net sales Operating profit Operating profit 2017 1,808 4,651 MSEK Prices, iron ore 144 910 7,200 Currency effect, iron ore incl. hedging of accounts receivable 565 64 6,000 Hedging of currency and iron ore price 20 1,220 4,800 Volume and mix, iron ore 291 473 3,600 Volume, price and currency, industrial minerals 6 -22 2,400 Costs for urban transformation provisions -24 -1,024 1,200 Impairment of property, plant and equipment 12 12 0 -1,200 Depreciation 68 -37 -2,400 Other income and expenses -413 -1,278 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2015 2016 2017 2018 Operating profit 2018 2,477 4,969 Net sales for the third quarter were 11 percent higher when compared year-on-year. The improvement is mainly due to a stronger dollar exchange rate and higher pric- OPERATING CASH FLOW es for highly upgraded iron ore products. The average spot price for iron ore for the Operating cash flow 2018 Operating cash flow quarter was USD 67 (71)/tonne and the pellet premium remained at a high level. MSEK The cost level for the quarter was higher than in the same period last year, with 3,500 the sale of part of the Mertainen machinery fleet in the third quarter of 2017 affecting 3,000 2,500 comparability by MSEK 202. Other revenues and cost were mainly affected by higher 2,000 energy prices, higher employee benefit expenses and increased costs for the supply 1,500 of crushed ore in the Southern Division. 1,000 500 Sales for January – September increased by 11 percent compared with the same 0 period last year, mainly as a result of higher market prices for iron ore and a better -500 -1,000 result from price and currency hedging. -1,500 Operating profit accumulated to September increased by 7 percent compared to -2,000 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 the previous year. The increase in sales was countered by higher costs for urban 2015 2016 2017 2018 transformation provisions of MSEK 1,024. Higher energy prices, higher employee benefit expenses, production disruption, higher costs for the supply of crushed ore and increased exploration also had a negative impact on profit for the period. RETURN ON EQUITY Rolling 12 months Target return on equity CASH FLOW % 30 Q3 Q3 Q1– Q3 Q1– Q3 Full year 25 MSEK 2018 2017 2018 2017 2017 20 Cash flow from operating activities 15 before changes in working capital 2,339 2,315 6,805 5,722 6,970 10 Change in working capital -316 -182 -325 1,956 1,890 5 0 Capital expenditures (net) -471 -217 -1,825 -1,129 -1,724 -5 Operating cash flow 1,552 1,916 4,655 6,549 7,136 -10 -15 -20 Operating cash flow for the third quarter was MSEK 364 lower than in the same Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 period last year, mainly as a result of increased capital tied up in inventories and 2015 2016 2017 2018 higher investment expenditure. Sales of property, plant and equipment in the third quarter of 2017 affect comparability between the years by MSEK 267. Operating cash flow for the first three quarters was MSEK 1,894 lower in a year- on-year comparison. Improved profit and lower expenditure on urban transformation had a positive effect. Increased capital tied up in inventories and accounts receivable, as well as last year’s result from assets pledged for outstanding hedging positions, had a negative effect. Higher expenditure on investments also contributed to the lower cash flow. LKAB INTERIM REPORT Q3/2018 SALES AND PROFIT | 2 THE LKAB GROUP NET FINANCIAL INCOME/EXPENSE AND NET FINANCIAL INDEBTEDNESS NET FINANCIAL INDEBTEDNESS Net financial indebtedness Net financial income/expense was MSEK 35 (41) for the third quarter and MSEK 605 MSEK (244) accumulated to the end of September; a higher return on financial investments 10,000 was the main positive influence when compared year-on-year. 8,000 The net debt/equity ratio was 5.0 (-4.4) percent, an increase compared with the 6,000 same period last year, mainly as a result of increased provisions for urban trans- formation. 4,000 2,000 CREDIT FACILITIES 0 -2,000 Utilized -4,000 MSEK Nominal (nominal) Available Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Commercial paper programme, maturing within one year 5,000 200 4,800 2015 2016 2017 2018 Bond programme 7,000 4,009 Maturing December 2019 1,991 NET DEBT/EQUITY RATIO Maturing June 2021 1,000 Net debt/equity ratio Other bond financing, maturing 2022 250 250 % Credit facility 5,000 5,000 25 Total 17,250 3,441 13,809 20 There were no changes to nominal credit facilities during the quarter. All credit 15 facilities are subject to 100 percent retention of title. 10 5 0 SIGNIFICANT EVENTS IN THE THIRD QUARTER -5 On 28 July there was a fatal accident involving a fall at the pelletizing plant in -10 Svappavaara. Production was stopped immediately, to deal with the situation that Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2015 2016 2017 2018 had arisen and to ensure safety. Operations in Svappavaara were resumed just over two weeks later. In August a fire in a snow protection tunnel along the Ore Railway to Narvik resulted in rail traffic being suspended for five days. During a planned maintenance stoppage in September it was found that support structures under the cooler at the pelletizing plant in Svappavaara need to be replaced earlier than planned. The pelletizing plant is therefore being taken out of operation until January 2019, which will impact delivery volumes in the fourth quarter. The results of ongoing exploration in Kiruna with a view to expanding the mineral resources were compiled during the quarter, and indicate a more complex geology and geometry than had previously been assumed. As a result, further exploration work will be carried out. EVENTS AFTER THE END OF THE REPORTING PERIOD Following approval by the authorities, LKAB Minerals is to acquire all the shares in Francis Flower Limited and Gurney Slade Lime & Stone Co. Ltd.; this is expected to take place in the fourth quarter of 2018.
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