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LKAB 2016 Annual and Sustainability Report

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2016 2016 ANNUAL AND SUSTAINABILITY REPORT ANNUAL AND SUSTAINABILITY REPORT REPORT SUSTAINABILITY AND ANNUAL LKAB IN BRIEF EUROPE EST. 1890 LKAB is the EU’s largest LKAB is one of Sweden’s oldest iron ore producer and mines industrial companies and has around 78 percent of all iron customer relationships dating ore within the EU. back more than a century. 84% LKAB is the world’s SEK BILLION second-largest2 supplier 16.3 of LKAB’s revenue comes Net sales 2016. from pellet sales. of iron ore pellets. 100% LKAB is wholly owned by the Swedish state. 4,224 Average number of employees. LKAB’s mines and processing plants are located in the Swedish orefi elds – in Kiruna, Malmberget and Svappavaara. Our upgraded iron ore products are transported along the Malmbanan and Ofotbanen ore railways to the ports of Narvik and Luleå for shipment to customers around the world. Narvik Svappavaara Kiruna Malmberget ARCTIC CIRCLE Malmbanan ore railway Luleå Cover: The Leveäniemi open-pit mine in Svappavaara. Large trucks with a total weight of 400 tonnes haul ore from the bottom of the mine to the crusher bin, a di erence in elevation of 120 metres. CONTENTS 2016 Increased demand for better The year in brief 2–3 grades of iron ore for more President’s report 4–6 competitive steel processes. 8 MARKET TRENDS AND DEVELOPMENT 8 Market trends and development, page 8 OBJECTIVES AND STRATEGY 12 Objectives for sustainable development 12–13 Commercial and sustainability strategy 14–15 LKAB aims to be one of How we create value 16–17 the most innovative, resource- PRODUCTS AND MARKETS 18 efficient and responsible mining 12 Iron ore products 19–20 companies in the world. Objectives and strategy, page 12 Special products 21 OPERATIONS AND IMPACT 22 Highly upgraded iron ore products for Exploration 24–25 the steel industry are supplemented Mining 26–29 with other industrial minerals and techno- Processing 30–33 logy developed within the company. 18 Transport 34–35 Products and markets, page 18 Suppliers 36–37 Employees 38–41 Focus on continual improvement Social responsibility 42–45 and improved efficiency Environmental responsibility 46–49 throughout the value chain. 22 RISKS AND RISK MANAGEMENT 50–54 Operations and impact, page 22 GOVERNANCE AND CONTROL 55 Corporate Governance Report 56–63 Board of Directors 64–65 Group management 66 Auditor’s statement on the Corporate Governance Report 67 ABOUT LKAB’S ANNUAL AND SUSTAINABILITY REPORT 2016 Auditor’s limited assurance report on The Board of Directors and the President hereby submit the Annual and Sustainability the Sustainability Report 68 Report for Luossavaara-Kiirunavaara AB (publ), corporate identity number 556001-5835. LKAB is a limited liability company that is wholly owned by the Swedish state. Materiality analysis 69 GRI Index 70–71 The Annual Report is integrated – meaning that our sustainability work, which forms an integral part of LKAB’s operations, is reported together with the administration report and Group overview 72–74 financial statements that make up the statutory part of the Annual Report. In accordance FINANCIAL RESULTS 75 with the state’s ownership policy and guidelines for state-owned companies, LKAB’s Sustainability Report has been prepared as per the Global Reporting Initiative (GRI) Financial statements 76–84 guidelines. Notes 85–117 The administration report comprises pages 2–3, 20–21, 38–40, 44–47, 50–54 and 72–74 Affirmation by the Board 118 of the Annual Report, while pages 76–117 contain the financial statements and associated Auditor’s report 119–121 notes. The auditor’s report on the Annual Report can be found on pages 119–121. Sustainability information covered by the auditor’s limited assurance report is identified Mineral reserves and mineral resources 122–125 by the page references in the GRI Index on pages 70–71, and the auditor’s report is on Ten year overview 126 page 68. APPENDICES 127 On pages 56–63 LKAB presents a Corporate Governance Report in accordance with the Terms and definitions 127 state’s ownership policy. In accordance with Chapter 6 Section 8 of the Swedish Annual Accounts Act, the report is a separate document to the statutory Annual Report. The audi- Annual General Meeting and financial information 128 tor’s statement on LKAB’s Corporate Governance Report can be found on page 67. Addresses lkab.com The Annual Report and the GRI appendix for 2016 are available on the website lkab.com GRI appendix lkab.com as of 31 March 2017, with a translation into English available subsequently. A printed copy of the report can also be requested by emailing [email protected]. LKAB ANNUAL AND SUSTAINABILITY REPORT 2016 CONTENTS | 1 THE YEAR IN BRIEF PROFIT/LOSS FOR THE YEAR During the year increased delivery volumes, NET SALES AND OPERATING PROFIT/LOSS improved prices and the effects of the cost-cutting MSEK programme made a positive contribution to the 30 000 improved result. Cost efficiency measures cut costs by around MSEK 700. However, impairment of 25 000 property, plant and equipment and increased 20 000 MSEK 16,343 Net sales provisions for urban transformation had a negative 15 000 impact on operating profit of MSEK 1,192 and MSEK 1,621 MSEK 2,106, respectively. In addition, the result was 10 000 Underlying operating profit also brought down by hedging transacted at the 5 000 MSEK -1,677 lower price levels that prevailed during the fourth Operating loss 0 quarter of 2015 and the first quarter of 2016, which Net sales 2016 meant that LKAB was not able to take full advantage -5 000 Net sales of the price increase in 2016. Underlying operating -10 000 Operating profit/loss profit increased to MSEK 1,621 (1,548). 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 EVENTS DURING THE YEAR The spot price of iron ore is listed at Uncertainty concerning the financing of the USD 39.25/tonne in January, close to new section of road E10 in Kiruna risks Q1 the lowest price level since spot market Q3 delaying the necessary detailed plans for trading of the commodity began in 2009. continued mining. In November, however, an agreement is reached on financing. Agreement on outsourcing of tugboat operations in Narvik brings major 300,000 tonnes of new pellet product for the savings while also improving safety European market is produced in Malmberget. and readiness. Tests are conducted in LKAB’s experimental blast furnace in October. Presentation of new compensation prin- ciples for property owners, residents Following extensive renovation, the mine hoist and businesses affected by the mining. wrecked in the Kiruna mine in 2015 is taken back into operation in July 2016. LKAB, SSAB and Vattenfall present a In its 2017 ranking Sveriges Karriärföretag joint project for carbon dioxide-free names LKAB as one of Sweden’s best places Q2 steelmaking using hydrogen as reduc- Q4 to work for the fifth consecutive year. ing agent. The structural review and staffing reductions Negotiations with the Municipality of announced by LKAB have been able to be Gällivare on levels of compensation achieved without layoffs in the Parent Company. move slowly on. The agreement in Iron ore deliveries increase by 11.5 percent in October allows continued mining in total over the year, compared with 2015. This Malmberget. is LKAB’s best delivery result since the 1970s. At the end of April the first delivery of LKAB announces that the open-pit mine in 40,000 tonnes of pellets is made from Mertainen will not be taken into operation as the new ore Quay 7 in Narvik. planned, due to the prevailing market situation. 2 | THE YEAR IN BRIEF LKAB ANNUAL AND SUSTAINABILITY REPORT 2016 PRODUCED DELIVERED SALES BY PRODUCT AREA 26.9Mt 27.0Mt Iron ore products produced by Iron ore products delivered by LKAB in 2016, compared with LKAB in 2016, compared with % 24.5 million tonnes in 2015. 24.2 million tonnes in 2015. PERCENTAGE OF SALES (MSEK) DELIVERIES % Blast furnace pellets ......... 66 The highest volume of iron ore pellets, DR pellets .............................. 24 as a share of total deliveries, that LKAB Fines ..........................................8 has delivered. 84% Special products ....................2 KEY RATIOS From and including the fourth quarter 2016, the business is being managed and followed up according to a new Group structure in which the operations are split into the Northern Division, the Southern Division and the Special Products Division. Figures for full-year 2016 and 2015 have been restated according to the new structure. PRODUCTION OF IRON ORE PRODUCTS, Mt FINANCIAL OVERVIEW, GROUP 2016 2015 2014 2013 2012 2016 2015 Northern Division1 15.2 13.8 - - - Net sales, MSEK 16,343 16,200 Southern Division1 11.7 10.7 - - - Underlying operating profit3, MSEK 1,621 1,548 Total 26.9 24.5 25.7 25.3 26.2 Operating profit/loss, MSEK -1,677 -7,156 Of which pellets 24.0 22.2 23.2 23.1 23.8 Operating margin, % neg neg Of which fines 2.9 2.3 2.5 2.2 2.4 Loss for the year -978 -5,686 Operating cash flow, MSEK -2,762 -2,370 DELIVERIES OF IRON ORE PRODUCTS, Mt Return on equity, % neg neg Net debt/equity ratio, % 20.7 10 2016 2015 2014 2013 2012 Capital expenditure on property, plant and equipment, MSEK 3,341 6,354 Northern Division1 15.5 14.2 - - - Provisions for urban transformation at end of reporting period, MSEK 13,062 12,234 Southern Division1 11.5 10.1 - - - Total 27.0 24.2 26.0 25.5 26.3 FINANCIAL OVERVIEW, DIVISIONS Of which pellets 22.7 20.3 21.7 21.1 22.0 NORTHERN SOUTHERN SPECIAL PRODUCTS Of which fines 4.3 3.9 4.3 4.4 4.3 DIVISION2 DIVISION2 DIVISION2 2016 2015 2016 2015 2016 2015 PRODUCTION AND
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