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LKAB 2018 Annual and Sustainability Report in Brief

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LKAB 2018 Annual and Sustainability Report in Brief 2018 IN BRIEF ANNUAL AND SUSTAINABILITY REPORT PERFORMANCE IN IRONMAKING LKAB IN BRIEF LKAB IN BRIEF BUSINESS CONCEPT To manufacture and deliver upgraded LKAB’s values form iron ore products and services for iron- making that create added value for the basis of how the customers on the world market from business is operated. our base in the Swedish orefields. Other closely related products and services that are based on LKAB’s know-how and that support our main business activities may be included in operations. VISION LKAB shall be perceived by customers as the supplier that adds the most value, thus leading the way in our chosen market segments. PERFORMANCE IN IRONMAKING Performance in Ironmaking is LKAB’s promise to customers. It means that we always put the customer at the centre and ensure quality, stability and delivery reliability throughout our value chain from mine to port. Through close, in-depth cooperation with our custom- ers we develop our products and help improve our customers’ processes. COMMITTED INNOVATIVE RESPONSIBLE The performance of our We emphasise creative We act for the long-term, customers is at the heart thinking to drive improve- show respect and put of everything we do. ments forward. safety first. This is a summary of the Swedish version of LKAB’s annual and sustainability report, which is available on lkab.com. The English version of LKAB’s annual and sustainability report will be published on April 25th, 2019. It will also be available at lkab.com. 2 LKAB ANNUAL AND SUSTAINABILITY REPORT 2018 IN BRIEF LKAB IN BRIEF 150,000 tonnes of iron ore are mined by LKAB 77% 82% every day of LKAB’s iron ore prod- of LKAB’s delivery LKAB’s ore deposits are largely mined ucts are exported to volumes consist of in underground mines more than a thousand metres below the surface, steelworks in Europe. iron ore pellets. making demands of both safety and efficiency. All the iron ore mined is then upgraded in our processing plants. Here the ore is sorted and concentrated before finally being pelletised and heated to become small round iron ore pellets. From the processing plants the iron ore products are transported by rail to the ports and shipped to customers in Europe, the Middle East, North Africa, the USA and Asia. 25.9 sales in SEK billion Three divisions Northern Division Comprises mines and processing plants in Kiruna. The products are transported along 4,188 the Malmbanan and Ofotbanen ore railway to the port in Narvik for shipment to steel­ headcount of the works customers around the world. LKAB Group Southern Division Comprises mines and processing plants in Malmberget and Svappavaara. The products are transported along the Malmbanan ore railway, mainly to the port in Luleå for ship­ ment to European steelworks customers. Special Products Division Develops and supplies products and ser­ vices including industrial minerals, drilling technology and full service solutions for Narvik the mining and construction industries. Svappavaara Kiruna Malmberget ARCTIC CIRCLE Ore Railway Luleå LKAB ANNUAL AND SUSTAINABILITY REPORT 2018 IN BRIEF 3 2018 OVERVIEW 2018 IN BRIEF NET SALES PRODUCED MSEK 25,892 26.9 Mt of iron ore products were produced by LKAB in 2018, OPERATING PROFIT compared with 27.2 Mt in 2017. MSEK 6,869 DELIVERED CASH FLOW FROM OPERATIONS 26.8 Mt of iron ore products were MSEK 3,126 delivered by LKAB in 2018, compared with 27.6 Mt in 2017. KEY RATIOS For management and follow-up the operations are split into three divisions: the Northern Division, the Southern Division and the Special Products Division. NET SALES AND OPERATING PROFIT FINANCIAL OVERVIEW, GROUP Net sales Net sales 2018 Operating profit 2018 2017 MSEK Net sales, SEK million 25,892 23,367 30,000 Underlying operating profit2, MSEK 8,975 7,148 25,000 Operating profit, MSEK 6,869 5,975 20,000 Operating margin, % 26.5 25.6 Profit for the year 5,274 4,803 15,000 Operating cash flow, MSEK 3,126 7,136 10,000 Return on equity, % 14.1 14.4 5,000 Net debt/equity ratio, % 9.2 -6.6 0 Capital expenditure on property, plant and equipment, MSEK 2,455 2,008 -5,000 Provisions for urban transformation at end of reporting period, MSEK 17,625 11,911 -10,000 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Dividend to owner3, MSEK 3,164 2,882 FINANCIAL OVERVIEW, DIVISIONS SALES BY PRODUCT NORTHERN SOUTHERN SPECIAL PRODUCTS DIVISION1 DIVISION1 DIVISION1 Percentage of sales (MSEK) 2018 2017 2018 2017 2018 2017 Net sales, SEK million 14,278 13,473 10,534 9,999 3,806 3,936 Underlying operating profit2, MSEK 6,016 5,241 2,991 2,746 330 417 Operating profit, MSEK 4,102 4,181 2,799 2,659 330 391 % PRODUCTION OF IRON ORE PRODUCTS, Mt DELIVERIES OF IRON ORE PRODUCTS, Mt 2018 2017 2016 2015 2014 2018 2017 2016 2015 2014 Northern Division1 15.0 14.8 14.3 12.6 – Northern Division1 15.2 15.2 14.3 12.4 – Southern Division1 11.9 12.4 12.6 11.9 – Southern Division1 11.6 12.4 12.7 11.8 – % Total 26.9 27.2 26.9 24.5 25.7 Total 26.8 27.6 27.0 24.2 26.0 Iron ore products .......................90 Of which pellets 23.9 24.6 24.0 22.2 23.2 Of which pellets 22.1 22.9 22.7 20.3 21.7 Industrial minerals...................... 8 Other................................................ 2 Of which fines 3.0 2.6 2.9 2.3 2.5 Of which fines 4.7 4.7 4.3 3.9 4.3 1 The Group’s earnings, the composition of the Group and the breakdown of earnings between operating segments are shown in Note 2 on pages 103–104, in the complete annual and sustainability report. With effect from 2018 a new model is being used for internal distribution of earnings between the Northern Division and the Southern Division. Figures for 2015–2017 have been restated according to the new split. 2 Underlying operating profit is reported in Note 46 on page 129, in the complete annual and sustainability report. 3 The dividend proposed by the Board of Directors will be put to the Annual General Meeting for approval on 25 April 2019. 4 LKAB ANNUAL AND SUSTAINABILITY REPORT 2018 IN BRIEF 2018 OVERVIEW KEY EVENTS DURING THE YEAR JANUARY–MARCH Fatal accident in Svappavaara. Just before 10.30 am on the morning of Friday Record production for a single quarter. 27 July a serious accident involving a fall LKAB gets off to a stable start in 2018 occurs in the pelletising plant in Svappa- with a continued increase in production vaara. The worker involved is transported volumes, reaching a new record level in to Umeå, but dies later as a result of her the first quarter. injuries. This is a serious failure for LKAB Green light for HYBRIT. SSAB, Vattenfall and work on our safety culture has the and LKAB are collaborating to develop highest priority. processes for fossil-free steelmaking. Historic building swap. In a ceremony on After completing a pilot study supported 28 August LKAB hands over Kiruna’s new by the Swedish Energy Agency, in February city hall, Kristallen (The Crystal), to the it is decided to take the initiative further Municipality of Kiruna. In return, the and construction of a unique pilot facility LKAB and the Municipality of Kiruna sign Municipality of Kiruna hands over the old begins in June. billion kronor agreement. The agreement city hall for phase-out. LKAB gains access on Mine City Park 3 is signed in June and to the land for continued mining. APRIL–JUNE secures long-term development, including Last blast at Gruvberget. On 9 April blasting more housing projects, while the Munici- ends at Gruvberget open-pit mine, which pality redesignates the present city centre has been mined since 2010. The deposit as an industrial area so that LKAB has has not been mined out, however. The crucial access to land for its continued question going forward is whether mining operations. it is financially viable and if so, how this Towards a new world standard for can most efficiently be done. sustainable mining. LKAB launches the The biggest construction venture in Sustainable Underground Mining (SUM) Kiruna’s history is presented. The ongoing initiative. In partnership with ABB, Epiroc, urban transformation means that LKAB Combitech and Volvo Group, the aim is to must build thousands of new homes and set a new world standard for sustainable commercial premises in Kiruna in the com- mining at great depths. Pelletising plant in Svappavaara ing years, and in April a press conference Collective environmental permit applica- is held to present the plans. New areas undergoes four months of repairs. During tion for Kiruna. During the summer what a scheduled maintenance shutdown it with completed local plans and ongoing may be Sweden’s largest environmental groundworks include Luossavaara with emerges that support structures under the permit application is submitted to the Land cooler at the pelletising plant in Svappa- 200 homes, Jägarskolan with 450 homes and Environment Court. At present there and the district in Kiruna’s new city centre. vaara need to be replaced earlier than are separate permits for Kiruna’s mine and planned. LKAB announces that the pelletis- LKAB is named as a Career Company in processing plants, with the mine having ing plant in Svappavaara is being taken out 2018. For the sixth consecutive year LKAB been approved under older environmental of operation until January 2019.
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