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View Annual Report ANNUAL REPORT 2001 Boliden AB, Kanalvägen 18, InfraCity, Box 5001, SE-194 05 Upplands Väsby,1 Sweden. Tel. +46 8 610 15 00, Fax. +46 8 31 55 45, www.boliden.ca 2 Contents Information 4 Year in summary 5 Message from the President and CEO 6 – 7 Boliden today and in the future 8 – 9 Mining operations 10 – 13 Smelter operations 14 – 17 Fabrication 18 – 21 Technology sales 22 – 23 Exploration and development 24 – 25 Ore reserves and mineral resources 26 – 27 Boliden metals 28 – 30 The metals market 31 – 33 Financial risk management 34 – 35 Boliden personnel 36 – 37 Environment, health and safety 38 – 41 The Boliden share 42 – 43 Report of the Board of Directors 44 – 47 Consolidated Income Statement 48 Consolidated Balance Sheet 49 – 50 Consolidated Statements of Cash Flow 51 Income Statement – Parent Company 52 Balance Sheet – Parent Company 52 Statement of Cash Flow – Parent Company 53 Accounting principles 54 – 57 Notes 58 – 70 Auditors’ Report 71 Five year overview 72 – 75 Boliden Board of Directors and Auditors 76 Boliden Group Management 77 Glossary 78 – 79 Definitions 79 Addresses 80 – 81 Boliden’s history 82 3 4 Information Year in summary Information concerning the annual general Nominee shareholders February Boliden sells its 50 per cent holding in the October Laisvall mine in Sweden closed following meeting of shareholders Shareholders with shares registered in the name of an Norzink smelter in Norway to Finland’s Outokumpu Oyj. depletion of ore reserves. The annual general meeting of shareholders will com- authorized trustee must register their shares in their mence at 3 p.m. on 29th April 2002 in the Expolaris own names temporarily via VPC AB in good time May Boliden management reaches decision on new November Decision reached in extraordinary general Kongresscenter in Skellefteå, Sweden. before Friday 19th April 2002. share issues to refinance and restructure the company. meeting of shareholders of Boliden Limited to move Boliden head office from Canada to Sweden. Attendance Financial information during 2002 June Boliden sells the Chilean copper deposit, Lomas Shareholders wishing to attend the meeting should 29th April Interim report, January-March, 2002 Bayas. December Boliden AB becomes new parent company be entered in the share register kept by the [Swedish] 14th August Interim report, January-June, 2002 of the group in conjunction with move back to Sweden. Securities Register Centre, VPC AB by Friday 19th 22nd October Interim report, January-September, 2002 August Jan Johansson is appointed Managing Director. Boliden share listed on Stockholm Stock Exchange April 2002 at the latest and should also apply by Fully subscribed new share issues generate SEK 2.6 O-list, with secondary listing on Toronto Stock 4 p.m. on Tuesday 23rd April 2002 at the latest. Complete particulars, financial and other information billion for Boliden and put new financing in place. Exchange, Canada. Applications can be made by post to Boliden AB, about Boliden in English and Swedish can be found Boliden’s new hedging program implemented after the Temporary production stoppage at Canadian mine, Koncernstab Juridik, Box 5001, SE-194 05 Upplands on the company homepage at www.boliden.se old one is terminated. Myra Falls. Väsby, Sweden, by telephone +46 8 507 126 16 Boliden reaches agreement with local government between 9 a.m. and 4 p.m., by fax. +46 8 507 126 30 The material can also be ordered from Boliden AB, September New board of directors chosen. Production and personnel regarding procedure for closure of Spanish or via the Boliden homepage at www.boliden.se Box 5001, SE-194 05 Upplands Väsby, Sweden ceases at the Spanish mine, Los Frailes. Value of Cana- mine, Los Frailes. (tel. +46 8 610 15 00; fax. +46 8 31 55 45). dian mine, Myra Falls, written down by MSEK 1 159. Key data (SEK million unless stated otherwise) 2001 2000 2001 2000 Turnover 10 250 9 825 Return on capital employed, % -12.8 -53.8 Operating result -949 -4 932 Equity ratio, times 22.6 0.6 Items affecting comparability (IAC) -724 -4 835 Earnings per share (SEK) -26.08 -55.19 Operating result excl. IAC -225 -97 Earnings per share excl. IAC (SEK) -17.64 1.16 Net result for year -2 237 -4 737 Equity per share (SEK) 29.45 0.91 Investments 665 1 429 Dividend per share (SEK) - - Capital employed 7 039 7 772 Market value 3 733 1 844 1) Net debt -4 803 -8 358 Average number of employees 3 749 4 584 1) Apply to Boliden Limited. 4 5 Message from the President and CEO From mining company to metal producing company office employees, for instance, has been more than Falling metal prices in recent years were exacerbated halved – and productivity has gone up. This process during the year by lower economic growth in the Never forget the future when enduring difficulties in the will continue during 2002, although one of the great- world, which led to reduced demand for base metals. present’ is one of the important lessons Boliden has learned est challenges will be to maintain production at a high At the same time, total production continued to from the turbulence of the past few years. It is also an and consistent level. Even though a large part of the increase, adding to stockpiles on the world market. important reason why the Boliden that has now returned business is now based in Sweden, including the head However, the weakness of the Swedish krona gave to Sweden with new financing and a sharper focus on the office, Boliden is and will remain an international the company a significant competitive edge compared Swedish operations chooses to move its positions forward organization with the global markets as its arena. with many other companies with similar operations in the processing chain. Indeed, the greater part of Boliden’s around the world. During the second half of 2001, revenues today come from the smelting sector. Disposal of mines in Chile and Spain several mining companies took the initiative to cut In July, the Chilean copper project Lomas Bayas was production and postpone new mining projects. It is Back to our roots – but with certain important changes. sold, and in September production ceased at the predicted that this will lead to a recovery in metal prices. The new Boliden has a great deal in common with Spanish mine, Los Frailes. the company that moved to Canada in 1997. Mines in At the Myra Falls mine in Canada production was Future Sweden continue to constitute a stable base in the halted temporarily in December 2001 and resumed in In spite of the historically low metal prices we have operations. An important difference, however, is that March 2002. At the same time, the Swedish mining seen in 2001, it is expected that Boliden should be the recycled proportion of material supply to smelting operations performed well in spite of lower production future expansion of Rönnskär, which could lead to the able to report positive results for 2002. The two new operations is increasing – and that the company’s at the Aitik mine, and the closure of the mine at Lais- profitability of the plant being further improved. The share issues last summer raised a total of SEK 2.6 focus is being moved forward in the processing chain, vall following the depletion of ore reserves. new Boliden will therefore grow by moving its posi- billion for Boliden, which gave the company a better where margins are higher and sensitivity to metal tion forward in the processing chain. In the short financial base and created the preconditions for creat- price fluctuations is lower. Already today, the larger Production record at Rönnskär term, this will be achieved primarily through organic ing a new future for the company. part of Boliden’s turnover – 58 per cent in 2001 – Expansion of the Rönnskär smelter, which was com- growth, as well as different forms of co-operation. In I see Boliden as a company rich in tradition, with come from the smelting sector. In addition, Boliden is pleted in 2000, has enabled production to be increased the longer term, when finances permit, growth will great possibilities. We have essentially sound opera- developing into one of the leading players in the by 70 per cent while at the same time the production also be pursued through acquisitions. tions supported by staff with genuine experience and European market for copper tubing, a position rein- cost per tonne has been considerably reduced. While competence. forced by the acquisition of a Dutch copper-tube certain final adjustments remain to be made in order Historically low metal prices As the newly appointed President and CEO of manufacturer in the beginning of 2002. At the same to achieve and maintain a stable level of production, Boliden reports an operating result of MSEK –949 for Boliden, I look forward to the challenge of making time, technology sales are developing well. Rönnskär has developed positively during the year, as 2001, compared with MSEK –4 932 the previous year. the company successful again. has the smelter at Bergsöe. For the year as a whole, The result includes items affecting comparability Sweeping reconstruction work Rönnskär reported record production of both copper from the ongoing restructuring of the company. Upplands Väsby, March 2002 Moving back to Sweden, refinancing and increased and gold. Gold and other precious metals – silver, The underlying results were influenced positively focus on operations. During the past year, a radical platinum and palladium – are becoming increasingly during the year by the increase in production at the reconstruction of Boliden began with the aim of important sources of revenue for Boliden.
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