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LKAB 2006 Annual Report

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LKAB 2006 Annual Report ANNUAL REPORT 2006 AN INTERNATIONAL HIGH-TECH MINERALS GROUP 2 PRESIDENT’S REPORT 30 HUMAN RESOURCES Comments on operations and the year-end fi nancial state- Competence development, management development, ments for 2006 by Group President and CEO Martin Ivert. absence due to illness, recruiting, diversity and equality. 4 SAFETY FIRST 33 ENVIRONMENT Safety efforts have top priority and are aimed at raising the Organization of environmental work, environmental im- level of awareness and commitment among all employ- pact, permits, trade in emissions rights, deformation and ees. alterations to the landscape, social impact and planning issues. 6 LKAB’s CLIMATE IMPACT On carbon dioxide emissions, the environmental advan- 40 ORE RESERVES AND MINERAL RESOURCES tages of LKAB’s products, and work to reduce climate Short-term and long-term objectives of prospecting work, impact. and access to iron ore for future exploitation. 8 ENERGY - A DECISIVE ISSUE FOR THE FUTURE 42 GROUP OVERVIEW With regard to costs, process technology and climate im- Summary and fi nancial highlights 1997-2006 pact, the energy issue is strategically important for LKAB. 9 MARKETS AND COMPETITION 43 CONTENTS FOR FINANCIAL REPORTING On global trade in iron ore, the market for industrial miner- als, and other Group operations. 44 REPORT OF THE DIRECTORS 12 VISION AND STRATEGIES 52 FINANCIAL REPORTS AND NOTES Overall Group strategies and strategic activities in the op- 100 PROPOSED DISPOSITION OF UNAPPROPRIATED erative divisions. EARNINGS 15 DIVISIONAL OPERATIONS 2006 101 AUDIT REPORT Market trends, production and results, and operating tar- gets and outlook for the respective divisions. 24 INVESTMENTS AND CONSTRUCTION PROJECTS 102 ORGANIZATION, LEGAL STRUCTURE Ongoing programs of capital expenditure to increase pro- 103 CORPORATE GOVERNANCE duction and improve logistics in the iron ore operation.. 108 BOARD OF DIRECTORS AND AUDITORS 26 RESEARCH AND DEVELOPMENT LKAB secures its position as a world-leading pellet manu- 110 GROUP MANAGEMENT facturer through research and development. 111 ORGANIZATION, OPERATIVE 28 POLICIES AND GUIDELINES 112 ADDRESSES The fundamental control documents for LKAB’s person- nel: Ethics Policy, Environmental and Energy Policy, Quality 113 FINANCIAL REPORTING 2007 Policy and Information Policy. Cover: A new pelletizing plant, MK3, in Malmberget, was operational in December 2006. LKAB in brief • Mission: LKAB’s mission is, based on the Swedish Orefi elds, to manufacture and deliver to the world market upgraded iron ore products and services that create added value for its customers. Other closely related products and services that are based on LKAB’s know-how and support the main business can also be included in the company’s operations. • Vision: LKAB will be perceived by the customers as the supplier that provides the most added value and is thereby the leader in its chosen market segments. • The main product is iron ore pellets for production of hot metal in blast furnaces and direct reduction processes. The product portfolio consists of about 30 industrial mineral products; mainly magnetite, olivine, mica and minerals with fl ame-retardant properties. • Today, the LKAB Group consists of about 30 companies in 15 countries. Operations are organized in divisions: – The Market Division sells iron ore products to the steel industry. – The Mining Division mines, upgrades and delivers iron ore products. – The Minerals Division develops, produces and markets industrial minerals. – The Special Businesses Division supports Group companies with services and technical development. • The Group has about 3,700 employees, of which more than 600 outside Sweden. • LKAB is wholly owned by the Swedish state, represented by the Ministry of Industry, Employment and Communications. Chairman of the Board: Björn Sprängare. President and Group CEO: Martin Ivert. 2006 in summary • Global production of crude steel and demand for iron • Operating income increased by 2%, amounting to ore continued to grow. LKAB’s total deliveries of iron ore MSEK 6 256 (6 109). Income has been affected positively products amounted to 23.3 (23.2) Mt. The share of pellets by increased prices and increased volume of pellets, but increased to 15.9 to 15.3 (15.3) Mt. negatively by higher production costs including costs for energy, material and services. • The market for industrial minerals was also characterized by strong growth. Restricted supply of magnetite products • Of investments in fi xed assets totaling nearly 5 billion meant that the Mineral’s Division’s deliveries were lower kronor, the new pelletizing plants in Malmberget and Ki- than the previous year and amounted to 0.7 (1.0) Mt. runa accounted for a greater share of disbursements. • The Group’s revenue increased by 2% to MSEK 14 615 • During the year, the olivine mine in Greenland came into (14 337), which is mainly attributable to a net increase in production, which means that LKAB is now self-suffi cient the price of iron ore and a greater share of pellet products. for the supply of olivine to its pelletizing operation. Deli- very of olivine to the steel industry has also commenced. LKAB worldwide Head offi ce Market Division Mining Division Minerals Division Special Businesses Division THE GROUP’S SALES OF INDUSTRIAL MINERALS LKAB’S EXPORTS OF IRON ORE PRODUCTS are mainly to customers in Europe, but Asia and the USA are mainly to northern Europe, North Africa and are growing markets. There are subsidiaries with processing the Middle East. There are iron ore mines, processing plants in Sweden, Finland, Greenland, the UK, the Nether- plants and ore harbors in northern Sweden lands, Greece, Turkey and China. The company has additional and northern Norway, and sales offi ces in Sweden, subsidiaries in Germany, the USA and Hong Kong, as well as Belgium, Germany and Singapore. representative offi ces in Slovakia and Thailand. • Production of fl ame retardant minerals in Turkey and mica • The average number of employees increased to 3 737 products in Finland has been expanded with new production (3 563). The number of recruitments was the highest in 30 lines. years, and the proportion of women employed in the Group continued to increase. However, attracting more women • In October, a new pelletizing plant in Malmberget was co-workers is still a big challenge. inaugurated. The came online in December and will produce 2,5 million tonnes of pellets in 2007. • Absence due to illness, both short-term and long-term, con- tinues to decline. However, the number of industrial accidents • Construction of concentrating and pelletizing plants in increased following the downward trend of recent years. Kiruna and of a new ore harbor in Narvik is under way. These Safety efforts have therefore been intensifi ed as part of a are expected to be operational in the second quarter of 2008 campaign to improve safety in the workplace and to raise the and the fi rst quarter of 2009, respectively. level of awareness and commitment among employees. • During the year, LKAB assumed full ownership of the • LKAB’s expansion of mining operations in the Orefi elds subsidiary Wassara, which develops and sells water-powered entails a successive expansion of deformation zones that will drilling systems. Wassara will now increase its marketing eventually have an impact on local planning. Together with efforts directed towards other mining companies and the concerned parties, LKAB is seeking to fi nd practical and eco- construction sector. nomically feasible local planning alternatives. NET SALES AND EARNINGS RETURN ON SHAREHOLDERS’ EQUITY % 15 000 Mkr 50 40 12 000 30 9 000 20 6 000 8,5% 10 3 000 0 0 -10 01 02 03 04 05 06 01 02 03 04 05 06 Net sales Operating income Return of equity (after tax) Targeted return on equity (after tax) Net sales and operating income improved by 2%, main- ly due to price increases and a greater share of pellet prod- The target for return on shareholders’ equity ucts. is 8,5% over a business cycle. SALES PER MARKET REGION GROUP SUMMARY Other 8% MSEK 2006 2005 2004 Net sales 14 615 14 337 8 988 Asia 18% Operating income 6 256 6 109 1 941 - operating margin, % 42,8 42,6 21,6 Income after fi nancial items 6 382 6 451 2 023 - profi t margin, % 43,7 45,0 22,5 Tax -1 785 -1 904 -456 Net income for the year 4 597 4 547 1 567 Fixed assets 14 341 9 798 6 746 Europe 74% Current assets 11 524 10 776 6 911 Shareholders’ equity 19 076 14 802 10 044 Both iron ore products and industrial minerals are sold mainly in Europe. Cash fl ow for the year 70 554 -176 Return on equity, % * 27,1 36,6 16,5 Equity/assets ratio, % 73,8 72,0 73,6 Capital expenditures 2 525 2 648 973 Avarage number of employees 3 737 3 563 3 482 * After tax President’s report 2006 was another very good year for the LKAB Group. The market for iron ore con- tinued to grow and the trend for other minerals was also positive. In combination with good production outcomes, this resulted in a greater operating income than the previous year, and return on shareholders’ equity was 27.1%. However, in one area we have not succeeded; reducing the number of accidents. Production and deliveries from the Mining Division reached program, initiated in the autumn, will continue during the 23.3 Mt, the same level as in 2005, but with a greater share spring of 2007. of pellets. Following the dramatic price increases over re- The driving force is, of course, also consideration for the cent years, 2006 saw a minor reduction in the price of pel- wellbeing of our employees; but we want to be able to at- lets, although an overall increase in net price, thanks to high- tract future employees.
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