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Boliden Annual and Sustainability Report 2018

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Boliden Annual and Sustainability Report 2018 METALS FOR A SUSTAINABLE SOCIETY Te Zn Ag Cu 2018 Annual and Sustainability Report WorldReginfo - 831ec5f5-9168-49be-b471-c921c486af79 THE YEAR IN BRIEF The year in brief Contents Introduction The year in brief B Boliden – metals for a sustainable society President’s statement 2 Metals in society 4 Boliden produces metals that make modern society work. The operations are character- About Boliden 6 ised by care for people, the environment, and society. Boliden enjoys a leading position in Strategy 8 both sustainable mining and metal production and metals recycling. The combination of Target fulfilment 10 in-depth experience and the development of best available technology ensures that our Value creation 12 mines and smelters are well-positioned to take on the global competition. Market Market trends 14 Price trends 16 Income model 20 Market position 22 Competitiveness 23 Operations Boliden’s Mines and Smelters 24 Business Area Mines 26 Business Area Smelters 30 Sustainable development 34 Responsible business 38 Employees 40 Environment 42 Human rights 44 Purchasing 45 Society 47 The Boliden Group’s performance 48 The Boliden share 54 Risk management 56 Corporate governance Corporate Governance Report 60 The Board of Directors 66 The Group management 68 Internal Control Report 69 Financial reports The Group 71 The Parent Company 75 Notes to the accounts 76 Proposed allocation of profits 101 Audit report 102 Mineral Resources and Mineral Reserves 106 Ten-year overviews 111 Definitions and industry concepts 118 Annual General Meeting 120 Addresses 121 B | Boliden Annual and Sustainability Report 2018 WorldReginfo - 831ec5f5-9168-49be-b471-c921c486af79 Introduction Market Operations Corporate governance Financial reports THE YEAR IN BRIEF The year in brief • The operating profit, excluding revaluation of process Key data 2018 2017 inventory, increased to SEK 9,074 m (8,913) due to higher Revenues, SEK m 52,454 49,531 volumes and metal prices Operating profit, ex. revaluation of process inventory, SEK m 9,074 8,913 • Free cash flow totalled SEK 5,692 m (7,309). The year on Operating profit, SEK m 9,004 9,015 year decrease was primarily due to increased investments. Earnings per share, SEK 26.32 25.06 • Large-scale projects during the year included the new Free cash flow, SEK m 5,692 7,309 sulphuric acid plant at Harjavalta and the new crusher Investments, SEK m 6,140 5,588 station at Aitik. Return on capital employed, % 20 21 • An ordinary dividend of SEK 2,256 m (SEK 8.25/share) Return on equity, % 19 22 was paid in 2018, together with an extra dividend of SEK Net debt/equity ratio, % 5 11 1,573 m (SEK 5.75/share) through an automatic redemp- 1) Dividend per share , SEK 8.75 8.25 tion procedure. Redemption per share1), SEK 4.25 5.75 • On 1 June, Mikael Staffas took over as the new President Accidents (LTI frequency) 5.1 6.3 & CEO. Metals to water, tonnes (Me-eq) 8 9 Metals to air, tonnes (Me-eq) 92 109 Carbon dioxide intensity, tonnes/tonne 0.64 0.69 About Boliden’s Annual and Sustainability Report Number of serious environmental incidents 0 1 The Annual and Sustainability Report describes Boliden’s financial performance and sustainability work. The Directors’ Report comprises 1) The figures for 2018 comprise proposed dividend and share redemption pages 10 – 13, 24 – 53 and 56 – 69. Boliden’s Sustainability Report, which amounts, respectively. is required under the provisions of chapt. 6, section 11 of the Swedish Annual Accounts Act, is presented on pages 10 – 13, 34 – 47 and 56 – 57. Truck fleet at Boliden Kevitsa.The combination of the mine’s expansion and an increased per- centage of in-house transportation necessitated the expansion of the truck fleet. Boliden Annual and Sustainability Report 2018 | 1 WorldReginfo - 831ec5f5-9168-49be-b471-c921c486af79 PRESIDENT’S STATEMENT A strong year for Boliden High levels of production stability, investments in growth, and improved operational safety are just some of the high points for 2018. The importance of metals in addressing climate change has also become increasingly obvious. A world of metals underground mines. One of the chal- ceeding apace, and we are also investing Metals have played a key part in societal lenges facing our smelters is to increase in new tailings ponds at Tara and in the development for a long time now. They resource utilisation, thereby increasing Boliden Area, in order to ensure an exten- have been – and continue to be – critical revenues, while at the same time reducing sion to the lifespan of existing operations. within a large number of fields. Metal the amounts of waste generated. We are On the smelters side of our operations, we usage continues to grow, partly as a result therefore continuously developing our have recently expanded zinc production of global population growth and partly capacity to extract more metal from the at Odda and a comprehensive programme because more and more people can afford raw materials, most recently illustrated by of expansion and renewal is taking place to buy goods and services that depend on our decision to invest in a new leaching at both Rönnskär and Harjavalta. Aitik’s metals. facility at Rönnskär. We are convinced that new crusher came on line during the year, There is also a growing demand for more the challenges in both areas can be met and the same was true for parts of the new metals to meet new societal challenges, over time and that Boliden as a responsible sulphuric acid plant at Harjavalta – both such as climate change. This most urgent company with a long-term perspective will important milestones ahead of our im- of issues requires a wide range of responses, continue to contribute towards finding, pending increases in production. most of which entail producing more en- amongst other, environmental and climate Stable processes within the compa- ergy, in the future, without the use of fossil solutions. ny, coupled with the experience and fuels. This, in turn, means that more metal expertise we possess, mean that we have is required, for example in conjunction Operational development every confidence with regard to our with transport electrification. Boliden is in the midst of a massive invest- current investments. The respective units’ ment programme that affects large parts of competitiveness will be strengthened as Boliden’s position the Group. The expansion of production new facilities become operational in the As one of Europe’s biggest producers of at Aitik, Garpenberg and Kevitsa is pro- year ahead. Our long-term planning – in the majority of metals, Boliden is well- positioned to help limit Europe’s heavy dependence on imports and to improve the sustainability element of metals’ value chain. We have in-depth experience of mine development, operation and reclamation and have, over time, built up experience in metal recycling. Our broad portfolio of metals ensures increased stabil- ity when prices fluctuate. We also actively attempt to identify new deposits of various metals that will be important in the future. Naturally, our operations face some challenges. Transports at our mines must become increasingly electrified, so we are delighted that a pilot project with this specific objective is now in progress at Aitik and that similar technological development work is taking place in our 2 | Boliden Annual and Sustainability Report 2018 WorldReginfo - 831ec5f5-9168-49be-b471-c921c486af79 Introduction Market Operations Corporate governance Financial reports PRESIDENT’S STATEMENT common with that of many other com- noted. Drifts have been cut at Tara and panies – has, however, identified securing Kristineberg in order to establish better tomorrow’s talent pool as a challenge I hope you feel the drilling positions for new mineralisations. we must face. The popular image of the same pride as I do mining and metals sector is now chang- Societal benefits and competitiveness ing, but we must continue recruiting and in our fantastic It starts with exploration successes and is developing cutting edge expertise in a operations. fulfilled through production stability and number of areas. We will, of course, also carefully selected investments. At the same continue working with a range of differ- time, increasing production at our mines ent suppliers on the joint development of and smelters helps Europe to meet existing new solutions. challenges in relation to raw materials sup- not content with that, we want it to come ply in a world that is demanding more and Trends during the year down more. It is also worth noting that more metals. Several of our metals have, 2018 began with high prices for metals, two thirds of the automation initiatives we furthermore, been identified as being of but these fell over the course of the year. take relate to improvements in both safety special strategic interest for the continent 2018 as a whole was, however, a strong and the work environment. And coming as a whole. 2018 was a strong year for year for Boliden, with prices that were, on back to the above-mentioned talent pool Boliden, and we are well-positioned for the average, good, and stable production. Fur- challenge, this development will also help future. I would like to take this opportuni- thermore, grades at Boliden’s larger mines raise awareness of our operations and ty to thank all of my Boliden colleagues for remained above the ore base average over thereby, in turn, enhance our ability to the long-term responsibility and personal the course of the year. These effects yielded recruit the best of the best. commitment they have displayed during an operating profit of SEK nine billion. the year. I hope that you feel the same The fact that Boliden’s net debt/equity Mine-site exploration pride as I do in our fantastic operations.
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