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Boliden Annual Report 2017 Worldreginfo - Bd894b10-00E7-4Cc2-B543-404324Ef8904 Introduction Market Operations Corporate Governance Financial Reports

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Boliden Annual Report 2017 Worldreginfo - Bd894b10-00E7-4Cc2-B543-404324Ef8904 Introduction Market Operations Corporate Governance Financial Reports METALS FOR LONG-TERM VALUE CREATION 2017 ANNUAL REPORT WorldReginfo - bd894b10-00e7-4cc2-b543-404324ef8904 THE YEAR IN BRIEF The year in brief Contents Highlights Introduction The year in brief B Mines Smelters President’s statement 2 Investments in growth at Aitik and The expansion of Odda was completed Metals in society 4 ongoing success at Garpenberg. The and work continued on the sustainable About Boliden 6 Kevitsa mine has also been fully inte- repository solution at Rönnskär. Continued Strategy 8 grated. Find out more on page 28. focus on increased process stability. Find Target fulfilment 10 out more on page 34. Value creation 12 Market Market trends 14 Income model 16 Market position 18 Competitiveness 19 Price trends 20 Operations 18 % The Group’s performance 24 Boliden’s Mines and Smelters 27 increase in share Business Area Mines 28 price during Business Area Smelters 34 the year. Sustainable development 40 Responsible business 42 Human rights 44 Purchasing 45 Employees 46 Environment 49 Society 53 The Boliden share 54 Risk management 56 Corporate governance Boliden – long-term value creation Corporate Governance Report 60 Boliden produces metals that make modern society work. Operations are characterised The Board of Directors 66 by concern for people, the environment and society, and Boliden is one of the best com- The Group management 68 panies in the world when it comes to sustainable mining and metal production. Boliden Internal Control Report 69 also enjoys a leading position in metal recycling. The combination of in-depth experience and development of best available technology means that its mines and smelters are Financial reports well-positioned to handle global competition. The Group 70 The Parent Company 75 Notes to the accounts 76 Proposed allocation of profits 101 Audit report 102 Mineral Reserves & Mineral About Boliden’s Annual Report Resources 106 Ten-year overviews 111 The Annual Report describes Boliden’s financial performance and sustainability work. The Directors’ Report comprises pages 10 – 13, 24 – 53, and 56 – 69. Boliden’s Sustainability Definitions and industry concepts 118 Report, which is required under the provisions of chapt. 6, section 11 of the Swedish Annual Annual General Meeting 120 Accounts Act, is presented on pages 10 – 13 and 40 – 53. Addresses 121 The provided sustainability information applies to issues of importance to Boliden. B | Boliden Annual Report 2017 WorldReginfo - bd894b10-00e7-4cc2-b543-404324ef8904 Introduction Market Operations Corporate governance Financial reports THE YEAR IN BRIEF Responsible business Employees Environmental Boliden’s raw material chain for gold com- A comprehensive technology shift is responsibility plies with a number of ethical criteria and currently taking place within Boliden, Sweden’s most comprehensive eco- with stringent transparency requirements generating the potential to work with logical compensation project ensures and Boliden is, consequently, an LBMA innovation and technological develop- biological diversity as Aitik expands. recommended gold producer. Find out ment. Find out more on page 46. Find out more on page 52. more on page 42. 5,684 employees in Sweden, Finland, Norway and Ireland. The year in brief Key data 2017 2016 • Operating profit, excluding revaluation of process inventory, increased to SEK 8,913 m due to increases in production and Revenues, SEK m 49,531 40,316 improvements in market terms, primarily in the form of higher Operating profit, excl. revaluation of process inventory, SEK m 8,913 5,094 metal prices. Operating profit, SEK m 9,015 5,682 • Free cash flow totalled SEK 7,309 m (–2,801). The year on year Earnings per share, SEK 25.06 15.49 increase was due to the improvement in profits. Free cash flow, SEK m 7,309 –2,801 • Boliden’s share price rose by 18 % during the year and conse- Investments, SEK m 5,588 4,127 quently outperformed the Stockholm Stock Exchange. Return on capital employed, % 21 15 Return on equity, % 22 16 Net debt/equity ratio, % 11 32 Dividend per share, SEK 8.25 5.25 Redemption per share, SEK 5.75 – Accidents (LTI frequency) 6.3 7.9 Sick leave, % 4.5 4.4 Metals to water, tonnes (Me-eq) 9 13 Metals to air, tonnes (Me-eq) 109 100 Carbon dioxide intensity, tonnes/tonne 0.69 0.731) Sulphur dioxide emissions, ktonnes 7.4 7.1 Number of serious environmental incidents 1 2 1) Last year’s intensity has been corrected from 0.69 to 0.73 due to incorrect source data. Boliden Annual Report 2017 | 1 WorldReginfo - bd894b10-00e7-4cc2-b543-404324ef8904 PRESIDENT’S STATEMENT Societal development creates new needs The most important component of Boliden’s strategy is ensuring that all units maximise the value of existing operations in a highly responsible manner. When added together, multiple small improvements generate real value. The need for the metals Boliden produces is also increasing. Societal development has always gone hand in hand with the extraction and use of metals. Industrialisation promoted some metals, urbanisation boosted others, and the information society is demanding yet others, and more of them. Scandinavia enjoys good geological preconditions for metal production, and our renewable energy production is also valuable in the context of our energy-intensive operations. New energy systems in which a growing share of electricity production is only possible when the wind blows or the sun is up mean that large amounts of copper are required as a result of the need to build in substantial amounts of over-capacity. Electricity requirements are also becoming more varied: rapid recharging of electric cars, for example, requires high power for short periods of time. Battery operation development is also proceeding apace in a number of areas as part of this changeover in usage and the need for batteries and bat- tery metals – metals that Boliden extracts – is increasing. and short transport routes. Expansions to prioritise environmental investments What does sustainable mean? in Boliden’s production mean reductions that will improve the direction of resources Sweden’s ambition is to be climate neutral, in the production of other mines and to the areas that will yield the optimum and Boliden sees three areas in which our smelters with higher carbon dioxide emis- environmental benefit per krona invested. industry-leading technology and small sions. Which means the best way Boliden Boliden contributes substantially to the amounts of carbon dioxide per kilo of can help reduce global emissions is by establishment of a sustainable society, over metal produced in comparison with the expanding. and above its activities in the environmen- competition, can play a significant role in Boliden has adopted a policy of sharing tal and climate control sphere. The health meeting global challenges in this respect. its own environmental technology with its and safety work in our workplaces is a Paradoxically enough, the biggest competitors to enable them to introduce top priority for us and our goal is to have contribution Boliden can make to the environmentally beneficial measures accident-free operations. The number of reducing global carbon dioxide emissions that we have developed in partnership with accidents at our installations fell during the is to expand production! The majority of our suppliers. In this way, Boliden can help year, but the gold standard in our industry the world’s metals come from mines and bring about environmental improvements is higher, and we are consequently imple- smelters that are more energy-intensive in other mines and smelters, too. menting extensive training programmes than ours and which are run using elec- Continuous development of the envi- and investing heavily to progress our work tricity generated from coal. Boliden uses ronmental performance of our own facil- in this area. fossil-free electricity in its energy-saving ities is, of course, the basis of our environ- Every employee generates, on average, processes and has efficient logistics systems mental work. We work with new models four additional job opportunities and 2 | Boliden Annual Report 2017 WorldReginfo - bd894b10-00e7-4cc2-b543-404324ef8904 Introduction Market Operations Corporate governance Financial reports PRESIDENT’S STATEMENT substantial tax revenues. Our operations metals from the raw materials and to con- development, with the most important are often based in sparsely populated centrate waste into small volumes that can improvement involving the personnel and areas where Boliden provides stable be deposited in advanced storages. organisational work carried out under employment, infrastructure and societal Planning and expansion projects are the banner of the “New Boliden Way”. functions. Perhaps the most important based on the latest technology and are Through training and everyday rationalisa- factors for success in terms of our social carried out by experienced project teams. tions, and in the firm belief that numerous responsibility are stable operations, safe Our reliance on internal resources for small improvements often create more jobs, a good return for our shareholders, both technology development and project value than a few large ones, we have made and stability in the communities in which management have proven to be an impor- improvements across the board. we operate. tant factor for success. The acquisition of The competitiveness of most of our new operations is very expensive and the units is now good, the lifespans of Digitisation, delegation and produc- associated risks are relatively high, and Boliden’s mines have been extended, and tivity Boliden has consequently built a detailed production has increased. Our smelters’ Many companies in our capital-intensive model for evaluating acquisition possibil- margins have been strengthened through industry are run from the top down. Bolid- ities: buying is easy but creating value is a focus on material mix and process en, by contrast, has structures that delegate hard. Our most recent acquisition was the improvements, and our shareholders have responsibility all the way down through the Kevitsa nickel mine in Finland, which was also seen a favourable trend, with a total organisation.
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