Annual and Sustainability Report

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Annual and Sustainability Report 2017 ANNUAL AND SUSTAINABILITY REPORT PERFORMANCE IN IRONMAKING CONTENTS THE YEAR IN BRIEF 2 PRESIDENT’S REPORT 4 Our business requires a long- OUR BUSINESS 8 term approach and collaboration GLOBAL CONTEXT 10 at many different levels. STRATEGY 12 8 OBJECTIVES 14 PRODUCTS AND MARKETS 16 OPERATIONS AND IMPACT 22 Exploration 24–25 LKAB has begun working to Mining 26–29 Processing 30–33 secure sustainable mining Transport 34–35 operations even after 2030. Suppliers 36–37 12 Employees 38–41 Social responsibility 42–45 Environmental responsibility 46–49 RISKS AND RISK MANAGEMENT 50 LKAB has a niche position thanks to GOVERNANCE AND CONTROL 55 its geology, cutting-edge technology Corporate Governance Report 56–63 and partnership with customers. Board of Directors 64–65 16 Group management 66 Auditor’s statement on the Corporate Governance Report 67 Materiality analysis 68 GRI index 69–70 Auditor’s limited assurance report on the Sustainability Report 71 Our culture is characterized Group overview 72–74 by safety, inclusion and good FINANCIAL RESULTS 75 development opportunities. Financial statements 76–84 38 Notes 85–117 Affirmation by the Board 118 Auditor’s report 119–121 Mineral reserves and mineral resources 122–125 Operating profit increased to Ten year overview 126 MSEK 6,024 and operating cash OTHER INFORMATION 127 flow improved by MSEK 9,898. Terms and definitions 127 Annual General Meeting and financial information 128 76 Addresses lkab.com GRI appendix lkab.com Administration report, whole section, pages 2–3, 8–9, 14–15, 36–54 and 72–74. Administration report, parts of the section, pages 17 and 20–21. LKAB's annual and sustainability report is published in both Swedish and English. In the event of discrepancies, the Swedish version is valid. ABOUT LKAB’S ANNUAL AND SUSTAINABILITY REPORT 2017 The Board of Directors and the President hereby submit the 2017 Annual and Sustainability Report for Luossavaara-Kiirunavaara AB (publ), corporate identity number 556001-5835. LKAB is a limited liability company that is wholly owned by the Swedish state. The Annual Report is integrated – meaning that the description of operations, including our sustainability work, is reported together with the administration report and financial statements that make up the statutory part of the Annual Report. A Sustainability Report has been prepared as part of the administration report, in accordance with Chapter 6 Section 10 of the Swedish Annual Accounts Act, and can be found on pages 8–9, 14–15 and 36–49. In accordance with the state’s ownership policy and guidelines for state-owned companies, LKAB’s Sustainability Report has been prepared as per the Global Reporting Initiative (GRI) guidelines. The Sustainability Report as a whole comprises the pages referred to in the GRI index on pages 69–70, which have been reviewed by the auditor. On pages 56–63 LKAB presents a Corporate Governance Report in accordance with the state’s ownership policy. In accordance with Chapter 6 Section 8 of the Swedish Annual Accounts Act, the report is a separate document to the statutory Annual Report. LKAB IN BRIEF EUROPE 1890 LKAB is the EU’s largest iron ore LKAB is one of Sweden’s oldest producer and mines around 80 percent industrial companies and has of all iron ore within the EU customer relationships dating back more than a century 83% LKAB is the world’s second-largest SEK 23 .5 bn producer2 in the seaborne LKAB’s net sales during 2017 Iron ore pellets account for 83 percent of LKAB’s deliveries of iron ore pellet market 4,118 100% LKAB is wholly owned by the Swedish state total number of employees LKAB’s mines and processing plants are located in the orefields of northern Sweden – in Kiruna, Malmberget and Svappavaara. The iron ore products are transported along the Ore Railway to the ports of Narvik and Luleå for shipment to customers around the world. Narvik Svappavaara Kiruna Malmberget ARCTIC CIRCLE Ore Railway Luleå LKAB IS ORGANIZED INTO THREE DIVISIONS NORTHERN DIVISION SOUTHERN DIVISION SPECIAL PRODUCTS DIVISION Mine, processing and Mine, processing and Develops and markets industrial support functions in Kiruna support functions in minerals, drilling technology and Malmberget and Svappavaara full service solutions for the mining and construction industries LKAB ANNUAL AND SUSTAINABILITY REPORT 2017 1 THE YEAR IN BRIEF THE YEAR IN BRIEF PROFIT/LOSS FOR THE YEAR NET SALES AND OPERATING PROFIT/LOSS Operating profit improved by MSEK 7,701 com- pared with the previous year. The improvement MSEK is mainly due to higher market prices for highly 30,000 upgraded iron ore products and a better result 25,000 from price and currency hedging. Lower impair- 20,000 MSEK 23,492 ment losses for property, plant and equipment Net sales and lower costs of provisions for the urban trans- 15,000 formations also had a positive effect on profits. MSEK 7,197 10,000 Underlying operating profit The global spot markets for iron ore traded at relatively good price levels during the year, 5,000 MSEK 6,024 Operating profit/loss and the pellet premium relative to the spot 0 Net sales 2017 price was strengthened further. The majority -5,000 of LKAB’s iron ore deliveries – 83 percent – Net sales -10,000 Operating profit/loss consisted of iron ore pellets. 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 EVENTS DURING THE YEAR The spot price when trading iron ore reached LKAB sold substantial parts of the machinery its highest level since the autumn of 2014 as fleet associated with the open-pit mine in Q1 the price reached an average of USD 86/tonne Q3 Mertainen, since Mertainen is still not expected during the quarter. to be taken into production during the coming five-year period. LKAB’s iron ore pellets were certified for the limited carbon footprint the products leave The first sections of the clocktower from behind. Kiruna city hall were dismantled in order to be reassembled in Kiruna’s new city centre. LKAB became the first industrial company The first section was lifted down by crane in the world to introduce an interactive and weighed around 30 tonnes. safety programme that includes training and certification. The average level of the global spot price for iron ore was USD 71/tonne for the quarter, LKAB made large property acquisitions, both compared with USD 59/tonne in the same in Kiruna and in Malmberget, as part of its period last year. work to secure access to land for mining. LKAB Minerals signed a contract to supply The average global spot price for iron ore 1.3 million tonnes of the iron ore product products for the fourth quarter was USD 66/ Q2 MagnaDense to Wasco Coatings Europe GmbH. Q4 tonne. At the end of the quarter and the year the spot price was USD 74/tonne. SSAB, LKAB and Vattenfall formed a joint venture company to continue driving the The results of LKAB’s annual survey showed HYBRIT initiative. The three companies will that around 80 percent of residents in Kiruna each own a third of the company, which and Gällivare have fairly great or very great will work to find a steelmaking process with confidence in LKAB’s ability to shoulder its zero carbon emissions. responsibility for the urban transformations. The first of a total of eight heritage buildings LKAB won the Sustainability Award at the in Kiruna are moved to their new locations. Luleå Business Awards. The award is given The first to be moved is the building known to the company or business that among other as Arbetarbostaden B5. things works strategically on sustainability and that demonstrates an ability to actually implement this. 2 LKAB ANNUAL AND SUSTAINABILITY REPORT 2017 THE YEAR IN BRIEF SALES BY SALES BY PRODUCED PRODUCT AREA DIVISION 27.2 Mt of iron ore products were % % produced by LKAB in 2017, compared with 26.9 Mt in 2016 DELIVERED PERCENTAGE OF THE GROUP’S SALES PERCENTAGE OF SALES (MSEK) (MSEK) % % Blast furnace pellets ................55 Northern Division .......................54 27.6 Mt DR pellets ......................................26 Southern Division ........................35 Special products ........................11 Special Products Division........11 of iron ore products were Fines ................................................8 delivered by LKAB in 2017, compared with 27.0 Mt in 2016 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. PRODUCTION AND PRODUCTIVITY FINANCIAL OVERVIEW, GROUP Production Production 2017 2017 2016 Productivity, tonnes/average number of employees Net sales, MSEK 23,492 16,343 Mt/year Tonnes/average number of employees 3 Underlying operating profit , MSEK 7,197 1,621 30 8,000 Operating profit/loss, MSEK 6,024 -1,677 7,000 25 Operating margin, % 25.6 neg 6,000 20 Profit/loss for the year 4,803 -978 5,000 Operating cash flow, MSEK 7,136 -2,762 15 4,000 Return on equity, % 14.4% neg 3,000 10 Net debt/equity ratio, % -6.6 20.7 2,000 5 Capital expenditure on property, plant and equipment, MSEK 2,008 3,341 1,000 0 0 Provisions for urban transformation at end of reporting period, MSEK 11,911 13,062 2013 2014 2015 2016 2017 FINANCIAL OVERVIEW, DIVISIONS PRODUCTION OF IRON ORE PRODUCTS, Mt NORTHERN SOUTHERN SPECIAL PRODUCTS 2017 2016 2015 2014 2013 DIVISION2 DIVISION2 DIVISION2 Northern Division1 16.0 15.2 13.8 - - 2017 2016 2017 2016 2017 2016 Southern Division1 11.2 11.7 10.7 - - Net sales, MSEK 13,672 10,376 8,837 7,162 3,936 3,364 Total 27.2 26.9 24.5 25.7 25.3 Underlying operating profit3, MSEK 5,253 2,891 2,733 1,293 417 351 Of
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