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Boliden Annual Report, 2006 a World-Class Metals Partner Bo Lid

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Boliden Annual Report, 2006 a World-Class Metals Partner Bo Lid Bo li d e n A n nual Re p o r t , 20 06 Boliden Annual Report, 2006 A world-class metals partner Contents The President’s Statement 2 Metals Markets 5 Group Operations and Business Model 12 Goals and Goal Fulfi lment 16 Strategies 18 Sustainable Development 21 Business Area Mines 24 Business Area Smelters 32 Business Area Market 40 The Boliden Share 46 Directors’ Report 49 Consolidated Income Statements 54 Consolidated Balance Sheets 56 Changes in Shareholders’ Equity – the Group 58 Consolidated Statements of Cash Flow 59 Income Statements – Parent Company 60 Balance Sheets – Parent Company 60 Changes in Shareholders’ Equity – Parent Company 61 Statements of Cash Flow – Parent Company 61 Accounting Principles 62 Notes 66 Audit Report 82 Ore Reserves and Mineral Resources 83 Five-year Overview 86 Corporate Governance 90 Boliden’s Board of Directors 94 Boliden’s Group Management and Auditors 96 Glossary 98 Defi nitions 99 Boliden Locations 100 This is Boliden “With law shall the land be built, but you do need zinc and copper too”. Jan Johansson The President’s Statement, page 2 THE GROUP OPERATING PROFIT RETURN ON CAPITAL EMPLOYED EARNINGS PER SHARE SEK M PER CENT SEK 10,000 60 25 8,000 48 20 6,000 36 15 4,000 24 10 2,000 12 5 02 03 04 05 06 02 03 04 05 06 02 03 04 05 06 The Board decided to invest SEK 5.2 billion in doubling Aitik’s ore production. Find out more on page 31. THE YEAR IN BRIEF • Continued strong global metals market • Successful exploration boosted the ore reserves in all • Revenues rose by 72 per cent to SEK 35,213 million mining areas • The operating profi t increased by 178 per cent to SEK • A decision was taken to invest SEK 5.2 billion in doubling 8,522 million ore production at Aitik • Earnings per share before dilution improved by SEK 14.59 • A decision was taken to double investments in exploration to SEK 21.66 to approximately SEK 300 million in 2007 • The Board of Directors proposes an ordinary dividend • Metal price hedging for copper, lead, silver and gold was of SEK 4 (SEK 2) per share and a share redemption extended up to and including 2009 corresponding to SEK 12 per share This is Boliden MINES SMELTERS OPERATIONS OPERATING PROFIT* OPERATING PROFIT* Boliden is one of Europe’s leading suppliers SEK M SEK M of the base metals, zinc and copper. Other metals produced within the Group are lead, 6,000 6,000 gold and silver. Boliden’s integrated mining and smelting operations enable it to control 4,800 4,800 the entire chain – from exploration to fi nished 3,600 3,600 metal. 2,400 2,400 1,200 1,200 02 03 04 05 06 02 03 04 05 06 ZINC CONCENTRATE PRODUCTION* METAL PRODUCTION* Boliden is Europe’s second largest zinc supp- METAL CONTENT, TONNES TONNES lier. The bulk of the zinc concentrate from the mines is refi ned in the Group’s own smelters. 500,000 500,000 The fi nished zinc metal is mainly sold to the northern European steel industry. The main 400,000 400,000 end-users of zinc are the construction and 300,000 300,000 transport industries. 200,000 200,000 100,000 100,000 02 03 04 05 06 02 03 04 05 06 COPPER CONCENTRATE PRODUCTION* METAL PRODUCTION* Boliden is Europe’s third largest copper supp- METAL CONTENT, TONNES TONNES lier. All the copper concentrate from the mines is refi ned in the Group’s own smelters. The fi - 400,000 400,000 nished copper metal is mainly sold to European semi-fi nished goods manufacturers. The main 320,000 320,000 end-users of copper are the construction, elec- 240,000 240,000 trical and electronics industries. 160,000 160,000 80,000 80,000 02 03 04 05 06 02 03 04 05 06 * Unaudited pro forma fi gures for 2002 and 2003. BUSINESS AREA MINES BUSINESS AREA MARKET 1. Aitik – One of Europe’s biggest 10. Esbo – Finland copper mines. 11. Rotterdam – Netherlands 2. The Boliden Area – Comprises the 12. Leamington Spa – UK Kristineberg, Renström, Petiknäs 5. Rönnskär – Sweden 1 and Maurliden zinc mines. 3. Garpenberg – Comprises the 13. Head Office – Stockholm, Sweden 2 Garpenberg and Garpenberg Norra 5 zinc mines. 4. Tara – Europe’s biggest zinc mine. 8 BUSINESS AREA SMELTERS 6 5. Rönnskär – Copper smelter and one 7 10 of the world’s biggest facilities for 3 recycling electronic scrap. 13 6. Harjavalta – Comprises the Harjavalta copper smelter and the Pori copper refi nery. 7. Odda – Zinc smelter. Also produces aluminium fl uoride. 4 9 8. Kokkola – Europe’s second largest zinc smelter. 9. Bergsöe – The Nordic region’s only 12 smelter for recycling lead batteries. 11 Europe’s leading supplier of zinc and copper “Boliden’s success over the past few years is obviously largely due to the strong price performance by base metals. But the internal driving forces behind our success should also be noted – the way we organise, develop and enhance the efficiency of our operations has also played an important part in boosting profitability.” Jan Johansson, President and CEO The President’s Statement Heading for a leading position in Europe’s zinc and copper market shares at SEK 12 per share. In total, the pro- LEADERS IN QUALITY AND Demand for base metals was strong in posal entails returning SEK 4.6 billion to the RELIABILITY 2006. In times such as these, when shareholders. Boliden’s overall market goal is to be Europe’s growth is vigorous, global demand for Our successes in 2006 include higher pro- leading supplier of zinc and copper. As the metals increases. At the same time, duction levels and increased production stabil- second largest zinc supplier and the third larg- structural changes that are acting as ity in the majority of our mines and smelters. est copper supplier, in terms of volume, we are An important decision was also taken on the close to achieving this position. But for us, driving forces behind major increases mining side of the operations – the decision to “leading” means a good deal more than just in metals consumption are also taking invest SEK 5.2 billion in an expansion of the volume; it is also about leading in terms of the place, particularly in China. Aitik copper mine. This investment will not quality and reliability of our production, lo- only lead to a doubling in extraction of ore and gistics solutions and customer service. During “With law shall the land be built” as we say in increased cost-effectiveness, it will also result the past year, we have taken a number of steps Sweden, and it may well be true, but you do in improved environmental performance. In to further advance Boliden’s position in these need zinc and copper too. In 2006, global con- addition, expansion programmes were areas, including a reorganisation into three sumption of zinc and copper increased by 6.4 launched at the Harjavalta and Rönnskär cop- distinct Business Areas: Mines, Smelters and per cent and 3.4 per cent, respectively. per smelters. Market. Boliden’s operations and customers are located in Europe, but we still benefit from the BUSINESS MODEL OFFERS NUMEROUS “In the same way as we continued strong demand from major growth BENEFITS economies elsewhere. Boliden’s success over At the end of 2006, we extended our copper have refused to allow our- the past few years is obviously largely due to price hedging contracts, along with our hedg- selves to be hampered by the strong price performance by base metals. ing contracts for the prices of gold, silver and But the internal driving forces behind our suc- lead, until the end of 2009, primarily in order our history, we must now cess should also be noted – the way we organ- to secure disbursements in conjunction with refuse to allow ourselves ise, develop and enhance the efficiency of our the expansion of Aitik. We are still fully ex- operations has also played an important part posed to zinc price trends. to be hampered by our in boosting profitability. Our ongoing effi- Consolidation in our market has increased success.” ciency enhancement efforts mean that the during the year and we are continuously mon- majority of our mines are now among the most itoring developments and evaluating various The aim here was to combine the former cost-effective in the industry. Equally, our possibilities for Boliden. Business Areas, Zinc Smelters and Copper smelters have achieved a generally high stan- Much of the interest in the base metals in- Smelters, and at the same time, to establish the dard of environmental performance and tech- dustry over the past two years has been aimed Business Area Market with the aim of boost- nology, coupled with competitive cost levels. at mines. It is important to remind ourselves, ing Boliden’s efficiency and competitiveness. In short it was not just down to metal prices however, that without smelters there would be Increasing the clarity of our focus on market – it was down to sheer hard work too. no metal. Boliden’s business model, with inte- issues will also improve our ability to exploit grated mining and smelting operations, offers new business opportunities. A STRONG YEAR us numerous benefits on several different lev- Overall, this resulted in 2006 being the best els. Our earnings potential is multifaceted and WORLD LEADERS IN RECYCLING year ever for Boliden, a year in which we clear- includes not only metal prices and smelting Metals recycling is a strong growth market ly and unambiguously set out our path to be- charges, but the ability to handle complex con- and one in which Boliden is already a world coming a leading supplier of zinc and copper centrates and metal price premiums that we leader in terms of the recycling of electronic in Europe.
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