Boliden's fourth quarter: Strong earnings and cash flow for the quarter
Boliden reported strong financial results for Q4 2020, with revenues reaching SEK 16,170 m and operating profit hitting SEK 3,043 m. For the full year, revenues totaled SEK 56,321 m with operating profit at SEK 8,438 m. Free cash flow for the quarter was robust at SEK 2,750 m. Positive developments were noted at the Kevitsa mine and in smelting operations, while the Kylylahti mine is in reclamation. Boliden is focusing on sustainability by applying for membership in the International Council on Metals and Mining.
- Q4 revenues increased to SEK 16,170 m from SEK 12,972 m.
- Q4 operating profit rose to SEK 3,043 m from SEK 1,721 m.
- Full-year revenues grew to SEK 56,321 m from SEK 49,936 m.
- Free cash flow reached SEK 2,750 m, significantly up from SEK 822 m.
- Operating profit in Business Area Mines increased to SEK 1,858 m from SEK 890 m.
- Production at the Tara mine was disrupted due to maintenance.
- The Kylylahti mine has been shut down and is being prepared for reclamation.
BOLIDEN, Sweden, Feb. 12, 2021 /PRNewswire/ -- Revenues for the fourth quarter amounted to SEK 16,170 m (12,972) and operating profit, excluding revaluation of process inventory, totaled SEK 3,043 m (1,721). Free cash flow totaled SEK 2,750 m (822). For the full year, revenues amounted to SEK 56,321 m (49,936) and operating profit, excluding revaluation of process inventory, totaled SEK 8,438 m (7,035).
"A very good quarter. At our mines, development in Kevitsa is particularly positive, while production at the smelters has been characterized by a high level of stability," says Mikael Staffas, President and CEO.
The operating profit in Business Area Mines increased to SEK 1,858 m (890), mainly due to higher grades and overall good production. The milled volume in Kevitsa increased by more than
Within Business Area Smelters, operating profit, excluding revaluation of process inventory, increased to SEK 1,109 m (759) as a result of higher volumes. In Rönnskär, production of most metals increased compared to the corresponding period last year due to good process stability and new capacity. In Harjavalta, copper production was also higher than in the fourth quarter of 2019 after completed investments, while production of nickel in matte was slightly lower. Zinc production in both Kokkola and Odda was characterized by high stability and was higher than in the previous year. Production in Bergsöe was lower than the corresponding period last year due to poorer supply and lower quality of input materials.
At the start of 2021, Boliden submitted an application for membership in the International Council on Metals and Mining (ICMM). The aim of membership is to work with other member companies to develop the industry's work on various aspects of sustainability.
For further information, please contact:
Klas Nilsson, Director Group Communications, tel.: +46 70 453 65 88
Boliden is a metals company with a focus on sustainable development. Our roots are Nordic, our market global. Our core competence lies within the fields of exploration, mining, smelting and metal recycling. Boliden has around 6,000 employees and an annual turnover of SEK 50 billion. The share is listed in the Large Cap segment on NASDAQ OMX Stockholm.
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SOURCE Boliden
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