Boliden's fourth quarter: Strong result despite disruptions in production
Boliden reported strong fourth-quarter results for 2022, with revenues from sales reaching SEK 17,755 m, up from SEK 16,170 m the previous year. The operating profit, excluding process inventory revaluation, stood at SEK 2,835 m, down from SEK 3,043 m. Notably, Boliden Mines saw an operating profit increase to SEK 3,002 m, driven by improved prices and higher milled volumes. However, Boliden Smelters faced challenges with operating profit decreasing to SEK 553 m due to maintenance and production disruptions. Free cash flow totaled SEK 2,008 m compared to SEK 2,750 m in the prior year.
- Revenues from sales increased to SEK 17,755 m from SEK 16,170 m.
- Operating profit in Boliden Mines rose significantly to SEK 3,002 m due to improved prices and higher volumes.
- Records in milled volumes in Aitik and Kevitsa contributed positively.
- Operating profit in Boliden Smelters decreased to SEK 553 m from SEK 1,109 m due to increased maintenance and production issues.
- Free cash flow fell to SEK 2,008 m from SEK 2,750 m in the previous year.
BOLIDEN, Sweden, Feb. 11, 2022 /PRNewswire/ -- Revenues from sales for the fourth quarter totaled SEK 17,755 m (16,170) and operating profit excluding revaluation of process inventory was SEK 2,835 m (3,043). Free cash flow totaled SEK 2,008 m (2,750).
"Despite certain incidents, it was a strong quarter. Naturally, the development of metal prices made a positive contribution, but we also had higher milled volumes in our mines, where both Aitik and Kevitsa reached new production records," says Mikael Staffas, President and CEO.
The operating profit in Boliden Mines increased to SEK 3,002 m (1,858). The improvement compared to the previous year is due to improved prices and terms. During the quarter, we noted new records in respect of milled volumes in Aitik and Kevitsa. Grades that were even higher than those of the previous year made a positive contribution in Aitik. Milled volumes in the Boliden Area were a little lower than the previous quarter while milled volumes in Garpenberg were higher with a 2021 full-year total of 3.1 m metric tons. In Tara, production was affected by an increase in water inflow.
In Boliden Smelters, operating profit excluding revaluation of process inventory decreased to SEK 553 (1,109) m. Prices and terms had a positive overall effect despite lower treatment charges compared to the previous year. However, increased maintenance, production disruptions in Harjavalta and an unfavorable raw materials mix had a negative impact. Rönnskär's milled volume for base metals was on par with the previous quarter. Harjavalta's production of both copper and gold increased compared to the previous quarter, while the production of nickel in matte declined sharply as a result of a delayed start-up following a maintenance shutdown and the explosion previously communicated. Zinc production in Kokkola and Odda was stable.
For further information, please contact:
Klas Nilsson, Director Group Communications, phone: +46 70-453 65 88, klas.nilsson@boliden.com
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 annual sales of approximately SEK 70 billion. The share is listed in the Large Cap segment on NASDAQ OMX Stockholm.
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SOURCE Boliden
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