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Boliden AB (BDNNY) is a leading European producer of sustainable metals operating in the exploration, mining, smelting, and recycling sectors. With a vision to be the most climate-friendly and respected metal provider, Boliden employs around 6,000 individuals and generates annual revenue of approximately SEK 80 billion. Recent investments include a new tank house at Rönnskär set to boost copper cathode and precious metal production. Additionally, ongoing projects and innovative breakthroughs reflect Boliden's commitment to environmental performance and strategic growth.
Boliden announced its first-quarter results for 2023, reporting revenues of SEK 19,962 million, down from SEK 21,812 million. The operating profit, excluding inventory revaluation, was SEK 3,020 million, a decrease from SEK 4,466 million. Free cash flow saw a negative shift, totaling SEK -46 million compared to SEK 674 million in the prior year.
Production challenges impacted profits, particularly in Boliden Mines, where operating profit fell to SEK 1,197 million, primarily due to lower metal prices and volumes. Several mines experienced disruptions, including Aitik, where milled volume fell due to adverse conditions. Despite these issues, Boliden Smelters recorded an improvement in operating profit, reaching SEK 1,497 million, aided by higher production volumes and improved treatment charges.
Q1 2023 Financial Highlights:
- Revenues: SEK 19,962 million, down from 21,812 million.
- Operating Profit: SEK 3,405 million, decreased from 5,038 million.
- Free Cash Flow: SEK -46 million, compared to 674 million.
- Earnings per Share: SEK 9.29, down from 14.51.
The decline in performance was primarily driven by lower metal prices and reduced mine production. Key investments in Odda and Aitik, along with the Kristineberg mine extension, are progressing as planned. Although cost inflation negatively impacted financial results, it is beginning to stabilize. The company's smelters showed improved conditions, despite facing challenges from lower grades and production disruptions in mining operations.
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