Boliden Ab - BDNNY STOCK NEWS

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.

Boliden is set to release its Interim Report for Q1 2023 on April 25, 2023, at 07:45 CET. Following the report publication, a press and analyst conference will occur at 09:30 CET and can be accessed through a live webcast and telephone. The presentation will be led by Mikael Staffas, President and CEO, and Håkan Gabrielsson, CFO. Participants need to register five minutes prior to the start and will receive dial-in details post-registration. The conference aims to discuss the company's performance and insights from the interim report, which is pivotal for investors monitoring Boliden’s financial progress. For additional details, investors are directed to visit Boliden’s website or contact Olof Grenmark, Director of Investor Relations.

Boliden AB will hold its Annual General Meeting on April 25, 2023, at its Garpenberg facility. Shareholders can participate in person, by proxy, or vote via postal voting until April 19, 2023. Key agenda items include the election of Board members, approval of financial statements, and proposed dividends of SEK 15.00 per share, with an additional SEK 11.50 from an automatic share redemption. The company aims a share split of 2:1 and is introducing a long-term share savings program for management and key employees, incentivizing performance against specific financial metrics. The share capital will be increased through a bonus issue.

Boliden reported a strong fourth quarter with SEK 23,577 million in revenues and an operating profit of SEK 3,190 million. Free cash flow increased to SEK 3,520 million, reflecting a solid operational performance despite challenges in Boliden Mines where operating profit fell to SEK 1,512 million due to lower grades and higher costs. In contrast, Boliden Smelters achieved a record operating profit of SEK 1,570 million, bolstered by favorable currency effects and higher metal volumes. Investments for 2022 totaled SEK 10,022 million, focusing on various expansion projects.

On February 14, 2023, Boliden announced the identification of a new mineralization in Garpenberg, adding 5.5 million tonnes of Inferred Mineral Resources. This increase is part of a broader rise in Mineral Resources at Garpenberg and a modest increase in the Boliden Area. However, the Mineral Reserve has decreased in Aitik and Kevitsa, with Aitik down by 176 million tonnes. Exploration costs in 2022 reached SEK 770 million. Although grades are slightly lower, Garpenberg's Mineral Reserve has surged by 15.6 million tonnes due to successful exploration efforts. The overall outlook for Garpenberg remains positive, supporting long-term mining operations.

Boliden AB reported a strong financial performance for Q4 2022, with revenues reaching SEK 23,577 million, up from SEK 17,755 million in the prior year. The operating profit increased slightly to SEK 3,229 million, and excluding inventory revaluation, it totaled SEK 3,190 million. Free cash flow also saw a significant rise, totaling SEK 3,520 million. Earnings per share improved to SEK 9.42. The company proposed a combined dividend of SEK 26.50 per share, comprising an ordinary dividend of SEK 15.00 and an extra payment of SEK 11.50.