Boliden Q4 2024: Future-proofing Boliden - Announced acquisition, improved performance and strong cash flow

Rhea-AI Summary

Boliden reported strong Q4 2024 financial results with revenues of SEK 25,785m (up from 20,754m) and operating profit of SEK 4,098m (up from 2,096m). The company demonstrated significant improvement in free cash flow, reaching SEK 4,264m compared to 1,663m in the previous year.

Key operational highlights include higher production volumes in both Mines and Smelters segments, particularly strong performance in the Boliden Area and Garpenberg mines, and robust operations at Finnish smelting units Harjavalta and Kokkola. The company announced the completion of the Aitik dam project and near-completion of the Odda expansion project.

Notably, Boliden has agreed to acquire mines Neves-Corvo and Zinkgruvan from Lundin Mining. The Board has proposed to cancel the ordinary dividend for 2024 to reduce the proposed share issue amount related to this acquisition.

Positive

• Revenue increased 24.2% to SEK 25,785m
• Operating profit nearly doubled to SEK 4,098m
• Free cash flow significantly improved to SEK 4,264m
• Higher production volumes across both Mines and Smelters segments
• Strategic acquisition of Neves-Corvo and Zinkgruvan mines

Negative

• Cancellation of ordinary dividend for 2024
• Planned share issue for acquisition financing

STOCKHOLM, Feb. 6, 2025 /PRNewswire/ -- "In the last quarter of the first century of Boliden's operations, we are once again showing that we have a fundamental stability in both our business areas. Among our mines, the general development is particularly positive in the Boliden Area as well as Garpenberg. In our smelting operations, our Finnish units are again showing the greatest strength." - Mikael Staffas, President and CEO

Financials

• Revenues: SEK 25,785 m (20,754)
• Operating profit: SEK 4,098 m (2,096)
• Operating profit excl. PIR*: SEK 3,814 m (2,017)
• Free cash flow: SEK 4,264 m (1,663)
• Earnings per share: SEK 10.95 (6.06)

*Process Inventory Revaluation

Highlights

• Free cash flow was SEK 4,264 m (1,663) partly thanks to working capital release
• Prices and terms contributed positively
• Higher volumes in both Mines and Smelters versus fourth quarter of 2023
• Ramp-up of mine production in Tara
• The dam project in Aitik is completed and expansion project in Odda is close to completion
• Strong production in Smelters, especially at Harjavalta and Kokkola
• Agreement to acquire the mines Neves-Corvo and Zinkgruvan from Lundin Mining
• The Board of Directors proposes to cancel the ordinary dividend for 2024, in order to reduce the proposed share issue with the corresponding amount

The Interim Report will be presented via webcast/conference call on Thursday, February 6 at 09:30 (CET). Information is available at www.boliden.com.

For further information, please contact:

Olof Grenmark
Director Investor Relations
+46 70 291 57 80 
olof.grenmark@boliden.com 

This information is information that Boliden AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of Director Investor Relations, at 07:45 CET on February 6, 2025.

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/boliden/r/boliden-q4-2024--future-proofing-boliden--announced-acquisition--improved-performance-and-strong-cas,c4100975

The following files are available for download:

https://mb.cision.com/Main/997/4100975/3248532.pdf	Report
https://mb.cision.com/Public/997/4100975/96bff23a18ef2805.pdf	Press release

 

View original content:https://www.prnewswire.com/news-releases/boliden-q4-2024-future-proofing-boliden--announced-acquisition-improved-performance-and-strong-cash-flow-302369801.html

SOURCE Boliden

FAQ

What was Boliden's Q4 2024 revenue and operating profit?

Boliden reported Q4 2024 revenues of SEK 25,785m (up from 20,754m) and operating profit of SEK 4,098m (up from 2,096m).

Which mines did Boliden agree to acquire in Q4 2024?

Boliden agreed to acquire the Neves-Corvo and Zinkgruvan mines from Lundin Mining.

Why did Boliden cancel its 2024 dividend?

Boliden's Board proposed to cancel the ordinary dividend for 2024 to reduce the proposed share issue amount related to the acquisition of mines from Lundin Mining.

What was Boliden's free cash flow in Q4 2024?

Boliden's free cash flow was SEK 4,264m, significantly higher than the previous year's SEK 1,663m.

Which operations showed the strongest performance in Q4 2024?

The Boliden Area and Garpenberg mines showed particularly positive development, while Finnish smelting units Harjavalta and Kokkola demonstrated the strongest performance in smelting operations.