Boliden AB (BLIDF) Q4 2024 Earnings Call Highlights: Strong Profit and Strategic Investments ...
Free Cash Flow: Over SEK4 billion.
CapEx: SEK4.5 billion for the quarter, totaling SEK15 billion for the full year.
Net Debt: SEK10.7 billion, with a net debt to equity ratio of 16%.
EBIT: SEK3.8 billion excluding process inventory, with SEK935 million from insurance revenue.
Investments: Just shy of SEK4.6 billion.
Earnings per Share: Not specified, but implied through EBIT and profit figures.
Mine EBIT: SEK1.1 billion.
Smelters Performance: Strong quarter, especially in Finland, with good feed mix and reduced intermediate inventories.
Price Impact: SEK1.3 billion increase, particularly in gold, silver, and zinc.
Volume Impact: Restart of Tara added about SEK200 million to volumes.
Cost Impact: High costs due to Tara restart and higher personnel expenses.
Cash Flow from Working Capital: Released SEK3.7 billion.
Full Year Profit: Improved from just below SEK8 billion to SEK12 billion.
Mine Business Area Profit: Improved from SEK3 billion to SEK5.2 billion.
Smelting Business Area Profit: Increased from SEK4.4 billion to SEK7 billion, including SEK3.3 billion in insurance revenues.
Exploration Updates: Positive developments in Sweden, Finland, Ireland, and Canada.
Acquisition Financing: $1,300 million upfront, with a $150 million contingent price, funded by a bridge loan and share issue.
Outlook for 2025: CapEx guidance increased to SEK14 billion, with SEK500 million in smelter maintenance impact.
Warning! GuruFocus has detected 7 Warning Signs with BLIDF.
Release Date: February 06, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Boliden AB (BLIDF) reported a strong profit of SEK3.8 billion for Q4 2024, including a one-off insurance claim of SEK935 million.
The company achieved very strong cash flow, with free cash flow exceeding SEK4 billion.
Production records were set at the Harjavalta smelter, and stable production was maintained at Kokkola.
The SEK5 billion dam project in Aitik was completed on time and on budget, securing the mine's future for the next 20-plus years.
Boliden AB (BLIDF) successfully reduced greenhouse gas emissions and improved safety metrics, with a lower lost time injury frequency rate.
The company decided to cancel the dividend for the year to finance acquisitions, which may not be favorable for some shareholders.
Aitik mine faced operational headwinds, resulting in lower throughput and production challenges.
There are pressures on treatment charges (TCs), which could impact future profitability.
Nickel prices remain a concern due to strong cost decreases in the market.
The Finnish labor strikes have already cost the company SEK100 million, with potential for further impact if negotiations are not resolved.
Q: How should we view the mill tonnage at Aitik during 2025, especially after the completion of the dam project? A: There is always a seasonally harder Q1, but the completion of the dam project should ease operations. We expect a ramp-up of throughput at Aitik over the year, and Q1 should be better than the fourth quarter.
Q: What actions are being taken to improve Aitik's performance in 2025? A: We have a new General Manager and are working on fully implementing the Automatic Hauling System (AHS), which faced issues in 2024 but should perform better in 2025.
Q: Can you elaborate on the insurance payments expected for 2025? A: We have a primary insurance confirmation of SEK2.4 billion, with SEK1 billion paid and SEK1.4 billion expected in 2025, likely split evenly across quarters. The secondary insurance of SEK935 million will mostly be paid in 2025, with some spillover into 2026.
Q: Why is Boliden planning an equity issue despite a strong balance sheet? A: We aim to maintain a robust balance sheet even in downturns. While net debt to equity is currently below our target, we see a gap in balance sheet strength that the equity issue will address.
Q: How does the exploration success in Garpenberg affect your view on the 4.5 million tonne permit application? A: The 4.5 million tonne permit is a change to an existing permit, aimed at being processed quickly. Future expansions based on exploration success will require a new permit and significant time.
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
This article first appeared on GuruFocus.
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