Cash flow Boliden

Equities

BOL

SE0020050417

Specialty Mining & Metals

End-of-day quote Nasdaq Stockholm Other stock markets 2024-09-13			5-day change	1st Jan Change
292.00 ^SEK	+1.42%		+0.90%	-7.15%

Sep. 12	Transcript : Boliden AB - Shareholder/Analyst Call
Sep. 09	Nerves of steel needed in the current environment

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Published financial data: BOLIDEN

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2019	2020	2021	2022	2023
Revenues	49.94B	56.32B	68.64B	86.44B	78.55B
Total Revenues	49.94B	56.32B	68.64B	86.44B	78.55B
Cost of Goods Sold, Total	40.52B	45.52B	55.71B	68.29B	67.82B
Gross Profit	9.41B	10.8B	12.93B	18.15B	10.74B
Selling General & Admin Expenses, Total	1.19B	1.19B	1.15B	1.68B	1.84B
R&D Expenses	740M	749M	965M	1.05B	1.15B
Other Operating Expenses	231M	251M	83M	64M	-403M
Other Operating Expenses, Total	2.16B	2.19B	2.2B	2.8B	2.59B
Operating Income	7.25B	8.61B	10.73B	15.35B	8.15B
Interest Expense, Total	-131M	-117M	-118M	-251M	-693M
Interest And Investment Income	11M	2M	1M	49M	204M
Net Interest Expenses	-120M	-115M	-117M	-202M	-489M
Income (Loss) On Equity Invest.	-6M	-	-	-	-1M
Currency Exchange Gains (Loss)	207M	85M	209M	437M	-
Other Non Operating Income (Expenses)	-29M	-40M	-13M	-24M	-58M
EBT, Excl. Unusual Items	7.3B	8.54B	10.81B	15.56B	7.6B
Merger & Related Restructuring Charges	-	-	-	-	-
Gain (Loss) On Sale Of Assets	29M	23M	6M	-	-
Insurance Settlements	6M	104M	6M	20M	-
Other Unusual Items	-	-	16M	19M	-
EBT, Incl. Unusual Items	7.34B	8.67B	10.84B	15.6B	7.6B
Income Tax Expense	1.55B	1.87B	2.14B	3.19B	1.53B
Earnings From Continuing Operations	5.79B	6.8B	8.7B	12.41B	6.07B
Net Income to Company	5.79B	6.8B	8.7B	12.41B	6.07B
Minority Interest	-2M	-2M	-4M	-1M	-1M
Net Income - (IS)	5.79B	6.8B	8.7B	12.41B	6.07B
Net Income to Common Incl Extra Items	5.79B	6.8B	8.7B	12.41B	6.07B
Net Income to Common Excl. Extra Items	5.79B	6.8B	8.7B	12.41B	6.07B
Per Share Items
Net EPS - Basic	21.15	24.86	31.81	45.37	22.2
Basic EPS - Continuing Operations	21.15	24.86	31.81	45.37	22.2
Basic Weighted Average Shares Outstanding	274M	274M	274M	274M	274M
Net EPS - Diluted	21.15	24.86	31.81	45.37	22.2
Diluted EPS - Continuing Operations	21.15	24.86	31.81	45.37	22.2
Diluted Weighted Average Shares Outstanding	274M	274M	274M	274M	274M
Normalized Basic EPS	16.68	19.51	24.69	35.56	17.36
Normalized Diluted EPS	16.68	19.51	24.69	35.56	17.36
Dividend Per Share	7	8.25	10.5	15	7.5
Payout Ratio	41.38	28.17	44.8	23.14	67.56
American Depositary Receipts Ratio (ADR)	2	2	2	2	2
Supplemental Items
EBITDA	12.24B	14.21B	16.27B	21.41B	14.28B
EBITA	7.27B	8.63B	10.75B	15.37B	8.16B
EBIT	7.25B	8.61B	10.73B	15.35B	8.15B
EBITDAR	12.33B	14.75B	16.83B	22.25B	15.42B
Effective Tax Rate - (Ratio)	21.1	21.54	19.7	20.45	20.08
Total Current Taxes	1.32B	1.69B	2.15B	3.24B	1.48B
Total Deferred Taxes	224M	179M	-18M	-51M	51M
Normalized Net Income	4.56B	5.34B	6.75B	9.73B	4.75B
Interest Capitalized	-	-	-	-	-
Interest on Long-Term Debt	4M	4M	3M	4M	3M
Non-Cash Pension Expense	22M	17M	12M	7M	17M
Supplemental Operating Expense Items
Selling and Marketing Expenses	486M	505M	516M	651M	733M
General and Administrative Expenses	688M	675M	619M	1.01B	1.08B
Research And Development Expense From Footnotes	745M	749M	978M	1.07B	1.18B
Net Rental Expense, Total	93M	537M	562M	839M	1.13B
Imputed Operating Lease Interest Expense	21.34M	84.3M	86.15M	194M	487M
Imputed Operating Lease Depreciation	71.66M	453M	476M	645M	646M

Fiscal Period: December	2019	2020	2021	2022	2023
Assets
Cash And Equivalents	1.37B	5.06B	8.25B	12.16B	4.98B
Total Cash And Short Term Investments	1.37B	5.06B	8.25B	12.16B	4.98B
Accounts Receivable, Total	2.12B	3.63B	2.87B	3.83B	3.96B
Other Receivables	1.46B	1.51B	891M	1.12B	1.55B
Notes Receivable	-	-	-	-	-
Total Receivables	3.58B	5.14B	3.76B	4.95B	5.52B
Inventory	13.26B	14.24B	18B	22.28B	21.99B
Prepaid Expenses	222M	267M	182M	367M	293M
Other Current Assets, Total	75M	137M	161M	171M	318M
Total Current Assets	18.51B	24.84B	30.36B	39.93B	33.09B
Gross Property Plant And Equipment	92.45B	95.84B	103B	116B	130B
Accumulated Depreciation	-48.46B	-52.23B	-57.22B	-64.3B	-65.26B
Net Property Plant And Equipment	43.99B	43.61B	45.91B	52.04B	64.62B
Long-term Investments	15M	15M	15M	15M	13M
Goodwill	3.2B	3.08B	3.15B	3.3B	3.24B
Other Intangibles, Total	319M	306M	305M	60M	49M
Deferred Tax Assets Long-Term	127M	94M	174M	116M	136M
Deferred Charges Long-Term	98M	123M	158M	178M	248M
Other Long-Term Assets, Total	157M	430M	472M	750M	560M
Total Assets	66.42B	72.49B	80.55B	96.38B	102B
Liabilities
Accounts Payable, Total	6.39B	6.61B	8.81B	10.34B	10.92B
Accrued Expenses, Total	2.83B	2.54B	2.44B	2.84B	2.89B
Short-term Borrowings	1.58B	-	-	-	-
Current Portion of Long-Term Debt	657M	-	-	350M	2.96B
Current Portion of Leases	86M	50M	38M	64M	50M
Current Income Taxes Payable	109M	173M	233M	728M	410M
Other Current Liabilities	712M	2.02B	926M	1.52B	1.17B
Total Current Liabilities	12.37B	11.4B	12.44B	15.83B	18.4B
Long-Term Debt	3.26B	5.95B	5.99B	10.64B	11.46B
Long-Term Leases	182M	153M	131M	139M	108M
Pension & Other Post Retirement Benefits	1.11B	1.16B	1.18B	953M	1.13B
Deferred Tax Liability Non Current	3.13B	3.3B	3.36B	3.34B	3.45B
Other Non Current Liabilities	4.93B	4.9B	6.56B	7.15B	10.99B
Total Liabilities	24.98B	26.85B	29.67B	38.05B	45.54B
Common Stock, Total	579M	579M	579M	579M	579M
Additional Paid In Capital	5.94B	5.94B	5.94B	5.94B	5.94B
Retained Earnings	34.6B	39.48B	44.28B	49.58B	48.4B
Comprehensive Income and Other	313M	-373M	66M	2.21B	1.49B
Total Common Equity	41.43B	45.62B	50.87B	58.31B	56.4B
Minority Interest	12M	13M	15M	14M	15M
Total Equity	41.44B	45.64B	50.88B	58.32B	56.42B
Total Liabilities And Equity	66.42B	72.49B	80.55B	96.38B	102B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	274M	274M	274M	274M	273M
ECS Total Common Shares Outstanding	274M	274M	274M	274M	273M
Book Value / Share	151.47	166.81	185.97	213.19	206.25
Tangible Book Value	37.91B	42.24B	47.41B	54.96B	53.12B
Tangible Book Value Per Share	138.59	154.44	173.33	200.93	194.23
Total Debt	5.77B	6.15B	6.16B	11.19B	14.58B
Net Debt	4.4B	1.09B	-2.09B	-967M	9.6B
Debt Equivalent of Unfunded Proj. Benefit Obligation	996M	1.04B	1.05B	827M	994M
Debt Equivalent Oper. Leases	744M	4.3B	4.5B	6.71B	9.06B
Minority Interest, Total (Incl. Fin. Div)	12M	13M	15M	14M	15M
Equity Method Investments, Total	9M	9M	9M	10M	9M
Account Code - Inventory Valuation	5	5	5	5	5
Inventories - Raw Materials, Total	6.88B	7.15B	10.82B	11.81B	11.01B
Inventories - Work In Process, Total	4.65B	5.52B	4.81B	8.32B	7.76B
Inventories - Finished Goods, Total	1.73B	1.57B	2.37B	2.15B	3.21B
Inventories - Others	-	-	-	-	-
Buildings, Total	12.41B	13.53B	14.92B	15.94B	16.37B
Machinery, Total	51.53B	54B	59.97B	63.74B	68.43B
Full Time Employees	6K	6K	6K	6.12K	6.16K
Part Time Employees	-	-	-	-	-

Fiscal Period: December	2019	2020	2021	2022	2023
Net Income	5.79B	6.8B	8.7B	12.41B	6.07B
Depreciation & Amortization - CF	5.06B	5.66B	5.58B	5.86B	6.19B
Amortization of Goodwill and Intangible Assets - (CF)	19M	18M	15M	16M	17M
Impairment of Oil, Gas & Mineral Properties - (CF)	-	-	-	259M	-
Depreciation & Amortization, Total	5.08B	5.68B	5.6B	6.13B	6.21B
Amortization of Deferred Charges, Total - (CF)	15M	10M	25M	31M	37M
Other Operating Activities, Total	-874M	-190M	-457M	577M	-858M
Change In Accounts Receivable	-373M	-1.71B	1.21B	-1.24B	-706M
Change In Inventories	-2.31B	-562M	-2.95B	-3.88B	738M
Change in Other Net Operating Assets	2.12B	1.22B	1.02B	2.37B	690M
Cash from Operations	9.44B	11.26B	13.14B	16.4B	12.18B
Capital Expenditure	-8.79B	-6.26B	-5.96B	-9.97B	-15.42B
Sale of Property, Plant, and Equipment	-	-	-	-	-
Cash Acquisitions	-	-	-	-	-
Divestitures	-	-	-	-	-
Sale (Purchase) of Intangible assets	-37M	-43M	-32M	-58M	-111M
Investment in Marketable and Equity Securities, Total	20M	2M	-6M	-41M	-5M
Other Investing Activities, Total	-	-	-1M	-	-1M
Cash from Investing	-8.81B	-6.3B	-6B	-10.07B	-15.54B
Long-Term Debt Issued, Total	3.43B	8.18B	-	5.56B	9.23B
Total Debt Issued	3.43B	8.18B	-	5.56B	9.23B
Long-Term Debt Repaid, Total	-1.42B	-7.53B	-60M	-870M	-5.81B
Total Debt Repaid	-1.42B	-7.53B	-60M	-870M	-5.81B
Common Dividends Paid	-2.39B	-1.92B	-3.9B	-2.87B	-4.1B
Common & Preferred Stock Dividends Paid	-2.39B	-1.92B	-3.9B	-2.87B	-4.1B
Special Dividend Paid	-1.16B	-	-	-4.24B	-3.14B
Other Financing Activities, Total	1M	1M	1M	-1M	-
Cash from Financing	-1.54B	-1.27B	-3.96B	-2.42B	-3.83B
Foreign Exchange Rate Adjustments	3M	-	-	2M	-1M
Miscellaneous Cash Flow Adjustments	-	-	-	-	1M
Net Change in Cash	-900M	3.69B	3.19B	3.91B	-7.18B
Supplemental Items
Cash Interest Paid	132M	108M	114M	227M	674M
Cash Income Tax Paid (Refund)	2.06B	1.61B	1.86B	2.82B	1.76B
Levered Free Cash Flow	-1.23B	3.37B	5B	2.92B	-5.01B
Unlevered Free Cash Flow	-1.15B	3.44B	5.07B	3.08B	-4.57B
Change In Net Working Capital	1.95B	1.33B	1.27B	2.65B	380M
Net Debt Issued / Repaid	2.02B	643M	-60M	4.69B	3.42B

Fiscal Period: December	2019	2020	2021	2022	2023
Profitability
Return on Assets	7.24	7.75	8.77	10.85	5.14
Return on Total Capital	10.11	10.87	12.33	15.16	7.25
Return On Equity %	14.39	15.62	18.04	22.73	10.59
Return on Common Equity	14.39	15.62	18.03	22.73	10.59
Margin Analysis
Gross Profit Margin %	18.85	19.18	18.84	20.99	13.67
SG&A Margin	2.39	2.12	1.67	1.95	2.34
EBITDA Margin %	24.51	25.24	23.7	24.77	18.18
EBITA Margin %	14.55	15.32	15.66	17.78	10.39
EBIT Margin %	14.52	15.29	15.64	17.76	10.37
Income From Continuing Operations Margin %	11.59	12.08	12.68	14.36	7.73
Net Income Margin %	11.59	12.07	12.68	14.36	7.73
Net Avail. For Common Margin %	11.59	12.07	12.68	14.36	7.73
Normalized Net Income Margin	9.13	9.47	9.84	11.25	6.05
Levered Free Cash Flow Margin	-2.47	5.98	7.29	3.38	-6.37
Unlevered Free Cash Flow Margin	-2.3	6.11	7.39	3.56	-5.82
Asset Turnover
Asset Turnover	0.8	0.81	0.9	0.98	0.79
Fixed Assets Turnover	1.21	1.29	1.53	1.76	1.35
Receivables Turnover (Average Receivables)	25.07	19.59	21.11	25.79	20.16
Inventory Turnover (Average Inventory)	3.43	3.31	3.46	3.39	3.06
Short Term Liquidity
Current Ratio	1.5	2.18	2.44	2.52	1.8
Quick Ratio	0.4	0.89	0.97	1.08	0.57
Operating Cash Flow to Current Liabilities	0.76	0.99	1.06	1.04	0.66
Days Sales Outstanding (Average Receivables)	14.56	18.68	17.29	14.15	18.11
Days Outstanding Inventory (Average Inventory)	106.38	110.57	105.62	107.64	119.12
Average Days Payable Outstanding	48.32	51.16	47.32	48.15	57.43
Cash Conversion Cycle (Average Days)