Cash flow Boliden

Equities

BOL

SE0020050417

Specialty Mining & Metals

End-of-day quote Nasdaq Stockholm Other stock markets 2026-02-05			5-day change	1st Jan Change
613.60 ^SEK	-4.18%		-2.07%	+19.10%

02-05	Another big M&A effort bites the dust
02-05	Berenberg Raises Price Target for Boliden to 770 Kronor (530), Reiterates Buy - BN	FW

5b5a9ceb433dc9d2216401a720f7.G87RRxDx_1iRouwhlBIePPRIy0sW6d-s1ioqlq-oxJc.aKO4dF2-xyvOj6BlwVp0TsMb8n1Di7eb5F9Gw-fPqqYulLoGYsLHCtLutQ

Published financial data: BOLIDEN

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2020	2021	2022	2023	2024
Revenues	56.32B	68.64B	86.44B	78.55B	89.21B
Total Revenues	56.32B	68.64B	86.44B	78.55B	89.21B
Cost of Goods Sold, Total	45.52B	55.71B	68.29B	67.82B	76.3B
Gross Profit	10.8B	12.93B	18.15B	10.74B	12.9B
Selling General & Admin Expenses, Total	1.19B	1.15B	1.68B	1.84B	2.04B
R&D Expenses	749M	965M	1.05B	1.15B	1.14B
Other Operating Expenses	251M	83M	64M	-403M	-81M
Other Operating Expenses, Total	2.19B	2.2B	2.8B	2.59B	3.1B
Operating Income	8.61B	10.73B	15.35B	8.15B	9.81B
Interest Expense, Total	-117M	-118M	-251M	-693M	-954M
Interest And Investment Income	2M	1M	49M	204M	218M
Net Interest Expenses	-115M	-117M	-202M	-489M	-736M
Income (Loss) On Equity Invest.	-	-	-	-1M	-
Currency Exchange Gains (Loss)	85M	209M	437M	-	257M
Other Non Operating Income (Expenses)	-40M	-13M	-24M	-58M	-111M
EBT, Excl. Unusual Items	8.54B	10.81B	15.56B	7.6B	9.22B
Merger & Related Restructuring Charges	-	-	-	-	-
Gain (Loss) On Sale Of Assets	23M	6M	-	-	-
Insurance Settlements	104M	6M	20M	-	3.34B
Other Unusual Items	-	16M	19M	-	-
EBT, Incl. Unusual Items	8.67B	10.84B	15.6B	7.6B	12.56B
Income Tax Expense	1.87B	2.14B	3.19B	1.53B	2.53B
Earnings From Continuing Operations	6.8B	8.7B	12.41B	6.07B	10.03B
Net Income to Company	6.8B	8.7B	12.41B	6.07B	10.03B
Minority Interest	-2M	-4M	-1M	-1M	-4M
Net Income - (IS)	6.8B	8.7B	12.41B	6.07B	10.02B
Net Income to Common Incl Extra Items	6.8B	8.7B	12.41B	6.07B	10.02B
Net Income to Common Excl. Extra Items	6.8B	8.7B	12.41B	6.07B	10.02B
Per Share Items
Net EPS - Basic	24.86	31.81	45.37	22.2	36.65
Basic EPS - Continuing Operations	24.86	31.81	45.37	22.2	36.65
Basic Weighted Average Shares Outstanding	274M	274M	274M	274M	273M
Net EPS - Diluted	24.86	31.81	45.37	22.2	36.65
Diluted EPS - Continuing Operations	24.86	31.81	45.37	22.2	36.65
Diluted Weighted Average Shares Outstanding	274M	274M	274M	274M	273M
Normalized Basic EPS	19.51	24.69	35.56	17.36	21.05
Normalized Diluted EPS	19.51	24.69	35.56	17.36	21.05
Dividend Per Share	8.25	10.5	15	7.5	-
Payout Ratio	28.17	44.8	23.14	67.56	20.46
American Depositary Receipts Ratio (ADR)	2	2	2	2	2
Supplemental Items
EBITDA	14.21B	16.27B	21.41B	14.28B	16.41B
EBITA	8.63B	10.75B	15.37B	8.16B	9.82B
EBIT	8.61B	10.73B	15.35B	8.15B	9.81B
EBITDAR	14.75B	16.83B	22.25B	15.42B	17.56B
Effective Tax Rate - (Ratio)	21.54	19.7	20.45	20.08	20.14
Total Current Taxes	1.69B	2.15B	3.24B	1.48B	1.77B
Total Deferred Taxes	179M	-18M	-51M	51M	758M
Normalized Net Income	5.34B	6.75B	9.73B	4.75B	5.76B
Interest on Long-Term Debt	4M	3M	4M	3M	6M
Non-Cash Pension Expense	17M	12M	7M	17M	24M
Supplemental Operating Expense Items
Selling and Marketing Expenses	505M	516M	651M	733M	756M
General and Administrative Expenses	675M	619M	1.01B	1.08B	1.26B
Research And Development Expense From Footnotes	749M	978M	1.07B	1.18B	1.18B
Net Rental Expense, Total	537M	562M	839M	1.13B	1.15B
Imputed Operating Lease Interest Expense	84.3M	86.15M	194M	487M	565M
Imputed Operating Lease Depreciation	453M	476M	645M	646M	585M

Fiscal Period: December	2020	2021	2022	2023	2024
Assets
Cash And Equivalents	5.06B	8.25B	12.16B	4.98B	7.05B
Total Cash And Short Term Investments	5.06B	8.25B	12.16B	4.98B	7.05B
Accounts Receivable, Total	3.63B	2.87B	3.83B	3.96B	5.56B
Other Receivables	1.51B	891M	1.12B	1.55B	3.01B
Notes Receivable	-	-	-	-	-
Total Receivables	5.14B	3.76B	4.95B	5.52B	8.57B
Inventory	14.24B	18B	22.28B	21.99B	22B
Prepaid Expenses	267M	182M	367M	293M	357M
Other Current Assets, Total	137M	161M	171M	318M	475M
Total Current Assets	24.84B	30.36B	39.93B	33.09B	38.45B
Gross Property Plant And Equipment	95.84B	103B	116B	130B	108B
Accumulated Depreciation	-52.23B	-57.22B	-64.3B	-65.26B	-33.84B
Net Property Plant And Equipment	43.61B	45.91B	52.04B	64.62B	73.82B
Long-term Investments	15M	15M	15M	13M	15M
Goodwill	3.08B	3.15B	3.3B	3.24B	3.28B
Other Intangibles, Total	306M	305M	60M	49M	40M
Deferred Tax Assets Long-Term	94M	174M	116M	136M	234M
Deferred Charges Long-Term	123M	158M	178M	248M	148M
Other Long-Term Assets, Total	430M	472M	750M	560M	208M
Total Assets	72.49B	80.55B	96.38B	102B	116B
Liabilities
Accounts Payable, Total	6.61B	8.81B	10.34B	10.92B	13.63B
Accrued Expenses, Total	2.54B	2.44B	2.84B	2.89B	3.5B
Short-term Borrowings	-	-	-	-	-
Current Portion of Long-Term Debt	-	-	350M	2.96B	4.86B
Current Portion of Leases	50M	38M	64M	50M	151M
Current Income Taxes Payable	173M	233M	728M	410M	291M
Other Current Liabilities	2.02B	926M	1.52B	1.17B	650M
Total Current Liabilities	11.4B	12.44B	15.83B	18.4B	23.07B
Long-Term Debt	5.95B	5.99B	10.64B	11.46B	11.2B
Long-Term Leases	153M	131M	139M	108M	299M
Pension & Other Post Retirement Benefits	1.16B	1.18B	953M	1.13B	1.21B
Deferred Tax Liability Non Current	3.3B	3.36B	3.34B	3.45B	4.33B
Other Non Current Liabilities	4.9B	6.56B	7.15B	10.99B	11.07B
Total Liabilities	26.85B	29.67B	38.05B	45.54B	51.18B
Common Stock, Total	579M	579M	579M	579M	579M
Additional Paid In Capital	5.94B	5.94B	5.94B	5.94B	5.94B
Retained Earnings	39.48B	44.28B	49.58B	48.4B	56.37B
Comprehensive Income and Other	-373M	66M	2.21B	1.49B	2.1B
Total Common Equity	45.62B	50.87B	58.31B	56.4B	64.99B
Minority Interest	13M	15M	14M	15M	19M
Total Equity	45.64B	50.88B	58.32B	56.42B	65.01B
Total Liabilities And Equity	72.49B	80.55B	96.38B	102B	116B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	274M	274M	274M	273M	273M
ECS Total Common Shares Outstanding	274M	274M	274M	273M	273M
Book Value / Share	166.81	185.97	213.19	206.25	237.66
Tangible Book Value	42.24B	47.41B	54.96B	53.12B	61.68B
Tangible Book Value Per Share	154.44	173.33	200.93	194.23	225.53
Total Debt	6.15B	6.16B	11.19B	14.58B	16.51B
Net Debt	1.09B	-2.09B	-967M	9.6B	9.46B
Debt Equivalent of Unfunded Proj. Benefit Obligation	1.04B	1.05B	827M	994M	1.07B
Debt Equivalent Oper. Leases	4.3B	4.5B	6.71B	9.06B	9.2B
Minority Interest, Total (Incl. Fin. Div)	13M	15M	14M	15M	19M
Equity Method Investments, Total	9M	9M	10M	9M	9M
Account Code - Inventory Valuation	5	5	5	5	5
Inventories - Raw Materials, Total	7.15B	10.82B	11.81B	11.01B	12.63B
Inventories - Work In Process, Total	5.52B	4.81B	8.32B	7.76B	5.9B
Inventories - Finished Goods, Total	1.57B	2.37B	2.15B	3.21B	3.46B
Inventories - Others	-	-	-	-	-
Buildings, Total	13.53B	14.92B	15.94B	16.37B	18.74B
Machinery, Total	54B	59.97B	63.74B	68.43B	37.27B
Full Time Employees	6K	6K	6.12K	6.16K	5.99K
Part Time Employees	-	-	-	-	-

Fiscal Period: December	2020	2021	2022	2023	2024
Net Income	6.8B	8.7B	12.41B	6.07B	10.02B
Depreciation & Amortization - CF	5.66B	5.58B	5.86B	6.19B	6.71B
Amortization of Goodwill and Intangible Assets - (CF)	18M	15M	16M	17M	17M
Impairment of Oil, Gas & Mineral Properties - (CF)	-	-	259M	-	-
Depreciation & Amortization, Total	5.68B	5.6B	6.13B	6.21B	6.73B
Amortization of Deferred Charges, Total - (CF)	10M	25M	31M	37M	53M
Other Operating Activities, Total	-190M	-457M	577M	-858M	-1.07B
Change In Accounts Receivable	-1.71B	1.21B	-1.24B	-706M	-2.89B
Change In Inventories	-562M	-2.95B	-3.88B	738M	1.72B
Change in Other Net Operating Assets	1.22B	1.02B	2.37B	690M	3.09B
Cash from Operations	11.26B	13.14B	16.4B	12.18B	17.66B
Capital Expenditure	-6.26B	-5.96B	-9.97B	-15.42B	-14.97B
Sale of Property, Plant, and Equipment	-	-	-	-	-
Cash Acquisitions	-	-	-	-	-
Divestitures	-	-	-	-	-
Sale (Purchase) of Intangible assets	-43M	-32M	-58M	-111M	-22M
Investment in Marketable and Equity Securities, Total	2M	-6M	-41M	-5M	-8M
Other Investing Activities, Total	-	-1M	-	-1M	-
Cash from Investing	-6.3B	-6B	-10.07B	-15.54B	-15B
Long-Term Debt Issued, Total	8.18B	-	5.56B	9.23B	14.95B
Total Debt Issued	8.18B	-	5.56B	9.23B	14.95B
Long-Term Debt Repaid, Total	-7.53B	-60M	-870M	-5.81B	-13.48B
Total Debt Repaid	-7.53B	-60M	-870M	-5.81B	-13.48B
Common Dividends Paid	-1.92B	-3.9B	-2.87B	-4.1B	-2.05B
Common & Preferred Stock Dividends Paid	-1.92B	-3.9B	-2.87B	-4.1B	-2.05B
Special Dividend Paid	-	-	-4.24B	-3.14B	-
Other Financing Activities, Total	1M	1M	-1M	-	-
Cash from Financing	-1.27B	-3.96B	-2.42B	-3.83B	-590M
Foreign Exchange Rate Adjustments	-	-	2M	-1M	1M
Miscellaneous Cash Flow Adjustments	-	-	-	1M	-1M
Net Change in Cash	3.69B	3.19B	3.91B	-7.18B	2.07B
Supplemental Items
Cash Interest Paid	108M	114M	227M	674M	906M
Cash Income Tax Paid (Refund)	1.61B	1.86B	2.82B	1.76B	2.17B
Levered Free Cash Flow	3.37B	5B	2.92B	-5.01B	-3.28B
Unlevered Free Cash Flow	3.44B	5.07B	3.08B	-4.57B	-2.68B
Change In Net Working Capital	1.33B	1.27B	2.65B	380M	605M
Net Debt Issued / Repaid	643M	-60M	4.69B	3.42B	1.46B

Fiscal Period: December	2020	2021	2022	2023	2024
Profitability
Return on Assets	7.75	8.77	10.85	5.14	5.62
Return on Total Capital	10.87	12.33	15.16	7.25	8.04
Return On Equity %	15.62	18.04	22.73	10.59	16.51
Return on Common Equity	15.62	18.03	22.73	10.59	16.51
Margin Analysis
Gross Profit Margin %	19.18	18.84	20.99	13.67	14.46
SG&A Margin	2.12	1.67	1.95	2.34	2.29
EBITDA Margin %	25.24	23.7	24.77	18.18	18.4
EBITA Margin %	15.32	15.66	17.78	10.39	11.01
EBIT Margin %	15.29	15.64	17.76	10.37	10.99
Income From Continuing Operations Margin %	12.08	12.68	14.36	7.73	11.24
Net Income Margin %	12.07	12.68	14.36	7.73	11.23
Net Avail. For Common Margin %	12.07	12.68	14.36	7.73	11.23
Normalized Net Income Margin	9.47	9.84	11.25	6.05	6.45
Levered Free Cash Flow Margin	5.98	7.29	3.38	-6.37	-3.67
Unlevered Free Cash Flow Margin	6.11	7.39	3.56	-5.82	-3.01
Asset Turnover
Asset Turnover	0.81	0.9	0.98	0.79	0.82
Fixed Assets Turnover	1.29	1.53	1.76	1.35	1.29
Receivables Turnover (Average Receivables)	19.59	21.11	25.79	20.16	18.73
Inventory Turnover (Average Inventory)	3.31	3.46	3.39	3.06	3.47
Short Term Liquidity
Current Ratio	2.18	2.44	2.52	1.8	1.67
Quick Ratio	0.89	0.97	1.08	0.57	0.68
Operating Cash Flow to Current Liabilities	0.99	1.06	1.04	0.66	0.77
Days Sales Outstanding (Average Receivables)	18.68	17.29	14.15	18.11	19.54
Days Outstanding Inventory (Average Inventory)	110.57	105.62	107.64	119.12	105.49
Average Days Payable Outstanding	51.16	47.32	48.15	57.43	58.85
Cash Conversion Cycle (Average Days)	78.09	75.59	73.64	79.8	66.19
Long Term Solvency
Total Debt/Equity	13.48	12.11	19.19	25.85	25.39
Total Debt / Total Capital	11.88	10.8	16.1	20.54	20.25
LT Debt/Equity	13.37	12.04	18.48	20.51	17.69
Long-Term Debt / Total Capital	11.79	10.74	15.5	16.3	14.11
Total Liabilities / Total Assets	37.04	36.83	39.48	44.66	44.05
EBIT / Interest Expense	73.6	90.96	61.16	11.76	10.28
EBITDA / Interest Expense	122.17	138.38	85.59	20.72	17.33
(EBITDA - Capex) / Interest Expense	68.7	87.9	45.87	-1.53	1.65
Total Debt / EBITDA	0.43	0.38	0.52	1.02	1
Net Debt / EBITDA	0.08	-0.13	-0.05	0.67	0.57
Total Debt / (EBITDA - Capex)	0.77	0.59	0.97	-13.72	10.51
Net Debt / (EBITDA - Capex)	0.14	-0.2	-0.08	-9.03	6.02
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	12.79	21.87	25.94	-9.12	13.56
Gross Profit, 1 Yr. Growth %	14.78	19.67	40.35	-40.83	20.16
EBITDA, 1 Yr. Growth %	16.14	14.71	31.61	-33.29	18.32
EBITA, 1 Yr. Growth %	18.73	25.03	42.98	-46.87	26.73
EBIT, 1 Yr. Growth %	18.79	25.12	43.04	-46.93	26.79
Earnings From Cont. Operations, 1 Yr. Growth %	17.5	28	42.57	-51.06	65.06
Net Income, 1 Yr. Growth %	17.51	27.97	42.63	-51.06	65.03
Normalized Net Income, 1 Yr. Growth %	16.99	27.05	44.01	-51.17	24.57
Diluted EPS Before Extra, 1 Yr. Growth %	17.53	27.97	42.63	-51.06	65.04
Accounts Receivable, 1 Yr. Growth %	71.35	-20.88	33.31	3.5	40.34
Inventory, 1 Yr. Growth %	7.36	26.42	23.77	-1.31	0.06
Net Property, Plant and Equip., 1 Yr. Growth %	-0.87	5.29	13.33	24.18	14.23
Total Assets, 1 Yr. Growth %	9.14	11.11	19.65	5.79	13.96
Tangible Book Value, 1 Yr. Growth %	11.44	12.23	15.92	-3.35	16.12
Common Equity, 1 Yr. Growth %	10.13	11.49	14.64	-3.27	15.23
Cash From Operations, 1 Yr. Growth %	19.2	16.78	24.76	-25.7	44.95
Capital Expenditures, 1 Yr. Growth %	-28.83	-4.78	67.37	54.66	-2.94
Levered Free Cash Flow, 1 Yr. Growth %	-373.46	49.35	-41.54	-271.24	-37.74
Unlevered Free Cash Flow, 1 Yr. Growth %	-399.28	48.31	-39.3	-248.46	-44.5
Dividend Per Share, 1 Yr. Growth %	17.86	27.27	42.86	-50	-
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	3.62	17.24	23.88	6.98	1.59
Gross Profit, 2 Yr. CAGR %	0.52	17.2	29.6	-8.87	-15.68
EBITDA, 2 Yr. CAGR %	2.12	15.29	22.87	-6.3	-12.45
EBITA, 2 Yr. CAGR %	-0.71	21.61	33.71	-12.84	-20.05
EBIT, 2 Yr. CAGR %	-0.7	21.68	33.78	-12.87	-20.08
Earnings From Cont. Operations, 2 Yr. CAGR %	-2.82	22.64	35.09	-16.47	-10.12
Net Income, 2 Yr. CAGR %	-2.81	22.63	35.1	-16.46	-10.13
Normalized Net Income, 2 Yr. CAGR %	-1.12	21.68	35.27	-16.14	-23.07
Diluted EPS Before Extra, 2 Yr. CAGR %	-2.81	22.64	35.1	-16.45	-10.13
Accounts Receivable, 2 Yr. CAGR %	39.57	16.44	2.7	17.46	20.52
Inventory, 2 Yr. CAGR %	17.24	16.5	25.09	10.52	-0.63
Net Property, Plant and Equip., 2 Yr. CAGR %	5.91	2.16	9.24	18.63	19.1
Total Assets, 2 Yr. CAGR %	11.1	10.12	15.3	12.51	9.8
Tangible Book Value, 2 Yr. CAGR %	9.07	11.83	14.06	5.85	5.94
Common Equity, 2 Yr. CAGR %	8.16	10.81	13.05	5.3	5.57
Cash From Operations, 2 Yr. CAGR %	-2.2	17.99	20.7	-3.73	3.77
Capital Expenditures, 2 Yr. CAGR %	1.23	-17.68	26.24	60.89	22.52
Levered Free Cash Flow, 2 Yr. CAGR %	-5.84	101.44	-6.56	0.05	5.89
Unlevered Free Cash Flow, 2 Yr. CAGR %	-5.77	110.02	-5.12	-5.07	-6.7
Dividend Per Share, 2 Yr. CAGR %	-2.9	22.47	34.84	-15.48	-
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	4.38	9.38	20.07	11.73	9.13
Gross Profit, 3 Yr. CAGR %	0.82	6.54	24.45	-0.21	-0.07
EBITDA, 3 Yr. CAGR %	1.95	6.08	20.49	0.24	0.29
EBITA, 3 Yr. CAGR %	-0.91	7.09	28.35	-1.7	-2.96
EBIT, 3 Yr. CAGR %	-0.92	7.12	28.42	-1.7	-2.97
Earnings From Cont. Operations, 3 Yr. CAGR %	-0.27	6.53	28.95	-3.7	4.82
Net Income, 3 Yr. CAGR %	-0.27	6.53	28.96	-3.69	4.82
Normalized Net Income, 3 Yr. CAGR %	-0.72	7.36	28.71	-3.69	-5.19
Diluted EPS Before Extra, 3 Yr. CAGR %	-0.27	6.52	28.97	-3.69	4.83
Accounts Receivable, 3 Yr. CAGR %	16.04	15.51	21.81	2.97	24.64
Inventory, 3 Yr. CAGR %	14.44	20.23	18.87	15.59	6.92
Net Property, Plant and Equip., 3 Yr. CAGR %	6.29	5.7	5.76	14.01	17.15
Total Assets, 3 Yr. CAGR %	9.06	11.11	13.21	12.04	12.99
Tangible Book Value, 3 Yr. CAGR %	10.11	10.11	13.18	7.93	9.17
Common Equity, 3 Yr. CAGR %	9.19	9.26	12.07	7.33	8.51
Cash From Operations, 3 Yr. CAGR %	-4.04	3.75	20.2	2.68	10.34
Capital Expenditures, 3 Yr. CAGR %	3.92	-0.81	4.29	35.08	35.94
Levered Free Cash Flow, 3 Yr. CAGR %	-14.69	9.58	33.37	14.35	-13.13
Unlevered Free Cash Flow, 3 Yr. CAGR %	-14.62	9.38	38.86	10.15	-19.15
Dividend Per Share, 3 Yr. CAGR %	0	6.27	28.92	-3.13	-
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	6.95	11.23	11.78	8.41	12.3
Gross Profit, 5 Yr. CAGR %	17.19	12.58	11.47	0.08	6.51
EBITDA, 5 Yr. CAGR %	15.23	10.94	9.8	0.94	6.04
EBITA, 5 Yr. CAGR %	19.68	14.21	11.62	-1.38	6.21
EBIT, 5 Yr. CAGR %	19.73	14.24	11.64	-1.37	6.23
Earnings From Cont. Operations, 5 Yr. CAGR %	20.83	15.47	12.6	-3.35	11.61
Net Income, 5 Yr. CAGR %	20.83	15.48	12.61	-3.34	11.61
Normalized Net Income, 5 Yr. CAGR %	20.65	15.09	12.27	-2.74	4.76
Diluted EPS Before Extra, 5 Yr. CAGR %	20.83	15.48	12.61	-3.34	11.62
Accounts Receivable, 5 Yr. CAGR %	24.05	7.33	10.51	16.29	21.29
Inventory, 5 Yr. CAGR %	12.94	12.3	18.59	16.25	10.65
Net Property, Plant and Equip., 5 Yr. CAGR %	8.98	5.67	7.46	10.7	10.91
Total Assets, 5 Yr. CAGR %	11	8.38	11.52	11.66	11.83
Tangible Book Value, 5 Yr. CAGR %	13.39	12.78	11.67	8.39	10.22
Common Equity, 5 Yr. CAGR %	12.08	11.6	10.72	7.66	9.42
Cash From Operations, 5 Yr. CAGR %	12.54	13.45	5.18	0.7	13.34
Capital Expenditures, 5 Yr. CAGR %	18.26	8.43	12.33	20.36	11.23
Levered Free Cash Flow, 5 Yr. CAGR %	1.35	16.83	-11.64	5.66	21.61
Unlevered Free Cash Flow, 5 Yr. CAGR %	1.31	16.45	-11.05	3.35	18.44
Dividend Per Share, 5 Yr. CAGR %	20.48	14.87	12.7	-3.04	-