Q2 2024 Boliden AB Earnings Call Transcript
Key Points
- Boliden AB (BLIDF) reported a significant one-off insurance booking of SEK2.4 billion related to a venture fire.
- The company had a very good production quarter in the smelters, with maintenance activities being on time and on budget.
- Garpenberg achieved record throughput production.
- The Odda expansion project is progressing well, with infrastructure in place and commissioning of different units expected later this year.
- Boliden AB (BLIDF) reported an operating profit of SEK4 billion, excluding process inventory revaluation, with a positive cash flow of SEK400 million despite intensive investments.
- Low mill volumes in Aitik due to issues with the ramp-up of the Liikavaara satellite pit and equipment availability.
- The company faced challenges with last-time injury and safety, indicating a negative trend in this area.
- CO2 emissions were relatively high in the quarter due to diesel usage in the IT projects, which did not contribute to production.
- Sick leave remains elevated compared to pre-COVID levels.
- Nickel prices have been volatile, with a negative impact on total profit due to lower prices towards the end of the quarter.
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Ladies and gentlemen, I'd like to welcome you to Boliden's Q2 2024 results presentation. My name is Olof Grenmark, and I'm Head of Investor Relations. Today, we will have a results presentation led by our President and CEO, Mikael Staffas, and our CFO, HÃ¥kan Gabrielsson. We will also have a Q&A session. Mikael, welcome.
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Thank you, Olof, and good morning to all of you out there as well. Now the cameras think is moving off long as well. As a good morning to all of you from sunny Stockholm. I hope that you're having equally nice weather wherever you are this morning.
Let's jump into the quarter and look at the highlights of the quarter. And there's been lots of moving parts and many interesting things happening during the quarters. Let me tried to jump into them right away.
The big thing is, of course, that we had a big one-off
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