Boliden — Interim / Quarterly Report 2017

Apr 25, 2017

		Quarter		12 months	Full year
SEK m	1-2017	1-2016	4-2016	Apr-Mar	2016
Revenues	12,730	8,849	12.137	44.197	40,316
Operating profit ex. revaluation of process inventory	2,061	769	2.106	6,387	5,094
Operating profit	2,149	888	2,353	6,943	5,682
Profit after financial items	2.075	836	2.267	6.613	5.375
Net profit	1,669	656	1.827	5,252	4.239
Earnings per share, SEK	6.10	2.40	6.68	19.19	15.49
Free cash flow	1,060	210	1.692	$-1.951$	$-2,801$
Net debt	8,438	5,643	9,339	8,438	9,339
Return on capital employed, %				17.1	14.6
Return on equity, %				18.7	15.7
Net debt/equity ratio, %	27	21	32	27	32

• The operating profit, excluding revaluation of process inventory, totalled SEK 2,061 m (769).
• The improved profit was due to better market terms and higher production levels in the copper mines.
• Stable production by the copper smelters but some disruptions at the zinc smelters.
• The free cash flow totalled SEK 1,060 m (210).
• The net debt/equity ratio decreased during the quarter from 32% to 27%.

Revenues increased to SEK 12,730 m (8,849), primarily due to better metal prices.

SEK m	1-2017	1-2016	4-2016
Operating profit	2.149	888	2,353
Revaluation of process inventory	87	119	247
Operating profit ex. revaluation of process inventory	2,061	769	2,106
Operating profit ex. revaluation of process inventory - pro forma (incl. Kevitsa)	2,061	636	2,106
Change		1,426	$-45$
Analysis of change
Volumes		203	$-639$
Prices and terms		1.591	440
Metal prices and terms		1,226	378
By-products, prices and terms		$-12$	$-31$
Realized metal and currency hedge		$-6$	$\overline{7}$
TC/RC terms		53	38
Metal premiums		$-22$	24
Exchange rate effects		353	25
Costs (local currencies)		$-236$	163
Depreciation		$-125$	45
Items affecting comparability			$-47$
Other		-8	-8
Change		1,426	-45

The operating profit, excluding revaluation of process inventory, increased sharply, year on year. The increase was due to improvements in market terms, primarily in the form of higher metal prices, coupled with higher production levels in the copper mines. An improvement in the raw materials mix contributed to the increase in treatment charges. The deterioration in the treatment charges for 2017, primarily for zinc, has not yet achieved its full impact on the profit. Higher levels of mined production resulted in higher costs and depreciation. Disruptions to production at the zinc smelters yielded increased costs for consumables and external services. The operating profit for the Kevitsa mine, which was acquired on 1 June 2016, totalled SEK 208 m during the quarter, in comparison with SEK −133 m last year and SEK 135 m in the previous quarter.

The operating profit, excluding revaluation of process inventory, was on a par with the previous quarter. Mines' milled volumes and the copper smelters' free metals both fell from the high levels noted in the previous quarter, which had a negative effect on the profit, while higher metal prices had a positive effect. The fall in mined production also resulted in a reduction in costs and depreciation. The winter weather had less of an effect than normal on the open-pit mines. The profit for the previous quarter was also positively affected by an item affecting comparability of SEK 47 m comprising a capital gain from the divestment of the aluminium fluoride operations at Odda.

The profit after financial items was SEK 2,075 m (836), and the net profit was SEK 1,669 m (656), corresponding to earnings per share of SEK 6.10 (2.40). The return on capital employed for the last 12 months was 17.1%.

Investments for the quarter totalled SEK 1,096 m (799). The investment plan for 2017 is slightly under SEK 6 billion.

SEK m	1-2017	1-2016	4-2016
Cash flow from operating activities before change in working capital	2,601	1.458	3,015
Change in working capital	$-610$	-449	$-194$
Cash flow from operating activities	1,991	1,009	2,821
Cash flow from investment activities	$-931$	-799	$-1.129$
Free cash flow	1,060	210	1,692

The free cash flow was negatively affected by a high level of tied up working capital, primarily in the form of a decrease in trade and other payables and an increase in trade and other receivables. Spot sales, which have shorter payment terms, were lower during the quarter.

Net financial items during the quarter totalled SEK −74 m (−51). The average interest level on loans was 1.4% (1.3).

The acquisition of Kevitsa was completed on 1 June 2016 and entailed an increase in the net debt of approximately SEK 6 billion. Boliden's net debt at the end of the quarter was SEK 8,438 m (5,643) and the net debt/equity ratio was 27% (21).The average term of total approved loan facilities at the period end was 3.1 years (2.2) and the fixed interest term of utilised loans was 0.5 years (0.3). At the end of the quarter, Boliden's current liquidity, in the form of cash and cash equivalents and unutilised binding credit facilities with a term of more than 1 year, totalled SEK 7,151 m (6,800).

The global economic climate and industrial activity levels both strengthened at the end of last year and in the first months of 2017. Industrial production levels have developed well in both mature and emerging economies during the first quarter. The European industrial climate has improved, which has a positive effect on Boliden's metal sales to industrial customers.

		Quarter
	1-2017	1-2016	4-2016
Zinc, USD/tonne	2,780	1.679	2,517
Copper, USD/tonne	5,831	4.672	5,277
Nickel, USD/tonne	10.271	8.499	10,810
Lead, USD/tonne	2,278	1.744	2,149
Gold, USD/troz	1,219	1.180	1,222
Silver, USD/troz	17.4	14.8	17.2
USD/SEK	8.92	8.46	9.04
EUR/SEK	9.51	9.32	9.76

The price of zinc was low during the first quarter of last year and several high-cost mines posted a loss. The demand for metal has subsequently increased at the same time as supply was limited, and the zinc price has consequently risen.

Global mined production increased in comparison with the first quarter last year when production levels, particularly in China and India, were lower than normal. The shortage of mined concentrate continued, however, and global concentrate stocks are viewed to be very low. Smelter production declined in China, South Korea, and Japan, all of which import large amounts of concentrate.

Research companies report that the treatment charges in benchmark annual contracts for 2017 total USD 172 per tonne of concentrate, in comparison with realised treatment charges for 2016 of USD 217 per tonne of concentrate. The pricing clause that makes treatment charges partially variable in relation to the price of zinc (known as escalators) have been set at 0% in this year's contracts, which means that the smelters' realised treatment charges (treatment charges including zinc price participation) will not be affected by changes in the price of zinc in 2017. The percentage of payable metal remains unchanged.

The availability of metal for rapid delivery was relatively good in Europe and spot market metal premiums remained unchanged in comparison with the fourth quarter.

The price of copper was low for the majority of 2016 due to metal supply having outpaced the demand for a number of years. A number of large mines suffered production disruptions at the end of 2016, resulting in a rise in the price of copper. This rise continued during the first quarter of 2017.

The growth in demand for copper has increased in both China and several large, mature economies in the past few quarters.

Global mine capacity has increased in recent years and production continued to increase slightly during the first quarter. Some of the large mines have, however, suffered production disruptions which have restricted the supply. These production disruptions in the latter part of 2016 and the first quarter of 2017 were primarily due to industrial disputes and weather conditions in South America, and to restrictions on the export of concentrate from Indonesia.

Smelter production exceeded metal demand during the first quarter, and metal stocks increased. The concentrate market was balanced, but spot market treatment charges fell slightly and continued to be lower than in benchmark yearly contracts.

European spot market premiums remained unchanged at low levels. Spot market metal volumes are small, in that metal consumers have agreed contracts for a substantial percentage of their metal

¹ Data in the Market performance section was supplied by CRU Ltd and Wood Mackenzie in March 2017.

requirement. The availability of scrap increased and was able, in part, to make up for the shortage of concentrate. The premiums in the European benchmark contracts for the year fell slightly in comparison with levels in 2016.

The price of nickel was volatile during the first quarter and the average price was lower than in the fourth quarter, but higher than the low levels seen last year. At current price levels, a substantial percentage of the nickel mines are running at a loss.

Global demand for nickel increased due to an increase in the production of stainless steel. The price volatility since the end of last year is due to uncertainty with regard to supply levels from Philippine and Indonesian mines, which are determined by political decisions. The Philippine government has decided to close substantial amounts of mine capacity for environmental reasons, but the decision has been appealed and it remains unclear whether production levels will be maintained during the appeal process. Weather conditions imposed seasonal limitations on Philippine production during the first quarter. The Indonesian government has decided to ease the export restrictions on nickel-bearing ore that were introduced in 2014, but there is uncertainty regarding the scale of future exports.

Global production of nickel metal increased but was exceeded by demand. Exchange stocks of nickel continued, however, to be high relative to metal demand.

Mined silver production depends, to some extent, on production by zinc and lead mines, where silver is a common by-product metal. Gold is produced both by gold mines and as a by-product metal in copper and nickel mines. Mines produce palladium and platinum as both primary metals and by-product metals. Much of the aggregate precious metals supply comes from recycling and flows from financial operators and central banks. Demand is determined, in part, by industrial demand and private consumption of jewellery, but primarily by bank investments.

Precious metals are often bought and sold by financial operators in order to alter risk levels in financial portfolios and are normally regarded as safer investments in times of geopolitical turmoil and uncertainty with regard to the business cycle.

Precious metal prices rose in early 2017 in conjunction with the increase in political uncertainty in the wake of the presidential election in the USA. At the same time, more and more observers expected the US central bank, the Fed, to keep interest rates unchanged as the economy was not expected to be sufficiently strong to drive up inflation. As it became increasingly clear that the international economic climate was strengthening, however, interest in precious metals as an investment class declined, and prices declined in early March.

Boliden Mines comprises six mining areas: Aitik, the Boliden Area, Garpenberg, Kevitsa, Kylylahti and Tara. The Business Area also includes exploration, technological development, environmental technology, and mined concentrate sales. The majority of Mines' sales are made to the Group's smelters on market terms.

• Good production levels at the majority of the mines
• Metal prices continued to improve
• Costs, primarily volume-related, fell from previous quarter levels

		Quarter
SEK m	1-2017	1-2016	4-2016
Revenues	4,315	2,336	4,211
Gross profit	4,273	2,389	4,112
Operating expenses	1,928	1,487	2,111
Depreciation	820	658	874
Operating profit	1,525	242	1,136
Investments	755	512	923
Acquisitions			$-18$
Capital employed	25,208	19.189	24,972

	Quarter
SEK m	1-2017	1-2016	4-2016
Operating profit	1,525	242	1,136
Operating profit - pro forma (incl. Kevitsa)	1,525	110	1,136
Change		1,416	389
Analysis of change
Volumes		387	-287
Prices and terms		1,255	450
Metal prices and terms		997	442
Realized metal and currency hedge		$-6$	$\overline{7}$
TC/RC terms		28	26
Exchange rate effects		236	$-24$
Costs (local currencies)		$-128$	170
Depreciation		-99	49
Items affecting comparability
Other		1	6
Change		1,416	389

The operating profit improved significantly to SEK 1,525 m (110). The comparison periods for last year include the Kevitsa mine, which was acquired on 1 June 2016. The improvement was due to better metal prices and increased production at the Aitik and Kevitsa copper mines. The improvement in the profit on treatment charges was due to the introduction of new terms from the beginning of the year. Higher production levels resulted in increases in costs and depreciation, and depreciation also increased due to Kevitsa's depreciation during the first quarter of 2016 being lower than normal. The operating profit for Kevitsa during the first quarter totalled SEK 208 m in comparison with SEK −133 m last year and SEK 135 m in the previous quarter. Kevitsa's depreciation totalled SEK 139 m during the quarter, in comparison with SEK 59 m last year and SEK 143 m in the previous quarter.

The operating profit improved on the profit for the previous quarter, primarily due to higher metal prices. Lower milled volumes compared to the high level in the previous quarter due to fewer production days during the quarter and more ongoing maintenance work had a negative impact on the profit. Rock stability problems also resulted in a deterioration in the Boliden Area's ore mix. Stock reductions made a positive contribution to the profit in the previous quarter. The lower production levels resulted in a

reduction in both costs and depreciation. Kevitsa has applied Boliden's calculation model for waste rock balancing since the beginning of the year, resulting in lower costs and higher investments in waste rock extraction of approximately SEK 200 m for the full year 2017.

		Quarter
	1-2017	1-2016	%	4-2016
Zinc, tonnes	77,139	80,850	-5	79,100
Copper, tonnes	29,650	20,884	42	30,423
Nickel, tonnes	3,340		٠	3,341
Lead, tonnes	14,868	15,811	-6	15.721
Gold, kg	1,702	1.395	22	1.737
Silver, kg	104,450	103,310	1	120,702
Tellurium, kg	11,251	10.131	11	13,088

Milled volume at Aitik increased to 9.3 (8.8) Mtonnes. The milled volume was negatively affected in comparison with the fourth quarter due to fewer production days in the quarter and more maintenance work resulting in lower copper production. The copper grade was on a par with that in the previous quarter, while a higher gold grade resulted in increased levels of gold production. Crusher availability was low but construction of the new crusher station, which is scheduled to in use in 2018 and is designed to increase crushing capacity, is proceeding according to plan. The mine plan for 2017−2019 entails mining in areas with an average copper grade of 0.25%.

In the Boliden Area, rock stability problems at the Kristineberg mine were compensated for by an increase in the percentage of low grade ore produced, resulting in lower metal production.

Garpenberg's milled volume was high, although below the record level achieved during the previous quarter. The fall in milled volume, coupled with a lower silver grade, resulted in a decrease in zinc and silver production. The lower average reserve grade in the most recent mineral reserve and mineral resource update will not affect the mine plan for the next five years. The mine plan for 2017 will entail mining in areas with a zinc grade of 4.5% and a silver grade of 120 g/tonne.

Kevitsa's milled volume was high. A high percentage of easily milled ore, coupled with good stability, compensated for some winter weather effects. Copper production increased from levels in the previous quarter due to higher copper grades, while nickel production was stable.

The milled volume at Kylylahti was high. The fall in copper production was due to a slightly lower copper grade than in the previous quarter, while production of gold and zinc remained stable.

Tara's milled volume continued to be good, albeit lower than in the previous quarter, due to more extensive maintenance work. Zinc production remained on a par with levels in the previous quarter, however, with higher grades compensating for lower milled volume. The increase in lead production was due to a higher lead grade and a higher recovery level. A sit-in caused a production loss of 5 days in early April.

Boliden Smelters comprises the Kokkola and Odda zinc smelters, the Rönnskär copper and lead smelter, the Harjavalta copper and nickel smelter, and the Bergsöe lead smelter. In addition to metal production, the Business Area includes the recycling of metals from electronic scrap, purchases of mined concentrate, and the sales of metals and by-products.

• Improvements in market terms had a positive year on year effect on the profit
• Good stability in the copper smelters
• Some disruptions in the zinc smelters, resulting in increased costs

		Quarter
SEK m	1-2017	1-2016	4-2016
Revenues	12,361	8.681	11,225
Gross profit ex. revaluation of process inventory	2,577	2.241	2,764
Operating expenses	1,478	1.356	1.468
Depreciation	272	243	272
Operating profit ex. revaluation of process inventory	835	655	1.094
Operating profit	922	774	1.341
Investments	341	288	420
Capital employed	18,568	16,546	17,838

		Quarter
SEK m	1-2017	1-2016	4-2016
Operating profit	922	774	1,341
Revaluation of process inventory	87	119	247
Operating profit ex. revaluation of process inventory	835	655	1,094
Change		180	$-259$
Analysis of change
Volumes		-80	$-145$
Prices and terms		385	$-16$
Metal prices and terms		293	31
By-products, prices and terms		$-12$	$-31$
TC/RC terms		25	12
Metal premiums		-22	24
Exchange rate effects		101	$-51$
Costs (local currencies)		-94	-33
Depreciation		$-25$	$-4$
Items affecting comparability			-47
Other		-6	$-14$
Change		180	-259

Smelters' operating profit, excluding revaluation of process inventory, increased to SEK 835 m (655) due to improvements in market terms, primarily in the form of higher metal prices. The increase in treatment charges was due to improvements in the raw material mix. The new and less favourable treatment charge terms for 2017, particularly for zinc, have not, as yet, had their full impact on the operating profit. Lower metal premiums were primarily due to new yearly contracts. Lower feed at Kokkola resulted in lower volumes of free metals and lower treatment charges. Some production and process disruptions at the zinc smelters, in addition with the increase in provisions for variable remuneration payable to employees, resulted in increased costs. Depreciation increased due, in part, to the expansion project at Odda.

The volume of free metals at the copper smelters fell from the unusually high levels seen in the previous quarter, and this is the main explanation for the decrease in the operating profit, quarter on quarter. The operating profit was also positively affected in the previous quarter by an item affecting comparability of SEK 47 m comprising a capital gain on the divestment of the aluminium fluoride operations at Odda.

Higher metal prices and improvements in treatment charge terms resulting from the improved raw material mix at the copper smelters were unable to compensate for exchange rate fluctuations and falling prices for by-products. Declining spot sales resulted in higher premiums. The increase in costs was mainly due to the increase in maintenance work, primarily in the zinc smelters, but also due to higher energy costs.

	Quarter
	1-2017	1-2016	%	4-2016	%
Zinc, tonnes	115,248	117,600	-2	115,580	C
Copper, tonnes	88,708	85,286	4	88,980	C
Lead, tonnes	6,049	7.060	$-14$	7.408	$-18$
Lead alloys, tonnes (Bergsöe)	14,061	12,342	14	13,465	$\angle$
Nickel in matte, tonnes	7.579	8.793	$-14$	7.793	-3
Gold, kg	4.902	4.500	9	3.888	26
Silver, kg	143,764	158,711	-9	164,800	-13
Sulphuric acid, tonnes	423,535	431,814	-2	434,490	-3
Aluminium fluoride, tonnes		8,969	$-100$	6,600	$-100$

Rönnskär's process stability continued to improve, resulting in a high feed. Copper production remained on a par with levels in the previous quarter, but changes to the raw material mix resulted in a decrease in silver production.

Harjavalta's production of copper and nickel matte remained stable due to the improvement in process stability compensating for the fact that there were fewer production days than in the preceding quarter. Copper and nickel feed volumes were, however, limited towards the end of the quarter by production disruptions in the sulphuric acid plant that will be replaced by a new facility in 2019. Maintenance work in the precious metals plant in the preceding quarter resulted in an increase in gold production, while problems with product quality contributed to the fall in silver production.

Kokkola's production increased due to the slight reduction in process and production disruptions in comparison with the previous quarter. Measures designed to improve the zinc recovery level are ongoing and are expected to be in place by the end of the second quarter. Production of silver in concentrate increased, primarily due to improved recovery level.

Odda's process of ramping up to the production of 200 ktonnes/year continued and design capacity production levels were achieved for extended periods of time during the quarter. An unplanned stoppage towards the end of the quarter limited the feed and also resulted in reduced production levels at the beginning of the second quarter.

Bergsöe's feed and production of lead alloys achieved record high levels due to stable and efficient processes.

No planned maintenance shutdowns occurred during the first quarter, as was the case last year and in the previous quarter. Maintenance shutdowns at the smelters in 2017 are expected to be charged to the operating profit to the tune of SEK 390 m (260), with SEK 260 m (210), SEK 50 m (50), and SEK 80 m (0) of this effect occurring in the second, third, and fourth quarters, respectively.

₂

The average number of Boliden employees (full-time equivalents) increased, year on year, due to the acquisition of Kevitsa. Boliden is continuing with its efforts to prevent and rehabilitate ill health. Training managers in this area is an important part of this work.

The accident frequency trend was negative during the quarter and the number of accidents per one million hours worked was 10.4 (7.7), with the accidents mainly comprising incidents involving slips or stumbles. Boliden's Tara mine has been accident-free for 12 months thanks to its excellent efforts in the work environment sphere.

Discharges of metals to water fell year on year, largely due to new treatment techniques for granulation water at Rönnskär.

The increase in emissions of metals to air were due to, amongst other things, worn filters at Harjavalta. These filters will be replaced before the summer.

Harjavalta exceeded the permitted average 24 hour value for sulphur dioxide due to problems in the sulphuric acid plant's converter. Repairs to the existing plant, and the new sulphuric acid plant currently under construction, will prevent the value from being exceeded in future. The environmental impact is estimated to be minor.

In January 2016, the County Administrative Board in Skåne prohibited the storage and handling of larger quantities of certain substances (see Q4 2015 Interim Report) by Bergsöe. Bergsöe appealed the County Administrative Board's ruling to the Land & Environment Court which, in a ruling in December 2016, revoked the ruling and which became legally binding in April 2017.

The discussion in the local media on Rönnskär's product, iron sand, intensified during the quarter. Iron sand is made from the slag produced during the manufacture of copper at Rönnskär and is used as a construction material in road building and infrastructure projects, etc. and is, therefore, an important part of Boliden's efforts to promote a circular economy. Skellefteå municipality's Construction & Environment Committee is, however, of the opinion that iron sand shall be classified as waste, and the risk is, therefore, that the iron sand will have to be sent to landfill – clearly a much less eco-friendly solution.

₂

¹ A serious incident that causes, or could potentially cause, a significant environmental impact and/or result in licensed limit values being exceeded. The key ratio was previously referred to as "environmental accidents" but is now known as "environmental incidents".

The Parent Company, Boliden AB, conducts no operations and has no employees. The Income Statements and Balance Sheets for the Parent Company are presented on page 17.

The Group's and Parent Company's significant risks and uncertainty factors include market and external risks, financial risks, operational and commercial risks, and legal risks. The global economic climate in general, and global industrial production in particular, affect the demand for zinc, copper, and other base metals. For further information on risks and risk management, please see Risk Management on pages 54−57 of Boliden's 2016 Annual Report.

The Consolidated Accounts have been prepared in accordance with the International Financial Reporting Standards (IFRS) approved by the EU, and with the Swedish Financial Reporting Board recommendation, RFR1, complementary accounting rules for Groups, which specifies the supplementary information required in addition to IFRS standards, pursuant to the provisions of the Swedish Annual Accounts Act. This Interim Report for the Group has been prepared in accordance with IAS 34, Interim Financial Reporting, and in accordance with the Swedish Annual Accounts Act, while the Parent Company accounts have been prepared in accordance with the Swedish Annual Accounts Act. The accounting principles and calculation methods have remained unchanged from those applied in the 2016 Annual Report.

Boliden presents certain financial metrics in the Interim Report that are not defined in accordance with IFRS, and is of the opinion that these metrics provide valuable complementary information in that they enable a clearer evaluation of the company's performance. Not all companies calculate financial metrics in the same way, so the metrics used by Boliden are not always comparable with those used by other companies, and these metrics should, therefore, not be regarded as a replacement for metrics defined in accordance with IFRS.

The following metrics are not defined in IFRS and are, instead, calculated in accordance with the definition presented on page 117 of the 2016 Annual Report: Operating profit (EBIT) excluding revaluation of process inventory, Operating profit (EBIT), Free cash flow, Net debt, Return on capital employed, Return on Equity, Net debt/Equity ratio, and Equity/Assets ratio.

The undersigned declares that the Interim Report gives a true and fair overview of the Parent Company's and the Group's operations, positions, and results, and describes the material risks and uncertainty factors faced by the Parent Company and the companies that make up the Group.

Stockholm, 25 April 2017

Lennart Evrell President & CEO

• 20 July 2017 The Interim Report for the second quarter of ²⁰¹⁷
• 24 October 2017 The Interim Report for the third quarter of ²⁰¹⁷
• ²¹−22 November 2017 Capital Markets Day
• ¹⁴ February ²⁰¹⁸ The fourth quarter and Year-End Report for ²⁰¹⁷

Consolidated Income Statements

		Quarter		12 months	Full year
SEK m	1-2017	1-2016	4-2016	Apr-Mar	2016
Revenues	12,730	8,849	12,137	44,197	40,316
Cost of goods sold	$-10,209$	$-7,627$	$-9,417$	$-35,786$	$-33,204$
Gross profit	2,522	1,222	2,721	8,411	7,111
Selling expenses	-99	-93	$-101$	$-396$	$-390$
Administrative expenses	$-144$	$-144$	$-175$	-607	$-607$
Research and development costs	$-139$	$-114$	$-170$	$-555$	$-530$
Other operating income and expenses	9	16	78	87	95
Results from participations in associated companies	0	O	1	3	З
Operating profit	2,149	888	2,353	6,943	5,682
Financial income	0	2	-3	Ω	4
Financial expenses	$-74$	-54	-83	$-331$	$-311$
Profit after financial items	2,075	836	2,267	6,613	5,375
Tax	$-406$	$-180$	-440	$-1,361$	$-1,135$
Net profit	1,669	656	1,827	5,252	4,239
Net profit attributable to
Owners of the Parent Company	1,669	656	1,826	5,250	4,237
Non-controlling interests	0	O	1	2	З

Earnings and equity per share

		Quarter	12 months	Full year
SEK m	1-2017	1-2016	4-2016	Apr-Mar	2016
Earnings per share 1, SEK	6.10	2.40	6.68	19.19	15.49
Dividend per share, SEK					5.25
Equity per share, SEK	113.38	96.76	107.44	113.38	107.44
Number of shares			273.511.169 273.511.169 273.511.169	273,511,169	273.511.169
Average number of shares			273.511.169 273.511.169 273.511.169	273,511,169	273,511,169
Number of own shares held

1 There are no potential shares and, as a result, no dilution effect.

Key ratios - the Group

Quarter				12 months	Full year
SEK m	1-2017	1-2016	4-2016	Apr-Mar	2016
Return on capital employed 1, %		$\overline{\phantom{a}}$	$\overline{\phantom{a}}$	17.1	14.6
Return on equity 2 , %			$\overline{\phantom{a}}$	18.7	15.7
Equity/assets ratio, %	58	61	55	58	55
Net debt/equity ratio 3, %	27	21	32	27	32
Net debt, SEK m	8,438	5,643	9,339	8,438	9,339

1 Operating profit, divided by average capital employed.
2 Profit after tax, divided by average equity.
3 Net of interest-bearing provisions and liabilities minus financial assets including cash and cash equivalents divide

Consolidated Statements of Comprehensive Income

		Quarter		12 months	Full year
SEK m	1-2017	1-2016	4-2016	Apr-Mar	2016
Profit for the period	1,669	656	1,827	5,252	4,239
Other comprehensive income
Items that will be reclassified to the Income Statement
Change in market value of derivative instruments	$-21$	$-101$	46	$-60$	$-140$
Fiscal effect on derivative instruments	$\overline{4}$	22	$-10$	13	31
Transfers to the Income Statement	11	5	17	54	49
Tax on transfers to the Income Statement	-2	$-1$	$-4$	$-12$	$-11$
Sum cash flow hedging	-9	$-75$	49	-5	$-71$
The period's translation difference on overseas operations	$-43$	100	-96	515	658
Profit on hedging of net investments in overseas operations	10	$-23$	34	$-152$	$-186$
Tax on the period's profit from hedging instruments	-2	5	-8	34	41
Sum translation exposure	$-35$	81	-69	396	513
Total items that will be reclassified	$-44$	7	-20	392	442
Items that will not be reclassified to the Income Statement
Revaluation of defined benefit pension plans			12	$-274$	$-274$
Tax attributable to items that will not be reversed to the Income Statement			$-2$	68	68
Total items that will not be reclassified			9	-206	$-206$
Total other comprehensive income
	-44	$\overline{ }$	$-10$	186	236
Total comprehensive income for the period	1,625	663	1,817	5,438	4,476
Total comprehensive income for the period attributable to:
Owners of the Parent Company	1,625	663	1,816	5,436	4,473
Non-controlling interests	O	O	1	2	З

Consolidated Balance Sheets

	31 Mar	31 Mar	31 Dec
SEK m	2017	2016	2016
Intangible assets	3,484	3,398	3,508
Property, plant and equipment	34,864	28,553	34,850
Participations in associated companies	26	55	25
Other shares and participations	33	26	31
Deferred tax assets	148	42	152
Long-term receivables	130	110	296
Total non-current assets	38,684	32,152	38,861
Inventories	9,843	8,165	10,077
Trade and other receivables	2,652	1,567	2,017
Tax receivables	24	77	55
Interest-bearing receivables	2	5	5
Derivative instruments	135	220	298
Other current receivables	1,013	675	1,097
Cash and cash equivalents	930	856	1,503
Total current assets	14,598	11,563	15,016
Total assets	53,282	43,714	53,877
Equity	31,019	26,470	29,394
Pension provisions	925	1.081	925
Other provisions	2,676	1,985	2,655
Deferred tax liabilities	3,021	3,006	3,062
Liability to credit institutions	7,318	2,501	8,187
Other interest-bearing liabilities	7	11	7
Derivative instruments		26
Total non-current liabilities	13,948	8,610	14,837
Liability to credit institutions	1,134	2,906	1,903
Other interest-bearing liabilities	3	З	4
Trade and other payables	3,968	3,318	4,239
Other provisions	260	194	236
Current tax liabilities	787	617	835
Derivative instruments	77	91	46
Other current liabilities	2,085	1,506	2,382
Total current liabilities	8,315	8,634	9,646
Total equity and liabilities	53,282	43,714	53,877

Consolidated Statements of changes in Equity

	31 Mar	31 Mar	31 Dec
SEK m	2017	2016	2016
Opening balance	29,394	25,807	25,807
Total comprehensive income for the period	1,625	663	4,476
Dividend			-889
Closing balance	31,019	26,470	29,394
Total equity attributable to:
Owners of the Parent Company	31,011	26.464	29,386
Non-controlling interests	8	6	8

On 31 March 2017, the hedging reserve, after fiscal effects, totalled SEK -11 m (-6).

Consolidated Statements of Cash Flow

		Quarter	12 months	Full year
SEK m	1-2017	1-2016	4-2016	Apr-Mar	2016
Operating activities
Profit after financial items	2.075	836	2.267	6.613	5.375
Adjustments for items not included in the cash flow:
- Depreciation, amortisation and write-down of assets	1,095	902	1.147	4.465	4.199
- Provisions	O	З	-3	$-437$	-434
- Revaluation of process inventory	$-87$	$-119$	$-247$	$-556$	$-588$
- Other	10	$-11$	$-26$	24	74
Tax paid/received	$-492$	$-153$	$-123$	$-1.048$	$-709$
Cash flow from operating activities before changes in working
capital	2,601	1,458	3,015	9,061	7.918
Cash flow from changes in working capital	$-610$	$-449$	$-194$	$-1.084$	$-923$
Cash flow from operating activities	1,991	1,009	2,821	7,977	6,995
Investment activities
- Acquisition			18	$-5,925$	$-5,925$
- Disposal		$\sim$	121	121	121
- Acquisition of intangible assets	0	-2	$-7$	$-13$	$-14$
- Acquisition of property, plant and equipment	$-1,093$	$-797$	$-1,262$	$-4,271$	$-3,975$
- Disposal of property, plant and equipment		$\overline{\phantom{a}}$	6	6	6
- Acquisition/disposal of financial assets	163	1	-5	153	-9
Cash flow from investment activities	$-931$	-799	$-1,129$	$-9,928$	$-9,795$
Cash flow before financing activities (free cash flow)	1,060	210	1,692	$-1,951$	$-2,801$
Dividend				$-889$	$-889$
Net borrowing/net amortisation	$-1,633$	$-278$	$-932$	2,909	4,264
Cash flow from financing activities	$-1,633$	$-278$	-932	2,020	3,376
Cash flow for the period	$-573$	$-67$	760	70	575
Cash and cash equivalents at the beginning of the period	1,503	923	742	856	923
Exchange rate difference on cash and cash equivalents	O	O	1	$\overline{4}$	5
Cash and cash equivalents at period-end	930	856	1,503	930	1,503

Boliden AB conducts limited operations, on commission from Boliden Mineral AB, and the profits from the operations are, therefore, reported by Boliden Mineral AB. Boliden AB has no sums to report in the Income Statement or under Other comprehensive income for the first quarter of 2017.

	31 Mar	31 Mar	31 Dec
SEK m	2017	2016	2016
Participations in Group companies	3.911	3.911	3,911
Other shares and participations	5	5	5
Long-term financial receivables, Group companies	7.334	8,223	7.334
Current financial receivables, Group companies	919	2.109	1,687
Total assets	12,170	14,249	12,938
Equity	10.751	11.640	10.751
Long-term liabilities to credit institutions	500	500	500
Current liabilities to credit institutions	919	2.109	1,687
Total liabilities and equity	12,170	14,249	12,938

31 Mar 2017, SEK m	Reported value	Fair value
Other shares and participations	33	33
Trade and other receivables	2,652	2,652
Interest-bearing receivables	2	2
Derivative instruments	135	135
Cash and cash equivalents	930	930
Total assets	3,752	3,752
Liabilities to credit institutions	8,452	8.479
Other interest-bearing liabilities	10	10 2
Trade and other payables	3,968	3,968
Derivative instruments	77	77
Total liabilities	12,508	12,534

The fair value of derivatives is based on listed bid and ask prices on the closing day and on discounting of estimated cash flows. Market prices for metals are taken from the trading location of metal derivatives, i.e. the London Metal Exchange (LME) and the London Bullion Market Association (LBMA). Discount rates are based on current market rates per currency and time to maturity for the financial instrument. Exchange rates are obtained from the Riksbank. When presenting the fair value of liabilities to credit institutions, the fair value is calculated as discounted agreed amortisations and interest payments at estimated market interest margins. On 31 March 2017, the interest terms of current loan agreements were adjudged to be on a par with market rates in the credit market. The fair value consequently corresponds, in every significant respect, to the reported value.

The reported value of trade and other receivables and trade and other payables is deemed to be the same as their fair value due to their short time to maturity, the fact that provisions are made for doubtful trade and other receivables, and that any penalty interest will be debited. Boliden's financial instrument holdings, which are reported at fair value in the Balance Sheet, are all classified as level 2 items in the fair value hierarchy, with the exception of a small amount of level 3 holdings in other shares and participations. See also under Accounting Principles in the Annual Report.

The following table contains an estimate of how changes in market terms affect the Group's operating profit over the next twelve-month period. The calculation is based on listings on 31 March 2017 and on Boliden's planned production volumes. The sensitivity analysis does not take into account the effects of metal price hedging, currency hedging, contracted TC/RC, or the revaluation of process inventory in the smelters.

Change in metal prices, +10%	Effect on operating profit, SEK m	Change in TC/RC + 10%	Effect on operating profit, SEK m	Change in USD. +10%	Effect on operating profit, SEK m
Zinc	900	TC/RC Copper	95	USD/SEK	1.610
Copper	665	TC Zinc	50	EUR/USD	985
Gold	300	TC Lead	$-15$	USD/NOK	145
Silver	220
Lead	135
Nickel	95

Boliden has historically had a natural hedge as a result of the negative correlation that has existed between currency on the one hand and prices and treatment charge terms on the other. This is illustrated in the following graphs which show Boliden's total weighted price index, a weighted currency index, and a weighted metal price and TC index.

Outstanding metal price and currency hedging

The following tables show Boliden's outstanding price and currency hedging contracts on 31 March 2017. The Boliden Group's production is otherwise fully exposed to market prices.

Metals

	2017	Total
Gold
Hedged volume, troy oz.	21,749
Forward price, USD/troy oz.	1.507
Market value, SEK m 1	45	45

1 Of which SEK 79 m for 2017 was settled against cash in June 2015 and will be recognised as revenue in 2017. SEK 20 m has been recognised, as of 31 March 2017.

Currencies

	2017	Total
USD/SEK
Hedged volume, USD m	33
Forward rate, USD/SEK	6.60
Market value, SEK m 1	-70	-70

1 Of which SEK -75 m for 2017 was settled against cash in June 2015 and will be recognised as revenue in 2017. SEK -19 m has been recognised,
as of 31 March 2017.

Quarterly data per segment

SEK m	2-2015	3-2015	4-2015	1-2016	2-2016	3-2016	4-2016	1-2017
THE GROUP
Revenues	10,373	9,764	9,699	8,849	9,596	9,733	12,137	12,730
Operating expenses	3,011	2,704	3,011	2,894	3,009	3,188	3,667	3,469
Depreciation	881	866	923	900	1,027	1,124	1,147	1,092
Operating profit ex. revaluation of process inventory	1,257	1,055	596	769	901	1,318	2,106	2,061
Operating profit	1,090	880	416	888	912	1,529	2,353	2,149
Investments	877	880	1,187	799	956	1,028	1,343	1,096
Acquisitions		$\overline{\phantom{a}}$	$\overline{a}$	$\Box$	5,979	$\Box$	$-18$
Capital employed	35,204	35,080	35,131	35,644	40,555	42,069	42,457	43,093
MINES
Revenues	2,721	2,385	2,193	2,336	2,678	3,435	4,211	4,315
Gross profit	2.741	2,230	2,189	2.389	2,893	3,427	4,112	4,273
Operating expenses	1,462	1,350	1,533	1,487	1,497	1,739	2,111	1,928
Depreciation	627	619	677	658	775	865	874	820
Operating profit	657	260	31	242	621	804	1,136	1,525
Investments	594	563	688	512	572	748	923	755
Acquisitions		$\overline{\phantom{a}}$	$\overline{a}$	$\Box$	5,979	$\equiv$	$-18$
Capital employed	19,557	19,210	19,209	19,189	24,700	24,918	24,972	25,208
SMELTERS
Revenues	10,027	9.486	9,388	8,681	9.147	9,462	11,225	12,361
Gross profit ex. revaluation of process inventory	2,321	2,373	2,216	2,241	2,098	2,273	2,764	2,577
Operating expenses	1,484	1,317	1,396	1,356	1,465	1,406	1,468	1,478
Depreciation	254	247	246	243	252	259	272	272
Operating profit ex. revaluation of process inventory	604	825	583	655	397	613	1,094	835
Operating profit	437	650	402	774	408	825	1,341	922
Investments	281	315	496	288	384	280	420	341
Capital employed	15.758	16,009	15,944	16,546	16,249	17.516	17,838	18,568
OTHER/ELIMINATIONS
Revenues	$-2,375$	$-2,107$	$-1,882$	$-2,168$	$-2,229$	$-3,164$	$-3,299$	$-3,946$
Operating expenses	65	37	81	50	47	43	89	63
Operating profit, internal profit	43	-3	50	$-100$	$-84$	$-76$	$-56$	$-260$
Operating profit, other	$-47$	$-26$	-68	$-29$	$-33$	$-24$	$-68$	$-39$
Investments	2	2	5		O		O
Capital employed	$-111$	$-140$	-22	$-91$	$-393$	$-365$	$-354$	$-683$

Consolidated quarterly data

	2-2015	3-2015	4-2015	1-2016	2-2016	3-2016	4-2016	1-2017
Financial performance 1 , the Group
Revenues, SEK m	10,373	9,764	9,699	8,849	9,596	9,733	12,137	12,730
Operating profit before depreciation, SEK m	1,970	1,746	1,339	1,788	1,940	2,653	3,500	3,241
Operating profit ex. revaluation of process
inventory, SEK m	1,257	1,055	596	769	901	1,318	2,106	2,061
Operating profit, SEK m	1,090	880	416	888	912	1,529	2,353	2,149
Profit after financial items, SEK m	1,028	829	354	836	817	1,454	2,267	2,075
Net profit, SEK m	810	647	288	656	619	1,137	1,827	1,669
Earnings per share, SEK	2.96	2.36	1.05	2.40	2.26	4.15	6.68	6.10
Free cash flow, SEK m	1,557	953	36	210	$-4,794$	91	1,692	1,060
Net debt/equity ratio, %	28	24	23	21	43	40	35	27
Production of metal in concentrate 2
Zinc, tonnes	76,357	71,641	77,700	80,850	84,719	84,417	79,100	77,139
Copper, tonnes	22,182	21,713	21,411	20,884	24,028	28,092	30,423	29,650
Nickel, tonnes			$\overline{a}$	$\overline{\phantom{a}}$	960	3,142	3,341	3,340
Lead, tonnes	15,167	14.845	17,050	15,811	15,748	15,559	15,721	14,868
Gold, kg	1,175	1,115	1,399	1,395	1,303	1,332	1,737	1,702
Gold, troy oz.	37,768	35,853	44,987	44,847	41,879	42,828	55,832	54,732
Silver 3 , kg	113,872	106,114	102,713	103,310	116,873	105,941	120,702	104,450
Silver 3 , 'OOO troy oz.	3,661	3,412	3,302	3,321	3,757	3,406	3,881	3,358
Tellurium, kg	9,098	4,399	9,254	10,131	10,219	5,243	13,088	11,251
Metal production, Smelters
Zinc, tonnes	117,651	121,203	114,614	117,600	112,815	115,145	115,580	115,248
Copper, tonnes	76,916	84,159	84,437	85,286	78,988	83,022	88,980	88,708
Lead, tonnes	6,839	4,468	7,513	7,060	6,663	7,231	7,408	6,049
Lead alloys, tonnes (Bergsöe)	12,638	8,117	12,342	12,342	11,895	8,303	13,465	14,061
Nickel in matte 4 , tonnes		8,061	9,054	8,793	6,671	8,207	7,793	7,579
Gold, kg	3,802	4,292	4,588	4,500	5,066	4,186	3,888	4,902
Gold, troy oz.	122,221	138,002	147,502	144,662	162,858	134,565	124,992	157,609
Silver, kg	154,820	149,880	170,858	158,711	151,740	133,900	164,800	143,764
Silver, 'OOO troy oz.	4,977	4,819	5,493	5,103	4,878	4,305	5,298	4,622
Sulphuric acid, tonnes	389,110	418,051	429,121	431,814	359,791	416,348	434,490	423,535
Aluminium fluoride, tonnes	7,241	6,063	10,070	8,969	10,188	5,819	6,600
Metal prices in USD, average per quarter
Zinc, USD/tonne	2,190	1,847	1,613	1,679	1.918	2,255	2,517	2.780
Copper, USD/tonne	6,043	5,259	4,892	4,672	4,729	4,772	5,277	5,831
Lead, USD/tonne	1,942	1,714	1,681	1,744	1,719	1,873	2,149	2,278
Nickel, USD/tonne	13,008	10,561	9,437	8,499	8,823	10,265	10,810	10,271
Gold, USD/troy oz.	1,192	1,125	1,105	1,180	1,258	1,335	1,222	1,219
Silver, USD/troy oz.	16.39	14.91	14.77	14.85	16.78	19.61	17.19	17.42
Metal prices in SEK, average per quarter
Zinc, SEK/tonne	18,439	15,661	13,706	14,195	15,752	19,209	22,755	24,806
Copper, SEK/tonne	50,889	44,595	41,576	39,509	38,843	40,663	47,715	52,033
Lead, SEK/tonne	16,355	14,531	14,290	14,746	14,120	15,954	19,432	20,325
Nickel, SEK/tonne	109,542	89,548	80,208	71,874	72,471	87,461	97,740	91,649
Gold, SEK/troy oz.	10,041	9,539	9,395	9,981	10,337	11,374	11,048	10,879
Silver, SEK/troy oz.	138.01	126.43	125.54	125.57	137.84	167.11	155.46	155.45
Exchange rates, average per quarter
USD/SEK	8.42	8.48	8.50	8.46	8.21	8.52	9.04	8.92
EUR/USD	1.10	1.11	1.10	1.10	1.13	1.12	1.08	1.07
EUR/SEK	9.30	9.43	9.31	9.32	9.28	9.51	9.76	9.51
USD/NOK	7.76	8.21	8.52	8.64	8.26	8.33	8.37	8.44

1 For definitions, see page 117 of the 2016 Annual Report.

re community, see page in the content of the contrading of the sea page 22 for details of Tara's production.
3 Includes silver production at Tara that is not payable. See page 22 for details of Tara's production.
4 The pro previously, on a tolling basis.

Quarterly data per unit - Mines

	2-2015	3-2015	4-2015	1-2016	2-2016	3-2016	4-2016	1-2017
AITIK
Milled ore, Ktonnes	9.475	8,986	9,359	8,755	8,750	8,963	9,584	9,251
Head grades
Copper, %	0.21	0.22	0.21	0.21	0.22	0.22	0.23	0.23
Gold, g/tonne	0.10	0.11	0.13	0.12	0.10	0.12	0.11	0.13
Silver, g/tonne	2.58	2.63	2.03	2.60	2.09	1.91	1.87	1.98
Production of metal in concentrate
Copper, tonnes	16,785	17,528	17,646	16,569	17,150	17,510	19,453	18,820
Gold, kg	437	518	594	516	443	577	584	652
Gold, troy oz.	14,060	16,648	19,083	16,574	14,251	18,541	18,761	20,948
Silver, kg	17,011	16,652	13,254	13,324	14,103	14,633	14,542	12,640
Silver, 'OOO troy oz.	547	535	426	428	453	47 O	468	406
THE BOLIDEN AREA
Milled ore, Ktonnes	488	512	399	529	507	599	503	552
Of which, smelter slag	62	115	59	78	65	83	75	77
Head grades
Zinc, %	4.1	3.6	4.1	4.2	4.2	4.1	4.1	3.7
Copper, %	O.4	O.4	O.4	O.4	O.4	0.3	O.4	O.3
Lead, %	O.4	O.4	0.6	0.5	O.4	O.4	0.4	O.4
Gold, g/tonne	1.7	1.5	2.0	1.7	1.9	1.5	1.8	1.8
Silver, g/tonne	57	49	74	74	55	55	54	59
Tellurium, g/tonne	34	25	45	39	47	19	46	42
Production of metal in concentrate
Zinc, tonnes	15,837	13,100	12,890	17,517	17,151	19,075	16,427	16,017
Copper, tonnes	1,390	1,252	916	1,548	1,378	1,302	1,440	1,157
Lead, tonnes	772	466	1,064	1,140	921	968	764	806
Gold, kg	470	305	586	629	566	377	689	610
Gold, troy oz.	15,109	9,806	18,826	20,238	18,196	12,118	22,141	19,609
Silver, kg	16,277	11,672	18,634	25,123	16,578	18,494	24,716	22,014
Silver, 'OOO troy oz.	523	375	599	808	533	595	795	708
Tellurium, kg	9,098	4,399	9,254	10,131	10,219	5,243	13,088	11,251
TARA
Milled ore, Ktonnes	537	508	610	646	644	638	675	615
Head grades
Zinc, %	6.5	6.7	6.3	6.0	6.2	6.0	5.6	6.0
Lead, %	1.3	1.2	1.3	1.2	1.2	1.1	1.1	1.2
Production of metal in concentrate
Zinc, tonnes	33,216	32,477	36,506	36,973	38,047	36,984	35,793	35,376
Lead, tonnes	3,953	3,917	4,970	5,192	5,035	5,004	4,351	5,119
Silver, kg 1	95	182	304	384	192	243	257	531
Silver, '000 troy oz. 1	3,054	5,851	9,774	12,346	6,173	7,812	8,263	17,072

1 Silver production at Tara is not payable.

Quarterly data per unit - Mines

	2-2015	3-2015	4-2015	1-2016	2-2016	3-2016	4-2016	1-2017
GARPENBERG
Milled ore, Ktonnes	598	590	612	628	668	645	681	637
Head grades
Zinc, %	4.8	4.7	4.9	4.4	4.6	4.5	4.1	4.2
Copper, %	O.1	O.1	0.1	0.1	O.1	O.1	0.1	0.1
Lead, %	2.0	2.1	2.1	1.8	1.8	1.8	1.9	1.7
Gold, g/tonne	0.3	O.4	0.3	0.3	O.3	0.3	0.3	O.3
Silver, g/tonne	171	161	150	133	167	145	155	143
Production of metal in concentrate
Zinc, tonnes	26,758	25,489	27,712	25,852	28,780	27,589	26,421	25,326
Copper, tonnes	207	191	209	208	170	175	183	505
Lead, tonnes	10,442	10,462	11,016	9,478	9,792	9,588	10,606	8,943
Gold, kg	147	160	131	151	136	138	156	145
Gold, troy oz.	4,715	5,145	4,214	4,864	4,360	4,429	5,008	4,673
Silver, kg	79,642	77,018	69,955	63,993	85,216	72,011	80,655	68,885
Silver, 'OOO troy oz.	2,560	2,476	2,249	2,057	2,740	2,315	2,593	2,215
KEVITSA 1
Milled ore, Ktonnes					618	1,957	1.943	1,959
Head grades
Copper, %					0.30	0.34	0.38	0.40
Nickel, %					0.22	0.23	0.25	0.24
Cobalt, g/tonne				$\qquad \qquad \blacksquare$	0.01	0.01	0.01	0.02
Gold, g/tonne				$\frac{1}{2}$	0.12	0.13	0.15	0.15
Palladium, g/tonne					0.19	0.18	0.21	0.19
Platinum, g/tonne					0.28	0.27	0.31	0.29
Production of metal in concentrate
Copper, tonnes					1,673	5,948	6,596	7,017
Nickel, tonnes				$\overline{a}$	960	3,142	3,341	3,340
Cobalt, tonnes					43	136	143	141
Gold, kg				$\frac{1}{2}$	35	131	162	147
Gold, troy oz.					1,136	4,225	5,197	4,727
Palladium, kg					71	202	285	234
Palladium, troy oz.	ä,				2,287	6,508	9,170	7,537
Platinum, kg					93	265	392	326
Platinum, troy oz.				$\blacksquare$	2,982	8,531	12,605	10,481
KYLYLAHTI
Milled ore, Ktonnes	192	188	183	188	193	206	209	204
Head grades
Zinc, %	0.7	0.7	0.7	O.6	0.8	0.6	0.5	0.5
Copper, %	2.1	1.6	1.5	1.5	2.0	1.6	1.4	1.3
Gold, g/tonne	0.8	0.9	O.6	0.7	0.7	0.8	1.0	1.0
Production of metal in concentrate
Zinc, tonnes	546	576	591	508	742	769	459	421
Copper, tonnes	3,800	2,742	2,639	2,559	3,657	3,157	2,751	2,455
Gold, kg	121	132	89	99	122	109	147	149
Gold, troy oz.	3,885	4,254	2,864	3,170	3,936	3,516	4,725	4,776

1 Kevitsa was acquired on 1 June 2016 and production is consequently only reported for June in Q2 2016.

Quarterly data per unit - Smelters

	2-2015	3-2015	4-2015	1-2016	2-2016	3-2016	4-2016	1-2017
RÖNNSKÄR
Feed, tonnes
Copper
Copper concentrate	163,673	156,045	153,639	164,557	140,958	157,097	163,555	166,460
Secondary raw materials	40,497	46,395	46,538	46,138	38,303	43,270	43,703	48,421
Of which, electronics	23,014	23,952	20.640	21.672	20.587	20,385	19.177	20,982
Copper, total	204,170	202,440	200,177	210,695	179,261	200,367	207,258	214,881
Lead
Lead concentrate	8.971	4.887	11,573	11,144	9.781	7.151	13,057	9,368
Secondary raw materials	330	379	472	251	161	152	168	247
Lead, total	9,301	5,266	12,045	11,395	9,942	7,303	13,225	9,615
Production
Cathode copper, tonnes	49,048	52,127	51,066	53,714	46,821	50,553	56,132	56,015
Lead, tonnes	6,839	4,468	7,513	7,060	6,663	7,231	7,408	6,049
Zinc clinker, tonnes	7,685	9,501	9,392	8,913	6,490	7,820	9,398	8,994
Gold, kg	2,950	3,208	3,470	3,701	3,647	3,156	3,279	3,518
Gold, troy oz.	94,836	103.124	111,548	118,971	117,235	101,475	105,407	113,103
Silver, kg	131,100	118,100	140,098	131,251	119,000	112,700	145,200	127,204
Silver, '000 troy oz.	4,215	3,797	4,504	4,220	3,826	3,623	4,668	4,090
Sulphuric acid, tonnes	142,412	124,464	123,467	135,159	112,945	118,175	136,987	134,710
BERGSÖE
Feed, tonnes
Battery raw materials	18,088	11,026	16,947	17,320	16,215	11,581	19.151	20,011
Production, tonnes
Lead alloys	12,638	8,117	12,342	12,342	11,895	8,303	13,465	14,061

Quarterly data per unit - Smelters

	2-2015	3-2015	4-2015	1-2016	2-2016	3-2016	4-2016	1-2017
HARJAVALTA
Feed, tonnes
Copper
Copper concentrate	96,639	139,688	156,677	143,145	124,158	143,545	140,771	137,213
Secondary raw materials	5,563	5,240	6,446	5,175	5,064	8.404	8,624	5,811
Copper, total	102.202	144,928	163,122	148,320	129,223	151.949	149.396	143,023
Nickel concentrate	65,739	69,907	72,032	73,911	62,733	76,855	80,245	76,881
Production
Cathode copper, tonnes	27,868	32,032	33,371	31,572	32,167	32,469	32,847	32,693
Nickel in matte 1	$\blacksquare$	8.061	9.054	8.793	6.671	8,207	7.793	7,579
Gold, kg	852	1,085	1,118	799	1,419	1,029	609	1,384
Gold, troy oz.	27,385	34,878	35,955	25,691	45,623	33,090	19,585	44,506
Silver, kg	23,720	31,780	30,760	27,460	32,740	21,200	19,600	16,560
Silver, 'OOO troy oz.	763	1,022	989	883	1,053	682	630	532
Sulphuric acid, tonnes	134,045	171,827	189,090	181,611	156,370	183,508	181,630	181,471
KOKKOLA
Feed, tonnes
Zinc concentrate	138,550	155,528	153,947	147,657	122,355	150,576	135,342	135,475
Production, tonnes
Zinc	74,355	78,094	78,238	78,594	69,365	73,922	68,718	70,556
Silver in concentrate, kg	5,722	4,079	2,819	3,499	4,529	4,600	4,552	5,503
Silver in concentrate, 'OOO troy oz.	184	131	91	112	146	148	146	177
Sulphuric acid	80,199	90,411	88,411	85,478	59,566	87,251	82,963	81,713
ODDA
Feed, tonnes
Zinc concentrate, incl. zinc clinker	83,049	76,301	71,009	78,919	80,923	83,973	95,102	84,674
Production, tonnes
Zinc	43,296	43,109	36,376	39,006	43,450	41,223	46,862	44,692
Aluminium fluoride	7,241	6,063	10,070	8,969	10,188	5,819	6,600
Sulphuric acid	32,454	31,349	28,154	29,566	30,910	27,414	32,910	25,642

1 The production of nickel is reported in the form of matte, as of the third quarter of 2015, as the operations are now conducted in house and not, as
previously, on a tolling basis.

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