Full-year report 2004

New Boliden reports historically strong full-year results Comparison between full year 2004 and full year 2003 · Increased production of most of the main metals. · Net sales increased to SEK 17,928 million (SEK 9,545 m). · The operating result rose to SEK 1,666 million (SEK -19 m). · The result after financial items improved to SEK 1,200 million (SEK - 251 m). · The net result increased to SEK 1,055 million (SEK 13 m). · Earnings per share rose to SEK 4.31 (SEK 0.12). · The cash flow from operating activities totalled SEK 1,552 million (SEK 956 m). · The net debt/equity ratio has improved substantially to 74 per cent (147%). Comparison between Q4 2004 and Q4 2003 · Net sales increased to SEK 4,618 million (SEK 2,583 m). · The operating result rose to SEK 472 million (SEK -316 m). · The result after financial items improved to SEK 313 million (SEK - 331 m). · Financial items were negatively affected by non-recurring items totalling SEK 73 million. · The net result increased to SEK 253 million (SEK -237 m). · Earnings per share rose to SEK 0.98 (SEK -2.18). Other matters · Boliden’s refinancing of the company’s bank loans for a total of EUR 840 million was completed in October. · In December, a directed share issue aimed at international and Swedish investors was implemented, generating a net sum of SEK 889 million for the company. · Boliden sold all its shares in North Atlantic Natural Resources AB in December, making a capital gain of SEK 67 million. · In January 2005, Boliden stopped the sale of the Bergsöe lead smelter in Landskrona. · The company is expecting the result after financial items to remain healthy in 2005 and is also predicting a substantial improvement in free cash flow, bearing in mind the improvements in efficiency and the fact that the current healthy market situation is expected, by and large, to last throughout the year. · Boliden has created a strong position with a good platform for internal and external growth opportunities in the years to come. Contact persons for information: Jan Johansson, President and CEO Tel.: +46 8 610 16 02 jan.c.johansson@boliden.com Mobile: +46 70 555 02 02 Ulf Söderström, Senior VP, Group Communications Tel.: +46 8 610 15 57 ulf.soderstrom@boliden.com Mobile: +46 70 618 95 95 Staffan Bennerdt, CFO Tel.: +46 8 610 15 20 Staffan.bennerdt@boliden.com Mobile: +46 70 513 61 14 See attached the complete Interim Report www.boliden.com