Full-year Report 2008

Profits down as zinc and copper prices continued to fall

Q4 2008
• Revenues totalled SEK 6,287 million (SEK 7,290 m).
• The operating profit was SEK -491 million (SEK 590 m). This includes a revaluation of the smelters’ process stocks totalling SEK -702 million (SEK -277 m).
• Earnings per share totalled SEK -1.65 (SEK 1.33).
• Zinc and copper prices fell in USD by 33 per cent and 49 per cent, respectively, from the previous quarter, and by 55 per cent and 46 per cent from Q4 2007.
• The free cash flow totalled SEK -534 million (SEK -418 m).
• Cutbacks in the smelters’ zinc production.

Full year 2008
• Revenues totalled SEK 30,987 million (SEK 33,204 m).
• The operating profit was SEK 1,004 million (SEK 5,428 m).
• Earnings per share totalled SEK 3.42 (SEK 13.37).
• Free cash flow totalled SEK 837 million (SEK 1,212 m).
• The Board of Directors proposes that the Annual General Meeting approve payment of a dividend of SEK 1 (SEK 4) per share.

Important events after the fourth quarter
• USD/SEK exposure currency hedged for previously price hedged mine production.
• Cutbacks in smelters’ copper production


Contact persons for information:

Lennart Evrell, President & CEO
Tel (exchange): +46 8 610 15 00

Johan Fant, Acting CFO
Tel (exchange):+46 8 610 15 00

Stefan Lundewall, Acting IR contact
Tel: +46 70 208 32 13


See attached the complete Full year Report