Interim Report, January - June 2005

Interim Report, 1st January - 30th June 2005

Comparison between the first six months of 2005 and 2004
· Net sales totalled SEK 9,179 million (SEK 9,045 m).
· The operating result was SEK 783 million (SEK 915 m).
· The result after financial items was SEK 621 million (SEK 698 m).
· The net result totalled SEK 422 million (SEK 630 m).
· Earnings per share came to SEK 1.46 (SEK 2.72).
· The cash flow from operating activities totalled SEK 961 million (SEK 910 m).
· The net debt/equity ratio was 69 per cent (97%).

Comparison between Q2 2005 and Q2 2004
· Net sales totalled SEK 4,705 million (SEK 4,547 m).
· The operating result was SEK 369 million (SEK 440 m).
· The result after financial items was SEK 269 million (SEK 350 m).
· The net result totalled SEK 166 million (SEK 323 m).
· Earnings per share came to SEK 0.57 (SEK 1.28).
· The cash flow from operating activities totalled SEK 712 million (SEK 434 m).

Other matters
· Production fell during the second quarter, primarily due to planned maintenance shutdowns and a number of unplanned production stoppages in both the company's Product Segments, Zinc and Copper.
· Boliden drew up a commercial paper programme in April totalling a maximum of SEK 1.5 billion with a maximum term of 12 months.
· A reorganisation into new business areas was approved in July with the aim of ensuring an increased focus on the company's main products, copper and zinc.
· Boliden believes that the result after financial items for 2005 will exceed that for 2004, when it posted an historically strong result. A substantial improvement in free cash flow is also expected in 2005.

 Boliden AB (publ)						
 Investor Relations
 Box 44, SE-101 20 Stockholm, Sweden
 Tel.: +46 8 610 15 00, Fax: +46 8 31 55 45
 www.boliden.com
 Co. reg. no. 556051-4142

Contact persons for information:

 Jan Johansson, President and CEO	Tel.: 	+46 8 610 16 02
 [email protected]	Mobile:	+46 70 555 02 02
 Ulf Söderström, Senior VP, Group Communications	Tel.:	+46 8 610 15 57
 [email protected]	Mobile:	+46 70 618 95 95 

 Staffan Bennerdt, CFO	Tel.: 	+46 8 610 15 20
 [email protected]	Mobile:	+46 70 513 61 14

See attached the complete Interim Report
www.boliden.com

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