Financial targets

Boliden operates in a cyclic and capital-intensive industry in which long-term value creation is achieved through high productivity, cost control, technical innovation, and profitable investments. Boliden’s goal is to create value for its shareholders and, at the same time, to take responsibility for people and the environment.

Return on investments

The return on investments shall be a minimum of 10%.


Return on capital employed totalled 16% (20).
During the period 2015 – 2019, the rate of return average 16% per year. Any investments made shall be in line with Boliden’s strategy and available resources and shall demonstrate a return of at least 10%.

Net debt/equity ratio

Boliden endeavours to achieve a net debt/equity ratio in an economic upturn of approximately 20%.


At the end of 2019, the net debt/equity ratio was 13% (5). The change compared with 2018 is explained by lower free cash flow resulting from higher investments and lower grades. In recent years, the reclamation liability has become an increasingly important balance sheet item. It is, however, not included in the net debt concept. In 2019, the target was specified to also include the net reclamation liability in the calculation.


The dividend shall correspond to one third of the net profit for the year.


The proposed ordinary dividend is SEK 7.00 (8.75) per share, equivalent to 33.1% (33.2) of the net profit for the year. Last year, an extra
 dividend of SEK 4.25 per share, in the form of an automatic share redemption procedure, was made. During 2015 – 2019, the ordinary dividend share comprised 33.3% of the period’s total net profit.