Financial targets

Strong profitability, excellent environmental performance and healthy and safe workplaces creates conditions for long term stable operations with high value creation.

Return on investments

Return on the investments shall be at least 10%


The return on investments shall be at least 10%.
Any projects must be in line with Boliden’s strategy and available resources. The return on operating activities measured as return on capital employed was 17% (16). During the period 2016–2020 the rate of return has averaged 18% per year.

Net debt/equity ratio

Boliden strives to achieve a net debt/equity ratio at about 20% at economic peaks


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 net profit for the year.


The proposed ordinary dividend is SEK 8.25 (7.00) per share, equivalent to SEK 33.2% (33.1) of the net profit for the year. In addition, an extra dividend of SEK 6.00 per share, in the form of an automatic share redemption procedure, has been proposed. During 2016–2020 the ordinary dividend share amounted to 33.2% of the period's total net profit.