The Management Board of KGHM Polska Miedź S.A. announces that on 21 August 2007 it confirmed the adjusted Budget for 2007. The document mentioned above will be presented for approval to the Supervisory Board at the meeting on 30 August 2007.
The adjusted Budget assumes the achievement of revenues from sales in the amount of PLN 11 854 mln and net profit of PLN 3 682 mln. This means increase in the projected amounts by 11% and 24% respectively.
The decision to verify the Budget is based on the economic and financial results realised in the first half of the year and events affecting the financial situation of the Company in the second half of 2007, including:
- updating of the macroeconomic forecast,
- decision of the Ordinary General Shareholders Meeting on the dividend payment from 2006 profit,
- change in the work system in the mines – discontinuance of mining on Sundays,
- updating of the investment program.
|Unit||Budget 2007 *||Adjusted Budget 2007 **||Change|
|Average annual electrolytic copper prices||USD/t||5 700||6 950||+1 250|
|Average annual metallic silver prices||USD/troz||12||12.5||0.5|
|Average exchange rates||PLN/USD||2.95||2.8||-0.15|
|Electrolytic copper production||‘000 t||538||531.5||-6.5|
|- of which external copper-bearing
|Metallic silver production||t||1 125||1 148||23|
|PLN/t||9 450||10 320||870|
|USD/t||3 203||3 686||483|
|- of which
|PLN/t||8 290||8 655||365|
|mln PLN||1 142||1 020||-122|
|mln PLN||10 647||11 854||+1 207|
|Net profit||mln PLN||2 978||3 682||704|
* Approved by the Supervisory Board of KGHM Polska Miedź S.A. on 17 January 2007
** Confirmed by the Management Board of KGHM Polska Miedź S.A. on 21 August 2007