|Unit||Budget 2005 *||Adjusted Budget 2005 **||Change|
|Revenues from the sale of products, goods for resale and materials||mln PLN||5 936||7 217||+1 281|
|Net profit||mln PLN||943||1 920||977|
|Average annual electrolytic copper prices||USD/t||2 550||3 200||650|
|Average annual metallic silver prices||USD/kg||187||222||35|
|Average annual exchange rate||PLN /USD||3.3||3.3||none|
|Electrolytic copper production||‘000 t||552||552||none|
|Metallic silver production||t||1 219||1 230||11|
|Total unit electrolytic copper production cost||PLN/t||7 180||7 450||270|
|USD/t||2 175||2 258||83|
|Expenditures for the purchase and construction of fixed assets||mln PLN||634||659||25|
* Confirmed by the Supervisory Board of KGHM Polska Miedź S.A. on 20 December 2004 (current report dated 21 December 2004)
** Passed by the Management Board of KGHM Polska Miedź S.A. on 30 August 2005
|Average annual electrolytic copper prices||USD/t||3 200||2 650||2 200||2 200||2 200|
|Average annual metallic silver prices||USD/kg||222||209||177||177||177|
|Expenditures for the purchase and construction of fixed assets||mln PLN||659||841||986||888||576|
In addition, it is assumed that electrolytic copper production will remain at the current level in the years 2005-2009, i.e. at the level of 552-553 thousand tonnes, and that, in accordance with approved Company principles for the development of multi-year plans, a fixed exchange rate of 3.30 USD/PLN has been assumed for the entire planning period.
It is assumed that in the years 2005 – 2009 the decrease in costs due to the realisation of investments will amount to PLN 559 PLN/t Cu.
The Management Board of the Company considers it to be of particular importance that the good results achieved by KGHM Polska Miedź S.A. should also lead to benefits for shareholders.
Assuming that no unforeseen circumstances arise, and reflecting the economic and financial condition of the Company, the Management Board will recommend the payment of an annual dividend of up to 30% of Company profit after tax. This policy will be periodically revised depending on the financial condition of the Company.