Adjustment to projected Company results for 2009

Thursday, 12 November, 2009
Report no. 40/2009

On 24 August 2009 KGHM Polska Miedź S.A. published a projection of results for the current year, based on the Adjusted Budget of the Company for 2009 approved by the Supervisory Board at its meeting on the same day. The projection assumed the achievement of revenues from sales at the level of PLN 9 662 million and profit for the period at the level of PLN 1 950 million. 
Based on the financial results achieved after the first 9 months of 2009 and on verified macroeconomic assumptions, the Company has developed a projection of financial results for 2009. In accordance with the principle of prudent valuation, the projection also reflects the effects of potential changes in the valuation of assets at the end of the year. The remaining assumptions of the projection remain unchanged in relation to the assumptions of the Adjusted Budget. 
In accordance with the projection, revenues from sales will amount to PLN 10 829 million, and profit for the period to PLN 2 249 million, meaning an increase in relation to the Adjusted Budget by 12 % and 15 %. 
Following are details of the projected assumptions:

ItemAdjusted Budget 2009*Projection 2009Change Adjusted Budget = 100
Sales million PLN 9 662 10 829 112.1 
Profit for the period million PLN 1 950 2 249 115.3
Total unit cost of electrolytic copper production PLN/t 11 160 11 254 100.8 
Average annual copper price USD/t 4 500 5 045 112.1 
Average annual silver price USD/troz 13 14.53 111.8
USD/PLN exchange rate USD/PLN 3.1 3.13 101.0 

 * Adjusted Budget approved on 24 August 2009.

Legal basis: art. 56 sec. 5 of the Act dated 29 July 2005 on public offerings and conditions governing the introduction of financial instruments to organised trading, and on public companies (Journal of Laws from 2005 No. 184, item 1539 with subsequent amendments)