The Management Board of KGHM Polska Miedź S.A. announces that at its meeting of 21 October 2005 the Supervisory Board approved the Forecast of the financial results for 2005 – Annex to the Budget. The Company announced a correction to the Budget in current reports on 30 August and 13 September 2005.
The updated Budget for 2005 assumes the achievement of revenues from the sale of products, goods for resale and materials in the amount of PLN 7 540 mln and net profit of PLN 2 078 mln. This means an increase in the forecast in relation to the adjusted Budget respectively by 4.5% and 8.2%.
The assumptions to the Annex to the Budget for 2005 subject to change are presented in the table below:
|Unit||Budget 2005 *||Annex to the Budget 2005 **||Change|
|Revenues from the sale of products, goods for resale and materials||mln PLN||7 217||7 540||323|
|Net profit||mln PLN||1 920||2 078||158|
|Average annual electrolytic copper quotations||USD/t||3 200||3 553||353|
|Average annual metallic silver quotations||USD/kg||222||226||4|
|Average annual exchange rate||PLN/USD||3.3||3.22||-0.08|
|Total unit cost of electrolytic copper production||PLN/t||7 450||7 720||270|
|USD/t||2 258||2 394||136|
* Approved by the Supervisory Board on 12 September 2005
** Approved by the Supervisory Board on 21 October 2005
- a decision by the Management Board of KGHM on the payment of a one-off special bonus, in accordance with an agreement entered into on 3 October 2005, „Agreement on postulates regarding wages submitted by the Trade Unions”, and
- updating of the forecasts of metal prices and exchange rates,