4Q 2019 – Results Highlights

Record production and higher revenues for KGHM despite challenging conditions

Highlights

Higher payable copper production (+11 percent to 702 thousand tonnes), record silver production (+18 percent, 1 417 tonnes), higher Group revenues by 11 percent, 5 percent higher EBITDA and the initiation of new investments in the Divisions, with consistent advancement of the strategy.

Sales revenues of the KGHM Group in 2019 were higher by PLN 2 197 million (+11 percent) than in the corresponding prior-year period, including higher revenues by KGHM Polska Miedź S.A. of +PLN 1 926 million. The increase was mainly due to a higher volume of sales of copper (+8 percent) and silver (+13 percent), but also to a more favourable exchange rate alongside lower copper prices. Group EBITDA was due to increases in KGHM Polska Miedź S.A. (+PLN 203 million, +6 percent), Group companies in Poland (+PLN 40 million, +20 percent) and to Sierra Gorda (+PLN 27 million, +4 percent).

The Group earned a consolidated profit for the period of PLN 1 421 million.



i Adjusted EBITDA including 55% of EBITDA in Sierra Gorda, which is consolidated by using the equity method.

in mn PLN4th quarter 20194th quarter 2018Change
in mn PLN
Change
in %
Revenue 5 854 5 739 +115 +2%
Cost of goods sold -5 627 -5 147 +480 +9%
Adjusted EBITDA 1 117 1 182 -65 -5%
Net result on sales 227 592 -365 -62%
Profit for the period -245 682 -927 -


 

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Responses to questions raised at the Results Conference for 4Q 2019 - final

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