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 PLN||4th quarter 2019||4th quarter 2018||Change|
in mn PLN
|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||-|