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    KGH   PLKGHM000017

KGHM POLSKA MIED? S.A.

(KGH)
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Delayed Warsaw Stock Exchange  -  12:05:16 2023-01-31 pm EST
140.65 PLN   -2.12%
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KGHM Polska Mied? S A : after the first 3 quarters of 2022 – stable copper production and higher Group revenues

11/16/2022 | 11:29am EST
Production of payable copper comparable to the previous year's level, higher silver production, higher KGHM Group revenues and strong Group operating results against a volatile macro environment and inflationary cost pressures - the copper giant presents its financial results for the first three quarters of 2022.

Production results

Higher production was recorded by KGHM Polska Miedź S.A., mainly due to the higher availability of purchased metal-bearing material and of elements of the production line. Silver production by KGHM Polska Miedź S.A. rose by 1% to 1 022 tonnes compared to the first 9 months of 2021. Payable copper production by the KGHM Group in the first three quarters of 2022 was slightly lower compared to the corresponding prior-year period and amounted to 557 thousand tonnes.

Financial and operating results

The KGHM Group increased profit for the period by PLN 505 million (+11%) versus the first 9 months of 2021, mainly due to a higher result on exchange differences, alongside a lower result on the involvement in joint ventures and higher CIT.

The continuing good conditions on the metals market led in turn to higher revenues earned by the KGHM Group (+18%) compared to the corresponding prior-year period, to PLN 25 696 million.

Investments and stable development

KGHM maintained stable copper production from its Polish assets (mined production 334.4 kt; metallurgical production 442.5 kt). The Company is continuing its key projects, such as the Deposit Access Program (sinking of the GG-1 shaft was completed). The maintenance shutdown at the Głogów Copper Smelter and Refinery did not affect the Company's operations. Work continued on advancing development of the Tailings Segregation and Compacting Station at the Żelazny Most Tailings Storage Facility.

KGHM is engaged in numerous R&D initiatives to increase the efficiency of the core production business of KGHM. The copper company is advancing the Strategic Program called Hybrid Legnica Smelter and Refinery as well as exploration projects in Poland, as well as development actions in the international assets.

The copper giant continues its involvement in developing nuclear, solar and wind power. KGHM is consistently advancing projects aimed at reducing CO2 emissions. Starting from 2023, 100% of the electricity purchased and consumed by the Sierra Gorda mine will come from renewable energy sources - a solar farm located in the Atacama desert.

Disclaimer

KGHM Polska Miedz SA published this content on 16 November 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 November 2022 16:28:02 UTC.


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Financials
Sales 2022 33 827 M 7 803 M 7 803 M
Net income 2022 5 460 M 1 260 M 1 260 M
Net Debt 2022 4 152 M 958 M 958 M
P/E ratio 2022 5,34x
Yield 2022 2,11%
Capitalization 28 130 M 6 489 M 6 489 M
EV / Sales 2022 0,95x
EV / Sales 2023 0,94x
Nbr of Employees 33 894
Free-Float 68,2%
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Number of Analysts 11
Last Close Price 140,65 PLN
Average target price 112,01 PLN
Spread / Average Target -20,4%
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Managers and Directors
Tomasz Zdzikot President & Chief Executive Officer
Agnieszka Winnik Kalemba Chairman-Supervisory Board
Michal Zborowski General Director-Administration & Purchasing
Andrzej Kisielewicz Member-Supervisory Board
Boguslaw Szarek Member-Supervisory Board
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