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Homepage / Results and forecast / Review of financial position / Performance of forecasted financial results in 2012

Review of financial position

In a current report dated 27 March 2012, the Company published its Budget assumptions for 2012 as approved by the Supervisory Board on the same day. The Budget assumed the achievement in 2012 of revenues from sales in the amount of PLN 19 418 million and profit of PLN 3 804 million.

 

 

Along with the improvement in macroeconomic conditions (weakening of the PLN versus the USD), during the year the Company updated its forecast. The final projection of financial results was published in a current report dated 29 October 2012.

 

Performance of the Company’s financial forecast for 2012



Unit



 

Forecast
(27.03.2012)
 

Forecast
update
(29.10.2012)

Execution
2012

 

 

Forecast
performance**
(%)

Sales

m PLN

19 418

20 633

20 737

100.5

Profit for the period

m PLN

3 804

4 744

4 868

102.6

Electrolytic copper production

kt

562.0

564.2

565.8

100.3

of which, from purchased copper-bearing
materials

kt

147.3

145.9

146.7

100.5

Silver production

t

1 098

1 199

1 274

106.3

Average annual copper price

USD/t

8 000

7 850

7 950

101.3

Average annual silver price

USD/troz

30.00

30.50

31.15

102.1

USD/PLN exchange rate

USD/PLN

3.09

3.28

3.26

99.4

Total unit cost of electrolytic copper
production from own concentrate

PLN/t
 

15 729
 

15 077
 

14 590
 

96.8
 

Capital expenditure

m PLN

2 100

1 930

1 766

91.5

Equity investments*

m PLN

10 671

9 833

9 637

98.0

*  Purchase of shares and investment certificates, increases of share capital and loans granted and payments to  subsidiaries.

**  For forecast dated 29 October 2012.

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