The first financial report under the new authorities had to wait soon. On Wednesday, the Board of Directors published the summary annual financial report for 2023. The situation does not look good, but it is worth noting that the previous Board of Directors is responsible for the previous year's results.
It turns out that KGHM Group recorded a net loss of PLN 3,698 million, and in the previous year it could have achieved a profit of PLN 4,772 million.
See also: Eldorado wage and late shift. This is what KGHM looks like after a PiS government
What do KGHM Group's results look like by sector? “The decrease in EBITDA for the operating segments (excluding Sierra Gorda) involved:
- Decrease in EBITDA of the KGHM Polska Miedź SA segment by PLN 1,907 million
- Decrease in EBITDA of the KGHM International Ltd segment by PLN 1,231 million
- Increase in EBITDA of other segments by PLN 82 million
Consolidated revenue from contracts with customers was very similar to the prior yearwhich reached PLN 33.467 million in 2023 compared to PLN 33.847 million in the previous year.
From the report we learned that it was recorded in 2023 – Decrease in copper production payable in the capital group by 3%.That is, 22.2 thousand relate to KGHM International (-16.3 thousand tons) and Sierra Gorda (-12.3 thousand tons for a 55 percent share) and were not compensated by a higher production of KGHM Polska Miedź (+6.4 thousand tons).
“Higher copper production at KGHM Polska Miedź SA in 2023 resulted from increased availability of technological lines, in particular an increase in the effective operation time of the installation of bathtubs at the Głogów smelter and refinery, and the respective production of own and offshore copper.” Bearing materials Decrease in copper production in Sierra Gorda SCM resulted mainly from the exploitation of ore with a lower copper content and lower productivity, which was not compensated by an increase in the volume of ore processed,” we read in the management report.
The decline in production occurred in the KGHM International Ltd. sector. Mainly due to the decline in Robinson mine production (-15.4 thousand tons). In addition, Franke mine production for the first four months of 2022 (-2.8 thousand tons) is included. Sudbury Basin mines recorded higher copper production compared to last year (+2.1 thousand tons).
KGHM's capital expenditure amounted to PLN 3,199 million, i.e. 2%. Less than the amount assumed in the budget. However, other investments, including equity increases in subsidiaries and other capital investments, amounted to PLN 1 billion 54 million compared to the plan of PLN 2 billion 129 million, mainly due to the postponement of the implementation of the Renewables Investment Plan.
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