The KGHM Group closed last year with a high adjusted EBITDA of PLN 10.3 billion. Net assets increased by PLN 6.1 billion versus 2020 reaching the level of PLN 27.1 billion at the end of 2021. Top line growth due to more favourable metal prices, cutting the cost of sales, selling costs and administrative expenses and effective management were among the factors contributing to these results.
The KGHM Group wrapped up last year with its second highest net consolidated result that shot up 242.5% versus last year to PLN 6.2 billion. KGHM’s net standalone result climbed 190.6% to PLN 5.2 billion.
In 2021, the KGHM Group posted copper production growth of 6.3%, up 44.6 thousand tonnes from 2020. Growth was recorded in all of the Group’s segments, in particular Sierra Gorda SCM (+22.6 thousand tonnes on a 55% basis) and KGHM Polska Miedź S.A. (+17.2 thousand tonnes). The growth in production and sales volume coupled with attractive copper market conditions translated into an increase in Group revenues of more than 26% to PLN 29.8 billion.
Overseas projects in the black
In Sierra Gorda, the production of payable copper rose (+28%) as did its operating result of PLN 3.2 billion (nearly 2.4 times higher for the 55% stake held by KGHM Polska Miedź). The financial standing of KGHM’s Chilean mine has allowed us to reverse the financial flows to the parent company for the first time in history.