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KGHM

KGHM's net profit fell 305% to PLN -5,012 mil in 2015

By Helgi Analytics - November 05, 2019

KGHM made a net profit of PLN -5,012 mil in 2015, down 305% when compared to the last year. Total sales reached PLN 20,008 mil, whic...

KGHM's employees fell 1.46% to 33,598 in 2015

By Helgi Analytics - November 05, 2019

KGHM employed 33,598 persons in 2015, down 1.46% when compared to the previous year. Historically, the firm's workforce hit an all t...

KGHM's price/earnings (P/E) fell 129% to -2.53 in 2015

By Helgi Analytics - November 05, 2019

KGHM stock traded at PLN 63.5 per share at the end 2015 translating into a market capitalization of USD 3,255 mil. Since the e...

Profit Statement 2013 2014 2015
Sales PLN mil 24,110 20,492 20,008
Gross Profit PLN mil 12,291 11,080 10,884
EBITDA PLN mil 5,952 5,311 1,584
EBIT PLN mil 4,372 3,676 -359
Financing Cost PLN mil 137 326 306
Pre-Tax Profit PLN mil 4,235 3,098 -5,122
Net Profit PLN mil 3,035 2,450 -5,012
Dividends PLN mil 1,000 800 ...
Balance Sheet 2013 2014 2015
Total Assets PLN mil 34,465 40,374 36,764
Non-Current Assets PLN mil 26,488 33,569 30,448
Current Assets PLN mil 7,977 6,805 6,316
Working Capital PLN mil 5,241 4,043 3,505
Shareholders' Equity PLN mil 23,064 25,530 20,414
Liabilities PLN mil 11,401 14,844 16,350
Total Debt PLN mil 2,932 4,810 7,015
Net Debt PLN mil 2,068 4,335 6,554
Ratios 2013 2014 2015
ROE % 13.6 10.1 -21.8
ROCE % 10.1 7.07 -14.0
Gross Margin % 51.0 54.1 54.4
EBITDA Margin % 24.7 25.9 7.92
EBIT Margin % 18.1 17.9 -1.79
Net Margin % 12.6 12.0 -25.1
Net Debt/EBITDA 0.347 0.816 4.14
Net Debt/Equity 0.090 0.170 0.321
Cost of Financing % 4.73 8.42 5.18
Valuation 2013 2014 2015
Market Capitalisation USD mil 7,831 6,149 3,255
Enterprise Value (EV) USD mil 8,517 7,374 4,935
Number Of Shares mil 200 200 200
Share Price PLN 118 109 63.5
EV/EBITDA 4.52 4.55 11.6
EV/Sales 1.12 1.18 0.918
Price/Earnings (P/E) 7.78 8.89 -2.53
Price/Book Value (P/BV) 1.02 0.853 0.622
Dividend Yield % 4.24 3.67 ...

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summary Unit 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                                    
Sales PLN mil ...                     12,120 16,767 22,107 26,705 24,110    
Gross Profit PLN mil ...                     7,459 10,862 14,096 13,196 12,291    
EBIT PLN mil ...                     3,189 6,633 9,477 7,158 4,372    
Net Profit PLN mil ...                     2,328 4,640 11,127 4,802 3,035    
ROE % ...                     21.6 36.4 58.1 21.3 13.6    
EBIT Margin % ...                     26.3 39.6 42.9 26.8 18.1    
Net Margin % ...                     19.2 27.7 50.3 18.0 12.6    
Employees ...   ... ... ...             28,884 30,928 31,183 34,045 34,452    
balance sheet                                    
Total Assets PLN mil ...                     14,890 21,241 30,650 33,616 34,465    
Non-Current Assets PLN mil ...                     9,801 12,481 12,133 23,762 26,488    
Current Assets PLN mil ...                     5,090 8,760 18,517 9,854 7,977    
Shareholders' Equity PLN mil ...                     10,575 14,922 23,391 21,710 23,064    
Liabilities PLN mil ...                     4,315 6,319 7,259 11,906 11,401    
Non-Current Liabilities PLN mil ...                     2,012 2,916 2,827 7,120 6,714    
Current Liabilities PLN mil ...                     2,303 3,403 4,432 4,769 4,687    
Net Debt/EBITDA ...                     -0.218 -0.377 -1.24 0.027 0.347    
Net Debt/Equity ...                     -0.081 -0.189 -0.549 0.011 0.090    
Cost of Financing % ... ...                   6.60 3.63 4.23 8.24 4.73    
cash flow                                    
Total Cash From Operations PLN mil ... ...                   3,130 5,794 9,372 5,440 4,924    
Total Cash From Investing PLN mil ... ...                   -1,680 -3,217 2,763 -10,669 -4,730    
Total Cash From Financing PLN mil ... ...                   -2,303 -693 -2,092 -5,121 -1,961    
Net Change In Cash PLN mil ... ...                   -853 1,884 10,043 -10,350 -1,767    
valuation                                    
Market Capitalisation USD mil ...                     7,401 11,693 6,424 12,283 7,831    
Number Of Shares mil ...                     200 200 200 200 200    
Share Price PLN ...                     106 173 111 190 118    
Earnings Per Share (EPS) PLN ...                     11.6 23.2 55.6 24.0 15.2    
Book Value Per Share PLN ...                     52.9 74.6 117 109 115    
Dividend Per Share PLN ...                     3.00 14.9 28.3 9.80 5.00   ...
Price/Earnings (P/E) ...                     9.11 7.46 1.99 7.91 7.78    
Price/Book Value (P/BV) ...                     2.00 2.32 0.946 1.75 1.02    
Dividend Yield % ...                     2.83 8.61 25.6 5.16 4.24   ...
Earnings Per Share Growth % ... ...                   -15.8 99.3 140 -56.8 -36.8    
Book Value Per Share Growth % ... ...                   -3.71 41.1 56.8 -7.19 6.24    
income statement Unit 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                                    
Sales PLN mil ...                     12,120 16,767 22,107 26,705 24,110    
Cost of Goods & Services PLN mil ...                     4,661 5,905 8,011 13,509 11,819    
Gross Profit PLN mil ...                     7,459 10,862 14,096 13,196 12,291    
Staff Cost PLN mil ...                     3,262 3,384 3,620 4,570 4,702    
Other Cost PLN mil ...                     264 1.23 86.0 15.0 1,637    
EBITDA PLN mil ...                     3,932 7,477 10,390 8,611 5,952    
Depreciation PLN mil ...                     744 844 913 1,453 1,580    
EBIT PLN mil ...                     3,189 6,633 9,477 7,158 4,372    
Financing Cost PLN mil ...                     20.8 11.1 12.0 130 137    
Extraordinary Cost PLN mil ...                     294 879 -3,903 580 0    
Pre-Tax Profit PLN mil ...                     2,874 5,743 13,368 6,448 4,235    
Tax PLN mil ...                     545 1,097 2,300 1,645 1,202    
Minorities PLN mil ...                     0.568 5.92 1.00 1.00 -2.00    
Net Profit PLN mil ...                     2,328 4,640 11,127 4,802 3,035    
Dividends PLN mil                       600 2,980 5,668 1,960 1,000   ...
growth rates                                    
Total Revenue Growth % ... ...                   -4.23 38.3 31.9 20.8 -9.72    
Operating Cost Growth % ... ...                   3.52 -4.01 9.49 23.7 38.3    
EBITDA Growth % ... ...                   2.41 90.1 39.0 -17.1 -30.9    
EBIT Growth % ... ...                   0.959 108 42.9 -24.5 -38.9    
Pre-Tax Profit Growth % ... ...                   -15.4 99.8 133 -51.8 -34.3    
Net Profit Growth % ... ...                   -15.8 99.3 140 -56.8 -36.8    
ratios                                    
ROE % ...                     21.6 36.4 58.1 21.3 13.6    
ROCE % ... ...                   20.0 32.7 71.8 22.0 10.1    
Gross Margin % ...                     61.5 64.8 63.8 49.4 51.0    
EBITDA Margin % ...                     32.4 44.6 47.0 32.2 24.7    
EBIT Margin % ...                     26.3 39.6 42.9 26.8 18.1    
Net Margin % ...                     19.2 27.7 50.3 18.0 12.6    
Payout Ratio % ...                     25.8 64.2 50.9 40.8 32.9   ...
Cost of Financing % ... ...                   6.60 3.63 4.23 8.24 4.73    
Net Debt/EBITDA ...                     -0.218 -0.377 -1.24 0.027 0.347    
balance sheet Unit 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
balance sheet                                    
Non-Current Assets PLN mil ...                     9,801 12,481 12,133 23,762 26,488    
Property, Plant & Equipment PLN mil ...                     7,747 8,671 9,093 14,116 15,128    
Intangible Assets PLN mil ...                     218 473 663 2,259 2,175    
Current Assets PLN mil ...                     5,090 8,760 18,517 9,854 7,977    
Inventories PLN mil ...                     2,072 2,222 2,658 3,769 3,397    
Receivables PLN mil ...                     1,266 2,041 1,388 2,248 3,119    
Cash & Cash Equivalents PLN mil ...                     1,197 3,087 13,130 2,629 864    
Total Assets PLN mil ...                     14,890 21,241 30,650 33,616 34,465    
Shareholders' Equity PLN mil ...                     10,575 14,922 23,391 21,710 23,064    
Of Which Minority Interest PLN mil ...                     77.1 256 289 232 223    
Liabilities PLN mil ...                     4,315 6,319 7,259 11,906 11,401    
Non-Current Liabilities PLN mil ...                     2,012 2,916 2,827 7,120 6,714    
Long-Term Debt PLN mil ...                     121 174 194 1,783 1,714    
Deferred Tax Liabilities PLN mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... 1,772 1,726    
Current Liabilities PLN mil ...                     2,303 3,403 4,432 4,769 4,687    
Short-Term Debt PLN mil ...                     220 96.2 104 1,075 1,218    
Trade Payables PLN mil ...                     620 890 1,056 1,273 1,275    
Equity And Liabilities PLN mil ...                     14,890 21,241 30,650 33,616 34,465    
growth rates                                    
Total Asset Growth % ... ...                   -0.731 42.6 44.3 9.68 2.53    
Shareholders' Equity Growth % ... ...                   -3.71 41.1 56.8 -7.19 6.24    
Net Debt Growth % ... ...                   -51.7 229 355 -102 803    
Total Debt Growth % ... ...                   17.1 -20.8 10.4 859 2.59    
ratios                                    
Total Debt PLN mil ...                     341 270 298 2,858 2,932    
Net Debt PLN mil ...                     -856 -2,817 -12,832 229 2,068    
Working Capital PLN mil ...                     2,719 3,373 2,990 4,744 5,241    
Capital Employed PLN mil ...                     12,520 15,854 15,123 28,506 31,729    
Net Debt/Equity ...                     -0.081 -0.189 -0.549 0.011 0.090    
Cost of Financing % ... ...                   6.60 3.63 4.23 8.24 4.73    
cash flow Unit 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
cash flow                                    
Net Profit PLN mil ...                     2,328 4,640 11,127 4,802 3,035    
Depreciation PLN mil ...                     744 844 913 1,453 1,580    
Non-Cash Items PLN mil ... ...                   1,168 964 -3,051 939 806    
Change in Working Capital PLN mil ... ...                   -1,110 -654 383 -1,754 -497    
Total Cash From Operations PLN mil ... ...                   3,130 5,794 9,372 5,440 4,924    
Capital Expenditures PLN mil ... ...                   -1,466 -1,401 -1,859 -2,402 -3,189    
Other Investments PLN mil ... ...                   -214 -1,816 4,622 -8,267 -1,541    
Total Cash From Investing PLN mil ... ...                   -1,680 -3,217 2,763 -10,669 -4,730    
Dividends Paid PLN mil ... ...                   -600 -2,980 -5,668 -1,960 -1,000   ...
Issuance Of Debt PLN mil ... ...                   49.7 -70.9 28.2 2,560 74.0    
Total Cash From Financing PLN mil ... ...                   -2,303 -693 -2,092 -5,121 -1,961    
Net Change In Cash PLN mil ... ...                   -853 1,884 10,043 -10,350 -1,767    
ratios                                    
Days Sales Outstanding days ...                     38.1 44.4 22.9 30.7 47.2    
Days Sales Of Inventory days ...                     162 137 121 102 105    
Days Payable Outstanding days ...                     48.5 55.0 48.1 34.4 39.4    
Cash Conversion Cycle days ...                     152 127 95.9 98.2 113    
Cash Earnings PLN mil ...                     3,072 5,484 12,040 6,255 4,615    
Cash Earnings Per Share PLN ...                     15.4 27.4 60.2 31.3 23.1    
Price/Cash Earnings (P/CE) ...                     6.90 6.31 1.84 6.08 5.11    
Free Cash Flow PLN mil ... ...                   1,450 2,577 12,135 -5,229 194    
Free Cash Flow Yield % ... ...                   6.29 7.30 63.7 -13.1 0.784    
other data Unit 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
other data                                    
ROA % ...                     15.6 25.7 42.9 14.9 8.92    
Gross Margin % ...                     61.5 64.8 63.8 49.4 51.0    
Employees ...   ... ... ...             28,884 30,928 31,183 34,045 34,452    
Cost Per Employee USD per month ...   ... ... ...             3,020 3,021 3,263 3,437 3,599    
Cost Per Employee (Local Currency) PLN per month ...   ... ... ...             9,411 9,117 9,674 11,186 11,373    
Staff Cost (As % Of Total Cost) % ...                     36.5 33.4 28.7 23.4 23.8    
Effective Tax Rate % ...                     19.0 19.1 17.2 25.5 28.4    
Enterprise Value (EV) USD mil ...                     7,102 10,741 2,698 12,357 8,517    
EV/EBITDA ...                     5.63 4.33 0.770 4.67 4.52    
EV/Capital Employed ...                     1.62 2.00 0.614 1.34 0.809    
EV/Sales ...                     1.83 1.93 0.362 1.51 1.12    
EV/EBIT ...                     6.94 4.89 0.844 5.62 6.16    
Domestic Sales PLN mil ... ... ... ... ...             3,374 4,971 5,845 5,309 4,837    
Capital Expenditures (As % of Sales) % ... ...                   12.1 8.36 8.41 8.99 13.2    
Revenues From Abroad PLN mil ... ... ... ... ...             8,746 11,796 16,262 21,396 19,273    
Revenues From Abroad (As % Of Total) % ... ... ... ... ...             72.2 70.4 73.6 80.1 79.9    
Sales from Copper PLN mil ... ... ... ... ... ... ... ... ... ... ... 8,816 12,837 15,179 18,581 14,360    
Sales from Silver PLN mil ... ... ... ... ... ... ... ... ... ... ... 1,732 2,468 4,067 4,301 3,191    
Sales from Gold PLN mil ... ... ... ... ... ... ... ... ... ... ... 84.7 102 112 156 144    
Sales from Nickel PLN mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... 261 211    
Sales from Other precious Metals PLN mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... 350 385    
Production of Copper (kt) kt ... ... ... ...               503 547 571 676 666    
Production of Silver (t) tonnes ... ... ... ...               1,203 1,161 1,260 1,274 1,164    
Production of Gold (kg) kg ... ... ... ... ... ...           818 840 660 2,406 1,066    
Production of Nickel (kg) kg ... ... ... ... ... ... ... ... ... ... ... ... ... ... 4,800 ... ... ...
Production Of Platinum (kg) kg ... ... ... ... ... ... ... ... ... ... ... ... ... ... 538 ... ... ...
Production of Palladium (kg) kg ... ... ... ... ... ... ... ... ... ... ... ... ... ... 933 ... ... ...
Sales to Poland PLN mil ... ... ... ... ...             3,374 4,971 5,845 5,309 4,837    
Sales to Germany PLN mil ... ... ... ... ...             2,054 3,739 4,479 4,564 4,315    
Sales to the UK PLN mil ... ... ... ... ...             1,298 1,569 2,734 3,950 2,581    
Sales to China PLN mil ... ... ... ... ...             1,675 1,893 2,425 3,047 3,379    
Sales to the Czech Rep. PLN mil ... ... ... ... ...             564 1,156 1,347 1,604 1,547    
Sales to Canada PLN mil ... ... ... ... ... ... ... ... ... ... ... ... ... 2.00 1,341 1,199    
Sales to Italy PLN mil ... ... ... ... ... ... ... ... ... ... ... ... ... 1,191 1,217 774    
Sales to the USA PLN mil ... ... ... ... ... ... ... ... ... ... ... ... ... 1,027 758 1,144    
Sales to France PLN mil ... ... ... ... ... ... ... ... ... ... ... ... ... 654 872 815    
Sales to Hungary PLN mil ... ... ... ... ...             240 412 523 750 733    
Sales of Copper (kt) kt ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 595    
Sales of Silver (t) tonnes ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 1,250    
Sales of Gold (kg) kg ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 1,057    

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KGHM's Capital Expenditures rose 14.7% to PLN 3,939 mil in 2015

By Helgi Analytics - November 05, 2019

KGHM invested total of PLN 3,939 mil in 2015, up 14.7% when compared to the previous year. Historically, company's investments reached an all time high of PLN 3,939 mil in 2015 and an all time low of PLN 317 mil in 2003. When compared to total sales, in...

KGHM's Net Margin fell 310% to -25.1% in 2015

By Helgi Analytics - November 05, 2019

KGHM made a net profit of CZK PLN -5,012 mil under revenues of PLN 20,008 mil in 2015, down 305% and -2.36%, respectively, when compared to the last year. This translates into a net margin of -25.1%. Historically, the firm’s net margin reached an all time high of...

KGHM's ROCE fell 298% to -14.0% in 2015

By Helgi Analytics - November 05, 2019

KGHM made a net profit of PLN -5,012 mil in 2015, down 305% when compared to the previous year. Historically, company's net profit reached an all time high of PLN 11,127 mil in 2011 and an all time low of PLN -5,012 mil in 2015. This implies return on equity of ...

KGHM's Net Debt/EBITDA rose 407% to 4.14 in 2015

By Helgi Analytics - November 05, 2019

KGHM's net debt reached PLN 6,554 mil and accounted for 0.321 of equity at the end of 2015. The ratio is up 89.1% when compared to the previous year. Historically, the firm’s net debt to equity reached an all time high of 0.635 in 2001 and an all time low of -0.5...

KGHM's Cash & Cash Equivalents fell 2.95% to PLN 461 mil in 2015

By Helgi Analytics - November 05, 2019

KGHM's total assets reached PLN 36,764 mil at the end of 2015, up 8.14% when compared to the previous year. Current assets amounted to PLN 6,316 mil, or 17.2% of total assets while cash reached PLN 461 mil at the end of 2015. On the other hand, total debt reached PLN 7,015...

KGHM's Total Cash From Operations fell 14.1% to PLN 4,163 mil in 2015

By Helgi Analytics - November 05, 2019

KGHM's operating cash flow reached PLN 4,163 mil in 2015, down 14.1% when compared to the previous year. Historically, the firm’s operating cash flow reached an all time high of PLN 9,372 mil in 2011 and an all time low of PLN 61.5 mil in 2001. KGHM's total ...

KGHM's Share Price fell 7.75% to PLN 109 in 2014

By Helgi Analytics - November 05, 2019

KGHM stock traded at PLN 109 per share at the end 2014 implying a market capitalization of USD 6,149 mil. Since the end of 2009, the stock has appreciated by 2.69% implying an annual average growth of 0.532%. In absolute terms, the value of the company ...

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KGHM Polska Miedź (KGHM Kombinat Górniczo-Hutniczy Miedzi Polish Copper) is a Poland-based company and one of the largest producers of copper and silver in the world. The Company is involved in the copper ore mining, copper production and the production of precious metals and other non-ferrous metals. It also produces salt and provides casting of light metals. The Company is based in Poland in Lubin, but has several operations abroad such as in the USA, Canada, and Chile. Over 80% of KGHM's products are sold abroad, mainly to Germany, the United Kingdom, France, China, and the Czech Republic, among others. Since 1997, KGHM shares have been traded on the Warsaw Stock Exchange

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