KGHM POLSKA MIEDŹ S.A.
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Review of financial position

Structure of cash and cash equivalents (‘000 PLN)

  31.12.2010 31.12.2011
Cash* 50 234 8 454
Other monetary assets with a maturity up to 3 months 2 545 295 12 827 545
Total 2 595 529 12 835 999

* in hand and on-demand bank deposits

Periodically unallocated cash and cash equivalents generated income in the amount of PLN 189 847 thousand. The increase in income was due to the significant increase in the Company’s cash and cash equivalents and to higher interest rates.

Bank and other loans received

In 2011, KGHM Polska Miedź S.A. did not make use of financing in the form of bank loans. As at 31 December 2011, the Company did not hold financing in the form of loans.

Loans granted and received and financial guarantees

On 21 December 2009, KGHM Polska Miedź S.A. granted a loan to “Energetyka” sp. z o.o. in the amount of PLN 50 300 thousand. Interest on the loan is based on WIBOR 1M + a margin of 2.77%, with interest payable monthly. Repayment is in forty equal instalments in the amount of PLN 1 258 thousand payable at the end of each quarter, beginning from 31 March 2010. In 2011, “Energetyka” sp. z o.o. made partial repayment on the loan in the amount of PLN 5 030 thousand. As at 31 December 2011, the balance of the loan granted was PLN 40 968 thousand.

In 2011, the Company granted no financial guarantees, although it held a customs guarantee with a maturity to 1 March 2013. The guarantee is a contingent liability which do not significantly affect the Company’s liquidity risk.

Evaluation of investment goals realisation versus the resources held, reflecting possible changes in the structure of financing these activities

The cash and cash equivalents currently held by the Company and its creditworthiness guarantee the realisation of its investment goals, both in terms of equity investments as well as capital expenditures.


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