KGHM POLSKA MIEDŹ S.A.
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Review of financial position

In a current report dated 31 January 2011, the Company published its Budget assumptions for 2011 as accepted by the Supervisory Board on the same day. The Budget assumed the achievement in 2011 of revenues from sales in the amount of PLN 16 067 million and profit of PLN 8 345 million.

Along with the improvement in macroeconomic conditions during the year, the Company updated its forecast. The final projection of financial results was published in a current report on 21 December 2011. Basic assumptions, projected results and their realisation are shown in Table – Realisation of projected Company financial results for 2011.

Due to the continuous updating of the forecast for 2011, the final realisation of financial results was not different from the planned amounts.

Realisation of projected Company financial results for 2011

    Forecast (31.01.2011) Forecast update (5.09.2011) Forecast update(22.12.2011) Execution 2011 Realisation of forecast (%)

Sales

million PLN 16 067 18 934 20 084 20 097 100,1

Profit for the period

million PLN 8 345 9 643 11 192 11 335 101,3

Average annual copper price

USD/t 8 200 9 000 8 827 8 811 99,8

Average annual silver price

USD/troz 25,00 32,00 35,11 35,12 100,0

Exchange rate

USD/PLN 2,80 2,80 2,97 2,96 99,7

Electrolytic copper production

'000 t 543,0 570,3 570,3 571,0 100,2

- of which from purchased copper-bearing materials

'000 t 111,0 128,0 128,0 124,6 97,3

Silver production

t 1 027 1 144 1 144 1 260 110,1

Capital expenditure

million PLN 1 892 1 732 1 645 1 514 92,0

Equity investments*

million PLN 9 046 10 757 642 640 99,7

* includes purchase of shares and investment certificates, increases of share capital and owner loans and payments to subsidiaries

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