- share capital of owners, lenders and bondholders,
- financial result generated,
- short- and long-term liabilities.
Financial capital
Financial capital is the basis for the efficient use and development of the other capitals of the KGHM Polska Miedź Group, in particular manufactured capital.
It is represented in the Group by a pool (resource) of funds that is available for use in ongoing production processes, including mining and smelting, being the value generated in the operating and investment activities of the KGHM Polska Miedź S.A. Group and obtained as financing in the form of debt, equity or any subsidies.
It consists of:
Thanks to the above-mentioned earned and raised funds, the KGHM Polska Miedź Group is able to conduct its current operating activities, but also to invest in future business ventures, both on the acquisition side (including in new geological assets) and to finance research and development activities (including in the aspect of realising the concept of a low- and zero-carbon economy in terms of greenhouse gases, as well as implementing the concept of a circular economy).
Key indicator data on the financial capital of the KGHM Polska Miedź Group:
| No. | Indicator name | Value | |
| 31.12.2021 | 31.12.2022 | ||
| 1 | Revenues from contracts with customers [in PLN million] | 29 803 | 33 847 |
| 2 | Net profit [PLN million] | 6 155 | 4 774 |
| 3 | Adjusted EBITDA1 | 10 327 | 8 865 |
| 4 | Total assets [PLN million] | 48 027 | 53 444 |
| 5 | Liabilities [PLN million] | 20 889 | 21 298 |
| 6 | Earnings per share (EPS) 2 | 30.78 | 23.86 |
| 7 | Share price of the Company at the end of the period3 | 139.4 | 126.75 |
| 8 | Net debt/EBITDA4 | 0,6 | 0.8 |
| 9 | Production of payable copper5 | 753.7 | 733.1 |
| 10 | Production of payable silver5 | 1 366 | 1 327 |
| 11 | C1 payable copper production cost 5 | 1.96 | 2.20 |
1Comprises Sierra Gorda S.C.M. proportionally to interest held (55%)
2Attributable to shareholders of the Parent Entity
3 KGHM Polska Miedź S.A.
4 Adjusted EBITDA for the year, excluding EBITDA of the joint venture Sierra Gorda S.C.M.
5 Comprises Sierra Gorda S.C.M. proportionally to interest held (55%)
2Attributable to shareholders of the Parent Entity
3 KGHM Polska Miedź S.A.
4 Adjusted EBITDA for the year, excluding EBITDA of the joint venture Sierra Gorda S.C.M.
5 Comprises Sierra Gorda S.C.M. proportionally to interest held (55%)
Highlights of financial capital management in 2022 in the context of 2021:
- increase in revenues from contracts with customers (impact on profit/loss: +PLN 3,811 million),
- increase in cost of sales, selling costs and administrative expenses (PLN 3,949 million),
- reversal of impairment losses on shares in subsidiaries (impact on profit/loss: PLN 1,010 million),
- reversal of impairment losses on financial instruments measured at amortised cost (impact on profit/loss: PLN 594 million),
- impact of derivatives and hedging transactions (impact on profit/loss: +PLN 214 million),
- impairment losses on shares and investment certificates in subsidiaries (impact on profit/loss: +PLN 182 million),
- fair value gains on financial assets measured at fair value through profit or loss (impact on profit/loss: +PLN 439 million),
- impact of foreign exchange differences (impact on profit/loss: +PLN 148 million),
- decrease in income tax (impact on profit/loss: +PLN 84 million),
- increase in total assets (impact on profit/loss: +PLN 4,537 million),
- increase in capital expenditures (impact on profit/loss: +PLN 291 million),
- decrease in revenues from contracts with customers (impact on profit/loss: +USD 86 million),
- lower cost of sales, selling costs and administrative expenses (impact on profit/loss: +USD 3 million),
- impact of other operating activities and financing activities (impact on profit/loss: +USD 366 million),
- increase in income tax (impact on profit/loss: -USD 28 million),
- decrease in capital expenditures (impact on profit/loss: -USD 58 million).
- decrease in sales revenue (impact on profit/loss: -USD 534 million),
- change in cost of sales, selling costs and administrative expenses (impact on profit/loss: -USD 1,259),
- impact of other operating and financing activities (impact on profit/loss: +USD 31 million),
- increase in income tax (impact on profit/loss: -USD 425 million).