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KGHM: 1Q09 results much better than expected

KGHM: 1Q09 results much better than expected

15.5.2009 9:39

KGHM (67,9 PLN, 3,74%) posted a net profit of PLN 627.9m for 1Q09, down 36 % y/y and 13% q/q. The outcome was 34 % above the consensus of PLN 469m and 25 % higher than our expectation of PLN 503m. The result beat our expectations mainly due to the lower-than-expected HR costs and the more favourable result on other operating activity in the period. The effects of hedging came in at PLN 245.7m for 1Q09, broadly in line with expectations. We expect a positive market reaction to the 1Q09 results.

Revenues came in at PLN 2,377m for 1Q09, down 21 % y/y and in line with both the consensus and our expectations. Production volumes came in at 119,000 tonnes, lower than our estimate of 128,000 tonnes, mainly due to lower input from foreign concentrates. Revenues from hedging activities came in at PLN 339m in 1Q09 and were broadly in line with our expectation of PLN 328m.

EBIT came in at PLN 796m in 1Q09, down 32 % versus 1Q08 but outpacing the consensus by 40 % and our expectation by 27%. The company recorded personnel costs at PLN 552m in 1Q09, down 10 % y/y and 15% below our assumption due to lower provisions on pensions. The difference was due to lower unit production costs from own deposits, which stood at PLN 9,477/t in 1Q09, down 3.6 % y/y and 9% below our estimate of PLN 10,429/t.

KGHM did not conclude any further hedging agreements regarding copper in 1Q09. Even so, the company has 33,000 tonnes of copper hedged for 2Q09 as a result of the previous year’s contracts. However, the firm has indicated that it has hedged an additional US$ 510m of cash flow, although the strike price was not disclosed.

The company will hold an analysts’ meeting today at 12:00 CET on the Warsaw Stock Exchange.


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