Zabezpieczenie przed ryzykiem rynkowym w działalności korporacji transnarodowych na przykładzie KGHM Polska Miedź S.A.
Hedging in the market risk management of transnational corporations on the example of KGHM Polska Miedź S.A.

Summary/Abstract: KGHM Polska Miedź S.A. belongs to the largest enterprises in Poland and the largest producers of copper and silver all over the world. In the last years the company has taken the intensive foreign expansion in order to buy the deposits and copper mines in South and Nord America. The most part of its production (80%) is expported, mainly to European countries and China and substantial part comes from abroadi.e. from Sierra Gorda Mine in Chile. A big price fluctuation in the world markets and USD exchange rate in which the copper and silver prices are quoted, threaten to keep a financial liquidity of the company and budget execution. In connection with that KGHM formulated the hedging strategy against the most important market risks to which belong price risk, exchange rate risk and in a lower grade interest rate risk, liquidity risk and investment and desinvestment risk. The main hedging instruments were forward, option and their combinations. Their application protected the financial effects of the Corporation but involved great expanses and loses, which means it could achieve a larger benefits if it did not hedge its activities. Because of it KGHM made change of its hedge policy in the last years and currently uses protection with derivates to a lesser extent than in the past.

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