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• EBT in the 1st quarter 09/10 at € 126 million (€ -124 million in the prior year)
• Operating result € 46.5 million (€ 19 million in the prior year)
• Valuation effects € 79.5 million (€ -143 million in the prior year) 
• Revenues increased to € 2.1 billion due to metal prices (€ 1.5 billion in the
               prior year)
• Supply shortages for copper concentrates; TC/RCs at a low level
• Market situation for sulphuric acid further improved
• Availability and refining charges for copper scrap and other recycling
               materials significantly improved
• Noticeable signs of recovery in the product markets
• Outlook: 
  - Continuation of economic recovery results in increased demand
     for the entire copper product range
  - Significant improvement in operating result expected compared with prior year

Hamburg, 11 February 2010 – After the economically difficult last fiscal year, Aurubis AG (Aurubis) performed well in the first quarter of fiscal year 2009/10, generating earnings before taxes (EBT) of € 126 million (€ -124 million in the prior year). The operating EBT amounted to € 46.5 million (€ 19 million in the prior year), while the further increase in the copper price resulted in valuation effects in the amount of € 79.5 million (€ -143 million in the prior year). The result reflects the positive market trend that had already begun in the second half of the last fiscal year. Our excellent position, in particular in our European core market, and our solid business model enabled us to benefit early on from the incipient economic upturn. Revenues rose compared with the prior-year quarter, reaching € 2.1 billion (€ 1.5 billion in the prior year) on account of the higher metal prices. At € -207 million, the net cash flow was negative in the first quarter (€ 150 million in the prior year), reflecting seasonal effects, the higher copper price and the significant reduction in net working capital in the previous quarter, which could not be maintained at that level.

The concentrate throughput in the Business Unit (BU) Primary Copper rose to 549,000 tonnes in the first quarter (508,000 tonnes in the prior year). The sulphuric acid output increased accordingly to 569,000 tonnes (515,000 tonnes in the prior year). A total of 236,000 tonnes of cathodes was produced in the BU (229,000 tonnes in the prior year).

BU Recycling / Precious Metals produced 53,000 tonnes of cathodes, thus matching the high prior-year output. In addition, 8.2 tonnes of gold (8.1 tonnes in the prior year) and 313 tonnes of silver (290 tonnes) were produced.

The production output of 173,000 tonnes of wire rod in BU Copper Products was up on the comparable prior-year quantity of 159,000 tonnes. The output of continuous cast shapes rose to 50,000 tonnes compared with 47,000 tonnes in the prior year.

Results of operations
The Aurubis Group generated earnings before taxes (EBT) of € 126 million (€ - 124 million in the prior year) in the first quarter of fiscal year 2009/10.

Earnings were positively influenced by the metal price increase and other copper price effects on the inventories of the former Cumerio companies in the amount of € 79.5 million. In the comparable prior-year period these effects were negative due to the low copper prices and weighed on earnings to the extent of € 143 million.

Apart from these effects, business performance compared with the prior-year quarter was influenced by the following factors:

• A good metal yield with high metal prices and a good throughput was
              achieved
• Sulphuric acid prices were still just below the average of the prior-year
               quarter, but with a clearly positive trend
• The market situation for scrap and recycling materials improved significantly and resulted overall in higher refining charges year-on-year
• The economic upturn was reflected in improved product sales
• Lower interest expense

Earnings before interest, taxes, depreciation and amortisation (EBITDA) amounted to € 159 million (€ -86 million in the prior year). At the same time, earnings before interest and taxes (EBIT) rose to € 133 million in the first three months of fiscal year 2009/10, compared with € –110 million in the prior-year period. 

After taking into account net interest expense, earnings before taxes amounted to € 126 million (€ - 124 million in the prior year). Interest expense was reduced as a result of the lower debt.

After deducting the tax expense, a consolidated net profit of € 90 million remains (consolidated net loss of € 98 million in the prior year).
This results after elimination of the minority interest in earnings per share of € 2.20, compared with € – 2.41 in the prior year.

Copper market
The copper price was firm in the first quarter of the fiscal year. From US$ 6,082/t (LME settlement) on 1 October 2009, it rose to US$ 7,346/t during the quarter. The price trend was consequently quite different from that in the three previous years, which each recorded a considerable price decline before year-end. The copper price was quoted at an average of US$ 6,643/t during the quarter, 14 % higher than in the previous quarter.

The uptrend was mainly due to strong demand in Asia and the continued inflow of investor funds in the commodity sector, which benefited from high liquidity and low interest rates. The weak U.S. dollar, which made dollar-based raw material investments interesting, also played its part in this. On top of this, the increasing realisation that the international financial and economic crisis was being overcome had a positive impact. Upcoming collective bargaining at the major South American mining enterprises additionally drew attention to speculation about strikes and thus about production losses. 

Given these factors, little attention was paid to the weakening physical cathode business, as is the case every year before the year-end public holidays, and the increase in the LME inventories in the quarter from 346,000 tonnes to about 502,000 tonnes of copper – above all as a consequence of the shifting of off-exchange inventories in Asia.

Raw material markets
The market for copper concentrates was characterised by a persistent supply shortage.  Mine expansions and projects which were delayed due to the economic crisis had the same detrimental effect on the market as the increased demand from the Far East. The treatment and refining charges thus remained at a very low level.

By contrast, the market for copper scrap and other recycling materials continued to develop well. The refining charges were above the average of the previous years. The supply of precious metal-bearing raw materials was also at a high level.

Sulphuric acid market
The global demand for sulphuric acid has recovered well. In particular, the demand for copper leaching processes in South America was considerably higher. The quantities stored worldwide have declined substantially and the prices have increased significantly compared with the last few months of the prior year.

Product markets
Substantial sectors of the product markets showed noticeable signs of recovery in the first quarter of the fiscal year.

The cable and wire industries again proved to be the motor of demand. The energy and enamelled wire sectors have withstood the economic crisis comparably well up to now and were able to stabilise their business for the most part in October and November and even expand it. The first tendencies towards recovery were also apparent in the automotive sector (cable and wiring systems for vehicles). Inventory management was priority for numerous market participants at the end of the calendar year, with the result that the order intake declined again somewhat before the Christmas break.

We also observed increasing demand in the shape and strip product sectors. High-value specialty products were still in demand. In infrastructure and the construction industry, the economic stimulus plans had an influence on trade and industry, but the impact was partly reduced by the again higher copper price and the start of winter. Positive effects on demand however did result from the again rising dynamics in Far East markets.

Uncertainty was still observed in market participants, although it has abated and given way to an incipient optimism. 

Human resources
The Aurubis Group had a total of 4,741 employees at the end of the first quarter (4,748 in the prior year), spread out over the following countries: Germany (3,334), Bulgaria (777), Belgium (445), Italy (107), Switzerland (40), England (27), Slovakia (9) and Turkey (2). Group-wide, 70 % of the workforce is employed in Germany and 30 % at other European locations.

Personnel expenses totalling € 69 million were unchanged compared with the prior year. A rise in personnel expenses was compensated by selective restructuring measures, for example the closing down of the continuous casting plant in Olen in the last fiscal year.

The short-time working which was necessary in the production sectors in Germany, Belgium and England in 2009 could be significantly reduced on account of the improved order receipts in the last quarter. There was no short-time working at the Hamburg and Lunen sites.

OUTLOOK
Copper market
The economic recovery has continued since the beginning of 2010. At the end of January the International Monetary Fund assessed the growth prospects for the global economy higher than before at 3.9 %.

This forecast is being regarded as positive overall for global copper demand. Demand in China will again be high in 2010, while different industry-related recovery tendencies are expected for the industrial nations at a more moderate level. The development of the inventories in the warehouses of the metal exchanges remains an important indicator for the market supply of cathodes.

Product markets
Copper products
In view of the economic recovery, we expect the positive trend in demand to continue for our entire copper product range. At the same time we expect the overall price level to remain stable. We will probably far exceed the sales level of the last fiscal year, although it will not yet be possible to equal the quantities of fiscal year 2007/08 in the current fiscal year. 

Expected earnings
We expect the operating result to improve considerably in the current fiscal year compared with the prior year. This assumption is based on a continuation of the positive trend for copper products and sulphuric acid, and still good margins in the recycling business. As regards the refining charges for copper scrap, strong fluctuations cannot be ruled out due to the short-term nature of the business. Valuation effects will result from copper price fluctuations, the extent of which cannot however be predicted. Since these effects are non-cash, they have no significance for the operating result. In the medium term we expect demand for copper to increase and the treatment and refining charges for copper concentrates to improve. 

Due to the volatility, in particular of the copper scrap markets, it would be ambitious to project the quarterly results on the fiscal year; the operating result should however be significantly higher than the operating result achieved in the last fiscal year.

You will find the complete interim report on the first quarter of fiscal year 2009/10 at www.aurubis.com.

Disclaimer
Forward-looking statements
This information contains forward-looking statements based on current assumptions and forecasts. Various known and unknown risks, uncertainties and other factors could have the impact that the actual future results, financial situation or developments differ from the estimates given here. We assume no liability to update forward-looking statements.

Company Profile
The Aurubis Group is the largest copper producer in Europe and the world leader in copper recycling. We produce some 1 million tonnes of copper cathodes and more than 1.2 million tonnes of copper products each year. We have sites in seven European countries with a total of about 4,700 employees.
Thanks to our wide range of services, we rank among the global leaders in our industry. Our core business is the production of marketable copper cathodes from copper concentrates, copper scrap and recycling raw materials. These are processed within the Group into continuous cast wire rod, shapes, rolled products as well as special wire and profiles made of copper and copper alloys.  Precious metals and a number of other products, such as sulphuric acid and iron silicate, round off our product portfolio.
Customers of the Aurubis Group include companies in the copper semis industry, the electrical engineering, electronics and chemical industries as well as suppliers of the construction and car industries.
Aurubis is oriented to growth and to increasing corporate value. The main focus of our strategy is on strengthening our business, utilising growth opportunities and practising a responsible attitude when dealing with people and handling resources and the environment.
Aurubis shares are part of the Prime Standard Segment of the Deutsche Börse and are listed in the MDAX, in the European Stoxx 600 and the Global Challenges Index (GCX).

Further information at www.aurubis.com

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