Consolidated Q2 earnings above market expectations
Hamburg | Monday, April 25, 2016
Aurubis AG generated preliminary consolidated operating earnings before taxes (EBT) of € 77 million (previous year: € 142 million) in Q2 2015/16 and is therefore above the market expectations.
Aurubis AG generated a preliminary operating EBT of € 77 million (previous year: € 142 million) in Q2 2015/16 and is therefore above the analysts’ expectations of € 63 million for Q2 2015/16. The results of the previous year included extraordinary effects amounting to + € 50 million, which were due to low metal inventories at that time.
The reasons for the good second quarter of 2015/16 are high treatment and refining charges with good concentrate throughputs at the same time, a high metal yield, robust sales of wire rod and shapes and the ongoing strength of the US dollar.
The preliminary consolidated operating EBT for the first half-year thus amounts to € 113 million (previous year: € 181 million – which included extraordinary effects of + € 50 million).
Our large-scale shutdown in Pirdop (Bulgaria), which we previously announced, started on April 14, 2016. This will considerably impact our results in Q3 2015/16. We confirm our forecast for the entire fiscal year 2015/16: compared to the record earnings of the previous fiscal year, we will have significantly lower but good earnings in fiscal year 2015/16,”
commented Erwin Faust, Aurubis AG Executive Board Spokesman, regarding the results.
The preliminary IFRS consolidated EBT for the first half-year is € 40 million (previous year: € 176 million). In contrast to operating earnings, IFRS earnings include measurement effects due to copper price fluctuations and other factors. Therefore, the operating earnings are decisive for Aurubis in assessing the business performance and managing the company.
Aurubis will publish the complete report on the first half of fiscal year 2015/16 on May 10, 2016 as scheduled.