Press release

Significant earnings increase at Aurubis despite difficult fiscal year 2013/14 – operating EBT at € 138 million

Hamburg, Friday, December 12, 2014

The Aurubis Group’s operating earnings before taxes (EBT), the parameter used for control purposes in the company, increased considerably in fiscal year 2013/14 to € 138 million (€ 114 million in the previous year). € 63 million of this amount was generated in the fourth quarter (€ -18 million in the previous year). The Executive Board and Supervisory Board will recommend a dividend of € 1.00 per share at the Annual General Meeting on March 19, 2015 (€ 1.10 in the previous year). The payout ratio is therefore 51 % of Aurubis AG’s unappropriated earnings (46 % in the previous year) and corresponds to the dividend policy pursued thus far. The dividend yield based on the Xetra closing price of € 39.16 as at September 30, 2014 is 2.6 % (2.5 % in the previous year).

During fiscal year 2013/14, a good supply of copper concentrates with rising treatment charges and a notable recovery of demand, especially for our main products, continuous cast rod and shapes, led to positive impacts on earnings. The weak copper scrap markets with much lower refining charges, significantly lower prices on the global sulfuric acid market and reduced metal prices negatively affected earnings. Furthermore, the largescale maintenance and repair shutdown in Hamburg (September/October 2013) and its effects strained the first two quarters of the fiscal year. Overall, earnings were below the expectations of the start of the fiscal year.

After a few relatively weak months in the first half of the fiscal year, Aurubis picked up speed and developed well. However, we aren’t satisfied with the annual results, as our expectations at the beginning of the fiscal year were much more positive,” explained Dr. Bernd Drouven, Chairman of the Aurubis Executive Board.

The Aurubis Group’s revenues amounted to € 11,335 million (€ 12,346 million in the previous year). The decrease is primarily due to lower metal prices, especially for precious metals.

The net cash flow was € 409 million, considerably up on the previous year (€ -86 million). Influencing factors included the earnings increase and the reduction in inventories related to the shutdown.

Earnings before taxes (EBT) based on IFRS amounted to € 58 million (€ -229 million in the previous year). 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.

 

Outlook
In fiscal year 2014/15 the overall economic environment will continue to be affected by uncertainties that could influence specific markets relevant for Aurubis, especially the copper scrap and sulfuric acid markets, at short notice. Other markets, for example the copper concentrate market, generally follow more long-term tendencies.

Nevertheless, many signs currently point to positive developments in individual areas during the entire year: we anticipate high throughputs with good treatment and refining charges in our concentrate processing. We were also able to stock copper scrap at improved conditions for the first half of the new fiscal year to a large extent. In the product sector, we have felt the latest uncertainties related to the economic trend in Europe somewhat, but we expect stable sales for the entire year.

As always, the first quarter will be influenced by a weaker business performance.


We expect operating earnings in fiscal year 2014/15 to be well above the previous year,” Dr. Bernd Drouven concluded.

The complete Annual Report 2013/14 was published today at www.aurubis.com.

Aurubis - Metals for Progress

Aurubis AG is a leading global provider of non-ferrous metals and the largest copper recycler worldwide. The company processes complex metal concentrates, scrap metals, and metal-bearing recycling materials into metals of the highest quality. Aurubis produces more than 1 million tons of copper cathodes annually, and from them a variety of products such as wire rod, continuous cast shapes, profiles, and flat rolled products made of copper and copper alloys. Aurubis produces a number of other metals as well, including precious metals, selenium, lead, nickel, tin, and zinc. The portfolio also includes additional products such as sulfuric acid and iron silicate.

Sustainability is a fundamental part of the Aurubis strategy. “Aurubis responsibly transforms raw materials into value” – following this maxim, the company integrates sustainable conduct and business activities into the corporate culture. This involves a careful approach to natural resources, responsible social and ecological conduct in everyday business, and sensible, healthy growth.

Aurubis has about 7,400 employees, production sites in Europe and the US, and an extensive service and distribution system in Europe, Asia, and North America.

Aurubis shares are part of the Prime Standard Segment of the German Stock Exchange and are listed in the MDAX and the Global Challenges Index (GCX).

Cookies

Aurubis would like to offer you the best possible service. To do this, we store information about your visit in so-called cookies. You can find detailed information about the use of cookies on this website under “Show details.” You can check or uncheck the options in the following selection bar to choose which of the different cookies you want to accept. However, you cannot deselect necessary cookies. By clicking OK, you agree to the use of cookies.

Show details

Necessary cookies help to make a website usable by enabling basic functions such as page navigation and access to secure areas of the website. The website cannot function properly without these cookies.

Necessary Cookies

Name of Cookie Function Storage period

cookie-popup /
required-cookies

Stores whether (functional) cookies have been accepted. 24 months from setting / update

functional-cookies /
additional-cookies

Stores whether (optional) cookies have been accepted. 24 months from setting / update

AWSELBCORS

Amazon AWS: Used when distributing user requests to the servers.

Until the end of the session

 

Preference cookies enable a website to remember information that affects the way a website behaves or looks. This information includes e.g. B. Your preferred language or the region you are in.

Preference-Cookies

Name of Cookie Function Storage period

__utma

Google Analytics: Used to differentiate between users and sessions

24 months from setting / update

__utmb

Google Analytics: Used to determine new sessions & visits. Is updated every time data is sent to Google Analytics.

30 minutes from setting / update

__utmc

Google Analytics: In the past, this cookie operated in conjunction with the __utmb cookie to determine whether the user was in a new session/visit.

Until the end of the session

__utmz

Google Analytics: Stores where the user reached the page from.

6 months from setting / update

__utmt

Google Analytics: Used to limit the request rate.

10 Minutes

 

Cookies are small text files that websites use to make users’ experience more efficient, to provide certain functions, or to enable certain analyses. This site uses different types of cookies . Some cookies are placed by third parties that appear on our sites. We have no technical influence on cookies placed by third parties.