Aurubis AG generated operating earnings before taxes (EBT) of € 36 million in the first quarter of the current fiscal year 2015/16 according to preliminary figures and is therefore below the capital market’s expectations. Operating earnings before taxes in the first quarter of the previous fiscal year were € 39 million.
Lower precious metal production, a lower metal yield with reduced metal prices and weak copper scrap markets negatively impacted the results in the first quarter.
In contrast, good treatment and refining charges for copper concentrates, a high cathode output with satisfactory cathode premiums and good sales on the wire rod markets had a supportive impact. Moreover, the ongoing strength of the US dollar – the currency in which treatment and refining charges and the cathode premium are established – positively influenced the company’s results.
“The market environment was satisfactory overall. In particular, weak scrap markets and a lower metal yield in connection with reduced precious metal prices were the factors that strained the first quarter results. Nevertheless, we still view the December earnings forecast for the entire fiscal year as realistic: Compared to the record earnings in the previous year, Aurubis will generate significantly lower but still satisfactory earnings in fiscal year 2015/16,” commented Aurubis AG Executive Board Spokesman Erwin Faust regarding the results.
IFRS earnings before taxes (EBT) in the first quarter of fiscal year 2015/16 are € -34 million according to preliminary figures (first quarter of the previous fiscal year: € 33 million) and are primarily influenced by a drop in metal prices. 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 quarter of fiscal year 2015/16 on February 10, 2016 as scheduled.
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).