Good results fulfill expectations
Efficiency enhancement program attains planned success
Earnings forecast for the entire fiscal year 2016/17 is confirmed
Hamburg, August 10, 2017, The operating EBT development can especially be traced back to higher concen-trate throughputs, despite the legally mandated maintenance shutdown in Ham-burg in the first quarter of the fiscal year. However, the previous year’s comparative figure was also influenced by a major shutdown, namely in Pirdop (Bulgaria). Simi-larly, relatively high treatment and refining charges for copper concentrates due to Aurubis’ advantageous input mix also bolstered the results. High refining charges for copper scrap with a good supply further contributed to the results. In addition, Aurubis profited from a high metal gain with high metal prices as well as from the US dollar exchange rate, which was advantageous for the company during the reporting period.
The oversupply of sulfuric acid on the global market (especially in the first half of the current fiscal year) and the resulting weak profits put pressure on the EBT. The lower cathode premium also had an impact.
Increased demand for flat rolled products also lead to higher sales of shapes, their preliminary products. Conversely, sales of wire rod were weaker than in the previ-ous year.
Operating ROCE (taking the operating EBIT of the last 4 quarters into considera-tion) rose to 13.0 % (previous year: 11.2 %).
Aurubis’ EBT on the basis of IFRS amounted to € 371 million (previous year: € 98 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.
Earnings forecast for the entire fiscal year 2016/17 is confirmed - The Aurubis Group generated operating earnings before taxes (EBT) of € 211 million in the first nine months of fiscal year 2016/17 (previous year: € 148 million). Group revenue also increased by approximately € 1,113 million to € 8,189 million due to higher metal prices.
„The third quarter, with an operating EBT of € 93 million, was extraordinarily good“, summarized Jürgen Schachler, Chief Executive Officer of Aurubis AG. “Espe-cially the performance in Bulgaria, where we were able to process complex materi-als since the shutdown in the previous year, contributed positively to the results. Additionally, we took advantage of the good scrap supply and achieved high refin-ing charges. The efficiency enhancement program also contributed to the good results.”