Operating EBT at € 31 million
Planned shutdown successfully implemented in Hamburg leads to € 34 million impact on result
Market situation remains challenging during fiscal year
(Hamburg, 13 February 2020) The Aurubis Group generated operating earnings before taxes (EBT) of € 31 million in the first three months of fiscal year 2019/20 (previous year: € 40 million). This result meets the capital market’s expectations.
EBT was significantly influenced by a planned maintenance shutdown at the Hamburg plant, which the company carried out in October and November of last year. “We successfully carried out the maintenance shutdown in Hamburg in the planned timeframe and budget. All of the planned investments and measures were accomplished. We therefore expect a considerable improvement in plant availability and a higher concentrate throughput,” Aurubis AG Executive Board Chairman Roland Harings positively summed up the situation. The shutdown had a roughly € 34 million impact on the Q1 result. Q1 of the previous year was strained in the amount of approximately € 25 million due to unplanned shutdowns.
Aurubis generated revenues of € 2,709 million during the first three months of the current fiscal year (previous year: € 2,614 million). This development was primarily due to higher precious metal prices. Operating ROCE (taking the operating EBIT of the last four quarters into consideration) declined from 11.3 % in Q1 of the previous fiscal year to 7.6 % due to the lower results in the past four quarters. The net cash flow as at the end of Q1 2019/20 improved significantly, to € -93 million, compared to Q1 2018/19 (€ -308 million). In the first three months of the past fiscal year, the net cash flow was influenced by preparations for the planned shutdowns in 2018/19 and effects from unplanned shutdowns.