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Aurubis Repports Q1 Results

Metal News - Published on Fri, 21 Feb 2020

Image Source: wikipedia.org
The Aurubis Group generated operating earnings before taxes of EUR 31 million in the first three months of fiscal year 2019/20 (previous year: EUR 40 million. 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. Aurubis AG Executive Board Chairman Mr Roland Harings said “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. The shutdown had a roughly EUR 34 million impact on the Q1 result. Q1 of the previous year was strained in the amount of approximately EUR 25 million due to unplanned shutdowns.”

Aurubis generated revenues of EUR 2,709 million during the first three months of the current fiscal year (previous year: EUR 2,614 million). This development was primarily due to higher precious metal prices. Aurubis achieved EBT of EUR 93 million from continuing operations on an IFRS basis (previous year: EUR 12 million).

Outlook - Aurubis’ market environment continues to be challenging. Generally speaking, the economic trend remains to be seen. This is due in part to the impacts of coronavirus, which can’t be predicted at the moment. The company anticipates that treatment and refining charges for copper concentrates in particular will remain significantly below the previous year in light of the current benchmark of USD 62/t (6.2 cents/lb). At the same time, the company is confident that it will have a good supply of copper concentrates. In contrast to concentrate TC/RCs, Aurubis expects copper scrap refining charges to remain at a good level with a good supply situation. Apart from the planned shutdown already carried out in Hamburg, two additional planned, legally mandated shutdowns are scheduled at the Lünen site for April and September. According to current plans, they will have a roughly € 11 million impact on the result. When it comes to sales of copper intermediates, Aurubis anticipates stable demand overall, which will nevertheless be at a fairly low level for copper shapes. Aurubis set the copper premium at USD 96/t for calendar year 2020, the level of the previous year. For the most part, the company expects to be able to implement this premium for its products.

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Posted By : Rabi Wangkhem on Fri, 21 Feb 2020
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