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Aurubis Reports 9 Months Results

Metal News - Published on Fri, 14 Aug 2020

Image Source: Arubis
The Aurubis Group generated operating earnings before taxes of EUR 133 million in the first three quarters of the current fiscal year, exceeding the same period of the previous year (EUR 125 million). A good operating performance boosted concentrate throughput, though treatment and refining charges were lower. A higher metal gain with increased precious metal prices had a positive impact. The recycling business made a positive contribution to the result due to higher refining charges for copper scrap year-over-year, in connection with a substantially higher throughput. Aurubis has therefore been able to compensate well for the impacts of the coronavirus pandemic so far during the fiscal year.

Lower sulfuric acid revenues resulting from significantly reduced sales prices strained the result. A distinct decline in demand for wire rod, shapes, and flat rolled products also had a negative impact compared to the previous year.

Aurubis increased revenues to EUR 8,869 million (previous year: EUR 8,681 million) due to higher precious metal prices in particular. Operating ROCE improved to 8.5 % (previous year: 7.3 %). Aurubis has secured the supply for the smelter network in insecure times thanks to higher inventories of input materials. At EUR 166 million as at June 30, 2020, the net cash flow was significantly above the low prior-year level (EUR -240 million) due to precious metal sales at increased market prices and cathode sales to Asia.

For the first time following the acquisition of the recycling company Metallo on May 29, 2020, the new sites in Beerse (Belgium) and Berango (Spain) were included in the consolidated financial statements in June.

The impacts of COVID-19 on the raw material and product markets remain difficult for Aurubis to forecast. Nevertheless, Aurubis expects plant availability during the current fiscal year to exceed the previous year. Despite a reduced global supply of copper concentrates with low treatment and refining charges, Aurubis will be able to provide its plants with a good raw material supply due to both its good position on the market and the supply on the copper scrap market, which appears to be improving with rising refining charges.

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Posted By : Yogender Pancholi on Fri, 14 Aug 2020
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