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MarketScreener Homepage  >  Equities  >  Xetra  >  Aurubis    NDA   DE0006766504

AURUBIS

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Aurubis : recommends dividend of EUR 1.25 per share for fiscal year 2018/19

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12/12/2019 | 10:04am EST

The Executive Board and Supervisory Board of Aurubis AG (Aurubis) will recommend a dividend of EUR 1.25 per share at the Annual General Meeting on February 27, 2020.

This resolution was passed at the company's Supervisory Board meeting yesterday. If the shareholders at the Annual General Meeting accept this recommendation, the payout ratio will be 41 % (previous year: 26 %) of the operating consolidated net result. The dividend yield based on the Xetra closing price for Aurubis shares as at September 30, 2019 amounts to 3.1 % (previous year: 2.6 %).

One-off impairment losses in Segment Flat Rolled Products and maintenance shutdowns impact fiscal year result

Aurubis generated an operating result of EUR 192 million (previous year: EUR 329 million) in fiscal year 2018/19. Compared to the extraordinarily good previous year, the operating result was strained in particular by accounting-related measurement effects - an ongoing impairment loss of EUR 31 million recognized against copper inventories as well as a EUR 20 million impairment loss recognized against the noncurrent assets of Segment Flat Rolled Products (FRP). The considerably lower operating performance due to planned and unplanned shutdowns at the smelter sites had an impact as well, which led to lower revenues from treatment and refining charges, among other effects. Expenses after the termination of the investment project Future Complex Metallurgy (FCM) also weighed on the fiscal year result. Moreover, higher energy osts and weaker demand for shapes and flat rolled products had a negative impact.

A good metal gain in Q4 of the fiscal year, precious metal sales at good prices, and rising sulfuric acid revenues thanks to significantly higher market prices positively influenced the fiscal year result. The efficiency improvement program also generated positive contributions to earnings once again. Furthermore, a receivable arising from the prohibited sale of Segment FRP was recognized in other operating income.

IFRS earnings before taxes (EBT) from continuing operations were EUR 260 million.

The net cash flow developed positively in fiscal year 2018/19, rising to EUR 272 million (previous year: EUR 203 million). This was due especially to precious metal sales at higher prices.

'With our recommended dividend, we continue the company policy of always paying out at least 25 % of the operating consolidated net income to the shareholders,' summed up Roland Harings, Executive Board chairman since July 1, 2019. 'The past fiscal year was a transitional year for Aurubis. We invested in the company's future with planned maintenance shutdowns, but unplanned shutdowns and other urbulent events impacted the past fiscal year negatively. Nevertheless, the shareholders shouldn't bear the burden of the one-off effects impacting the result in particular, which is why we decided on this relatively high payout ratio.'

Aurubis expects result in new fiscal year at a similar level For the current fiscal year 2019/20, the Aurubis Group expects operating EBT of between EUR 185 and 250 million and an operating ROCE between 8 and 11 %.

Based on industry forecasts, Aurubis expects stable copper demand overall, although product demand from the automotive sector will continue to be restrained. The level for 2020 annual contracts on the copper concentrate market will likely be substantially lower than prior-year level in light of the November 2019 benchmark. The company left the Aurubis copper premium at the prior-year level of US$ 96/t for 2020. Aurubis currently has good market conditions for copper scrap and sulfuric acid, though the market trend remains difficult to forecast in fiscal year 2019/20 due to the short-term nature of the business.

A planned maintenance shutdown in the Hamburg plant, which was carried out in October and November 2019, is expected to have an impact of about EUR 34 million on the Q1 result.

In fiscal year 2019/20, Aurubis plans to transition the efficiency improvement program to a program focusing on cost savings with the objective of at least counteracting inflation and weaker economic and market conditions.

Multi-metal strategy will continue unchanged

Aurubis maintains its strategy of continuing its development into a multi-metal provider. A key milestone in this strategy was the signing of a purchase agreement for the acquisition of the Belgian/Spanish Metallo Group in May 2019. Metallo is a recycling and refining company that specializes in recovering non-ferrous metals, primarily from recycling materials with low metal contents. The acquisition is currently being reviewed by the European antitrust authority. Aurubis expects approval by April 2020.

'I see fantastic opportunities for Aurubis, especially in the global recycling business with its complex starting materials,' explained Harings. 'In this context, we'll once again take a closer look at growth opportunities abroad. Internally, we'll focus on preventive maintenance to ensure that the company stays profitable and to strengthen it sustainably.'

Because the IFRS result includes measurement effects due to metal price fluctuations and other factors, Aurubis discloses an operating result (EBT) that differs from the IFRS result. The operating result largely eliminates the effects of metal price fluctuations and thus allows for a more realistic assessment of the business performance. Operating EBT is used for control purposes within the Group.

Segment FRP will continue to be classified as discontinued operations pursuant to IFRS 5. The intended sale of the segment does not affect the operating reporting, however.

Aurubis - Metals for Progress

Aurubis AG is a leading worldwide 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.

Its main area of expertise is the processing and optimal recovery of concentrates and of recycling raw materials with complex qualities. With its range of services, Aurubis is a forerunner in the industry. The group of companies is oriented towards growth, efficiency and sustainability: The main components of the strategy are the expansion of the leading market position as an integrated copper producer, entering new markets in the area of industries of the future, the highly efficient and optimal production of additional metals and by-products from complex raw materials, as well as practicing a responsible attitude when dealing with people, resources and the environment.

Aurubis produces more than 1 million t of copper cathodes annually and from them a variety of copper products such as wire rod, continuous cast shapes, rolled products and strips, as well as specialty wire and copper profiles and alloys. Precious metals, selenium, lead, nickel and a series of other products such as sulfuric acid and iron silicate also belong to the product portfolio.

Aurubis has about 6,700 employees, production sites in Europe and the USA and an extensive service and sales system in Europe, Asia and North America.

Aurubis' customers include companies in the copper semis industry, the electrical engineering, electronics and chemical industries, as well as suppliers of the renewable energies, construction and automotive sectors.

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).

Contact:

Tel: +49 40 7883-3053

Fax: +49 40 7883-3003

Email: d.kalmbach@aurubis.com

(C) 2019 Electronic News Publishing, source ENP Newswire

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Financials (EUR)
Sales 2020 12 158 M
EBIT 2020 255 M
Net income 2020 183 M
Finance 2020 73,2 M
Yield 2020 2,53%
P/E ratio 2020 12,3x
P/E ratio 2021 11,8x
EV / Sales2020 0,18x
EV / Sales2021 0,18x
Capitalization 2 251 M
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Technical analysis trends AURUBIS
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Income Statement Evolution
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Mean consensus HOLD
Number of Analysts 11
Average target price 48,91  €
Last Close Price 50,10  €
Spread / Highest target 23,8%
Spread / Average Target -2,38%
Spread / Lowest Target -26,1%
EPS Revisions
Managers
NameTitle
Roland Harings Chief Executive Officer
Fritz Vahrenholt Chairman-Supervisory Board
Thomas Bünger Chief Operating Officer
Rainer Verhoeven Chief Financial Officer
Jan Koltze Member-Supervisory Board
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