HAMBURG (dpa-AFX) - The alleged fraud of individual scrap suppliers is expected to burden copper group Aurubis with around 150 million euros. The announced extraordinary inventory of metal stocks resulted in a shortfall worth 185 million euros, the MDax group announced in Hamburg on Tuesday. This will impact operating pre-tax earnings in fiscal 2022/23, which runs until the end of September. Insurance payments and a possible collection of perpetrator funds are likely to reduce the total by a further 30 million euros or so. Therefore, and in view of the economic development in the fourth fiscal quarter, Aurubis expects operating earnings before taxes of between € 310 million and € 350 million for 2022/23. Aurubis shares rose on the news and were up about three percent around noon.
At the end of August, the Hamburg-based company had announced that "significant deviations from the target inventory were detected during regular checks of the metal inventory, as well as deviations in special samples of certain deliveries of input materials in the recycling area." This was likely the result of further criminal activity beyond what was disclosed in June 2023. The state criminal investigation office had been called in. At the time, the group had also suspended its annual forecast of a pre-tax operating profit of 450 to 550 million euros. The shares had subsequently come under pressure.
The results for fiscal 2022/23 are to be published on December 6./mis/stw