Aurubis : Interim Report First 6 Months 2021/22

Metals for Progress:

Driving Sustainable Growth

Interim Report

FIRST 6 MONTHS 2021/22

October 1, 2021 to March 31, 2022

Aurubis Group at a Glance

Key Aurubis Group figures Operating

Revenues €m	4,856	4,056 20 %	9,262	7,519 23 %
Gross margin1 €m	592	511 16 %	1,136	950 20 %
Gross profit €m	464	381 22 %	871	715 22 %
Depreciation and amortization €m	47	46 2%	94	92 2%
EBITDA €m	242	149 62 %	440	280 57 %
EBIT €m	195	103 89 %	346	188 84 %
EBT2 €m	193	103 87 %	345	185 86 %
Consolidated net income €m	150	79 90 %	268	142 89 %
Earnings per share €	3.44	1.80 91 %	6.14	3.25 89 %
Net cash flow €m	135	399 -66 %	50	125 -60 %
Capital expenditure €m	61	49 23 %	120	86 40 %
Net financial position (reporting date) €m	-	- -	252	-135 > 100 %
ROCE2 %	-	- -	19.5	11.9 -
Multimetal Recycling segment
Revenues €m	1,520	1,266 20 %	2,971	2,414 23 %
Gross margin1 €m	172	152 13 %	367	303 21 %
EBIT €m	71	51 39 %	149	99 51 %
EBT €m	71	51 39 %	148	98 51 %
ROCE %	-	- -	45.6	16.8 -
Capital employed €m	-72	285 > -100 %	714	895 -20 %
Custom Smelting & Products segment
Revenues €m	4,775	4,153 15 %	9,292	7,652 21 %
Gross margin1 €m	420	359 17 %	769	647 19 %
EBIT €m	141	70 > 100 %	228	120 90 %
EBT €m	141	71 99 %	229	119 92 %
ROCE %	-	- -	12.7	12.7 0%
Capital employed €m	77	-61 > 100 %	2,002	1,871 7%

• 1 Gross margin = Total of the earnings components metal result, treatment and refining charges, and premiums and products.

• 2 Corporate control parameters.

Key Aurubis Group figures IFRS

Q2

2021/22

2020/21

Change

2021/22

Revenues €m	4,856	4,056 20 %	9,262	7,519 23 %
Gross profit €m	548	466 18 %	1,203	942 28 %
Personnel expenses €m	145	148 -3 %	283	288 -2 %
Depreciation and amortization €m	47	48 -2 %	94	93 1%
EBITDA €m	326	234 38 %	772	507 52 %
EBIT €m	279	188 48 %	678	415 64 %
EBT €m	281	189 49 %	686	415 65 %
Consolidated net income €m	209	146 43 %	510	319 60 %
Earnings per share €	4.79	3.34 43 %	11.68	7.30 60 %
Number of employees (average)	7,156	7,132 0%	7,152	7,181 0%

6M

2020/21

Change

This report may include slight deviations in disclosed totals due to rounding.

Aurubis Group production figures

Multimetal Recycling segment
Copper scrap/blister copper input 1,000 t	85	83 2%	156	162 -4 %
Other recycling materials 1,000 t	126	117 8%	251	239 5%
Cathode output 1,000 t	128	122 5%	258	248 4%
Beerse 1,000 t	6	6 0%	12	12 0%
Lünen 1,000 t	37	37 0%	75	73 3%
Olen 1,000 t	85	79 8%	172	163 6%
Custom Smelting & Products segment
Concentrate throughput 1,000 t	635	618 3%	1,314	1,225 7%
Hamburg 1,000 t	284	285 -	592	565 5%
Pirdop 1,000 t	350	333 5%	722	660 9%
Copper scrap/blister copper input 1,000 t	51	57 -11 %	101	108 -7 %
Other recycling materials 1,000 t	10	12 -17 %	20	24 -17 %
Sulfuric acid output 1,000 t	599	588 2%	1,238	1,138 9%
Hamburg 1,000 t	240	246 -2 %	507	464 9%
Pirdop 1,000 t	359	342 5%	731	674 9%
Cathode output 1,000 t	152	154 -1 %	301	306 -2 %
Hamburg 1,000 t	95	98 -3 %	190	193 -2 %
Pirdop 1,000 t	57	56 2%	111	113 -2 %
Wire rod output 1,000 t	236	230 3%	435	430 1%
Shapes output 1,000 t	58	48 20 %	111	88 26 %
Flat rolled products and specialty wire output 1,000 t	49	51 -4 %	88	98 -10 %

Q2

Aurubis Group sales volumes

6M

2021/22

2020/21

Change

2021/22

Gold t	12	14 -14 %	24	26 -8 %
Silver t	268	237 13 %	486	472 3%
Lead t	11,356	8,887 28 %	21,240	18,702 14 %
Nickel t	1,063	1,237 -14 %	2,075	1,956 6%
Tin t	2,154	2,486 -13 %	4,661	5,440 -14 %
Zinc1 t	2,738	4,304 -36 %	6,995	9,406 -26 %
Minor metals t	231	143 62 %	482	551 -13 %
Platinum group metals (PGMs) kg	2,298	3,223 -28 %	5,126	5,357 -4 %

2020/21

Change

1 Prior-year figures have been adjusted.

CONTENTS

• 2 At a Glance

  "The positive market environment remained in place in the second quarter of the current fiscal year. In particular, the very positive metal result - in combination with the still good performance of our smelters - more than offset the significantly higher energy prices. This is another reason why we have lifted our forecast for the year as a whole yet again."

  ROLAND HARINGS, Chief Executive Officer

• 5 Interim Group Management Report First 6 Months 2021/22

• 20 Interim Consolidated Financial Statements First 6 Months 2021/22

• 33 Glossary

• 34 Dates and Contacts

Interim Group Management Report First 6 Months 2021/22

The Aurubis Group increased its operating earnings before taxes (EBT) considerably to € 345 million (previous year: € 185 million) in the first half of fiscal year 2021/22, reaping the benefits of a very strong market environment with metal prices that remained high with improved metal gain, very high demand for copper products and sulfuric acid, and excellent performance at the sites of the Aurubis smelter network. The operating return on capital employed (ROCE) came to 19.5 % (previous year: 11.9%). Accordingly, the forecast range for operating EBT in fiscal year 2021/22 was increased to € 500-600 million (previously € 400-500 million). IFRS earnings before taxes (EBT) amounted to € 686 million (previous year: € 415 million).

Financial performance

The Aurubis Group generated revenues of € 9,262 million during the first half of FY 2021/22 (previous year: € 7,519 million). This positive development was primarily due to substantially increased copper prices compared to the same period of the previous year. Stronger demand for copper products, considerably higher sulfuric acid revenues, and increased prices for industrial metals had an impact as well.

The gross margin includes the main components of the Aurubis Group's earnings, i.e. the metal result, treatment and refining charges, and premiums and products.Graphic

Proportion of main earnings components in the Aurubis Group

as at March 31 YTD 2021/22 (YTD prior-year figures)

Refining charges for

28 % (34 %)

concentrates + recycling materials

41 % (37 %)

Metal result

31 % (29 %)

Premiums and products

* Gross margin = Total of the earnings components metal result, treatment and refining charges, and premiums and products.

Operating earnings before taxes (EBT) - as one of our corporate control parameters - was € 345 million (previous year: € 185 million) and, compared to the first half of the previous year, was influenced by:

• » significantly higher sulfuric acid revenues due to a significant increase in sales prices,

• » higher refining chargesGlossary, page 33 for other recycling materials,

• » substantially higher demand for copper products,

  » a substantially higher metal resultGlossary, page 33 with increased metal prices, especially for industrial metals

• » positive earnings contributions from our Performance Improvement Program (PIP),

  (copper, tin, nickel),

  » a still very good operating performance at our

• » significantly higher energy costs, particularly for electricity and gas.

Hamburg and Pirdop sites in particular, with increased concentrate throughputs,