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AURUBIS AG

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Aurubis : Quarterly Report First 9 Months 2021/22

08/05/2022 | 01:11am EDT

Metals for Progress:

Driving

Sustainable

Growth

Quarterly Report

FIRST 9 MONTHS 2021/22

 October 1, 2021 to June 30, 2022

Aurubis Group at a Glance

Key Aurubis Group figures

Q3

9M

2021/22

2021/22

Operating

2020/21

Change

2020/21

Change

Revenues

€m

5,015

4,661

8 %

14,277

12,180

17 %

Gross margin1

€m

541

508

6 %

1,677

1,458

15 %

Gross profit

€m

395

342

15 %

1,266

1,057

20 %

EBITDA

€m

154

135

14 %

594

415

43 %

EBIT

€m

107

87

23 %

453

275

65 %

EBT2

€m

103

83

24 %

448

268

67 %

Consolidated net income

€m

79

63

25 %

347

205

69 %

Earnings per share

1.79

1.45

23 %

7.93

4.70

69 %

Net cash flow

€m

-45

206

< -100 %

5

332

-99 %

Capital expenditure

€m

105

51

> 100 %

225

137

64 %

Net financial position (reporting date)

€m

-

-

-

165

17

> 100 %

ROCE2

%

-

-

-

18.6

13.5

-

Multimetal Recycling segment

Revenues

€m

1,588

1,399

14 %

4,559

3,813

20 %

Gross margin1

€m

156

187

-17 %

523

490

7 %

EBIT

€m

26

85

-69 %

175

184

-5 %

EBT

€m

26

82

-68 %

174

180

- 3 %

ROCE

%

-

-

-

36.6

30.8

-

Capital employed

€m

-

-

-

732

735

0 %

Custom Smelting & Products segment

Revenues

€m

4,935

4,618

7 %

14,227

12,270

16 %

Gross margin1

€m

386

322

20 %

1,155

969

19 %

EBIT

€m

99

16

>100 %

327

136

> 100 %

EBT

€m

94

15

> 100 %

323

134

> 100 %

ROCE

%

-

-

-

14.7

10.1

-

Capital employed

€m

-

-

-

2,281

1,945

17 %

  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

Q3

9M

2021/22

2021/22

IFRS

2020/21

Change

2020/21

Change

Revenues

€m

5,015

4,661

8 %

14,277

12,180

17 %

Gross profit

€m

398

473

-16 %

1,601

1,415

13 %

EBITDA

€m

157

266

-41 %

929

773

20 %

EBIT

€m

110

218

-49 %

788

632

25 %

EBT

€m

107

216

-50 %

793

631

26 %

Consolidated net income

€m

78

165

-53 %

589

485

21 %

Earnings per share

1.79

3.79

-53 %

13.47

11.09

22 %

Number of employees (average)

7,185

7,153

0 %

7,163

7,172

0 %

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

Aurubis · Quarterly Report First 9 Months 2021/22

2

Q3

9M

Aurubis Group production figures

2021/22

2020/21

Change

2021/22

2020/21

Change

Multimetal Recycling segment

Copper scrap/blister copper input

1,000 t

89

96

-7 %

245

258

-5 %

Other recycling materials

1,000 t

115

121

-5 %

366

360

2 %

Cathode output

1,000 t

127

129

-2 %

385

377

2 %

Beerse

1,000 t

6

6

0 %

18

19

- 5 %

Lünen

1,000 t

38

38

0 %

113

110

3 %

Olen

1,000 t

82

85

-4 %

254

248

2 %

Custom Smelting & Products segment

Concentrate throughput

1,000 t

467

591

-21 %

1,780

1,816

-2 %

Hamburg

1,000 t

108

249

-57 %

700

814

-14 %

Pirdop

1,000 t

359

342

5 %

1,080

1,002

8 %

Copper scrap/blister copper input

1,000 t

65

62

5 %

166

169

-2 %

Other recycling materials

1,000 t

3

9

-67 %

23

33

-30 %

Sulfuric acid output

1,000 t

455

568

-20 %

1,693

1,706

-1 %

Hamburg

1,000 t

95

233

-59 %

602

696

-14 %

Pirdop

1,000 t

360

335

7 %

1,091

1,010

8 %

Cathode output

1,000 t

154

154

0 %

455

460

-1 %

Hamburg

1,000 t

97

97

0 %

287

290

-1 %

Pirdop

1,000 t

57

57

0 %

168

170

-1 %

Wire rod output

1,000 t

239

228

5 %

675

658

3 %

Shapes output

1,000 t

60

55

9 %

170

142

20 %

Flat rolled products and specialty wire

48

136

output

1,000 t

51

-6 %

149

-9 %

Q3

9M

Aurubis Group sales volumes

2021/22

2020/21

Change

2021/22

2020/21

Change

Gold

t

12

14

-14 %

36

40

-10 %

Silver

t

219

224

-2 %

705

696

1 %

Lead

t

11,952

11,255

6 %

33,192

29,957

11 %

Nickel

t

937

1,015

-8 %

3,012

2,971

1 %

Tin

t

2,449

2,265

8 %

7,110

7,705

-8 %

Zinc1

t

3,333

4,368

-24 %

10,328

13,774

-25 %

Base metals

t

206

252

-18 %

688

803

-14 %

Platinum group metals (PGMs)

kg

2,445

1,762

39 %

7,571

7,119

6 %

1 Prior-year figures have been adjusted.

Aurubis · Quarterly Report First 9 Months 2021/22

3

"Our strong result for the first nine months is testimony to our ability to operate successfully and, with our robust position, to supply our customers with metals for renewable energies, electric vehicles, and digitalization, despite the challenging geopolitical situation and the associated marked rise in energy prices. We currently have a sufficient supply of energy at all of our sites, allowing us to produce without any restrictions.

We are confirming the forecast range for operating EBT in the fiscal year as a whole of € 500 to 600 million."

ROLAND HARINGS, Chief Executive Officer

CONTENTS

2 At a Glance

  1. Economic Development First 9 Months 2021/22
  1. Selected Financial Information
  1. Glossary
  2. Dates and Contacts

Aurubis · Quarterly Report First 9 Months 2021/22

4

Economic Development

First 9 Months 2021/22

The Aurubis Group increased its operating earnings before taxes (EBT) considerably to € 448 million in the first nine months of fiscal year 2021/22 (previous year: € 268 million). High metal prices coupled with improved metal gain Glossary, page 23 and very high demand for copper products and sulfuric acid more than compensated for higher energy costs and the pressure on earnings resulting from the maintenance shutdown at our Hamburg site. The operating return on capital employed (ROCE) came to 18.6 % (previous year: 13.5%). We are confirming the forecast range for operating EBT in fiscal year 2021/22 of € 500-600 million. IFRS earnings before taxes (EBT) amounted to € 793 million (previous year: € 631 million).

The Aurubis Group generated revenues of € 14,277 million in the first nine months of fiscal year 2021/22 (previous year:

  • 12,180 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, among other factors, had an impact as well.

The gross margin includes the main components of the Aurubis Group's earnings, i.e. the metal result Glossary, page 23, treatment and refining charges Glossary, page 23, and premiums and products. Graphic

Proportion of main earnings components in the Aurubis Group

as at June 30 YTD 2021/22 (YTD prior-year figures)

27 % (34 %)

Refining charges

for concentrates +

39 % (36 %)

recycling materials

~ € 1,677 million*

Metal result

(~ € 1,458 million*)

34 % (30 %)

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 € 448 million (previous year: € 268 million) and, compared to the first nine months of the previous year, was positively influenced by

  • A substantially higher metal result with increased metal prices, especially for industrial metals (copper, tin, nickel),
  • significantly higher sulfuric acid revenues due to a significant increase in sales prices,
  • substantially higher demand for copper products,
  • a still very good operating performance at our Pirdop site, with increased concentrate throughputs, and
  • higher refining charges for other recycling materials

Glossary, page 23.

An opposite effect was caused by

  • The extension of the planned maintenance shutdown at our site in Hamburg,
  • Significantly lower refining charges for copper scrap,
  • Significantly higher energy costs, particularly for electricity and gas.

Aurubis · Quarterly Report First 9 Months 2021/22

5

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Aurubis AG published this content on 05 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 05 August 2022 05:10:04 UTC.


© Publicnow 2022
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Sales 2022 18 256 M 17 960 M 17 960 M
Net income 2022 559 M 550 M 550 M
Net cash 2022 415 M 408 M 408 M
P/E ratio 2022 4,08x
Yield 2022 3,95%
Capitalization 2 415 M 2 376 M 2 376 M
EV / Sales 2022 0,11x
EV / Sales 2023 0,12x
Nbr of Employees 7 163
Free-Float 62,3%
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Mean consensus HOLD
Number of Analysts 6
Last Close Price 55,32 €
Average target price 78,00 €
Spread / Average Target 41,0%
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Managers and Directors
Roland Harings Chief Executive Officer
Rainer Verhoeven Chief Financial Officer
Fritz Vahrenholt Chairman-Supervisory Board
Heiko Arnold Chief Operating Officer
Jan Koltze Member-Supervisory Board