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AURUBIS AG

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08/05Copper Producer Aurubis Discusses Energy Price Ceilings With Regulators to Brace for Cost Surge
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Aurubis exploring switch to alternative energy sources at European plants

06/20/2022 | 12:17pm EDT

HAMBURG, June 20 (Reuters) - Europe's largest copper producer Aurubis is exploring a switch to alternative energy sources at its European sites, including electricity and oil, as a way to cut gas consumption, it said on Monday.

"This would result in considerable costs for the conversion, for which we would have to make advance payments," the company said a day after Germany unveiled a new package aimed at saving gas, Russian supplies of which have drastically dwindled.

"Due to many disruptions in global supply chains, a switch to alternative energy sources is currently estimated to take several months to a year, depending on the measure, and is characterised by major uncertainties such as the availability of technologies and service providers," Aurubis said.

Around 80% of the group's energy needs are met by electricity, the group said, adding its plant in Hamburg, where the company is based, could not be weaned off natural gas in the short term due to energy-intense production processes.

German industry largely depends on Russian gas and efforts to replace the fuel with other sources is proving a challenge for Berlin, facing higher procurement costs and competition for scarce alternative volumes. (Reporting by Jan Schwartz; Writing by Christoph Steitz; Editing by Susan Fenton)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
AURUBIS AG -3.34% 66 Delayed Quote.-22.46%
S&P GSCI NATURAL GAS INDEX -1.86% 401.7699 Real-time Quote.134.42%
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Financials
Sales 2022 18 052 M 18 509 M 18 509 M
Net income 2022 559 M 573 M 573 M
Net cash 2022 524 M 537 M 537 M
P/E ratio 2022 5,04x
Yield 2022 3,40%
Capitalization 2 981 M 3 057 M 3 057 M
EV / Sales 2022 0,14x
EV / Sales 2023 0,16x
Nbr of Employees 7 163
Free-Float 62,3%
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Mean consensus HOLD
Number of Analysts 6
Last Close Price 68,28 €
Average target price 80,50 €
Spread / Average Target 17,9%
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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