Aurubis AG
Metals for Progress
Virtual Roadshow
Hauck Aufhäuser
June 11th, 2024
Aurubis production sites
Headquarters | Primary Copper | Recycling/Precious Metals |
Copper Products
Hamburg (DE)
Beerse (BE)
Olen (BE) Lünen (DE)
Berango (ES)
Pirdop (BG)
Hamburg Pirdop
Lünen Olen Richmond
Under construction
Beerse Berango
Aurubis Hauck Aufhäuser - virtual Roadshow | June 11th, 2024
Closing the loop is part of Aurubis' integrated business model
Concentrates
Smelting and
refining
28 | 30 | 34 | 45 | 46 | 47 | |||||
Ni | Zn | Se | Rh | Pd | Ag |
Copper cathodes | |||||||||||||
Nickel sulfate | |||||||||||||
Selenium | |||||||||||||
Sulfuric acid | |||||||||||||
50 | 82 | 79 | 78 | 75 | 52 | ||||||||
Sn | Pb | Au | Pt | Re | Te |
Scrap/
intermediates
Metals for progress
Scrap | Closing the | ||
collectors | loop | ||
Consumers
Processors and
end users
Further
processing
Continuous cast
shapes
Wire rod
Flat rolled products
Specialized applications for minor metals
Aurubis Hauck Aufhäuser - virtual Roadshow | June 11th, 2024
Lower concentrate throughput due to shutdown with strong demand for wire rod
Change vs. | |||||
FY 2022/23 | prior year | ||||
Concentrate processing1 | 2,319,000 t | -5 % | |||
Copper scrap/ | 515,000 t | -5 % | |||
blister copper input2 | |||||
Other recycling materials2 | |||||
565,000 t | +8 % | ||||
Cathode output | 1,109,000 t | 0 % | |||
Continuous cast wire rod | 876,000 t | -1 % | |||
output | |||||
Copper shapes output | 178,000 t | -18 % | |||
Flat rolled products + | 133,000 t | -24 % | |||
specialty wire output3 | |||||
Sulfuric acid output | 2,158,000 t | -6 % | |||
Change vs. | ||||
FY 2022/23 | prior year | |||
Gold | 49 t | +4 % | ||
Silver | 921 t | +1 % | ||
Lead | 38,088 t | -13 % | ||
Nickel | 3,488 t | -10 % | ||
Tin | 7,858 t | -16 % | ||
Zinc | 13,791 t | -1 % | ||
Minor metals | 875 t | +1 % | ||
Platinum group | 9,858 kg | +4 % | ||
metals (PGMs) | ||||
1 Custom smelter production 2 Prior-year figures adjusted 3 Prior-year figures include FRP sites that have been sold Aurubis Hauck Aufhäuser - virtual Roadshow | June 11th, 2024
Executive summary of first 6 months 2023/24
Operating EBT
6M 2023/24 of
€ 243 million
(PY: € 239 million 1)
Net cash flow
€ 5 million
(PY: € 19 million)
Operating ROCE
10.0 %
(PY: 14.1 %)
Confirmed forecast
range for FY 2023/24
- 380-480million
op. EBT
Aurubis' positive development continued in the second quarter 2023/24
Operating EBT positively influenced by increased TC/RCs for concentrates, a higher metal result, a significant rise in the Aurubis copper premium coupled with ongoing high demand for wire rod and lower energy costs, counteracted by decreased sulfuric acid revenues, lower income from refining charges, and
higher costs.
Prior-yearfigures restated due to the financial impact of the criminal activities
Strong operating performance at our smelter in Hamburg
ROCE (rolling EBIT last four quarters) reduced because of the negative closing quarter of the previous year and ongoing investment activity
Net cash flow low due to high payments for the build-up of inventories in preparation for the shutdown in Hamburg
We are confirming our forecast of € 380-480 million operating EBT for 2023/24
Aurubis Hauck Aufhäuser - virtual Roadshow | June 11th, 2024
Aurubis' financial position enables
our growth strategy
6M | 6M | |||
2023/24 | 2022/23 | |||
ROCE1 | % | 10.0 | 14.13 | |
Equity ratio | % | 54.2 | 56.6 | |
(equity / total assets) | ||||
Debt coverage2 | 0.2 | -0.2 | ||
6M | 6M | |||
Additional KPIs | 2023/24 | 2022/23 | ||
Capital expenditure | €m | 317 | 179 | |
Capital employed | €m | 3,683 | 3,176 | |
(balance sheet date) | ||||
Net cash flow | €m | 5 | 19 | |
- Rolling EBIT last 4 quarters.
- Net financial liabilities/rolling EBITDA last 4 quarters.
- Prior-yearfigures restated.
Aurubis Hauck Aufhäuser - virtual Roadshow | June 11th, 2024
Gross margin for the Group in 2023/24
Breakdown of income components in the Aurubis
Group 6M 2023/24 YTD (YTD prior-year figures)
32 % (32 %) Treatment charges
for concentrate + | 32 % (31 %) |
recycling input | Metal result |
- € 1,105 million*
(~ € 1,069 million*)
36 % (37 %)
Premiums +
products
Prior-yearfigures restated.
- Gross margin = Total of earnings components metal result, treatment and refining charges for concentrate + recycling input, and premiums + products
Aurubis Hauck Aufhäuser - virtual Roadshow | June 11th, 2024
Overview of Group costs - further decrease in energy costs
Overview of cost/expense positions
6M 2023/24 YTD (YTD prior-year figures)
10 % (10 %)
Depreciation
and amortization
33 % (31 %)
Personnel costs
11 % (13 %)
Consumables
12 % (13 %)
External
services
- € 971 million*
(~ € 928 million*)
22 % (18 %) | |
11 % (15 %) | Other operating |
Energy costs | expenses |
Prior-year figures restated.
* Figures adjusted by energy compensations and hedging transactions
Aurubis Hauck Aufhäuser - virtual Roadshow | June 11th, 2024
Significantly lower energy costs in the first HY
Breakdown of energy costs 6M 2023/24
(YTD prior-year figures)
66 % (59 %)
Electricity
incl. oxygen
~€ 109 million*
(~€ 135 million*)
27 % (36 %)
Natural gas
5 % (4 %)
Liquid fuels
2 % (1 %)
Other energy
Key influencing factors for reduction of energy costs in 6M 2023/24:
- Active energy management/hedging transactions
- Indirect CO2 compensation (annual payment)
- Lower commodity prices for electricity and natural gas
* Figures adjusted by energy compensations and hedging transactions
Aurubis Hauck Aufhäuser - virtual Roadshow | June 11th, 2024
Multimetal Recycling segment
6M | 6M | ||
Operating results | 2023/24 | 2022/23 | |
EBIT | €m | 72 | 102 |
EBT | €m | 75 | 103 |
ROCE1 | % | 10.3 | 15.5 |
Quantities | |||
Copper scrap / blister copper | mt | 144 | 173 |
Other recycling materials | mt | 267 | 268 |
Cathodes | mt | 253 | 263 |
1 Rolling EBIT last 4 quarters.
Breakdown of income components in MMR segment
6M 2023/24 YTD (YTD prior-year figures)
46 % (49 %) | 45% (44 %) |
Refining charges | |
for recycling input | Metal result |
~€ 318 million*
(~€ 328 million*)
9 % (7 %)
Premiums +
products
- Gross margin = Total of earnings components metal result, refining charges for recycling input, and premiums + products
Aurubis Hauck Aufhäuser - virtual Roadshow | June 11th, 2024
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Aurubis AG published this content on 11 July 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 July 2024 09:49:03 UTC.