Metals for Progress:

Driving Sustainable Growth

Magazine 2020/21

The future is made from metals. With this knowledge, we set global standards. The Aurubis strategy "Metals for Progress: Driving Sustainable Growth" is our clearly defined roadmap for shaping the future – and responsibly transforming raw materials into metals for an innovative and sustainable world.

You can find additional exciting information online at: annualreport2020-21.aurubis.com

02 Interview with the Executive Board

30 – Solutions for sustainable mobility

34 – A commitment to climate protection

36 – In-house energy production

38 – Metallurgical purification without emissions

40 – Our sustainability promise to customers

42 – Aurubis at a glance

14 – From the idea to the improvement

18 – Innovative metal recycling in Beerse

21 – More capacities thanks to modernization

22 – Innovative exhaust system

Interview with the Executive Board

They're the key players when it comes to setting the course of the Aurubis strategy toward responsible, profitable growth and to strengthening the core business: CEO Roland Harings, CFO Rainer Verhoeven, and COO Heiko Arnold. A discussion about megatrends, sustainability, change, growth – and joy.

Aurubis CEO Roland Harings in conversation with the magazine editorial team.

OPERATING EBT (EARNINGS BEFORE TAXES)

OPERATING ROCE (RETURN ON CAPITAL EMPLOYED) 15.6%

Roland, after assuming office as CEO in 2019, you announced early on that the Aurubis strategy should be reviewed. After many intensive months, the updated company strategy is finally finished and will now be rolled out. What were and are the most important driving forces behind the development?

ROLAND HARINGS I'm someone who starts by taking a close look at everything and then critically questioning things very directly. Anyone who knows me knows this. The Aurubis strategy was essentially a good fit for the exciting environment that I encountered: a financially solid company that processes primary and secondary raw materials, a company with

"Aurubis is relevant and makes a crucial contribution to future trends."

– Roland Harings, CEO

exceptional metallurgical expertise. Transforming raw materials into value, acting responsibly, being efficient – everything is as it should be. We're not exactly working in a market that chases fleeting trends. Our products form the lasting basis for a number of sectors, from the automotive to the cable industry.

When we look around, however, many things are changing quickly at the moment – whether in society, politics, or technology. Climate change, electric vehicles, new energy sources, sustainable business, and recycling – everything is interconnected due to global, digital networks. Aurubis makes a crucial contribution to nearly every one of these megatrends. In other words, they wouldn't even be possible in the first place without our metals.

How can we now improve in all of these areas and make the move from good to great? By placing an even stronger focus on recycling – reflecting the importance of a functioning circular economy in Europe, which is both a political objective and a necessity. Or, to reference the evolution of our strategy Page 8ff. and the strategic pillar "Growth," by choosing

The fiscal year in 99 seconds: aurubis.picturepark.com/ v/yoijlHEL/

the right time to build the first recycling plant in the US – a market with enormous potential.

Strategy is one thing, but for employees, it's also about meaning and purpose. Why do I enjoy going to Aurubis every day? Because what I do is relevant for the world of tomorrow, for example.

What is the Executive Board's most important task while guiding the Group into the future?

ROLAND HARINGS We, the Executive Board, have to identify precisely this potential, and leverage it for Aurubis profitably and at the right time. We of course receive support from many colleagues and external parties. It's all about teamwork. And as the Executive Board, we naturally obtain the support of the Supervisory Board for such strategic projects.

When developing our strategy, we presented and discussed work packages with the Supervisory Board time and time again because there are many individual project proposals behind the strategy. The fact that we've gotten the green light for everything so far illustrates their trust in our work. The extension of my appointment by five years is also a sign that the Supervisory Board approves of our path. After all, the strategy is first associated with the CEO.

"Processing both concentrates and recycling materials remains our core business."

– Heiko Arnold, COO

Does the strategy's focus on recycling now mean that primary raw materials won't play such a big role at Aurubis anymore, Heiko?

HEIKO ARNOLD On the contrary, processing raw materials – both concentrates and recycling materials – is and will remain our core business. It's important to strengthen both. We're investing intensively for this purpose.

It won't yet be possible to cover the huge demand for metals with recycling materials alone in the near future. Growth through construction or acquisition of more primary smelters isn't planned, however, because Europe doesn't need additional primary smelters.

Video about our strategy: aurubis.picturepark.com/ v/nAprUtnI/

At the same time, the amount of recycling raw materials is increasing massively in Europe. There aren't enough processing capacities for them yet, though. These complex raw materials are currently being exported to Asia to a large extent. As a result, we want to continue expanding the processing capabilities at our existing smelters to recover even more valuable materials – not just copper, but also more tin, nickel, zinc, and other metals.

We will continue to blaze the trail toward becoming a multimetal company. For me as COO, it's important that we also demonstrate excellent operational performance in the process. The key to profitability not only lies in our ability to process complex concentrates. Productivity, efficiency, and agility in production to optimally react to changes in available raw materials are much more crucial.

Due to the expansion of our smelter network, the sites are already working more efficiently and more digitally than before, for example in the processing of intermediates in the Group. It makes me proud to see how committed international collaboration is in a complex environment.

"Aurubis is in an extremely robust financial position, despite the uncertain times."

– Rainer Verhoeven, CFO

None of this works without investments. Aurubis wants to grow strategically. What does that mean from a financial perspective, Rainer?

RAINER VERHOEVEN We just reported the best result in the company's history so far. The good market conditions at the moment are playing a key role in this development, of course, leading to increased refining charges in recycling, a high metal result with increased metal prices, and very good demand for our products. Aurubis is therefore in a robust financial position, despite the uncertain times, which is the ideal prerequisite for our investment projects.

With equity of € 2,648 million, a net cash flow of € 812 million, and hardly any debt, we're able to finance our growth plans relatively easily. This was made evident with the acquisition of our recycling sites in Belgium and Spain in 2020, which we linked to a successfully placed Schuldscheindarlehen loan with an ESG component, amounting to € 400 million. It was also clear from large-scale environmental protection investments like those in Hamburg page 22 and the € 300 million investment in the new recycling plant in the US page 26.

On the other hand, as CFO, I of course have to make sure that we're as efficient and costconscious as possible. Cost reduction measures such as our Performance Improvement Program (PIP) were therefore necessary, and are proving to be effective: we will squarely achieve our goal of a € 100 million earnings improvement in 2022/23.

We could improve our processes, however. In this regard, digitalization and automation are key enablers, as is sensible resource planning. We've created good conditions in this area as well, thanks to new structures and projects. And we still have a lot planned.

Roland, sustainability is also an integral part of the strategy. Aurubis wants to continue expanding its leading role in this area, but it's undisputedly an energy-intensive company. Is this a balancing act?

ROLAND HARINGS Not at all! Sustainability has always been a fixed component of Aurubis' strategy. The social and political shift described means that the objective of acting sustainably is becoming more visible and important. And that's a very good thing. Business success and sustainable activity are not a contradiction in terms at Aurubis.

We're already the most sustainable smelter network in the world, and this is confirmed by external sources as well – through confirmation of our compliance with high environmental standards and our respect for human rights, for instance, but also through our outstanding ESG ratings. Then there are our own initiatives to reduce CO2 emissions and projects to use renewable energies at our sites. We want our production to be carbon-neutral well before 2050.

We're now going to tackle all of these projects together with our employees around the world. I'm looking forward to it!

48%

EQUITY RATIO

€ 812^m

NET CASH FLOW

Executive Board résumés: www.aurubis.com/en/about-us/ management/executive-board

"Digitalization and automation are key enablers, as is sensible resource planning."

– Rainer Verhoeven, CFO

"We want to continue expanding the processing capabilities at our existing smelters to recover even more valuable materials."

– Heiko Arnold, COO

Metals for Progress:

Driving

Growth

8 Driving Sustainable Growth^|Aurubis Magazine 2020/21

Sustain able

Metals for Progress: Driving Sustainable Growth

Metals are the foundation for progress. With the Aurubis strategy, we are providing a clear answer to how we will continue solidifying and expanding our position as the most efficient and sustainable multimetal producer in the world: as a high-performance smelter network with a strong core business and new drivers of growth in recycling.

Aurubis Strategy

Driving

Growth

Sustain able

Our strategy provides a clear answer to how we will keep developing our business to shape the future and grow through sustainable profitability.

Aurubis Strategy

Metals for Progress:

Metals for Progress: Driving Sustainable Growth Aurubis has an eye on the dynamics of the market at all times. We're constantly on the lookout for opportunities, anticipating trends and acting accordingly. As a result, we've now honed our strategy and devised a roadmap for the next decade. Our core business in the areas of concentrate processing and recycling provide an excellent starting point for this.

We're taking action from a position of strength: Aurubis has unique metallurgical expertise and financial power. We have a diverse, efficient team setup, and we've already achieved a great deal when it comes to digitalization and automation. With the updated Aurubis strategy, we're now taking the next steps and establishing the basis for tomorrow's success today.

The pillars of our strategy

Our core business is processing metal-bearing raw materials – concentrates as well as recycling materials. It is characterized by high productivity, cost efficiency, and effective sales outlets for our products. And because the world will need more and more of these metals that we produce in the future, the core business remains an essential component of our strategy. In light of global competition, we will secure and strengthen our core business.

"We will continue solidifying and expanding our position as the most sustainable and efficient smelter network in the world."

– Roland Harings, CEO

For this purpose, we're continuing to expand the processing options within our Group-wide smelter network. We're executing projects in a targeted way at different sites to expand our capacities and boost multimetal recovery. The requirement for all projects and initiatives is that they have to contribute to our overall strategy.

We're pursuing new growth projects based on our core business. Recycling is a central driver of growth for us. Rising recycling rates, closed material cycles, and electric vehicles will reinforce the supply of complex recycling materials in the future. The surging demand for low-emission supply chains is a related aspect. That's why our strategic projects address precisely this development in order to tap this potential for Aurubis.

Our complete strategy is featured in the Management Report on page 84 .

Securing, strengthening, and expanding the core business

Aurubis has a healthy, highperforming core business. By connecting our sites in a targeted manner and optimizing material

flows, we want to make even better use of synergies in the Group. This will allow us to create the conditions for further growth.

Growth options

We are building up scalable recycling capacities in Europe and abroad to process complex recycling materials in state-of-the-art

facilities. Further down the road, we want to expand our offerings to include battery materials and battery recycling.

Sustainability

Sustainable conduct and business activity are integral components of Aurubis' strategy. We have established targeted measures and KPIs to reduce emissions in order to make our production carbon-neutral well before 2050.

Our production technologies and facilities already make a crucial contribution to responsible resource use, supporting the energy transition in addition to our products.

A discussion with Thomas Sturm

Transparent and consistent, the Aurubis strategy offers concrete answers to how we want to sustainably achieve our growth targets.

What was the starting point for developing the new strategy?

We as a company have to be aware of changes at all times – particularly when it comes to the markets, raw material streams, and flows of goods, but also with regard to regulatory aspects. On top of that, there were internal changes such as the integration of the former Metallo sites and changes in the Group's management. As a result, we asked ourselves: what is the right path for Aurubis in the future in a constantly shifting environment? We reviewed, revised, and developed our existing strategy. Furthermore, we looked at the facts in detail, taking topics like recycling and sustainability, which have gained huge significance recently, more strongly into consideration.

How pleased are you with the result?

The strategy we had before was fitting. Our objectives are still fundamentally the same, too, they were just brought into stronger focus and substantiated with concrete projects. We can now give very precise answers about how we'll achieve our goals. The strategy is transparent and consistent, with clear analyses, hypotheses, and results. The extensive project landscape that arose in the process notably heightened our vision of the Group's future. Each plant

in the Group now knows its path and its role. We've developed clear, measurable sustainability targets and will review every new project on the basis of these KPIs from now on as well.

What stood out during the development process?

The strategy will ensure our long-term, sustainable growth. This is in the interests of all stakeholders and shareholders. Every current and future employee will understand that working at Aurubis means being relevant to the company's progress and having clear future prospects. Openness and transparency were therefore important to us in the development process. We included a broad range of experts and managers – across divisions, sites, and cultures – and thus gained valuable ideas and insights that were incorporated in the strategy.

"The strategy is transparent and consistent, with clear analyses, hypotheses, and results."

– Thomas Sturm, Head of Aurubis Corporate Development

Implementation and sustainability

The updated Aurubis strategy is a precisely defined roadmap for our sustainable and profitable growth. It takes both external and internal factors into account. Priorities include digitalization in production and collaboration with business partners, in addition to strategic personnel management – recruiting and developing employees for the future. We have established clear responsibilities, resources, and projects that provide a strong footing for our objective of responsibly transforming raw materials into metals for an innovative and sustainable world.

One driving force of our future success is the higher level of awareness for sustainability in society and industry. We are aligning our business model even more strongly with the sustainability targets. We aspire to be carbonneutral well before 2050. Based on binding targets and appropriate measures in the areas of the environment, social issues, and corporate governance, we are enshrining sustainability even more strongly in the entire company – in all processes and in all new projects.

Segmentation

In addition to refining our strategy, we also adjusted our segment reporting to achieve greater transparency. The most important change since October 1, 2021 has been the classification of our recycling activities in a separate segment, Multimetal Recycling. This includes the Lünen, Olen, Beerse, and Berango sites as well as the ERN and Cablo holdings. Our Custom Smelting & Products segment includes the smelters in Pirdop and Hamburg and our wire rod and flat products.

CEO Roland Harings sums up how the strategy will provide us with the roadmap for future success: "It will help us continue solidifying and expanding our position as the most sustainable and efficient smelter network in the world."

Three questions for Christian Obst, Equity Analyst at

Your job is to monitor companies and their development and to offer stock investment recommendations. What role does a company's strategy play in this?

Baader Bank AG

A company needs an objective and a description of the path to achieving it. Employees, suppliers, customers, owners, and lenders should have an idea about why the company is developing as it is. This transparency is necessary to build and maintain trust and involvement in the company. Based on my knowledge of the company, I try to explain why the management, in a given political and economic environment, makes certain decisions that impact the results. While I'm at it, I make a distinction between the factors that can be influenced by the management and those that can't.

What makes a good strategy, in your opinion?

First and foremost, a good strategy is based on transparent overall conditions. In addition to the knowledge about its own capabilities, structures, and processes, the management should develop its strategy and a timeline in which its concrete goals should be achieved. Intermediate goals are required to keep things on track but don't necessarily have to be communicated in

detail. A clear process should facilitate regular reviews of whether the overall conditions and the resulting measures are still pointing in the intended direction. Evaluating a strategy requires observation over longer periods. Quarterly reports can serve as orientation, for example in recognizing impending problems.

In your view, what developments need to be considered right now, especially for Aurubis?

The metal industry's supply flows from the mines and recycling. The underlying conditions for these two parameters are incredibly different. Mines and smelters also have to make sure that they operate their production with minimal environmental strain. The recycling of raw materials is playing a stronger and stronger role worldwide. Even in industrialized countries, the recycling rate is well below what's actually possible. It just isn't worth it in many places yet. But circumstances are changing: I would view recycling as a true megatrend. This is certainly a huge chance for Aurubis. It gets really exciting when companies expand into new regions or even new continents. Setting up and operating a profitable site under unfamiliar conditions is a challenge for the management that can't be underestimated.

Strengthen

We're securing and strengthening our core business, improving it even more. Producing metals from concentrates and recycling materials remains a strong foundation for us. In the future, we want to use synergies in the Group by connecting our sites in a targeted way and optimizing material flows. This will allow us to create the conditions for further growth.

14 From the idea to the improvement

21 Page Page

More capacities thanks to modernization

18 Page Page

Innovative metal recycling in Beerse

Innovative exhaust system

PIP and CI:

From the idea to the improvement

Aurubis is always on the lookout for process improvements, whether in production or along the supply chain. In doing so, digital solutions play a pivotal role.

There's a lot going on at Aurubis: through the Performance Improvement Program (PIP), the company is permanently reducing its costs and boosting its performance. We will achieve the full impact of € 100 million on earnings by fiscal year 2022/23. At the moment, we're gradually implementing more than 350 improvement ideas within the context of PIP, including a project to increase throughput in the Hamburg primary smelter Rohhütte Werk Ost (RWO).

PIP focuses on sales, administrative, and overhead costs, (non-metals) procurement at Group level, and production and maintenance in Hamburg. At the same time, the new corporate function Continuous Improvement (CI) zeroes in on cross-site improvement of production processes with the help of the Aurubis Operating System (AOS) and digital tools. For this purpose, the Digital Factory program was started as an overarching initiative to improve production processes with data-driven tools under the collaboration of azeti, IT, and CI, among others. azeti is a software company from Berlin that has been part of the Aurubis Group since 2020.

Above: Ayca Cangel, Director Transformation & Business Improvement
Below: Verena von Weiss, Vice President Continuous Improvement

IDEAS FOR IMPROVEMENTS ARE CURRENTLY BEING IMPLEMENTED IN CONCRETE PROJECTS > 350

PRODUCTION MANAGER PRIMARY SMELTER HAMBURG: Alois Unger "In the Digital Factory, all of the necessary data is collected to monitor and visualize the process."

In Hamburg, CI is currently working with colleagues in engineering, IT, and azeti on using the azeti platform on the anode casting wheel and the flash smelting furnace, for instance. The IoT (internet of things) platform is already being tested on the anode casting wheel to monitor the production process in order to detect and remedy disruptions early on. This is referred to as predictive maintenance. At the flash smelting furnace, the software is being used in a project to optimize combustion.

The projects of the Digital Factory program always serve the purpose of supporting colleagues in the plants with their work and enhancing plant availability. This is also true for a project that will require more of CI's energy in the coming weeks and months: harmonizing maintenance processes across the Group.

Video of the anode casting wheel: aurubis.picturepark.com/ v/pZu1tU3a/

Higher concentrate throughput in the Digital Factory

For maximum concentrate throughput in our flash smelting furnace, the combustion of the copper concentrate has to be consistent. The temperature is monitored at over 180 temperature recording points on the reaction shaft for this purpose. In the case of consistent combustion, the temperature is the same everywhere. If the temperatures are different, the center lance has to be used to check whether the concentrate is being directed into the furnace on one side. In this case, the furnace has to be stopped for 15 to 20 minutes and the nearly 5 m long, 400 kg heavy center lance is removed. The azeti software was introduced to the process at the Hamburg site to optimize combustion and avoid unplanned center lance inspections. It conveys the relevant process, temperature, pressure, and volume data to the control room employee that they can use at any time to manage things in a targeted way. In the second stage, they should then also be shown additional parameters to be able to optimally operate the flash smelting furnace. Production, engineering, azeti, IT, and the Analytics Center of Excellence work together on the Digital Factory project team for this project. The azeti platform gathers all of the data necessary to monitor and visualize the process. The Data Science Team from the Analytics Center of Excellence is responsible for analyses and model calculations.

Lean network control with a digital business partner portal

On the basis of more than 20 workshops with suppliers, customers, and internal stakeholders, Aurubis developed ideas for a digital business partner portal and defined its requirements. This includes fixing contractual volumes or calling up contract data from the previous Copper Online platform. We're currently subjecting the first product entities to a practical test in a trial phase with customers and suppliers. Projects like this are making the management of our production network leaner, more digital, and even stronger.

Higher throughput

One objective of PIP is to increase concentrate throughput in the Hamburg plant's primary smelter Rohhütte Werk Ost (RWO). To that end, a team set about figuring out how the regular partial repairs and relinings of the converters could be carried out in a shorter period of time – with the goal of enabling the smelter to run in three-converter operation for longer. The result: technical upgrades, standardized processes, and modified work hours have reduced repair times by six days. Six days in which we can produce more.

Good collaboration with our customers – in the Aurubis Digital Innovation Lab (InnoLab)

Aurubis doesn't just rely on digital solutions in production. We want to work together more digitally with our customers, too, providing them with added value. We established the InnoLab in September 2020 with this purpose. There, we develop digital services and solutions that enhance our products' appeal and strengthen customer loyalty.

ASPA:

Innovative metal recycling in Beerse

Continuous innovation and the drive to become more and more efficient are part of Aurubis' formula for success. At the site in Beerse, Belgium, the stateof-the-art ASPA (Advanced Sludge Processing by Aurubis) recycling facility is set to be constructed using the synergies of the Metallo acquisition.

The concept of the circular economy didn't just crop up with the announcement of Green Deals in Europe and the US. The development of a functioning circular economy is key to resourceefficient business, to achieving national and international climate targets, and to maintaining prosperity and progress. Our recycling activities also make an important contribution and make us the most sustainable integrated smelter network worldwide.

Growth – but sustainable. This is our stated objective, which is why we're continuously expanding our recycling business. With ASPA, we are building a state-of-the-art recycling facility in Beerse (Belgium) starting in 2022, which will process anode sludge – a valuable intermediate product of the copper tankhouse – from the recycling sites in Beerse and Lünen in an internally developed hydrometallurgical process. The new method will recover metals from anode sludge more efficiently and in even less time than before – including precious metals such as gold and silver, but also tin. Around 250,000 t of multimetal scrap is already processed in Beerse every year, from the most complex industrial residues to higher-grade scrap.

PROJECT MANAGER: Yves De Visscher "For us, ASPA is the circular economy at its best."

The new hydrometallurgical process

"With ASPA, our production in Beerse will be faster and more efficient, and there will ultimately be an even higher yield of valuable metals than today."

– Heiko Arnold, COO

"For us, ASPA is the circular economy at its best," says Dirk Vandenberghe, Managing Director in Beerse. After all, the facility will recycle and reprocess an even greater volume of metal scrap – a vital step in light of the constant rise in metal scrap around the world.

Next-level metal recycling

However, it's not just the quantity of metal scrap that's increasing; its composition is becoming more complex as well. The number of metals – for example in discarded smartphones or laptops – has risen sharply, and the product design of the devices is increasingly multilayered. This makes the recycling process more elaborate, and requires investments in research. While developing ASPA, Aurubis and Metallo worked together closely with researchers at the university KU Leuven for three years to optimize the process and "raise metal recycling to the next level," as Heiko Arnold, COO of Aurubis AG, explains. "That's a complex process. But reprocessing as many components as possible and tapping the potential of 'urban mining' – meaning the use of the city as a raw material warehouse – for scrap metal is crucial for closing the waste cycle and fulfilling the increased demand for metals in a resource-efficient manner."

Prime example of the integration of Metallo

For ASPA, colleagues from Aurubis and the former Metallo site Beerse worked together closely on a joint project for the first time as well. The initial idea was developed by the employees in Belgium. But only with the collaboration of Aurubis and the integration of the new ASPA process in combined, cross-company flowsheets was the full potential leveraged and the implementation of the facility initiated. ASPA therefore isn't just a prime example of synergies from the acquisition of Metallo, but also of how two successful companies become one.

After the detailed planning is completed, construction of the facility will kick off in the second quarter of 2022. Commissioning is scheduled for early 2024.

The Lünen tankhouse:

More capacities thanks to modernization

To produce high-purity copper, anodes with 98.5% copper content are used to produce cathodes with 99.99% copper content in the tankhouse. The tankhouse in Lünen was constructed in the mid-1960s. As a result, many parts of the facility already had 30 to 50 years of operation behind them.

Renovation during ongoing production

Aurubis is currently modernizing the facility for about € 60 million so that it can be used even more efficiently in the future – for instance to

EMPLOYEES ARE PART OF THE TANKHOUSE TEAM IN LÜNEN

924

CELLS IN FIVE SECTIONS ARE PART OF THE TANKHOUSE IN LÜNEN

process heavier anodes. This will boost capacity by roughly 10%.

All sections of the tankhouse are being overhauled one by one until 2024 by successively tearing down and rebuilding the cells – during ongoing production. This means that 80% of the facility's capacity is in use at all times.

Potential for production expansion

Roughly 210,000 t of copper cathodes will be able to be produced in Lünen annually following the modernization. Each second, that's the amount of pure copper required for about 300 smartphones. Because the plant in Lünen uses recycling raw materials, nickel is recovered first and foremost in addition to copper. We also draw gold, silver, and other precious metals out of the anode slimes within our smelter network.

RDE:

exhaust system

With the RDE project (Reducing Diffuse Emissions), Aurubis is continuing its path of environmental protection with a sense of purpose and investing an additional € 85 million in better air quality at the Hamburg site.

Largest environmental protection investment since the 1980s

Since 2000, Aurubis has invested over € 300 million in environmental protection at the headquarters in Hamburg alone and has continuously reduced particulate emissions. Thanks to the new exhaust system for the

project Reducing Diffuse Emissions (RDE), the site will fulfill the high environmental protection requirements in the future as well. With an investment volume of € 85 million, the installation is the largest environmental protection measure in the parent plant since the 1980s – which means it secures the site's viability in the long term as well. The innovative exhaust

system with ultra-fine filters and state-of-the-art installation technology has been in operation since October 2021 and will lead to a significant additional reduction in diffuse dust emissions. As a result, we are setting global standards for environmentally compatible primary copper production.

Innovative and powerful

After a year and a half of planning, we constructed an impressive pipeline and exhaust system in 18 months during ongoing operation. Diffuse emissions from the primary smelter that previously couldn't be captured from a technical standpoint are now suctioned off, cleaned, and completely returned to the production cycle. The specially developed, needs-based control of the ridge turrets enables a level of digitalization in environmental protection that is unique in the industry, as well as efficient implementation with high volumes of exhaust air. Intermediate products from primary copper production will also be processed nearly emission-free in a new, closed building extension starting in 2022, and this hall will likewise be connected to the exhaust system.

"With RDE, we're setting new standards in environmentally friendly primary copper production and are expressing a clear commitment to sustainability as a result."

– Jens Jacobsen, Hamburg Plant Manager More information in a short film: aurubis.picturepark.com/ v/CAlHjT7l/

Jens Jacobsen, Hamburg Plant Manager

Grow

Recycling is a driver of growth for us. Our copper cathodes already contain about 45% recycling material. We want to achieve a recycling rate of 50% by 2030. North America and Europe in particular provide us with significant growth opportunities that we will leverage with our scalable Aurubis Modular Recycling System. This will kick off with our new recycling plant in Augusta, located in the US state of Georgia. Another high-priority growth area for us is battery recycling.

26 Growth through recycling Page Page

Grow

Aurubis Modular Recycling System:

Growth through recycling

With a modular system to develop new recycling plants, Aurubis can set up new sites quickly and flexibly in the future. This will begin with a new secondary smelter in the US.

Efficient, flexible, low-risk: More growth with modular recycling capacities

Global market trends such as digitalization, the increase in renewable energies, and more sustainable business are driving the circular economy and therefore the reprocessing of valuable materials containing metals. We are taking advantage of this at Aurubis with a sense of purpose in order to significantly expand our recycling capacities in the years to come, penetrating new markets in a targeted way at the same time. The starting point is the idea of a "construction kit" system in which the individual stages of the recycling production process can be built in a variable fashion. This will enable us to efficiently and flexibly create new capacities with technologies available on the market, at little risk, and to integrate them into the broader smelter network.

After implementing another key phase of our multimetal strategy with the acquisition of Metallo, the next step is to strengthen our recycling activities through plants that we can develop in a modular approach – and thus flexibly – in line with our needs. In these plants, too, we will rely on technologies that are well-known in the market to recover valuable metals from scrap coming from the automotive or telecommunications sectors – such as sheathed cable and printed circuit boards (PCBs). This targeted expansion of our capacities will secure our position in a market with strong growth potential early on. After all, PCBs are found in nearly every electronic component and accumulate in large volumes because of the often very short life cycle of modern technical devices such as smartphones and laptops.

In our future recycling plants, five modules (or the five stages of the recycling process) will be able to be used individually or combined, in accordance with the "construction kit" principle.

Flexible setup, integrated processes, and long-term value creation

We will position the new recycling sites according to the recycling raw material markets. This will help us optimize transport costs while protecting the environment. The module selection at each new site will be oriented to the current processing capacities in the Aurubis Group. The planned models differ in particular with regard to the extent that recycling raw materials are processed before they are fed into the existing smelter network for refining. We want to seamlessly integrate the new sites into our network so that we can process as many intermediate products as possible internally along the entire process chain.

Thanks to the modular setup of the new recycling facilities, we're in a position to react flexibly to the market and demand, returning more and more valuable materials containing metals to the resource cycle.

"With this investment, we're sending a clear signal for sustainable growth, and we'll become a forerunner for multimetal recycling in the US as well."

– Roland Harings, CEO

Sustainable growth through expansion into the US recycling market

We will build the first secondary smelter specializing in multimetal recycling in the US. The start of construction is planned for mid-2022.

A total of 6 million t of recycling material containing metal accumulates in the US each year. According to expert estimates, the market there will grow an average of 4 to 6% annually. A rise in awareness for sustainability issues and increasing regulations for resource-efficient business activity are leading to an ever-mounting accumulation of valuable materials in the US as well, materials that are currently transported to Asia for processing. We're taking advantage of this huge opportunity to enter an attractive,

This visualization reflects how Aurubis' new US recycling plant will look.

INVESTMENT VOLUME (€ MILLION) ^~300

LOCAL JOBS 100+

fast-growing market as a forerunner, recycling valuable materials containing copper, nickel, lead, and precious metals locally in the US. This will ultimately broaden our international integrated smelter network in the future.

We're very familiar with the features specific to the US since we've been operating a plant in Buffalo since 2011. Following extensive analyses and after carefully reviewing different options, we decided on Augusta (Richmond County) in the state of Georgia as the site for the plant, where we met strong support from local political decision-makers.

The first multimetal recycling plant in the US will be built on a section of a 600,000 m² property in accordance with the highest environmental standards, with enough space for future capacity expansions.

Seamless integration into our smelter network

We plan to fully ramp up production in 2024. About 100 new experts will then process PCBs, shredded metal, and other recycling materials containing metals into around 35,000 t of blister copper each year with our market-specific technologies. We will process this intermediate product into different valuable metals at our European smelter sites to a large extent, and extract metals such as tin, lead, and zinc, which we will also return to the resource cycle. Industry needs the recycled high-purity metals to manufacture electric vehicles, wind turbines, and solar plants, for example.

The investment of about € 300 million in our first US recycling plant will pay off in multiple ways. It will contribute to ambitious climate protection goals and to conserving natural resources across borders in the EU and the US. We expect an annual contribution to EBITDA of approximately € 80 million beginning in fiscal year 2025/26.

"With the decision for a US recycling plant, we're in the right place at the right time."

– Hans Rosenstock, Project Manager Corporate Development

Pat Wilson, Commissioner of the Georgia Department of Economic Development, and Aurubis CEO Roland Harings signed an MoU regarding economic support measures on November 10, 2021.

Battery recycling: Solutions for sustainable mobility

As the number of electric vehicles increases, the demand for batteries is growing rapidly. Aurubis is now looking into ways to recycle them in a pilot plant.

Nickel, cobalt, manganese, and lithium

In the future, Aurubis will have a sustainable solution for processing black mass (top) and will recover not only nickel (bottom center), but also cobalt (bottom left), manganese, and lithium (bottom right). These metals can be returned to battery production.

On the move with batteries

In the fight against climate change, sustainable solutions are in demand. For instance, there's currently an ongoing push to expand electric vehicles. According to current forecasts, every second car solid in the EU will be electric by the end of the decade. This will cause the need for lithium-ion batteries to rise rapidly as well – just like demand for the raw materials to produce them. Estimates indicate that more than 10 million t of key battery metals such as lithium, nickel, cobalt, and manganese will be needed for electric vehicles alone in 2030 – nearly ten times as much as in 2020. At the same time, the volume of lithium-ion battery scrap will increase fivefold in this period, to nearly 1.5 million t. What's clear is that the necessity of recycling batteries is growing. Policymakers are also calling for the proportion of recycled raw materials in batteries to increase. The EU has enshrined this requirement in its battery directive, for example.

EVERY SECOND NEW CAR WILL BE ELECTRIC BY THE END OF THE DECADE.

With the electrification of road traffic, demand for lithiumion batteries is on the rise. Demand for the raw materials to produce them is increasing rapidly as well.

Accordingly, the powdery content of used lithium-ion batteries – referred to as black mass – is becoming a valuable raw material. Depending on the content of different battery metals, the value of one ton can be over US\$ 10,000. At the same time, black mass is a very complex raw material.

We can do complex

Thanks to our metallurgical expertise, we can process complex materials and return valuable metals to the production cycle – pursuant to our mission "Responsibly transforming raw materials into value – to provide metals for an innovative

world." We aspire to continue boosting resource efficiency and to make a positive contribution to the circular economy. Aurubis has spent the past two years successfully developing a new hydrometallurgical method for processing black mass and registered it for a patent. This allows us to recover nickel, cobalt, manganese, and lithium and return them to battery production. Graphite is also drawn out as an intermediate product.

At the moment, we're preparing the trial phase. At the Hamburg site, we plan to investigate aspects such as the recovery of the metals, the influence of impurities, and cost efficiency in a pilot plant. We want to process different raw material qualities and produce products and intermediates in multiple campaigns. As soon as we can ensure that the process is running robustly, we will start designing the first industrial plant for processing black mass: a sustainable solution for recycling complex battery waste.

"Aurubis has successfully developed a new metallurgical process for recycling battery metals and registered it for a patent."

– Ken Nagayama, Head of Business Development for Battery Materials

Sustain

Sustainable conduct and business activity are integral components of our strategy. We want our production to be carbonneutral well before 2050 – with measurable targets and concrete measures to reduce emissions. Through our responsible approach to resources, we're already making a notable contribution to the energy transition with our production techniques – just as we do with our products.

34 A commitment to climate protection Page Page

Page Page

Metallurgical purification without emissions 38

36 In-house energy production

Our sustainability promise to customers

Sustain

Science Based Targets initiative:

A commitment to climate protection

By cutting Scope 1 and Scope 2 emissions in half by 2030, we want to make an important contribution to limiting climate change. Our emission targets have now been validated by the Science Based Targets initiative.

New requirements for emission reduction

We want to reduce our absolute Scope 1 and Scope 2 emissions by 50% compared to the reference year 2018. This applies to CO2 emissions from burning fuels in our own facilities (Scope 1) and from bought-in energy (Scope 2). We also want to reduce the emissions that arise in the upstream and downstream stages of the value chain (Scope 3) at the same time – by 24% per ton of copper cathode output. Aurubis plans

to make a vital contribution to limiting climate change, which is why our ambitious target is for our production to be carbon-neutral well before 2050. Cutting CO2 emissions in half by 2030 is an important milestone on this path.

Objective parameters based on science

In June 2021, the Science Based Targets initiative (SBTi) validated these targets. This confirms our contribution to limiting global warming to

CO2 reduction targets until 2030

Our science-based reduction targets are an important milestone on the way to making our production carbon-neutral well before 2050.

1.5°C pursuant to the Paris Agreement with our targets. The SBTi is an international initiative of the CDP, the World Wide Fund for Nature (WWF), the UN Global Compact, and the World Resources Institute (WRI) with the goal of keeping global warming below 1.5°C through a 4.2% annual reduction in CO2 emissions.

"We support the European climate targets and will make a key contribution as a company."

– Roland Harings, CEO

By joining the UN Global Compact initiative Business Ambition for 1.5°C in 2019, we committed to devising science-based CO2 reduction targets in accordance with the SBTi method, which is based on the Greenhouse Gas Protocol (GHG Protocol). The initiative is a global coalition of UN organizations, companies, and industry leaders in cooperation with the Race To Zero campaign. It calls on companies to set ambitious, science-based targets to reduce emissions.

A variety of measures to achieve the targets

We are currently developing a detailed roadmap to help us achieve our climate goals. Regarding Scope 1 and Scope 2 emissions, we rely on technical measures such as decarbonizing plant facilities by using green hydrogen instead of fossil fuels, electrifying our production, utilizing waste heat, and expanding the purchase of green electricity. Approaches for reducing Scope 3 emissions include cooperation in the supply chain and increased recycling activities, for example.

Solar plant in Bulgaria:

In-house energy production

In Bulgaria, we're taking the next step on the path to decarbonization by building the country's largest in-house solar plant.

Photovoltaic project on a new scale

In June 2021, Aurubis Bulgaria started building a 10 MW solar plant on the premises of the site in Pirdop. As an industrial consumer of this size, Aurubis Bulgaria is setting new benchmarks for in-house production of green energy in Bulgaria with this project.

After its completion, scheduled for late 2021, it will be the largest company solar plant for in-house electricity generation in the country. The Aurubis-1 project comprises the installation of 20,000 solar panels on a remediated and recultivated landfill – with a total area of 104,000 m². CEZ ESCO, a company of the CEZ Group, is building the Aurubis-1 solar plant.

SOLAR PANELS 20,000

Reducing emissions with in-house electricity

With this project, Aurubis is taking the next step toward sustainable multimetal production: the project already contributes to our strategic objective of making our production carbonneutral by 2050. Once commissioned, Aurubis-1 will reduce the annual external electricity consumption by approximately 11,000 MWh. This is equivalent to 2.5% of the site's electricity needs. Aurubis Bulgaria will thus save 15,000 t of CO2 each year with the project compared to the use of coal-generated power – that's 225,000 t of CO2 over its planned operating life. In the medium term, this contribution from Aurubis Bulgaria will help the Aurubis Group fulfill its ambitious goals. The plant wants to produce 20% of its energy from its own renewable sources by mid-2030.

These strong objectives will help further reduce our already very small footprint within the international sector and expand our leading position in environmental protection.

The project comprises the installation of over 20,000 solar panels on a remediated and recultivated landfill. The total area covers 104,000 m².

More information in a short film: aurubis.picturepark.com/ v/2Xe1eavh/

Petko Ivavnov, Project Manager at Aurubis Bulgaria: "We want to lead by example when it comes to sustainability, and the solar plant is another flagship project for this."

Kiril Petkov, Minister of Economy in Bulgaria, and Roland Harings, Aurubis CEO, came to Pirdop, Bulgaria, to kick off construction of the largest internal company solar plant on June 24, 2021.

Hydrogen:

Metallurgical purification without emissions

In a pilot project at the Hamburg plant, Aurubis successfully tested the use of hydrogen in the anode furnace. This facilitates a reduction process without CO2 emissions.

Successful pilot project

Aurubis was the first company in the copper industry to test the use of hydrogen on an industrial scale. In a pilot trial extending over several weeks at the Hamburg plant, we used a gaseous mixture of hydrogen and nitrogen in place of natural gas to pole copper melt in the anode furnace during production. Poling refers to a metallurgical purification process or a reduction process in melted metal. When feeding in the gas mixture, excess oxygen bound to the copper is drawn out of the copper melt.

R&D PROJECT MANAGER: Torben Edens "Hydrogen could replace fossil fuels in the production process in the medium term, making production more climate-friendly overall."

In the current process using natural gas as a reducing agent, carbon dioxide (CO2) is formed as a by-product. These CO2 emissions can be avoided when a gas mixture is used in reduction – in this case, water vapor is the only by-product of poling. A regulating station plays a crucial role in this pilot process, keeping the pressure in the anode furnace constant through the feed nozzles.

Hydrogen:

Metallurgical purification

without emissions

The foundation for a future with hydrogen

This project enabled us to test the reaction of the facilities to the hydrogen fed into them, and we were able to get this production step up and running smoothly. As a result, Aurubis has laid the foundation for additional Group activities with hydrogen thanks to the technical experience gathered in the pilot.

The test series was carried out in the anode casting wheel in Hamburg.

First Mayor of Hamburg Peter Tschentscher (right) was also impressed by the successful pilot test (shown here with Roland Harings).

"With the successful launch of the hydrogen pilots, Aurubis visualizes a carbon-neutral future with the help of innovation."

– Roland Harings, CEO

Tomorrow Metals by Aurubis:

Our sustainability promise to customers

The label Tomorrow Metals by Aurubis® represents our strong commitment to sustainability. It is based on four pillars: environmental protection, carbon footprint, recycling, and responsibility.

More in the video: aurubis.picturepark.com/ v/5movoz1B/

A strong label for a strong promise

Tomorrow Metals by Aurubis emphasizes the strong Group-wide focus on sustainability. The label stands for Aurubis' pledge to deliver more value while lowering its carbon footprint and imposing the highest standards on energy efficiency and environmental protection.

Michael Hellemann, Head of Commercial at Aurubis, underlines the company's commitment to sustainability: "Our promise encompasses our many efforts to increasingly act and do business sustainably, efforts we have already made in the past and will continue to push forward in the future as well. Those who buy from Aurubis today and in the future can be assured that Aurubis is at the forefront when it comes to sustainability."

Four pillars provide a reliable footing

Tomorrow Metals by Aurubis consists of more than just a pledge for sustainable and responsible conduct. The label is supported by four pillars that comprise reliable KPIs.

"Those who buy from Aurubis today and in the future can be assured that Aurubis is at the forefront when it comes to sustainability."

– Michael Hellemann, SVP Commercial

Tomorrow Metals is based on four pillars

ENVIRONMENTAL PROTECTION

Aurubis has invested more than € 730 million in environmental protection measures since 2000, reducing dust emissions to air by 96% and metal emissions to water by 88% in copper production across the Group, among other achievements.

CARBON FOOTPRINT

Aurubis is determined to keep shrinking its carbon footprint, thus contributing to the 1.5°C goal of the Paris Agreement. Compared to 2018, the Group wants to cut its Scope 1 and 2 emissions by 50% and Scope 3 emissions by 24% per ton of copper cathode output until 2030.

RECYCLING

Currently, Aurubis' copper cathodes contain about 45% recycling material. To further promote the circular economy of metals, the Group will continue expanding its recycling capacities. This will kick off with our new recycling plant that we'll be building in the US.

RESPONSIBILITY

We maintain a relationship of trust with our employees, suppliers, customers, and neighbors. When selecting business partners, Aurubis ensures that, among other aspects, sustainability and compliance criteria are reviewed and continuously evaluated.

Aurubis at a glance

2020/21 in numbers

OPERATING EARNINGS BEFORE TAXES (EBT)

DIVIDEND € 1.60

Publisher

Aurubis AG Hovestrasse 50, 20539 Hamburg, Germany [email protected] www.aurubis.com

Photos

Aurubis AG, Baader Bank AG, Getty Images, Meik Lauer (illustration p. 19) Concept and design Kirchhoff Consult AG, Hamburg, Germany Print

Beisner Druck GmbH & Co. KG, Buchholz in der Nordheide, Germany

RECYCLING MATERIAL INPUT 2.3 million t

CONCENTRATE THROUGHPUT

RECYCLING MATERIAL IN EACH COPPER CATHODE 45 %

LTIFR (LOST TIME INJURY FREQUENCY RATE) 5.0

€ 232 ^m

Paper

Printed on FSC-certified paper. By using FSC paper, we are actively supporting the preservation of our forests, promoting plant and wildlife protection, and taking a stand against human exploitation of forest resources.

Additional environmental measures

CO2 -neutral production with a Gold Standard certificate.

ENERGY COSTS

www.klima-druck.de/klimainitiative/?lang=en

The paper and the printer are certified in accordance with the latest Blue Angel standards (DE-UZ 195).

aurubis.com

Metals for Progress

Aurubis AG Hovestrasse 50 20539 Hamburg, Germany Phone +49 40 7883-0 Fax +49 40 7883-2255 [email protected]

Annual Report 2020/21

Metals for Progress:

Driving Sustainable Growth

annualreport2020-21.aurubis.com

Driving Sustainable Growth

Annual Report 2020/21

Driving Sustainable Growth

Our strategy is our clearly defined roadmap for shaping the future and growing sustainably and profitably.

Annual Report 2020/21

The future is made from metals. This knowledge has driven us for more than 150 years. Now and in the future, we want to responsibly transform raw materials into metals – for an innovative and sustainable world.

Letter from the Executive Board	p. 02
Report of the Supervisory Board	p. 09
Corporate Governance	p. 18
Sustainability	p. 44
Aurubis Shares on the Capital Market	p. 74
Combined Management Report	p. 78
Consolidated Financial Statements	p. 137
Notes to the Consolidated Financial Statements	p. 144
Responsibility Statement	p. 204
Auditors' Report	p. 205

The full report

You can find our magazine and the full Annual Report online at: annualreport2020-21.aurubis.com

Letter from the Executive Board

Dear shareholders and friends of the company,

2020/21 was the most financially successful fiscal year in our history. An operating result of € 353 million and the processing of more than 1 million t of recycling materials for the first time impressively highlight what Aurubis is capable of achieving today. A reason to be proud. However, this is just an interim result for us.

The past fiscal year was a time for reorientation. We updated and honed our corporate strategy, defined new and ambitious sustainability targets within it, and outlined bold growth projects for this decade. Within the industry, Aurubis is a leader in a number of areas that fall under economic, ecological, and social aspects. This is the solid foundation on which Aurubis will continue developing and growing.

Metals for Progress: Driving Sustainable Growth. This is the title of our strategy, in which we provide clear answers to how we're shaping the future of multimetal production. We want to not only continue expanding our good market position, but also help in shaping the shift toward carbon-neutral metal fabrication. We maintain our objective of being the world's most efficient and sustainable smelter network.

One cornerstone of our growth is the international recycling business. We want to be present locally in attractive growth markets. As the first step, we're planning the construction of a new recycling plant in Augusta, in the US state of Georgia. The project, comprising an investment volume of about € 300 million, is expected to process around 90,000 t of complex recycling materials after its completion in 2024, generating an operating contribution to earnings (EBITDA) of approximately € 80 million beginning in fiscal year 2025/26. At the same time, we'll create over 100 new, highly qualified jobs in the region.

The fiscal year in 99 seconds: aurubis.picturepark.com/ v/yoijlHEL/

Dr. Heiko Arnold Chief Operating Officer Rainer Verhoeven Chief Financial Officer Roland Harings Chief Executive Officer The US recycling market and Aurubis are an ideal fit. Our expertise in the environmentally sound processing of complex recycling materials is met with a local supply that's growing by 5% annually. The North American market for recycling multimetals containing copper now encompasses roughly 6 million t of materials that have mainly been exported to Asia or landfilled up to now. In the US, too, the topic of recycling is taking on momentum. A growing awareness among American consumers for sustainable resource use, coupled with increasing regulations, is causing recycling rates to rise. Aurubis will be the first company ever to establish extensive processing capacities for complex recycling materials in the US market.

Our new US recycling plant is a gain in every respect. For the environment and society because, first, we contribute to reducing the global carbon footprint thanks to short logistics routes; second, we keep valuable natural resources in the material cycle while maintaining the highest environmental standards; and third, we create local jobs. For our customers and society because we are developing multimetal recycling on site as a key material recipient, creating added value for them as a result. And for Aurubis because we're positioning ourselves at the right time, with purpose, in an attractive growth market with competitive conditions.

We announced another growth project in July: ASPA, which stands for Advanced Sludge Processing by Aurubis. With an investment of € 27 million in a state-of-the-art hydrometallurgical facility at the Beerse site, we will be able to better process precious metal-rich anode sludge in the future. This accumulates in the copper tankhouse as a valuable intermediate product and contains gold, silver, and tin, to name a few examples. When the project is concluded, we will recover more of the metals contained in the anode sludge faster and more efficiently. This helps us strengthen the circular economy in Europe especially. ASPA is an impressive example of how the successful integration of the former Metallo Group into the smelter network creates crucial synergies. Synergies that we will continue to identify and leverage in the future.

Video about our strategy: aurubis.picturepark.com/ v/nAprUtnI/

"Aurubis will be the first company ever to establish extensive processing capacities for complex recycling materials in the US market."

– Roland Harings, CEO

During the past fiscal year, we demonstrated how an innovative energy source can be used in the metal industry. We have successfully carried out tests with hydrogen in place of natural gas in our anode furnace at the Hamburg plant since May 2021. For us, the use of this energy source therefore isn't a laboratory vision anymore, but is already being tested on an industrial scale. By consistently using hydrogen, Aurubis could reduce its CO2 emissions from the Hamburg anode furnace alone by about 6,200 t per year. This reduction could be multiplied many times over throughout the Group. However, the truth is that hydrogen isn't cost-efficient yet. The costs are many times higher than the costs to source natural gas. We've demonstrated that the innovations for carbon-neutral metal production exist. Now it's up to policymakers to create the right overall conditions.

A flagship project for environmental protection was commissioned in primary copper production at the Hamburg site in October 2021. Over the last two years, we have invested about € 85 million in an impressive exhaust system with innovative, ultra-fine filters. It leads to another significant reduction in diffuse dust emissions and puts us in a position to remain well below target and limit values. Our smelter in Hamburg was already one of the cleanest in the industry. With the new facility, we're setting new international standards in environmentally friendly primary copper production.

Whether it's the validation of our targets by the Science Based Targets initiative as one of the first companies in our industry, the certification of our Bulgarian site pursuant to the standards of The Copper Mark, or the construction of the largest solar plant for internal use in Bulgaria, our variety of sustainability measures are being noticed. We're pleased that Aurubis was honored with Platinum status from the renowned rating agency EcoVadis in 2021. We therefore belong to the best one percent of our sector worldwide when it comes to sustainability. A team success and a calling card. We will use this more confidently in our product marketing in the future with our new product label Tomorrow Metals. With Aurubis products,

"Our smelter in Hamburg was already one of the cleanest in the industry. With the new facility, we're setting new international standards."

– Dr. Heiko Arnold, COO

we always ensure the best sustainability standards in the industry for our customers. It's a promise that we don't make only to our customers.

Some of the news during the fiscal year wasn't quite as positive. This included the flooding of our Stolberg site following severe weather. What had been built up over decades was destroyed in hours. The plant was evacuated in time and no employees were injured. We promptly decided that we would rebuild the site and resume delivery to our customers as quickly as possible. Without our employees on site and the strong, immediate, uncomplicated support from the Aurubis Group, however, this wouldn't have been possible. We would therefore like to express our deepest thanks to all of the colleagues who were involved and acknowledge this extraordinary achievement.

From a financial perspective, 2020/21 was an outstanding year. This hadn't been expected at the start of the fiscal year, which had continued to be influenced by the COVID-19 pandemic, supply chain bottlenecks, and rising energy prices. In addition to the very good performance of our plants, additional synergies from the integration of the former Metallo Group, and the consistent implementation of our Performance Improvement Program, we were also supported by a robust market environment. Strong increases in refining charges for copper scrap and other recycling materials positively impacted our earnings in particular. Furthermore, we benefited from a very good metal result with strongly increased metal prices, especially for copper, nickel, and tin. High demand for our products likewise contributed to the positive overall development.

"From a financial perspective, 2020/21 was an outstanding year. The final result stands at € 353 million, an increase of about 60% compared to the previous year."

– Rainer Verhoeven, CFO

The final result stands at € 353 million, an increase of about 60% compared to the previous year. The operating return on capital employed rose as well and reached 15.6%, or 6.3 percentage points higher than in 2019/20. With this result, we significantly exceeded our forecast for the fiscal year. We're staying ambitious in 2021/22 and want to build on the best year in the company's history, even in an environment of sharply increasing costs and energy prices. Concretely, we expect to generate an operating EBT of € 320 million to € 380 million for the current fiscal year.

The success of the past fiscal year is based on the performance and dedication of our employees. They accomplished great things in another fiscal year that was impacted by COVID-19. This achievement deserves our utmost appreciation and gratitude.

We've zeroed in on further growth, fully in line with our strategy Metals for Progress: Driving Sustainable Growth. Steps such as the successful integration of the former Metallo Group, ASPA, and our recycling plant in the US prove this in impressive fashion. We conduct ourselves with the knowledge that Aurubis produces valuable metals, keeping them in the value cycle and thus conserving raw material supplies. Our production processes are among the most environmentally sound in the world, and we fulfill the highest international standards when it comes to our supplier and customer relationships.

We also have the financial strength to implement our strategic ideas promptly and with a sense of purpose. Our products, our metals, are the foundation for clean, forward-looking technologies and a modern, more environmentally friendly, and ultimately better future for all of us.

Roland Harings Dr. Heiko Arnold Rainer Verhoeven

Executive Board

Roland Harings, Hamburg

Born: June 28, 1963, German citizen Executive Board Chairman and Director of Industrial Relations Appointed from May 20, 2019 to June 30, 2027

Dr. Heiko Arnold, Hamburg

Born: May 7, 1966, German citizen Chief Operating Officer Appointed from August 15, 2020 to August 14, 2023

» Aurubis Belgium NV/SA, Brussels, Belgium1 Director since August 1, 2021
» Aurubis Bulgaria AD, Pirdop, Bulgaria1 Board of Directors since September 2, 2021
» Aurubis Italia Srl, Avellino, Italy1 Chairman of the Board of Directors since September 16, 2021
» Metallo Group Holding NV, Beerse, Belgium1 Chairman of the Board of Directors since August 1, 2021
» Metallo Belgium NV, Beerse, Belgium1 Chairman of the Board of Directors since August 1, 2021
» Metallo Spain S.L.U., Berango, Spain1 Chairman of the Board of Directors since August 1, 2021

Dr. Thomas Bünger, Lüneburg (until September 30, 2021)

Born: July 2, 1968, German citizen Chief Operating Officer until August 14, 2020 Chief Technology Officer from August 15, 2020 to September 30, 2021

Appointed from October 1, 2018 until September 30, 2021

» Aurubis Belgium NV/SA, Brussels, Belgium1 Director until July 30, 2021
» Aurubis Bulgaria AD, Pirdop, Bulgaria1 Board of Directors until September 2, 2021
» Aurubis Italia Srl, Avellino, Italy1 Chairman of the Board of Directors until September 15, 2021
» Metallo Group Holding NV, Beerse, Belgium1 Chairman of the Board of Directors until July 31, 2021
» Metallo Belgium NV, Beerse, Belgium1 Chairman of the Board of Directors until July 31, 2021
» Metallo Spain S.L.U., Berango, Spain1 Chairman of the Board of Directors until July 31, 2021

Rainer Verhoeven, Hamburg

Born: December 2, 1968, German citizen Chief Financial Officer Appointed from January 1, 2018 to December 31, 2025

» Aurubis Belgium NV/SA, Brussels, Belgium1 Chairman of the Board of Directors

Report of the Supervisory Board

PROF. DR. FRITZ VAHRENHOLT Aurubis AG Supervisory Board Chairman

The Aurubis Group generated outstanding operating earnings before taxes (operating EBT Glossary, page 215) of € 353 million in fiscal year 2020/21 – the best annual result in the company's history. In a fiscal year that was subject to unique uncertainties due to the coronavirus pandemic, the remarkable achievements of our employees, management, and Executive Board deserve our special recognition.

Key factors that particularly influenced the operating result during the reporting period included strong increases in refining charges for copper scrap and other recycling materials, as well as a very good metal result with significantly higher metal prices. Positive contributions to earnings from the Performance Improvement Program (PIP) as well as notably improved demand for various copper products and sulfuric acid also supported the result. At the same time, continued high energy costs weighed on the result. Aurubis had a good ongoing supply of both copper concentrates and recycling materials during the fiscal year. While concentrate throughput was negatively impacted by a planned

maintenance shutdown at the Pirdop site, the Aurubis Group achieved a considerably higher throughput of copper scrap and other recycling materials, due in part to the consolidation of the Beerse and Berango sites.

Aurubis is well positioned and resilient. Nevertheless, the Executive Board and the Supervisory Board continuously scrutinize the path the company is taking. Together, we see the potential to make Aurubis even more successful. We want to realize this potential with a revised strategy. In this respect, the further development of the strategy is crucial in setting the course for Aurubis' future.

COLLABORATION BETWEEN THE SUPERVISORY BOARD AND EXECUTIVE BOARD

The joint target of the Executive Board and Supervisory Board is to increase the enterprise value of Aurubis AG and its Group companies over the long term.

The Supervisory Board was included in all decisions of fundamental importance for the company. With respect to company management, the Supervisory Board and its committees also closely supervised, carefully monitored, and advised the Executive Board in 2020/21, and performed the functions incumbent upon it by law, the Articles of Association, and rules of procedure. The Supervisory Board is confident that the company was managed lawfully and appropriately.

The Supervisory Board was continuously informed in detail about the Group's earnings and employment developments, the individual segments, and the company's financial position. The Executive Board provided comprehensive explanations for any deviations from planned business performance and discussed the corresponding measures with the Supervisory Board.

The chairman of the Supervisory Board was also in contact with the Executive Board, notably the Executive Board chairman, outside of the meetings and communicated with them about current developments.

In a written monthly report, the Executive Board informed the Supervisory Board about the corporate strategy, the planning process, important business transactions in the company and the Group, the associated opportunities and risks, and issues of compliance Glossary, page 212.

The Supervisory Board discussed all the transactions that were of importance for the Group in detail on the basis of the Executive Board's reports.

The Supervisory Board passed the Executive Board's proposed resolutions after thorough review and consultation.

CONSULTATIONS IN THE SUPERVISORY BOARD

There were four scheduled Supervisory Board meetings and one extraordinary meeting in fiscal year 2020/21. Three resolutions were adopted by written consent in lieu of a meeting. The participation rate for the Supervisory Board members in Supervisory Board meetings was 100 %. The Executive Board was not present for part of all five Supervisory Board meetings. Because of the contact restrictions due to the coronavirus pandemic, some meetings of the Supervisory Board or its committees took place virtually as video conferences.

The following tables show the members' participation rate for Supervisory Board meetings and for the respective committee meetings.

Individual disclosure for meeting participation

	Number of meetings attended	Percentage of meetings attended
Supervisory Board members	4 scheduled meetings and 1 extraordinary meeting
Prof. Dr. Fritz Vahrenholt (Chairman)	5/5	100%
Stefan Schmidt (Deputy Chairman)	5/5	100%
Deniz Filiz Acar	5/5	100%
Andrea Bauer	5/5	100%
Christian Ehrentraut	5/5	100%
Prof. Dr.-Ing. Heinz Jörg Fuhrmann	5/5	100%
Prof. Dr. Karl Friedrich Jakob	5/5	100%
Jan Koltze	5/5	100%
Dr. Stephan Krümmer	5/5	100%
Dr. Elke Lossin	5/5	100%

	Number of meetings attended	Percentage of meetings attended
Dr. Sandra Reich	5/5	100%
Melf Singer	5/5	100%
Personnel Committee	2 meetings
Prof. Dr. Fritz Vahrenholt (Chairman)	2/2	100%
Deniz Filiz Acar	2/2	100%
Andrea Bauer	2/2	100%
Prof. Dr.-Ing. Heinz Jörg Fuhrmann	2/2	100%
Jan Koltze	2/2	100%
Stefan Schmidt	2/2	100%
Audit Committee	5 meetings
Dr. Stephan Krümmer (Chairman)	5/5	100%
Prof. Dr.-Ing. Heinz Jörg Fuhrmann	5/5	100%
Jan Koltze	5/5	100%
Dr. Elke Lossin	5/5	100%
Dr. Sandra Reich	5/5	100%
Melf Singer	5/5	100%
Nomination Committee	1 meeting
Prof. Dr. Fritz Vahrenholt	1/1	100%
Prof. Dr.-Ing. Heinz Jörg Fuhrmann	1/1	100%
Prof. Dr. Karl Friedrich Jakob	1/1	100%
Dr. Stephan Krümmer	1/1	100%
Technology Committee	4 meetings
Prof. Dr. Karl Friedrich Jakob (Chairman)	4/4	100%
Christian Ehrentraut	4/4	100%
Dr. Stephan Krümmer	4/4	100%
Stefan Schmidt	4/4	100%
Conciliation Committee	Did not meet during the fiscal year

The topics regularly covered in Supervisory Board meetings included the business performance, human resources in the Group, as well as the development of the results, the raw material markets, and the foreign exchange markets. The Supervisory Board also dealt with the financial situation and the status of capital expenditure. In particular, the Supervisory Board monitored the impact of the coronavirus pandemic on current business, the

further development of the Group strategy, and the Performance Improvement Program. During the meetings, the chairmen of the Nomination, Personnel, Audit, and Technology Committees reported on their work, the suggestions made, and the results achieved.

In the meeting on December 8, 2020, the Supervisory Board determined the compensation for the Executive Board members for fiscal year 2019/20 contingent on the established objectives. In the same meeting, consultations focused on the approval of the consolidated financial statements and the separate financial statements for Aurubis AG for 2019/20, including the Corporate Governance Report, and the preparations for the 2021 Annual General Meeting. The Supervisory Board addressed the status of the Performance Improvement Program.

In the meeting on February 24, 2021, the Executive Board reported on the current business and the revision of the Group strategy.

In the extraordinary meeting on April 22, 2021, the Supervisory Board dealt extensively with the further development of the Group strategy and approved the sale of Aurubis Netherlands BV, Zutphen, in addition to three slitting centers and Aurubis Middle East FZE, Dubai, to Intek Group S.p.A., the parent company of KME SE, under specific conditions.

In the meeting on June 2, 2021, the Supervisory Board approved the construction of the state-of-the-art recycling facility ASPA, a hydrometallurgical process to treat copper-nickel anode sludge at the site in Beerse, Belgium, as well as the second installment of investments for the planned shutdown in Hamburg in 2022. Likewise, the Board approved the first installment of the investment for shutdown also planned at the site in Pirdop, Bulgaria.

In the meeting on September 23, 2021, the Supervisory Board passed a resolution to appoint Roland Harings as Executive Board Chairman for another five years, from July 1, 2022 to June 30, 2027, following his current appointment. The Supervisory Board approved the budget and investment plans for 2021/22, as well as the new segment reporting and the project Industrial Heat 2. The Executive Board presented a slightly adjusted plan for the distribution of their responsibilities, which the Supervisory Board

approved. The Supervisory Board established the individual targets for the Executive Board for fiscal year 2021/22 and the target values for the performance cash plan. Moreover, the Supervisory Board's skills profile was adjusted. The Board also established the new target for a female member of the Executive Board (33.3 %) by September 30, 2026. Another focus of the Supervisory Board was the first presentation of the Diego project by the Executive Board (the construction of a greenfield recycling plant in the US).

In a circulation procedure, the Supervisory Board approved the declaration of conformity, the hiring of a high-level manager, and the restructuring of Aurubis Stolberg GmbH & Co. KG.

In the extraordinary meeting on November 10, 2021, during the new fiscal year 2021/22, the Supervisory Board approved the construction of a new multimetal recycling plant in Augusta (Richmond County) in the US state of Georgia.

COMMITTEES

The Supervisory Board has formed a total of five committees to fulfill its duties and effectively support the Supervisory Board's work in the meetings. The committees prepared the Supervisory Board's resolutions and topics to be considered in the meetings. The Conciliation Committee formed in accordance with Section 27 (3) of the German Codetermination Act (MitbestG) did not meet during the reporting year.

Statements on the composition and working procedures of the Supervisory Board and its committees can also be found in this year's declaration on corporate governance.

WORK WITHIN THE PERSONNEL COMMITTEE

The Personnel Committee met twice during the reporting period. In addition to developing a recommendation for establishing the individual Executive Board compensation targets, the committee also addressed the recommendation for achieving the targets. In the meeting on September 3, 2021, the Personnel Committee passed a resolution to recommend to the Supervisory Board the appointment of Roland Harings for an additional term, as well as to appropriately increase Executive Board compensation starting October 1, 2021.

WORK WITHIN THE NOMINATION COMMITTEE

After Prof. Dr. Fuhrmann stepped down from the Supervisory Board on September 30, 2021, the committee recommended Mr. Gunnar Groebler, the new Executive Board Chairman of Salzgitter AG, as a new Supervisory Board member.

WORK WITHIN THE TECHNOLOGY COMMITTEE

The Technology Committee met four times during the reporting period. Apart from overseeing various optimization and development projects, such as increasing plant availability, the committee was involved in the project to modernize the tankhouse at the Lünen site, and in the preparations for planning the shutdowns at the Hamburg site in 2022 and the Pirdop site in 2023. The Executive Board reported on the status of the project to reduce emissions in the area of the primary smelter (RWO) at the Hamburg plant and on the recycling project ASPA in Beerse. In the meeting on September 7, 2021, the discussion centered on the Diego project, as well as measures to prevent accidents in the Group.

WORK WITHIN THE AUDIT COMMITTEE

The Audit Committee met five times during the reporting period. In four of the meetings, the Audit Committee reviewed the quarterly reports, the separate financial statements, and the consolidated financial statements for the past fiscal year and discussed them with the Executive Board. The Audit Committee also addressed the accounting audit, the monitoring of the accounting process, the new segment reporting, and the effectiveness of the internal control system, risk management system, and internal auditing system. Furthermore, topics related to sustainability and compliance in the Group were also addressed. In its fifth meeting, the committee dealt with the budget and mid-term planning for fiscal year 2021/22.

The discussion also focused on supporting the Performance Improvement Program.

The Audit Committee recommended the auditing firm Deloitte GmbH Wirtschaftsprüfungsgesellschaft, Hamburg, to the Supervisory Board as auditor for fiscal year 2020/21.

In accordance with Section 107 (4) in connection with Section 100 (5) of the German Stock Corporation Act (AktG) and recommendation D.4 of the German Corporate Governance Code (DCGK) 2020, the Audit Committee chairman during the fiscal year, Dr. Stephan Krümmer, has special expertise and experience in the application of accounting principles, internal control procedures, and annual audits, which he has gathered over the course of his career. He is not a former member of the company's Executive Board.

An additional expert on the Audit Committee in accordance with Section 100 (5) of the German Stock Corporation Act (AktG) is Dr. Sandra Reich, who also has special expertise and experience in the application of accounting principles, internal control procedures, and annual audits.

Apart from the appointment of the auditors and the agreement of the fee with the auditors, the committee established its focal areas of the annual 2020/21 audit, specifically:

» Auditing the accounting for inventories
» Auditing the first-time ESEF reporting
» Auditing the assets under construction with a focus on the investment management system

Before submitting the proposal for the election of the auditors, the Supervisory Board obtained the declaration from Deloitte GmbH Wirtschaftsprüfungsgesellschaft, Hamburg, on their independence. The audits were performed in accordance with German auditing regulations, taking into account the generally accepted standards for the audit of financial statements promulgated by the German Institute of Public Auditors (IDW); in addition, the International Standards on Auditing were also observed. The audits also covered risk management and compliance with reporting obligations on corporate governance in accordance with Section 161 of the German Stock Corporation Act (AktG).

The auditors' representatives attended two Audit Committee meetings and reported on the audit of the consolidated and separate annual financial statements.

CORPORATE GOVERNANCE AND DECLARATION OF CONFORMITY

A regular self-assessment was performed by the Supervisory Board at its meeting on September 23, 2021. Following a detailed discussion among members within the context of an official meeting and in open discourse, the Supervisory Board declared its efficiency.

The Executive Board and the Supervisory Board reported on corporate governance at Aurubis AG in accordance with Principle 22 of the December 16, 2019 version of the German Corporate Governance Code, in the declaration and report on corporate governance, which are both part of the Management Report.

On November 2, 2021, the Executive Board and Supervisory Board of Aurubis AG issued the updated Declaration of Conformity to the German Corporate Governance Code (DCGK) in accordance with Section 161 of the German Stock Corporation Act (AktG) and made it permanently accessible to the public at www.aurubis.com. Aurubis AG complies with the Code recommendations with two exceptions. Additional information can be found in the Declaration of Conformity.

When taking office, the members of the Supervisory Board are trained by the Legal department and informed by the Executive Board about the special features of the company's business model, among other topics. Plant tours are planned as well. As needed, for example due to new regulatory requirements, the Supervisory Board members will be informed in more detail.

CONFLICTS OF INTEREST

There were no conflicts of interest among Executive Board or Supervisory Board members that should have been disclosed to the Supervisory Board or announced at the Annual General Meeting. There were no significant transactions with an Executive Board member or parties related to an Executive Board member.

AUDIT OF THE SEPARATE FINANCIAL STATEMENTS OF AURUBIS AG AND THE CONSOLIDATED FINANCIAL STATEMENTS OF THE GROUP

The company's financial statements prepared by the Executive Board in accordance with the German Commercial Code (HGB), the consolidated financial statements prepared in accordance with IFRS (International Financial Reporting Standards) for the fiscal year from October 1, 2020 to September 30, 2021, and the Combined Management Report for the company and the Group have been audited in accordance with the resolution passed at the company's Annual General Meeting on February 11, 2021 and the subsequent appointment of Deloitte GmbH Wirtschaftsprüfungsgesellschaft as auditors by the Supervisory Board. Auditor Ms. Annika Deutsch oversaw the audit of the Group and the company. The auditors have issued an unqualified auditors' report. Deloitte GmbH Wirtschaftsprüfungsgesellschaft, Hamburg, has been the appointed auditor since fiscal year 2018/19 and audited Aurubis for the third time.

The meeting of the Supervisory Board to approve the financial statements was held on December 1, 2021. All members of the Supervisory Board received copies of the financial statements, the audit reports, and the Executive Board's recommendation on the appropriation of the net earnings and all other documents in good time before this meeting. These documents were discussed in detail at the Supervisory Board meeting to approve the financial statements. The auditors participated in this meeting, reported in detail on how the audit had been performed and what their main audit findings were, and were available to provide the Supervisory Board with further information, discuss the documents, and make additional comments.

The Supervisory Board concurred with the results of the audit. This agreement was reached following a detailed discussion on the auditors' findings, and thorough consideration of the auditors' report and of the Executive Board's recommendation regarding

the appropriation of the net income. It was also based on the Supervisory Board's own review of the separate financial statements of Aurubis AG, the consolidated financial statements, and the Combined Management Report for the company and the Group. The Supervisory Board concluded that no objections needed to be raised and, in accordance with the recommendations of the Audit Committee, approved the separate financial statements of Aurubis AG, which were thus adopted, as well as the consolidated financial statements and the Combined Management Report at the meeting on the financial statements. The Supervisory Board concurred with the Executive Board's recommendation on the utilization of the unappropriated earnings.

AUDIT OF THE SEPARATE NON-FINANCIAL REPORT

On the basis of their audit, the auditors did not raise any objections to the reporting and the satisfaction of the relevant statutory requirements, and provided an unqualified audit opinion with limited assurance that the separate Non-Financial Report is in accordance with Sections 315b and 315c in connection with Sections 289b to 289e of the German Commercial Code (HGB).

On behalf of the Supervisory Board, KPMG AG conducted a substantive audit of the separate Non-Financial Report for Aurubis AG.

CHANGES IN THE SUPERVISORY BOARD AND EXECUTIVE BOARD

Prof. Dr.-Ing. Heinz Jörg Fuhrmann, who retired as planned after the age-related expiration of his employment contract with Salzgitter AG, stepped down from his Supervisory Board mandate at Aurubis AG on September 30, 2021. At the recommendation of the Nomination Committee and the request of the Executive Board, the District Court of Hamburg appointed Mr. Gunnar Groebler, Executive Board Chairman of Salzgitter AG since July 1, 2021, as a new Supervisory Board member effective October 1, 2021. The court appointment expires at the close of the next Annual General Meeting. At the Annual General Meeting, the Supervisory Board will propose that Mr. Gunnar Groebler be elected to the Supervisory Board as a shareholder representative for the period until the close of the Annual General Meeting during which the decision on the approval of the Supervisory Board members for fiscal year 2021/22 (October 1, 2021 to September 30, 2022) is to be made.

Former CTO Dr. Thomas Bünger departed from the Executive Board on September 30, 2021. We would like to thank Prof. Dr. Fuhrmann and Dr. Bünger for their achievements for the benefit of the company.

Hamburg, December 1, 2021

The Supervisory Board

Prof. Dr. Fritz Vahrenholt Chairman

Supervisory Board

Detailed résumés of the Supervisory Board members are available on our Group website www.aurubis.com/en/about-us/management/supervisory-board.

Prof. Dr. Fritz Vahrenholt, Hamburg

Chairman of the Supervisory Board Currently no professional occupation

» Encavis AG, Hamburg 1 Member of the Supervisory Board

Stefan Schmidt, Lüdinghausen2

Deputy Chairman of the Supervisory Board Head of Operations at the Aurubis AG Recycling Center, Lünen » No further offices

Deniz Filiz Acar, Hamburg2

Instructor for Commercial Trainees Deputy Head of Training in the HR Training department, Hamburg

» No further offices

Andrea Bauer, Dortmund

Chief Financial Officer of Nobian B.V., Amersfoort, Netherlands, since September 1, 2021

» technotrans SE, Sassenberg 1 Member of the Supervisory Board
» noventi SE, Munich Member of the Supervisory Board

Christian Ehrentraut, Lünen2

Deputy Shift Leader in Smelting Operations, KRS/MZO Works Council member in Lünen, relieved of duty Chairman of the General Works Council

» No further offices

Prof. Dr.-Ing. Heinz Jörg Fuhrmann, Salzgitter, until September 30, 2021

Chairman of the Executive Board of Salzgitter AG, Salzgitter, 1 until June 30, 2021

» Hüttenwerke Krupp Mannesmann GmbH, Duisburg 3 Chairman of the Supervisory Board until July 15, 2021
» Ilsenburger Grobblech GmbH, Ilsenburg 3 Chairman of the Supervisory Board until June 30, 2021
» Ilsenburger Grobblech GmbH, Ilsenburg, and Salzgitter Mannesmann Grobblech GmbH, Mülheim/Ruhr3 Chairman of the Joint Advisory Committee until June 30, 2021
» KHS GmbH, Dortmund3 Chairman of the Supervisory Board until June 30, 2021
» Mannesmann Precision Tubes GmbH, Mülheim/Ruhr3 Chairman of the Supervisory Board until June 30, 2021
» Peiner Träger GmbH, Peine 3 Chairman of the Supervisory Board until June 30, 2021
» Salzgitter Flachstahl GmbH, Salzgitter3 Chairman of the Supervisory Board until June 30, 2021
» Salzgitter Mannesmann Grobblech GmbH, Mülheim/Ruhr3 Chairman of the Supervisory Board until June 30, 2021
» Salzgitter Mannesmann Handel GmbH, Düsseldorf3 Chairman of the Supervisory Board until June 30, 2021
» Öffentliche Lebensversicherung Braunschweig, Braunschweig Member of the Supervisory Board
» Öffentliche Sachversicherung Braunschweig, Braunschweig Member of the Supervisory Board
» TÜV Nord AG, Hanover Member of the Supervisory Board

1 Stock exchange-listed company.

2 Elected by the employees.

3 Group companies of Salzgitter AG.

Prof. Dr. Karl Friedrich Jakob, Dinslaken

Currently no professional occupation

» Albert-Schweitzer-Einrichtungen für Behinderte gGmbH, Dinslaken
Member of the Supervisory Board
» RWTÜV GmbH, Essen Member of the Supervisory Board
» TÜV Nord AG, Hanover Member of the Supervisory Board
» Universitätsklinikum Essen, Essen Member of the Supervisory Board

Gunnar Groebler, Hamburg, since October 1, 2021

(court-appointed until the Annual General Meeting 2022) Chairman of the Executive Board of Salzgitter AG, Salzgitter, 1 since July 1, 2021

» Ilsenburger Grobblech GmbH, Ilsenburg 3 Chairman of the Supervisory Board
» Ilsenburger Grobblech GmbH, Ilsenburg, and Salzgitter Mannesmann Grobblech GmbH, Mülheim/Ruhr3 Chairman of the Joint Advisory Committee
» KHS GmbH, Dortmund3 Member of the Supervisory Board2
» Mannesmann Precision Tubes GmbH, Mülheim/Ruhr3 Member of the Supervisory Board2
» Peiner Träger GmbH, Peine 3 Chairman of the Supervisory Board
» Salzgitter Flachstahl GmbH, Salzgitter3 Chairman of the Supervisory Board
» Salzgitter Mannesmann Grobblech GmbH, Mülheim/Ruhr3 Chairman of the Supervisory Board
» Salzgitter Mannesmann Handel GmbH, Düsseldorf3 Chairman of the Supervisory Board
» Semco Maritime A/S, Esbjerg, Denmark Member of the Board of Directors

Jan Koltze, Hamburg2

District Manager of the Mining, Chemical, and Energy Industrial Union Hamburg/Harburg

» Beiersdorf AG, Hamburg 1 Member of the Supervisory Board
» ExxonMobil Central Europe Holding GmbH, Hamburg Member of the Supervisory Board
» Maxingvest AG, Hamburg Member of the Supervisory Board

Dr. Stephan Krümmer, Hamburg

Currently no professional occupation

» No further offices

Dr. Elke Lossin, Buchholz in der Nordheide2

Manager of the Analytical Laboratory at Aurubis AG, Hamburg » No further offices

Dr. Sandra Reich, Gräfelfing

Independent business consultant

» Chancen eG, Berlin Member of the Supervisory Board

Melf Singer, Schwarzenbek 2

Day Shift Foreman of the Acid Plant at Aurubis AG, Hamburg

» No further offices

¹ Stock exchange-listed company.

² Elected by the employees.

³ Group companies of Salzgitter AG.

Supervisory Board committees

Conciliation Committee in accordance

with Section 27 (3) of the German Codetermination Act

Prof. Dr. Fritz Vahrenholt (Chairman) Stefan Schmidt (Deputy Chairman) Andrea Bauer Christian Ehrentraut

Audit Committee

Dr. Stephan Krümmer (Chairman) Prof. Dr.-Ing. Heinz Jörg Fuhrmann, until September 30, 2021 Gunnar Groebler, since October 1, 2021 Jan Koltze Dr. Elke Lossin Dr. Sandra Reich Melf Singer

Personnel Committee

Prof. Dr. Fritz Vahrenholt (Chairman) Deniz Filiz Acar Andrea Bauer Prof. Dr.-Ing. Heinz Jörg Fuhrmann, until September 30, 2021 Gunnar Groebler, since October 1, 2021 Jan Koltze Stefan Schmidt

Nomination Committee

Prof. Dr. Fritz Vahrenholt (Chairman) Prof. Dr.-Ing. Heinz Jörg Fuhrmann, until September 30, 2021 Gunnar Groebler, since October 1, 2021 Prof. Dr. Karl Friedrich Jakob Dr. Stephan Krümmer

Technology Committee

Prof. Dr. Karl Friedrich Jakob (Chairman) Christian Ehrentraut Dr. Stephan Krümmer Stefan Schmidt

Corporate Governance

Report and declaration on corporate governance

The principles of responsible and sustainable corporate governance determine the actions of the management and controlling bodies of Aurubis AG. In this declaration, the Executive Board reports – also for the Supervisory Board – on corporate governance pursuant to Principle 22 of the December 16, 2019 version of the German Corporate Governance Code, as well as Sections 289f and 315d of the German Commercial Code (HGB).

DECLARATION OF CONFORMITY AND REPORTING ON CORPORATE GOVERNANCE

In accordance with Section 161 of the German Stock Corporation Act (AktG), the Executive Board and Supervisory Board of a company listed in Germany must issue an annual declaration stating that the recommendations of the Government Commission on the German Corporate Governance Code published by the Federal Ministry of Justice and Consumer Protection in the official section of the Federal Gazette (Bundesanzeiger) were/are being complied with, or list the recommendations that were/are not being applied and explain why.

The Executive Board and the Supervisory Board dealt with the topic of corporate governance on several occasions in fiscal year 2020/21 and, on November 2, 2021, jointly issued the annual Declaration of Conformity in accordance with Section 161 of the German Stock Corporation Act (AktG). The declaration is permanently accessible to the public at www.aurubis.com/en/about-us/corporate-governance. The Declarations of Conformity from the past five years and the details regarding fulfillment of the Code's requirements are also permanently accessible there.

TEXT OF THE DECLARATION OF CONFORMITY

"Since the issue of the last Declaration of Conformity dated November 3, 2020, Aurubis AG has followed all of the recommendations of the German Corporate Governance Code in the version dated December 16, 2019 ("DCGK 2020"), which was published by the German Federal Ministry of Justice in the official section of the Federal Gazette on March 20, 2020, with the following exception:

» G.10 (variable compensation predominantly related to share price)

Pursuant to recommendation G.10, Executive Board members'

variable compensation shall be predominantly invested in company shares or shall be granted predominantly as sharebased compensation. The new compensation system includes an annual bonus, deferred stock, and a performance cash plan as variable compensation components, with only the deferred stock being granted as share-based compensation in this regard. The target amount of the deferred stock is 20% of the variable compensation, meaning that the variable compensation is not predominantly share price-based. The compensation system for the Executive Board is aligned with our company strategy and thus establishes the right incentives, especially by taking internal control parameters into consideration, to sustainably increase Aurubis AG's financial success in the medium and long term. Furthermore, Aurubis AG has a relatively low free float due to its anchor shareholder. Because of these overall conditions, the Aurubis AG Supervisory Board does not view a predominant focus on Aurubis AG's share price development as an appropriate incentive mechanism for the Executive Board.

Moreover, Aurubis AG deviates from the recommendations of the DCGK 2020 in the following aspect:

» C.10 (independence of Supervisory Board members) The Supervisory Board chair and the chair of the committee that addresses Executive Board compensation should be independent of the company and of the Executive Board. Prof. Vahrenholt has been on the Supervisory Board for longer than twelve years and thus is not considered independent according to C.7 of the DCGK 2020. When selecting its members, the Supervisory Board focuses on the professional and personal qualifications of the candidates. This also applies to the appointment of Prof. Vahrenholt.

Hamburg, November 2, 2021

For the Executive Board

Chairman Member

Roland Harings Rainer Verhoeven

For the Supervisory Board

Prof. Dr. Fritz Vahrenholt Chairman"

DISCLOSURES ON RELEVANT CORPORATE GOVERNANCE PRACTICES

For Aurubis AG, the applicable legal regulations, especially stock market law, codetermination law, capital market law, the Articles of Association, the German Corporate Governance Code, and the rules of procedure of the Supervisory Board and the Executive Board provide the basis for the structure of management and controlling in the company. Above and beyond its legal obligations, Aurubis has defined values and derived a Code of Conduct from them that establishes a framework for behavior and decisions and provides orientation for corporate activities. The values and the Code of Conduct are published on the company's home page. Each employee is briefed on these Groupwide values and the Code of Conduct, as well as on the corporate guidelines stemming from them. Employees whose roles require them to deal more closely with certain legal regulations (e.g., antitrust law, anti-corruption, environmental protection, occupational safety) will be provided with corresponding mandatory training.

LEADERSHIP STRUCTURE

Aurubis AG is a company subject to German law, which is also the basis of the German Corporate Governance Code. A basic principle of German stock corporation law is the dual management system with the two bodies of the Executive Board and Supervisory Board, which are strictly separated as regards personnel between the Executive Board as the board of management and the Supervisory Board as the monitoring organ and each assigned independent responsibilities. The Executive Board and Supervisory Board of Aurubis AG work together closely and in a spirit of trust in the governance and supervision of the company for the benefit of the company.

WORKING PROCEDURES, COMPOSITION, AND OBJECTIVES OF THE EXECUTIVE BOARD AND SUPERVISORY BOARD

EXECUTIVE BOARD

WORKING PROCEDURES

The Executive Board is responsible for running the company without instructions from third parties in accordance with the law, the Articles of Association, and the Executive Board's rules of procedure, taking into account the resolutions passed at the Annual General Meeting. The Executive Board represents the company in dealings with third parties.

As the management body, the Executive Board runs the company's business on its own responsibility with the aim of achieving longterm value added in the company's interests while taking the needs of all stakeholders into account. The principle of overall responsibility applies, meaning that the members of the Executive Board together bear responsibility for the management of the entire company. They work together in a spirit of cooperation and inform one another continuously about important measures and occurrences in their areas of responsibility. The overall responsibility of all Executive Board members notwithstanding, the individual members of the Executive Board oversee the areas of responsibility assigned to them in the Executive Board resolutions on their own responsibility. The principles of the cooperation between Aurubis AG's Executive Board members are stated in the rules of procedure for the Executive Board issued by the Supervisory Board. These regulate, above all, the allocation of responsibilities between the individual Executive Board members, matters reserved for the full Executive Board, the passing of resolutions, i.e., the required majority for resolutions, and the rights and obligations of the chief executive officer.

Certain Executive Board decisions of particular importance require the approval of the Supervisory Board. In addition to legal reservations (particularly Section 111b of the German Stock Corporation Act (AktG)), these are established in a catalogue enacted by the Supervisory Board. For example, the Supervisory Board makes decisions about investments in other companies if the measure is of great significance for the Group, as well as about substantial capital expenditure measures.

The Executive Board keeps the Supervisory Board informed promptly and comprehensively, in written and verbal reports, as well as in the scheduled meetings, about the strategy, planning, business development, important business transactions, and the Group's risk situation, including risk management and compliance, i.e., the measures to comply with legal requirements and the internal corporate guidelines. The Executive Board discusses in detail and provides reasons for deviations in the business performance from previously prepared budgets and targets.

The initial appointment of Executive Board members is three years at the most.

COMPOSITION AND OBJECTIVES (DIVERSITY CONCEPT)

The Executive Board of Aurubis AG consisted of four members during fiscal year 2020/21: Mr. Roland Harings as chairman, Dr. Heiko Arnold, Dr. Thomas Bünger, and Mr. Herr Rainer Verhoeven.

With the expiration of his contract, Dr. Thomas Bünger departed from the Executive Board on September 30, 2021. The Aurubis AG Executive Board has consisted of three members since October 1, 2021.

When it comes to selecting the members of the Executive Board, the Supervisory Board focuses first and foremost on the members' specialist knowledge and personal qualities. On the basis of their knowledge, skills, and professional experience, the Executive Board members must be able to fulfill their duties in a company operating within the copper/metal sector and to safeguard and promote the Aurubis Group's reputation in the public sphere.

Furthermore, the Supervisory Board adopted a diversity concept for the Executive Board on September 11, 2018. According to this concept, the Supervisory Board must, by taking into account aspects such as age, gender, education, and professional background, strive to put together an Executive Board that boasts a broad spectrum of skills, experience, and educational and professional backgrounds, as well as the requisite personal and specialist skills. As an additional criterion of the diversity concept, the Executive Board as a whole should exhibit a balanced age structure and thus include younger individuals who have experience with newer technical knowledge and leadership methods, as well as older individuals who have more professional, life, and management experience. With the same level of personal and professional suitability, both women and men should be represented in the Executive Board if possible. With this diversity concept for the composition of the Executive Board, the Supervisory Board pursues the objective of achieving the highest level of diversity with respect to age, gender, education, and professional background. In this way, a variety of perspectives should be included in the management of the company, in addition to the high individual suitability of each of the members.

Pursuant to Section 111 (5) of the German Stock Corporation Act (AktG), the Supervisory Board passed a minimum target quota of 33.3% for the proportion of women in the Executive Board (one

woman on a three-member Executive Board) by September 30, 2026.

The age limit for Executive Board appointments shall be 65 years.

Together with the Executive Board, the Supervisory Board ensures long-term succession planning for filling Executive Board positions. The long-term succession planning is oriented to the company strategy and is based on systematic supervisor development with the following key elements:

» A shared understanding of leadership (Aurubis Leadership Behaviors) and leadership skills (Aurubis Skills Model)
» Early identification (potential management process) and systematic development support for suitable potential candidates (development programs)
» Transfer and successful takeover of management tasks with growing responsibility

The Supervisory Board decides on the personality that should fill each concrete Executive Board position in the interest of the company, taking all of the circumstances of the individual case into account.

STATUS OF TARGET IMPLEMENTATION

The Supervisory Board dealt intensively with the topic of diversity in the Executive Board in general and in the case of personnel changes in the Executive Board. The diversity concept was implemented to the extent possible in the process. The Executive Board members possess a broad spectrum of skills, experience, and educational and professional backgrounds, with some members holding business degrees and others, qualifications of a more technical nature.

However, it has not been possible so far to achieve the target for the proportion of female members in the Executive Board.

The Supervisory Board's efforts to ensure that women are adequately represented in the Executive Board are ongoing.

In accordance with the legal stipulations of Section 76 (4) of the German Stock Corporation Act (AktG), there are also targets for the proportion of female employees in the first and second management levels under the Executive Board. The targets must describe the intended percentage of women in the management level in question and, in the case of percentages, be equivalent to absolute headcounts.

With a resolution dated August 30, 2021, the Executive Board set an increased target of 30% female employees (eight women) for the first management level and a target of 25% (32 women) for the second management level. These targets should be achieved from October 1, 2021 to September 30, 2026.

The previous targets, which would have expired on June 30, 2022, were 20% for the first management level below the Executive Board and 25% for the second management level below the Executive Board.

As at the reporting date (September 30, 2021), the proportion of women was about 28% (previous year: about 20%) for the first management level below the Executive Board and 20% (previous year: about 21%) for the second management level below the Executive Board. The proportion of women in the first management level therefore increased significantly as at the reporting date, while the percentage in the second level decreased slightly.

In the past fiscal year, intensive efforts were once again made to fill open positions with female applicants and to facilitate internal development prospects. Through the communication campaign MyCareer@Aurubis, individual career paths of successful women in the Group are presented regularly and transparently, providing female role models. With the Women4Metals initiative, Aurubis encourages women, even beyond the company, to apply for jobs and take on responsibility in the metals industry, both in commercial and technical roles. Ongoing development is already promoted for women internally, for example through a mentoring program and targeted career consultation that highlights concrete development paths. Aurubis will continue to reinforce its future efforts to promote female employees because the Executive Board strives for a suitable consideration of women in the first and second management levels. Further increasing the number of women in both management positions and technical roles, independently of legal regulations, is an important goal for the Group. The Executive Board did not form any committees in fiscal year 2020/21.

SUPERVISORY BOARD WORKING PROCEDURES

The Supervisory Board advises and monitors the Executive Board in the management of the company. It appoints and rescinds the contracts of Executive Board members, decides on the compensation system for Executive Board members, and specifies their respective total compensation. It also defines the target pension level for Executive Board members. The Personnel Committee submits corresponding suggestions to the Supervisory Board.

The Supervisory Board is involved in strategy and planning work, and in all aspects of major significance for the company. The Supervisory Board has defined rights of veto in favor of the Supervisory Board for transactions of fundamental importance, particularly those that would significantly change the company's net assets, financial position, and results of operations. In the case of important events, an extraordinary Supervisory Board meeting is convened if deemed necessary. The chairman of the Supervisory Board coordinates the work within the Supervisory Board, chairs its meetings, and attends to the affairs of the Supervisory Board externally. He also maintains regular contact with the Executive Board, especially its chairman, between meetings and consults with him regarding issues that arise in relation to the strategy, business development, the risk situation, risk management, and compliance within the company. The Supervisory Board regularly convenes without the Executive Board during its meetings. In a regular Supervisory Board meeting, time is also reserved for discussion among the Supervisory Board members without the Executive Board.

The Supervisory Board has defined rules of procedure for its work, which are available on the home page www.aurubis.com/en/ about-us/management/supervisory-board. Shareholder and employee representatives generally meet separately to prepare for the meetings.

When taking office and participating in training and continuing education measures, the Supervisory Board members receive the appropriate support. For example, extensive briefings regarding the special features of the copper industry and the business model are customarily provided. Internal and external experts provide training when there are notable changes to the regulatory environment that impact the Supervisory Board or the company.

COMPOSITION AND OBJECTIVES (DIVERSITY CONCEPT AND SKILLS PROFILE)

The Supervisory Board of Aurubis AG, which exercises the codetermination principle, has twelve members in accordance with the Articles of Association. Six of these members are elected by the shareholders and six by the employees in accordance with the German Codetermination Act. The periods of office are identical. In accordance with the recommendations of the German Corporate Governance Code, the shareholders' representatives were elected individually to the Supervisory Board in the last election at the Annual General Meeting on March 1, 2018 and in the follow-up election on February 28, 2019. The Supervisory Board's term of office amounts to five years; the current term of office ends at the close of the Annual General Meeting during which the resolution regarding the approval of the Supervisory Board members is passed for fiscal year 2021/22.

Prof. Dr.-Ing. Heinz Jörg Fuhrmann, who retired as planned after the age-related expiration of his employment contract with Salzgitter AG, stepped down from his Supervisory Board mandate at Aurubis AG on September 30, 2021. At the recommendation of the Nomination Committee and the request of the Executive Board, the District Court of Hamburg appointed Mr. Gunnar Groebler, Executive Board chairman of Salzgitter AG since July 1, 2021, as a new Supervisory Board member effective October 1, 2021. The court appointment expires at the close of the next Annual General Meeting, at which the Supervisory Board will propose that Mr. Gunnar Groebler be elected to the Supervisory Board as a shareholder representative for the period until the close of the Annual General Meeting during which the decision on the approval of the Supervisory Board members for fiscal year 2021/22 (October 1, 2021 to September 30, 2022) will be made.

With respect to the new edition of the German Corporate Governance Code, the Supervisory Board passed a resolution regarding a slightly amended concept for the Supervisory Board composition on September 23, 2021, which takes the standards outlined in the new Code into consideration. The concept includes concrete targets for the Supervisory Board's composition, skills profile, and diversity concept. The concept has been made permanently accessible at www.aurubis.com/en/ about-us/management/supervisory-board.

Concept for the composition of the Supervisory Board Composition of the Supervisory Board

The Supervisory Board strives for a composition that ensures qualified supervision and advice for the Executive Board.

Candidates who can fulfill the duties of a Supervisory Board member in an exchange-listed, international company in the copper/metal industry due to their knowledge and experience, integrity, and personality should be recommended for election to the Supervisory Board.

These objectives take into account the legal requirements for the composition of the Supervisory Board as well as the corresponding recommendations of the German Corporate Governance Code.

In addition to the individual requirements that apply to each member, there is a skills profile and a diversity concept for the entire Board.

The principal of managerial codetermination at Aurubis AG contributes to diversity with regard to professional experience and cultural background. However, the Supervisory Board does not have the possibility to select employee representatives.

The following requirements and targets shall apply to the composition of the Aurubis AG Supervisory Board.

Requirements for the individual Supervisory Board members

Professional suitability

Supervisory Board members shall have business/company experience and general knowledge of the copper/metal industry or related sectors. On the basis of their knowledge, skills, and professional experience, they shall be able to fulfill the duties of a Supervisory Board member in an international company and to safeguard the Aurubis Group's reputation in the public sphere.

In regard to nominations for elections at the Annual General Meeting, the candidate's personality, integrity, commitment, and professionalism shall be considered in particular.

Supervisory Board members shall, as a general rule, comply with the Supervisory Board term limit recommended by the German Corporate Governance Code.

Independence

A Supervisory Board member shall be considered independent within the meaning of the German Corporate Governance Code if he/she is independent of Aurubis AG and its Executive Board and independent of a controlling shareholder of Aurubis AG. When assessing independence, the Supervisory Board will be guided by the recommendations of the German Corporate Governance Code at the very least.

According to the rules of the German Corporate Governance Code, more than half of the shareholder representatives should be independent of Aurubis AG and the Executive Board.

As a matter of principle, the Supervisory Board does not question the independence of the employee representatives based on their representation of the employees or an employment relationship with a Group company.

Time availability

Every Supervisory Board member shall ensure that he/she is able to devote the necessary time for the proper execution of the Supervisory Board mandate. In doing so, it shall be taken into consideration that at least four ordinary meetings of the Supervisory Board will be held annually, each of which requires appropriate preparation; that enough time shall be provided to review the documentation for the annual financial statements and the consolidated financial statements; and that additional time demands arise with membership in one or more Supervisory Board committees. Furthermore, additional extraordinary meetings for the Supervisory Board or a committee may become necessary in order to deal with special issues.

In addition to the legal mandate limits, the recommended upper limits of the German Corporate Governance Code for Supervisory Board mandates shall be taken into account.

Age limit for Supervisory Board members

Those who have reached the age of 75 at the time of appointment may not be elected to the Supervisory Board.

Former members of the Aurubis AG Executive Board

For former members of the Aurubis AG Executive Board, the cooling-off period of two years prescribed in stock company law applies. No more than two members of the Executive Board may be members of the Supervisory Board.

Suggestions regarding the composition of the entire Supervisory Board

Skills profile for the entire Supervisory Board

The Supervisory Board shall have at its collective disposal the skills that are considered essential with respect to the Aurubis Group's activities. In particular, this includes in-depth knowledge and experience in the following skill areas:

Skill area	Skill description
Management	Experience and knowledge regarding the management of an industrial company
Technology	Knowledge of metallurgy and the procurement markets for a resource-intensive group of companies
International experience	Experience and knowledge in international business and related topics (e.g., sales/marketing)
Risk management	Knowledge and experience in risk management and compliance
Finance	Knowledge and experience in the application of accounting principles and internal control procedures
Environmen tal, social, and corporate	Knowledge of ESG factors and their significance for Aurubis, particularly as an energy-intensive company
governance (ESG)	Experience in the area of sustainability and corporate responsibility
	Knowledge of corporate governance of an exchange-listed company (German Corporate Governance Code, Market Abuse Regulation, etc.)
Strategy	Experience with strategy processes and with the implementation of M&A projects

Furthermore, in accordance with the requirements of Section 100 (5) of the German Stock Corporation Act (AktG), at least one member of the Supervisory Board must have expert knowledge in the area of accounting, and at least one additional member of the Supervisory Board must have expert knowledge in the area of auditing; the members as a whole must be familiar with the sector in which the company is active.

Diversity concept

With regard to diversity in its composition, the Supervisory Board strives for the consideration of varied professional and international experience and, in particular, appropriate representation of both genders.

» The Supervisory Board as a whole should exhibit a balanced age structure and thus include both younger individuals in the midst of their professional lives and older individuals with more professional and life experience.
» During Supervisory Board elections, it must be considered that in addition to their suitability based on personal and professional skills, the Supervisory Board must include both women and men and be composed of at least 30% women and men, respectively, in accordance with the legal requirements.
» The Supervisory Board is composed of personalities that are suitable due to their personal and specialist skills, and that demonstrate different educational backgrounds if possible – including technical, business, legal, and humanities-related education – as well as different professional backgrounds – including members of technical, commercial, and humanities-related professions.

Current composition of the entire Supervisory Board

Aurubis' Supervisory Board is composed in accordance with its objective. It has an appropriate number of independent members with international experience. There is sufficient participation of women, with four female members (two shareholder representatives and two employee representatives) currently on the Supervisory Board.

Skills matrix

On the basis of the targets for its composition, the Supervisory Board of Aurubis AG has created an overview of its qualifications (skills matrix): this is available at www.aurubis.com/en/about-us/management/supervisory-board.

The Supervisory Board strives to implement the concept for its composition by considering the aspects in the concept when making recommendations for the election of Supervisory Board members representing the shareholders. The Aurubis AG shareholders at the Annual General Meeting are responsible for the final decision on the composition of the Supervisory Board.

The current composition of the Supervisory Board and its committees is printed in the Annual Report and is available online at www.aurubis.com/en/about-us/management/supervisory-board.

STATUS OF TARGET IMPLEMENTATION

The concept was implemented to the extent possible. In the Supervisory Board's view, the side representing the shareholders demonstrates a balanced age structure that includes younger and older individuals. The Supervisory Board is composed of at least 30% women and men, respectively, in accordance with the legal requirements. The Supervisory Board members have different educational and professional backgrounds. Additional information regarding the Supervisory Board members' personal and specialist skills is available in their résumés, which are permanently accessible at www.aurubis.com/en/about-us/management/supervisory board.

In the Supervisory Board's estimate, Prof. Dr.-Ing. Heinz Jörg Fuhrmann, Prof. Dr. Karl Friedrich Jakob, Dr. Stephan Krümmer, Dr. Sandra Reich, and Ms. Andrea Bauer were seen as independent shareholder members during fiscal year 2020/21 pursuant to point C.1 of the December 16, 2019 version of the German Corporate Governance Code. Mr. Gunnar Groebler, who took over the position of Prof. Dr.-Ing. Heinz Jörg Fuhrmann on the Supervisory Board on October 1, 2021, is also considered independent in the Supervisory Board's opinion.

The Supervisory Board, with its five independent shareholder members, thus has a sufficient number of independent members.

SUPERVISORY BOARD COMMITTEES

The Supervisory Board has formed five committees for its members to prepare and complement its work: the Personnel Committee, the Audit Committee, the Nomination Committee, the Technology Committee, and the Conciliation Committee. Some of the committees' tasks, as well as their composition and work, are specified in the rules of procedure of the Supervisory Board. The committees' compositions are provided in this Annual Report. The mandates of the Supervisory Board members in other legally formed Supervisory Boards and comparable German and foreign controlling bodies are also specified in this Annual Report.

Personnel Committee

The six-member Personnel Committee has equal numbers of shareholder and employee representatives. It considers the structure and level of compensation paid to all members of the Executive Board, selects qualified candidates for Executive Board positions, and discusses their contracts when preparing the necessary Supervisory Board resolutions.

The chairman of the Personnel Committee is the chairman of the Supervisory Board, Prof. Dr. Fritz Vahrenholt. The other members of the committee in fiscal year 2020/21 were Ms. Deniz Filiz Acar, Ms. Andrea Bauer, Prof. Dr.-Ing. Heinz Jörg Fuhrmann, Mr. Jan Koltze, and Mr. Stefan Schmidt. Mr. Gunnar Groebler took over the position of Prof. Dr.-Ing. Heinz Jörg Fuhrmann on the Personnel Committee on October 1, 2021.

Audit Committee

The six-member Audit Committee with equal representation has the main tasks of reviewing the accounting and overseeing the accounting process, the effectiveness of the internal control system, the risk management system, the internal auditing system, the annual audit, and compliance. The accounting particularly comprises the consolidated financial statements and the Group management report (including CSR reporting), interim financial information, and the single-entity financial statements in accordance with the German Commercial Code (HGB).

The Audit Committee submits a preference and a justified recommendation for the choice of an auditor to the Supervisory Board. Where the auditing mandate is subject to an invitation to tender, at least two candidates are put forward. The Audit Committee monitors the independence of the auditors and furthermore concerns itself with the additional services performed by the auditors, the appointment of the auditors, the determination of the audit's focus areas, and the agreement of the fee. The Audit Committee regularly assesses the quality of the annual audit.

In accordance with Section 107 (4) in connection with Section 100 (5) of the German Stock Corporation Act (AktG) and recommendation D.4 of the DCGK 2020, the Audit Committee chairman during the fiscal year, Dr. Stephan Krümmer, has special expertise and experience in the application of accounting principles, internal control procedures, and annual audits, which he has gathered over the course of his career. He is not a former member of the company's Executive Board.

In addition to Committee Chairman Dr. Stephan Krümmer, the Audit Committee included Prof. Dr.-Ing. Heinz Jörg Fuhrmann, Mr. Jan Koltze, Dr. Elke Lossin, Dr. Sandra Reich, and Mr. Melf Singer in fiscal year 2020/21. Mr. Gunnar Groebler took over the position of Prof. Dr.-Ing. Heinz Jörg Fuhrmann on the Audit Committee on October 1, 2021.

Nomination Committee

The Nomination Committee has only shareholder representatives in accordance with the German Corporate Governance Code. The Nomination Committee has the duty of suggesting suitable candidates for the Supervisory Board to propose for election to the Supervisory Board at the Annual General Meeting.

Prof. Dr. Fritz Vahrenholt is the committee chairman. The other members of the committee in fiscal year 2020/21 were Prof. Dr.- Ing. Heinz Jörg Fuhrmann, Prof. Dr. Karl Friedrich Jakob, and Dr. Stephan Krümmer. Mr. Gunnar Groebler took over the position of Prof. Dr.-Ing. Heinz Jörg Fuhrmann on the Nomination Committee on October 1, 2021.

Conciliation Committee

The legally mandated Conciliation Committee submits suggestions for the appointment or dismissal of Executive Board members to the Supervisory Board if the required majority of two-thirds of the Supervisory Board's votes is not achieved in the first round of voting. The Conciliation Committee is made up of the Supervisory Board chairman, his deputy, one Supervisory

Board member representing the shareholders, and one Supervisory Board member representing the employees.

Prof. Dr. Fritz Vahrenholt is the committee chairman. The other members of the committee are Mr. Stefan Schmidt (deputy chairman), Ms. Andrea Bauer, and Mr. Christian Ehrentraut.

Technology Committee

The four-member committee has equal numbers of shareholder and employee representatives. The Technology Committee's main duty is to strategically support and monitor the Executive Board in the implementation of significant capital expenditure projects.

Prof. Dr. Karl Friedrich Jakob is the committee chairman. The other members of the committee are Mr. Christian Ehrentraut, Dr. Stephan Krümmer, and Mr. Stefan Schmidt.

RETENTION IN D&O INSURANCE

Aurubis AG has taken out D&O insurance (pecuniary loss/thirdparty indemnity) for the Executive Board and the Supervisory Board with a reasonable retention. A deductible of 10% of the damage or one-and-a-half times the fixed annual compensation has been agreed.

SUPERVISORY BOARD SELF-ASSESSMENT

A regular self-assessment was performed by the Supervisory Board at its meeting on September 23, 2021 to evaluate the effectiveness of the Supervisory Board as a whole and all of its committees in fulfilling their duties. Following a detailed discussion and an open dialogue, the Supervisory Board declared its efficiency and the efficiency of its committees.

SHAREHOLDERS AND THE ANNUAL GENERAL MEETING

The shareholders of Aurubis AG exercise their codetermination and supervisory rights at the Annual General Meeting, which occurs at least once a year. Resolutions are passed at the Annual General Meeting on all matters defined by law that are binding for all shareholders and the company. Each share grants the holder one vote in the Annual General Meeting voting processes. There are no different categories of shares.

The shareholders at the Annual General Meeting elect the members of the Supervisory Board, who are chosen by the shareholders without obligation to a particular nomination, and pass a resolution on the approval of the members of the Executive Board and Supervisory Board. They decide on the utilization of the unappropriated earnings, on capital measures, and on the approval of company agreements. Furthermore, they make decisions regarding the approval of the Executive Board compensation system presented by the Supervisory Board, and pass resolutions on Supervisory Board compensation at least every four years and – at the Annual General Meeting in early 2023 for the first time – on the approval of the compensation report in accordance with Section 162 of the German Stock Corporation Act (AktG). The shareholders at the Annual General Meeting also decide on amendments to the company's Articles of Association. In special cases, the German Stock Corporation Act (AktG) stipulates that an extraordinary General Meeting can be convened and/or the German Corporate Governance Code recommends that such a meeting be convened.

The invitation to the Annual General Meeting and the relevant reports and information for the resolutions are published in accordance with German stock corporation and capital market law and made available in English and German on the Aurubis AG website.

CONTROLLING/RISK MANAGEMENT AND COMPLIANCE

The company's responsible handling of risks is also part of good corporate governance. As part of our value-oriented Group management, adequate risk management ensures that risks are identified early on and risk positions are minimized. Risk management reports regularly to the Executive Board and the Supervisory Board's Audit Committee. Details of risk management at Aurubis AG are given in the risk report. This includes the report on the accounting-related internal control and risk management system required pursuant to Section 289 (4) and Section 315 (4) of the German Commercial Code (HGB).

The Executive Board ensures adherence to legal requirements and the internal company guidelines, and works toward compliance across all Group companies. The compliance management system was expanded to include the newly acquired Metallo Group so as to comply with the requirements resulting from the legal stipulations and the Code of Conduct.

Compliance is ensured in the company by means of prevention, controls, and sanctions. Preventive measures include internal regulations, guidance, and particularly the training of employees. In the event that violations of laws or internal regulations are detected, labor, civil, or criminal penalties are imposed.

The company's chief compliance officer is the central point of contact for all compliance-relevant issues. He reports regularly to the Executive Board and the Supervisory Board's Audit Committee. At the individual Group sites, local compliance officers are available as a point of contact for employees.

Employees are also given the opportunity to provide anonymous tips regarding legal violations in the company by means of a whistleblower hotline operated by an external service provider. This option can also be used by third parties.

DIRECTORS' DEALINGS

Pursuant to Article 19 of the Market Abuse Regulation (EU 596/2014), the members of Aurubis AG's Executive and Supervisory Boards, certain employees in management positions, and people closely associated with them are required to disclose acquisitions and sales of company shares and related financial instruments. This does not apply if the total transactions per person do not exceed € 20,000 per calendar year.

The following directors' dealings subject to disclosure according to Article 19 of the Market Abuse Regulation were reported in fiscal year 2020/21:

FINANCIAL REPORTING AND ANNUAL AUDIT

Aurubis AG prepares its consolidated financial statements and Combined Management Report, as well as the consolidated interim reports, in accordance with International Financial Reporting Standards (IFRS) as they should be applied in the European Union. The financial statements of Aurubis AG are issued in compliance with the German Commercial Code (HGB) and the German Stock Corporation Act (AktG). The financial statements of Aurubis AG and the consolidated financial statements, as well as the Combined Management Report, are compiled by the Executive Board and examined by the auditors and the Supervisory Board. Aurubis AG released a Combined Management Report for Aurubis AG and the Aurubis Group for fiscal year 2020/21. The interim report and the quarterly reports are discussed by the Audit Committee and the Executive Board before publication.

The company's auditor was elected at the Annual General Meeting in compliance with the provisions of the German Stock Corporation Act (AktG). Deloitte GmbH Wirtschaftsprüfungsgesellschaft, Hamburg, was appointed auditor of the 2020/21 consolidated financial statements and the Combined Management Report, as well as the 2020/21 HGB financial statements of Aurubis AG. Deloitte GmbH Wirtschaftsprüfungsgesellschaft, Hamburg, has been the appointed auditor since fiscal year 2018/19. The fiscal year 2020/21 audit marked the third time it had audited Aurubis. Auditor Annika Deutsch oversaw the audit of the Group and the company for the third time.

Issuer	Name	Position	Type of transaction	Date of transaction	Quantity	Aggregated volume
Aurubis AG	Roland Harings	Executive Board Chairman	Purchase	5/11/2021	2,000	€ 155,800.00
Aurubis AG	Dr. Heiko Arnold	Executive Board member	Purchase	5/28/2021	1,000	€ 76,244.00
Aurubis AG	Dr. Elke Lossin	Supervisory Board member	Purchase	8/30/2021	1,500	€ 108,762.00

Furthermore, it was also agreed with the auditors that they would inform the Supervisory Board without delay about any possible grounds for exclusion or lack of impartiality and about the main findings and incidents arising during the audit.

Hamburg, December 2021

For the Executive Board

Roland Harings Chairman

Rainer Verhoeven Member

Compensation Report for the Executive Board and the Supervisory Board of Aurubis AG

The following Compensation Report is part of the Combined Management Report. It outlines the structure and level of the Aurubis AG's Executive Board and Supervisory Board compensation.

The Compensation Report provides detailed and individualized information about the compensation granted and owed to active and former members of the Executive Board and Supervisory Board of Aurubis AG, as well as benefits promised for the fiscal year. Pursuant to Section 26j (2) of the Introductory Act to the German Stock Corporation Act (EGAktG), Aurubis AG only has to compile a Compensation Report pursuant to Section 162 of the

new version of the German Stock Corporation Act (AktG) as of fiscal year 2021/22. This Compensation Report for fiscal year 2020/21 is therefore subject to the previous regulations, particularly Section 289a (2) and Section 285 no. 9 of the previous version of the German Commercial Code (HGB) in connection with Article 83 (1) p. 2 of the Introductory Act to the German Commercial Code (EGHGB). The report fulfills the relevant accounting principles (HGB, IFRS). The previous notwithstanding, and without opting for premature reporting in accordance with Section 162 of the German Stock Corporation Act (AktG), the presentation of the report already takes key requirements of Section 162 of the German Stock Corporation Act (AktG) into account.

Additional detailed information about the compensation systems for the Executive Board and Supervisory Board members of Aurubis AG are provided on the company's website. www.aurubis.com/en/about-us/management/supervisory-board

PRINCIPLES OF THE COMPENSATION SYSTEM FOR EXECUTIVE BOARD MEMBERS

The Supervisory Board as a whole is responsible for the structure of the compensation system for the Executive Board members and for establishing the individual compensation. The Personnel Committee supports the Supervisory Board in this process, monitors the compensation system to ensure that it is appropriate, and prepares the Supervisory Board's resolutions on this matter. The Personnel Committee recommends that the Supervisory Board make changes as needed. In the case of significant changes to the compensation system, but at least every four years, the compensation system is presented to the shareholders at the Annual General Meeting for approval.

The compensation system for the Executive Board takes the stipulations of the German Stock Corporation Act (AktG) and most of the recommendations and suggestions of the German Corporate Governance Code in the version dated December 16, 2019 into consideration. In its entirety, the compensation system makes a significant contribution to fostering and implementing the company strategy by linking the payout to relevant, ambitious performance criteria. A key target of the company strategy is financial growth at Group level. An important driver for financial growth is the set of performance criteria that are accounted for in Aurubis' company management. All Aurubis Group companies are managed at Group level according to segments, using operating EBT (operating earnings before taxes) and operating ROCE (ratio of earnings before taxes and the financial result, plus the operating result from investments measured using the equity method, to capital employed) as the financial performance indicators. In this respect, the two performance indicators EBT and ROCE represent the financial development of the Aurubis Group and are therefore key performance criteria for the variable compensation. Moreover, Aurubis has a stable and well-diversified shareholder structure.

To ensure that the interests of our shareholders are considered in the compensation system, part of the variable compensation is dependent on the development of the Aurubis share price. This incentivizes the Executive Board members to boost enterprise value for our shareholders and make the company more attractive on the capital market. To promote sustainable company development, the annual performance criteria account for ecological and social responsibility as well.

In establishing the total compensation of the individual Executive Board members, the Supervisory Board ensures that this is proportionate to the tasks and achievements of the Executive Board member, as well as to the company's position, and doesn't exceed the customary compensation without a special reason.

EVENTS IN COMPENSATION YEAR 2020/21

In light of the fundamental revision of the German Corporate Governance Code and the transposition of the second EU Shareholder Rights Directive (EU 2017/828) in the German Stock Corporation Act (SRD II), the Supervisory Board revised the Executive Board compensation system in 2020 with the support of an independent external compensation expert. In its meeting on July 29, 2020, the Supervisory Board of Aurubis AG passed a resolution on the compensation system for the Executive Board pursuant to Section 87a of the German Stock Corporation Act (AktG). The participants of the Annual General Meeting approved the new compensation system pursuant to Section 120a (1) of the German Stock Corporation Act (AktG) on February 11, 2021 ("2020 compensation system").

The 2020 compensation system applies to current and future Executive Board members starting October 1, 2020. For former Executive Board member Dr. Thomas Bünger, who left the Executive Board on September 30, 2021 after his contract expired, the previous compensation system, which the participants of the Annual General Meeting authorized on March 1, 2018 and which was first used in fiscal year 2017/18 ("2017 compensation system"), applied in fiscal year 2020/21 as well. This is explained in detail in the Annual Report 2016/17. Deviations from the current compensation system in this regard are presented transparently.

In fiscal year 2020/21, the Aurubis Group generated outstanding operating earnings before taxes of € 353 million. Key factors influencing the operating result in the reporting period included strong increases in refining charges for copper scrap and other recycling materials, a well as a very good metal result with significantly higher metal prices. Positive contributions to earnings from the Performance Improvement Program and considerably improved demand for various copper products and sulfuric acid supported the result as well. At the same time, high ongoing energy costs had a negative impact. Aurubis was able to secure a good ongoing supply of both copper concentrates and recycling materials. While concentrate throughput was negatively influenced by a planned maintenance shutdown at the Pirdop site, the Aurubis Group achieved a notably higher throughput of copper scrap and other recycling materials, due in part to the consolidation of the Beerse and Berango sites.

AN OVERVIEW OF THE COMPENSATION COMPONENTS

The 2020 compensation system at Aurubis is made up of fixed compensation components (basic compensation, pension plans, and fringe benefits) and variable compensation components (annual bonus, deferred stock, and performance cash plan). Moreover, the compensation system also includes arrangements for additional compensation-related legal transactions (e.g., contract durations and commitments when an Executive Board member steps down). The following table provides an overview of the components of the current compensation system:

Fundamentals of the 2020 compensation system

Fixed	Basic compensation	Fixed annual basic compensation that is paid out monthly in equal installments
compensation		› Executive Board chairman: € 600,000 › Regular member of the Executive Board: € 420,000
	Pension plans	» Entitlement to the company pension plan in the form of a pension commitment, financed through a liability insurance policy › Executive Board chairman: € 140,000 › Regular member of the Executive Board: € 100,000 » Defined contribution company pension plan in the form of a capital commitment, financed through a liability insurance policy › Executive Board chairman: € 120,000 › Regular member of the Executive Board: € 80,000
	Fringe benefits	» Insurance premiums » Use of a company car
Variable compensation	Variable compensation for one year	» Type: annual bonus » Performance criteria: › Operating earnings before taxes (EBT) (60%) › Individual performance of the Executive Board member (40%) » Target amount in the case of 100% target fulfillment 2020/21 › Executive Board chairman: € 600,000 › Regular member of the Executive Board: € 408,000 » Payout: › 2/3 in cash after the fiscal year has concluded › 1/3 transferred to deferred stock » Caps: › Executive Board Chairman › Cap for the 2/3 cash payout in the case of 125% of the target amount: € 500,000 › Cap for the 1/3 transfer to deferred stock in the case of 125% of the target amount: € 250,000 › Regular member of the Executive Board › Cap for the 2/3 cash payout in the case of 125% of the target amount: € 340,000 › Cap for the 1/3 transfer to deferred stock in the case of 125% of the target amount: € 170,000 » A discretionary special bonus has not been agreed upon
	Variable compensation for several years	» Type: deferred stock » Vesting period: 3 years (2 years in the 2017 compensation system) » Cap: 150% of the starting value › Executive Board chairman: € 375,000 › Regular member of the Executive Board: € 255,000
		» Payout: in cash at the end of the 3-year vesting period » Type: performance cash plan » Performance period: 4 years (3 years in the 2017 compensation system) » Performance criterion: return on capital employed (ROCE) (100%) » Target amount in the case of 100% target fulfillment 2020/21 › Executive Board Chairman: € 400,000 › Regular member of the Executive Board: € 272,000 » Cap: 125% of the target amount › Executive Board chairman: € 500,000 › Regular member of the Executive Board: € 340,000 » Payout: in cash at the end of the 4-year performance period
Malus and clawback		Possibility of a partial or full reduction (malus) or reclamation (clawback) of the variable compensation (variable compensation for one year and several years) in the case of a compliance offense or errors in the consolidated financial statements
Premature termination of Executive Board contract		In the event of a premature termination of an Executive Board contract without good cause, a severance payment will be made within the scope of the compensation system. Such payment is limited to two years' total annual compensation and does not provide compensation for any period longer than the remaining term of the employment contract
	Post-contractual non-compete clause	The employment contracts do not include any post-contractual non-compete clauses
Change of control		There are no promises of payments in the case of the Executive Board's premature termination of the employment contract resulting from a change of control
Maximum compensation		Reduction in variable compensation if the upper limit is exceeded for a fiscal year › Executive Board chairman: € 2,600,000 › Regular member of the Executive Board: € 1,800,000

TOTAL COMPENSATION GRANTED AND OWED IN FISCAL YEAR 2020/21

Individual details of the compensation (inflows) granted and owed to each individual member of the Executive Board, as well as the contractual benefits for fiscal year 2020/21, are shown in the following tables.

The "inflow" indicated for the reporting year includes the fixed compensation components actually paid out in the reporting year plus the variable compensation due and paid out in the fiscal year (2019/20 annual bonus, 2017/18 deferred stock, 2017/18 performance cash plan).

Inflow Variable compensation for several years

	Fixed compensation	Fringe benefits	Total
2019/20	600,000	12,571	612,571
2020/21	600,000	13,398	613,398
2019/20	53,333	4,035	57,368
2020/21	420,000	24,939	444,939
2019/20	380,000	30,086	410,086
2020/21	420,000	37,894	457,894
2019/20	420,000	16,097	436,097
2020/21	420,000	17,536	437,536
2019/20	1,453,333	62,789	1,516,122
2020/21	1,860,000	93,767	1,953,767

1 Figures correspond to 2/3 of the annual bonus achieved and thus the payout amount. The remaining 1/3 will be transferred to deferred stock.

² Dr. Arnold's entire annual bonus for FY 2019/20 was calculated on a pro rata temporis basis since he started during FY 2019/20. Accordingly, the transfer of 1/3 of the annual bonus to deferred stock didn't take place and was satisfied with the payment of the entire annual bonus.

³ 2017/18 deferred stock

4 Dr. Arnold's performance cash plan from FY 2019/20 was paid out as a one-time payment since he started during FY 2019/20. 5 2017/18 performance cash plan

As a "contractual benefit," the variable compensation is reported for the respective fiscal year with the value at the time of the commitment (this corresponds to the actual target achievement for the annual bonus and/or the actual value transferred to

deferred stock in fiscal year 2020/21 as well as the planned values for the performance cash plan). The compensation elements are supplemented with information about individually achievable minimum and maximum compensation.

Benefits granted Variable compensation for several years2

in €		Fixed compensation	Fringe benefits	Total
Roland Harings	2019/20	600,000	12,571	612,571
Deputy Executive Board Chairman	2020/21	600,000	13,398	613,398
from May 20, 2019 to June 30, 2019 Executive Board Chairman	Min.	600,000	13,398	613,398
since July 1, 2019	Max.	600,000	13,398	613,398
Dr. Heiko Arnold	2019/20	53,333	4,035	57,368
Executive Board member since August 15, 2020	2020/21	420,000	24,939	444,939
	Min.	420,000	24,939	444,939
	Max.	420,000	24,939	444,939
Dr. Thomas Bünger Executive Board member from October 1, 2018 to	2019/20	380,000	30,086	410,086
	2020/21	420,000	37,894	457,894
September 30, 2021	Min.	420,000	37,894	457,894
	Max.	420,000	37,894	457,894
Rainer Verhoeven	2019/20	420,000	16,097	436,097
Executive Board member since January 1, 2018	2020/21	420,000	17,536	437,536
	Min.	420,000	17,536	437,536
	Max.	420,000	17,536	437,536
Total	2019/20	1,453,333	62,789	1,516,122
	2020/21	1,860,000	93,767	1,953,767

1 Figures correspond to 2/3 of the annual bonus achieved and thus the payout amount. The remaining 1/3 will be transferred to deferred stock.

² The multiannual variable compensation shown in the benefits is the compensation achieved in FY 2020/21 prior to any measurement effects from standards related to commercial law or international accounting.

			Variable compensation for several years
Total compensation	Benefit expenses	Total	Performance cash plan	Deferred stock	Annual bonus1
995,886	260,000	735,886	0	0	123,315
1,262,510	260,000	1,002,510	0	0	389,112
167,669	110,301	57,368	0	0	0
712,501	180,000	532,501	35,0254	0	52,5372
735,229	180,000	555,229	0	0	145,143

877,198	180,000	697,198	0	0	239,304
839,067	180,000	659,067	0	0	222,970
1,180,178	180,000	1,000,178	185,9745	112,0723	264,596
2,737,851	730,301	2,007,550	0	0	491,428
4,032,387	800,000	3,232,387	220,999	112,072	945,549

³ 2017/18 deferred stock

related to commercial law or international accounting.

Figures correspond to 2/3 of the annual bonus achieved and thus the payout amount. The remaining 1/3 will be transferred to deferred stock.

² The multiannual variable compensation shown in the benefits is the compensation achieved in FY 2020/21 prior to any measurement effects from standards

of the annual bonus to deferred stock didn't take place and was satisfied with the payment of the entire annual bonus.

Dr. Arnold's performance cash plan from FY 2019/20 was paid out as a one-time payment since he started during FY 2019/20. 5 2017/18 performance cash plan

² Dr. Arnold's entire annual bonus for FY 2019/20 was calculated on a pro rata temporis basis since he started during FY 2019/20. Accordingly, the transfer of 1/3

			Variable compensation for several years2
Total compensation	Benefit expenses	Total	Performance cash plan	Deferred stock	Annual bonus1
1,775,129	260,000	1,515,129	312,222	196,778	393,557
1,954,590	260,000	1,694,590	375,832	235,120	470,240
873,398	260,000	613,398	0	0	0
2,248,398	260,000	1,988,398	500,000	375,000	500,000
255,231	110,301	144,930	35,025	0	52,537
1,360,150	180,000	1,180,150	255,566	159,882	319,763
624,939	180,000	444,939	0	0	0
1,559,939	180,000	1,379,939	340,000	255,000	340,000
1,145,159	180,000	965,159	192,017	121,019	242,038
1,373,105	180,000	1,193,105	255,566	159,882	319,763
637,894	180,000	457,894	0	0	0
1,572,894	180,000	1,392,894	340,000	255,000	340,000
1,229,836	180,000	1,049,836	212,311	133,809	267,619
1,352,747	180,000	1,172,747	255,566	159,882	319,763
617,536	180,000	437,536	0	0	0
1,552,536	180,000	1,372,536	340,000	255,000	340,000
4,405,355	730,301	3,675,054	751,575	451,607	955,750
6,040,592	800,000	5,240,592	1,142,530	714,766	1,429,529

DETAILED EXPLANATIONS OF INDIVIDUAL COMPENSATION COMPONENTS FIXED COMPONENTS

The fixed compensation components consisted of fixed compensation, pension plans, and fringe benefits.

The annual fixed compensation amounted to € 600,000 for the Executive Board chairman and € 420,000 for regular Executive Board members. These amounts were paid out monthly in equal installments.

All Executive Board members received an entitlement for the company pension plan in the form of a pension commitment. Aurubis AG's contribution amounted to € 140,000 per year for the Executive Board chairman and € 100,000 per year for regular Executive Board members. The contributions were paid into liability insurances.

Furthermore, all members of the Executive Board also had a defined contribution company pension plan in the form of a capital commitment. Aurubis AG's contribution amounted to € 120,000 per year for the Executive Board chairman and € 80,000 per year for regular Executive Board members. The contributions were paid into liability insurances. The respective Executive Board member can use the accumulated capital after reaching the age of 62 at the earliest, however not before ceasing to be employed by the company.

Executive Board members also received fringe benefits in the form of benefits in kind, consisting of insurance premiums and company car use, which are assessed according to tax guidelines.

The fixed components of the 2020 compensation system are identical to the 2017 compensation system.

VARIABLE COMPENSATION

In accordance with the guidelines of the 2020 compensation system, the system for variable compensation includes both annual variable compensation ("annual bonus") and multiannual variable compensation, which is forward-looking. The multiannual, forward-looking variable compensation consists of both a performance cash plan over four fiscal years and stock deferred over three fiscal years (virtual stock). The ratio of multiannual to annual variable compensation is 60:40. The compensation structure is therefore oriented to Aurubis' sustainable, long-term development.

Variable compensation Variable compensation

The multiannual variable compensation currently includes programs from the 2017 compensation system that are still ongoing. The previous compensation system only marginally differs from the current compensation system. In particular, the previous compensation system stipulated a two-year (now threeyear) assessment basis for deferred stock and a three-year (now four-year) assessment basis for the performance cash plan. The components of the compensation system are otherwise identical.

VARIABLE COMPENSATION IN FISCAL YEAR 2020/21

Annual bonus in fiscal year 2020/21

Two-thirds of the annual variable compensation (the annual bonus) is paid out after the end of the fiscal year. The remaining one-third of the annual bonus is transferred to a virtual stock deferral plan with a three-year vesting period.

Annual bonus operating principle Annual bonus operating principle

The annual bonus is calculated with a weighting of 60% based on the target set for the fiscal year for the operating EBT components, and a weighting of 40% based on the assessment of each Executive Board member's individual performance for the respective fiscal year. The weighted target achievement for both components is then multiplied by the target amount established in the Executive Board contract. This reflects both the financial and the non-financial company development during the fiscal year. The annual bonus stipulates a cap of 125% on the target amount for Executive Board members.

Operating EBT component

Operating EBT is an essential KPI to measure the success of the business strategy and the long-term, successful development of the company. It shows a company's profitability and thus reflects Aurubis' operating success. Moreover, a positive EBT trend contributes to Aurubis' important goal of enhancing enterprise value, which is why the achievement of a stable, positive EBT or an improved EBT compared to the previous year was selected as the main performance criterion for the annual bonus.

The target achievement for the operating EBT is determined on the basis of an actual/actual comparison. The actual value of the operating EBT in the respective fiscal year is compared with the actual value of the operating EBT of the fiscal year preceding the current fiscal year ("previous year"). For an unchanged operating EBT compared to the previous year, the target attainment is 100%. If the operating EBT is increased by 20%, the maximum value of 125% target achievement is reached. For an operating EBT of -40% compared to the previous year, the minimum value of 62.5% target achievement is reached. Target achievements between the established target achievement points (62.5%, 100%, 125%) are interpolated in a linear manner. If the maximum value is reached, further increases to the operating EBT do not lead to an increase in the target achievement. If the minimum value is not reached, the target attainment is 0%. If the operating EBT is negative for both the previous year and the respective fiscal year, the Supervisory Board is authorized to appropriately set the target attainment at its own discretion. If a positive operating EBT was achieved in the previous year and a negative EBT in the fiscal year at hand, the target attainment amounts to 0%.

Operating EBT was € 353 million in fiscal year 2020/21 and € 221 million in the previous year. Operating EBT therefore increased by 60%. After linear interpolation, target achievement amounts to 125% for all Executive Board members.

Individual performance of the Executive Board in fiscal year 2020/21

Apart from this, non-financial criteria also have a substantial influence on the success of the business strategy and the company's long-term development, which is why the Supervisory Board annually establishes additional concrete performance criteria for determining the annual bonus, which can apply individually or for all of the Executive Board members together.

The Executive Board member's performance is assessed by the Supervisory Board based on criteria established beforehand: in addition to the targets being weighted, target values are established that indicate a 100% target achievement. The Supervisory Board can set the degree of target attainment between 0% and a maximum of 125% in a linear or graduated manner.

At the start of fiscal year 2020/21, the Supervisory Board established overarching targets with the following weighting for the entire Executive Board in alignment with the compensation system.

In the process, the Supervisory Board made sure that the targets were challenging and ambitious.

The concrete target achievement for fiscal year 2020/21 can be found in the following table:

Target achievement in fiscal year 2020/21

	Percentage of overall	Target measure
Description	target	ment	Weighting
Strategic company development
PIP	35%	125%	43.8%
Integration of Metallo Group	25%	125%	31.3%
Employees
Accident reduction	15%	0%	0%
Digitalization
Development of digital strategy for Aurubis Group	10%	125%	12.5%
Corporate social responsibility
Improvement in sustainability rating	5%	125%	6.3%
Implementation of RDE project	10%	125%	12.5%
Target measurement (total)			106.4%

For the criterion "strategic company development," the Supervisory Board determined that the target achievement was 125% due to the successful implementation of PIP and the successful integration of the Metallo Group. For the criterion "employees," a reduction in accidents was not achieved, so the Supervisory Board determined that the target achievement was 0%. For the criterion "digitalization," the Supervisory Board determined that the target achievement was 125% since the development of the digital strategy progressed in line with the guidelines provided. For the criterion "corporate social responsibility," the Supervisory Board determined that the target achievement was 125% due to the improvement in the EcoVadis sustainability rating in the reporting period and the achievement of Platinum status for the Aurubis Group. Within the context of the RDE project (Reducing Diffuse Emissions), a target achievement of 125% was determined.

On the basis of the target achievement ("TA") for the two components (125% with respect to operating EBT and 106.4% with respect to individual performance), the annual bonus for fiscal year 2020/21 for each Executive Board member was calculated in accordance with the compensation system as follows:

100

This leads to the 2020/21 annual bonus for the individual Executive Board members as shown in the following table. 80

2020/21 annual bonus

in €

Roland Harings	705,360
Dr. Heiko Arnold	479,645
Dr. Thomas Bünger	479,645
Rainer Verhoeven	479,645

In accordance with the guidelines of the compensation system, two-thirds of the 2020/21 annual bonus that each Executive Board member achieved will be paid out in cash and one-third will be invested in company stock (deferred stock) in fiscal year 2021/22.

Deferred stock in fiscal year 2020/21

The transfer of part of the variable compensation to deferred stock supports the business strategy and long-term development of the company by incentivizing Executive Board members to increase the enterprise value, by directly aligning the interests of the Executive Board and the shareholders, and by boosting the company's attractiveness on the capital market.

Deferred stock operating principle Deferred stock operating principle

¹ Arithmetic average of the Xetra closing price for Aurubis shares on the Frankfurt Stock Exchange over the last 30 trading days before the beginning

of the vesting period. ² The vesting period was two years in the 2017 compensation system.

³ Arithmetic average of the Xetra closing price for Aurubis shares on the Frankfurt Stock Exchange over the last 30 trading days before the end of the vesting period.

In accordance with the guidelines of the compensation system, one-third of the 2020/21 annual bonus of each Executive Board member will be invested in company stock (deferred stock) in fiscal year 2021/22.

The number of virtual shares at the beginning of the three-year vesting period is calculated by dividing one-third of the annual bonus by the starting share price. The starting share price is designated by the arithmetic average of the Xetra closing price for Aurubis shares on the Frankfurt Stock Exchange over the last 30 trading days before the beginning of the three-year vesting period of the deferral. The starting share price for the 2020/21 deferred stock was € 68.93. The number of virtual shares issued to the individual Executive Board members in the reporting year pursuant to the 2020 compensation system and in previous years pursuant to the 2017 compensation system is shown in the following table.

Number of virtual shares issued

	2020/21	2019/20	2018/19	2017/18
	Vesting period expiring 9/30/2024	Vesting period expiring 9/30/2022	Vesting period expiring 9/30/2021	Vesting period expiring 9/30/2020
Roland Harings	3,411.00	3,268.75	1,515.68	–
Dr. Heiko Arnold	2,319.48	01	–	–
Dr. Thomas Bünger	2,319.48	2,010.28	1,783.96	–
Rainer Verhoeven	2,319.48	2,222.75	2,740.53	1,882.922

¹ Dr. Arnold's entire annual bonus for FY 2019/20 was calculated on a pro rata temporis basis since he started during FY 2019/20. Accordingly, the transfer of 1/3 of the annual bonus to deferred stock didn't take place and was satisfied with the payment of the entire annual bonus.

2 The payment took place in January 2021.

At the end of the three-year vesting period (two years under the 2017 compensation system and for former Executive Board member Dr. Thomas Bünger), the number of virtual shares is multiplied by the closing share price. The closing share price also results from the arithmetic average of the Xetra closing price for Aurubis shares on the Frankfurt Stock Exchange over the last 30 trading days, this time before the end of the vesting period. The resulting amount is paid out to the Executive Board members in cash. However, the amount of the payout is limited to 150% of the initial value.

In fiscal year 2020/21, the following payouts were carried out from deferred stock in accordance with the guidelines of the 2017 compensation system:

Payouts from deferred stock in fiscal year 2020/21

	Program	Vesting period	Number of virtual shares	Start ing share price	Final share price	Amount
Roland Harings	–	–	–	–	–	–
Dr. Heiko Arnold	–	–	–	–	–	–
Dr. Thomas Bünger	–	–	–	–	–	–
Rainer Verhoeven	Deferred stock 2017/18 2 years					1,882.92 € 60.39 € 59.52 € 112,072

Performance cash plan in fiscal year 2020/21

The performance cash plan stipulates a four-year, forward-looking performance period (the period is three years under the 2017 compensation system and for former Executive Board member Dr. Thomas Bünger) pursuant to the recommendations of the German Corporate Governance Code. The relevant performance target is the Aurubis Group's average operating return on capital employed (ROCE) during the four-year performance period. With the ROCE as a performance criterion and the ambitious target range for the variable compensation, the multi-year variable compensation is directly tied to the company's operating performance and aligned with the company's financial target of generating a significant premium on the capital costs. This target reflects the communicated goal of generating an annual ROCE that considerably exceeds the cost of capital.

Performance cash plan operating principle Performance Cash Plan operating principle

1 The performance period was three years in the 2017 compensation system. In order to determine the final target achievement for the performance cash plan, the average operating ROCE achieved after the end of the respective fiscal years during the performance period is calculated at the end of the performance period. For the granting of each tranche, the Supervisory Board determines an amount for 100% target achievement ("target value") for the average operating ROCE as well as amounts for 50% target achievement ("minimum value") and 125% target achievement ("maximum value").

The target value of the average operating ROCE for the four-year tranche 2020/21–2023/24 amounts to 12%, with the minimum value being 6% and the maximum value 15%. For Dr. Thomas Bünger, the target value of the average operating ROCE for the three-year tranche 2020/21–2022/23 also amounts to 12%, with the minimum value being 6% and the maximum value 15%.

Target achievements between the established target achievement points (50%, 100%, 125%) are interpolated in a linear manner. If the minimum value is not reached, there is no payout from the performance cash plan. If the maximum value is reached, further increases in the average operating ROCE do not lead to an increase in the target achievement.

The payout takes place at the end of the respective four-year period in cash.

The 2020/21 performance cash plan is paid out in cash in accordance with the guidelines of the 2020 compensation system after the performance period 2020/21 to 2023/24 has concluded, or, for Dr. Thomas Bünger, after the performance period 2020/21 to 2022/23 has concluded.

In fiscal year 2020/21, the following payouts were carried out from the performance cash plans in accordance with the guidelines of the 2017 compensation system:

Payouts from the performance cash plan in fiscal year 2020/21

in €	Program	Perfor mance period	Target ROCE	Average ROCE	Target achieve ment	Amount
Roland Harings	–	–	–	–	–	–
Dr. Heiko Arnold	2019/20 perfor mance cash plan	–	–	–	–	€ 35,025
Dr. Thomas Bünger	–	–	–	–	–	–
Rainer Verhoeven	2017/18 perfor mance cash	plan 3 years	12%	10.94%		91.16% € 185,974

¹ Dr. Arnold's performance cash plan for FY 2019/20 was paid out as a one-time payment since he started during FY 2019/20.

AMOUNT OF COMPENSATION FOR THE EXECUTIVE BOARD IN FISCAL YEAR 2020/21

In total, compensation for active Executive Board members for activities in fiscal year 2020/21 amounted to € 3,232,387.

The company has set up pension provisions on the basis of IFRS for the Executive Board members. During the reporting year, allocations to pension provisions for the active Executive Board members amounted to € 800,000. This amount comprises contributions to an external pension fund.

Former members of the Executive Board and their surviving dependents received a total of € 2,862,241 in fiscal year 2020/21, while € 28,463,374 (in accordance with HGB) and € 31,976,822 (in accordance with IAS) has been provided for their pension entitlements.

MALUS AND CLAWBACK

Moreover, the Executive Board contracts include a malus and clawback arrangement. If it is determined that the Executive Board member deliberately violated a significant duty of care in accordance with Section 93 of the German Stock Corporation Act (AktG), a significant contractual obligation, or other significant company principles of conduct, for example from the Code of Conduct or the compliance regulations, and this violation fulfills the conditions of a gross breach of duty that justifies revocation of the appointment to the Executive Board in accordance with Section 84 (3) of the German Stock Corporation Act (AktG), the Supervisory Board can reduce the variable compensation that hasn't been paid yet, in whole or in part, to zero ("malus") or reclaim the net variable compensation, in whole or in part, that has already been paid out ("clawback").

Furthermore, the Executive Board members must pay back variable compensation that has already been paid out if and to the extent that it is determined after the payment that the audited and confirmed consolidated financial statements on which the calculation of the payment amount was based were incorrect and thus have to be corrected in accordance with the relevant accounting regulations and, based on the corrected, audited consolidated financial statements and the relevant compensation system, a lower payment or no payment from the variable compensation would have been owed.

In fiscal year 2020/21, the Supervisory Board did not exercise the option of retaining or reclaiming variable compensation components.

MAINTAINING UPPER COMPENSATION LIMITS

For fiscal year 2020/21, in addition to the upper limits on the amounts for variable compensation for one year and several years in accordance with Section 87a (1) sentence 2 no. 1 of the German Stock Corporation Act (AktG), an upper limit on the amount of compensation for the fiscal year overall is intended (including fringe benefits and pension commitments). This maximum compensation amounts to € 2,600,000 for the Executive Board chairman and € 1,800,000 for a regular Executive Board member. If compensation for fiscal year 2020/21 exceeds the upper limit mentioned, the compensation component scheduled to be paid last (usually deferred stock or the performance cash plan) is reduced accordingly.

These limits were adhered to, as shown in the following comparison.

Upper compensation limits

in €	Maximum compensation	Compensation granted and owed (inflow)

Roland Harings	2,600,000	1,262,510
Dr. Heiko Arnold	1,800,000	712,501
Dr. Thomas Bünger	1,800,000	877,198
Rainer Verhoeven	1,800,000	1,180,178

PAYMENTS IN THE CASE OF EMPLOYMENT TERMINATION

In the event of a premature termination of an Executive Board contract without good cause, a severance payment will be made within the scope of the compensation system. Such payment is limited to two years' total annual compensation and does not provide compensation for any period longer than the remaining term of the employment contract. The payout of variable compensation components that are still open and that are due in the period until the contract ends takes place as normal at the end of the originally established due dates – there is no premature payout. If the employment contract is ended for an important, justified reason, there are no payments.

There are no promises of payments in the case of the Executive Board's premature termination of the employment contract resulting from a change of control.

Moreover, the employment contracts do not include any postcontractual non-compete clauses. As a result, the compensation system does not arrange for non-compete compensation.

The Executive Board members weren't promised any payments for the normal termination of their employment, either.

NO DEVIATION FROM THE COMPENSATION SYSTEM

The Supervisory Board can temporarily deviate from the Executive Board compensation system pursuant to Section 87a (2) of the German Stock Corporation Act (AktG) if this is necessary in the interests of the company's long-term well-being. The establishment of the fixed and variable compensation in fiscal year 2020/21 corresponds to the guidelines of the compensation system; there were no deviations.

REVIEW OF THE APPROPRIATENESS OF EXECUTIVE BOARD COMPENSATION

In fiscal year 2020/21, too, the Supervisory Board reviewed the amount and structure of the Executive Board's compensation and confirmed the appropriateness of this compensation.

When reviewing the appropriateness of the Executive Board's compensation, the Supervisory Board accounts for how customary the compensation is, taking the amount and structure of the Executive Board compensation at comparable companies and the ratio of Executive Board compensation to the compensation of the upper management level and the total workforce into consideration, including the development of these aspects over time. According to the Supervisory Board's definition, the upper management level comprises the senior vice presidents of Aurubis AG. The workforce comprises all employees of Aurubis AG (both those who are covered by collective wage agreements and those who are not).

To assess if Executive Board compensation is customary, the companies of the MDAX and SDAX are used as a comparison group because these companies can be compared when it comes to size and complexity in particular. In the process, the Supervisory Board regularly considers how the Aurubis Group's economic situation has developed compared to the companies of the MDAX and SDAX.

COMPENSATION FOR THE SUPERVISORY BOARD PRINCIPLES OF THE COMPENSATION SYSTEM FOR THE SUPERVISORY BOARD

The compensation for the Supervisory Board is governed by Section 2 of Aurubis AG's Articles of Association. It is oriented toward the various demands of the Supervisory Board and its committees. The participants of the Annual General Meeting passed a resolution on the compensation of the Supervisory Board members pursuant to Section 113 (3) of the German Stock Corporation Act (AktG) on February 11, 2021.

All Supervisory Board members receive fixed compensation of € 75,000/fiscal year each, in addition to the reimbursement of expenses incurred while performing their duties. The Supervisory Board chairman receives three times that amount, and the deputy receives twice that.

Supervisory Board members who serve on the Personnel and/or Audit Committee additionally receive fixed compensation of € 15,000 per fiscal year per committee. Supervisory Board members who serve on the other Supervisory Board committees additionally receive fixed compensation in the amount of € 7,500 per fiscal year per committee. Supervisory Board members who chair a Supervisory Board committee receive twice that amount per fiscal year for each committee chairmanship.

The fixed compensation for committee activity is limited to € 25,000 per fiscal year for each Supervisory Board member, in accordance with Section 12 (2) of the Articles of Association. The limit for every committee chairmanship is € 50,000/fiscal year.

Supervisory Board members who do not belong to the Supervisory Board or one of its committees for a full fiscal year receive compensation commensurate with the duration of their service. Furthermore, Supervisory Board members receive an attendance fee in the amount of € 1,000 for each meeting of the Supervisory Board and of its committees attended.

Contribution of the compensation toward long-term development and fostering the business strategy

Overall, the system complies with the requirements of the German Corporate Governance Code in the version dated December 16, 2019. The Supervisory Board is primarily responsible for advising and monitoring the Executive Board, which is why, in compliance with the recommendation in G.18 sentence 1 of the German Corporate Governance Code, solely – that is, 100% – fixed compensation components together with reimbursement of expenses are intended, but not variable compensation components. The fixed compensation strengthens the independence of the Supervisory Board members in fulfilling their monitoring duty and thus directly contributes to the long-term development of the company. Likewise, the compensation system incentivizes Supervisory Board members to proactively work toward fostering the business strategy by appropriately taking into account the higher time commitment required from the chairman, who is especially closely involved in discussing strategic issues (D.6 of the German Corporate Governance Code), and from the deputy Supervisory Board chairman, as well as the chairmen and members of committees, pursuant to G.17 of the German Corporate Governance Code.

SUPERVISORY BOARD COMPENSATION FOR FISCAL YEAR 2020/21

The Supervisory Board members were compensated in accordance with the compensation system presented above and outlined in the Articles of Association. They received a total of € 1,549,000 in fiscal year 2020/21.

The individual compensation is shown in the following table:

Supervisory Board compensation for fiscal year 2020/21

in €

		Fixed	Compensation for committee
Name		compensation	membership	Attendance fees	Total
Prof. Dr. Fritz Vahrenholt	2019/20	225,000	50,000	9,000	284,000
	2020/21	225,000	50,000	9,000	284,000
Deniz Filiz Acar	2019/20	75,000	15,000	9,000	99,000
	2020/21	75,000	15,000	8,000	98,000
Andrea Bauer	2019/20	75,000	22,500	9,000	106,500
	2020/21	75,000	22,500	8,000	105,500
Christian Ehrentraut	2019/20	75,000	15,000	10,000	100,000
	2020/21	75,000	15,000	10,000	100,000
Prof. Dr.-Ing. Heinz Jörg Fuhrmann	2019/20	75,000	25,000	12,000	112,000
	2020/21	75,000	25,000	14,000	114,000
Prof. Dr. Karl Friedrich Jakob	2019/20	75,000	22,500	10,000	107,500
	2020/21	75,000	22,500	11,000	108,500
Jan Koltze	2019/20	75,000	25,000	13,000	113,000
	2020/21	75,000	25,000	13,000	113,000
Dr. Stephan Krümmer	2019/20	75,000	45,000	14,000	134,000
	2020/21	75,000	45,000	16,000	136,000
Dr. Elke Lossin	2019/20	75,000	15,000	10,000	100,000
	2020/21	75,000	15,000	11,000	101,000
Dr. Sandra Reich	2019/20	75,000	15,000	10,000	100,000
	2020/21	75,000	15,000	11,000	101,000
Stefan Schmidt	2019/20	150,000	25,000	13,000	188,000
	2020/21	150,000	25,000	12,000	187,000
Melf Singer	2019/20	75,000	15,000	10,000	100,000
	2020/21	75,000	15,000	11,000	101,000
Total	2019/20	1,125,000	290,000	129,000	1,544,000
	2020/21	1,125,000	290,000	134,000	1,549,000

In the absence of variable compensation components, there is no option to reclaim variable compensation components, nor was an option of this kind exercised.

Hamburg, December 1, 2021

For the Executive Board

Rainer Verhoeven

Roland Harings Chairman

Member

For the Supervisory Board

Prof. Dr. Fritz Vahrenholt Chairman

Sustainability

Aurubis will expand its industry leadership in sustainability by implementing its 2030 sustainability targets.

Introduction

Sustainability is a significant part of the Aurubis Group's conduct, enshrined in our company strategy, and therefore key to our business activities. We pursue the company's mission of responsibly transforming raw materials into value – to provide metals for an innovative world. A responsible approach to employees, suppliers, customers, and neighbors is a matter of course for us, whether in direct business operations or in the surrounding areas. The same applies to the environment, as we are aware of the limits of natural resources.

With this Non-Financial Report (NFR), Aurubis fulfills its obligation to disclose non-financial information for fiscal year 2020/21 pursuant to Sections 315b and 315c in conjunction with Sections 289b to 289e of the German Commercial Code (HGB). We use the Sustainability Reporting Standards of the Global Reporting Initiative (GRI) Glossary, page 212 as a guide in describing the concepts and selected KPIs.

The main external factors influencing business development are described in the Risk and Opportunity Report of the Combined Management Report, pages 116–126. Risks related to non-financial aspects beyond the company boundaries are also mentioned there. Non-financial risks were assessed in accordance with Section 289c (3) of the German Commercial Code (HGB). In the process, no non-financial risks were identified that were very likely to cause a serious negative impact on employee and environmental matters, on respect for human rights, on the prevention of corruption and bribery, or on social matters.

Aurubis Sustainability Strategy

The previous company strategy was updated in fiscal year 2020/21. "Metals for Progress: Driving Sustainable Growth" was adopted as a result. The key elements of the strategy are securing and strengthening the core business, pursuing growth options, and expanding industry leadership in sustainability. With the development of the company strategy, our sustainability aspirations will be integrated even more strongly in all areas and activities of the company.

The key element "expanding industry leadership in sustainability" includes the focus areas of people, the environment, and the economy, with our nine sustainability action areas Aspects relevant for Aurubis, page 47. For each action area, new or continuing targets were defined for 2030. The existing Sustainability Strategy, with its 2018–2023 targets, is assimilated as a milestone into the new Group strategy for 2030 Aurubis' 2030 sustainability targets, page 46. The results of the current materiality analysis Glossary, page 214 were also incorporated in the strategy update Aspects relevant for Aurubis, page 47. On this basis, we identified an additional action area: "Governance and ethics." This encompasses the topics of compliance and human rights, for example, which we consider material aspects. The action area "Growth and innovation" is no longer included, as this is represented in the company strategy's key element "pursuing growth options." The updated strategy, including the sustainability approach, was adopted by the Executive Board and Supervisory Board.

The individual measures and targets of the Sustainability Strategy 2018–2023 and the status of implementation are featured in this report at the end of the description of each action area.

Aurubis' 2030 sustainability targets

in our sector.

Action area	Ambition	2030 targets	2022/23 milestones
Economy
Governance and ethics	We uphold the principles of responsible corporate governance.
Recycling solutions	We offer comprehensive value chain solutions for the circular economy.	50% recycled content in copper cathodes
Responsible supply chain	We minimize negative impacts on people and the environment in our supply chains.	No suppliers with a very high risk	» Human rights, environmental protection, and safety clauses in 100% of long-term contracts for primary raw materials » Continued rollout of Aurubis Business Partner Screening
Environment
Energy and climate	We will be carbon-neutral well before 2050.	-50% absolute Scope 1 and Scope 2 emissions (base year 2018)	» ISO 50001 at all production sites
		-24% Scope 3 emissions per t of copper cathodes (base year 2018)
Environmental protection	We produce with the smallest environmental footprint	-15% specific dust emissions in g/t of multimetal copper equivalent	» ISO 14001 at all production sites » Reducing specific metal

(base year 2018)

-25% specific metal emissions to water in g/t of multimetal copper equivalent

emissions to water by 50% in g/t of copper output (Cu) (base year

» Reducing specific dust emissions by 15% in g/t of Cu output (base

2012)

year 2012)

People Health and safety We prevent work-related accidents, injuries, and illnesses. Vision Zero: LTIFR 0 » LTIFR ≤ 1.0 » ISO 45001 certifications at all production sites and slitting centers Future-oriented employer We create a work environment for close collaboration and promote diversity and commitment. We passionately work for the progress of the company and society. 100% of the relevant employees are trained on unconscious bias >40%¹ of employees take part in job rotation or job shadowing, with diversity being promoted at the same time At least 75%¹ of the employees surveyed participate in pulse checks and feedback measures Training and education We provide high-quality vocational training and invest in forward-looking qualifications for employees. 100% fulfillment of the continuing education allotment in hours (continuing education allotment: 18 hours per year for each employee) » 18 training hours per employee per year on average Social engagement We are a reliable partner locally and internationally, one that makes a long-term contribution to a livable environment. 90% long-term partners (percentage of total budget) » Developing impact monitoring to evaluate projects supported 0.8% of operating EBT (five-year average) as annual budget for social engagement, but at least € 2 million

1 Over the period FY 2021/22 to 2029/30.

Aspects relevant for Aurubis

When selecting the aspects for the Non-Financial Report, we were guided by both the main action areas of the company's Sustainability Strategy and the non-financial topics that are required to understand the business development, the business result, the company's position, and the impacts of our activities on these aspects.

To identify the relevant report content, we updated the materiality analysis Glossary, page 214 in the reporting year with the assistance of internal and external experts. This was based on a revised list of potentially material topics that included new and increasingly relevant sustainability aspects in our industry. The list of results was expanded to include two material topics, "Work in associations and political lobbying" and "Data protection and IT security." The Executive Board confirmed the results. The topics identified as material in this process are assigned to the action areas of the Aurubis Sustainability Strategy in the Non-Financial Report. We present topics that have the same management approach in a consolidated format below. The new action area "Governance and ethics" is described in several chapters of the Non-Financial Report table on the right as well as in the Corporate Governance section Corporate Governance Report, pages 18–43.

Interdisciplinary topics such as sustainable finance Glossary, page 214, which can't be directly assigned to a specific action area, were also identified as material. Aurubis supports the work of the EU Action Plan on Sustainable Finance at European level and the corresponding approaches at national level in Germany. These deal with the implementation of increasing reporting requirements and political issues such as the assessment of the non-ferrous metals sector regarding a classification of sustainable products or possible liability regulations for risks in the supply chain, for example. Because it affects several of our sustainability activities, such as climate protection, respect for human rights, and the circular economy, sustainable finance extends across multiple action areas of the Sustainability Strategy and therefore cannot be classified under individual matters outlined in Section 289c (3) of the German Commercial Code (HGB).

The materiality analysis indicated once again that the topic of social engagement has no direct impact on our business development but is of considerable importance for us and our stakeholders. That is why it is part of this report and labeled as such under the topic "Social matters."

Overview of material topics

		Material
		according
	Sustainability	to German Commer	Material for	Page in
	action areas	cial Code	Aurubis	NFR
Employee related	Future-oriented employer	√	√	49
matters	Training and education	√	√	52
	Health and safety	√	√	53
Environmental	Energy and climate	√	√	56
matters	Environmental protection	√	√	59
	Recycling solutions	√	√	63
Social matters	Data protection and IT security1	√	√	65
	Work in associations and political lobbying1	√	√	65
	Social engagement		√	66
Human rights	Human rights and fair working
	conditions1	√	√	68
	Responsible supply chain	√	√	68
Anti corruption	Anti-corruption1	√	√	70

1 Topics of the strategic action area "Governance and ethics."

Sustainability management

From an organizational perspective, the Sustainability department is part of the Investor Relations, Corporate Communications & Sustainability division, the head of which reports directly to the Executive Board chairman, who in turn bears the overall responsibility for the issue of sustainability in the Aurubis Group.

The Sustainability department serves as the interface between the departments relevant to the topic of sustainability and coordinates all of the related processes in the Group, serving as a contact for the sites. At the same time, it is also responsible for continuously reviewing and developing the sustainability targets and supporting the operational implementation of the measures with the relevant divisions. It reports current developments to the Supervisory Board (Audit Committee). Yet another focus area is supplier screening based on sustainability criteria. The department represents Aurubis' interests in sustainability issues as well. Moreover, it manages sustainability reporting and communication. It is the point of contact for ESG rating agencies Glossary, page 212.

To reflect the influence of sustainability on the company's success, the Aurubis Executive Board's variable compensation – in particular the annual bonus – takes various ESG performance criteria into account. Compensation Report of the Corporate Governance Report, pages 28–43.

To be able to integrate the complex and dynamic sustainability developments into business activities even better in the future, initial concepts to realign the Aurubis sustainability organization were developed in the context of the strategy process. These are scheduled for implementation on January 1, 2022.

For many years, we have made our sustainability achievements transparent in a variety of ways. These include participation in sustainability rankings and ratings such as that of the CDP Glossary, page 212 (a non-profit organization that advocates for climate reporting, among other things) as well as voluntary reporting. Our Sustainability Reports are guided by the GRI standards and are released every two years, with the next one covering fiscal year 2021/22. In the years without a Sustainability Report, the sustainability KPIs are updated and released separately in consolidated form in a KPI Update.

We communicate regularly with our key stakeholders about sustainability-related topics. We believe it is important to maintain an open and transparent dialogue with employees, customers, suppliers, politicians and society, capital market participants, the media, non-governmental organizations, and the scientific community.

Description of the business model and presentation of the Group structure

As an integrated group, Aurubis processes complex metal concentrates, scrap metals, organic and inorganic metal-bearing recycling raw materials, and industrial residues into metals of the highest purity. In addition to our main metal, copper, our metal portfolio also includes gold, silver, lead, nickel, tin, zinc, minor metals such as tellurium and selenium, and platinum group metals. Sulfuric acid, iron silicate Glossary, page 213, and synthetic minerals round off the product portfolio. The company purchases the necessary feed materials, as it doesn't own any mines or stakes in mines Business model of the Group, pages 80–84.

Aurubis AG is the parent company of the Aurubis Group and is based in Hamburg, with production sites in Hamburg and Lünen. For us, sustainability and the related action areas and measures apply to all Group companies. The key indicators mentioned in this report are recorded at Aurubis in the individual departments, companies, and sites and consolidated at Group level. In addition to Aurubis AG, the scope of consolidation includes all of the fully consolidated subsidiaries (as at September 30, 2021). The Beerse (Belgium) and Berango (Spain) sites acquired in May 2020 and consolidated in their entirety starting in June 2020 were fully included in the environmental KPIs for 2020. The Fehrbellin site has belonged to the joint venture Cablo GmbH with the recycling company TSR Recycling GmbH & Co. KG since June 1, 2021. Aurubis holds a 40% stake. The site is still fully consolidated in the environmental KPIs. All environmental and energy KPIs are reported for calendar year 2020, not fiscal year 2020/21.1 When the following report mentions copper production in the context of environmental KPIs, this refers to primary and secondary copper production at the Hamburg, Lünen, Olen, Pirdop, Beerse, and Berango sites. Significant differences between Aurubis AG KPIs and Group KPIs are explained.

¹ The KPIs are used first and foremost for internal management purposes and reporting for governmental authorities, for which the calendar year is the given period under review. Parallel reporting of both calendar year and fiscal year figures could lead to confusion and ambiguity.

Employer-related matters

FUTURE-ORIENTED EMPLOYER

Competent, productive, and enthusiastic employees form the basis of the Aurubis Group's commercial success and further development. We have set the target of creating a work environment for good, close cooperation and promoting diversity and involvement. We form a team that works toward the company's and society's progress.

All overarching activities related to our employees are managed at group level by Corporate Human Resources (HR), the head of which reports directly to the CEO, who is also the director of industrial relations. HR is particularly involved with the HR strategy of the entire Group, as well as the implementation and monitoring of the resulting HR instruments, especially those related to organizational and staff development, employer branding, compensation and fringe benefits, resource management, and supporting change initiatives. The work of the local HR departments is oriented first and foremost toward local requirements. In the case of issues that apply Group-wide, the local departments work in close coordination with the central HR division.

Our HR strategy is derived from the Group strategy and is based on the corporate values. It is developed continuously, taking labor market changes, societal transitions, and trends in HR work into consideration – in addition to the lack of skilled workers due to demographic change and the difficult search for young talents and apprentices.

During the reporting year, HR focused on digital transformation and developed an HR digitalization strategy to continue optimizing HR work and the employee experience, meaning the employee's perception of the company. This includes employees' experiences, impressions, and interactions during their workday.

This should ensure that our employees are able to act with a sense of responsibility. Current topics that are picking up momentum influenced HR strategy work, such as trials with different and more flexible ways of working that arose or sped up due to individual solutions during the course of the coronavirus pandemic.

To successfully implement future strategic projects, we established the internal initiative Fit4Projects, whose purpose is to provide our project managers with guidance in all HR-related topics such as resource planning and staffing. With this initiative, we strive to facilitate attractive development opportunities and careers in the project environment for our internal talents.

Furthermore, HR work also concentrated on supporting the organizational changes due to the integration of the Beerse (Belgium) and Berango (Spain) sites and due to the Performance Improvement Program (PIP), which focuses on cost reduction. During the course of this program, we will cut 300 full-time equivalent (FTE) positions in the corporate functions and the Hamburg plant by fiscal year 2022/23 compared to fiscal year 2018/19. We follow socially responsible principles and create measures to mitigate the consequences for employees who are dismissed. For example, we will prevent as many redundancies as possible by not filling certain open positions, offering an improved early retirement scheme, and facilitating internal job changes with related qualification offers as needed. The employee representatives were and are involved in the process.

Aurubis AG intends to sell the FRP plant in Zutphen (Netherlands) as well as the slitting centers in Birmingham (United Kingdom), Dolný Kubín (Slovakia), and Mortara (Italy) with a total of about 360 employees. The buyer, INTEK, is a holding that includes the KME Group. A term sheet was signed in August 2021. Approval from the merger control authorities is still pending. The FRP plants in Stolberg (Germany), Pori (Finland), and Buffalo (US) will remain in the Group.

In July 2021, the Aurubis site in Stolberg was flooded in connection with severe weather and had to declare force majeure. Due to the production stop, deliveries couldn't be accepted and products couldn't be delivered. No employees were injured due to the prudent and timely evacuation of the plant. The plant is being rebuilt with the plant's own employees, the support of employees from the Group, and external parties. Aurubis Stolberg has insurance for operational breakdowns and interruptions. The employees are provided for and continue to receive their pay during the operational interruption. Production gradually restarted beginning November 1, 2021.

Diversity in the personnel structure is important to us. The Code of Conduct and our corporate values serve as the basis for respectful cooperation.1 Our view is that racist motives, ethnic or social background, gender or gender identity, religion or worldview, disability, age, family status, or sexual identity should not play a role in hiring, compensation, career trajectories, or personal interactions. We reject all forms of discrimination. For us, a diverse workforce is conducive to knowledge transfer, different viewpoints, and open collaboration. One of our goals is to increase the proportion of female managers – independently of legal stipulations, which we fulfill by defining concrete target parameters for the first and second management levels under the Executive Board. More information about the diversity concept is available in the Corporate Governance Report, page 20.

We offer our employees an attractive work environment and support them by offering options allowing them to establish a good work-life balance, for example by making working time models more flexible and modern. In connection with the coronavirus pandemic, for instance, the start and end times of shifts were made more flexible and options for remote work were further expanded. The experience gained in the process will be used in the further development of a modern work organization.

We offer attractive compensation in line with the market. Compensation and fringe benefits are regulated in collective wage agreements. At our only production site outside of Europe, in Buffalo (US), where social security isn't comprehensively regulated by law, we assume 86% of the employees' health insurance contributions.

When it comes to commuting to and from work, mobility is unique for every employee and can contribute to personal satisfaction, health, and environmental protection. To promote environmentally friendly employee mobility, we revised the mobility and company vehicle fleet policy during the reporting year, adding measures to reduce CO2 emissions in the company vehicle fleet and incentives for choosing low-emission vehicles. Furthermore, the mobility options for employees in Germany were expanded to include bike leasing and subsidies for public transport.

Key measures of the Sustainability Strategy 2018–2023 and their status in fiscal year 2020/21

» Regularly identifying and continuously developing working time arrangements, taking employee interests into consideration There are a number of solutions in both individual and collective agreements. In connection with the coronavirus pandemic, the start and end times for shift employees were made more flexible and the remote work option was increased considerably. The flextime program is reviewed and developed continuously.
» Promoting staff diversity and an unbiased company culture During the course of the strategy update and implementation of the HR strategy, this target is being fleshed out in a framework for action. For this purpose, we're carrying out a needs assessment to derive suitable and effective measures.

¹ The current Code of Conduct of the Beerse (Belgium) and Berango (Spain) sites that were acquired in 2020 is fundamentally similar to Aurubis' Code of Conduct. Harmonization with Aurubis policies and commitments started at both sites during the reporting year.

Future-oriented employer | 2030 targets

We create a work environment for close collaboration and promote diversity and commitment. We passionately work for the progress of the company and society.

» 100% of the relevant employees are trained on unconscious bias
» An action framework for job rotation and job shadowing has been developed and implemented Group-wide. More than 40%1 of employees take part in job rotation or job shadowing, with diversity being promoted at the same time.
» At least 75%1 of the employees surveyed participate in pulse checks and feedback measures

1 Over the period FY 2021/22 to 2029/30.

Key figures

Aurubis Group personnel structure

as at the reporting date September 30

	Employees				Female			Male

	2020/21	2019/20		2018/19 2020/21	2019/20		2018/19 2020/21	2019/20	2018/19
Aurubis Group	7,135	7,236	6,831	13%	13%	12%	87%	87%	88%
Blue collar	4,285	4,356	4,214	4%	3%	4%	96%	97%	96%
White collar	2,519	2,561	2,328	28%	29%	28%	72%	71%	72%
Apprentices	331	319	289	14%	12%	13%	86%	88%	87%

Employee turnover in the Aurubis Group

as at the reporting date September 30

Age structure

as at the reporting date September 301

	2020/21	2019/20	2018/19
Turnover rate1	8.4%	7.4%	7.8%
Average length of employment
in the company (in years)	14.0	14.1	14.3

1 Excluding apprentices.

	2020/21	2019/20	2018/19
< 20 years	4	11	15
20–29 years	944	990	997
30–39 years	1,865	1,806	1,642
40–49 years	1,548	1,583	1,467
50–59 years	1,840	1,912	1,824
60–69 years	596	602	584
>69 years	7	13	13

1 Excluding apprentices.

TRAINING AND EDUCATION

In order to achieve our company vision and advance our strategy, we rely on a learning organization. The ongoing individual development of our employees and sound training for young talents have high priority in this regard.

HR is responsible for staff development. It supports the other departments, in close coordination with the local HR managers, in building employees' skills in a directed way tailored to their needs in order to meet current and future requirements and challenges.

To secure qualified personnel in the long term, we regularly assess demand for specific skills and trades, and offer apprenticeships accordingly. We also identify the demand for employee qualifications and successors for different positions in annual performance appraisals and in the yearly personnel planning process in order to develop specialized skills and management expertise in a purposeful way.

We are continuing the training offerings in our leadership and qualification program according to the Group's needs. To optimally support the development of future and current supervisory staff, different programs are in place for supervisors to gain qualifications. Supervisors at foreman level in particular are offered a number of technical training sessions as well as options for personal development.

To fulfill our employees' needs in an even more targeted way, we continued expanding our digital learning options. Moreover, we're further enhancing self-guided learning and the use of innovative learning methods in the Group. On the Learning Academy digital platform, employees in Hamburg and Lünen have found internal and external courses on specialized, personal, and management skills, as well as educational films and presentations for independent study and digital learning, since mid-2020. Since mid-2021, the training offers of the Learning Academy have been available across the Group as the Corporate Learning Academy.

In addition to qualification and development programs geared to necessary skills, for example in the areas of the Aurubis Operating System (AOS) Glossary, page 212 and in project management, we also rely on dialogue formats and learning platforms for networking and discussing best practices (e.g., expert panels and online learning groups). In our one- to two-hour micro-learning units, called "Learning Nuggets," participants learn and test new skills. In the short Aurubis Essentials seminars, colleagues educate one another about interdisciplinary topics, promoting a uniform, company-wide understanding of these issues. Many Aurubis Essentials and Learning Nuggets took place online during the coronavirus pandemic. The insights from using these digital learning formats are valuable for the ongoing development of our learning organization.

Aurubis is one of the large vocational training companies in the chemical industry in Germany. We are proud of our vocational training and retention rate, which makes an important contribution to securing a qualified workforce.

At the Hamburg and Lünen sites, we have had two new, modern vocational training centers since 2019 that have laid the foundation for increasing the number of apprenticeships. At these sites, we also provide cooperative apprenticeships with local companies whose collaborative apprentices complete basic training courses with us.

At our Bulgarian site in Pirdop, we are continuing our dual apprenticeship program with a local vocational school in Zlatitsa and in cooperation with two large neighboring mines and local subcontractors. The first dual students have been doing their practical training on site since 2020.

The Hamburg site has been participating in the internship model AV 10+ since 2007. This model supports young people from a range of occupational groups, helping them to gain the qualifications required to begin apprenticeships. Seven of the twelve participants were accepted as apprentices in 2020/21, while the remaining participants started external apprenticeships or have gone on to pursue higher education.

With digital learning supports and communication formats, Training and education | 2030 targets vocational training continued during the coronavirus pandemic and the planned increase in apprenticeships took place, taking the necessary precautions into account. Where it made sense, remote work was made possible for apprentices.

During the reporting year, a new apprenticeship marketing concept was developed and implemented, in which the online presence of vocational training was extended in Germany. Aurubis was also present at digital fairs and school events, cooperating with partner universities, offering internships to students in Germany, and facilitating thesis projects.

Key measures of the Sustainability Strategy 2018–2023 and their status in fiscal year 2020/21

» Securing current and forward-looking staff qualifications During the reporting year, the skills matrix was rolled out in all of the plants to systematically record qualification needs and to facilitate qualification planning for technical and specialized training accordingly. Moreover, the establishment of Groupwide project management standards continued, with the introduction of a learning path to provide project managers with the appropriate qualifications, and additional company employees were introduced to the project management standards by participating in this learning path.
» Group-wide introduction of the AOS pillar "Education and Training"

The AOS pillar is integrated into the AOS Operations area. At the Hamburg plant, employees were qualified as AOS experts in a modular training program this fiscal year as well. The planning for equivalent AOS expert qualifications at the other plants will be carried out as needed.

» Establishing Group-wide knowledge management to identify, preserve, transfer, and enhance knowledge across functions The knowledge transfer process is enshrined in Aurubis AG's succession arrangements as a knowledge management method. A review is currently taking place to determine whether there is a need for knowledge transfer Group-wide. Furthermore, an internal company social network was introduced across the Group. Through the establishment of digital communities of practice, knowledge is now transferred across Group, departmental, and geographical borders.

We provide high-quality training and invest in forwardlooking qualifications for employees.

» 100% fulfillment of the continuing education allotment in hours. The continuing education allotment is 18 hours per year for each employee

Key figures

Training and education

	2020/21	2019/20	2018/19
Apprenticeship rate in Germany	8.4%	7.7%	7.3%
Apprentice retention rate in Germany	71.6%	71.2%	78.4%
Average number of training hours per employee1, 2
Aurubis Group	13.9	12.0	15.2
Blue collar	13.7	10.2	13.6
White collar	14.2	15.2	18.3
Percentage of employees receiving training
Aurubis Group	61.2%	67.0%	75.5%
Blue collar	58.6%	66.0%	73.4%
White collar	65.5%	68.8%	79.4%

¹ Our KPI results Glossary, page 213 are lower compared to FY 2018/19 due to the global coronavirus pandemic.

² For FY 2019/20, the numbers were estimated for the Buffalo site. The Beerse (Belgium) and Berango (Spain) sites have been included for the entire FY since FY 2019/20.

HEALTH AND SAFETY

As a responsible company, it is a matter of course for Aurubis to take measures to maintain the health and performance of people on the plant premises and to protect them from accidents and illness.

Health and Safety (H&S) in the Group creates the overall conditions to prevent work-related accidents and illness on behalf of and in the interests of the production units. In the long term, we want to achieve our Vision Zero. This means that we want to

have zero work-related injuries or illnesses. Our goal for the medium term is to reduce the number of work-related accidents with at least one lost shift per one million hours worked (lost time injury frequency rate, LTIFR Glossary, page 213) to ≤1.0.

Group Health & Safety and Behavioral Management (G-OHS) manages H&S and establishes minimum occupational safety standards for the entire Group by issuing process instructions in addition to the Corporate Policy on Occupational Health and Safety. G-OHS is part of the corporate department Continuous Improvement | H&S, the head of which reports directly to the chief operating officer.

Occupational safety management at the sites is currently being developed further to conform to the requirements of ISO 45001 Glossary, page 213, an international standard for occupational safety management systems. Most of the sites are already certified in accordance with ISO 45001.

The site managers play a key role because they are responsible for complying with applicable laws and ordinances on health and safety, the relevant corporate policy, and the current process instructions. They therefore identify and evaluate health risks and help implement suitable measures to protect everyone in our area of responsibility, for example the company's own employees, temporary workers, and contractors. The sites are in contact with each other via a network facilitated by G-OHS, which meets in the context of Group Health & Safety Days or in cross-functional teams. Moreover, employee representatives are included in the topic of H&S: through the reporting line to the Executive Board, G-OHS reports to the general Works Council committee and the European Works Council during committee meetings.

The risk assessments extend to both current and future work processes in the company, including maintenance and repair procedures in addition to operations. The risk assessments cover hazards in normal operations, special work assignments, and abnormal incidents. Health hazards and individual requirements in the work area are systematically collected, evaluated, and documented.

The local departments systematically investigate accidents to determine their technical, organizational, and conduct-based causes. The causes determined from accident investigations and the measures derived from them are communicated throughout the Group. Accidents and other relevant incidents are part of the monthly reporting to the entire Executive Board. Every accident with lost time is directly reported to G-OHS and the chief operating officer, including those involving temporary workers and contractors. Because of our preventive measures, the accidents typical of the smelting industry such as those involving molten metals, hazardous substances, and heavy loads are rare. Comparable to other industries, the main causes of injuries are stumbling, slipping, and falling.

In addition to technical and organizational precautions, the occupational safety conduct of every individual is essential. To raise further awareness for personal safety conduct, the Groupwide H&S campaign 10 Golden Rules (10forZero) was continued. The campaign calls for and promotes targeted dialogue between supervisors and employees. In addition, several of the sites have a program for Behavior-Based Safety (BBS) Key measures of the Sustainability Strategy 2018–2023, pages 55–56. Legal compliance audits to ensure conformity with the law are carried out at the sites annually. Furthermore, the Health and Safety pillar was integrated into the AOS Glossary, page 212 and Key measures of the Sustainability Strategy 2018–2023, pages 55–56. On behalf of the production units, this will support the structuring, standardization, and implementation of Group-wide occupational safety processes with the tools of continuous improvement – a measure that contributes to our Vision Zero.

People in our area of responsibility, such as employees, temporary workers, and contractors, are informed about risks in the workplace and are instructed about necessary preventive and protective measures, enhancing their awareness. Current H&S topics are discussed in safety talks.

Internal company doctors are available at the Hamburg and Pirdop sites. At all of the other sites, freelance occupational physicians are commissioned with carrying out obligatory and optional checkups. Health exams and routine occupational checkups are provided to the employees.

The additional offerings of the plant medical offices extend from flu vaccinations and medical checkups to addiction prevention, as well as supporting measures for the heart and circulatory system. There are a number of activities for health promotion, which a task force is currently transferring to a systematic, integrated concept for company health management for the Hamburg headquarters. The Hamburg, Pirdop, Olen, Beerse, and Berango sites executed different initiatives on the issues of healthy management and mental well-being to strengthen and maintain employee health.

Our occupational safety approach applies to our temporary workers and contractors as well. The H&S policies and process instructions apply to all individuals working at the site. Each person who enters our sites is registered. Temporary workers and contractors are instructed about risks, protective measures, rules of conduct, and conduct in case of emergency at the specific site before they start working. In addition, we offer them the option of taking part in biomonitoring. As required, we provide them with our industry-specific personal protective equipment (PPE). Accidents involving temporary workers and contractors are recorded and evaluated and are subject to reporting. We use this to derive Group-wide, site-specific targets relevant to contractors and temporary workers.

Since the start of the coronavirus pandemic, there has been a Group task force including the largest sites that meets online with the entire Executive Board depending on the current situation. In this way, specific plans and measures can be quickly established to protect employees' health while keeping operations up and running. The measures have been steadily adjusted to the ongoing circumstances of the pandemic and include testing and vaccination offers in in-house vaccination centers or at external organizations in cooperation with other companies.

As a company that processes lead, we regularly analyze the lead levels in the relevant employees' blood and, as a member of the ILA (International Lead Association), we have already taken part in voluntary commitments to limit blood lead levels in the past. In 2021, the new Technical Rules for Hazardous Substances "Lead" (TRGS 505) went into effect in Germany, establishing a new limit value for lead in the blood. To fulfill the new regulations, the existing risk assessments are being updated and, where necessary, technical, organizational, and/or personal protective measures are being derived and implemented.

Key measures of the Sustainability Strategy 2018–2023 and their status in fiscal year 2020/21

» Developing the Group-wide occupational health and safety management system

The introduction of occupational safety management systems pursuant to ISO 45001 wasn't concluded at all production sites and slitting centers in fiscal year 2020/21. The Stolberg site had to interrupt its activities due to flooding impacts. At the FRP sites Buffalo, Zutphen, and Birmingham, priorities were rearranged due to the effects of the coronavirus pandemic and the ongoing negotiations regarding the partial sale of the FRP sites. Certification is planned for Buffalo by the end of fiscal year 2021/22. Certification at the Zutphen and Birmingham sites is no longer being pursued due to the pending sale Certifications by site, page 62.

Legal compliance audits to ensure conformity with the law have been carried out at all sites at least once so far. The outstanding audits for fiscal year 2020/21 will follow until the end of March 2022. The plan is to repeat them annually. The Health & Safety pillar was integrated in the AOS. The execution of the first two of seven steps concluded at the Lünen and Olen sites in the reporting year. The Hamburg, Emmerich, Avellino, and Pirdop sites will follow by the end of 2021. The rollout in Beerse and Berango will start in fiscal year 2021/22.

» Implementing programs to promote occupational safety conduct The Group-wide 10 Golden Rules for Health and Safety were further reinforced at nearly all of the sites within the context of a supporting communication campaign. The Beerse and Berango sites will finish introducing them in late 2021. To repeat and reinforce the 10 Golden Rules, another campaign started in June 2021.

The Behavior-Based Safety (BBS) programs and measures at the Hamburg, Lünen, Avellino, Emmerich, Pori, and Stolberg sites continued, keeping contact to a minimum as required. The plan is to continue expanding BBS in the Group.

Health and safety | 2030 targets

We prevent work-related accidents, injuries, and illnesses. » Vision Zero: LTIFR 0

Key figures

Occupational health and safety KPIs

	2020/21	2019/20	2018/19
Absolute number of accidents1	54	51	61
LTIFR2	5.0	5.4	6.0
Number of work-related fatalities	0	0	0
Number of work-related fatalities of third parties at our sites	0	0	0

¹ Absolute number of accidents including the Beerse (Belgium) and Berango (Spain) sites starting June 1, 2020. Excluding Cablo Metall-Recycling und Handel GmbH, Fehrbellin, starting June 1, 2021 (which, since June 1, 2021, has belonged to the joint venture Cablo GmbH together with the recycling company TSR Recycling GmbH & Co. KG; Aurubis holds a 40% stake in Cablo GmbH).

² LTIFR: Beerse (Belgium) and Berango (Spain) sites included for the entire FY starting FY 2019/20 so that KPIs can be compared.

Environmental matters

ENERGY AND CLIMATE

As an energy-intensive company, we assume responsibility for climate protection. The individual production steps in our value chain need a great deal of energy, which requires an efficient approach. The use of energy is the main source of direct and indirect CO2 emissions (Scope 1 and 2) in the Group. Taking the entire value chain into consideration, over half of the CO2 emissions are upstream and downstream, i.e., they originate from our suppliers, customers, and service providers (Scope 3 emissions). Most of the Scope 3 emissions originate from the activities of the mining companies from which we source copper concentrates Glossary, page 212.

At the same time, however, the products we manufacture contribute to reducing CO2 emissions in society because they play an important role in renewable energies, applications that boost energy efficiency, and electric vehicles. Electric cars contain nearly four times more copper than vehicles with conventional combustion engines, and building and connecting an offshore wind turbine to the energy grid requires up to 30 t of copper.

Our Group-wide Corporate Energy & Climate Policy outlines how Aurubis secures and optimizes the energy supply, energy consumption, and CO2 avoidance. In this context, the policy also defines the roles and responsibilities of the sites and corporate departments. The management of Corporate Energy & Climate Affairs develops and implements the Group-wide energy strategy and reports directly to the Executive Board chairman. The corporate department also coordinates the development of the energy management and monitoring systems across the Group.

Identifying climate-related opportunities and risks and deriving related measures are two issues that link our risk management and our energy and environmental strategies under the Sustainability Strategy. When doing this, we consider (pending) legal requirements, technological developments, and compliancerelated, reputational, and physical risks. More information is available in the Risk and Opportunity Report of the Annual Report 2020/21 under "Energy and climate," as well as in our publicly available CDP report1 at www.aurubis.com/en/sustainabilityreporting, which received an A- in the climate change program for 2020.

Energy management systems (EMS) contribute to efficiently steering energy consumption and identifying energy savings potential. Our largest production sites have an EMS Certifications by site, page 62.

In June 2021, the Science Based Targets initiative (SBTi) Glossary, page 214 validated Aurubis AG's CO2 reduction targets, thus confirming that our targets contribute to limiting global warming to 1.5°C pursuant to the Paris Agreement. We have set out to reduce the absolute Scope 1 and Scope 2 emissions, meaning CO2 emissions generated by burning fuels in internal facilities and those related to purchased energy, by 50% until 2030 compared to the base year 2018. We want to reduce Scope 3 emissions, which arise in the upstream and downstream stages of the value chain, by 24% per ton of copper cathodes Glossary, page 212 during the same period as well.

In late 2019, Aurubis joined the initiative Business Ambition for 1.5°C from the UN Global Compact, which requires the Group to develop science-based CO2 reduction targets (Science Based Targets Glossary, page 214). Our involvement in the Stiftung 2° foundation, for which Aurubis has been a sponsor since 2021, underlines our commitment to climate protection.

A detailed roadmap is being further implemented to help us achieve our climate goals. Regarding Scope 1 and Scope 2 emissions, it includes technical measures such as decarbonizing plant facilities by using green hydrogen Glossary, page 213 instead

1 CDP gathers and evaluates data and information about companies' CO2 emissions, climate risks, and reduction targets and strategies, assessing their responsibility in the supply chain in the process. We voluntarily report our CO2 emissions annually as part of the CDP climate change program.

of fossil fuels, electrifying our production, utilizing industrial waste heat from our production process, and expanding the purchase of green electricity. Approaches for Scope 3 emissions include cooperation in the supply chain and increased recycling activities, for example. We aspire to make our production carbonneutral well before 2050.

Because many energy efficiency measures have already been implemented in the past, additional optimizations are more challenging. Moreover, because there are limits to reducing energy consumption and emissions, the improvements being achieved today within the plant boundaries are only marginal compared to previous years. This is despite the same or higher levels of investment, which were already high to begin with. For example, complex recycling raw materials with relatively low metal contents and complex copper concentrates require a higher specific energy input to be processed. As a result, we focus not only on further increasing efficiency but also on solutions that save energy and thus prevent CO2 outside of our plant – such as the Industrial Heat project in Hamburg www.aurubis.com/en/ industrialheat, whose expansion is scheduled to start in 2022.

Furthermore, we are considering measures to replace fossil fuels with alternatives, for example by commissioning the 10 MW power-to-steam plant, an electrode boiler. Assuming that 100 % of the power supply comes from renewable energies, this plant alone could cut up to 4,000 t of CO2 annually. When making investment decisions, the influence on the reduction of greenhouse gas emissions is taken into consideration and evaluated as well.

Green hydrogen Glossary, page 212 is considered a key technology for decarbonizing industry. Aurubis sees the greatest potential for using hydrogen efficiently and cost-effectively in the anode furnaces. In May 2021, a test series started in Hamburg whose technical results will lay the foundation for future hydrogen activities. In the process step involving the anode furnaces, hydrogen is used as a reducing agent in place of natural gas. In the process, oxygen in the anode copper is removed with

hydrogen, forming just water and no CO2, which is the case when using natural gas as a reducing agent. The savings potential for the Hamburg smelter alone amounts to 6,200 t of CO2 annually. The pilot project was awarded first prize in the 2021 Responsible Care competition held by the German Chemical Industry Association (VCI) at national and state level.

The use of renewable energies on a large scale is a challenge for us since generating them is associated with energy supply fluctuations. However, our production processes require a constant energy supply. We are therefore working on measures to make our energy uptake more flexible so that we can react to fluctuating energy availability and thus use more renewable energies. One example is the world's largest arc plasma furnace, commissioned in Beerse (Belgium) in 2017. In the furnace's reactor, metals are evaporated from the slags of plant processes. A usable synthetic mineral and metals are formed. In contrast to other furnaces in the industry, this furnace is electrically operated, which makes the use of renewable energies possible.

We also cover a portion of our energy needs with electricity we generate internally using excess heat from our processes. We installed steam turbines for this purpose in Hamburg, Lünen (both in Germany), and Pirdop (Bulgaria). The calculated savings potential is 30,000 t of CO2 per year. The savings during the reporting period were lower, mainly due to temporary outages or maintenance measures related to the steam turbines and their surrounding areas. On top of that, we use waste heat from the production processes to secure the heat and process steam supply at the Pirdop, Lünen, and Hamburg sites, where demand is already covered by waste heat for the most part.

At the Aurubis site in Pirdop (Bulgaria), the internal 10 MW solar plant Aurubis-1 was constructed and started trial operation at the end of fiscal year 2020/21. It is currently the largest solar plant for internal electricity production for a company in the country, comprising over 20,000 solar panels on a remediated and recultivated landfill of 100,000 m². The site's goal is to cover 20% of its energy needs from renewable sources by 2030.

The Hamburg site would like to support the mobility shift in Germany and make the use of electric vehicles easier for its employees. For this purpose, in cooperation with Hamburg Energie, construction work kicked off for one of the largest continuous charging parks for electric vehicles in northern Germany in 2021. The plan is for a total of 150 charging points, each with 22 kW of power from green electricity, to go into operation in two plant parking lots by the end of 2021.

Key measures of the Sustainability Strategy 2018–2023 and their status in fiscal year 2020/21

» Investigating processes and electricity consumption in relation to the German government's Climate Action Plan 2050 and analyzing the requirements for new investments (since fiscal year 2018/19)

We have committed to the Science Based Targets initiative (SBTi) Glossary, page 214 and, in fiscal year 2020/21, set a science-based climate target to reduce our CO2 emissions.

» Implementing projects to enhance energy efficiency and reduce emissions, with a total project-related reduction of 100,000 t of CO2 (target year 2022/23) As at this fiscal year-end, we had saved 102,486 t of CO2,

thus reaching the target ahead of schedule. » Introducing the ISO 50001 standard for energy management

Glossary, page 213 at all sites A little over half of the production sites are certified in

accordance with ISO 50001 Certifications by site, page 62. The production sites that still aren't certified have started with the implementation of an EMS or its integration

in existing environmental and/or quality management systems. Certification should be completed by the end of fiscal year 2021/22.

» Increasing flexibility in electricity sourcing (target of 10% by fiscal year 2022/23)

Flexible electricity output amounted to 19.2 % in the reporting period.

Energy and climate | 2030 targets

We will be carbon-neutral well before 2050.

» -50%absolute Scope 1 and Scope 2 emissions (base year 2018)
» -24%Scope 3 emissions per ton of copper cathodes (base year 2018)

Key figures

Energy consumption

in million MWh	20201	2019	2018
Primary energy consumption2	1.72	1.69	1.75
Secondary energy consumption3	2.00	1.78	1.894
Total energy consumption within the organization	3.72	3.47	3.644

1 The Beerse (Belgium) and Berango (Spain) sites have been included for the entire calendar year since 2020, which explains the increase in energy consumption.

² Including energy consumption for on-site vehicle traffic.

³ Including electricity for oxygen generation.

⁴ Figures corrected compared to the previous year.

CO2 emissions ¹

in thousand t CO2	20202	2019	2018
Scope 1 (emissions produced as a direct result of burning fuels in internal facilities)	540	503	522
Scope 2 (emissions related to purchased energy, e.g., electricity)2	1,023	941	936
Total (Scope 1 + 2)	1,563	1,444	1,459
Scope 33 (other indirect emissions)	2,541	1,917	2,081

¹ Aurubis reports its CO2 emissions using the methods of the "EU Emissions Trading System (EU ETS): The Monitoring and Reporting Regulation (MRR) – General Guidance for Installations" and "The Greenhouse Gas Protocol: A Corporate Accounting and Reporting Standard (Revised Edition)." Emissions from diesel vehicles in accordance with the emissions trading system are not included. However, they make up a very small percentage compared to other sources. Scope 2 emissions are reported here according to the market-based method Glossary, page 213. For the CDP, we report Scope 2 emissions according to both the market-based and the location-based methods Glossary, page 213.

2 The Beerse (Belgium) and Berango (Spain) sites have been included for the entire calendar year since 2020, which explains the increase in emissions.

³ Some Scope 3 emissions have been extrapolated. The increase is due to the new sites, Beerse (Belgium) and Berango (Spain), as well as an adjustment to the methodology used. Scope 3 emissions were externally audited for the first time in 2019.

ENVIRONMENTAL PROTECTION

Our goal is to minimize the environmental impact of our business activities. This includes maintaining air, water, and soil quality and biodiversity in our plants and the surrounding areas, as well as handling waste and hazardous substances responsibly. These environmental aspects are observed and managed with a holistic perspective in our environmental management system. The upstream and downstream risks of our business activities on the environment are analyzed in our Business Partner Screening Responsible supply chain, page 68.

The head of Corporate Environmental Protection reports to the chief operating officer (COO) and, together with the COO, is responsible for the strategic positioning of environmental protection. Environmental officers oversee the environmental protection duties at the individual production sites. The principles of our Corporate Environmental Protection Guidelines provide a framework for safeguarding our uniform, Group-wide environmental standards. They are enshrined in the Corporate Policy on Environmental Protection www.aurubis.com/en/ environmentalstatement. We have set Group-wide targets in environmental protection. The production sites implement local measures to achieve the targets. Environmental performance is monitored and controlled using key environmental parameters, which are regularly recorded at the production sites and verified by external inspectors.

The main standards for our production processes are outlined in the permits issued by the governmental authorities. The baseline includes European regulations on immissions, emissions, water, waste, and disruptions, as well as their implementation in national law, plus the European chemical regulation REACH Glossary, page 214.

In addition to fulfilling legal requirements, we monitor and improve our environmental performance by means of the management systems pursuant to ISO 14001/EMAS Glossary, pages 212-213 and Certifications by site, page 62. They assist us in recognizing potential improvements and, in the case of deviations from specified targets, in initiating corrective actions. We therefore fulfill the principle of continuous improvement laid out in our environmental guidelines.

Extensive environmental risk assessments are conducted by an external auditor at every production site annually. In the context of Aurubis' risk management, the environmental risks for all Group sites are regularly analyzed and assessed. Measures are developed and stipulated to counter possible risks. In 2021, these risk analyses were expanded to include the areas of biodiversity, nature conservation, and water availability. Opportunities were systematically analyzed as well.

We continuously inform our employees about environmental and energy-related topics and train them according to the site-specific environmental issues. Moreover, emergency drills are carried out regularly, which we document and evaluate. At the individual sites, we have emergency, alarm, and hazard prevention plans in place to prevent environmental impacts and to protect our employees and the surrounding population. This facilitated prompt evacuation at the Stolberg plant, which was impacted by flooding in July 2021, and no employees were injured.

A milestone for environmentally friendly primary copper production Glossary, page 212 at the Hamburg plant was our RDE project (Reducing Diffuse Emissions), which was commissioned in October 2021 – one of our biggest environmental protection projects since the 1980s. Aurubis invested about € 85 million in the project for measures to continue reducing emissions in the primary smelter. These measures include optimized source extraction, a newly installed procedure for processing intermediates, and the use of state-of-the-art suctioning and filter technology to trap residual dust emissions.

When it comes to processing recycling materials and other raw materials, waste management is one of the central pillars of industrial environmental protection. In this respect, processed raw materials and intermediate products should be brought into the economic cycle as completely as possible, and unavoidable waste recycled or properly disposed of. A special feature of our business model is the fact that process residues are used internally in metallurgical processes to the greatest extent possible and thus directly recycled Recycling solutions, page 63.

The New York State Department of Environmental Conservation (NYSDEC) identified deficiencies in environmental protection measures at the Aurubis site in Buffalo (US) and initiated legal proceedings in 2018. The deficiencies were related to the handling of hazardous substances and wastewater treatment. To correct these issues, the site developed and implemented an action plan with about 20 individual measures. Overall, more than US\$ 1 million was invested in technical modernizations at the site. Furthermore, the number of employees in the environmental division was increased and the organizational structures were adjusted. Close monitoring was also established with the help of external consultants. This should contribute to additionally minimizing risks. The introduction of an environmental management system in accordance with ISO 14001 is scheduled, with implementation planned by the end of 2022. In March 2021, Aurubis Buffalo agreed to a settlement with the NYSDEC. This includes paying a fine of about US\$ 240,000 and undertaking additional improvements on the plant.

Within the context of our stakeholder dialogue, Aurubis is also involved in publicly funded projects. For example, since 2013, we have participated in the EU projects Organisation Environmental Footprint and Product Environmental Footprint for copper cathodes, projects that seek to achieve an environmental balance in organizations and products. In 2018, the two pilot projects we participated in were successfully concluded after the results were accepted by the official supervisory bodies. We are also actively involved in the further development of the Environmental Footprint. Furthermore, we carried out a life cycle analysis Glossary, page 213 for copper cathodes. The results show that the footprint of the Aurubis cathodes in the environmental aspects considered, for example global warming and acidification, is in some cases substantially smaller than the worldwide industry average (i.e., in relation to the members of the International Copper Association, ICA, with data for reference year 2013). We updated this life cycle analysis for Aurubis with data from 2019 and determined that the footprint of Aurubis copper cathodes continued to decrease significantly. The improvements were based on the increased input of recycling material Glossary, page 214, reduced emissions, higher energy efficiency, and a rise in the use of renewable energies in production, to name a few

examples. The ICA is also currently working on an update of its results, and Aurubis is once again providing active support. A life cycle assessment for our wire rod products, the step in the value chain that follows the copper cathode, is currently underway.

Key measures of the Sustainability Strategy 2018–2023 and their status in fiscal year 2020/21

» Introducing the ISO 14001 standard for environmental management at all production sites

The existing certifications were confirmed during the reporting period through surveillance audits or recertification Certifications by site, page 62. Gap analyses have been carried out at Peute Baustoff in Hamburg, RETORTE in Röthenbach, and Buffalo in the US.

» Reducing specific metal emissions to water by 50% until 2022 compared to 2012

In 2020, metal emissions to water in copper production processes were reduced to 0.8 g/t of copper output, a decline of 63% (figures including the sites in Beerse, Belgium, and Berango, Spain). We therefore achieved our target in 2020. We want to maintain the low level in the future and continue improving through technical measures.

At the site in Pirdop, Bulgaria, a new sand filter was commissioned in the existing treatment facility for industrial wastewater in 2020. This reduces the discharge of undissolved substances into bodies of water.

» Reducing specific dust emissions by 15% until 2022 compared to 2012

In 2020, dust emissions to air in copper production processes were reduced to 56.7 g/t of copper output, a decline of 19% (figures including the sites in Beerse, Belgium, and Berango, Spain). We therefore achieved our goal in 2020 already. We want to maintain the low level in the future while continuing to improve with technical measures.

To reduce sulfur dioxide emissions and fugitive emissions from the smelting process, a new facility for cooling converter slag Glossary, page 212 was built at the site in Pirdop, Bulgaria, and went into regular operation in early 2020. This project will be expanded in the coming years to optimize cooling of the slags from the flash smelting furnace as well.

The aforementioned RDE project at the Hamburg site should contribute to further reducing emissions in the primary smelter. The facility was commissioned in October 2021.

» Reducing specific SO₂ emissions to air with site-specific projects and individual measures

SO₂ emissions per ton of copper output in copper production (Hamburg, Germany, and Pirdop, Bulgaria, sites) were reduced by 4% in 2020 compared to 2012 (target: 15%).

The facility in Pirdop for cooling converter slag also contributes to reducing SO₂ emissions. This project will be expanded in the coming years to optimize cooling of the slags from the flash smelting furnace as well.

Environmental protection | 2030 targets

We produce with the smallest environmental footprint in our sector.

» -25% specific metal emissions to water in g/t of multimetal copper equivalent (base year 2018)
» -15% specific dust emissions in g/t of multimetal copper equivalent (base year 2018)

Key figures

Specific emissions from copper production

in g/t copper output	20201	2019	2018
Dust emissions	57	60	63
Metal emissions to water2	0.8	1.0	1.1

¹ The new sites, Beerse (Belgium) and Berango (Spain), are included starting in calendar year 2020.

² In this table, we refer to the copper production sites that discharge directly into water. In Lünen (Germany) and Berango (Spain), wastewater is directed to the public sewer system after being treated on the plant premises and therefore isn't included.

Certifications by site

Site	EMAS	ISO 14001	ISO 50001	ISO 9001	IATF 16949	EfbV	ISO 45001
Production sites
Hamburg, headquarters (DE)	√	√	√	√			√
Lünen (DE) 1	√	√	√	√		√	√
Olen (BE)		√	√	√			√
Pirdop (BG)		√		√			√
Avellino (IT)	√	√		√			√
Beerse, Metallo (BE)		√	√2	√
Berango, Metallo (ES)		√		√			√
Buffalo (US)				√	√
Emmerich, Deutsche Giessdraht (DE)		√	√	√			√
Fehrbellin, Cablo GmbH (DE)3		√	√	√		√
Hamburg, E.R.N. (DE)		√	√	√		√	√
Hamburg, Peute Baustoff (DE)				√4			√
Pori (FI)		√	√	√			√
Röthenbach, RETORTE (DE)				√			√
Stolberg (DE)			√	√	√
Stolberg, Schwermetall Halbzeugwerk (DE) 5	√	√	√	√			√
Zutphen (NL)		√		√	√
Slitting centers
Dolný Kubín (SK)		√		√			√
Mortara (IT)				√			√
Smethwick/Birmingham (UK)				√

¹ The plant is also certified through WEEELABEX in accordance with the European series of standards EN 50625. The certificate confirms that waste electrical and electronic devices are efficiently treated and disposed of while minimizing environmental impact.

2 Since October 29, 2021. 3

Not majority-owned by Aurubis (40% stake). 4

For the sale of iron silicate granules used to produce blasting abrasives

5 Not majority-owned by Aurubis (50% stake).

Explanation:

EMAS: system of specifications for environmental management systems and environmental audits

ISO 14001: standard for environmental management systems

ISO 50001: standard for energy management systems

ISO 9001: standard for quality management systems

IATF 16949: standard for quality management systems in the automotive industry, based on ISO 9001

EfbV: Ordinance on Specialized Waste Management Companies (German certificate)

ISO 45001: standard for occupational safety management systems

RECYCLING SOLUTIONS

Aurubis is a world leader in recycling copper, precious metals, and other non-ferrous metals in an efficient, environmentally sound manner. With our multimetal recycling, we actively take part in the modern circular economy, promote the efficient and environmentally friendly use of valuable resources, and contribute to raw material security. The proportion of recycled copper in our copper cathodes was 45% on average across the Group (fiscal year 2020/21).

In addition to the processing of copper concentrates, the recycling of copper scrap and complex recycling raw materials such as circuit boards is a key business area at Aurubis. Nonferrous metals like copper can be recycled as often as desired without a loss of quality. Furthermore, complex recycling raw materials contain not only copper, but a number of other accompanying elements that can be recovered, such as gold, silver, nickel, tin, lead, and zinc. Thanks to our integrated smelter network, we are able to process a broad range of materials – from industrial waste that accumulates directly from our production or our customers' operations to complex materials from end-of-life products. From these materials, we produce metals that can be directly used in new products.

We consider industrial residues, slimes, and shredder materials, but also recycling materials and waste containing copper, precious metals, and lead, to be complex recycling raw materials. On the other hand, we consider end-of-life materials from electronic devices, vehicles, and other everyday items to be complex recycling raw materials. These consist of increasingly complex material combinations that include plastics, ceramic, or glass. Separating them into material and product streams by type in order to reuse them is a significant challenge for the entire recycling sector. For this purpose, we utilize highly developed mechanical and metallurgical separating and refining processes in different combinations as part of our multimetal expertise, work on new technologies for optimal metal recovery, and invest in state-of-the-art equipment.

The Commercial division is tasked with sourcing recycling materials for the individual plants, among other duties. This is divided into departments such as Recycling Raw Materials (which handles the supply of recycling raw materials for the smelters) and Metal Management (which supplies the production facilities with cathodes and "direct melt" raw materials) with the function Customer Scrap Solutions (which supplies the smelters and production facilities with production waste from our copper product customers). This organization aligns with our recycling approach: we use secondary materials from production and from end-of-life products as raw materials and view this as a closed loop.

In customer relationships and product marketing, the return of the metals is taken into consideration as well. For example, the production units provide individualized solutions for taking back recycling materials that accumulate in the processing of copper products and other metals in the different value-added stages that take place with product customers and their customers. This opens up options for customers to sell production residues or copper scrap to Aurubis and to receive refined copper in return, for instance. Thanks to our integrated smelter network, we find solutions, even for metallurgical challenges, and are thus able to serve customers from a variety of sectors. As part of "closing the loop" Glossary, page 212 activities, partnerships are built up through which we not only sell our products, but also take back recycling raw materials that customers accumulate, in addition to other service offerings. The raw material cycle comes full circle.

Aurubis processes recycling materials at different sites. The managers of these sites report to the chief operating officer. Our sites in Lünen (Germany), Olen and Beerse (both in Belgium), and Berango (Spain) specialize in processing recycling raw materials, which are nearly the only feedstock at our largest recycling plant, the recycling site in Lünen. The plant is certified as a specialized waste management company in accordance with the German EfbV ordinance and through WEEELABEX in accordance with the European series of standards EN 50625. The latter

certificate confirms that waste electrical and electronic devices are efficiently treated and disposed of while minimizing environmental impact and emissions of harmful substances at the same time. The Beerse and Berango sites process complex recycling materials to recover not only copper, but also tin, lead, and metal intermediates such as nickel sulfate solution and zinc oxide.

Our subsidiary E.R.N. specializes in recycling electrical and electronic devices of all kinds. Aurubis also holds a 40% stake in the cable dismantling specialist Cablo GmbH – a joint venture with the recycling company TSR Recycling GmbH & Co. KG that the former Aurubis subisidiary CABLO joined. The goal of the joint venture is to efficiently recover copper granules and plastics, reinforcing the circular economy.

The Hamburg and Pirdop sites also process recycling raw materials. Though the primary smelters utilize copper concentrates as their main feed material, they also use copper scrap to a certain extent because it's useful for process cooling and therefore enables particularly energy-efficient processing.

With the € 27 million investment in the construction of a new recycling facility at the Beerse (Belgium) site, announced in July 2021, Aurubis intends to recover metals such as gold, silver, and tin even more quickly, efficiently, and with a higher yield. This is made possible by a newly developed hydrometallurgical process that enhances the valorization of metals. The facility, referred to as ASPA (Advanced Sludge Processing by Aurubis), will process anode sludge, an intermediate product of the copper tankhouse Glossary, page 214, from the recycling sites in Beerse and Lünen. The project highlights the synergies with the Beerse site acquired in 2020 while also strengthening it. The construction of the facility is scheduled to start in the second quarter of 2022, with commissioning in early 2024.

Our Research & Development division is investigating various ways to recover lithium, nickel, manganese, and cobalt from lithium-ion batteries that are used in electric vehicles. Over the past two years, Aurubis has been working on developing a new hydrometallurgical process to process black mass – the cathode and anode material put on foil in lithium-ion batteries – that will allow the metals to be recovered and returned to battery production. The plan is to recover the graphite contained in black mass as well. Preparations are currently being made to test the process on a pilot scale: at the Hamburg site, aspects such as the recovery of the metals, the influence of impurities, and cost efficiency will be investigated in an initial pilot plant.

In November 2021, Aurubis announced that it would build the first secondary smelter specializing in multimetal recycling in the US. Aurubis thus intends to expand its activities in recycling metal-bearing materials internationally. In the future secondary smelter, circuit boards, copper cable, and other recycling materials containing metals will be processed into blister copper Glossary, page 212. Aurubis plans to further process the intermediate products into various industrial and precious metals at its European smelter sites to a great extent, as well as sell them on the US market. Construction is scheduled to start in summer 2022, with commissioning of the plant in the first half of 2024.

Key measures of the Sustainability Strategy 2018–2023 and their status in fiscal year 2020/21

» Establishing and developing "closing the loop" systems as a result of new or intensified cooperation with original equipment manufacturers (OEMs), retailers, or copper product customers Over the past several years, over 50 "closing the loop" arrangements have been established in which customers also became suppliers of secondary materials.

» Analysis of market conditions and future opportunities of sustainable products

A regular dialogue takes place on the issue of product sustainability with key customers, their own customers, and other market actors along the value chain, all the way to end consumers of intermediate products such as wire rod, shapes, or bars and profiles. A survey in fiscal year 2019/20 provided insights into participants' views on sustainability, procurement practices, and requirements for a sustainable product portfolio. The results indicated that customers are particularly interested in the carbon footprint and the percentage of recycling material in the products. In addition, it was clear that customers are not only interested in sustainable products, but also expect a company to conduct itself responsibly overall, including along the value chain. The result of the analyses was the development of the "Tomorrow Metals by Aurubis" label, which was presented to the industry during the London Metal Exchange Week Glossary, page 213 in October 2021. The label combines the Group's measures to continue enhancing sustainability performance, particularly the environmental footprint, for metal customers.

Recycling solutions | 2030 targets

We offer comprehensive value chain solutions for the circular economy.

» 50% recycled content in copper cathodes

Social matters

DATA PROTECTION AND IT SECURITY

In light of the increasing use of digital technologies in business, protecting personal data and IT systems has high priority at Aurubis.

From a fundamental perspective, data from employees, business partners, and other individuals is to be gathered, processed, and utilized for purposes related to business or labor law only to the extent legally permitted.

The Executive Board and the managing directors of the Group companies are responsible for the data processing that takes place in their area of responsibility and appoint a data protection officer or a data protection coordinator pursuant to the national regulations. The latter coordinates the data protection law activities of the respective Group company and supports the respective company management in implementing the data protection law measures. IT Operations, which reports to the CFO through the head of IT Services, is the division responsible for IT security.

Our Corporate Data Protection Policy establishes responsibilities and processes in the Group and consolidates the regulations under data protection law into a uniform regulatory framework. We overhauled our data protection management in 2018 and are in the process of harmonizing it across the Group.

The Aurubis policy "IT Security Fundamentals – General Guidelines for Using Information Systems" comprises responsibilities and regulations that relate to the use of information systems, passwords, the e-mail system, the internet, and mobile devices. Furthermore, we regularly carry out risk analyses and safety checks. In the case of unauthorized data leaks or third-party access, established reaction plans go into effect. In June 2021, for instance, a phishing test was executed whose results will be included in employee training related to IT security. Based on these insights, we want to continue developing our concepts to raise awareness of the topics of data protection and IT security within the company. As a result, the newly created position of IT security officer was filled on November 1, 2021, which includes the primary task of further developing a management system for information security in the interests of the individual company entities.

WORK IN ASSOCIATIONS AND POLITICAL LOBBYING

The appropriate and transparent representation of Aurubis' interests toward political and social institutions is an important part of responsible corporate governance. We consider ourselves a reliable, fact-based, transparent discussion partner to governments, political parties, elected representatives, and non-governmental organizations.

Corporate External Affairs serves as the central interface for political and regulatory issues in the Aurubis Group, coordinates political measures at corporate level, and represents the company to policymakers. The head of Corporate External Affairs reports directly to the Executive Board chairman. The relevant experts in our specialized departments and production sites support the work in specific areas. The political work is based on the Corporate External Affairs Policy, which defines the responsibilities, duties, and processes in this area. The corporate policy is supplemented by the Corporate Policy on the Management of Associations.

In addition to independent lobbying, Aurubis is an active member of economic, industry, and specialist associations at national and international level. Our goal is to constructively and critically oversee political initiatives together with the other association members and to actively represent our positions in a back-andforth dialogue with other stakeholders from the worlds of business, science, and civil society.

Our employees in the Group representative offices in Brussels (Belgium) and Berlin (Germany) serve as contacts for actors in the European Commission, the European Parliament, the German Bundestag, the German federal ministries, and German federal state offices. Moreover, Aurubis maintains a continuous dialogue with local officeholders and interest groups near our sites. It's crucial to us to convey what political conditions are required for Aurubis to grow sustainably and responsibly. We make our political communication transparent and open. Aurubis doesn't donate to any political parties or candidates.

One result of our transparent approach in political lobbying is our contributions to public consultations, which are accessible on the European Commission's website. Furthermore, our positions on individual topics are outlined in the factsheets available at www.aurubis.com/en/ or in associations' position papers that are available online, for example.

Aurubis is included in the European Union's Transparency Register, which publishes expenditures for lobbying at European level https://ec.europa.eu/transparencyregister/public/consultation/ displaylobbyist.do?id=11160169347-78&locale=en#en.

At the national level in Germany, Aurubis advocated for the introduction of a lobbying transparency register several years ago, together with the German Chemical Industry Association (VCI), and welcomed its launch.

SOCIAL ENGAGEMENT1

Social engagement is a fixed component of our company identity. We want to promote enthusiasm for our company and for our work and be a responsible, committed company. We have set the target of contributing to a livable world for current and future generations, focusing on areas of action that are linked with Aurubis' key areas of expertise.

With our social engagement strategy "together we care," we are concentrating our involvement on the areas of knowledge, the environment, and participation.

Projects and partners are selected according to established criteria outlined in our policy on social engagement, which also defines responsibilities in the Group. The Event Management & Social Engagement division is responsible for our social engagement and reports to the head of Investor Relations, Corporate Communications & Sustainability. Due to this department's direct reporting line to the Executive Board chairman, the chairman is included in our social activities and related budget decisions. A committee made up of appointed members from Event Management & Social Engagement, Communications, Sustainability, and Corporate Compliance makes decisions about project support that exceeds a certain level set internally.

Apart from projects sponsored at Group level, our sites also get involved at the local level using their own budgets. These projects also fall under our policy, which stipulates that projects can be supported if they concentrate on the three Group-wide focuses, as well as culture, sports, or our core business.

The ongoing coronavirus pandemic posed significant challenges for our project partners. One of our particular concerns was providing quick, pragmatic, and customized emergency assistance to support our existing projects because we want to be a good partner even in times of crisis.

Project examples in the reporting period

We bundle our social engagement under the slogan "together we care" – on a national level in Germany, but also internationally in the areas surrounding our sites as well as in our supplier countries. The following examples provide an impression of our sponsoring projects.

Within Germany, Aurubis is a partner in the "Haus der kleinen Forscher" (Little Scientists' House) network, which encourages children to take an interest in MINT subjects (math, IT, natural sciences, and technology).

The integration project and design label Bridge & Tunnel and the organization Hanseatic Help in Hamburg (Germany) enable integration and participation. The Wilhelmsburg Educational Fund to support educational projects in the Hamburg districts of Wilhelmsburg and Veddel and the Inclusion Days carried out at schools by the BG Baskets wheelchair basketball team are additional examples of projects sponsored in Hamburg. Under the name "Hamburg packt's zusammen" (Hamburg Packs It Up), Aurubis and 14 other companies from northern Germany partnered together to initiate a joint assistance campaign to provide everyday items to individuals who fell on hard times due to the coronavirus pandemic. In Hamburg and Lünen (Germany), we work with our partner Joblinge to assist unemployed young people in integrating into the apprenticeship and job market. Together with partner companies from the region, the Aurubis site in Bulgaria is involved in a dual education program at the technical college in Zlatitsa and has supported the hospital in Pirdop for many years – with additional assistance in the reporting year during the coronavirus pandemic. The site in Olen (Belgium) is fighting hidden poverty (including poverty in old age) together with the organization Welzijnsschakels. The sponsored project Sociale Dienst Olen has the mission of improving the lives of disadvantaged individuals and families.

Our site in Berango (Spain) is active in a sponsorship project for traffic education and fostering enthusiasm for cycling among children and young adults. During the reporting year, we worked together with our project partners to find solutions for the activities that required in-person participation. They were postponed or took place under coronavirus hygiene measures.

With the three international projects in South America, we want to contribute to society in our supplier countries. In Peru, we support a holistic educational program for elementary school students in the Urubamba region and a project for sustainable water use and biodiversity conservation in a national park near Arequipa. In Chile, we are involved in the development of dual occupational training (following the German model) for sustainable resource use in agriculture in the O'Higgins Region. In light of the coronavirus pandemic, we provided specific additional assistance in the South American projects, for instance by providing disinfectant, food, or technical equipment for the students. There are currently plans to expand international social engagement.

More information is available on our website:

www.aurubis.com/en/togetherwecare www.aurubis.com/en/corona

Key measures of the Sustainability Strategy 2018–2023 and their status in fiscal year 2020/21

» Developing impact monitoring to evaluate projects supported (by fiscal year 2022/23) The policy on social engagement calls for an evaluation of the projects, and data for individual projects is already available.

A pilot project focused on monitoring has started in Chile. There are plans to continue developing these methods and to expand the related reporting in the future.

Social engagement | 2030 targets

We are a reliable partner locally and internationally, one that makes a long-term contribution to a livable environment.

» 90% long-term partners (percentage of total budget)
» 0.8% of operating EBT Glossary, page 215 (five-year average) as annual budget for social engagement, but at least € 2 million

Human rights

HUMAN RIGHTS AND DECENT WORKING CONDITIONS

We respect human rights and advocate for their protection. In the process, we follow the United Nations Guiding Principles on Business and Human Rights Glossary, page 214 in accordance with the "Protect, Respect and Remedy" framework, and view human rights due diligence as a responsibility shared by all participants in the value chain in question, including nations and economic actors.

Respect for human rights is reflected in our company values and is included in our Code of Conduct, which every employee receives with his/her employment contract. The Aurubis Human Rights Commitment summarizes Aurubis' understanding of its due diligence obligation regarding human rights, as well as the key elements of this obligation. It is aimed at all employees, business partners, and other partners of the Aurubis Group. The Aurubis Business Partner Code of Conduct, on the other hand, specifically applies to business partners. www.aurubis.com/en/humanrights

We have participated in the United Nations Global Compact since 2014 and are therefore committed to implementing its Ten Principles related to human rights, labor, the environment, and anti-corruption.

The Executive Board and the local managing directors bear responsibility for the respect of human rights in our business activities. All Aurubis employees are obligated through the Code of Conduct to respect human rights in their daily work and in all business decisions under all conditions. Supervisors serve as role models in this regard. To increase sensitivity and empower people to take action when it comes to human rights due diligence, we will develop and implement a training concept on human rights issues tailored to current needs.

We call on all employees to report justified suspicion of discrimination or other human rights violations. We expect this from our business partners as well. Our Compliance Portal, the whistleblower hotline, can be used to report any such violations. www.aurubis.com/en/whistleblower-hotline

We reject any form of discrimination, forced labor, or child labor and respect the rights of indigenous populations. Compliance with the internationally recognized core labor standards of the International Labour Organization (ILO) Glossary, page 213 is of fundamental importance. We are committed to the principle of codetermination in the company and place a high priority on good communication between our employees and the company management.

RESPONSIBLE SUPPLY CHAIN

We consider our responsibility for sustainability standards not only in our own production processes and in our own actions, but extending into our supply chain as well. This is all the more important because we source raw materials from around the world for our business. This includes regions that could pose risks regarding compliance with sustainability standards. In our Sustainability Strategy, we have set the target of managing our supply chain responsibly. In the process, we take impacts on the social environment, the natural environment, and economic aspects into account.

The Aurubis Business Partner Code of Conduct outlines our requirements regarding human rights and labor standards, occupational health and safety, environmental and climate protection, business integrity and responsible raw material sourcing, as well as reporting procedures and the monitoring of the business partner's due diligence obligation.

We have pledged to comply with the OECD Due Diligence Guidance, which serves as an important guideline for promoting responsible supply chains for minerals from conflict and high-risk areas. To fulfill our due diligence obligation, we have implemented a Business Partner Screening system based on the principles of the OECD. The Beerse (Belgium) and Berango (Spain) sites added in fiscal year 2019/20 have a comparable system as well. We are planning to introduce an updated and uniform Business Partner Screening system for fiscal year 2021/22. Our corporate policies on Business Partner Screening and the processing of conflict-free precious metal raw materials establish responsibilities and processes within the Group. The responsibility for carrying out this screening rests with the production entities, which have commissioned the Commercial division with the implementation.

The Compliance and Sustainability departments are included as well. The focus of the process is on the topics of compliance Glossary, page 212, corruption, respect for human rights, occupational safety, and environmental and climate protection. In the process, we consider both regional risks and those related to the business partners' business activities. Our raw material suppliers, key suppliers of goods, services, and operating supplies, and our customers are all subject to review. The result includes a profile that, in the case of increased risk, leads to additional research. Based on the subsequent assessment, management makes decisions about contracts and possible related restrictions. For existing business partnerships, the analysis is repeated regularly depending on the development of the individual risk and the dialogue that takes place.

On January 1, 2021, the EU's Conflict Minerals Glossary, page 212 Regulation went into effect, making extensive due diligence/audit obligations along the supply chain binding for EU importers of tin, tantalum, tungsten, their ores, and gold. The intention is – as previously addressed through the US Dodd-Frank Act from 2012 – to curb the financing of violence and human rights violations in conflict or high-risk areas. The regulation requires European importers of these metals to have implemented risk management in their raw material purchasing and to have this audited by third parties.

Since 2013, Aurubis' gold production has already been annually certified as conflict-free according to the standards of the London Bullion Market Association (LBMA) Glossary, page 213. This certificate verifies that we carry out our due diligence processes in accordance with the OECD standards. This certification option has been available for silver since 2019, and Aurubis has been certified as conflict-free in this area since then as well. Tin production at our Beerse and Berango sites has been certified as conflict-free in accordance with the Responsible Minerals Assurance Process Standard (RMAP) since 2015. This standard is also based on the OECD standard for conflict minerals Glossary, page 212.

We see the biggest opportunities for sustainable metal production when every actor in the value chain – from the mine to the final consumer – takes responsibility and works on solutions together. This is one reason why we support appropriate industry solutions like The Copper Mark. The Copper Mark is an initiative that entails an audit of the sustainability standards of copper production sites including mines, smelters, and refineries. With this standard, we want to foster responsibility throughout the value chain, boosting and verifying our own sustainability performance with an external certification from an independent body. The Aurubis site in Bulgaria was awarded The Copper Mark in April 2021. The Hamburg and Lünen sites also committed to The Copper Mark in July and started the audit process. The plan is for additional sites to follow successively.

We expect our business partners to report substantiated suspicions of human rights violations, for example using our Compliance Portal, the whistleblower hotline www.aurubis.com/ en/whistleblower-hotline. Complaints about sites that are taking part in the Copper Mark process can also be submitted through the Copper Mark's grievance mechanism. https://secure.ethicspoint.eu/ domain/media/en/gui/107757/index.html

During the reporting year 2019/20, we identified serious cases of environmental pollution caused by one of our suppliers, which nevertheless wasn't directly connected to the products we supply. During fiscal year 2020/21, we continued our regular dialogue with suppliers about measures taken and progress achieved. In particular, there were successes related to the review and adjustment of management approaches as well as in the area of external assessments.

In August 2020, Aurubis signed a memorandum of understanding (MoU) with the Norwegian mine partner Nussir ASA with the goal of entering into a supply contract for copper concentrates at a later date. Nussir is planning to open the first completely carbon-neutral mine in the world, which will be fully electrified and operated with renewable energies. Complaints from interest groups representing the Sami people, which stated that social and environmental aspects weren't receiving enough consideration in the project, reached Aurubis in the reporting year. After the signing, Aurubis regularly reviewed the progress on site within the context of due diligence. In the process, we determined that, in

addition to commercial conditions, certain social aspects of the project also needed to be taken into stronger consideration. Together with Nussir ASA, we came to the decision to rescind the memorandum of understanding.

Key measures of the Sustainability Strategy 2018–2023 and their status in fiscal year 2020/21

» Implementing Aurubis Business Partner Screening across the Group

Business Partner Screening is used at Aurubis AG and at the key sites Pirdop and Olen. The Beerse and Berango sites have their own screening system. We are planning to introduce an updated and uniform Business Partner Screening system for fiscal year 2021/22, bundling the requirements of the different regulations, standards, and initiatives.

» Including human rights, environmental protection, and safety clauses in supply contracts for primary raw materials During fiscal year 2020/21, the percentage of contracts with primary raw material suppliers including the corresponding clause was 89 % (target: 100 % by FY 2022/23).
» Identifying a suitable sector solution We have identified The Copper Mark as a suitable sector solution. The site in Bulgaria is the company's first primary smelter to complete the multistage audit process and receive The Copper Mark distinction. The Hamburg and Lünen sites undertook this commitment in July 2021 and started the assessment process as well.

Responsible supply chain | 2030 targets

We minimize negative impacts on people and the environment in our supply chains.

» No suppliers with a very high risk

Anti-corruption

ANTI-CORRUPTION

Preventing anti-competitive behavior and corruption in our business dealings is a key aspect of corporate responsibility and one of the central topics of our compliance activities.

Anti-corruption measures are established in our compliance management. To us, compliance means that we follow laws and align our actions with ethical principles, our values, and company policies. In this context, compliance with all legal and company guidelines and policies is our objective. A potential violation of the law can have serious consequences – for our employees, for Aurubis as a group, and for business partners of Aurubis AG's entities.

The company's chief compliance officer is the central point of contact for all compliance-relevant issues and reports directly to the entire Executive Board. At the individual Group sites, local compliance officers are available as a point of contact for employees. Together with the Executive Board, our compliance employees promote a compliance culture and actively strive to strengthen awareness for following rules and laws in the Group.

Compliance management establishes the main targets, develops the corresponding organization, and identifies, analyzes, and communicates significant compliance risks. Our compliance program introduces principles and measures to limit risks and prevent violations. The chief compliance officer reports regularly (and as the circumstances may require) to the Executive Board and Audit Committee of the Supervisory Board with regard to the compliance management system, compliance violations, and compliance-related measures. He works closely with the employees responsible for Risk Management and Internal Audit. Within our internal control system, the chief compliance officer

reviews potential compliance risks together with the Executive Board, the plant managers, and the heads of corporate and central functions. As part of compliance management, the corruption risks at our sites are also identified and documented by Risk Management. The Internal Audit department reviews the fulfillment of the overarching legal conditions and internal policies (e.g., the Anti-Corruption Policy) in the company's business dealings.

The compliance measures include prevention, monitoring, and sanctions. Preventive measures at Aurubis comprise the risk analyses previously mentioned, internal policies, guidance, and particularly the training of employees. The Corporate Anti-Corruption Compliance Policy and the Code of Conduct for employees, which all employees receive along with their employment contracts, are at the core of our anti-corruption efforts.1 Training on anti-corruption and antitrust law is carried out regularly throughout the Group for our full-time and part-time employees, supervisors, and Executive Board members. Training on money laundering also took place this fiscal year for the relevant employees.

Employees and business partners can make confidential and anonymous reports regarding legal violations and breaches of our codes and standards via our Compliance Portal, the whistleblower hotline www.aurubis.com/en/whistleblower-hotline. The Corporate Compliance Policy states that there are no disadvantages for a whistleblower who makes a report. The hotline is available in English, German, and Spanish and is open to all external stakeholders as well. It is operated by external, independent attorneys. Any tips they receive, for example regarding possible cases of corruption, discrimination, or incidents in the supply chain, are investigated. If any wrongful acts are actually proven, they can lead to warnings, dismissals, and/or damage claims.

Key measure of the Sustainability Strategy 2018–2023 and its status in fiscal year 2020/21

» Providing employees for whom the topics of anti-corruption and antitrust law are relevant due to their responsibilities with training on these topics about every three years, regardless of their level in the company hierarchy In the past three years, this applied to 1,330 employees for anti-corruption training and to 507 employees for antitrust law training.

1The current compliance approach of the Beerse (Belgium) and Berango (Spain) sites that were acquired in 2020 is fundamentally similar to that of Aurubis. Harmonization with Aurubis policies and commitments has started at these sites.

Limited Assurance Report of the Independent Auditor regarding the Separate Non-financial Group Report1

To the Supervisory Board of Aurubis AG, Hamburg

We have performed an independent limited assurance engagement on the non-financial group report of Aurubis AG, Hamburg (further "Aurubis.") as well as the by reference qualified parts "Foundations of the Group" and "Risk and Opportunity Report" of the Combined Management Report (further: "Report") according to §§ 315b, 315c in conjunction with 289b to 289e German Commercial Code (HGB) for the business year from October 1, 2020 to September 30, 2021.

MANAGEMENT'S RESPONSIBILITY

The legal representatives of Aurubis. are responsible for the preparation of the Report in accordance with §§ 315b, 315c in conjunction with 289b to 289e HGB.

This responsibility of the legal representatives includes the selection and application of appropriate methods to prepare the Report and the use of assumptions and estimates for individual disclosures which are reasonable under the given circumstances. Furthermore, this responsibility includes designing, implementing and maintaining systems and processes relevant for the preparation of the Report in a way that is free of – intended or unintended – material misstatements.

INDEPENDENCE AND QUALITY ASSURANCE ON THE PART OF THE AUDITING FIRM

We are independent from the entity in accordance with the requirements of independence and quality assurance set out in legal provisions and professional pronouncements and have fulfilled our additional professional obligations in accordance with these requirements.

Our audit firm applies the national statutory provisions and professional pronouncements for quality assurance, in particular the Professional Code for German Public Auditors and Chartered Accountants (in Germany) and the quality assurance standard of the German Institute of Public Auditors (Institut der Wirtschaftsprüfer, IDW) regarding quality assurance requirements in audit practice (IDW QS 1).

PRACTITIONER'S RESPONSIBILITY

Our responsibility is to express a conclusion on the Report based on our work performed within our limited assurance engagement.

We conducted our work in accordance with the International Standard on Assurance Engagements (ISAE) 3000 (Revised): "Assurance Engagements other than Audits or Reviews of Historical Financial Information" published by IAASB. This Standard requires that we plan and perform the assurance engagement to obtain limited assurance whether any matters have come to our attention that cause us to believe that the Report of the entity for the business year October 1, 2020 to September 30, 2021 has not been prepared, in all material respects, in accordance with §§ 315b, 315c in conjunction with 289b to 289e HGB. We do not, however, provide a separate conclusion for each disclosure. In a limited assurance engagement the evidence gathering procedures are more limited than in a reasonable assurance engagement and therefore significantly less assurance is obtained than in a reasonable assurance engagement. The choice of audit procedures is subject to the auditor's own judgement.

¹ Our engagement applied to the German version of the Report. This text is a translation of the Independent Assurance Report issued in German language, whereas the German text is authoritative.

Within the scope of our engagement, we performed amongst others the following assurance procedures:

» Inquiries of personnel on corporate level, who are responsible for the materiality analysis, in order to gain an understanding of the processes for determining material sustainability topics and respective reporting boundaries of Aurubis
» A risk analysis, including a media search, to identify relevant information on Aurubis. sustainability performance in the reporting period.
» Evaluation of the design and implementation of the systems and processes for determining, processing and monitoring disclosures relating to environmental, employee and social matters, respect for human rights, and combating corruption and bribery, including the consolidation of the data.
» Inquiries of personnel on corporate level who are responsible for determining disclosures on concepts, due diligence processes, results and risks, for conducting internal controls and consolidation of the disclosures.
» Evaluation of selected internal and external documentation.
» Analytical evaluation of data and trends of quantitative information which are reported by all sites for consolidation on corporate level.
» Evaluation of local data collection, validation and reporting processes as well as the reliability of reported data based on a sample of the site in Olen (Belgium).
» Assessment of the overall presentation of the disclosures.

CONCLUSION

Based on the procedures performed and the evidence obtained, nothing has come to our attention that causes us to believe that the Report of Aurubis. for the business year from October 1, 2020 to September 30, 2021 is not prepared, in all material respects, in accordance with §§ 315b, 315c in conjunction with 289b to 289e HGB.

RESTRICTION OF USE / CLAUSE ON GENERAL ENGAGEMENT TERMS

This report is issued for purposes of the Supervisory Board of Aurubis AG, Hamburg, only. We assume no responsibility with regard to any third parties.

Our assignment for the Supervisory Board of Aurubis AG, Hamburg and professional liability is governed by the General Engagement Terms for Wirtschaftsprüfer and Wirtschaftsprüfungsgesellschaften (Allgemeine Auftragsbedingungen für Wirtschaftsprüfer und Wirtschaftsprüfungsgesellschaften) in the version dated January 1, 2017 www.kpmg.de/bescheinigungen/lib/aab\_ english.pdf. By reading and using the information contained in this report, each recipient confirms notice of provisions of the General Engagement Terms (including the limitation of our liability for negligence to EUR 4 million as stipulated in No. 9) and accepts the validity of the General Engagement Terms with respect to us.

Hamburg, December 1, 2021

KPMG AG Wirtschaftsprüfungsgesellschaft

Dr. Gnändiger ppa. Mathias Wirtschaftsprüfer (German Public Auditor)

Aurubis Shares on the Capital Market

Stock markets on the upswing

The stock market development in fiscal year 2020/21 exhibited an upward trend. The positive situation at the end of the previous fiscal year continued into the end of calendar year 2020, only interrupted by a setback in late October 2020 – in light of another pandemic-related lockdown in Europe and uncertainties about the power succession following the presidential election in the US. With the increasing availability of vaccines, stock markets rallied for several months, only shifting to a sideways trend at the end of the fiscal year. The DAX closed the fiscal year with 15,261 points – a 19.9% plus compared to the start of the fiscal year. Closing at 34,370 points, the MDAX even achieved a 25.7% plus.

Aurubis share price rally thwarted at the end of the fiscal year

The Aurubis share price initially developed similarly to the market indices DAX and MDAX. A correction in late October 2020, which led to the fiscal-year low of € 54.94 (closing price) on October 30, 2020, was followed by a long-lasting upward trend that brought the shares to a year high of € 87.30 (closing price) on July 27, 2021. When very good nine-month results and a mere confirmation of

the overall annual forecast didn't completely fulfill market expectations for the final fiscal quarter, Aurubis shares came under selling pressure and continued to decline. The shares then recovered again in mid-September 2021 and closed at € 65.38 (closing price) on the last trading day of the fiscal year. The share value therefore increased by 12.6% during the fiscal year but nevertheless remained behind the value gains of the DAX (19.9%) and MDAX (25.7%).

From a long-term perspective, Aurubis shares remain an attractive investment. Shareholders who, for example, invested € 1,000 on September 30, 2011 and reinvested the dividends they received (without a tax deduction) into Aurubis shares had a portfolio value of € 2,153 on September 30, 2021. This is a 117% increase in value or a total annual return of 8.04%.

Trading volume of Aurubis shares significantly below prior-year level

At 124,445 shares, the average daily Xetra trading volume of Aurubis shares was significantly below the prior-year level (192,482).

Aurubis has stable, diversified shareholder structure

Aurubis maintained its stable and well-diversified shareholder structure in fiscal year 2020/21.

In its analysts' conference on the first half of 2020/21, which took place August 12, 2020, Salzgitter AG announced that its stake in Aurubis AG was at 29.99%. At the time this report was compiled, we were not aware of any change in this position.

An analysis carried out in September/October 2021 indicated that the proportion of institutional investors increased slightly compared to the previous year, to 43% (previous year: 40%). As in the previous year, the proportion of institutional investors located in the UK/Ireland decreased, while the number of US institutional investors rose considerably. The majority of institutional investors are located outside of Germany. The percentage of retail investors decreased slightly to 24% (previous year: 28%).

Shareholder structure

in% (prior-year figures in parentheses)

On March 18, 2020, the Executive Board of Aurubis AG passed a resolution exercising the authorization granted by the shareholders represented at the 2018 Annual General Meeting to purchase and use the company's own shares, to purchase up to 10% of the existing share capital in multiple tranches, up to a total purchase price of € 200 million. The goal of the share buyback program is to have treasury shares on hand for possible acquisitions or future financing needs. The buyback program started on March 19, 2020 and expired on September 17, 2021. During the course of the buyback program, Aurubis AG purchased a total of 1,297,693 treasury shares (about 2.89% of Aurubis AG's share capital) in two tranches for a total purchase price of € 60.2 million. www.aurubis.com/en/about-us/corporategovernance/share_Buyback

Executive Board and Supervisory Board propose a dividend of € 1.60

The objective of our dividend policy is to allow our shareholders to participate in the company's success adequately and continuously. The Executive Board and Supervisory Board will propose a dividend of € 1.60 at the Annual General Meeting on February 17, 2022. This corresponds to a payout ratio of 26 % of the operating consolidated net income (previous year: 35%). The dividend yield based on the closing price as at September 30, 2021 amounts to 2.5% (previous year: 2.2%). The increase in the dividend yield results from the significant improvement in the consolidated result and a higher share price (13%) compared to the previous year.

Central topics of capital market communication: Metallo integration, sustainability, and energy

Our capital market communication in fiscal year 2020/21 focused in large part on the integration process of the new Beerse and Berango sites, the founding and approval of the joint venture with TSR Recycling GmbH & Co. KG, our environmental protection projects (RDE (Reducing Diffuse Emissions), the construction of the solar plant, and the use of hydrogen in the production process), rising energy costs, and the declaration of force majeure at Aurubis Stolberg. Furthermore, we reported on the partial sale of the Flat Rolled Products (FRP) segment, internal growth projects, and the extension of CEO Roland Harings' contract by an additional five years.

Key figures of Aurubis shares

		2020/212	2019/202	2018/192	2017/182	2016/172

Closing price as at fiscal year-end1	in €	65.38	58.14	40.89	60.24	68.54
Year high (close)1	in €	87.30	62.22	61.02	86.12	78.47
Year low (close)1	in €	54.94	32.31	35.60	55.44	46.79
Market capitalization as at fiscal year-end1	in € million	2,939	2,614	1,838	2,708	3,081
Number of shares as at fiscal year-end	in '000	44,956.70	44,956.70	44,956.70	44,956.70	44,956.70
Dividend or recommended dividend	in €	1.60	1.30	1.25	1.55	1.45
Payout ratio	in%	26	35	41	26	28
Dividend yield	in%	2.5	2.2	3.1	2.6	2.1
Operating earnings per share	in €	6.10	3.73	3.08	5.87	5.21
Operating price/earnings ratio as at fiscal year-end		10.72	15.59	13.28	10.26	13.16

1 Xetra disclosures.

² Values have been "operationally" adjusted for measurement effects deriving from the application of IAS 2. In consequence, metal price fluctuations resulting from the use of the average cost method, as well as non-permanent write-downs or write-ups of metal inventory values as at the reporting date, are adjusted. Adjustments are also made for reporting date-related effects deriving from market valuations of metal derivatives that haven't been realized, which concern the main metal inventories at our smelter sites. Fixed assets have been adjusted for non-cash-effective impacts deriving from purchase price allocations from FY 2010/11 onwards.

Dialogue with institutional investors made up a considerable part of our capital communication during this fiscal year again. Over the entirety of fiscal year 2020/21, investor conferences and roadshows hosted by the major banks were carried out digitally. The Executive Board and the Investor Relations department discussed the current business situation and the outlook regarding the Aurubis Group's strategy update in a number of presentations and individual meetings. Digital communication through phone and video conferences enabled us to reach an even higher number of current and potential investors in Germany and abroad.

Webcasts on the release dates of our quarterly reports enabled investors and analysts to communicate with the Executive Board and management representatives.

We informed the capital markets about special developments in the form of ad hoc releases. On January 21, 2021, we announced the increase in the forecast for the fiscal year. On October 28, 2021, we published that the Aurubis Group's operating EBT according to preliminary figures, at € 353 million, exceeded the forecast range of € 270–330 million. With an ad hoc release on November 10, 2021, we announced the Supervisory Board's approval of the construction of a new recycling plant in the US.

A total of 13 financial analysts from national and international research firms regularly published recommendations and analyses about Aurubis' shares during fiscal year 2020/21. Bankhaus Lampe ended its coverage in late 2020 after the sale of the institute to Hauck & Aufhäuser. Commerzbank ended its coverage in early October 2021. The ratings were as follows at the end of the fiscal year:

Overview of analyst recommendations

Number as at September 30, 2021

Communicating with our retail shareholders is another important focus of Investor Relations work. For our retail shareholders, we held presentations at digital events hosted by shareholder associations during the reporting year. Because of the situation surrounding the coronavirus, dialogue events with tours of our plants didn't take place in order to protect the health of everyone involved.

To ensure the health and safety of employees and guests, this year's Annual General Meeting on February 11, 2021 was not an in-person event for shareholders or their representatives (with the exception of the proxies appointed by the company). Shareholders were able to watch the entire Annual General Meeting live on the internet and either submit their votes in advance via absentee ballot, authorize the company's proxies as usual, or cast their votes online. Shareholders were able to follow the Executive Board chairman's speech live online, and it was also made available on the website after the event.

Current information on the development of the company is available at www.aurubis.com. We also provide downloadable financial reports, analyst presentations, and additional publications.

Security Identification Number	676650
International Securities Identification Number (ISIN)	DE 000 67 66 504
Stock market segment	MDAX
Stock exchanges	Regulated market: Frankfurt am Main and Hamburg; unofficial market: Berlin, Düsseldorf, Hanover, Munich, Stuttgart, Tradegate
Market segment	Prime Standard
Issue price	€ 12.78
Average daily trading volume	124,445 shares in Xetra trading
Ticker symbol	NDA
Reuters code	NAFG
Bloomberg code	NDA_GR

Analyst coverage 2020/21

Baader Bank	Christian Obst
Bankhaus Lampe (until Dec. 2020)	Marc Gabriel
Bank of America	Kevin Kerdoudi
Commerzbank	Ingo-Martin Schachel
Deutsche Bank	Bastian Synagowitz
DZ Bank	Dirk Schlamp
Exane BNP Paribas	Jatinder Goel
Hauck & Aufhäuser	Henning Breiter
Independent Research GmbH	Sven Diermeier
Kepler Cheuvreux	Rochus Brauneiser
LBBW	Jens Münstermann
M.M. Warburg	Eggert Kuls
Morgan Stanley	Ioannis Masvoulas
NordLB	Holger Fechner

Combined Management Report

Foundations of the Group

Business model of the Group
Strategic orientation
Corporate management
Research and development
Human resources
Environmental protection and occupational health
Separate Non-Financial Report

Economic Report

Combined

Report

Management

General economic conditions
Conditions specific to the industry
95 Economic development within the Aurubis Group
Business performance in the segments
110 Executive Board assessment of the Aurubis Group during fiscal year 2020/21
Financial performance, assets, liabilities, and financial position of Aurubis AG

COMBINED

MANAGEMENT REPORT

Foundations of the Group

Business model of the Group

BUSINESS ACTIVITIES

Aurubis AG is a company in the basic materials industry that operates worldwide. As an integrated group, we process complex metal concentrates, scrap metals, organic and inorganic metalbearing recycling raw materials, and industrial residues into metals of the highest purity.

In addition to our main metal, copper, our metal portfolio also includes gold, silver, lead, nickel, tin, zinc, minor metals such as tellurium and selenium, and platinum group metals. Sulfuric acid, iron silicate Glossary, page 213, and synthetic minerals round off the product portfolio.

The company's headquarters, which is also home to one of our two primary smelters, is located in Hamburg, Germany. Most of our sites are located in Europe, with larger production centers in Germany, Belgium, Bulgaria, and Spain as well as cold-rolling mills for flat rolled products, slitting centers, and rod plants in Germany and elsewhere in Europe. Outside Europe, Aurubis also has a production site in the US, and a global sales and service network.

In the previous year, Aurubis AG acquired the recycling company Metallo effective May 29, 2020, with production sites in Beerse, Belgium, and Berango, Spain. The Metallo Group companies were included in the prior-year consolidated financial statements starting June 1, 2020, so for four months.

BUSINESS MODEL

Metals play a pivotal role in a number of forward-looking applications. Following industrialization, automation, and digitalization, the transformation to a sustainable, carbon-neutral economy and society is currently posing significant challenges. Many of the solutions in this area – such as electric vehicles and wind turbines – are based on the use of metals.

The Aurubis Group's business model rests on three fundamental pillars: the processing of raw materials from the mining industry, the processing of recycling materials, and product business. This provides Aurubis with a great deal of efficiency and flexibility in managing raw material procurement, production, and sales. Different market cycles influence each of the three fundamental pillars as well.

We process copper concentrates that are obtained from ores and are offered by mining and trading companies on the global market. The necessary feed materials for our two primary smelters in Hamburg and Pirdop are purchased worldwide. Aurubis doesn't hold any stakes in mines and has a globally diversified supplier portfolio. We source a significant portion of our copper concentrates from South American countries such as Peru, Chile, and Brazil. We also purchase raw materials from other countries like Bulgaria, Georgia, and Canada. As a buyer, Aurubis competes with other international primary smelters, particularly in China and Japan. Copper concentrates for the Hamburg site reach us primarily by waterway and are

Business model in fiscal year 2020/21

Sites and employees

Consolidated sites

Europe DE Hamburg Aurubis AG headquarters 2,526 Aurubis Product Sales GmbH 11 E.R.N. Elektro-Recycling NORD GmbH 15 Peute Baustoff GmbH 12 Lünen Aurubis AG 665 Stolberg Aurubis Stolberg GmbH & Co. KG 396 Emmerich Deutsche Giessdraht GmbH 115 Röthenbach RETORTE GmbH Selenium Chemicals & Metals 41 Berlin Aurubis AG 3 Group representative office BG Pirdop Aurubis Bulgaria AD 896 BE Olen Aurubis Belgium NV/SA 621 Beerse Metallo Belgium NV 444 Metallo Group Holding NV 3 NL Zutphen Aurubis Netherlands BV 288 FI Pori Aurubis Finland Oy 271 IT Avellino Aurubis Italia Srl 91 Mortara Aurubis Mortara S.p.A. 27 ES Berango Metallo Spain S. L. U. 97 Barcelona Aurubis Product Sales GmbH 1 UK Smethwick/ Birmingham Aurubis UK Ltd. 23 SK Dolný Kubín Aurubis Slovakia s.r.o. 12 FR Lyon/ Septème Aurubis Product Sales GmbH 1 Employees in Europe 6,559 US US Buffalo Aurubis Buffalo Inc. 576 Employees in the US 576

The KPIs relate to permanent and temporary employment arrangements as at the reporting date of September 30, 2021. Excluding Schwermetall Halbzeugwerk GmbH & Co. KG, Stolberg (DE), in which Aurubis holds a 50% stake. Sites without employees are not listed.

Total employees 7,135

Non-consolidated sites and independent sales employees

Europe
DE	Berlin	azeti GmbH	29
SE	Finspång	Aurubis Sweden AB	3
RU	St. Petersburg	Aurubis Rus LLC	2
TR	Istanbul	Aurubis Turkey Kimya Anonim Sirketi	1
	Employees in Europe		35
Asia
CN	Shanghai	Aurubis Metal Products (Shanghai) Co., Ltd.	4
	Beijing1		1
UAE	Dubai	Aurubis Middle East FZE	2
SG	Singapore1		2
TH	Bangkok1		1
JP	Tokyo1		1
KR	Seoul1		1
	Employees in Asia		12
	Total employees		47

1 Agency/independent sales employees.

Raw materials

Concentrates and recycling materials are the raw materials from which copper is produced.

Concentrates
Recycling materials

Products

The copper is processed into products. Some products are already the result of copper production.

Cathodes Sulfuric acid
Wire rod Iron silicate
Shapes Strip/foil
Specialty profiles Specialty wire
- Precious metals
  - Synthetic minerals
Minor metals

Sales and distribution network An international sales and distribution network markets our products.

Slitting centers

Service centers located near our customers slit strip to the desired dimensions.

transshipped via the port terminal in Brunsbüttel. There, the different copper concentrates are also premixed in accordance with the requirements of our production process. At the site in Pirdop, Bulgaria, concentrates reach us by land and sea via the port of Burgas.

In addition to copper concentrates, we use copper scrap and various organic and inorganic metal-bearing recycling raw materials, industrial residues, and bought-in metallurgical intermediates as feed material. Most of the copper scrap and metal-bearing recycling raw materials for our four secondary smelters in Lünen (Germany), Olen and Beerse (both in Belgium), and Berango (Spain) are sourced in the European and North American market. Furthermore, we use copper scrap with high copper contents for process management purposes in both of our primary smelters in Hamburg (Germany) and Pirdop (Bulgaria). Metal trading companies are the main actors on the supply side for recycling materials, though some recycling materials also reach us directly from industry through our "closing the loop" approach.

On the demand side, our main competitors are other copper and metal smelters, as well as metal processors that also utilize recycling materials. Most of the copper scrap reaches us by land.

In the course of our production processes, we convert copper concentrates and recycling materials into copper cathodes. This is the standardized product format that is traded on the international metal exchanges. Copper cathodes are the starting product for fabricating additional copper products, but they can also be sold directly.

Our product portfolio mainly comprises standard and specialty products made of copper and copper alloys. When it comes to processing, we have manufacturing capabilities for continuous cast copper wire rod, continuous cast shapes, rolled products, strip, specialty wire, and profiles.

Additional products result from processing the elements that accompany copper in the feed materials, elements that are in some cases purchased on purpose as part of our multimetal approach. In particular, these include different metals such as gold, silver, lead, nickel, tin, zinc, minor metals like tellurium and selenium, and platinum group metals.

We also produce iron silicate and synthetic minerals.

Sulfuric acid forms as a by-product of copper concentrate processing. Sulfuric acid customers are very diverse and include international companies from the chemical, fertilizer, and metal processing industries.

The sales markets for our products are varied and international. Aurubis' direct customers include companies from the copper semis industry, the cable and wire industry, the electrical and electronics sector, and the chemical industry, as well as suppliers from the renewable energies, construction, and automotive sectors.

To close the value chain for copper and other metals, we place a high priority on the "closing the loop" approach. The focus of this approach is on materials such as production waste and residues that accumulate along the copper value chain in production, for example with our customers. The materials range from copper scrap with very high copper content, which we can directly feed into the copper fabrication process, to stamping waste containing precious metals and high levels of copper, alloyed scrap, slags from foundries, and other industrial residues.

We regularly hedge fluctuations in metal and energy prices and the US dollar exchange rate in accordance with our hedging strategy for the most part.

GROUP STRUCTURE

In fiscal year 2020/21, the Aurubis Group's organizational framework was based on the underlying business model. The Group's structure was made up of two operating segments, which were the basis of segment reporting pursuant to IFRS 8 for fiscal year 2020/21: Segment Metal Refining & Processing and Segment Flat Rolled Products.

» Segment Metal Refining & Processing (MRP) processes complex metal concentrates, copper scrap, organic and inorganic metal-bearing recycling raw materials, and industrial residues into metals of the highest quality. Segment MRP includes the Commercial, Supply Chain Management (SCM), and Operations divisions.

The Commercial division is commissioned by the plants to purchase feed materials and sell products. The SCM division's responsibility to the plants is to carry out production planning, logistics management, and sampling, and to improve the Group-wide metal flows and inventories.

The Operations division is responsible for the ongoing optimization of the integrated smelter network and the production of all basic products and metals, as well as for their further processing into other products, such as continuous cast wire rod and shapes. Among other items, copper cathodes are manufactured at the sites in Hamburg, Lünen (both in Germany), Pirdop (Bulgaria), and Olen and Beerse (both in Belgium).

The cathodes produced at the smelters are processed further into wire rod and shapes at the Hamburg (Germany), Olen (Belgium), Emmerich (Germany), and Avellino (Italy) sites. The Metallo Group, the company acquired in 2020 with production sites in Beerse (Belgium) and Berango (Spain), belongs to Segment MRP as well.

» Segment Flat Rolled Products (FRP) processes copper and copper alloys – primarily brass, bronze, and high-performance alloys – into flat rolled products and specialty wire, which it then markets. The main production sites are Stolberg (Germany), Pori (Finland), Zutphen (Netherlands), and Buffalo (US). Furthermore, the segment also includes slitting and service centers in Birmingham (UK), Dolný Kubín (Slovakia), and Mortara (Italy), as well as sales offices worldwide. On August 9, 2021, Aurubis AG signed a term sheet with Intek Group S.p.A., Italy, to sell the plant in Zutphen (Netherlands) and the slitting centers in the United Kingdom, Slovakia, and

Italy. The sale is subject to approval by the responsible antitrust authorities. The plants in Stolberg (Germany), Pori (Finland), and Buffalo (US) will remain in the Aurubis Group.

In the course of developing the Aurubis Group's strategy, the segmentation was adjusted effective October 1, 2021. Starting October 1, 2021, the two segments Multimetal Recycling and Custom Smelting & Products will form the organizational structure and the foundation for segment reporting in accordance with IFRS 8.

The Multimetal Recycling segment comprises the recycling activities in the Group and thus the processing of copper scrap, organic and inorganic recycling raw materials containing metal, and industrial residues. The segment mainly includes the Lünen (Germany), Olen, Beerse (both in Belgium), and Berango (Spain) sites.

The Custom Smelting & Products segment joins the production facilities for processing concentrates and manufacturing and marketing standard and specialty products such as cathodes, wire rod, shapes, strip products, sulfuric acid, and iron silicate. The Custom Smelting & Products segment is also responsible for precious metal production. The sites in Hamburg (Germany) and Pirdop (Bulgaria) manufacture copper cathodes, which are processed further into wire rod and shapes at the Hamburg (Germany), Olen (Belgium), Emmerich (Germany), and Avellino (Italy) sites. The Buffalo (US), Stolberg (Germany), and Pori (Finland) sites produce flat rolled products and specialty wire products.

A list of shareholdings pursuant to Section 313 (2) of the German Commercial Code (HGB) as at September 30, 2021 is provided in the notes to the financial statements.

SIGNIFICANT INFLUENCING FACTORS RELEVANT TO THE BUSINESS

The main drivers of earnings are the treatment and refining charges Glossary, page 214 for copper concentrates, the refining charges for recycling materials, the metal prices, the Aurubis copper premium Glossary, page 214, and product surcharges Glossary, page 214 for copper products, as well as sales revenues for sulfuric acid. Furthermore, efficient metal gains in our plants lead to effects on earnings.

Copper, silver, gold, and other key precious and industrial metals are priced on the metal exchanges, first and foremost on the London Metal Exchange (LME www.lme.com) Glossary, page 213, which facilitate physical transactions, hedging, and investment business. The prices are not just benchmarks for exchange trading but serve as the basis for pricing in the raw material and product business.

Pricing along the value chain

Schematic illustration

Treatment and refining charges are negotiated with suppliers when purchasing copper-bearing raw materials. The TC/RC trend depends on the current supply and demand structure on the global markets. Essentially, these charges are discounts on the purchase price for turning raw materials into copper cathodes (the commodity exchange product) and other metals and metal compounds.

The metal exchange and market quotation for copper serves as the price basis for our copper product sales. The premium and product surcharges, which are charged for converting cathodes into copper products, are also part of the sales price.

As an energy-intensive company, the Aurubis Group experiences impacts on its energy costs from price fluctuations for electricity, natural gas, and CO2 certificates.

Our business development is also influenced by external factors. These include the economic performance in key countries and activities on the international financial markets; the political, legal, and social conditions; changes in the exchange rate and interest rate level; and the situation on our relevant markets.

Strategic orientation

In fiscal year 2020/21, Aurubis developed the strategy further in a multistage process and established a detailed plan outlining how Aurubis will continue solidifying and expanding its position as one of the most efficient and sustainable multimetal producers in the world. From a strategic standpoint, the Group will be guided by three key areas in the future: securing and strengthening the core business, pursuing growth options, and expanding its industrial leadership in sustainability.

The updated Aurubis strategy is a precisely defined roadmap for continued sustainable, profitable growth. The necessary success factors for implementing the strategy were established: digitalization and automation in production, strategic resource planning, and strategic personnel management, which includes the recruitment and development of employees.

Currently, total investments of about € 350 million are approved for strategic projects in the three key areas, which will lead to an EBITDA contribution of about € 100 million starting in 2025/26 according to current plans. Moreover, additional investments of about € 250 million are included in the mid-term planning until 2025/26, for which we expect additional operating EBITDA of about € 70 million starting in 2029/30. Additional strategic projects, such as the modular recycling system (investments of about € 250 million each) and battery recycling (investments of about € 200 million) are not included but are being actively pursued. The projects in the mid-term planning are in the conception phase and will be pushed forward until they are approved. In the long term, our projects are focused on growth. All new investment projects will be subjected to a thorough

sustainability review as a matter of course. Every new investment supports our sustainability targets.

The projects will primarily be financed from the current cash flow and available funds. There is no need for a capital increase.

SECURING AND STRENGTHENING THE CORE BUSINESS

The Aurubis Group's core business is processing raw materials containing metals, both concentrates and recycling materials. Aurubis will invest in recycling projects at different sites to expand processing capacities and continue boosting multimetal recovery within the Group-wide smelter network. Synergies can be used more strongly by connecting sites in a targeted way and optimizing material flows. An initial example is the ASPA project (Advanced Sludge Processing by Aurubis). On July 28, 2021, Aurubis announced the planned construction of a state-of-the-art hydrometallurgical recycling facility at the Beerse site in Belgium. A total of € 27 million of the approved investments for strategic projects are planned for this facility, in which anode sludge, a valuable intermediate product of the copper tankhouse from the recycling sites in Beerse (Belgium) and Lünen (Germany), will be processed. The construction of the facility is scheduled to start in the second quarter of 2022, with commissioning in early 2024. After commissioning, we expect a contribution of about € 7 million to operating EBITDA.

The modernization of the tankhouse at the Lünen site will likewise strengthen the core business. A total of € 60 million is being invested in the renovation of the facility. At the end of the modernization in about two years, the capacity of the tankhouse, where the most energy-intensive part of the copper production process takes place, will be expanded by 10% thanks to an increase in efficiency.

The additional investments of about € 250 million included in the mid-term planning until 2025/26 focus on this key area.

PURSUING GROWTH OPTIONS

Proceeding from our core business, Aurubis is pursuing new growth options. The recycling business is a central driver of growth for us. The rising importance of sustainability in Europe and the US will lead to higher recycling rates and thus a growing supply of complex recycling materials. There are significant growth opportunities in North America and Europe in particular. The Aurubis Modular Recycling System is a scalable system for new recycling plants that enables us to build new capacities in a modular – and therefore flexible and needs-based – approach and to integrate them into the expanded Aurubis smelter network.

The first plant that Aurubis will build using the modular system will be located in Augusta (Richmond County) in the US state of Georgia. The entire North American market for multimetal recycling comprises about 6 million t of recycling material, but local processing capacities have been limited up to now. On November 10, 2021, Aurubis announced that it would build the first secondary smelter specializing in multimetal recycling in the US for about € 300 million. With the technology planned for Aurubis Richmond, USA, Aurubis will become a forerunner in multimetal recycling in the US – a position that Aurubis already holds in Europe. Aurubis Richmond will process about 90,000 t of complex recycling material into 35,000 t of blister copper each year. The start of construction is planned for summer 2022. The plant should be commissioned in the first half of 2024. The expected operating EBITDA of the plant will be about € 80 million per year starting in fiscal year 2025/26.

With the expansion of electric vehicles, the demand for lithiumion batteries is growing sharply – as is the demand for raw materials to produce them. In the longer term, we see considerable growth options in battery materials and battery recycling. Battery recycling is a high-priority growth segment for Aurubis, and we will invest in recycling facilities in this area, too, after successful pilot trials.

EXPANDING INDUSTRY LEADERSHIP IN SUSTAINABILITY

Sustainable conduct and business activity are integral components of Aurubis' strategy. Based on binding targets and appropriate measures related to the environment, social issues, and corporate governance, we are enshrining sustainability even more strongly in the entire company in all of our workflows, processes, and new projects. We have established targeted measures and KPIs to reduce emissions in order to make our production carbon-neutral well before 2050. Our production techniques already make a pivotal contribution to responsibly handling resources and thus play a role in the energy transition, in addition to our products. An important milestone on the path to decarbonization is the reduction of our CO2 emissions (Scope 1 and 2) by 50% until 2030. We want to reduce Scope 3 emissions, which arise in the upstream and downstream stages of the value chain, by 24% per ton of copper cathodes during the same period as well. The targets were validated by the Science Based Targets initiative (SBTi) in June 2021. This means that our targets contribute to limiting global warming to 1.5°C pursuant to the Paris Agreement. We will continue implementing our detailed roadmap to achieve our climate goals. Regarding Scope 1 and Scope 2 emissions, we rely on technical measures such as decarbonizing plant facilities by using green hydrogen instead of fossil fuels, electrifying our production, utilizing waste heat, and expanding the purchase of green electricity. Approaches for reducing Scope 3 emissions include cooperation in the supply chain and increased recycling activities, for example.

In 2022, we will start expanding our Industrial Heat project in Hamburg and anticipate investments of approximately € 100 million. Cost efficiency is achieved through expected funding provided by the German Federal Ministry for Economic Affairs and the city utility company Wärme Hamburg GmbH. After completion, up to 100,000 t of CO2 emissions will be prevented in Hamburg each year.

Corporate management

MANAGEMENT SYSTEM

The corporate management system's main objective is to increase the Aurubis Group's corporate value. In order to achieve this, the aim of the Group is to generate a positive overall value contribution that exceeds the costs of capital. Sustainability is an important element of the Group strategy. Sustainability criteria fundamentally guide our investment projects.

GROUP CONTROL PARAMETERS

In order to measure financial success for the medium and long term within the scope of value-oriented corporate management processes, Aurubis uses the following central control parameters:

» Operating consolidated earnings before taxes = operating EBT
» Operating return on capital employed for the Group Glossary, page 215 = operating ROCE

These parameters are regularly reported to the Executive Board and are utilized for internal management control purposes. The variable compensation of the Executive Board and the management is also based on these parameters.

The internal reporting and management of the Group are based on the operating result in order to demonstrate the Aurubis Group's success for internal management purposes, independent of certain measurement influences that are necessary to report in accordance with IFRS (as described below).

The operating result is derived from the IFRS-based financial performance by:

» Adjusting for measurement results deriving from the application of IAS 2 (Inventories). In this context, the metal price fluctuations resulting from the application of the average cost method are eliminated. Likewise, non-permanent writedowns or write-ups of metal inventory values as at the reporting date are eliminated

» Adjusting for reporting date-related effects deriving from market valuations of metal derivatives that haven't been realized, which concern the main metal inventories at our smelter sites
» Eliminating any non-cash effects deriving from purchase price allocations
» Adjusting for effects deriving from the application of IFRS 5 (Non-current Assets Held for Sale and Discontinued Operations)

The Aurubis Group reports in accordance with International Financial Reporting Standards (IFRS). For internal management purposes, the Aurubis Group did not adopt the amendment to IAS 2 made in the past, which requires the exclusive application of the LIFO or average cost method. This decision was taken to avoid earnings volatility due to metal price fluctuations resulting from measurement according to the average cost method. Such related measurement effects, in our opinion, are not necessary to gain an understanding of the Aurubis Group's business activities or its results from an operational perspective and need to be eliminated. In addition, reporting date-related effects concerning the main metal inventories at our smelter sites, which derive from the measurement at market of metal derivatives and haven't been realized, are also not taken into account. In contrast, measurement effects that have already been realized from an operational perspective are taken into account. Furthermore, one-time effects deriving from purchase price allocations are eliminated, as these would otherwise lead to a distortion in the Aurubis Group's presentation of its assets, liabilities, financial position, and financial performance. The accounting impacts of IFRS 5 are also reversed.

Operating ROCE defines the operating earnings before interest and taxes (EBIT Glossary, page 215) together with the operating result from investments measured using the equity method and the operating capital employed as at the reporting date and depicts the return on capital employed.

In a manner corresponding to the calculation of the operating result, operating capital employed is derived by adjusting the IFRS-based items in the statement of financial position for the effects as previously mentioned.

Operating return on capital employed (ROCE)

in € million	9/30/2021	9/30/2020
Fixed assets, excluding financial
fixed assets	1,878	1,836
Inventories	1,770	1,855
Trade accounts receivable	550	490
Other receivables and assets	265	200
– Trade accounts payable	-1,406	-1,149
– Provisions and other liabilities	-642	-500
Capital employed as at the
reporting date	2,415	2,731
Earnings before taxes (EBT)	353	221
Financial result	13	2
Earnings before interest
and taxes (EBIT)	366	223

Pro forma EBIT of the Metallo Group1	-	18
Investments accounted for using the equity method	10	13

Earnings before interest and taxes (EBIT) – adjusted	376	253

Return on capital employed (operating ROCE)	15.6%	9.3%

¹ Result for four months already included in EBIT in the previous year; pro forma additional result for eight months.

A reconciliation of the IFRS-based statement of financial position and income statement to the respective "operating" figures is provided in the Economic Report section of the Combined Management Report.

Research and development

Research and development (R&D) at Aurubis is clearly aligned with the multimetal strategy and includes both the optimization of existing production processes and the development of new processes and products. The key focus is on further developing metallurgical expertise to efficiently, sustainably process complex raw materials and recycling materials. A diverse R&D team works on this in its own labs and pilot plants – in collaboration with other Aurubis divisions and with the support of universities and research institutes. The demands of production and the strategy drive R&D projects. Currently, work is focusing on developing resource-efficient processing methods for complex feed materials and on devising new processes or developing existing processes to treat future material flows.

The metallurgical R&D projects of the past fiscal year were mainly geared to the Group's capabilities in multimetal processing. For example, we enhanced the efficiency of the copper-lead-sulfur converter at our Hamburg site, which is evident in a higher production capacity and lower specific oxygen consumption. The goal of yet another optimization project was to make the recycling facility in Olen more flexible. With the process improvements in the smelting furnace and the tankhouse, Aurubis can already process a higher volume of complex recycling materials. We plan to continue the project in the coming year. For the ASPA project (Advanced Sludge Processing by Aurubis), an R&D team in Beerse developed a special hydrometallurgical process for anode slime processing over several years. During the past fiscal year, this process was successfully demonstrated in pilot trials, creating the foundation for the construction of an industrial-scale facility in Beerse. The goal is to recover precious metals and tin more quickly and efficiently in the future.

Yet another R&D focus during the past fiscal year was battery recycling. With the mobility shift in Europe, the number of hybrid and electric vehicles will continue to surge. The necessary lithiumion batteries will create a stark increase in demand for metals such as nickel, cobalt, manganese, copper, and lithium over the next several years. In addition to the importance of battery recycling in and of itself, demand for these important raw

materials will be partially covered by recycling. The battery of an electric car consists of different components, such as the case, busbars, control electronics, cooling, and the actual electrochemical cells. Aurubis can already process materials from these types of batteries. In the lab, the Hamburg R&D team developed a hydrometallurgical process to recycle black mass, the core of the battery cell, and applied for a patent. Black mass contains metals such as nickel, cobalt, manganese, and lithium. Our development enables very high recycling rates for these metals. We want to use it to expand our metal portfolio to include cobalt and lithium and to fulfill the high future requirements for metal recovery in the EU battery directive. The starting point for our development was our expertise in nickel recovery, which we have supplemented in a modular fashion with new, innovative procedures. During the past fiscal year, we carried out laboratory development with black mass of different compositions and acquired special know-how in this area. To further validate the process, we're setting up a pilot plant at our Hamburg site and planning trials on a technical scale in fiscal year 2021/22.

Used in place of natural gas or other fossil reducing agents, hydrogen can reduce CO2 emissions in copper production in the future. R&D is investigating the metallurgical use of hydrogen in Aurubis' processes. A flagship project is the large-scale trial on the use of hydrogen in the anode furnace of the Hamburg primary smelter (see the VCI Nord Responsible Care competition). We have kicked off additional projects together with universities in order to investigate key metallurgical fundamentals regarding the behavior of hydrogen in complex metallurgy.

As a sub-area of sustainability, environmental protection is a top priority for Aurubis. As a result, we are continuously developing our processes and methods to reduce emissions of all kinds. For instance, during the past fiscal year, an R&D team at the Pirdop site developed a wastewater treatment process, among other things. This will lead to reduced waste volumes and lower chemical consumption at the site in the future.

Electric vehicles are also impacting many applications and developments in our copper product portfolio. For example, when it came to connectors for automotive applications, R&D activities zeroed in on innovative coating technologies and the understanding of their behavior in use, as well as process developments to boost throughput. We sampled highly conductive, precipitate-forming copper materials for connectors with customers.

The R&D department continued a wire rod project with the target of achieving complex cross-sections and expanding the alloy portfolio on the basis of pure copper. In this case, too, development work led to initial applications in electric vehicles.

We continued our research activities in the area of power electronics for electric vehicles with university and industry partners.

As in the previous year, Aurubis developed a number of lead-free machinable materials (BlueBrass family) during the reporting period as well.

The entire Aurubis Group's R&D expenditures in fiscal year 2020/21 amounted to € 12 million, compared to € 15 million in reporting year 2019/20. We have a total of 77 employees in this area (previous year: 88 employees), who are located at our sites in Beerse, Buffalo, Hamburg, Lünen, Olen, Pirdop, Pori, Stolberg, and Zutphen.

R&D expenditure

Human resources

A total of 7,135 people were employed by the Aurubis Group as at September 30, 2021 (previous year: 7,236). Of this number, 47.0% worked outside of Germany and 53.0% worked at German sites. The decline in the number of employees is primarily connected with cost reduction measures within the context of the Performance Improvement Program (PIP), as well as the transfer of employees to a joint venture (Cablo GmbH). Most of our employees are geographically dispersed as follows: Germany (3,784), Belgium (1,068), Bulgaria (896), the US (576), the Netherlands (288), Finland (271), Italy (118), and Spain (98). Sites and employees, page 81

Aurubis Group employees

Number as at 9/30/2021

Aurubis Group personnel structure

Number as at 9/30/2021

Environmental protection and occupational health

ENVIRONMENTAL PROTECTION IN THE GROUP

We take responsibility for protecting our environment and our climate. Our production facilities therefore use modern and energy-efficient plant technology that complies with very high environmental standards. In this way, we conserve natural resources and aim to maintain a clean environment for future generations. We have set targets for environmental protection, defined corresponding KPIs, and established measures to achieve the targets across the Group. The effectiveness of these targets and measures is reviewed continuously.

Capital expenditure for environmental protection in the Aurubis Group1

in € million

¹ Environmental investments of all production sites that are majority-owned by Aurubis (>50 %); data collected from some of the smaller sites starting in 2013. ² Including Metallo.

The data relates to environmental investments per fiscal year. Single years are provided for readability, for example 2020 for fiscal year 2019/20.

The continuous improvement of water pollution control, soil conservation, climate protection, and emission prevention is key to achieving sustainable environmental protection and is only possible through ongoing investments. Aurubis has invested more than € 730 million in environmental protection measures in the Group since 2000, including the project to use process heat to heat part of the HafenCity district in Hamburg and a project to reduce diffuse emissions (RDE).

OCCUPATIONAL HEALTH AND SAFETY IN THE GROUP

Group Health and Safety is responsible for creating the technical, organizational, and personal conditions in the company to prevent work-related accidents, injuries, and illnesses.

The acronym LTIFR (lost time injury frequency rate) indicates the accident rate in the company. This KPI describes the number of work-related accidents with at least one lost shift per one million hours worked (related to Aurubis employees).

We continuously reduced accident frequency for several years. After increasing in fiscal years 2017/18 and 2018/19, LTIFR decreased again in the past two years, amounting to 5.0 in fiscal year 2020/21 (previous year: 5.4). In absolute terms, the number of accidents (LTI) rose slightly to 54 (previous year: 51).

Occupational health and safety

	2020/21	2019/20	2018/19	2017/18	2016/17
Absolute number of
accidents (LTI)1	54	51	61	60	47
LTIFR2	5.0	5.4	6.0	5.9	4.8

¹ Including the Beerse (Belgium) and Berango (Spain) sites starting June 1, 2020. Excluding Cablo Metall-Recycling und Handel GmbH, Ferbellin, starting June 1, 2021 (which, since June 1, 2021, has belonged to the joint venture Cablo GmbH with the recycling company TSR Recycling GmbH & Co. KG; Aurubis holds a 40% stake in Cablo GmbH) and excluding Schwermetall Halbzeugwerk GmbH & Co. KG.

² Beerse (Belgium) and Berango (Spain) sites included for the entire fiscal year starting 2019/20 so that KPIs can be compared.

Occupational health and safety are high-priority topics. Accordingly, responsibility for these issues rests with the management and the supervisors, but also every individual in the company.

In the long term, we want to achieve our Vision Zero, meaning that our goal is to have zero work-related injuries and illnesses. Precautions to prevent accidents are in place to contribute to making the vision a reality. One of these measures to promote changes in behavior is the Group-wide communication campaign 10forZero. This concept combines new communication tools together with training units to implement the 10 Golden Rules of occupational health and safety.

Additional measures contribute to achieving the vision as well: detailed risk assessments that are used to derive appropriate precautions and instructions, audits, cross-site checks, and training measures. Furthermore, we stringently monitor our occupational safety performance and translate the results into appropriate measures.

Most of the sites are certified in accordance with ISO 45001. We continuously develop occupational safety management at the sites to conform to the requirements of the standard.

A software that is steadily being rolled out in the Group supports occupational safety processes such as risk assessments, the assignment of legal obligations, accident and near-miss disclosure and review, and site-specific and Group-wide reporting.

Since the start of the COVID-19 pandemic, we have had a Group crisis team including the largest sites that meets online with the entire Executive Board weekly depending on the current situation. In this way, we have quickly established specific plans and measures to prioritize protecting employees' health while keeping operations up and running. The measures have been steadily adjusted to the ongoing circumstances of the pandemic and include testing and vaccination offers in in-house vaccination centers or at external organizations in cooperation with other companies.

Separate Non-Financial Report

The section Sustainability, pages 44–73 in the Annual Report provides additional information on the topics of sustainability, environmental protection, energy, the climate, and occupational health, as does our website www.aurubis.com in accordance with the statutory deadlines. Aurubis AG reports on both the Aurubis Group and Aurubis AG in the form of a consolidated, separate Non-Financial Report, whose content is available in the Sustainability section of this report and on the website.

Economic Report

General economic conditions

Expected GDP growth in 2021

In fiscal year 2020/21, the global economy recovered from the previous year's economic slump brought on by the COVID-19 pandemic. Due to the increase in vaccination rates worldwide, especially in industrialized nations, the economy swiftly recovered in a number of countries in the past fiscal year following the lockdowns that had been in place. In its October forecast, the International Monetary Fund (IMF, www.imf.org) expects an increase of 5.9% in global economic growth for 2021 – following a 3.1% decline the year before. The pandemic situation is still strained in some national economies and is leading to new lockdowns in certain regions, while the vaccination rates worldwide are rising.

For the eurozone, the IMF forecasts 5.0% growth for 2021 (previous year: -6.3%). For Germany, whose slump of -4.6% in calendar year 2020 was less pronounced than in France, Spain, or Italy, GDP growth of 3.1% is anticipated for 2021. Economic recovery in the eurozone was particularly driven by a bounce-back of industry to the pre-pandemic level. In contrast, the service sector remains below the pre-COVID-19 level due in part to new regional lockdowns and travel restrictions until March of this calendar year. Political assistance in the form of economic programs and state support was expanded again in 2021 to soften the impacts of the COVID-19 pandemic.

For the US, the IMF predicts GDP growth of 6.0% for 2021 (previous year: -3.4%). The main drivers of this stable growth have been fiscal policy measures and new infrastructure investments. According to the IMF, risks for the economic growth forecast include the outbreak of additional variants of the virus and the possibility that infrastructure support and family assistance might not reach the levels indicated.

The economic recovery that took hold in China in Q2 2020 is supposed to continue its momentum during the calendar year. At 8.0%, the IMF forecasts significantly stronger economic growth than the previous year (2.3%) despite new mobility restrictions in individual regions due to the outbreak of COVID-19 infections and a reduction in public investments.

In 2021, the global financial markets were once again shaped by fiscal policy measures to stem the effects of COVID-19. Central banks around the world lowered interest rates and expanded their balance sheets, facilitating loose monetary policy. The European Central Bank (ECB) extended its purchases of securities under the Pandemic Emergency Purchase Programme (PEPP) again and provided favorable financing options. The US Federal Reserve has kept the federal funds rate within a corridor of 0.00% to 0.25% in the current calendar year and has continued its pandemic purchase programs.

Conditions specific to the industry

Aurubis is mainly active on the international copper market and its submarkets, which underwent the following developments in fiscal year 2020/21:

In 2021, the international copper concentrate market was characterized by improved mining output compared to the previous year, and thus a higher concentrate supply, particularly in the second half of the year. The rate of worldwide mine production outages due to severe weather, strikes, or COVID-19 remained below prior-year level. The supply was supported by the restart of production and expansions in existing mines, as well as the kick-off of new mine projects, for example in Peru and Chile. Overall, the research company Wood Mackenzie expects global copper concentrate output for 2021 to exceed the previous year by 2.5%.

The global smelter industry, especially in Asia, experienced a number of planned and unplanned downtimes during the fiscal year, due in part to regional restrictions on energy consumption in China at the end of the fiscal year. Furthermore, Chinese smelters agreed to limit their purchases on the international concentrate markets in order to shore up TC/RCs. These effects dampened global concentrate demand. Nevertheless, new smelter projects in Asia started up production during the calendar year. For 2021, Wood Mackenzie expects 0.8% capacity expansion on the smelter side, with China continuing to account for the greatest proportion of global growth. In total, the global concentrate market should have a slight deficit of around 200,000 t in 2021.

The European market for recycling raw materials, which is most relevant for Aurubis, demonstrated a very volatile, high-level trend in fiscal year 2020/21 again. The supply of copper scrap in Europe rose at the start of the fiscal year, supported by high metal prices overall. The high metal prices created incentives for collection and processing activities among metal traders and led to a very high

supply. The import quota system in China, which placed stricter import restrictions on copper scrap and other recycling material groups, also led to additional supply in Europe. Subsequently, refining charges for copper scrap steadily increased to a very high level until summer 2021. The oversupply normalized at the end of the fiscal year, which led to a reduction in refining charges for copper scrap, though they remained at a continued high level. Complex recycling materials such as electronic scrap and industrial residues experienced high supply during the reporting period. In line with supply, refining charges for complex recycling materials increased in fiscal year 2020/21 as well.

Global production of refined copper was mainly shaped by the following factors in fiscal year 2020/21: the ramifications of the pandemic, which led to logistical problems such as a shortage of containers; the planned and unplanned downtimes on the smelter side, particularly in China; and the capacity increase on the mine side due to the expansion of existing projects and the start of new mining projects in Chile and Peru. According to the International Copper Study Group (ICSG), capacity utilization in the smelting industry was 81.9% in the first half of 2021, exceeding the prior-year level of 80.8%. Overall, Wood Mackenzie forecasts that global output of refined copper for 2021 will reach a level around 24.1 million t, 0.5% above that of the previous year.

The strong recovery of the global economy boosted demand for refined copper considerably in fiscal year 2020/21. Supported by fiscal policy measures, worldwide demand for refined copper in the first half of 2021 rose by about 3.8% compared to the previous year, according to the ICSG. The Purchasing Managers Index (PMI) indicates very high production activity for 2021, especially in Europe and the US, supported by favorable financing costs. Additionally, demand was very high in the end customer segment throughout the fiscal year. Wood Mackenzie anticipates total global demand for refined copper at 24.4 million t in calendar year 2021 (previous year: 23.5 million t).

Global exchange inventories of copper cathodes remained at historically low levels in 2021 again. At the beginning of the calendar year, the LME and COMEX held 74,200 t and 69,556 t, respectively, the lowest inventories since 2005. As the fiscal year went on, total inventories at the metal exchanges LME, COMEX, and SHFE recovered at a low level. About 317,000 t in total were stored at the end of the fiscal year, compared to 398,000 t at the start of the fiscal year.

Wood Mackenzie expects a deficit of about 240,000 t on the global refined copper market in calendar year 2021.

The international wire rod market is still the predominant outlet for refined copper. Wood Mackenzie estimates that approximately 74% of global cathode output goes to this market worldwide. This is expected to grow by around 5% in calendar year 2021, compared to a roughly 3% decrease in demand in 2020. Aurubis primarily supplies the European market. After very stable demand in Q1, a continued positive trend was apparent in the first half of 2021. Demand was confirmed across all customer segments, the construction and energy sectors as well as the automotive industry, as the fiscal year progressed.

Throughout the entirety of fiscal year 2020/21, the global sulfuric acid market experienced very stable demand with a tightening supply. With the significant decline in flights and road traffic due to COVID-19, the use of fuels and kerosene dropped sharply. Oil delivery rates decreased accordingly. Moreover, the obstruction of the Suez Canal affected the availability of crude oil in Europe. Because of the reduced output in oil refineries, the global supply of sulfur declined, which caused sulfur burners to produce less sulfuric acid or be shut down completely – with strong global demand due to the dynamic economic trend at the same time. As a result, spot market prices increased constantly over the entire fiscal year, both in Asia and North and South America. In Europe and Turkey, too, a tight supply with stable demand led to stark increases in spot market prices. Because of its customer and contract structure, Aurubis isn't completely exposed to developments on the spot market, and any impacts occur with a time lag.

The LME copper price increased notably in the course of fiscal year 2020/21. From US\$ 6,610/t (settlement Glossary, page 214) at the start of the fiscal year, it rose until mid-May and reached a ten-year high of US\$ 10,724/t on May 10, 2021. As the fiscal year went on, the copper price was volatile and ranged from US\$ 9,000/t to US\$ 10,000/t. Influences such as geopolitical risks, isolated outbreaks of COVID-19 infections, and strong demand for refined copper balanced each other out. The fiscal year closed with an LME copper price of US\$ 9,041/t (settlement). The average price for the fiscal year was US\$ 8,677/t (previous year: US\$ 5,857/t).

Copper price and metal exchange copper inventories

from October 1, 2020 to September 30, 2021

Economic development within the Aurubis Group

NOTABLE EVENTS DURING THE FISCAL YEAR

FINANCIAL PERFORMANCE, ASSETS, LIABILITIES, AND FINANCIAL POSITION OF THE AURUBIS GROUP

The internal reporting and management of the Group are carried out on the basis of the operating result in order to present the Aurubis Group's success for internal management purposes in a manner that is independent of the measurement influences that are listed below. In consequence, its financial performance, assets, liabilities, and financial position are presented on the basis of operating figures.

The operating result is derived from the IFRS-based financial performance by:

» Adjusting for measurement effects deriving from the application of IAS 2. In this context, the metal price fluctuations resulting from the application of the average cost method are eliminated. Likewise, non-permanent writedowns or write-ups in the value of metal inventories as at the reporting date are eliminated
» Adjusting for reporting date-related effects deriving from market valuations of metal derivatives that haven't been realized, which concern the main metal inventories at our smelter sites
» Eliminating any non-cash effects deriving from purchase price allocations
» Adjusting for effects deriving from the application of IFRS 5

With effect from June 1, 2020, the Beerse and Berango sites of the former Metallo Group have been included in the financial performance, assets, liabilities, and financial position of the Aurubis Group. The financial performance for the previous fiscal year therefore includes these new Group companies for just four months.

With the signing of a term sheet in August 2021, assets and liabilities of four Group companies of Segment FRP are classified as held for sale in accordance with IFRS 5. The presentation and measurement rules specified in IFRS 5 must be applied for these assets and liabilities. These include, among other things, an aggregated disclosure of assets and liabilities held for sale in the consolidated statement of financial position.

The accounting impacts deriving from IFRS 5 in the financial statements are reversed in the reconciliation between the IFRS reporting and operating reporting, meaning that the assets and liabilities held for sale are effectively only disclosed in the IFRS consolidated statement of financial position.

FINANCIAL PERFORMANCE

In the past fiscal year, the Aurubis Group generated significantly higher operating earnings before taxes (EBT) of € 353 million in comparison to the previous year (€ 221 million). The operating return on capital employed (ROCE) was 15.6% (previous year: 9.3%). We therefore significantly exceeded our forecast, which we had increased in January 2021, which had predicted an operating EBT of between € 270 million and € 330 million and an operating ROCE of between 9% and 12%. IFRS earnings before taxes (EBT) amounted to € 825 million (previous year: € 367 million).

The following table shows how the respective operating results for the 2020/21 fiscal year and for the comparative prior-year period have been determined.

Reconciliation of the consolidated income statement

	12 months 2020/21		12 months 2019/20
		Adjustment effects			Adjustment effects
		Inventories/			Inventories/
iin € million	IFRS	fixed assets	Operating	IFRS	fixed assets	Operating
Revenues	16,300	0	16,300	12,429	0	12,429
Changes in inventories of finished goods and work in process	146	-222	-76	118	-108	10
Own work capitalized	32	0	32	23	0	23
Other operating income	73	0	73	33	0	33
Cost of materials	-14,637	-262	-14,899	-11,199	-63	-11,262
Gross profit	1,914	-484	1,430	1,404	-171	1,233
Personnel expenses	-554	0	-554	-553	0	-553
Depreciation of property, plant, and equipment and amortization of intangible assets	-219	20	-199	-210	18	-192
Other operating expenses	-311	0	-311	-265	0	-265
Operational result (EBIT)	830	-464	366	376	-153	223
Result from investments measured using the equity method	18	-8	10	6	7	13
Interest income	4	0	4	7	0	7
Interest expense	-18	0	-18	-19	0	-19
Other financial expenses	-9	0	-9	-3	0	-3
Earnings before taxes (EBT)	825	-472	353	367	-146	221
Income taxes	-212	125	-87	-102	49	-54
Consolidated net income	613	-347	266	265	-97	167

Explanations concerning the presentation and the adjustment effects can be found in Financial performance, assets, liabilities, and financial position of the Aurubis Group, pages 95–103.

Operating EBT in fiscal year 2020/21 was € 353 million (previous year: € 221 million) and was influenced by the following factors compared to the previous year:

» Significantly higher refining charges for copper scrap and other recycling materials compared to the previous year
» A considerably higher throughput of other recycling materials, due in part to the inclusion of the input materials for the Beerse and Berango sites
» Slightly lower concentrate throughputs, coupled with lower treatment and refining charges for copper concentrates due to market factors; planned shutdowns in the Group influenced the result in both the reporting period (by some € -36 million in operating EBT) and the previous year (by some € -50 million in operating EBT). The reporting year's result was also negatively influenced by delays in the restarting of production processes following the planned shutdown in Q4 2020/21 at our site in Pirdop.
» A considerably higher metal result with a strong increase in metal prices
» Significantly higher sulfuric acid revenues due to a strong increase in sales prices
» Substantially higher demand for copper products,
» Positive contributions to earnings deriving from our Performance Improvement Program (PIP)
» Significantly higher energy costs, particularly for electricity and gas

The Group's revenues increased by € 3,871 million to € 16,300 million during the reporting period (previous year: € 12,429 million). This development was primarily due to higher copper prices in comparison to the previous year. Higher sales volumes for copper products coupled with a high price level also had a positive effect. In the breakdown by region, there was a partial shift in revenues deriving from sales of precious metals from Germany to other EU countries. In addition, the withdrawal of the United Kingdom from the from the European Union is also reflected.

Breakdown of revenues

in %	2020/21	2019/20

Germany	35	44
European Union	34	27
Rest of Europe	8	4
Other	23	25
Total	100	100

The € -76 million change in inventories of finished goods and work in process (previous year: € 10 million) was due to the reduction in intermediate products in connection with the maintenance shutdown at our site in Pirdop.

The cost of materials ratio rose increased from 90.5% in the previous year to 91.8%. The cost of materials deriving from metal purchases increased owing to higher metal prices, in a manner corresponding to the development of revenues and due to changes in inventories. Among other factors, significantly higher energy costs, due especially to higher electricity prices, were noticeable. Energy costs amounted to € 232 million in the reporting period (previous year: € 185 million).

The increase in own work capitalized to a level of € 32 million in the fiscal year (previous year: € 23 million) was mainly the result of activities connected to the maintenance shutdown at the Pirdop site, as well as investments to reduce diffuse emissions at the Hamburg site.

Other operating income increased significantly by € 40 million, to € 73 million, and included, among other items, income of € 27 million from cost reimbursements (previous year: € 20 million). Furthermore, € 15 million in income from insurance reimbursements connected to the severe weather impacts at the Stolberg site is also included. During the financial year reported, income from the sale of property, plant, and equipment to a joint venture (€ 6 million) and income deriving from reversals of impairment losses previously recognized against fixed assets (€ 6 million) were also recognized.

Overall, the operating gross profit generated was higher than the level achieved in the previous year and amounted to € 1,430 million (previous year: € 1,233 million).

Personnel expenses increased slightly – from € 553 million in the previous year to € 554 million. This was due in particular to the first-time inclusion of the Beerse and Berango sites for an entire year. Furthermore, the fiscal year included higher costs incurred for a "coronavirus bonus" of € 6 million, as well as performancebased bonuses and wage tariff increases. A counteracting effect within the personnel expenses for the fiscal year, amounting to € 14 million, resulted from the reversal of provisions previously set up for personnel-related restructuring expenses in connection with our Performance Improvement Program (PIP).

Development of revenues by products

in € million

At a level of € 199 million, depreciation and amortization of fixed assets was higher than in the previous year (€ 192 million). The figure includes impairment losses of € 8 million recognized against Segment MRP's fixed assets. In addition, scheduled depreciation charges for the Beerse and Berango sites , which were fully included for the first time, accounted for an increase of about € 19 million. In contrast, the previous year included an impairment loss recognized against the goodwill attributable to the cash-generating unit Aurubis Hamburg Copper Products (€ 17 million), as well as recognition of additional impairment losses for Segment FRP.

The significant increase in other operating expenses to a new total level of € 311 million as at the reporting date (previous year: € 265 million) includes allocations to provisions to cover environmental risks (€ 10 million) and expenses in connection with severe weather impacts at the Stolberg site (€ 11 million). Furthermore, the inclusion of the Beerse and Berango sites (of some € 10 million) and higher selling expenses (of around € 10 million) contributed to this development.

Earnings before interest and taxes (EBIT) therefore amounted to € 366 million (previous year: € 223 million).

At a level of € -13 million, the financial result was well below that of the previous year (€ -2 million) and was particularly influenced by impairment losses totaling € 8 million recognized against the carrying amounts of two non-consolidated companies.

Operating earnings before taxes (EBT) amounted to € 353 million (previous year: € 221 million), representing a considerable improvement on the figure for the previous year.

After taking income taxes into account, the operating consolidated net income after tax amounted to € 266 million (previous year: € 167 million). Operating earnings per share amounted to € 6.10 (previous year: € 3.73).

The IFRS EBT of € 825 million (previous year: € 367 million) significantly exceeded that of the previous year. In addition to the effects on earnings already described in the explanation of the operating financial performance, the change in IFRS gross profit was also due to metal price developments. Use of the average cost method leads to metal price valuations that are close to market prices. Metal price volatility therefore has direct effects on changes in inventories/the cost of materials and hence on the IFRS gross profit. The IFRS gross profit in fiscal year 2020/21 includes inventory measurement effects of € 484 million (previous year: € 171 million). The substantial increase in the copper price throughout the fiscal year was a decisive factor. This volatility is not relevant for cash flow purposes and is not reflected in Aurubis' operating performance.

The reconciliation of depreciation and amortization includes an impairment loss of € 20 million recognized against assets held for sale, which are not included in the operating result. The recognition of this impairment loss did not impact the operating result as, from the date of their initial recognition, the assets involved have had a lower carrying amount than for IFRS purposes.

The IFRS consolidated net income amounted to € 613 million (previous year: € 265 million). This translates to IFRS earnings per share of € 14.03 (previous year: € 5.95).

ASSETS AND LIABILITIES

The table Reconciliation of the consolidated statement of financial position, page 101 shows the derivation of the operating statement of financial position as at September 30, 2021 and as at September 30, 2020.

Total assets (operating) increased from € 4,897 million as at September 30, 2020 to € 5,493 million as at September 30, 2021. This was due in particular to the considerable increase in cash and cash equivalents, as a result of the very good free cash flow of € 488 million for the fiscal year. In addition, current receivables increased from € 634 million to € 760 million. These included higher trade accounts receivable, which built up due to the sharp increase in copper prices and a high volume of copper product sales.

In contrast, inventories decreased by € 85 million, from € 1,855 million as at September 30, 2020 to € 1,770 million as at September 30, 2021. The reduction was especially marked in the input materials area, as a result of the reduced availability of recycling materials and intermediate products. In contrast, the previous year had been influenced by high inventories of input materials to secure the smelter network's supply during the pandemic.

The Group's equity increased by € 245 million, from € 2,403 million as at the end of the previous fiscal year to € 2,648 million as at September 30, 2021. The increase was due to the operating consolidated total comprehensive income of € 321 million. The dividend distribution of € 57 million and the purchase of treasury shares, amounting to € 19 million, had a counteracting effect.

Current liabilities increased by € 469 million, from € 1,392 million to € 1,861 million. They particularly include trade accounts payable of € 1,406 million (previous year: € 1,149 million), which built up considerably due to the sharp increase in copper prices.

At a level of € 582 million as at September 30, 2021, borrowings were similar to the previous fiscal year (€ 583 million). A Schuldschein loan of € 103 million is scheduled to fall due in February 2022, and was therefore disclosed under current financial liabilities as at the reporting date.

The following table shows the development of borrowings.

Development of borrowings

in € million	9/30/2021	9/30/2020

Non-current bank borrowings	400	503
Non-current lease liabilities	45	53
Non-current borrowings	445	556

Current bank borrowings	127	15
Current lease liabilities	11	12
Current borrowings	138	27

Total borrowings	582	583

Overall, the operating equity ratio (the ratio of equity to total assets) was therefore 48.2%, compared to 49.1% as at the end of the previous fiscal year.

Total assets (IFRS) increased from € 5,534 million as at September 30, 2020 to € 6,613 million as at September 30, 2021. The very substantial increase was due to the € 340 million increase in inventories, from € 2,464 million as at September 30, 2020 to € 2,804 million as at September 30, 2021; a considerable increase in contrast to the operating statement of financial position. A key factor for the IFRS figure was the high copper prices that prevailed throughout the entire fiscal year.

The Group's equity increased by € 592 million, from € 2,851 million as at the end of the previous fiscal year to € 3,443 million as at September 30, 2021. The increase resulted in particular from the consolidated total comprehensive income of € 667 million, which was higher than in the operating statement of financial position. Overall, the IFRS equity ratio was 52.1% as at September 30, 2021, compared to 51.5% as at the end of the previous fiscal year.

Structure of the IFRS statement of financial position for the Group

in %	9/30/2021	9/30/2020

Fixed assets	30	34
Inventories	42	44
Receivables, etc.	14	13
Cash and cash equivalents	14	9

	100	100

Equity	52	52
Provisions	12	13
Liabilities	36	35

	100	100

			9/30/2021	9/30/2020
			Adjustment effects				Adjustment effects
in € million	IFRS		IFRS 5 Inventories	Fixed	assets Operating	IFRS	IFRS 5	Inventories	Fixed assets	Operating
ASSETS
Fixed assets	1,958	9	-20	-4	1,943	1,904	3	-11	-25	1,871
Deferred tax assets	18	0	0	0	18	9	0	11	0	20
Non-current receivables and other assets	37	0	0	0	37	36	0	0	0	36
Inventories	2,804	62	-1,096	0	1,770	2,464	3	-612	0	1,855
Current receivables and other assets	716	44	0	0	760	629	5	0	0	634
Cash and cash equivalents	942	23	0	0	965	481	0	0	0	481
Assets held for sale	138	-138	0	0	0	11	-11	0	0	0
Total assets	6,613	0	-1,116	-4	5,493	5,534	0	-612	-25	4,897
EQUITY AND LIABILITIES
Equity	3,443	0	-793	-2	2,648	2,851	0	-426	-22	2,403
Deferred tax liabilities	443	0	-323	-2	118	302	1	-186	-3	114
Non-current provisions	291	2	0	0	293	332	0	0	0	332
Non-current liabilities	503	1	0	0	504	578	0	0	0	578
Current provisions	67	2	0	0	69	78	0	0	0	78
Current liabilities	1,828	33	0	0	1,861	1,386	6	0	0	1,392
Liabilities deriving from assets held for sale	38	-38	0	0	0	7	-7	0	0	0
Total equity and liabilities	6,613	0	-1,116	-4	5,493	5,534	0	-612	-25	4,897

Reconciliation of the consolidated statement of financial position

Explanations concerning the presentation and adjustment effects can be found in the section Financial performance, assets, liabilities, and financial position of the Aurubis Group, pages 95-103.

RETURN ON CAPITAL (OPERATING)

The return on capital employed (ROCE) shows the return on the capital employed in the operating business or for an investment. It was determined taking the operating EBIT of the last four quarters into consideration.

Operating ROCE improved to 15.6%, compared to 9.3% in the previous year, especially as a result of the very good earnings performance.

Return on capital employed (ROCE) (operating)

in € million	9/30/2021	9/30/2020

Fixed assets, excluding financial
fixed assets	1,877	1,836
Inventories	1,770	1,855
Trade accounts receivable	550	490
Other receivables and assets	265	200
– Trade accounts payable	-1,406	-1,149
– Provisions and other liabilities	-642	-500
Capital employed as at the
reporting date	2,415	2,731

Earnings before taxes (EBT)	353	221
Financial result	13	2
Earnings before interest
and taxes (EBIT)	366	223

Pro forma EBIT of Metallo1	-	18
Investments accounted for
using the equity method	10	13
Earnings before interest and
taxes (EBIT) – adjusted	376	253

Return on capital employed
(operating ROCE)	15.6%	9.3%

¹ Result for four months already included in EBIT in the previous year; pro forma result for eight months.

FINANCIAL POSITION OF THE AURUBIS GROUP

The Group's liquidity sourcing is secured through a combination of the Group's cash flow, short-term and long-term borrowings, as well as lines of credit available from our banks. Existing credit facilities and lines of credit can compensate for fluctuations in the cash flow development at any time. These fluctuations result from operating business activities in particular and primarily serve to finance net working capital.

We regularly monitor the development of the Aurubis Group's liquidity position on a timely basis. Control and monitoring are carried out on the basis of defined key ratios.

The main key financial ratio for controlling debt is debt coverage, which calculates the ratio of the net cash position (cash and cash equivalents less borrowings) to earnings before interest, taxes, depreciation, and amortization (EBITDA, page 215) and shows the number of periods required to redeem the existing borrowings from the Group's income – assuming an unchanged earnings situation.

The interest coverage ratio expresses how the net interest expense is covered by EBITDA.

Our long-term objective is to achieve a well-balanced debt structure. In this context, we consider debt coverage <3 and interest coverage >5 to be well balanced.

Group financial ratios (operating)

	9/30/2021	9/30/2020
Debt coverage = net cash position1/ EBITDA	-0.7	0.2
Interest coverage = EBITDA/net interest	38.0	31.4

1 (-) Net cash surplus / (+) net borrowings

Additional control measures related to liquidity risks are outlined in the Risk and Opportunity Report in the Combined Management Report pages 116-126.

ANALYSIS OF LIQUIDITY AND FUNDING

The cash flow statement shows the cash flows within the Group. It highlights how funds are generated and used.

The very good financial performance in the fiscal year and relatively low net working capital resulted in a significantly higher net cash flow of € 812 million compared to the prior-year level (€ 459 million).

The cash outflow from investing activities totaled € 232 million (previous year: € 556 million) and, in contrast to the previous year, didn't include any payments for the acquisition of shares in affiliated companies (previous year: € 332 million for the acquisition of the Metallo Group). Payments during the fiscal year included investments in environmental protection measures to continue reducing diffuse emissions in Hamburg (€ 45 million) and in connection with the planned maintenance shutdown in Pirdop in August/September 2021 (€ 36 million).

After taking into account payments of € 19 million for the purchase of treasury shares, interest payments totaling € 16 million, and the dividend distribution of € 57 million, the free cash flow of € 488 million was very good (previous year: € -208 million).

in € million	12 months 2020/21	12 months 2019/20

Cash inflow from operating activities (net cash flow)	812	459
Cash outflow from investing activities	-232	-556
Acquisition of treasury shares	-19	-39
Interest paid	-16	-16
Dividend payment	-57	-56
Free cash flow	488	-208
Proceeds and payments deriving from financial liabilities	-3	248
Net change in cash and cash equivalents	485	40
Cash and cash equivalents as at the reporting date	965	481

Cash and cash equivalents of € 965 million were available to the Group as at September 30, 2021 (September 30, 2020: € 481 million). The net cash position as at September 30, 2021 was € 383 million (previous year: € -102 million).

Net cash position of the Group

in € million	9/30/2021	9/30/2020

Cash and cash equivalents	965	481
Borrowings	582	583
Net cash position	383	-102

In addition to cash and cash equivalents, the Aurubis Group has unutilized credit line facilities and thus has adequate liquidity reserves. Parallel to this, within the context of factoring agreements, the Group makes use of the sale of receivables without recourse as an off-balance-sheet financial instrument.

Business performance in the segments

SEGMENT METAL REFINING & PROCESSING Key figures

in € million	2020/21 operating	2019/20 operating1

Revenues	15,079	11,488
Operating EBITDA	588	461
Depreciation and amortization	-180	-170
Operating EBIT	409	291
Operating EBT	399	285
Capital expenditure	227	202
Operating ROCE	18.9%	12.6%
Capital employed	2,151	2,438
Number of employees (average)	5,237	4,935

1 Metallo included for four months.

Certain prior-year figures have been adjusted.

BUSINESS PERFORMANCE AND EARNINGS TREND

The main factors driving earnings in Segment Metal Refining & Processing (MRP) are treatment and refining charges (TC/RCs) that are negotiated as deductions from the purchase price of the metals for converting raw materials and recycling materials into the exchange product – copper cathodes – and other metals. Additional earnings components include revenues from precious metal and sulfuric acid sales, as well as the metal gain. Furthermore, the Aurubis copper premium and the so-called product surcharge charged for processing copper cathodes into copper products are also significant earnings components.

The Beerse and Berango sites of the former Metallo Group have been included in the Aurubis Group since June 1, 2020. The prioryear figures thus only partially include the new Group companies.

Business activities connected with our long-term electricity supply contract for our German sites were bundled within Segment MRP for the first time in the reporting period. Prioryear figures have been adjusted accordingly.

Segment MRP generated total revenues of € 15,079 million during the reporting period (previous year: € 11,488 million). This development was primarily due to higher copper prices in comparison to the previous year. Significantly higher sales of copper products, with a high price level at the same time, had a positive impact as well.

Operating EBT for Segment MRP amounted to € 399 million during the reporting period, up significantly year-over-year (previous year: € 285 million). Substantially higher refining charges for copper scrap and other recycling materials with a higher throughput of other recycling materials, due in part to the inclusion of the Beerse and Berango sites, as well as a significantly higher metal result with a strong increase in metal prices, positively influenced the result.

Considerably higher sulfuric acid revenues thanks to a strong increase in sales prices, significantly higher demand for copper products, and contributions from the Performance Improvement Program (PIP) increased earnings as well.

A slightly lower concentrate throughput with lower treatment and refining charges for copper concentrates compared to the previous year, driven by market factors, negatively affected operating EBT. Planned shutdowns in the Group influenced the result in both the reporting period (about € -36 million operating EBT) and the previous year (about € -50 million operating EBT). Delays in the ramp-up after the planned shutdown at our site in Pirdop (Bulgaria) in Q4 2020/21 also weighed on the result.

High energy costs, especially for electricity and gas, likewise negatively affected the result.

Overall, at € 399 million, Segment MRP's operating result was 40% above the prior-year level (€ 285 million). At 18.9% (previous year: 12.6%), the segment's operating ROCE also developed positively, considerably exceeding the 15.0% target.

RAW MATERIAL MARKETS

Lower treatment and refining charges for copper concentrates due to market factors

The global copper concentrate market indicated higher mine output in 2021 year-over-year. Compared to the previous year, there were fewer production losses, particularly because of reduced losses related to COVID-19. Expansions of existing mines and new mine projects in Chile and Peru positively influenced

the concentrate supply as well. On the global smelter industry side, planned downtimes dampened demand for copper concentrates, particularly in China starting in Q3 of fiscal year 2020/21. In alignment with this trend, the development of TC/RCs for standard copper concentrates on the spot market was consistently positive starting in May 2021. Previously, they had fallen at the start of the fiscal year until March 2021, to US\$ 30/t and 3.0 cents/lb, because of strong demand from the Asian smelter industry. As a result of the numerous downtimes and more restrained demand from Chinese smelters, the TC/RCs at the end of the fiscal year were US\$ 62/t and 6.2 cents/lb.

Aurubis has a diversified supplier portfolio and long-term delivery contracts. Through active raw material management, we were thus able to secure a continuous supply for our production facilities during the entire fiscal year and were only active on the spot market to a limited extent.

For 2021 annual contracts, the benchmark TC/RC for processing standard copper concentrates was US\$ 59.5/t and 5.95 cents/lb (2020: US\$ 62/t and 6.2 cents/lb). The spot market was under the benchmark at the beginning of the fiscal year. Because of the positive trend in the concentrate supply and Chinese smelters' buying restraint on the market, the spot prices at fiscal year-end indicated substantial recovery tendencies above the benchmark.

Very high level of refining charges for copper scrap and other recycling materials

In fiscal year 2020/21, the market for copper scrap and complex recycling materials had a very good supply due to dynamic economic circumstances and strong increases in metal prices. The recovery of the European economy and rising metal prices led to high collection rates and a good supply of copper scrap accordingly. Copper scrap exports to Asia were lower, especially at the start of the fiscal year, due to the new import restrictions. This had a positive impact on the volumes available in Europe. Starting in Q4 of the fiscal year, Asian demand for copper scrap gained momentum and caused a shift in material flows. All in all, refining charges for copper scrap developed very positively in the course of fiscal year 2020/21 due to the good supply and surpassed the prior-year level considerably.

Complex recycling raw materials were available on the market with very good refining charges during the entire fiscal year. In this context, high demand for metal products and rising industrial production, for example, positively influenced the availability of complex recycling materials. Despite the logistical challenges that COVID-19 posed, Aurubis secured the supply for its production facilities throughout the whole fiscal year.

PRODUCTION

Concentrate throughput lower due to shutdown

Production at our smelter sites was at a good level overall in the fiscal year. At 2,250,000 t, concentrate throughput for fiscal year 2020/21 was slightly below the previous year (2,378,000 t) owing to delays in the ramp-up after the planned shutdown at our site in Pirdop (Bulgaria) in Q4 2020/21. Shutdowns impacted throughput in the previous year as well.

Concentrate throughput

Copper scrap/blister copper input significantly exceeds previous year

During the reporting year, our production sites benefited from a very good supply of copper scrap, blister copper Glossary, page 212, and other recycling materials. Overall, the Group-wide input of copper scrap and blister copper in fiscal year 2020/21, at 436,000 t, was much higher than the prior-year level (368,000 t), due in part to the inclusion of the Beerse (Belgium) and Berango (Spain) sites.

The input of other recycling materials such as industrial residues, slimes, shredder materials, and electrical and electronic scrap increased by 41% during the reporting period, to 566,000 t (previous year: 401,000 t), due in part to the first-time inclusion of the input volumes of the Metallo sites Beerse and Berango for the entire fiscal year.

Cathode output at a very good level

At 1,113,000 t in 2020/21, copper cathode output in Segment MRP significantly exceeded the prior-year level (1,031,000 t) due to good production and stable capacity utilization in the tankhouses. The previous year was strained by production limitations caused by crane damage in the tankhouse in Olen.

At 149,000 t, cathode output at our site in Lünen in fiscal year 2020/21 was down significantly on the prior-year level (173,000 t) as a result of the ongoing renovation measures in the tankhouse.

The international cathode markets recorded high demand overall in the first half of fiscal year 2020/21. The recovery in demand compared to the previous year was apparent in Europe and the US especially. Spot premiums in Europe proved to be stable over the entire fiscal year. Quotations in Shanghai were low during most of the fiscal year but rose significantly at the end of the fiscal year due to a tighter supply and arbitrage options. At US\$ 96/t, the Aurubis copper premium for calendar year 2021 was the same as in the previous year.

Cathode output in the Group

in thousand t

Metal sales volumes

The sales volumes of the metals Aurubis produces were as follows in fiscal year 2020/21:

Sales volumes of other metals

		2020/21	2019/201

Gold	t	51	47
Silver	t	949	972
Lead	t	40,717	28,014
Nickel	t	3,900	3,395
Tin	t	10,043	4,213
Zinc	t	8,809	3,565
Minor metals	t	977	807
Platinum group metals (PGMs)	kg	8,722	8,935

1 Metallo sites included for four months.

The recovery of our metals depends on the metal contents in the processed copper concentrates and recycling materials. Lower concentrate throughputs therefore impact the volumes of the different metals that are recovered. A portion of the metals is sold as intermediate products. The inclusion of the Beerse and Berango sites led to higher metal sales volumes, especially for tin, zinc, nickel, and lead.

Wire rod output at a very high level due to demand

Continuous cast wire rod is used as a preliminary product for processing, especially in the cable and wire industry, as well as for special semifinished products. Demand for wire rod developed very positively in all customer segments in light of the economic rebound. The recovery in demand that took hold in Q4 2019/20 continued in the first half of 2020/21 and remained at a stable, high level in the second half-year. Demand from the energy sector and construction industry remained very high over the entire fiscal year.

Wire rod output

in thousand t

Notable increase in shapes output compared to previous year

Demand for high-purity shapes recovered considerably year-overyear. The order situation was at a stable, high level throughout the fiscal year, due in large part to high demand from the flat rolled products sector.

Shapes output

in thousand t

Sulfuric acid output below prior-year level due to reduced concentrate throughput

Corresponding to the concentrate throughput, the sulfuric acid output was 2,107,000 t, below the prior-year level (2,272,000 t). Throughout the entirety of fiscal year 2020/21, the global sulfuric acid market experienced very stable demand with a tightening supply. The decline in flight traffic especially, due to the shutdowns caused by COVID-19, led to reduced oil output. Moreover, logistical bottlenecks such as the obstruction of the Suez Canal reduced the availability of crude oil in Europe. The supply of sulfur, a by-product in oil refinery production, decreased accordingly with strong global demand, leading to lower sulfuric acid availability since sulfur burners produced less sulfuric acid or had to shut down completely. Spot market prices on the global markets for sulfuric acid thus increased over the entire fiscal year 2020/21. In Europe and Turkey, our main sales markets, a tight supply with stable demand led to stark increases in spot market prices as well. Because of its customer and contract structure, Aurubis isn't completely exposed to developments on the spot market, and any impacts occur with a time lag.

CAPITAL EXPENDITURE

Capital expenditure in Segment MRP amounted to € 227 million (previous year: € 202 million). Significant investments were made in connection with the maintenance shutdown in Pirdop (Bulgaria), the environmental protection measures in Hamburg to further reduce diffuse emissions, and the modernization of the tankhouse in Lünen.

SEGMENT FLAT ROLLED PRODUCTS Key figures

in € million	2020/21 operating	2019/20 operating

Revenues	1,432	1,086
Operating EBITDA	23	15
Depreciation and amortization	-16	-19
Operating EBIT	7	-3
Operating EBT	13	1
Capital expenditure	15	18
Operating ROCE	6.6%	3.0%
Capital employed	289	316
Number of employees (average)	1,615	1,632

BUSINESS PERFORMANCE AND EARNINGS TREND

Segment Flat Rolled Products (FRP) processes copper and copper alloys – primarily brass, bronze, and high-performance alloys – into flat rolled products and specialty wire. The main production sites are Stolberg (Germany), Pori (Finland), Zutphen (Netherlands), and Buffalo (US). Furthermore, the segment also includes slitting and service centers in Birmingham (UK), Dolný Kubín (Slovakia), and Mortara (Italy), as well as sales offices worldwide.

Segment FRP generated total revenues of € 1,432 million during the reporting period (previous year: € 1,086 million). After low sales volumes in the previous year due to the COVID-19 pandemic, demand for strip products stabilized again in the course of fiscal year 2020/21. With higher metal prices, sales increased significantly despite the production stop at our plant in Stolberg caused by the flooding disaster in Q4 2020/21.

Segment FRP generated operating earnings before taxes (EBT) of € 13 million (previous year: € 1 million). This notably improved result compared to the previous year was based on the recovery of demand for strip products and the continued implementation of our strict cost management. Negative effects from rebuilding costs for our plant in Stolberg following the flooding disaster are offset by insurance payments.

At 6.6%, operating ROCE (taking the operating EBIT of the last four quarters into consideration) improved considerably compared to the previous year (3.0%).

On July 14, 2021, production at Aurubis Stolberg GmbH had to be stopped due to severe weather impacts. As a result, Aurubis Stolberg GmbH & Co. KG had to declare force majeure on July 16, 2021. After extensive clean-up and repair work, we restarted production at Aurubis Stolberg again in early November.

On August 9, 2021, Aurubis announced the signing of a term sheet with Intek Group S.p.A., Italy, regarding a partial sale of Segment Flat Rolled Products. Aurubis AG intends to sell the FRP plant in Zutphen (Netherlands) as well as the slitting centers in Birmingham (United Kingdom), Dolný Kubín (Slovakia), and Mortara (Italy) with a total of about 360 employees. The sale is subject to approval by the responsible antitrust authorities. The plants in Stolberg (Germany), Pori (Finland), and Buffalo (US) will remain in the Aurubis Group.

PRODUCT MARKETS

The market for flat rolled products improved compared to the previous year, which had been negatively influenced by the COVID-19 pandemic. Demand for strip products exceeded capacities and couldn't be completely fulfilled in Q4 2020/21 due to the production stop in Stolberg following the flooding disaster. All segments, particularly the automotive sector, developed positively. Submarine cable, material for power electronics, connectors, and cooling systems were in especially high demand.

RAW MATERIALS

The availability of input materials and the corresponding refining charges were very high during fiscal year 2020/21. The conditions improved significantly year-over-year.

PRODUCTION

Output of flat rolled products and specialty wire increased to 191,000 t due to demand (previous year: 178,000 t). Q4 2020/21 was affected by the production stop in Stolberg following the flooding disaster. All of the sites implemented programs to increase the output quantity.

CAPITAL EXPENDITURE

Capital expenditure in Segment FRP amounted to € 15 million (previous year: € 18 million). This was primarily used for replacement investments.

Executive Board assessment of the Aurubis Group during fiscal year 2020/21

Despite the ongoing COVID-19 pandemic, the Aurubis Group generated the best annual result in the company's history in the past fiscal year. An excellent development that was only possible thanks to the commitment, flexibility, and discipline of our employees, together with dedicated crisis management, which continued to ensure that infection numbers were kept at a very low level so that we could continue production at our sites virtually unaffected throughout the entire fiscal year. At the same time, we were in a position to profit from good market conditions, though stark increases in energy costs strained the result.

With operating earnings before taxes of € 353 million in fiscal year 2020/21, the Aurubis Group yet again exceeded the forecast for 2020/21, which we had already raised to an operating EBT between € 270 million and € 330 million in January 2021 (previously: operating EBT between € 210 million and € 270 million). Compared to the previous year, we increased operating earnings before taxes by € 132 million. At the end of the reporting year, operating ROCE reached 15.6% (previous year: 9.3%) and was thus above our target and the forecast interval of 9% to 12%.

Due to the very good financial performance and a relatively low net working capital at year-end, operating net cash flow was € 812 million as at September 30, 2021 (previous year: € 459 million), significantly above the prior-year cash flow.

The equity ratio (operating) was 48.2% as at September 30, 2021 (previous year: 49.1%). The net financial position as at September 30, 2021 was € 383 million (previous year: € -102 million). The Aurubis Group's balance sheet structure thus continues to be very robust. Aurubis purchased additional treasury shares within the context of the share buyback program initiated in March 2020. As at September 30, 2020, the company held 1,297,693 treasury shares and thus 2.89% of the issued shares.

The good performance of our facilities, the first-time inclusion of the Beerse and Berango sites for the entire fiscal year, the leveraging of synergies from the acquisition of these two sites, and the consistent execution of our Performance Improvement Program (PIP) were additionally supported by very favorable market conditions on all of our markets during the reporting period.

During the course of the fiscal year, the operating performance and the concentrate throughput in our primary smelters in Hamburg and Pirdop were satisfactory and made a substantial contribution to the very good fiscal year result.

Planned shutdowns in the Group influenced the result in both the reporting period (about € -36 million operating EBT) and the previous year (about € -50 million operating EBT). Delays in the ramp-up after the planned shutdown at our site in Pirdop (Bulgaria) had a negative impact in Q4 2020/21. Investment costs for this shutdown at Aurubis Bulgaria amounted to about € 45 million.

Treatment and refining charges on the spot markets for copper concentrates were under strong pressure at times due to high demand from the Asian smelter industry in the first half of 2020/21, with a good supply from the mine side. Planned shutdowns in the global smelter industry reduced demand for standard copper concentrates as the year continued, and the spot prices indicated a notable recovery to a level above the benchmark until the end of the fiscal year. Through our diversified supplier portfolio, long-term supply contracts, and active raw material management, we were able to secure the supply for our production facilities during the entire fiscal year and were only active on the spot market to a limited extent.

In fiscal year 2020/21, the market for copper scrap and complex recycling materials had a very good supply due to dynamic economic circumstances and strong increases in metal prices. Lower copper scrap exports to Asia – especially at the start of the fiscal year due to the new import restrictions – also had a positive impact on the supply in Europe. Refining charges for copper scrap and other recycling materials developed very positively during the past fiscal year and surpassed the prior-year level considerably. In fiscal year 2020/21, Aurubis processed more than 1 million t of recycling materials for the first time thanks to the inclusion of the Beerse and Berango sites for twelve months.

Throughout the entirety of fiscal year 2020/21, the global sulfuric acid market experienced very stable demand with a tightening supply. As a result, spot market prices increased constantly over the entire fiscal year. In Europe and Turkey, our main sales markets, a tight supply with stable demand also led to stark increases in spot market prices, which were well above prior-year level at fiscal year-end.

The operating result in fiscal year 2020/21 was positively influenced by a very good metal gain with strong increases in metal prices, especially for nickel and tin.

On the product side, demand for wire rod developed very positively in all customer segments compared to the previous year in light of the economic rebound. Demand from the energy sector and construction industry were very high in particular. Demand for high-purity shapes also recovered notably, due in part to high demand from the flat rolled products sector, which was primarily influenced by higher demand from the automotive industry.

At € 399 million, the operating EBT for Segment Metal Refining & Processing (MRP) during the reporting period was significantly above that of the previous year (€ 285 million). The description of the Group business performance also largely applies to that of Segment MRP.

Operating EBT for Segment Flat Rolled Products (FRP) amounted to € 13 million for the reporting period (previous year: € 1 million). This notable improvement in the result was based on the recovery of demand for strip products and the continued implementation of our strict cost management. In mid-July 2021, production at Aurubis Stolberg GmbH & Co. KG was so strongly impacted by the damage caused by the flooding in the German state of North Rhine-Westphalia that Aurubis Stolberg GmbH & Co. KG had to declare force majeure. This meant that delivery to customers and acceptance of incoming deliveries was impossible for a time. The plant was evacuated in time and no employees were injured. The site was able to gradually restart production in early November 2021. The damage (operational failure and property damage) is fully covered by the appropriate insurance.

On August 9, 2021, Aurubis announced the signing of a term sheet with Intek Group S.p.A., Italy, regarding a partial sale of Segment Flat Rolled Products. The sale of the FRP plant in Zutphen (Netherlands) as well as the slitting centers in Birmingham (United Kingdom), Dolný Kubín (Slovakia), and Mortara (Italy) is subject to approval by the relevant competition authorities.

The integration of the former Metallo Group has gone extremely well thus far, which means by fiscal year 2020/21, we were already able to achieve our goal (originally set for 2022/23) of generating synergies of € 15 million (EBITDA) from the integration of the acquired Beerse and Berango sites. In July 2021, we announced that we are investing € 27 million in ASPA (Advanced Sludge Processing by Aurubis) at the Beerse site, a state-of-the-art hydrometallurgical facility that will allow us to process more precious metal-rich anode sludge starting in 2024/25.

We continued implementing our Performance Improvement Program (PIP) in fiscal year 2020/21. It contributed about € 80 million to the result and is therefore well above our goal. We anticipate a permanent improvement in results amounting to at least € 100 million from cost reduction and an improvement in throughput until fiscal year 2022/23 compared to the reference year 2018/19.

During the past fiscal year, we initiated important sustainability projects, in particular to achieve our climate goals:

In June, the Science Based Targets Initiative (SBTi) validated Aurubis AG's CO2 reduction targets. This confirms that our targets contribute to limiting global warming to 1.5°C pursuant to the Paris Agreement. We have set out to reduce our absolute Scope 1 and Scope 2 emissions, meaning CO2 emissions generated by burning fuels in internal facilities and those related to purchased energy, by 50% until 2030 compared to the base year 2018. We want to reduce Scope 3 emissions, which arise in the upstream and downstream stages of the value chain, by 24% during the same period as well.

In late 2019, Aurubis joined the UN Global Compact initiative Business Ambition for 1.5°C, which requires the Group to develop science-based CO2 reduction targets.

We have already substantially reduced the carbon footprint of our copper cathodes with the measures implemented over the past several years: the life cycle assessment for the Aurubis copper cathode has now been updated, and the latest calculations show that 1,690 kg of CO2 per ton of copper are emitted over the entire life cycle of the cathode. This is a reduction of approximately 25% compared to the figures from 2013.

In May, a series of tests started for hydrogen use on an industrial scale in copper anode production at the Hamburg plant. In the medium term, hydrogen could replace fossil fuels in the production process. Due to hydrogen's chemical properties, Aurubis expects enhanced efficiency as well. With this project, Aurubis won the Responsible Care competition of the German Chemical Industry Association (VCI) in 2021.

An additional milestone was achieved by Aurubis Bulgaria in June 2021 with the construction kick-off of a 10 MW solar plant near the site. This will be the country's largest solar plant for internal electricity production in a company. The Pirdop site's goal is to cover 20% of its energy needs from its own renewable sources by 2030.

After Aurubis Bulgaria received the Copper Mark in April 2021 – the copper industry's quality seal for responsible copper production – Aurubis Hamburg and Aurubis Lünen likewise committed in late June 2021 to undergoing the evaluation process. Preparations for the audit are already underway.

Our progress in all areas of sustainability is confirmed by rating agencies. In August 2021, the independent sustainability agency EcoVadis awarded Aurubis Platinum status for the first time. Aurubis thus belongs to the best one percent of companies in the global non-ferrous metals industry. In 2020, Aurubis successfully placed a Schuldschein loan with a sustainability component – the first European company in the basic materials industry to do so – for € 400 million. The conditions of the loan are tied to the EcoVadis rating.

The past fiscal year showed that Aurubis is in a very good position – from both a financial and an operational perspective. The best conditions for implementing our updated strategy. By focusing the core business and pursuing growth options, we highlight key aspects of the Group's future success. The recycling business is going to be an even stronger emphasis of our activities than before. This direction demonstrates that profitable growth and sustainability go hand in hand at Aurubis.

Financial performance, assets, liabilities, and financial position of Aurubis AG

GENERAL INFORMATION

In order to supplement our Aurubis Group reporting, we explain Aurubis AG's development in the following section. Aurubis AG is the parent company of the Aurubis Group and is based in Hamburg, with production sites in Hamburg and Lünen. Apart from managing the Aurubis Group, the business activities of Aurubis AG also particularly include primary copper production and recycling, as well as copper product and precious metal production. The separate financial statements of Aurubis AG have been prepared in accordance with the requirements of the German Commercial Code (Handelsgesetzbuch, HGB) and the German Stock Corporation Act (Aktiengesetz, AktG). The significant differences from the Group financial statements prepared in accordance with IFRS principles are in the accounting treatment of fixed assets, the measurement of inventories, the measurement of financial instruments, as well as in the accounting treatment of pension provisions.

The Aurubis Group is managed across all companies at Group level through segments, using operating EBT and operating ROCE as the financial performance indicators. These indicators are also used for Aurubis AG's operating activities, which are a significant component of the Group. To this extent, the development of and forecasts for the financial performance indicators at the segment and Group levels at the same time represent the development and forecast for Aurubis AG as an individual company.

The analysis of the development for the financial performance indicators outlined above during the fiscal year and the related forecasts for the following year are provided in the Economic

Report and the Forecast Report for the entire Group. Statements regarding the risk situation and opportunities can be found in the Group's Risk and Opportunity Report pages 116–126.

FINANCIAL PERFORMANCE Income statement

in € million	2020/21	2019/20
Revenues	11,612	9,005
Changes in inventories/ own work capitalized	40	24
Other operating income	124	50
Cost of materials	-11,129	-8,481
Gross profit	647	598
Personnel expenses Depreciation of property, plant, and	-297	-282
equipment and amortization of intangible assets	-66	-60
Other operating expenses	-155	-148
Operational result (EBIT)	129	108
Financial result	135	105
Result from normal business activities (EBT)	264	213
Taxes	-33	-36
Net income for the year	231	177

Compared to the previous year, the business performance of Aurubis AG in fiscal year 2020/21 was positively influenced by a good ongoing supply on both the primary raw material side – concentrates – and the secondary raw material side – recycling materials. Strong increases in refining charges for copper scrap and other recycling materials positively impacted the result as well. Furthermore, Aurubis benefited from a good metal result as in the previous year, accompanied by a strong increase in metal prices. High demand for products also supported the result. Sharply increased energy costs had a counteracting effect.

Revenues increased by € 2,607 million to € 11,612 million in the year reported (previous year: € 9,005 million). This development can be attributed primarily to the increased sales revenues for copper products and other metals due to higher metal prices.

The cost of materials ratio (cost of materials / (revenues + changes in inventories)) rose by 1.6%, from 93.9% in the previous year to 95.5% in the past fiscal year. While both revenues and the costs of materials increased considerably compared to the previous year, due to disproportionate increases in copper prices, other revenue components in the copper sector changed only marginally. This different development negatively impacted the cost of materials ratio. Moreover, the sharp increase in energy costs also had a negative influence on the cost of materials ratio.

The increase in other operating income resulted particularly from the reversal of an impairment loss previously recognized against a loan of € 60 million to Aurubis Netherlands BV, as well as the reversal of provisions, amounting to €14 million, which had been originally recognized in the context of the Performance Improvement Program. After taking own work capitalized into account, the gross profit thus increased by a total of € 49 million to € 647 million (previous year: € 598 million).

Personnel expenses increased in the fiscal year reported, by € 15 million to € 297 million (previous year: € 282 million) – particularly due to higher provisions for bonus payments, wage tariff increases, and pension expenses.

Depreciation and amortization of fixed assets increased by € 6 million to € 66 million (previous year: € 60 million). This particularly concerned intangible assets, technical equipment and machinery, as well as buildings.

The increase in other operating expenses mainly derived from expenses for CO2 certificates, as well as from an increase in the provision for the renaturation of a landfill site in Lünen. In contrast, expenses for consulting services declined in particular.

Taking personnel expenses, depreciation and amortization, and other operating expenses into account, the operational result (EBIT) amounted to € 129 million (previous year: € 108 million).

The financial result for the year reported was € 135 million (previous year: € 105 million). In addition to dividends of € 137 million from subsidiaries (previous year: € 130 million), this item includes write-ups of the carrying amount of the investments in Deutsche Giessdraht GmbH, amounting to € 3 million, in Aurubis Italia Sr., amounting to € 4 million, and in Peute Baustoff GmbH, amounting to € 1 million; it also includes write-downs of the carrying amount of the investments in azeti GmbH, amounting to € 6 million, and America Holding Inc., amounting to € 2 million, as well as the net interest result of € -14 million (previous year: € -10 million) and write-ups of securities classified as fixed assets at the reporting date, amounting to € 12 million (previous year: € -2 million).

After taking a tax expense of € 33 million (previous year: € 36 million) into account, the net income for the year amounted to € 231 million (previous year: € 177 million). The reduction in the tax expense despite higher earnings before taxes is mainly due to the difference between the profit disclosed in the financial statements prepared for commercial law purposes and the profit for tax-based purposes, due mainly to differences in the amounts recognized for provisions and receivables.

ASSETS AND LIABILITIES

Fixed assets increased in the fiscal year by € 54 million to a level of € 2,489 million (previous year: € 2,435 million). Additions to intangible assets and property, plant, and equipment amounted to € 113 million in the year reported. They primarily include investments in the renovation of the tankhouse in Lünen, the ridge turret suctioning equipment for the primary smelter in Hamburg, and investments made in connection with the shutdown of primary copper production in Hamburg. In fiscal year 2020/21, Aurubis AG – together with TSR Recycling GmbH & Co. KG and Cablo Metall-Recycling GmbH – founded Cablo GmbH under the terms of a joint venture agreement. The objective is to leverage synergy potential in the value chain for used cable recycling. Aurubis holds a 40% share interest in Cablo GmbH. In this context, the assets of Cablo Metall-Recycling & Handel GmbH were transferred to Cablo GmbH as part of an asset deal during the fiscal year reported. An investment of € 3 million was made to provide capital for the company. Furthermore, increases

in capital were provided for azeti GmbH (€ 9 million) and America Holding Inc. (€ 2 million), which in the case of azeti was written down by € 6 million and in the case of America Holding Inc. by € 2 million as at the fiscal year-end. The impairment test of the financial assets also resulted in the recognition of write-ups on the investment carrying amounts of Deutsche Giessdraht GmbH (€ 3 million), Aurubis Italia Srl (€ 4 million), and Peute Baustoff GmbH Inc. (approximately € 1 million).

Inventories increased by € 84 million in the fiscal year reported, to a level of € 950 million (previous year: € 866 million). The increase results primarily from a € 56 million build-up in raw materials and a € 10 million build-up in work in process. The higher value for the inventory of raw materials is due in particular to the build-up of copper-bearing and precious metal-bearing concentrates at the Hamburg site to secure the supply for production purposes.

Trade accounts receivable decreased by € 5 million compared to the previous year. Whereas receivables in precious metals decreased as at the period end date, receivables in copper products increased due to metal price developments.

Overall, total assets increased by € 690 million, as compared to the previous year, to a level of € 5,117 million (previous year: € 4,427 million). As a consequence, the comparative share of total assets that is attributable to fixed assets was 49% (previous year: 55%), while inventories accounted for 19% (previous year: 20%) and receivables and other assets accounted for 15% of total assets (previous year: 15%).

The share of total assets attributable to cash and cash equivalents increased from 10% in the previous year to 17% in the fiscal year reported.

Equity amounted to € 1,800 million as at September 30, 2021 (previous year: € 1,645 million). The change in equity is due on the one hand to the net income of € 231 million for the fiscal year reported and on the other hand to the distribution of € 57 million in dividends, as well as the purchase of treasury shares in the amount of € 19 million. The equity ratio is 35% (previous year: 37%).

Provisions and accrued liabilities increased by a total of € 74 million, to € 410 million. This can be attributed to higher provisions for onerous transactions relating to an electricity supply contract, which increased by € 62 million to € 82 million, as well as to the increase in pension provisions. Moreover, higher provisions were set up for outstanding invoices and for the renaturation of a landfill site in Lünen. Personnel-related provisions had a counteracting effect; the reduction can mainly be attributed to the reversal of the € 14 million in provisions originally recognized in the context of the Performance Improvement Program (PIP).

Bank borrowings increased slightly by € 9 million in comparison to the previous year.

Trade accounts payable increased from € 597 million to € 888 million in connection with efforts to secure the raw material supply for production, as well as due to higher copper prices. Payables to affiliated companies primarily comprise financing liabilities, which increased within the context of normal financial transactions, from € 1,172 million to € 1,328 million.

Balance sheet structure of Aurubis AG

in %	9/30/2021	9/30/2020

Fixed assets	49	55
Inventories	19	20
Receivables, etc.	15	15
Cash and cash equivalents	17	10

	100	100
Equity	35	37
Provisions and accrued liabilities	8	8
Liabilities	57	55

	100	100

Aurubis uses assets under the terms of leasing agreements that are not recognized as assets in the balance sheet. Future financial commitments deriving from leases amount to € 10 million.

FINANCIAL POSITION

Net financial liabilities amounted to € 547 million as at September 30, 2021 (previous year: € 909 million). They resulted from bank borrowings of € 527 million (previous year: € 518 million), the net amount of receivables due from and payables due to subsidiaries, amounting to € 941 million (previous year: € 844 million), deriving from refinancing arrangements – and after deducting cash and cash equivalents of € 921 million (previous year: € 453 million).

Cash pooling arrangements exist between Aurubis AG and its subsidiaries. For a further analysis of Aurubis AG's liquidity situation, refer to the explanations concerning the Aurubis Group's financial position. Aurubis AG's financing was secured at all times.

In addition to cash and cash equivalents, Aurubis AG had access to unutilized credit line facilities and thus has adequate liquidity reserves. Furthermore, within the context of factoring agreements, Aurubis AG sold receivables without recourse as a financing instrument.

Capital expenditure

In the past fiscal year, capital expenditure investment of € 113 million was made in intangible assets and property, plant, and equipment at the Hamburg and Lünen sites (previous year: € 92 million). The capital expenditure primarily included investments in the renovation of the tankhouse in Lünen, the project Reducing Diffuse Emissions (RDE) in the primary smelter in Hamburg, as well as investments made in connection with the planned shutdown of primary copper production in Hamburg in fiscal year 2021/22. Furthermore, investments were made in various infrastructure and improvement measures at the Hamburg and Lünen plants.

In fiscal year 2020/21, Aurubis AG – together with TSR Recycling GmbH & Co. KG and Cablo Metall-Recycling & Handel GmbH – founded Cablo GmbH under the terms of a joint venture agreement. The objective is to leverage synergy potential in the value chain for used cable recycling. Aurubis holds a 40% share interest in Cablo GmbH. In this context, the assets of Cablo Metall-Recycling & Handel GmbH were transferred to Cablo GmbH as part of an asset deal. An investment of € 3 million was made to provide capital for the company.

Risk and Opportunity Report

Integrated risk and opportunity management

Risks and opportunities are elements of our business activities and are essential to the company's success. As part of our operating business and our strategic management, we weigh opportunities and risks against one another and ensure that they remain balanced. We aim to identify and evaluate risks and opportunities as early as possible.

Aurubis AG's risk and opportunity situation is strongly influenced by the Aurubis Group's risk and opportunity situation. In this respect, the statements of the company's management on the overall assessment of risks and opportunities also serve as a summary of Aurubis AG's risks and opportunities.

Risk management system

Our objective in risk management is to manage and monitor the risks associated with our business with the help of a risk management system (RMS) suited to our activities. Identifying and observing risk development early on is of major importance. Furthermore, we strive to limit negative effects on earnings caused by risks by implementing appropriate and economically sound countermeasures.

Risk management is an integral component of the centralized and decentralized planning, management, and monitoring processes and covers all of the Aurubis Group's main sites, business sectors, and central functions. The planning and management system, risk reporting, open communication culture, and risk reviews at the sites create risk awareness and transparency with regard to our risk situation and promote our risk culture.

Risk management officers have been appointed for all sites, business sectors, and central functions, and they form a network within the Group. The Group headquarters manages the network. The RMS is documented in a corporate policy.

Standard risk reporting takes place bottom-up each quarter using a uniform, Group-wide reporting format. Within this format, the identified risks and risks beyond a defined threshold are explained and evaluated on the basis of their probability of occurrence and their business significance. Measures to manage them are then

outlined. The risks registered with Group headquarters are qualitatively aggregated into significant risk clusters by Corporate Risk Management and reported to the entire Executive Board. The report also establishes the basis for the report to the Audit Committee as well as external risk reporting.

Potential effect on earnings

in € million	> 1	> 5	> 20	> 50
Likelihood
high	medium	medium	high	high
medium	low	medium	medium	high
low	low	low	medium	medium
unlikely	low	low	low	medium

In the report to the Executive Board and the Audit Committee, the qualitatively aggregated risk clusters are assessed with due regard to risk management measures (net perspective) based on their probability of occurrence and the potential effect on earnings pursuant to the spreads included in the table, and are classified as low, medium, or high.

Independent monitoring

The RMS is subject to routine monitoring and review. Internal Audit monitors risk management and compliance with the internal control system using systematic audits. As a process-independent authority, it contributes to the correctness and improvement of the business processes, and to the effectiveness of the installed systems and controls.

In addition, the auditors review our early risk detection system to ensure that it adheres to legal requirements. They report the audit results to the Executive Board and the Supervisory Board (Audit Committee).

Furthermore, the Audit Committee deals intensively with risk management issues. The Group risk management officer regularly informs the committee and the Executive Board about current developments.

Explanation of relevant risks

In the following sections, the risks associated with our business are explained according to our risk clusters. The main measures and instruments we use to counter these risks are also described here. We have separately indicated risks and risk-relevant issues that we currently classify as potentially medium to high.

SUPPLY AND PRODUCTION

The ability to keep the production facilities supplied with raw materials and the availability of the facilities are of central importance for the Aurubis Group. We limit the associated risks by implementing a range of specific measures:

To ensure the supply of copper concentrates for our facilities, we have entered into long-term agreements with a number of concentrate suppliers from various countries. In this way, we are able to reduce the risk of production interruptions caused by possible delivery failures. Despite the strain on many mines' production processes and logistics due to the coronavirus, we were able to fully supply our primary smelters with concentrates during the past fiscal year. The long-term orientation of our supply agreements also limits the risk of volatile treatment and refining charges on the spot market.

Despite a brief decline in raw material availability due to the coronavirus, we fully supplied our recycling facilities during the past fiscal year thanks to our extensive international supplier network. Due to the integration of the former Metallo Group's procurement organization, we continued improving our market cultivation and diversification in fiscal year 2020/21. From today's standpoint, we also expect a very good supply situation and full utilization of the facilities for fiscal year 2021/22. Nevertheless, the ability to predict the availability of recycling materials remains limited due to the short-term nature of agreements on these markets. There are still possible volatilities in refining charges for copper scrap due to the metal price trend, the collecting behavior and inventory management of the metal trade, the international economic situation, and the way the competition behaves, especially Asian competitors.

The material for the facilities producing copper products mainly comes in the form of copper cathodes manufactured within the Group. This allows us to simultaneously generate higher added

value and control the quality of copper products during the entire process. We also procured a sufficient volume of copper-bearing raw materials for the production plants belonging to Segment Flat Rolled Products. In this case, we also expect a similar situation for the coming fiscal year.

We address production risks with asset life cycle management and forward-looking maintenance work with the intention of reducing unplanned production shutdowns. We also address the risk of malfunctions by carrying out regular maintenance work and by keeping critical replacement parts on hand. In fiscal year 2020/21, we fully mitigated the impacts of the COVID-19 pandemic on our business. In the new fiscal year 2021/22, we still can't completely rule out risks for production due to COVID-19 infections. The main factors that help counter this risk are the vaccination campaigns at the individual sites, which are well advanced already, the sites' own capacities for carrying out COVID-19 tests, as well as the hygiene and distancing concepts that are still in place in regard to vaccination status.

We also took organizational measures to handle potential incidents that could result from events such as flooding or fire. Due to flooding caused by severe weather, we had to stop production at our site in Stolberg on July 14, 2021 and declare force majeure. The damage that arose is covered by the relevant insurance. Because of this incident, we are inspecting all sites with respect to possible risks related to strong rain and flooding. For instance, our parent plant in Hamburg is located near the Hamburg harbor and is protected by extensive flood control measures (referred to as polders) to prevent high water levels. Moreover, emergency plans are in place, and we carry out regular drills for the purpose of training our employees. We also addressed the risk of malfunctions by carrying out regular maintenance work and by keeping critical replacement parts on hand.

Taking into account the measures described above, we regard the risk of insufficient supply as "medium." We continued to classify the risk of strongly limited availability of our production facilities as "medium."

We deal with logistics risks by implementing a thorough, multistep selection and evaluation process for service providers, by avoiding single sourcing as far as possible, and by preventively

developing backup solutions. We are currently feeling the impacts of worldwide delivery bottlenecks but are working intensively on this issue by processing information more quickly in the supply chain to have alternative scenarios available that would enable an optimized supply in different cases. We continuously monitor the movements of bulk carriers and container ships to be aware of delayed arrivals early on and minimize their effects. We also have an international network of qualified service providers at our disposal. This helps us to prevent weather-related or capacityrelated risks in the transport chain, for example by contractually arranging a selection of appropriate transport alternatives.

SALES

In addition to supply and production risks, the Aurubis Group also faces sales risks, which we classify as "medium."

Generally speaking, risks can arise from negative deviations from our predictions of the markets' economic development, which we have outlined in the Forecast Report. Despite the negative impacts of the coronavirus pandemic in many sectors of the economy, we observed a very positive trend in sales volumes of our copper products wire rod, shapes products, and flat rolled products in fiscal year 2020/21. While this trend generally doesn't seem to be leveling off at the moment, a temporary decline in demand from the automotive industry has to be anticipated. When it comes to sulfuric acid, there are inherent risks due to negative price trends in the case of market fluctuations caused by economic factors. To minimize this risk, we maintain a very broad customer portfolio with long-term contracts in the European market.

Thanks to economic analyses and estimates regarding economic trends, we are in a position to adjust our individual sales strategies to changing conditions as needed, thus countering any risks that arise.

We sell cathodes that are not further processed internally by Aurubis on the international cathode market.

SUSTAINABILITY

Supply chain risks (e.g., environmental pollution or human rights violations among suppliers) can mean damage to Aurubis' image and reputation, as well as possible negative impacts on our share price and product sales. We counter this risk with our Business Partner Screening in particular. With this instrument, we analyze existing and potential business partners, in some cases at regular intervals, to assess their integrity regarding social and ecological criteria. The focus of our interest is on topics such as compliance, corruption, human rights aspects, and environmental issues. We also assess business partners on the sales side using Business Partner Screening. Due to the high ongoing significance of responsibility in the supply chain as part of our sustainability approach, we classify the risk related to sustainability aspects in the supply chain as "medium."

Sustainability is an established part of our company strategy, and we work continuously on further enhancing our performance – in accordance with our Sustainability Strategy. In addition, we are involved in initiatives related to sustainability issues such as climate and environmental protection and responsible supply chains. This includes Aurubis' commitment to The Copper Mark. The Copper Mark is an initiative started in 2020 that entails a review of the sustainability standards of copper production sites including mines, smelters, and refineries. With this standard, we want to foster responsibility throughout the value chain, boosting and verifying our own sustainability performance with an external certification from an independent body. The 32 sustainability criteria of the Risk Readiness Assessment of the Responsible Minerals Initiative (RMI) apply, which cover topics such as compliance, human rights and labor, environmental protection, and occupational safety. The Copper Mark is oriented to the United Nations Sustainable Development Goals (SDGs). Aurubis Bulgaria was awarded The Copper Mark in April 2021. The Aurubis sites in Hamburg and Lünen have started the audit process. The plan is for additional Aurubis sites to follow successively.

Furthermore, Aurubis introduced the label "Tomorrow Metals by Aurubis" in October 2021. With this label, we combine the Group's measures to continue enhancing sustainability performance, particularly the environmental footprint, for our metal customers.

ENERGY AND CLIMATE

Aurubis takes the protection of the climate very seriously. The company highlights the significance of this issue by publishing Scope 1, Scope 2, and Scope 3 CO2 emissions as part of the separate Non-Financial Report. Aurubis counters the risks of climate change with an energy management system at all of the main sites, among other measures. The different projects to enhance energy efficiency and reduce CO2 that are outlined in the Non-Financial Report have led to a project-based reduction of over 100,000 t of CO2 (Scope 1 and 2) since 2013. This was an objective of the Sustainability Strategy that was achieved early at the end of fiscal year 2020/21. Within the scope of the updated company strategy, Aurubis has defined new sustainability targets to be achieved by 2030. These include our CO2 reduction targets, which have been validated by the Science Based Targets initiative (SBTi) and contribute to limiting global warming to 1.5°C pursuant to the Paris Agreement. Accordingly, we want to reduce our absolute Scope 1 and Scope 2 emissions by 50% and our Scope 3 emissions (CO2) by 24% per ton of copper cathodes by 2030 compared to 2018.

In alignment with the definition given by the TCFD (Task Force on Climate-Related Financial Disclosures), we categorize climate risks into physical and transitory risks. The physical risks include the risks due to extreme weather events, both in our plants and in the transport chain, that are described in the "Supply and production" section. We counter the risks in the transport chain through geographic diversification in the supply chain, the storage of emergency reserves to maintain production, and the availability of alternative logistics service providers, among other things. Furthermore, we observe water levels (flooding/low water) in the key waterways to be able to promptly initiate countermeasures to maintain our transport routes.

Transitory risks include technological and political risks first and foremost. We welcome the accelerated expansion of renewable energies, but supply security has to be ensured in the process (technological risks). For this purpose, we address the fundamental supply security of the individual sites to be able to initiate countermeasures early on if needed. In addition to the energy shift related to electricity, we're also preparing the transition from natural gas to hydrogen. In this area, we're carrying out a series of tests on the use of hydrogen in our anode furnace

and taking part in the research project of the German Federal Ministry for Economic Affairs "Living Lab Northern Germany." We have also analyzed the potential and limitations of more flexible energy sourcing (for instance, as part of the completed northern German joint project NEW 4.0), which is becoming increasingly necessary due to the rising, volatile feed-in of renewable energies. Measures to boost flexibility include the compensated partial shutoff in the case of electricity bottlenecks and the use of our power-to-heat facility to generate steam with electricity in the case of excess electricity. Furthermore, we have had an energy supply contract in place since 2010, which secures most of the electricity our main German sites need in the long term.

Because of the constant changes in the overall political conditions, political risks have a significant influence on our business:

» Mounting burdens resulting from changes in potential cost drivers such as the German and European emissions trade, grid charges, and the eco-tax are generally difficult to quantify reliably.
» If the plans of the future German federal government to eliminate the German Renewable Energy Sources Act (EEG) are implemented in calendar year 2023 as planned, the risks related to the EEG will be removed from our Risk Report.
» The copper production and processing industry will continue receiving free allocations of emission trading allowances for direct CO2 emissions and electricity price compensation between 2021 and 2030 due to its carbon leakage status. For all sites taking part in emissions trading, free allocations of CO2 certificates were approved in the amount applied for starting in 2021. The level will remain constant until 2025. However, taking into account the political CO2 reduction goals of the Paris Agreement, we expect a decline in the free allocation of CO2 certificates starting in 2026. For the entire Group, however, we don't expect any additional burden due to necessary purchases of CO2 certificates. The CO2 price increased once again in the past year; the supply of CO2 allowances is supposed to be significantly reduced overall in the coming trading period, which will raise prices for CO2 allowances further, according to all forecasts. The political decision-making process regarding the implementation of electricity cost compensation for indirect CO2 costs starting in

2021 hasn't concluded yet in the EU Member States. The level of electricity price compensation still amounts to at least 50% of the cost burden. If a cap of 1.5% of gross value added is implemented for the contribution, as the EU regulation envisions, the relief will increase. So far, no electricity price compensation has been introduced in Bulgaria, but it's on the political agenda there.

» The consultation on the revised Climate, Energy and Environmental Aid Guidelines (CEEAG), the European foundation for the compensation scheme for additional surcharges, is currently being reviewed. Based on the consultation drafts, the copper sector will continue to be eligible for these compensation schemes.
» The decarbonization targets described above include different projects at the individual production sites, such as the test series for the direct use of hydrogen in the copper production process previously outlined. At our site in Pirdop, a solar plant with 10 MW power went into test operation in the past fiscal year. In addition, we have been providing CO2-free industrial heat to the city of Hamburg's district heating system for several years now. At the moment, we're planning an extensive expansion of this industrial heat supply. The shift of our electricity supply contracts to the sourcing of CO2-free electricity is currently in development as well. There are also initial studies on further substituting natural gas with electricity in our production facilities for wire rod and shapes.
» Total emissions for all production sites in calendar year 2020 amounted to 4.1 million t of CO2 (Scope 1 + 2: 1.6 million t of CO2; Scope 3: 2.5 million t of CO2). In copper production, however, gold, silver, platinum, palladium, additional precious metals, and building materials such as iron silicate stone are also recovered in addition to copper. These additional metals would be produced at other companies in alternative production processes that would emit significantly higher CO2 emissions. Based on an external study referencing published emission factors, the metals mentioned above and the co-products that are recovered at Aurubis would lead to an additional 3.5 million t of CO2 emissions each year in conventional production. Yet these additional emissions don't arise at Aurubis due to our energy-efficient processes, thanks in part to the advantages of the smelter network, which means that the metals we produce, including copper, have a very small carbon footprint.

We see market risks in further increasing prices for electricity, natural gas, and CO2 first and foremost. We fundamentally guard ourselves against last-minute market price fluctuations with early purchases to a certain extent, so we aren't subject to the full extent of the risk from the current price increases. For the energy companies' CO2 costs that are included in the electricity price (so-called indirect emissions), we have only been compensated half within the scope of the state aid guidelines, and not at all in Bulgaria, so the remaining part is subject to the risks of CO2 price increases.

On the customer side, furthermore, there are increasing demands for transparent goals and strategies related to effective production processes, energy, and CO2 efficiency, which could influence future copper product sales, particularly when it comes to customer acquisition and retention. We are countering these risks with steps such as annual climate reporting and evaluations of such reporting conducted by the CDP (formerly the Carbon Disclosure Project), as well as with the commitment to implement the science-based targets described above.

We are shifting the classification of the topic of energy and climate and the associated risks from "medium" to "high" due to the surge in costs and the high energy price volatility.

FINANCE AND FINANCING

Metal price and exchange rate fluctuations represent a potential risk in the buying and selling of metals. We substantially reduce this risk with foreign exchange and metal price hedging. We hedge metal backlogs daily with financial instruments such as spot and forward contracts. Similarly, spot and forward exchange contracts are used to hedge foreign currencies. We minimize foreign exchange risks from exchange rate fluctuations for metal transactions in foreign currencies this way. We only select creditworthy firms as counterparties for hedging transactions to minimize the credit risk.

We hedge expected receipts from foreign currencies, especially the US dollar, with options and forward exchange transactions in some cases. We will continue this in the future as well and expect that we can reduce the risks from metal price and exchange rate fluctuations to a reasonable level with these measures.

We largely hedge credit risks from trade accounts receivable with commercial credit insurances. We only permit internal risks to a very limited extent and after review. We closely monitor the development of the outstanding receivables. During the reporting period, there were no significant bad debts. The economic situation resulting from the coronavirus pandemic impacted our customers' creditworthiness intermittently, which in turn impacts the willingness of credit insurance providers to grant lines of credit. Our customers' creditworthiness stabilized as a result of the economic recovery following the coronavirus crisis – as did credit insurers' willingness to grant lines of credit. We therefore don't foresee any increased risks for the future, either.

The liquidity supply, which is very important for the Aurubis Group, was secured during the past fiscal year. The lines of credit provided by our banks were sufficient as well. The Aurubis Group has a stable financial situation in the new fiscal year as well and can finance possible fluctuations from operating business through its existing cash and available credit lines.

Risks that could result from a resurgence of the sovereign debt crisis in the eurozone have the potential to cause a cumulative impact from the individual risks described in this section, such as bad debt or liquidity. For this reason in particular, we classify the risks from finance and financing as "medium."

INFORMATION TECHNOLOGY

Aurubis is subject to IT risks that can impact areas such as supply, production, and sales, as well as communication and collaboration between departments and sites. These risks were taken into consideration in the company's risk assessment.

We handle risks related to the availability of our IT systems with continuous monitoring, redundant infrastructure, and ongoing adjustments to keep up with the latest developments in IT. We counter the risks of possible incidents or disasters with the redundant design of our IT infrastructure, as well as data recovery and continuity plans. We limit the risks that can result from unauthorized access to company data, as well as cybercrime, by restricting access rights, carrying out security reviews, and using modern security technologies. To counter increased security risks due to the strong use of remote work options, we optimized endpoint protection, cloud service security, and VPN access with the help of the latest security safeguards. Based on the increased security risks mentioned, and in connection with an enhanced awareness regarding the significance of cyber risks, we are shifting the IT risk classification from "low" to "medium."

ENVIRONMENTAL PROTECTION AND OTHER ASPECTS

There is always a risk that environmental or regulatory provisions could become more stringent, leading to added costs or limitations in product fabrication and marketing.

With the adoption of the Substitute Building Materials Ordinance in Germany in June 2021, a uniform national regulation was created for the use of substitute building materials in road construction. This significantly reduces the risks of marketing iron silicate in Germany, which is why we're lowering the overall risk classification for environmental protection from "high" to "medium."

In addition, environmental risks resulting from the possible failure to comply with thresholds and from violations of requirements can have legal consequences. Ensuring the environmentally sound operation of our production facilities helps prevent these situations, for example through our RDE project for reducing diffuse emissions in Hamburg. We are an international leader in environmental protection, which is confirmed by annual certifications in accordance with DIN EN ISO 14001 and EMAS, as well as the Platinum status in the EcoVadis rating, for example. We consider ourselves to be well positioned for the future in this regard. Nevertheless, operational incidents that could have an adverse impact on the environment cannot be completely ruled out.

In a plant with complex processes, employees' specialist knowledge is an important factor for ensuring performance quality. We have established different employee recruiting and development measures that are intertwined with each other so that Aurubis can continue to count on this knowledge. Among these are the expansion of employer branding, personnel marketing, and recruiting measures on social media and online business networks (LinkedIn, XING, etc.); targeted active sourcing (specifically via LinkedIn and XING); collaboration with selected headhunters; partnerships with universities, through which we establish ties with qualified young people; and qualification measures, through which we foster the development of professionals and managers within the company. For instance, we established a project management learning path to provide training in the project management standards in place across the Group, set up a potential development program to promote the personal and professional skills of our high-potential employees, and developed management development programs with different focus areas, such as healthy leadership and shop floor management. An extensive range of learning sessions on professional and methodological topics is available to all employees through our Learning Academy. To secure Group-wide knowledge management, we successfully piloted and established knowledge transfer as a knowledge management method as part of succession planning at Aurubis AG. We are currently reviewing the need for this across the Group.

Occupational safety and health protection are high-priority areas for us. Responsibility for these issues rests with the management, the supervisors, and each individual in the company. Detailed risk assessments, audits, cross-site checks, training, and campaigns to strengthen employees' safety and health awareness support our goal: Vision Zero, meaning zero work-related accidents, injuries, and illnesses. In light of stagnating accident numbers, we will further intensify our initiatives, particularly in behavior-based

occupational safety. Stringently monitoring our occupational safety performance and deriving the corresponding measures are additional steps to achieving our vision.

To the extent that national regulations and organizational capacities on site allow, our occupational health departments or contractors carry out COVID-19 vaccinations for our staff. In reference to COVID-19 tests, please refer to our remarks in the "Supply and production" section.

The violation of laws can have serious consequences for both Aurubis as a group and for its employees and business partners. Compliance management identifies, analyzes, and addresses significant compliance risks. We counter legal and tax risks with organizational procedures and clear management structures. We closely follow political discussions on tax issues, as well as their possible effects.

We largely cover selected risks with insurance as well. This includes the flooding of our Stolberg site and the resulting damage that was incurred. We rely on the expertise of an external insurance broker for this purpose.

NON-FINANCIAL RISKS WITHIN THE SCOPE OF THE SEPARATE NON-FINANCIAL REPORT

We assessed non-financial risks in accordance with Section 289c (3) of the German Commercial Code (HGB).

In the process, we identified no non-financial risks that were very likely to cause a serious negative impact on employee and environmental matters, on respect for human rights, on the prevention of corruption and bribery, or on social matters.

Nevertheless, it is important to us to handle non-financial risks even if they are classified as non-material according to the strict definition of the German Commercial Code (HGB). As a result, we have developed and implemented management approaches accordingly.

Internal control and risk management system relating to the consolidated accounting process

(Report pursuant to Section 289 (4) and Section 315 (4) of the German Commercial Code (HGB))

The objective of the internal control system (ICS) for the accounting process is to ensure that financial statements are prepared in compliance with regulations. Aurubis has an internal control and risk management system in which structures and processes related to the accounting process are defined and implemented in the organization. This helps us ensure that the Group accounting procedures are reliable and performed correctly, that business transactions are thoroughly reported in a timely manner as prescribed by law and the Articles of Association, and that legal norms and internal guidelines on accounting are observed. We continuously analyze amendments to laws and accounting standards to establish their relevance for the consolidated financial statements, and incorporate resulting changes into the Group's internal processes and systems.

PRINCIPLES OF THE INTERNAL CONTROL SYSTEM AS RELATED TO ACCOUNTING POLICIES

As the parent company, Aurubis AG prepares the Aurubis Group's consolidated financial statements. The financial reporting of the consolidated Group companies that are included in the consolidated financial statements takes place prior to this process. These Group companies prepare their financial statements locally and transfer them to the Corporate Accounting department via a defined uniform Group-wide data model. The Group companies are responsible for compliance with the valid Group-wide guidelines and procedures, as well as for the correct and timely execution of the accounting-relevant processes and systems.

The internal control system includes the following main principles:

» Ensuring standardized accounting procedures in the preparation of the separate financial statements of Aurubis AG by systematically implemented controls, which are supported by manual accounting controls and other authorization and approval procedures (separation of functions, access regulations and limitations, the use of the dual control principle, guidelines on payment transactions)
» Ensuring uniform Group accounting procedures in accordance with IFRS through the application of uniform accounting regulations and policies, central audit of reporting packages, analysis of deviations from the budget, and quarterly reporting as part of centralized discussions on earnings
» Compiling external accounting and internal reporting by all Group companies in a uniform consolidation and reporting system
» Overall consolidation of the consolidated financial statements by Corporate Accounting, which is responsible for the centralized consolidation, coordination, and monitoring of the standards related to the schedule and the process
» Giving the Group companies support in accounting procedures by having a central contact person in Corporate Accounting
» Clarifying special technical questions and complex issues related to specific cases with an external consultant

INTERNAL AUDIT AS A PROCESS-INDEPENDENT OBSERVER

Internal Audit examines the reliability of the accounting practices at local and Group level, among other things. In particular, it assesses existing internal process policies and the degree to which they are adhered to in practice. In its audits, Internal Audit provides information about risks that arise from identified deviations, as well as recommendations with regard to the adjustments to be made.

Opportunity management system

In addition to risk management, opportunity assessment is an important element of the Aurubis Group's planning, management, and control processes. Its objective is the early identification of internal and external opportunities that could positively impact our economic success. We evaluate these opportunities and weigh them with their associated risks. The next step is for us to define initiatives and measures to help us tap this potential. In a particularly intensive strategic analysis process during the past fiscal year, we identified key opportunities for Aurubis and defined operating measures and strategic projects to take advantage of this business potential. The process of identifying and assessing opportunities is also part of our annual integrated strategy and planning process.

In order to promptly recognize possible opportunities, we continually monitor and analyze the supply and demand aspects of our markets, the competitive landscape, and global trends. Identifying potential opportunities is a daily management responsibility – on the level of both the operational areas and the Group.

Explanation of relevant opportunities

RISING GLOBAL DEMAND FOR COPPER AND METALS FOR TECHNOLOGY

Copper is one of the most important industrial metals. It is crucial for infrastructure expansion and development, as well as for key industrial sectors. Demand for copper follows global economic growth, especially in the electrical, electronics, energy, construction, and automotive industries. Ongoing global trends such as urbanization, the growth of the world's middle class, the expansion of renewable and decentralized energy supply systems, digitalization, and electric vehicles will continue to increase not only copper demand in the long term, but also the demand for other metals such as nickel, platinum, palladium, selenium, and tellurium. If the economy and the demand for our products develop more favorably than currently expected in the markets relevant to us, this could have a positive influence on the Aurubis Group's earnings.

CHANGES IN TREATMENT AND REFINING CHARGES AND MARKET PRICES FOR OUR PRODUCTS

The Aurubis Group's earnings situation is largely determined by the development of treatment and refining charges for copper concentrates, copper scrap, and other recycling materials, as well as by the market prices for our products, such as wire rod, copper cathodes, sulfuric acid, and precious and minor metals. If treatment and refining charges and market prices for our products develop more positively than currently forecast, this could positively impact the Aurubis Group's earnings.

INCREASING SIGNIFICANCE OF SUSTAINABILITY AND RESOURCE EFFICIENCY

Aurubis is one of the world's leading recyclers of copper and complex recycling raw materials. This applies to its own sustainability efforts under ecological, social, and ethical criteria as well. In light of the rising importance of resource efficiency, we expect demand for recycling solutions and low-loss metal production and recovery to continue growing. This is also supported and promoted by increasingly strict national and international legislation and initiatives such as the European Green Deal. More and more, customers and suppliers are also making higher sustainability demands at the same time, which can also benefit Aurubis.

Thanks to our multimetal recycling activities and proximity to our copper product customers, we consider ourselves to be in a position to offer expanded "closing the loop" solutions. Following the acquisition of the Metallo Group, Aurubis has been able to extend its recycling capabilities even further. If national and international recycling regulations broaden and demand for recycling solutions, either in general or with increasing sustainability requirements, grows more strongly than expected in our markets, this could positively affect the Aurubis Group's procurement situation and therefore its earnings.

FURTHER DEVELOPMENT OF EXPERTISE IN COMPLEX RAW MATERIAL PROCESSING

Both primary and secondary raw materials are becoming increasingly complex since the copper content is falling and the concentrations of accompanying elements and impurities in them are rising. One of Aurubis' particular strengths is in processing complex primary and secondary raw materials. Aurubis plans to continue expanding its processing capabilities and capacities in this area, further enhancing the efficiency of its production processes in order to recover valuable metals even better and faster. One example is the project ASPA, which was approved during the past fiscal year. If we build up additional expertise, this could positively influence the Aurubis Group's purchasing and earnings situation.

DIGITALIZATION, CONTINUOUSLY IMPROVING PROCESSES AND COST POSITION, AND ACHIEVING SYNERGIES

Our markets are globally competitive. Operating excellence is therefore exceedingly important for us. We continuously work on optimizing our processes and improving our cost position, supported by the opportunities of digitalization in our production and service areas. Furthermore, we are always identifying and implementing means to increase the synergy potential within the network of Aurubis plants. If we go beyond the targets connected to initiated improvement measures, this could have a positive impact on the Aurubis Group's earnings.

CAPACITY EXPANSION LINKED WITH INTERNATIONALIZATION

In light of growing global demand for sustainable metal production and metal recycling, we see growth potential through the expansion of our processing capacities in regions with attractive markets and favorable overall conditions. It is exactly this potential that we're tapping with our investment in a new recycling plant in the US. We will also continue investing in our existing sites and will furthermore strive to expand our supplier and production network even further. If we are in a position to expand our capacities even more and possibly to even do so with lower capital expenditure than expected, this could positively affect the Aurubis Group's earnings.

DEVELOPMENT OF SOLUTIONS FOR INDUSTRIAL CUSTOMERS AND SUPPLIERS

We work closely with our suppliers and customers at all levels of our value chain. This includes developing products for individual customers, providing additional services, processing specific raw materials, and offering additional "closing the loop" solutions as well as particularly sustainable or certified products, including the digitalization of business relationships and processes to boost efficiency, added value, and customer loyalty. If the demand of our customers and suppliers for our solutions is stronger than forecast, this could have a positive effect on the Aurubis Group's earnings.

INNOVATIONS FROM FUTURE RESEARCH AND DEVELOPMENT ACTIVITIES

Within the scope of our research and development activities, we work on innovations to create a competitive advantage for ourselves in the future. For example, we are working on more resource-efficient processing of complex feed materials in our smelters and plants. We are also working specifically on developing new processes and improving on existing processes to be able to process future material streams. For example, we developed a process for recycling battery materials and have already applied for a patent.

Assessment of the Aurubis Group's risk and opportunity situation

No risks threatening the company's continued existence arose in the reporting year. There were no particular structural changes in the Group's risks. According to our current assessment, there are no risks that endanger the company's continued existence.

Both the Audit Committee and the auditors ascertained that the Executive Board and Supervisory Board have taken the measures prescribed by Section 91 (2) of the German Stock Corporation Act (AktG) in an appropriate manner and that the legally required early risk detection system fulfills all requirements.

For a complete overview of company activities, the opportunities of the Group have to be considered in addition to the risks. We are confident that we will be able to utilize the opportunities presented by our business portfolio, our expertise, and our ability to innovate. At the same time, these factors put us in a position to counter existing risks successfully. Furthermore, we are convinced that we have the appropriate processes, measures, and instruments in place to identify important opportunities and to manage relevant risks.

Forecast Report

The statements made in the Forecast Report are based on our assessments of the overall economic conditions, of global copper market trends, and of Aurubis' raw material and product markets. These assessments are based on analyses by economic research institutes, organizations, and industry associations, as well as on internal market analyses. The forecasts for the future business performance shown here take into account the segment targets, as well as the opportunities and risks posed by the expected market conditions and competitive situations in the forecast period of October 1, 2021 to September 30, 2022. The opportunities and risks affecting the Aurubis Group are explained in detail in the Risk and Opportunity Report. Our forecasts are regularly adjusted. The following statements are based on our knowledge in December 2021.

From our current perspective, there are multiple factors with the potential to influence the Aurubis Group's markets. In particular, these include the ongoing global COVID-19 pandemic and its impacts on global economic growth. The emergence of additional virus variants and the vaccination progress worldwide play a role first and foremost. Moreover, fiscal measures enacted as a reaction to the course of the pandemic can have major impacts in the EU or the US, for example. The measures to strengthen infrastructure and social security in the US especially could have a strong effect on economic growth – nationally, but also worldwide. Ultimately, the monetary policy reactions of the central banks to inflation tendencies on various markets could influence future financing conditions.

Overall economic development

The International Monetary Fund (IMF) estimates that the global economy will grow by 4.9% in 2022 but, at the same time, indicates the uncertainties behind their forecast. These include the ongoing course of the COVID-19 pandemic and the vaccination progress, but also the financing conditions, which could tighten in the course of monetary policy measures resulting from current inflation expectations.

For the economies of emerging and developing countries, the IMF forecasts 5.2% growth for 2022. As always, the regions vary significantly. With predicted growth of 6.4%, emerging and developing countries in Asia in particular will once again make a significant contribution to the growth forecast of this group of countries. China, which is important for the copper market, accounts for a key share of the economic upswing. The IMF expects 5.7% growth in China for 2022.

The GDP of industrialized nations should grow by 4.4% in 2022, according to the IMF. Growth of 4.9% is expected for the US, 4.3% for the eurozone. The forecast indicates that Germany's GDP will increase by 4.1% in 2022.

Individual sectors such as the electrotechnical industry, the automotive industry, and the construction sector are important consumers of copper products. The economic developments expected here are as follows:

In its most recent forecast for the global electrical and electronic products market (July 2021), the German Electrical and Electronic Manufacturers' Association (ZVEI) predicts about 6% growth in the global market for 2022 – following 9% growth in the sector in 2021. This forecast includes 53 countries, which together comprise approximately 95% of the global market. For Europe, which accounts for 16% of the global market, the German Electrical and Electronic Manufacturers' Association (ZVEI) expects 6% growth in 2022 following 7% growth in 2021. The volume of the German market is expected to rise by 6% in 2021 and then by 7% in 2022.

According to the European Automobile Manufacturers' Association (ACEA), demand for cars in the EU is supposed to grow in 2021 and 2022. After about 10 million vehicles were registered in 2020, the association anticipates the registration of around 11 million cars for 2021 and around 12 million in 2022. Growth momentum comes from the transition to electric vehicles due to tightening environmental regulations and state investment incentives.

Construction growth is evident in the sectors that have also reflected relatively stable business throughout the pandemic. According to the German Institute for Economic Research (DIW), construction volume should grow nominally by more than 5% in 2022 – after about 3% growth in 2021. While growth in home construction continues, commercial construction has to overcome a pandemic-related slump. However, publicly financed construction measures could stabilize building activity.

Based on these forecasts, we expect positive ongoing development in the three most important sectors for copper products in 2022, continuing the good trend of the previous year. Nevertheless, political and economic developments may decisively influence the respective market situations.

The effects of European and German energy and environmental policy, which are important for us, are difficult to forecast in detail.

Sector development

Following the copper price's steady climb to a new ten-year high around the US\$ 10,700/t mark, it dropped at the end of the fiscal year and stabilized around the US\$ 9,000/t mark. According to the Thomson Reuters analyst survey from October 2021, the median copper price should be US\$ 9,000/t in calendar year 2022.

The trend in copper smelter output is still a key factor for assessing the copper market. The focus remains on Asia, particularly China, which accounts for about 40% of global refining capacity in 2021. The commissioning of additional smelter projects, and thus capacity increases, can be expected in China in the years to come. Between 2021 and 2026, Wood Mackenzie expects average annual growth of 2.6% in global refining capacities. The research company estimates global refined copper output in 2022 at 25.3 million t, equivalent to a 4.7% increase compared to the previous year.

High demand for refined copper can be anticipated in the coming calendar year as well. The metal remains an essential material for economic development in key sectors such as the electrical and automotive industries and construction. On top of that, the EU is tightening regulations related to climate protection, and both the EU and China are promoting climate-friendly technologies with state support to a great extent. Since these technologies hold considerable potential for copper applications, demand is likely to continue increasing.

For Europe, Wood Mackenzie forecasts a roughly 1.6% increase in demand for refined copper, to 3.9 million t, in 2022. At approximately 12.7 million t, demand in China will be flat in 2022 compared to the previous year. This accounts for nearly half of global demand, which is expected to be 25.1 million t in 2022 after a 2.8% increase compared to the previous year.

On the global market for refined copper, Wood Mackenzie expects a low overall production surplus of around 222,000 t for 2022 as a result – following a slight market deficit in 2021. Research provider CRU likewise foresees a low production surplus for 2022.

Rising demand for refined copper and the high ongoing price level provide good overall conditions for Aurubis for the coming fiscal year.

Raw material markets

COPPER CONCENTRATES

The copper concentrate market is growing on both the demand side and the supply side. A recovery in output from existing mines, expansion projects, and the ramp-up of new projects are contributing significantly to production increases in different countries. Wood Mackenzie predicts that global mine output (based on copper content, before accounting for disruptions and adjustments) will rise by 8.8% in 2022. The research firm assumes that the concentrate supply will therefore be able to keep up with the growing demand from smelters.

For annual contracts, the benchmark treatment and refining charge (TC/RC) for processing standard copper concentrates was US\$ 59.5/t and 5.95 cents/lb in 2021. Spot prices moved well below this benchmark in some cases during long stretches of the first half of 2021. Due to a growing concentrate supply with simultaneous maintenance shutdowns in Chinese smelters, they later increased, even beyond the benchmark. Barring any unexpected losses in the mine supply, stable or rising TC/RCs should be expected as the year goes on. For 2022, Wood Mackenzie expects a slightly higher benchmark compared to the previous year based on an easing of the concentrate market.

At the time this report was prepared, the benchmark negotiations for 2022 annual contracts on the copper concentrate market hadn't yet been concluded.

The growing supply of copper concentrates and rising TC/RCs as discounts on the purchase price strengthen Aurubis' position when it comes to concentrate sourcing. Due to our position on the market, our long-term contract structure, and our supplier diversification, we are confident that we will once again secure a good copper concentrate supply. We are already supplied with concentrates with good treatment and refining charges beyond Q1 of fiscal year 2021/22.

RECYCLING

The recycling material market was at a high level in the course of the year. The focus on sustainability and high ESG standards will enable Aurubis to access material flows that had been exported in the past. In light of this fact, as well as the recovering global economy and the current copper price level, Wood Mackenzie forecasts a positive development in the supply of recycling materials. At the same time, however, high demand is expected from Asia.

Business in this area, particularly for copper scrap, is conducted with short timelines and is therefore dependent on a variety of influences that are difficult to forecast.

In contrast, the availability of complex recycling materials is subject to less volatility. The market environment is expected to be at least stable.

Overall, Aurubis expects a stable supply situation for recycling raw materials with good refining charges. We are already supplied with recycling material with good refining charges beyond Q1 of fiscal year 2021/22. Our broad market position absorbs supply risks.

Product markets

MARKETS FOR COPPER PRODUCTS

As at the reporting date, demand for copper products continues to be strong in Q1 2021/22. In the negotiation season for 2022 annual sales contracts, which is still underway, we have already contractually fixed the orders on hand to a large extent.

One factor that is already clear is the copper premium Aurubis has established for European wire rod and shapes customers for the coming calendar year. Aurubis increased this premium for its European customers compared to the previous year to US\$ 123/t (2021: US\$ 96/t). The increase in the copper premium reflects the ongoing positive market expectations regarding demand in Europe in 2022 and partially compensates for the sharp increases in freight and energy costs.

In light of stable sector development in 2022 and an improvement in economic growth in Europe, we expect to conclude the negotiation season for copper products with contracts at a high level. Good customer relationships and the strong position in our key markets support this.

CATHODES

Sales of free cathode volumes on the market are based on the planned processing of our cathode output in the Group.

COPPER WIRE ROD

When it comes to copper wire rod, the positive trend continues in Q1 2021/22. In Europe – as in other parts of the world – demand remains at a good level. For 2022, CRU expects demand in Europe to be at pre-pandemic level throughout 2022. Demand will depend considerably on the ongoing economic trend in the key customer industries. As outlined in the section "Overall economic development," we expect to see growth in the electrical industry,

the automotive industry, and the construction and infrastructure sector in 2022.

The predicted growth in the customer industries for the forecast period leads to an expectation of a stable demand and sales trend for copper wire rod for Aurubis.

COPPER SHAPES

The recovery in demand for copper shapes that took hold at the end of the previous fiscal year continued in the past fiscal year. Demand for shapes is expected to be at a high level in the coming fiscal year as well.

FLAT ROLLED PRODUCTS

Developments in the US economy are very significant for the flat rolled products sector. As described in the section "Overall economic development," the US economy is expected to grow in 2022. According to CRU, production of flat rolled products in the US will increase in 2021, reaching pre-pandemic level again.

CRU indicates that on the European market for flat rolled products, production is evidently rising again in 2021 after two years with a declining production level. Connector production, which depends strongly on demand in the automotive sector and electric vehicles especially, is one factor that plays a key role in the demand for our products in this market. For this sector, CRU forecasts growth in the eurozone in 2021 and subsequent years following strong production downturns in 2020.

The development of the US economy and the growth of the European economy both benefit Aurubis when it comes to sales of flat rolled products.

SULFURIC ACID

Sulfuric acid sales are dependent on short-term developments, a fact that is reflected in the duration of the contracts. In addition, sales opportunities are very different from region to region, with varying conditions accordingly. Aurubis supplies the global sulfuric acid market, with a focus on Europe, North America, and Turkey. The relationship between local sales and exports fluctuates depending on market circumstances.

The price increases observed on the sulfuric acid markets during the past fiscal year, which were due to stable demand and simultaneous supply shortages, will continue or even intensify during the remainder of 2021, according to market researcher ICIS. For Northwest Europe, ICIS continues to expect a short supply at the end of the year, together with further price increases. Supply shortages are continuing in the US at the end of the year as well. The Chinese markets are characterized by significant regional differences.

Based on the stable demand on the sulfuric acid market and the developments in sales prices, we anticipate a positive trend in the earnings situation on this market.

Business and earnings expectations for the Aurubis Group

BUSINESS EXPECTATIONS

We updated our strategy in fiscal year 2020/21. By the end of this decade, we want to continue solidifying and expanding our position as one of the world's most efficient and sustainable multimetal producers – as a high-performance smelter network with a strong core business and new drivers of growth in recycling.

Under the tagline "Metals for Progress: Driving Sustainable Growth," we will keep investing in the three pillars of the strategy. The project ASPA (Advanced Sludge Processing by Aurubis) in Beerse (Belgium) falls under the pillar of securing and

strengthening the core business. The investment in the new recycling plant Aurubis Richmond falls under the pillar of growth options. We attribute the expansion of our Industrial Heat project in Hamburg to the sustainability pillar – we'll start implementing the second stage of this project in 2022.

With the Metallo acquisition, we have already significantly strengthened our position as a multimetal provider. The integration of the two sites in Beerse (Belgium) and Berango (Spain) is running very successfully and will be completed with the rebranding in December 2021.

During the course of fiscal year 2021/22, we expect to carry out the partial sale of the FRP group (specifically, the companies Aurubis NL, Aurubis Mortara, Aurubis Slovakia, and Aurubis UK).

The following maintenance shutdowns are planned for fiscal year 2021/22:

» At the Hamburg site in May and June 2022, with an expected impact of about € 25 million on operating EBT
» At the Lünen site in November and December 2021 and in May 2022, with a negative effect totaling around € 16 million on operating EBT

EARNINGS EXPECTATIONS

Our earnings are subject to quarterly fluctuations because of the nature of our business model. This is due to seasonal factors but may also be caused by disruptions in equipment or operating processes.

The future development and forecast of Aurubis AG coincide with the general statement on the Aurubis Group.

The outlook for fiscal year 2021/22 is based on the following premises:

» Based on industry forecasts, we expect copper demand to continue growing.
» At the time this report was prepared, the benchmark negotiations for 2022 annual contracts on the copper concentrate market hadn't yet been concluded.
» In fiscal year 2021/22, the market trend for copper scrap is difficult to forecast due to the short-term nature of the business.
» Because of the current market situation for sulfuric acid, we anticipate a positive earnings trend.
» The Aurubis copper premium for 2022 has been set at US\$ 123/t (previous year: US\$ 96/t).
» We expect energy costs to increase based on current energy price developments. We can only absorb price risks to a limited extent with our hedging activities. Moreover, CO2 electricity price compensation takes effect with a time lag.
» A significant portion of our revenues is based on the US dollar. We have reduced the resulting risks with our hedging strategy to some extent.
» We continue to expect an improvement in earnings of at least € 100 million through cost reduction and an improvement in throughput from the Performance Improvement Program (PIP) starting in fiscal year 2022/23 compared to the reference year 2018/19.
» We expect stable plant availability overall for fiscal year 2021/22.

Overall, we expect an operating EBT between € 320 million and € 380 million and an operating ROCE between 12% and 16% for the Aurubis Group for fiscal year 2021/22.

In the Multimetal Recycling segment, we expect an operating EBT between € 140 million and € 200 million and an operating ROCE between 16% and 20% for fiscal year 2021/22.

In the Custom Smelting & Products segment, we expect an operating EBT between € 210 million and € 270 million and an operating ROCE between 10% and 14% for fiscal year 2021/22.

Expected financial situation

At the end of fiscal year 2020/21, Aurubis had € 965 million in available cash (September 30, 2020: € 481 million). The company has additional liquidity through lines of credit amounting to € 350 million from a syndicated loan agreement running until 2023. Aurubis therefore has an excellent liquidity position.

We expect the stable financial situation from the operating business to continue in the coming fiscal year. We intend to settle the payments scheduled for fiscal year 2021/22, amounting to about € 103 million, with the existing liquidity. Furthermore, we intend to make additional unscheduled repayments of Schuldschein loans, amounting to about € 153 million, in December 2021.

GENERAL STATEMENT ON THE FUTURE DEVELOPMENT OF THE AURUBIS GROUP

The COVID-19 pandemic could influence the Aurubis Group's business development in fiscal year 2021/22. We will continue to give our employees' health the highest priority. In addition to the COVID-19 pandemic, developments in the global economy and the supply and demand situation on our procurement and product markets will impact the course of Aurubis' business and require our full flexibility.

In fiscal year 2021/22, we will continue pursuing the targets outlined in our strategy "Metals for Progress: Driving Sustainable Growth" and carry out the investment measures planned for the fiscal year.

With the very good result in fiscal year 2020/21, we have demonstrated that we take advantage of the opportunities offered on our procurement and product markets and have risen to the challenges of the pandemic. We expect to be able to build on the positive trend of the past fiscal year and are starting fiscal year 2021/22 with optimism, with a significantly increased forecast range for operating EBT and, likewise, a higher ROCE forecast range.

Forward-looking statements

This document contains forward-looking statements about our current forecasts of future events. Words such as "anticipate," "assume," "believe," "predict," "expect," "intend," "can/could," "plan," "project," "should," and similar terms indicate such forwardlooking statements. These statements are subject to a number of risks and uncertainties. Some examples include unfavorable developments in the global economic situation, especially impacts of the COVID-19 pandemic; political developments in the US, Europe, and China; a tightening of the raw material supply; and a decline in demand in the main copper sales markets. Further risks include a deterioration of our refinancing options on the credit and finance markets; unavoidable events beyond our control such as natural disasters, acts of terror, political unrest, and industrial accidents, and their effects on our sales, purchasing, production, and financing activities; changes in exchange rates; a drop in acceptance for our products, resulting in impacts on the establishment of prices and the utilization of processing and production capacities; price increases for energy and raw materials; production interruptions due to material bottlenecks, employee strikes, or supplier bankruptcies; the successful implementation of measures to reduce costs and enhance efficiency; the business outlook for our significant holdings; the successful implementation of strategic cooperation and joint ventures; amendments to laws, ordinances, and official regulations; and the outcomes of legal proceedings and other risks and uncertainties, some of which are described in the Risk and Opportunity Report in this Annual Report. If one of these uncertainties or difficulties occurs, or if the assumptions underlying the forward-looking statements prove to be wrong, the actual results could deviate considerably from the results mentioned or implicitly expressed in these statements. We do not intend, nor do we assume the obligation, to update forwardlooking statements continuously, as these statements are based solely on the circumstances on the day of publication.

Legal Disclosures

Declaration on corporate governance pursuant to Section 289f and Section 315d of the German Commercial Code (HGB)

The declaration is printed at the beginning of this Annual Report and is available on the company's website in the "About Aurubis" section under "Corporate Governance."

https://www.aurubis.com/en/about-us/corporate-governance

Compensation of the Executive Board and Supervisory Board

We explain the basic principles of the compensation system for the Executive Board and Supervisory Board in the Compensation Report of the Corporate Governance Report pages 18–43, which is part of the Combined Management Report. This information is printed in the Annual Report and is available on the company's website in the "About Aurubis" section under "The Group." www.aurubis.com/en/about-us/management

Takeover-related disclosures and explanations

Explanatory report by the Executive Board of Aurubis AG, Hamburg, in accordance with Section 176 (1) sentence 1 of the German Stock Corporation Act (AktG) on disclosures of takeover provisions pursuant to Section 289a (1) and Section 315a (1) of the German Commercial Code (HGB) as at the balance sheet date of September 30, 2021.

The following disclosures as at September 30, 2021 are presented in accordance with Section 289a (1) and Section 315a (1) of the German Commercial Code (HGB).

COMPOSITION OF THE SUBSCRIBED CAPITAL

The subscribed capital (share capital) of Aurubis AG amounted to € 115,089,210.88 as at the balance sheet date and was divided into 44,956,723 no-par-value bearer shares, each with a notional value of € 2.56 of the subscribed capital.

Each share grants the same rights and one vote at the Annual General Meeting. There are no different classes of shares.

The profit entitlement for any new shares that are issued can deviate from Section 60 of the German Stock Corporation Act (AktG).

TREASURY SHARES

Please refer to the Aurubis AG notes to the financial statements for information pursuant to Section 160 (1) no. 2 of the German Stock Corporation Act (AktG).

LIMITATIONS RELATED TO VOTING RIGHTS OR THE TRANSFER OF SHARES

According to the Executive Board's knowledge, shareholders' voting rights are not subject to any limitations, with the exception of possible legal prohibitions on voting (particularly in an isolated case pursuant to Section 136 of the German Stock Corporate Act (AktG)). Pursuant to Section 71b of the German Stock Corporation Act (AktG), the company is not entitled to voting rights from any of its own shares that it holds.

SHAREHOLDINGS EXCEEDING 10% OF THE VOTING RIGHTS

One indirect shareholding in Aurubis AG exceeds 10% of the voting rights as at the balance sheet date (September 30, 2021): Salzgitter AG, Salzgitter, notified the company in accordance with Section 33 (1) of the German Securities Trading Act (WpHG) on December 12, 2018 that its voting interest in Aurubis AG had exceeded the threshold of 25% of the voting rights on December 12, 2018 and amounted to 25.0000006% of the voting rights (representing 11,239,181 votes). Of this total, 25.0000006% of the voting rights (representing 11,239,181 votes) are attributed to Salzgitter AG via Salzgitter Mannesmann GmbH, Salzgitter.

Accordingly, one direct shareholding in Aurubis AG exceeds 10% of the voting rights as at the balance sheet date (September 30, 2021). According to the notification of Salzgitter AG, Salzgitter, dated December 12, 2018, Salzgitter Mannesmann GmbH, Salzgitter, held 25.0000006% of the voting rights (representing 11,239,181 votes) on December 12, 2018. In its analysts' conference regarding the first half of 2020, which took place on August 12, 2020, Salzgitter AG published that its shareholding in Aurubis AG amounted to 29.99%.

SHAREHOLDERS WITH SPECIAL RIGHTS

There were no shareholders with special rights conferring supervisory powers as at the balance sheet date (September 30, 2021).

PARTICIPATING EMPLOYEES

There were no employees that held an interest in share capital and did not directly exercise their supervisory rights as at the balance sheet date (September 30, 2021).

APPOINTMENT AND REMOVAL OF EXECUTIVE BOARD MEMBERS AND AMENDMENTS TO THE ARTICLES OF ASSOCIATION

The appointment and removal of members of the Executive Board of Aurubis AG are covered by Sections 84 and 85 of the German Stock Corporation Act (AktG) and Section 31 of the German Codetermination Act (MitbestG) in conjunction with Section 6 (1) of the Articles of Association. Amendments to the Articles of Association are subject to the approval of the shareholders at the Annual General Meeting. The resolution at the Annual General Meeting requires, in addition to a simple majority of votes, a majority that must comprise at least three-quarters of the subscribed capital represented in the vote; Section 119 (1) no. 6, Section 133 (1), and Section 179 et seq. of the German Stock Corporation Act (AktG) apply. In accordance with Section 11 (9) of the Articles of Association, the Supervisory Board is authorized to pass amendments to the Articles of Association that only relate to their wording. Furthermore, the Supervisory Board is authorized to adjust Section 4 of the Articles of Association after the complete or partial execution of a subscribed capital increase in accordance with the respective claim to the authorized capital and after the authorization expires. It is also authorized to amend the version of Section 4 (1) and (3) of the Articles of Association in accordance with the respective issuance of new no-par-value bearer shares within the context of the 2017 conditional capital and to make all other related amendments to the Articles of Association that only relate to the wording. The same applies if the authorization to issue bonds with warrants or convertible bonds is not exercised after the authorization period expires or if the conditional capital is not utilized after the deadlines for exercising option or conversion rights or for fulfilling conversion or option obligations have expired.

POWER OF THE EXECUTIVE BOARD TO ISSUES SHARES

There is currently no authorization for the Executive Board to issue shares from authorized capital pursuant to Section 202 (2) sentence 1 of the German Stock Corporation Act (AktG).

POWER OF THE EXECUTIVE BOARD TO REPURCHASE SHARES

With a resolution of the Annual General Meeting on March 1, 2018, the company was authorized until February 28, 2023 to repurchase its own shares up to a total of 10% of the current subscribed capital. Together with other own shares held by the company or attributable to it in accordance with Section 71a et seq. of the German Stock Corporation Act (AktG), the shares acquired by the company based on this authorization shall at no time exceed 10% of the company's current subscribed capital. The acquisition of shares for the purpose of trading with own shares is excluded. The Executive Board is empowered to use shares in the company that are purchased on account of this power for all legally permitted purposes, and in particular for the following purposes:

a) Own shares that have been acquired can also be sold in a way other than a sale via the stock exchange or by means of an offer to all of the shareholders, if the shares are sold in return for a cash payment at a price that is not materially lower than the stock market price of the company's shares with the same terms at the time of the sale. The definitive trading price for the purpose of the arrangement previously mentioned shall be the average closing price of the company's shares with the same terms in Xetra trading (or a comparable successor system) over the last five trading days of the Frankfurt Stock Exchange before the commitment to sell the shares was entered into. The shareholders' subscription right is excluded. This authorization shall, however, only apply on the condition that the shares sold excluding the subscription right may not, in accordance with Section 186 (3) sentence 4 of the German Stock Corporation Act (AktG), exceed 10% of the subscribed capital, either at the time this becomes effective or at the time of exercise of this authorization (the "upper limit"). Shares that are issued during the term of this authorization from authorized capital pursuant to Section 186 (3) sentence 4 of the German Stock Corporation Act (AktG), excluding subscription rights, are to be credited towards this upper limit. Furthermore, this upper limit shall take into account those shares that are issued or are to be issued in

order to service convertible bonds and/or bonds with warrants (or profit participation rights, or participating bonds with a conversion right, option right, or conversion obligation, or the company's right to offer), which were issued during the term of this authorization due to an authorization to issue convertible bonds and/or bonds with warrants (or profit participation rights, or participating bonds with a conversion right, option right, or conversion obligation, or the company's right to offer) in commensurate application of Section 186 (3) sentence 4 of the German Stock Corporation Act (AktG), excluding subscription rights. An inclusion that has been carried out is canceled if authorizations to issue new shares from authorized capital in accordance with Section 186 (3) sentence 4 of the German Stock Corporation Act (AktG) or to issue convertible bonds and/or bonds with warrants (or profit participation rights, or participating bonds with a conversion right, option right, or conversion obligation, or the company's right to offer) in commensurate application of Section 186 (3) sentence 4 of the German Stock Corporation Act (AktG) are granted again at the Annual General Meeting after exercising such authorizations that have led to inclusion.

b) Own shares that have been acquired can also be sold in a way other than a sale via the stock exchange or by means of an offer to all of the shareholders. This is provided that such sale is carried out in return for a contribution in kind by a third party, especially in conjunction with the acquisition of business entities, parts of business entities, or participating interests in business entities by the company itself or by a business entity dependent on it or majority-owned by it, and in conjunction with business combinations, or to fulfill conversion rights or obligations of holders and/or creditors relating to conversion or option rights issued by the company or Group entities of the company (or profit participation rights, or participating bonds with a conversion right, option right, or conversion obligation, or the company's right to offer), especially – but not exclusively – due to the authorization to issue convertible bonds and/or bonds with warrants, profit participation rights, and/or participating bonds (or combinations of these instruments) decided under item 6 of the agenda for the Annual General Meeting on March 2, 2017. The shareholders' subscription right is excluded in each case.

c) Own shares that have been acquired can be withdrawn entirely or in part without a further resolution at the Annual General Meeting. They can also be withdrawn in a simplified procedure without a reduction in capital by adjusting the proportionate notional share of the remaining no-par-value shares in the subscribed capital of the company. The withdrawal can be limited to a portion of the acquired shares. If the withdrawal takes place using the simplified procedure, the Executive Board is authorized to adjust the number of no-par-value shares in the Articles of Association.

The own shares collectively sold under the authorization mentioned previously, pursuant to items a) and b) and excluding the subscription right, may not exceed 20% of the share capital, neither at the time the authorization becomes effective nor at the time it is exercised. The 20% limit must include (i) new shares that are issued, excluding the subscription right, during the term of this authorization up to the sale of the own shares from authorized capital, without subscription rights, and (ii) those shares that are issued in order to service convertible bonds and/or bonds with warrants (or profit participation rights, or participating bonds with a conversion right, option right, or conversion obligation, or the company's right to offer), if the bonds were issued during the term of this authorization up to the sale of the own shares, excluding shareholder subscription rights. If and to the extent that the shareholders at the Annual General Meeting reissue the relevant authorization to exclude subscription rights after the authorization leading to offsetting against the 20% limit previously mentioned has been exercised, the offsetting that has already been carried out is no longer included.

The complete text of the resolution dated March 1, 2018 has been included under agenda item 8 in the invitation to the Annual General Meeting 2018 published in the German Federal Gazette on January 22, 2018.

POWER OF THE EXECUTIVE BOARD TO ISSUE CONVERTIBLE BONDS AND SHARES FROM CONDITIONAL CAPITAL

With the resolution passed by the shareholders at the Annual General Meeting on March 2, 2017, the Executive Board was authorized, subject to the approval of the Supervisory Board, to issue bearer or registered convertible bonds and/or bonds with warrants, profit participation rights and/or participating bonds (or combinations of these instruments) – referred to collectively as "bonds" – until March 1, 2022, once or several times, with or without a maturity limit, in the total nominal amount of up to € 1,100,000,000.00, and to grant conversion or option rights to the holders or creditors of such bonds for no-par-value bearer shares in the company representing a proportionate amount of the subscribed capital totaling € 57,544,604.16 as further specified in the terms and conditions of the bonds. The text of the authorization of the Executive Board to issue bonds corresponds to the resolution proposed by the Executive Board and Supervisory Board regarding agenda item 6 of the ordinary Annual General Meeting on March 2, 2017, which was published in the German Federal Gazette on January 17, 2017.

The company's subscribed capital shall be conditionally increased by up to € 57,544,604.16 by issuing up to 22,478,361 new bearer shares without a nominal amount (no-par-value shares), each with a notional interest in the subscribed capital of € 2.56 (Conditional Capital 2017). The conditional capital increase will only be carried out to the extent that the holders or creditors of conversion and/ or option rights from convertible bonds, bonds with warrants, profit participation rights, or participating bonds (or a combination of these instruments) that are issued against cash by the company or by its affiliates until March 1, 2022 due to the authorization passed by the shareholders at the Annual General Meeting on March 2, 2017 exercise their conversion or option rights, or to the extent that holders or creditors of the convertible bonds (or profit

participation rights or participating bonds with a conversion obligation) issued by the company or by its affiliates until March 1, 2022 due to the authorization passed by the shareholders at the Annual General Meeting on March 2, 2017 fulfill their conversion obligation or shares are offered, and to the extent that own shares or other forms of fulfillment are not utilized for this purpose. The new no-par-value bearer shares shall be entitled to participate in the profits from the beginning of the fiscal year in which they come into existence through the exercise of conversion or option rights, through the fulfillment of conversion or option obligations, or through the exercise of rights to offer. To the extent legally permitted, the Executive Board can, subject to the approval of the Supervisory Board, establish the profit participation of new shares in a way that deviates from Section 60 (2) of the German Stock Corporation Act (AktG).

The complete text of the resolution dated March 2, 2017 has been included under agenda item 6 in the invitation to the Annual General Meeting 2017 published in the German Federal Gazette on January 17, 2017.

SIGNIFICANT CONDITIONAL AGREEMENTS CONCLUDED BY THE COMPANY

Within the scope of various bonds totaling € 502.5 million, every lender has an extraordinary right of cancellation if control over the borrower changes.

COMPANY COMPENSATION AGREEMENTS IN THE CASE OF TAKEOVER BIDS

No company compensation agreements were made with the members of the Executive Board or with employees for the case of a takeover bid.

Consolidated Financial Statements

Consolidated Income Statement
Consolidated Statement of Comprehensive Income
Consolidated Statement of Financial Position
Consolidated Cash Flow Statement
Consolidated Statement of Changes in Equity
Notes to the Consolidated Financial Statements

Consolidated Income Statement

for the period from October 1 to September 30 (IFRS)

in € thousand	Note	12 months 2020/21	12 months 2019/20
Revenues	1	16,299,837	12,428,542
Changes in inventories of finished goods and work in process	2	146,354	117,996
Own work capitalized	3	31,898	22,517
Other operating income	4	72,845	33,407
Cost of materials	5	-14,637,048	-11,198,139
Gross profit		1,913,886	1,404,323
Personnel expenses	6	-554,162	-552,572
Depreciation of property, plant, and equipment and amortization of intangible assets	7	-218,962	-209,826
Other operating expenses	8	-310,860	-266,333
Operational result (EBIT)		829,902	375,592
Result from investments measured using the equity method	9	18,705	6,455
Interest income	10	3,613	6,679
Interest expense	10	-18,478	-18,832
Other financial income	11	7	88
Other financial expenses	11	-8,454	-2,659
Earnings before taxes (EBT)		825,295	367,323
Income taxes	12	-212,314	-101,960
Consolidated net income		612,981	265,363
Consolidated net income attributable to Aurubis AG shareholders	13	612,796	265,172
Consolidated net income attributable to non-controlling interests	13	185	191
Basic earnings per share (in €)	14	14.03	5.95
Diluted earnings per share (in €)	14	14.03	5.95

Consolidated Statement of Comprehensive Income

for the period from October 1 to September 30 (IFRS)

in € thousand	12 months 2020/21	12 months 2019/20
Consolidated net income	612,981	265,363
Items that will be reclassified to profit or loss in the future
Measurement at market of cash flow hedges	-13,336	38,602
Hedging costs	-1,411	2,071
Changes deriving from translation of foreign currencies	1,690	-639
Income taxes	2,511	-8,554
Financial fixed assets accounted for using the equity method – share of other comprehensive income, after taxes	3,652	0
Items that will not be reclassified to profit or loss
Measurement at market of financial investments	27,224	-2,193
Remeasurement of the net liability deriving from defined benefit obligations	49,566	84,083
Income taxes	-15,255	-27,914
Financial fixed assets accounted for using the equity method – remeasurement of the net liability deriving from defined benefit obligations, after taxes	7	70
Other comprehensive income	54,648	85,526
Consolidated total comprehensive income	667,629	350,889
Consolidated total comprehensive income attributable to Aurubis AG shareholders	667,442	350,699
Consolidated total comprehensive income attributable to non-controlling interests	187	190

Consolidated Statement of Financial Position

(IFRS)

Assets

in € thousand	Note	9/30/2021	9/30/2020

Intangible assets	15	158,733	171,945
Property, plant, and equipment	16	1,656,927	1,640,800
Financial fixed assets	17	65,405	35,616
Investments measured using the equity method	18	76,644	55,453
Deferred tax assets	24	18,076	8,711
Non-current financial assets	21	33,878	34,619
Other non-current non-financial assets	21	2,937	1,430
Non-current assets		2,012,600	1,948,574

Inventories	19	2,804,209	2,463,771
Trade accounts receivable	20	512,966	485,282
Other current financial assets	21	152,078	99,252
Other current non-financial assets	21	51,250	44,200
Cash and cash equivalents	22	942,435	481,064
Assets held for sale		137,811	11,360
Current assets		4,600,749	3,584,929

Total assets		6,613,349	5,533,503

Equity and liabilities

in € thousand	Note	9/30/2021	9/30/2020

Subscribed capital	23	115,089	115,089
Additional paid-in capital	23	343,032	343,032
Treasury shares		-60,248	-41,304
Generated Group equity	23	3,025,019	2,434,664
Accumulated other comprehensive income components	23	19,288	-1,042
Equity attributable to Aurubis AG shareholders		3,442,180	2,850,439
Non-controlling interests	23	537	539
Equity		3,442,717	2,850,978

Pension provisions and similar obligations	25	213,727	260,396
Other non-current provisions	26	77,509	71,732
Deferred tax liabilities	24	443,568	301,211
Non-current borrowings	27	444,269	555,676
Other non-current financial liabilities	27	57,079	20,807
Non-current non-financial liabilities	27	1,698	1,176
Non-current liabilities		1,237,850	1,210,998

Current provisions	26	67,068	77,628
Trade accounts payable	27	1,386,525	1,144,025
Income tax liabilities	27	24,004	17,886
Current borrowings	27	137,045	27,636
Other current financial liabilities	27	220,981	148,334
Other current non-financial liabilities	27	59,555	48,479
Liabilities deriving from assets held for sale		37,604	7,539
Current liabilities		1,932,782	1,471,527
Total equity and liabilities		6,613,349	5,533,503

Consolidated Cash Flow Statement

for the period from October 1 to September 30 (IFRS)

in € thousand	12 months 2020/21	12 months 2019/20
Earnings before taxes	825,295	367,323
Depreciation and amortization of fixed assets (including impairment losses or their reversals)	212,574	209,653
Change in allowances on receivables and other assets	646	1,261
Change in non-current provisions	8,432	1,200
Net gains/losses on disposal of fixed assets	-700	2,230
Measurement of derivatives	49,762	15,967
Other non-cash items	2,082	6,314
Expenses and income included in the financial result	4,607	8,269
Income taxes received/paid	-88,081	-64,099
Gross cash flow	1,014,617	548,118
Change in receivables and other assets	-90,764	-49,149
Change in inventories (including measurement effects)	-397,417	-344,988
Change in current provisions	-8,558	23,675
Change in liabilities (excluding financial liabilities)	294,206	281,283
Cash inflow from operating activities (net cash flow)	812,084	458,939
Payments for investments in fixed assets	-252,444	-229,955
Payments for the acquisition of shares in affiliated companies less cash acquired	0	-332,213
Payments from the granting of loans to related entities	-10,855	-5,359
Proceeds from the disposal of fixed assets	1,845	328
Proceeds from the disposal of business units	12,329	0
Proceeds from the redemption of loans granted to related entities	8,200	0
Interest received	3,613	6,679
Dividends received	5,257	4,888
Cash outflow from investing activities	-232,055	-555,631

Proceeds deriving from the take-up of financial liabilities	26,275	411,124
Payments for the redemption of bonds and financial liabilities	-30,524	-162,953
Acquisition of treasury shares	-18,944	-39,288
Interest paid	-15,812	-15,996
Dividends paid	-56,946	-56,386
Cash outflow (inflow in the previous year) from financing activities	-95,951	136,501

Net change in cash and cash equivalents	484,077	39,808
Changes resulting from movements in exchange rates	146	-205
Cash and cash equivalents at beginning of period	481,064	441,461
Cash and cash equivalents at end of period	965,287	481,064
Less cash and cash equivalents of assets held for sale at end of period	-22,852	0
Cash and cash equivalents at end of period (consolidated statement of financial position)	942,435	481,064

Consolidated Statement of Changes in Equity

Accumulated other comprehensive income components

in € thousand	Sub scribed capital	Additio nal paid-in capital	Treasury shares	Genera ted Group equity	Measu rement at market of cash flow hedges	Hedging costs	Measure ment at market of financial invest ments	Currency translation differen ces	Income taxes	Equity attributable to Aurubis AG share- holders	Non control ling interests	Total equity
Balance as at 10/1/2019	115,089	343,032		0 2,169,448	-12,404	-499	-29,551	11,661	465	2,597,241		539 2,597,780
Acquisition of treasury shares	0	0	-41,304	0	0	0	0	0	0	-41,304	0	-41,304
Dividends paid	0	0	0	-56,196	0	0	0	0	0	-56,196	-190	-56,386
Consolidated total compre hensive income/loss	0	0	0	321,412	38,602	2,071	-2,193	-639	-8,554	350,699	190	350,889
of which consolidated net income	0	0	0	265,172	0	0	0	0	0	265,172	191	265,363
of which other com pre-hensive income/loss	0	0	0	56,241	38,602	2,071	-2,193	-639	-8,554	85,528	-1	85,527
Balance as at 9/30/2020	115,089	343,032		-41,304 2,434,664	26,198	1,572	-31,744	11,022	-8,089	2,850,439		539 2,850,978
Balance as at 10/1/2020	115,089	343,032		-41,304 2,434,664	26,198	1,572	-31,744	11,022	-8,089	2,850,439		539 2,850,978
Acquisition of treasury shares	0	0	-18,944	0	0	0	0	0	0	-18,944	0	-18,944
Dividends paid	0	0	0	-56,757	0	0	0	0	0	-56,757	-189	-56,946
Consolidated total compre hensive income/loss	0	0	0	647,112	-7,872	-1,411	27,224	1,690	699	667,442	187	667,629
of which consolidated net income	0	0	0	612,796	0	0	0	0	0	612,796	185	612,981
of which other com prehensive income/loss	0	0	0	34,317	-7,872	-1,411	27,224	1,690	699	54,646	2	54,648
Balance as at 9/30/2021	115,089	343,032		-60,248 3,025,019	18,326	161	-4,520	12,712	-7,390	3,442,180		537 3,442,717

Notes to the Consolidated Financial Statements

General disclosures

Aurubis AG, headquartered in Hamburg, Deutschland, is a quoted corporate entity registered with the District Court of Hamburg under Commercial Register number HR B 1775. The address is Aurubis AG, Hovestrasse 50, 20539 Hamburg, Germany.

As required by Regulation (EC) No. 1606/2002 of the European Parliament and the Council dated July 19, 2002 on the application of international accounting standards, in conjunction with Section315e (1) of the German Commercial Code (HGB), the accompanying consolidated financial statements as at September 30, 2021 are prepared in accordance with the International Financial Reporting Standards (IFRS) approved and published by the International Accounting Standards Board (IASB), as adopted by the European Union. The interpretations of the International Financial Reporting Standards Interpretations Committee (IFRS-IC) have been taken into account.

The consolidated financial statements were released for publication after they were approved on December 1, 2021.

The consolidated financial statements have been prepared in euros. If nothing to the contrary is indicated, all amounts are shown in thousands of currency units.

Current and non-current assets and liabilities are presented as separate categories in the statement of financial position. In this context, current assets and current liabilities are expected to be realized within twelve months of the balance sheet date or are held primarily for trading purposes.

The preparation of consolidated financial statements in accordance with IFRS furthermore requires the Executive Board and authorized employees to make estimates and assumptions in certain significant areas. These have an impact on the measurement and presentation of the assets and liabilities in the statement of financial position, and on related income and expenses.

Sectors that particularly require the application of estimates and assumptions are presented under Significant estimates and assumptions, pages 152–153.

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

Significant accounting principles

SCOPE OF CONSOLIDATION

In addition to the parent company, Aurubis AG, Hamburg, 23 further companies in which Aurubis AG, Hamburg, holds the majority of the voting rights either directly or indirectly, and thus has control, were included in the consolidated financial statements as at the reporting date by way of full consolidation. The reporting date for the consolidated financial statements corresponds to the balance sheet date of Aurubis AG, Hamburg, and all consolidated subsidiaries, with the exception of three consolidated companies. The balance sheet date of these subsidiaries is December 31. These companies prepared interim financial statements for consolidation purposes as at the reporting date of the consolidated financial statements.

Accordingly, the financial statements of all significant subsidiaries which Aurubis AG controls are included in these consolidated financial statements.

Pursuant to IFRS 11.24, in conjunction with IAS 28, Schwermetall Halbzeugwerk GmbH & Co. KG, Stolberg, a producer of pre-rolled strip in which a 50% share interest is held, and, from June 1, 2021 onwards, Cablo GmbH, Gelsenkirchen, in which a 40% share interest is held, are accounted for using the equity method. Both companies are managed jointly (based on the respective contractual relationship) and mutually (with respect to significant activities) with an additional partner (joint ventures).

CONSOLIDATION PRINCIPLES

The separate financial statements of all companies included in the consolidation are prepared in accordance with the uniform accounting policies that are applied within the Aurubis Group. The financial statements of the main companies included in the consolidated financial statements have been audited by independent auditors.

Capital consolidation is performed as at the acquisition date using the acquisition method, whereby the acquisition cost of the acquired interest is offset against the fair values of acquired assets and liabilities of the subsidiary at that time. Any unallocated difference on the asset side is recognized as goodwill and tested at least annually for impairment. In accordance with IAS 36, goodwill is not amortized on a scheduled basis. Negative goodwill is recognized immediately in profit or loss following a reassessment of the fair values.

Intercompany receivables, liabilities, and contingent liabilities, as well as revenues, other income, and expenses between Group

companies are eliminated. Profits resulting from transactions between Group companies are eliminated, if material.

In addition to nine German companies, 15 foreign companies are included in the consolidated financial statements. In accordance with the functional currency concept, the financial statements of subsidiaries prepared in foreign currencies were translated into euros, as the euro is Aurubis AG's reporting currency. Transactions in foreign currencies are converted into the functional currency at the exchange rate at the time of the transaction or, in the case of subsequent measurement, at the time of such measurement. Foreign currency transactions are conducted particularly in US dollars. The average US dollar exchange rate during fiscal year 2020/21 was 1.19538 US\$/€. The exchange rate as at September 30, 2021 was 1.15790 US\$/€. Gains and losses resulting from the fulfillment of such foreign currency transactions, as well as from the conversion of monetary assets and liabilities designated in a foreign currency as at the reporting date, are recorded in profit and loss in the cost of materials unless they have to be accounted for in equity as qualified cash flow hedges or net investments in foreign business operations. In fiscal year 2020/21, foreign currency conversion differences totaling € 3.2 million (previous year: € -1.8 million) were recognized in profit or loss. In accordance with IAS 21, assets and liabilities in the statement of financial position of subsidiaries reporting in a foreign currency are translated at the mid-market rates applicable at the reporting date and the income statement is translated at the average rates for the fiscal year. Any resultant translation differences are recognized directly in equity until the possible disposal of the subsidiary.

Joint ventures are accounted for in accordance with IFRS 11 using the equity method. Profits deriving from upstream/downstream transactions with Group companies are eliminated proportionally.

RECOGNITION OF REVENUES

Revenues are mainly generated from the sale of metals and copper products and are measured in the amount of the consideration that the Group expects to receive from a contract with a customer. The Group recognizes revenues when the authority to exercise control over a product or a service has been transferred to the customer. Bonuses granted in the fiscal year are deducted from revenues. In the case of transport services that generally relate to a specific time period and represent a separate performance obligation, no separation is made on grounds of materiality. Some contracts include rebates and price reductions that are factored into the transaction price.

SHARE-BASED PAYMENT

The recognition and measurement standards of IFRS 2 are to be applied to this compensation component. The component relates to virtual deferred stock with a three-year, forward-looking assessment basis, which is dependent upon the achievement of targets for the operating EBT component and is also based on individual performance. The virtual deferred stock compensation plan does not include dividend payments, and the payout is limited to 150% of the starting value. To determine the fair value of the limitation of the share price development, the value of a European call option is calculated by applying the Black Scholes formula.

FINANCIAL INSTRUMENTS

A financial instrument is a contract that simultaneously gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.

In this connection, financial assets particularly comprise cash and cash equivalents, equity instruments held in other entities (e.g., investments or share portfolios), trade accounts receivable, other loans and receivables granted, as well as primary and derivative financial instruments that are held for trading. Financial liabilities generally establish a contractual obligation to deliver cash or other financial assets. These include in particular bonds and other securitized liabilities, liabilities to banks, trade accounts payable, lease liabilities, and derivative financial instruments. Within the Group, regular way purchases and sales of primary financial instruments are generally recorded as at the settlement date, i.e., at the date of delivery and transfer of title. Derivative financial instruments are recognized as at the trade date. Financial assets and financial liabilities are generally reported gross (i.e., without being netted).

In accordance with IFRS 9, financial instruments are classified as either measured "at amortized cost" (AC), "at fair value through other comprehensive income" (FV OCI), or "at fair value through profit or loss" (FV P&L).

A debt instrument is measured at amortized cost if both of the following conditions are fulfilled:

» It is held as part of a business model whose objective is to hold assets to collect contractual cash flows.
» The contract conditions of the financial asset lead to cash flows, at fixed times, that only represent redemption and interest payments on the outstanding amount of capital (cash flow criterion).

A debt instrument is measured at fair value through other comprehensive income if both of the following conditions are fulfilled:

» It is held as part of a business model whose objective is to sell assets after holding them for a certain period of time.
» The contract conditions of the financial asset lead to cash flows, at fixed times, that only represent redemption and interest payments on the outstanding amount of capital (cash flow criterion).

If the criteria mentioned above for classification as AC or FV OCI have not been fulfilled, the debt instruments are measured at fair value through profit or loss (FV P&L).

Notwithstanding the above criteria for classification of debt instruments in the categories AC or FV OCI, a company can irrevocably classify its financial assets as "measured at fair value through profit or loss" upon initial recognition if doing so helps prevent or significantly reduce an accounting anomaly (FV option). The Aurubis Group makes use of the FV option for receivables from supply contracts that are not price-fixed (hybrid contracts).

Equity instruments are normally classified and measured at fair value through profit or loss. Deviating from this, there is an irrevocable option, upon initial recognition of primary equity instruments that are not held for trading, to recognize fair value changes in other comprehensive income (OCI option). Aurubis uses the OCI option and classifies equity instruments that are not classified as "held for trading" in the category "fair value through OCI" (FV OCI).

Primary financial liabilities are either measured at "amortized cost" or at "fair value through profit or loss." They are measured at fair value through profit or loss when they are held for trading or have been designated as "fair value through profit or loss" (FV option) – under certain conditions – upon initial recognition. Aurubis makes use of the FV option and irrevocably designates liabilities from supply contracts that are not price-fixed (hybrid contracts) at "fair value through profit or loss."

No financial instruments were reclassified into other measurement categories either in fiscal year 2020/21 or in fiscal year 2019/20.

Financial assets are recognized if Aurubis has a contractual right to receive cash and cash equivalents or other financial assets from another company. Financial assets are always initially recognized at fair value. Thereby, in the case of financial assets that will not be

measured subsequently at fair value through profit or loss, the transaction costs directly attributable to the purchase have to be taken into account. The fair values recognized in the statement of financial position represent the market prices of the financial assets to the extent that these can be determined directly by reference to an active market. Otherwise, they are measured using normal market procedures (valuation models), applying the market parameters specific to the instrument. Non-interest-bearing financial assets with a term exceeding one year are discounted. For financial assets with a residual term of less than one year, it is assumed that the fair value corresponds to the nominal value. Financial assets designated in foreign currency are measured on initial recognition with the valid rate applicable at the date of the transaction and as at the reporting date with the then applicable mid-market rate. Financial assets are derecognized if the contractual rights to payments from the financial assets no longer exist or all opportunities and risks are essentially transferred. Any financial assets sold without recourse are derecognized.

The share interests in affiliated companies and investments that are reported under financial fixed assets are measured at fair value through profit or loss. They are generally measured at fair value, which is derived from the stock market price, provided a price quoted in an active market is available. Subsequent gains and losses resulting from measurement at fair value are recognized as other financial income/expenses in the income statement.

Aurubis makes use of the OCI option for equity instruments and accounts for securities classified as fixed assets at fair value through other comprehensive income. When these equity instruments are sold, the profits and losses that are unrealized up to this point in other comprehensive income are transferred to revenue reserves and are not disclosed in the income statement.

The non-current receivables reported as other financial fixed assets are, if significant, measured at amortized cost for subsequent measurement purposes, applying the effective interest method.

Within the Aurubis Group, trade accounts receivable resulting from supply contracts that are not price-fixed are measured at fair value through profit or loss for subsequent measurement purposes. Receivables held for sale within the context of factoring arrangements are measured at fair value through other comprehensive income. On account of their short terms to maturity, remaining trade accounts receivable are measured at nominal value, less any expected credit losses.

Expected credit losses on financial assets measured at amortized cost or at fair value through other comprehensive income are recorded as allowances, i.e., as part of the measurement of these assets in the statement of financial position. A simplified approach for the recognition of impairment losses is applied for trade accounts receivable. Under this approach, the expected credit losses are calculated using a so-called cohort model, which is based on the data for the past three fiscal years. The measurement of the outstanding receivables takes actual historical bad debt losses into account, giving consideration to forward-looking information.

Actual defaults result in derecognition of the receivables affected. A financial asset is considered to be in default if contractual payments cannot be collected and are assumed to be irrecoverable. Any adjustments to the balance of allowances due to an increase or decrease in the amount of expected credit losses are recorded in an allowance account. The decision as to whether a credit default risk is recorded using an allowance account or through direct reduction of the receivables depends on how reliable the assessment of the risk situation is. The default risk for trade accounts receivable is limited in particular by the Aurubis Group's existing commercial credit insurance programs.

Derivative financial instruments that are not included in an effective hedging relationship in accordance with IFRS 9 (hedge accounting) and are therefore "held for trading" must be classified as "measured at fair value through profit or loss."

In addition, delivery contracts are concluded in the Aurubis Group for non-ferrous metals to cover the expected requirement for raw materials and also for the sale of finished products. In the process, physical delivery contracts may be terminated by making compensation payments due to changes in demand. Fixed-price metal delivery contracts are therefore also recognized as derivative financial instruments. Since these are not included in an effective hedging relationship in accordance with IFRS 9, they are similarly classified as "measured at fair value through profit or loss."

To the extent that they are non-current, a large proportion of the other financial assets are measured at amortized cost for subsequent measurement purposes, applying the effective interest method.

Cash and cash equivalents have a remaining term on initial recognition of up to three months and are measured at nominal value.

For financial assets that are not accounted for at fair value through profit or loss, allowances for impairment need to be recognized on the basis of the expected losses. To calculate these allowances, IFRS 9 provides a three-stage model (general approach). Depending on the counterparty's credit default risk, the model requires different levels of impairment assessment at these various stages.

For cash and cash equivalents and other financial assets that fall within the scope of impairment assessment under IFRS 9, the expected credit loss is primarily determined at the time of their acquisition on the basis of credit default swaps for which losses are calculated that are expected from defaults in the next twelve months. In the case of a significant increase in the default risk, the credit losses expected over the asset's respective term are considered. Because of the short-term nature and the counterparties' high level of creditworthiness, the default risk for the financial assets is low as at the reporting date.

When the company buys back its own shares, these are directly deducted from equity. Neither the purchase nor sale of treasury shares is recorded in profit or loss.

Financial liabilities are recognized if there is a contractual obligation to transfer cash and cash equivalents or other financial assets to another company. Financial assets are always initially recognized at fair value. Any directly attributable transaction costs are deducted for all financial liabilities that are not subsequently measured at fair value and are amortized over the term of the liability applying the effective interest method. Financial liabilities denominated in foreign currency are measured on initial recognition with the valid rate applicable at the date of the transaction and as at the reporting date with the then applicable mid-market rate.

Primary financial liabilities, which include borrowings, trade accounts payable, and other primary financial liabilities, are generally measured at amortized cost. If the interest effect is not insignificant, non-interest-bearing liabilities, or liabilities bearing low interest rates, with a residual term exceeding one year, are discounted. In the case of liabilities with a residual term of less than a year, it is assumed that the fair value corresponds to the settlement amount. Trade accounts payable resulting from supply contracts that are not price-fixed provide an exception. These are measured at fair value through profit or loss (FV option) for subsequent measurement purposes. The fair value changes resulting from the company's own credit risk are recognized in other comprehensive income.

The Aurubis Group uses derivative financial instruments to hedge interest rate and foreign currency risks and to hedge commodity price risks.

Derivative financial instruments are measured at fair value. This represents the market value and can be both positive and negative. If the market value is not available, the fair value is calculated utilizing present value and option price models. As far as possible, relevant market prices and interest rates observed at the reporting date, which are derived from recognized sources, are used as the opening parameters for these models.

Changes in the fair values of derivative financial instruments are recognized either through profit or loss in the income statement or in equity as a component of other comprehensive income. The decisive factor hereby is whether or not the derivative financial instrument is included in an effective hedging relationship. If no cash flow hedge accounting relationship exists, the changes in fair values are to be recognized immediately in profit or loss. If, on the other hand, an effective cash flow hedging relationship exists, such changes will be recognized in equity as a component of other comprehensive income.

In order to avoid fluctuations in the income statement due to the different measurement of hedged items and hedging instruments, IFRS 9 includes special regulations relating to hedge accounting. The aim of these hedge accounting regulations is to record the effects of changes in value of hedging instruments and hedged items so that they compensate one another as far as possible.

In addition to documentation, as a prerequisite for the application of the regulations of hedge accounting, IFRS 9 requires proof of an effective hedging relationship. Hedge effectiveness means that changes in fair value (for fair value hedges) or changes in cash flow (for cash flow hedges) of the hedged items are compensated by counteracting changes in the fair value or the cash flows of the hedging instruments, in each case relating to the hedged risk.

The purpose of derivatives that are used as hedging instruments in conjunction with a cash flow hedge is to hedge future cash flows. A risk with regard to the amount of future cash flows exists in particular for planned transactions that are highly likely to occur. Derivative financial instruments used in conjunction with cash flow hedge accounting are recognized at fair value. The gain or loss on measurement is split between an effective and an ineffective portion. The effective portion is the portion of the gain or loss on

measurement that represents an effective hedge of the cash flow risk. This is recognized directly in equity under a special heading (cash flow hedge reserve), after taking deferred taxes into account. The ineffective portion deriving from measurement is recognized on the other hand in profit or loss in the income statement. The nondesignated portion of the derivative is recorded in a separate reserve for hedging costs in other comprehensive income. Within the Aurubis Group, any changes in fair values of foreign currency options are excluded from the hedging relationship. The accounting treatment of the transactions underlying the hedged cash flows remain unchanged. Following the termination of the hedging relationship, the amounts recorded in the reserve are always transferred to the income statement when gains or losses made in connection with the hedged item are recognized in profit or loss or when the underlying transaction is not actually expected to occur anymore.

The Aurubis Group furthermore enters into hedging relationships that do not satisfy the strict requirements of IFRS 9 and cannot therefore be accounted for in accordance with the hedge accounting regulations. Nevertheless, from an economic point of view, these hedging relationships comply with the principles of risk management. Moreover, hedge accounting is also not applied in the case of the monetary assets and liabilities recognized in connection with foreign currency hedging, because the foreign currency translation gains and losses on the hedged items that need to be realized in profit or loss in accordance with IAS 21 are accompanied by gains and losses on the derivative hedging instruments and more or less compensate one another in the income statement.

The fair value of financial instruments is determined pursuant to the regulations of IFRS 13 covering measurement at fair value. The fair value of financial instruments quoted in active markets is calculated based on price quotations insofar as these are prices used in routine and current transactions. Where no prices quoted in active markets are available, the Aurubis Group uses measurement procedures to determine the fair value of financial instruments. Consequently, the input parameters applied in measurement procedures are based where possible on observable data derived from the prices of relevant financial instruments traded in active markets. The use of these measurement procedures requires estimates and assumptions on the part of the Aurubis Group, the scope of which depends on the price transparency of the financial instrument and its market, and the complexity of the instrument. Management regularly analyzes the methods and influencing factors used to determine the fair value to ensure that they are appropriate. Additional information about the main estimates and assumptions used to determine the fair value can be found in the section Financial instruments, pages 179-191.

INTANGIBLE ASSETS

If intangible assets are acquired, they are recognized at acquisition cost. Internally generated intangible assets that provide future economic benefits are recognized at their cost of generation if the criteria for their recognition as an asset are fulfilled. They are amortized on a scheduled, straight-line basis over their expected useful lives of generally between three and eight years. As an exception, scheduled amortization charges relating to investments made in connection with a long-term electricity supply contract are recorded under cost of materials over the term of the contract. An additional license acquired for a consideration exists, which will be amortized on a scheduled basis in the future. Furthermore, intangible assets were recognized as part of the purchase price allocation resulting from the acquisition of the Metallo Group in fiscal year 2019/20. These are amortized on a scheduled, straightline basis over their expected useful life of 18 years. With the exception of goodwill, the consolidated financial statements do not include any intangible assets with indefinite useful lives.

PROPERTY, PLANT, AND EQUIPMENT

Items of property, plant and equipment are recognized as fixed assets if they are used in the business operations for more than one year. These assets are measured at cost less scheduled depreciation. Such assets also include spare parts and maintenance equipment used for more than one period. Technical minimum stocks are recognized as components of the respective technical equipment and machinery. These stocks are quantities of materials that contain metals and are necessary to establish and ensure a production facility's future functionality for its intended use. Minimum stocks are not subject to scheduled depreciation, as they do not deteriorate or age.

Construction costs include all costs that can be directly attributed to the asset. Borrowing costs that can be directly allocated to the purchase, construction, or production of a qualifying asset are capitalized. Borrowing costs of € 904 thousand (previous year: € 291 thousand) were capitalized in the fiscal year reported, applying a financing cost rate of 1.6% (previous year: 1.6%). Scheduled depreciation is charged using the straight-line method. In this context, depreciation periods used correspond to the expected economic useful lives of the respective assets, as applicable within the Group. The following useful lives were mainly applied:

Buildings	25 to 40 years
Site installations	10 to 25 years
Technical equipment and machinery	5 to 20 years
Technical minimum stock	unlimited useful life
Other equipment, factory and office
equipment	3 to 20 years

General overhauls or maintenance measures resulting in the replacement of components are recognized as an asset if it is probable that future economic benefits will flow to the Group and the costs can be measured reliably.

LEASING

When a contract is entered into, Aurubis assess whether it is, or includes, a lease. As a general rule, all leases have been recognized by the lessees as a right-of-use asset and a lease liability from October 1, 2019 onwards.

The lease liabilities disclosed as financial liabilities are basically recognized at the present value of future fixed lease payments. Furthermore, any variable payments that are linked to an index and any expected residual value guarantees are taken into account. If there is reasonable assurance that an existing purchase or extension option will be exercised, then the purchase price and/or any related lease payments are included when determining the lease liability. Compensation for premature termination of the lease is taken into account if there is reasonable assurance that the claim will be exercised. The lease payments are discounted using the interest rate in the lease or, if there is no such interest rate, using the lessee's incremental borrowing rate. Risk-free interbank interest rates for corresponding terms to maturity in different currencies are used to deter mine the incremental borrowing rate and are increased to include credit and country risk premiums. For subsequent measurement purposes, the carrying amount is increased by the interest on the lease liability and reduced by the lease payments made. The interest deriving from the winding back of the discount on the lease liability is recorded as interest expense in the financial result. If there is a change in the lease payments, the lease liabilities are remeasured. The remeasurement of the lease liability generally leads to an adjustment to the value of the right-of-use asset. Changes in lease payments arise, for example, in connection with adjustments to the term of the lease or though reassessment of extension or termination options.

The right-of-use assets disclosed under property, plant, and equipment are accounted for at cost less scheduled depreciation on a straight-line basis and, where applicable, less any necessary impairment losses recognized in accordance with IAS 36. The cost includes the present value of the future lease payments plus any advance lease payments made, plus any preliminary direct costs and restoration obligations. Any lease incentives received are deducted. The right-of-use assets are generally depreciated over the term of the lease. If the exercise of an existing purchase option can be assumed with reasonable assurance and the purchase price is included in the calculation of the future lease payments, the rightof-use assets are depreciated over the economic useful life of the leased asset.

Lease payments connected with short-term leases, expenses for leases of low-value assets, and variable lease payments that are not linked to an index are recorded in the income statement as current expenses. Moreover, the standards governing leases are not applied to leases of intangible assets. A separation is made into lease and non-lease components to the extent that these can be clearly identified and differentiated.

Leased-out leased assets are recognized at amortized cost under property, plant, and equipment. The resulting earnings are disclosed as revenues. In the case of a finance lease agreement, the leased asset is derecognized and a lease receivable is shown under other financial assets. Aurubis did not act as a lessor in any business relationships in either fiscal year 2020/21 nor in the previous year.

IMPAIRMENT OF NON-FINANCIAL ASSETS

Intangible assets that have an indefinite useful life, such as goodwill, are not amortized on a scheduled basis but are subjected to an annual impairment test. Furthermore, an assessment is made at every reporting date to determine whether there are any indications that the asset could be impaired. In the same way, items of property, plant, and equipment are tested for impairment if there are any indications of such impairment.

Since the metals contained in the minimum stock can be recovered and the utilization potential of the minimum stock is not subject to wear and tear as it is not used in the production process, an unlimited useful life is assumed. The minimum stocks are therefore not depreciated on a scheduled basis but are instead tested for impairment in conjunction with the respective production facilities if there are any indications of such impairment.

Assets that are amortized or depreciated on a scheduled basis are tested for impairment if events or changes in circumstances indicate that the carrying amount might not be recoverable. Impairment losses are recorded in the amount by which the carrying amount exceeds the recoverable amount. The recoverable amount is the higher of the fair value of the asset less costs to sell and its value in use. For impairment testing purposes, assets are combined at the lowest level for which cash flows can be separately identified (cashgenerating units). With the exception of goodwill, non-monetary assets on which impairment losses were recognized in the past are reviewed as at each reporting date to ascertain whether the impairment losses possibly need to be reversed.

INVENTORIES

Inventories are measured at acquisition or production cost on initial recognition. Production cost includes all direct costs attributable to the production process, as well as a systematically allocated share of the production-related overheads.

The acquisition costs of copper concentrates and raw materials for recycling are determined by deducting the treatment and refining charges negotiated with the supplier from the purchase value of the metal. Treatment and refining charges are deductions that are made due to the processing of ore concentrates and raw materials for recycling into copper and precious metals. In the smelters, work in process is measured by initially measuring the metal content. The equivalent cost of the processing that is still required for production of the fine metal is deducted from this figure. In this manner, the costs incurred during the production process are successively recognized as a component of the production cost. This procedure applies to the production of copper, precious metals, and minor metals.

When it comes to the production of copper products, in addition to the metal components, the incurred costs of further processing copper into special formats such as wire rod, shapes, and rolled products are taken into consideration for the measurement of finished goods by way of a calculation surcharge.

Inventories are measured using the average cost method in accordance with IAS 2. In this context, the amount recognized as at the reporting date is measured at the lower of cost and net realizable value. Net realizable value is determined on the basis of quoted commodity exchange or market prices as at the reporting date.

OTHER NON-FINANCIAL ASSETS

Other non-financial assets are recognized at amortized cost. Writedowns are made to the extent that the assets are at risk.

INCOME TAXES

Income taxes comprise both current and deferred taxes. The tax expense and/or tax credit is recorded in profit or loss. If, however, the related source transactions are recognized directly in equity or in other comprehensive income, then the income taxes attributed to them are also directly accounted for in equity or in other comprehensive income.

The Aurubis Group companies are subject to income taxes in many countries around the world. The tax expense and/or tax credit is calculated by applying the tax regulations of the individual countries that are applicable as at the reporting date.

Deferred tax assets and liabilities result from temporary differences between the tax-based carrying amounts of assets and liabilities and those taken into account in the IFRS financial statements or from tax loss carryforwards and tax credits not yet utilized. The calculation of deferred taxes is based on the tax rates expected in the individual countries at the time of realization. These tax rates are generally based on legislation that is valid, or has been enacted, as at the reporting date.

Deferred tax assets deriving from temporary differences, tax loss carryforwards, and tax credits are recognized by the respective company entities to the extent that deferred tax liabilities exist. If deferred tax assets exceed deferred tax liabilities, they are recognized to the extent that it is probable that sufficient taxable income will be available in the future to ensure the utilization of these tax assets. The recoverability of the recognized deferred tax assets is reviewed on an individual basis each year.

Deferred tax liabilities that arise due to temporary differences in connection with investments in subsidiaries and associated companies are recognized unless the point in time for the reversal of the temporary differences can be determined by the Group and it is likely that the temporary differences will not reverse in the foreseeable future due to this determining influence.

Deferred tax assets and liabilities are offset against one another in cases where a legal right of set-off exists and if they relate to income taxes levied on the same company by the same taxation authority.

DISCONTINUED OPERATIONS AND ASSETS HELD FOR SALE

Discontinued operations are disclosed as soon as part of a company is classified as held for sale, the business area is a separate, significant line of business, and it is for sale as part of a coordinated overall plan.

In accordance with IFRS 5, assets held for sale are measured at the lower of their carrying amount and their fair value less costs to sell. The consolidated result from discontinued operations is reported in the consolidated income statement separately from expenses and income from continued operations; prior-year figures are shown on a comparable basis. In the consolidated cash flow statement, discontinued operations are included in the cash inflows/outflows from operating, investing, and financing activities. Cash flows from operating, investing, and financing activities for the discontinued business area are presented separately in the Notes to the Financial Statements. Furthermore, assets and liabilities held for sale are separately disclosed in the consolidated statement of financial position in aggregated form.

If, however, a discontinued business area does not fulfill the requirements of IFRS 5.32, assets and liabilities held for sale are separately disclosed in the consolidated statement of financial position in aggregated form. No adjustment is made to prior-year figures. The assets and liabilities disclosed in aggregated form in the statement of financial position are explained in more detail in the Notes to the Financial Statements, broken down by key groups. In this case, no separate disclosure is made in the consolidated income statement.

PROVISIONS

Provisions for pensions and similar obligations are determined in accordance with the projected unit credit method prescribed by IAS 19, based on actuarial reports, applying the "Heubeck-Richttafeln 2018 G" mortality tables. In this connection, the demographic assumptions applied, as well as expected salary and pension trends and the interest rate to be used, are determined on the basis of current estimates as at the reporting date. Accordingly, actuarial gains and losses can result from deviations between the actual parameters as at the reporting date and the assumptions used for the calculation. These actuarial gains and losses – as well as income deriving from plan assets that are not included in net interest – are recognized immediately and completely as they arise and are disclosed as generated Group equity. Past service cost is recognized immediately as an expense in profit or loss.

To determine the net obligation deriving from defined benefit plans, the fair value of the plan assets is deducted from the present value of the pension obligations.

Other provisions are set up for all other uncertain obligations and risks of the Aurubis Group provided that a related obligation to third parties results from a past event, the settlement of which is expected to result in an outflow of cash resources, and the respective amount can be reliably estimated. If the effect of the time value of money is material, non-current provisions are recognized at their present value.

OTHER NON-FINANCIAL LIABILITIES

Other non-financial liabilities are recognized at amortized cost.

Contractual liabilities are recorded when one of the parties has fulfilled its contractual obligation. This primarily applies to advance payments received in respect of customer orders that are recognized under other non-financial liabilities.

Significant estimates and assumptions

Accounting and measurement in the consolidated financial statements are influenced by a large number of estimates and assumptions, which are based on past experience as well as additional factors, including expectations about future events. All estimates and assessments are subject to continuous review and re-evaluation. The use of estimates and assumptions is especially necessary in the following areas:

IMPAIRMENT OF GOODWILL AND OF A LICENSE ACQUIRED FOR A CONSIDERATION

An impairment test is carried out at least annually in line with the accounting policies. In this context, the recoverable amount is calculated on the basis of the value in use – refer to the section Intangible assets, pages 161-163. The calculation of the value in use in particular requires estimates of future cash flows on the basis of calculations made for planning purposes.

No impairment loss was recognized for other goodwill amounts or for the licenses acquired for a consideration.

FAIR VALUE IN THE CASE OF BUSINESS COMBINATIONS

Acquired assets, liabilities, and contingent liabilities are recognized at their fair values when accounting for business combinations. Discounted cash flow (DCF)-based procedures, the results of which depend on assumed future cash flows and other assumptions, are often used in this context. The measurement of contingent liabilities depends significantly on the assumptions with respect to the future resource outflows and the probability of their occurrence.

FAIR VALUES OF DERIVATIVES AND OTHER FINANCIAL INSTRUMENTS

The fair values of financial instruments for which there are no quoted prices in an active market are determined on the basis of financial calculation procedures and are influenced by assumptions specific to the instrument. Estimates have a particularly significant influence when the fair value needs to be determined for financial instruments for which at least one significant parameter is not based on observable market data (Level 3 of the fair value hierarchy). The selection and application of suitable parameters and assumptions require an assessment by management. Extrapolation and interpolation procedures have to be applied in particular when data is derived from uncommon market transactions. Detailed information about this can be found in the section Financial instruments, pages 179-191.

ACCOUNTING FOR INVENTORIES

Various estimates have to be made in connection with the accounting treatment of inventories. For example, estimation procedures are applied when quantifying inventories as well as in the determination of the metal yield content.

PENSION PROVISIONS AND OTHER PROVISIONS

Within the Aurubis Group, retirement benefits for employees are provided on the basis of both defined benefit plans and defined contribution plans.

Obligations deriving from defined benefit pension plans are measured in accordance with actuarial procedures. These procedures are based on several actuarial assumptions, such as, for example, the assumed interest rate, expected salary and pension developments, employee fluctuations, and life expectancy. For the purposes of determining the assumed interest rate, high-quality corporate bonds with commensurate terms and currencies are used as a source of reference. Deviations of the actual development from the assumptions at the beginning of the reporting period lead to remeasurement of the net liability.

When recognizing other provisions, assumptions are made with regard to the probability of the occurrence and the amount and timing of the outflow of resources, which by their nature are subject to uncertainty.

DISCONTINUED OPERATIONS AND ASSETS HELD FOR SALE

In accordance with IFRS 5, discontinued operations are measured at the lower of their carrying amount and their fair value less costs to sell.

OTHER ESTIMATES

Other significant estimates relate to the determination of the useful lives of intangible assets and items of property, plant, and equipment, the collectability of receivables, and the measurement of inventory risks within inventories.

Changes in accounting and measurement methods due to new standards and interpretations

The following standards were applied for the first time in fiscal year 2020/21.

Standards and interpretations applied for the first time

	Standard/interpretation	Compulsory application in the EU	Adoption by European Commission	Impact
Frame work	Revision of the conceptual framework and amendments to references to the conceptual framework in the IFRS standards	1/1/2020	11/29/2019	Based on our current understanding, Aurubis does not expect any material effects.
IFRS 3	Change in the Definition of a Business	1/1/2020	4/21/2020	No impacts
IAS 1/ IAS 8	Definition of "Material"	1/1/2020	11/29/2019	No impacts
IFRS 7/9, IAS 39	Amendments: Interest Rate Benchmark Reform (Phase 1)	1/1/2020	1/15/2020	Based on our current understanding, Aurubis does not expect any material effects.
IFRS 16	Amendments: COVID-19-Related Rent Concessions	6/1/2020	10/9/2020	No impacts

Standards and interpretations for which early adoption has not been applied

	Standard/interpretation	Compulsory application in the EU	Adoption by European Commission	Impact
IFRS 4/7/9/1 6, IAS 39	Amendments: Interest Rate Benchmark Reform (Phase 2)	1/1/2021	1/13/2021	Based on our current understanding, Aurubis does not expect any material effects.
IFRS 4	Insurance Contracts – Postponement of implementation date for IFRS 9	1/1/2021	12/15/2020	Based on our current understanding, Aurubis does not expect any material effects.
IFRS 16	Extension beyond June 30, 2021: COVID-19-Related Rent Concessions	4/1/2021	8/30/2021	No impacts
IFRS 3	Amendments: Reference to the Conceptual Framework	1/1/2022	6/28/2021	Based on our current understanding, Aurubis does not expect any material effects.
IAS 37	Amendments: Onerous Contracts – Costs of Fulfilling a Contract	1/1/2022	6/28/2021	Based on our current understanding, Aurubis does not expect any material effects.
IAS 16	Amendments: Property, Plant and Equipment – Proceeds before Intended Use	1/1/2022	6/28/2021	Based on our current understanding, Aurubis does not expect any material effects.
Various	Annual Improvements to IFRS (2018-20 cycle)	1/1/2022	6/28/2021	No impacts
IFRS 17	Insurance Contracts	1/1/2023	Open	No impacts
IAS 1	Amendments: Classification of Liabilities as Current or Non-current	1/1/2023	Open	No impacts
IAS 1	Disclosure of Accounting Policies	1/1/2023	Open	Based on our current understanding, Aurubis does not expect any material effects.
IAS 8	Definition of Accounting Estimates	1/1/2023	Open	Based on our current understanding, Aurubis does not expect any material effects.
IAS 12	Deferred Tax related to Assets and Liabilities arising from a Single Transaction	1/1/2023	Open	No impacts

Acquisitions and assets held for sale

ACQUISITIONS

On November 13, 2020, Aurubis AG, Cablo Metall-Recycling & Handel GmbH, and TSR Recycling GmbH & Co. KG signed an agreement to establish a joint venture for cable recycling. On April 22, 2021, the European Commission issued antitrust clearance for the planned joint venture. The transaction was concluded on May 31, 2021. Aurubis holds a 40 % share interest in the joint venture, Cablo GmbH Investments measured using the equity method, page 166.

ASSETS HELD FOR SALE

Aurubis AG intends to sell the FRP plant in Zutphen (Netherlands) as well as the slitting centers in Birmingham (United Kingdom), Dolný Kubín (Slovakia), and Mortara (Italy) with about 360 employees. A related term sheet was signed in August 2021. From a current perspective, the Executive Board assumes that the sale will be completed within the twelve-month period pursuant to IFRS 5.

With the signing of the term sheet, assets amounting to € 138 million and liabilities amounting to € 38 million are classified as held for sale in accordance with IFRS 5. The presentation and measurement rules specified in IFRS 5 must be applied for these assets and liabilities. These include, among other requirements, an aggregated disclosure of assets and liabilities held for sale in the consolidated statement of financial position.

The following overview shows the carrying amounts of the assets held for sale and related liabilities (prior-year figures relate to the assets and liabilities of Cablo Metall-Recycling & Handel GmbH):

in € million	9/30/2021	9/30/2020

Assets
Fixed assets	9	3
Inventories	62	3
Current receivables and other assets	43	5
Cash and cash equivalents	23	0
Assets held for sale	138	11
Liabilities
Deferred tax liabilities	0	1
Non-current provisions	2	0
Non-current liabilities	1	0
Current provisions	2	0
Current liabilities	33	6
Liabilities deriving from assets held for
sale	38	7

In connection with the partial sale of the Flat Rolled Products Segment described above, an impairment loss of € 19.6 million before tax was recognized in the consolidated net income statement under depreciation and amortization during the fiscal year reported.

Notes to the income statement

1. REVENUES

Analysis by product group in € thousand 2020/21 2019/20 Wire rod 6,208,810 3,907,356 Precious metals 3,524,965 3,477,041 Copper cathodes 2,902,533 2,499,416 Shapes 1,211,104 746,912 Strip, bars, and profiles 1,457,561 1,073,027 Other products 994,864 724,790 16,299,837 12,428,542

A further breakdown of Aurubis Group revenues by Group segments is provided in the context of Segment Reporting, pages 193-197.

As at September 30, 2021, the value attributable to (partially) unfulfilled performance obligations was € 425,340 thousand (previous year: € 979,161 thousand). This amount is expected to be recorded as revenue within the next two fiscal years.

A remeasurement effect of € -15,641 thousand in fiscal year 2020/21 derived from supply contracts for which prices had not been fixed (previous year: € -15,916 thousand).

With regard to performance obligations in the Aurubis Group, these include no significant financing components since the payment terms agreed in the respective markets are mainly of a short-term nature.

2. CHANGES IN INVENTORIES OF FINISHED GOODS AND WORK IN PROCESS

in € thousand	2020/21	2019/20

Finished goods	136,002	129,488
Work in process	10,352	-11,492

	146,354	117,996

The changes in inventories of finished goods and work in process reflect the high copper price level during the fiscal year. The decrease in intermediate products, which was connected with the maintenance shutdown at the Pirdop site at the end of the fiscal year, among other factors, had a counteracting effect.

3. OWN WORK CAPITALIZED

Own work capitalized of € 31,898 thousand (previous year: € 22,517 thousand) primarily includes production costs and purchased materials and services. The increase in the fiscal year is primarily the result of activities connected to the planned maintenance shutdown at our Pirdop site and investments to reduce diffuse emissions in Hamburg.

4. OTHER OPERATING INCOME

in € thousand	2020/21	2019/20

Cost reimbursements	27,494	19,601
Compensation and damages	15,701	1,869
Gains on disposal of fixed assets	8,584	163
Income deriving from reversals of
impairment losses	6,388	0
Income deriving from the reversal of
provisions	1,382	2,390
Other income	13,296	9,384

	72,845	33,407

Other operating income in the fiscal year includes € 15,030 thousand in income from insurance compensation connected to the severe weather impacts at the Stolberg site. Moreover, income deriving from the sale of property, plant, and equipment to the joint venture Cablo GmbH is recognized in the amount of € 5,779 thousand Investments measured using the equity method, page 166.

5. COST OF MATERIALS

in € thousand	2020/21	2019/20

Raw materials, supplies, and merchandise	14,230,396	10,847,018
Cost of purchased services	406,652	351,121

	14,637,048	11,198,139

The cost of materials ratio, represented by the ratio of the cost of materials to revenues and changes in inventories, was 89.0 % (previous year: 89.3%).

6. PERSONNEL EXPENSES AND EMPLOYEE NUMBERS

in € thousand	2020/21	2019/20

Wages and salaries	433,266	445,660
Social security contributions, pension and
other benefit expenses	120,896	106,912

	554,162	552,572

Pension expenses include allocations to the provisions for pensions.

The average number of employees in the Group during the year was as follows:

	2020/21	2019/20

Blue collar	4,352	4,220
White collar	2,544	2,418
Apprentices	288	259

	7,184	6,897

The increase in the number of employees in the Group is primarily due to the acquisition of the Beerse and Berango sites in the previous year. For purposes of reporting the annual average figures in the previous year, the numbers for employees of these sites were only included proportionally from the date of inclusion in the consolidated financial statements. Without this effect, there would have been a decrease to 6,815 employees. The decline in the number of employees is primarily connected with cost reduction measures within the context of the Performance Improvement Program, as well as the transfer of employees to a joint venture.

Among other components, the total compensation of the Aurubis AG Executive Board members who were newly appointed from fiscal year 2017/18 onwards includes a share-based compensation component with a cash settlement.

The following parameters were taken as a basis for the calculation of the fair value of the virtual deferred stock compensation plan:

	9/30/2021

Share price (in €)	65.38
Max. exercise price (in €)	103.40
Expected volatility (weighed average, in %)	33.00
Expected term (weighed average, in years)	2.00
Expected dividend (in %)	2.29
Risk-free interest rate (based on government bonds, in %)	-0.70
Fair value (in € thousand)	1,423

The expected volatility is based on an assessment of the historic volatility of the company's share price, especially in the period that corresponds to the expected term.

The personnel expenses deriving from the deferred stock compensation plan amounted to € 685 thousand in the fiscal year reported (previous year: € 660 thousand) and are included in the same amount as provisions at the reporting date.

7. DEPRECIATION AND AMORTIZATION

Depreciation of property, plant, and equipment and amortization of intangible assets totaled € 218,962 thousand (previous year: € 209.826 thousand) for the Group. This comprises depreciation of € 205,601 thousand (previous year: € 186,538 thousand) on property,

plant, and equipment and amortization of € 13,361 thousand (previous year: € 23,288 thousand) on intangible assets.

The amortization of intangible assets included no impairment losses on goodwill. The previous year included an impairment loss of € 17,439 thousand on goodwill of the Copper Products Hamburg cash-generating unit (CGU).

In addition to scheduled depreciation of property, plant, and equipment, depreciation charges in the year reported include impairment losses of € 26,747 thousand (previous year: € 24,594 thousand). This includes impairment losses of € 19,602 thousand on assets held for sale.

The total figure of € 223,946 thousand (previous year: € 214,800 thousand) that is reported for depreciation of property, plant, and equipment and amortization of intangible assets in the tables showing changes in assets includes depreciation on investments in connection with an electricity supply contract of € 4,984 thousand (previous year: € 4,974 thousand), which is disclosed under cost of materials.

A detailed breakdown of the depreciation of property, plant, and equipment and amortization of intangible assets is provided in the summary of changes in the Group's Intangible assets, pages 161-163 and Property, plant, and equipment, page 163-165.

8. OTHER OPERATING EXPENSES

in € thousand	2020/21	2019/20

Selling expenses	127,611	117,783
Administrative expenses	95,588	92,811
Allocations to provisions	10,162	1,306
Other taxes	3,632	3,094
Sundry operating expenses	73,867	51,339

	310,860	266,333

The selling expenses mainly comprise freight costs. The allocations to provisions mainly include environmental risks amounting to € 10,032 thousand.

The increase in sundry operating expenses results particularly from expenses connected with the severe weather impacts at the Stolberg site (€ 11,009 thousand). Furthermore, sundry operating expenses include expenses for temporary work, research and development, and the operation of the IT systems.

9. RESULT FROM INVESTMENTS MEASURED USING THE EQUITY METHOD

The result from investments measured using the equity method of € 18,705 thousand (previous year: € 6,455 thousand) comprises the shareholdings in Schwermetall Halbzeugwerk GmbH & Co. KG, Stolberg, and Cablo GmbH.

10. INTEREST

in € thousand	2020/21	2019/20
Interest income	3,613	6,679
Interest expense	-18,478	-18,832
	-14,865	-12,153

The interest income in the fiscal year mainly derives from interestbearing customer receivables. The previous year was also positively influenced by interest income from a successfully contested arbitration case.

The interest expense primarily results from borrowings. Among other items, the interest expense includes the net interest deriving from defined benefit plans, amounting to € 2,513 thousand (previous year: € 2,842 thousand).

11. OTHER FINANCIAL RESULT

in € thousand	2020/21	2019/20

Other financial income	7	88
Other financial expenses	-8,454	-2,659

	-8,447	-2,571

The other financial expenses in the fiscal year derive from impairment losses recognized against the carrying amounts of two non-consolidated subsidiaries.

12. INCOME TAXES

Income taxes comprise both current income taxes as well as deferred taxes. Tax liabilities and receivables include obligations or claims deriving from domestic and foreign income taxes for previous years and for the current year. Income taxes were made up as follows:

in € thousand	2020/21	2019/20

Current tax expenses/credits	94,049	69,394
Deferred tax expenses/credits	118,265	32,566

Income taxes	212,314	101,960

Current taxes include tax expenses of € 895 thousand (previous year: € 41 thousand) and deferred taxes include tax credits of € 574 thousand (previous year: € 119 thousand) deriving from earlier fiscal years.

Applicable German tax legislation for fiscal year 2020/21 foresees a corporate income tax rate of 15%, plus a solidarity surcharge of 5.5%. The trade tax rate applicable for Aurubis AG amounts to 16.59%. The tax rates are unchanged from those of the previous year. For the other German Group companies, trade tax rates between 11.03 % and 17.33% (previous year: 11.08 % and 16.45%) are applicable. The foreign companies are subject to their respective national income tax rates, which vary between 10 % and 28.97% (previous year: 10% and 29.58%).

The Group taxes include tax effects from foreign subsidiaries to a significant degree. As a consequence, the tax rate of the German parent company of 32.41 % (previous year: 32.41 %) is not applied as the Group tax rate for calculation purposes, but a Group-wide mixed tax rate of 25.60 % (previous year: 23.90 %) is used instead.

The main contributions to earnings were from Aurubis AG, Aurubis Bulgaria AD, Aurubis Belgium, and Metallo Belgium (in the previous year, the main contributions to earnings were from Aurubis AG and Aurubis Bulgaria AD).

The actual income taxes of € 212,314 thousand (previous year: € 101,960 thousand) were € 1,053 thousand higher (previous year: € 14,176 thousand) than the expected income tax expense of € 211,261 thousand (previous year: € 87,784 thousand). The difference between the expected and the actual income tax expense is due to the reasons outlined in the following tax reconciliation:

Reconciliation

in € thousand	2020/21	2019/20
Earnings before taxes	825,295	367,323
Expected tax charge of 25.60 % (previous year: 23.90%)	211,261	87,784
Reconciliation effects to derive the actual tax charge
– changes in tax rates	35	-3,020
– non-recognition and correction of deferred taxes	-2,868	7,852
– taxes for previous years	1,640	1,411
– non-deductible expenses	4,529	3,940
– non-taxable income/trade tax reductions	-3,817	-770
– notional interest deduction (Belgium)	0	-12
– outside basis differences	559	114
– permanent differences	2,956	1,491
– measurement at equity	-2,001	-911
– impairment of goodwill	0	3,605
– other	20	476
Income taxes	212,314	101,960

In fiscal year 2020/21, there are no significant effects from changes in tax rates. In the previous fiscal year, the effect amounting to € -3,020 thousand mostly resulted from the change in the tax rate in Belgium.

Effects deriving from the non-recognition and correction of deferred taxes primarily result from the fact that deferred tax assets on loss carryforwards were partially recognized. Furthermore, loss carryforwards that weren't recognized as assets in the previous year were utilized in this year. Overall, there is a reconciliation effect of € -2,868 thousand (previous year: € 7,852 thousand).

The effect of € 1,640 thousand deriving from taxes for previous years (previous year: € 1,411 thousand) result from adjustments to previous years' tax returns.

The non-deductible expenses mainly include the non-deductible portion of the dividend income.

The effects deriving from permanent differences result from different measurement approaches at the time of initial consolidation and from non-consolidated subsidiaries.

The recognized deferred tax assets and deferred tax liabilities result from the following recognition and measurement differences in individual items in the statement of financial position, from tax loss carryforwards, and from outside basis differences (OBD):

	9/30/2021			9/30/2020
in € thousand	Deferred tax assets	Deferred tax liabilities	Deferred tax income (+)/ expense (-)	Deferred tax assets	Deferred tax liabilities
Intangible assets	11	14,077	-4,043	6,739	14,062
Property, plant, and equipment	4,156	143,498	-3,383	5,748	145,119
Investments measured using the equity method	0	3,915	-2,309	0	1,612
Inventories	13,779	354,204	-117,703	16,788	238,469
Receivables and other assets	23,422	71,122	-13,585	21,508	56,829
Pension provisions	40,933	2	-647	56,938	153
Other provisions	11,595	8,073	-2,984	9,623	3,181
Liabilities	93,391	22,907	21,503	59,786	11,066
Tax loss carryforwards	6,151	0	4,831	1,577	0
Tax credits	222	0	286	0	0
Outside basis differences	0	1,354	-452	0	716
Deferred tax income (+)/expense (-) FRP disposal group	-	-	221	-	-
Total	193,660	619,152	-118,265	178,707	471,207
Offsetting	-175,584	-175,584	-	-169,996	-169,996
Consolidated statement of financial position	18,076	443,568	-	8,711	301,211

€ 112,264 thousand (previous year: € 75,660 thousand) of the deferred tax assets and € 450,870 thousand (previous year: € 301,793 thousand) of the deferred tax liabilities will be realized within the next twelve months. Deferred tax assets of € 81,396 thousand (previous year: € 103,047 thousand) and deferred tax liabilities of € 168,282 thousand (previous year: € 169,414 thousand) will be realized after more than twelve months. These figures represent the amounts prior to offsetting.

The income taxes to be accounted for in other comprehensive income (OCI) are distributed among the following areas:

	9/30/2021		9/30/2020
in € thousand	Balance	Change	Balance	Change
Deferred taxes
Derivatives	-5,531	777	-6,308	-9,185
Pension provisions	-1,613	-14,996	13,383	-27,650
Total	-7,144	-14,219	7,075	-36,835
Current taxes	-1,859	-77	-1,782	630

With respect to the change in OCI deriving from pension provisions, please refer to note 25 in the notes to the statement of financial position Pension provisions and similar obligations, page 171–174.

The realization of deferred tax assets is considered to be sufficiently probable after taking the Group's forecast development plans and the profit expectations of the subsidiaries into account. Deferred tax assets are recognized in respect of loss carryforwards to the extent that deferred tax liabilities were available or if the companies concerned had positive future earnings forecasts.

Loss carryforwards (excluding the FRP disposal group) existed totaling € 45,607 thousand (previous year: € 106,406 thousand). Deferred tax assets of € 6,151 thousand (previous year: € 1,577 thousand) were recognized in respect of income tax losses of € 30,678 thousand (previous year: € 8,502 thousand). Deferred tax assets of € 222 thousand were recognized during the year reported in respect of tax credits (previous year: € 0 thousand).

No deferred tax assets were set up with respect to loss carryforwards of € 14,929 thousand (previous year: € 97,904 thousand), as the possibility of utilizing them is believed to be unlikely from a current perspective. Of the tax loss carryforwards deemed not to be utilizable, an amount of € 14,929 thousand (previous year: € 35,103 thousand) can be carried forward indefinitely.

Deferred tax liabilities of € 1,354 thousand (previous year: € 716 thousand) were set up with respect to the differences between the proportional equity of subsidiaries recognized in the consolidated statement of financial position and the investment carrying amounts for these subsidiaries shown in the tax-based records of the respective parent company (so-called outside basis differences) as at the reporting date. No deferred tax liabilities were set up for outside basis differences deriving from undistributed earnings of subsidiaries amounting to € 20,508 thousand (previous year: € 21,885 thousand), since the reversal of these differences is unlikely in the foreseeable future.

13. CONSOLIDATED NET INCOME ATTRIBUTABLE TO NON-CONTROLLING INTERESTS

Of the reported consolidated net income for 2020/21 of € 612,981 thousand (previous year: € 265,363 thousand), a share of income of € 185 thousand (previous year: € 191 thousand) is attributable to shareholders other than the shareholders of Aurubis AG, Hamburg. This relates to the noncontrolling interests in Aurubis Bulgaria AD, Pirdop.

14. EARNINGS PER SHARE

Basic earnings per share are calculated by dividing the consolidated net earnings excluding the non-controlling interests by the weighted average number of shares outstanding during the fiscal year.

in thousand units	Issued shares	Treasury shares	Shares outstanding

Start of fiscal year	44,957	977	43,980
Acquisition of treasury shares	0	321	-321
Number of shares at 9/30/2021	44,957	1,298	43,659

Weighted number of shares	44,957	1,283	43,674

in € thousand	2020/21	2019/20

Consolidated net income attributable to Aurubis AG shareholders	612,796	265,172
Weighted average number of shares (in thousand units)	43,674	44,583
Basic earnings per share (in €)	14.03	5.95
Diluted earnings per share (in €)	14.03	5.95

Diluted earnings per share are determined by augmenting the average number of the shares outstanding during the fiscal year to include the maximum number of potential shares. Potential shares are the maximum number of stock options or shares that could be issued if all conversion rights on convertible bonds were exercised, or other contractual rights that give the shareholder the right to purchase shares. Where applicable, the consolidated net income is increased at the same time by the interest expense incurred on convertible bonds less the corresponding taxes.

Since such financial instruments and other rights existed neither in the reporting year nor in the prior year, the diluted earnings per share for the Aurubis Group correspond to the basic earnings per share.

Notes to the statement of financial position

15. INTANGIBLE ASSETS

The development of the costs of acquisition or generation and the accumulated amortization and impairment-related write-downs of the intangible assets are as follows:

Costs of acquisition or generation

	Franchises, industrial property rights,		Payments on account for intangible
in € thousand	and licenses	Goodwill	assets	Total
10/1/2020	228,698	51,826	4,931	285,455
Assets held for sale	-2,070	0	0	-2,070
Additions	4,772	0	1,346	6,118
Disposals	-1,749	0	-658	-2,407
Transfers	4,014	0	-3,771	243
9/30/2021	233,665	51,826	1,848	287,339

Amortization and impairment losses

in € thousand	Franchises, industrial property rights, and licenses	Goodwill	Payments on account for intangible assets	Total
10/1/2020	-71,549	-41,961	0	-113,510
Assets held for sale	1,767	0	0	1,767
Amortization and impairment losses for the fiscal year	-17,696	0	-649	-18,345
Disposals	832	0	649	1,482
9/30/2021	-86,645	-41,961	0	-128,606

Carrying amount

in € thousand	9/30/2021	9/30/2020

Intangible assets
Franchises, industrial property rights, and licenses	147,020	157,149
Goodwill	9,865	9,865
Payments on account for intangible assets	1,848	4,931

	158,733	171,945

Costs of acquisition or generation

	Franchises, industrial property rights,		Payments on account for intangible
in € thousand	and licenses	Goodwill	assets	Total
10/1/2019	158,166	43,170	7,653	208,990
Assets held for sale	-221	0	0	-221
Changes in the scope of consolidation	63,000	8,656	0	71,655
Additions	2,101	0	3,202	5,303
Disposals	-272	0	0	-272
Transfers	5,924	0	-5,924	0
9/30/2020	228,698	51,826	4,931	285,455

Amortization and impairment losses

	Franchises, industrial property rights,
in € thousand	and licenses	Goodwill	Total
10/1/2019	-61,209	-24,522	-85,731
Assets held for sale	221	0	221
Amortization and impairment losses for the fiscal year	-10,823	-17,439	-28,262
Disposals	262	0	262
9/30/2020	-71,549	-41,961	-113,510

Carrying amount

in € thousand	9/30/2020	9/30/2019

Intangible assets
Franchises, industrial property rights, and licenses	157,149	96,958
Goodwill	9,865	18,648
Payments on account for intangible assets	4,931	7,653

	171,945	123,259

Intangible assets comprise licenses acquired for a consideration, primarily in connection with a long-term electricity supply contract, as well as goodwill on consolidation arising in the Aurubis Group.

As in the prior year, most of the goodwill (€ 8,656 thousand) is attributable to Metallo (€ 8,656 thousand).

There was no requirement to recognize impairment losses as at September 30, 2021. In the previous year, the impairment test led to an impairment loss of € 17,439 thousand, comprising the full amount of goodwill for the Copper Products Hamburg CGU.

Aurubis carries out an impairment test on goodwill at least annually. For the impairment test on goodwill, the goodwill acquired in

conjunction with a business combination is allocated to the CGU that is expected to benefit from the synergies of the business combination. If the carrying amount of the CGU to which the goodwill was allocated exceeds its recoverable amount, a commensurate impairment loss is recognized on the allocated goodwill.

The recoverable amount is the higher of the fair value less costs to sell and value in use. Aurubis determines the recoverable amount on the basis of the value in use. The value in use is determined by means of discounting future cash flows after taxes with a riskadjusted discount rate (WACC) after taxes (discounted cash flow method). Due to the calculated cash flows after taxes, a cost of capital after taxes is used as well.

The cash flow estimates cover a planning horizon of four years before transferring to perpetuity. The cash flows were established within the scope of a qualified planning process including use of internal company values based on past experience and extensive market knowledge, and they take into consideration management's assessment and estimates regarding the future development of the regional market.

In addition to the weighted capital costs, the significant assumptions used to calculate the value in use are the forecast earnings trend and the sustainable growth rate of the terminal value at a level of 1%. The growth rate was derived from future expectations and does not exceed the long-term average growth rates of the respective markets.

The WACC used for discounting purposes amounted to 7.3% after taxes or 10.4% before taxes as at September 30, 2021 (previous year: 6.8% after taxes or 9.7% before taxes).

As in the prior year, there was no requirement to recognize impairment losses on intangible assets with a limited useful life.

Development costs of € 726 thousand (previous year: € 312 thousand) were capitalized during the fiscal year reported. Research costs are recognized in profit or loss for the respective periods Research & Development, page 191.

16. PROPERTY, PLANT, AND EQUIPMENT

The costs of acquisition or construction and the accumulated depreciation and impairment losses on property, plant, and equipment are as follows:

Costs of acquisition or construction

9/30/2021	826,146	2,584,513	137,289	153,161	3,701,109
Transfers	34,991	115,221	2,721	-153,176	-243

Disposals	-6,115	-78,373	-9,215	-591	-94,294
Additions	10,847	48,825	11,109	164,897	235,678
Currency exchange rate differences	225	865	155	118	1,363
Assets held for sale	-22,485	-52,212	-2,073	-761	-77,531
10/1/2020	808,683	2,550,187	134,592	142,674	3,636,136
in € thousand	Land and buildings	Technical equipment and machinery	Other equipment, factory and office equipment	Payments on account for assets under construction	Total

Depreciation and impairment losses

9/30/2021	-432,666	-1,522,560	-85,346	-3,611	-2,044,183

Disposals	5,598	72,167	7,272	413	85,450
Depreciation and impairment losses for the fiscal year	-39,258	-150,565	-16,189	410	-205,601
Reversal of impairment losses in the fiscal year	2,509	1,107	72	0	3,688
Currency exchange rate differences	-74	-651	-134	-13	-872
Assets held for sale	17,214	48,790	1,886	599	68,489
10/1/2020	-418,655	-1,493,408	-78,253	-5,020	-1,995,336
in € thousand	Land and buildings	Technical equipment and machinery	Other equipment, factory and office equipment	Payments on account for assets under construction	Total

Carrying amount

in € thousand	9/30/2021	9/30/2020
Property, plant, and equipment
Land and buildings	393,481	390,028
Technical equipment and machinery	1,061,954	1,056,779
Other equipment, factory and office equipment	51,942	56,339
Payments on account for assets under construction	149,549	137,654

	1,656,927	1,640,800

Costs of acquisition or construction

			Other
		Technical	equipment,		Payments on
		equipment	factory and		account for
	Land and	and	office		assets under
in € thousand	buildings	machinery	equipment	Leased assets	construction	Total

10/1/2019	702,532	2,220,597	112,100	60,029	143,423	3,238,681
Assets held for sale	-5,067	-6,149	-1,732	0	-339	-13,288
Currency exchange rate differences	-878	-5,669	-651	0	-284	-7,481
Changes due to the initial application of IFRS 16	13,973	77,490	3,087	-60,029	0	34,521
Changes in the scope of consolidation	77,464	141,799	7,168	0	1,386	227,818
Additions	13,260	77,616	13,031	0	103,710	207,617
Disposals	-5,619	-41,258	-4,790	0	-63	-51,731
Transfers	13,018	85,762	6,379	0	-105,159	0
9/30/2020	808,683	2,550,187	134,592	0	142,674	3,636,137

Depreciation and impairment losses

			Other
		Technical equipment	equipment, factory and		Payments on account for
	Land and	and	office		assets under
in € thousand	buildings	machinery	equipment	Leased assets	construction	Total

10/1/2019	-394,061	-1,378,519	-71,101	-24,718	-1,304	-1,869,703
Assets held for sale	3,884	5,101	1,019	0	0	10,004
Currency exchange rate differences	186	3,361	487	0	156	4,191
Changes due to the initial application of IFRS 16	-5,648	-19,070	0	24,718	0	0
Changes in the scope of consolidation	0	6	0	0	0	6
Depreciation and impairment losses for the fiscal year	-25,495	-143,971	-13,199	0	-3,872	-186,538
Disposals	2,479	39,684	4,541	0	0	46,704
9/30/2020	-418,655	-1,493,408	-78,253	0	-5,020	-1,995,336

Carrying amount

9/30/2020	9/30/2019


	308,471
	842,078
56,339	40,999
0	35,311
137,654	142,119
	1,368,978
	390,028 1,056,779 1,640,800

In addition to scheduled depreciation, depreciation charges in the year reported include impairment losses of € 26,747 thousand (previous year: € 24,594 thousand), which are recognized against consolidated net income in the line "Depreciation of property, plant, and equipment and amortization of intangible assets." This includes impairment losses of € 19,602 thousand on assets held for sale. Acquisitions and assets held for sale, page 154. In addition, an impairment test carried out due to the reduced profitability of the assets of the CGU Copper Products Olen resulted in a requirement to recognize impairment losses of € 3,288 thousand. These relate to technical equipment and machines (€ 1,294 thousand) and land and buildings (€ 1,994 thousand). The fair value less costs of disposal calculated for CGU Copper Products Olen amounts to € 25,360 thousand.

In the impairment test process, the total carrying amounts for a CGU are compared to the respective recoverable amount. The recoverable amount is the higher of the fair value less costs to sell and value in use. The recoverable amount was determined based on the value in use for purposes of the impairment test.

The value in use was calculated by determining the present value of the expected cash flows (discounted cash flow). The planning process for the expected cash flows covers a planning period of four years. The cash flows were established within the scope of a qualified planning process including use of internal company values based on past experience and extensive market knowledge, and they take into consideration management's assessment and estimates regarding the future development of the regional market.

In addition to the weighted capital costs, the significant assumptions used to calculate the value in use are the forecast earnings trend and the sustainable growth rate of the terminal value at a level of 1 %. The growth rate was derived from future expectations and does not exceed the long-term average growth rates of the respective markets. The discount rate used for CGU Copper Products Olen amounted to 8.0 % as at September 30, 2021.

The required impairment loss was allocated in accordance with IAS 36.105, whereby external appraisals were used as a basis for the derivation of the fair value less costs of disposal of the main items of property, plant, and equipment. The measurement process for land is based on the comparable value method. The discounted cash flow method was applied to measure the value of the buildings, whereby the asset value method was taken into account for plausibility purposes. The machinery and equipment were measured based on asset value techniques.

Due to the higher demand for copper products, an impairment loss of € 3,688 thousand on property, plant, and equipment belonging to Aurubis Italy, which had been recognized in the previous year, was reversed in the fiscal year reported. The recoverable amount was determined based on the value in use for purposes of the underlying impairment test.

The insurance compensation included in other operating income in the fiscal year for decommissioned property, plant, and equipment at the Stolberg site amounted to € 3,500 thousand.

Disclosures concerning leases are provided in the section "Leases" in note 28 of the Notes to the statement of financial position, pages 178.

No property, plant, and equipment was pledged as security for loans within the Group as at September 30, 2021 and September 30, 2020. Purchase commitments for fixed assets amounted to € 111,530 thousand as at September 30, 2021 I (previous year: € 115,307 thousand).

Minimum stocks are recognized in technical equipment and machinery as components of the respective technical equipment and machinery. Minimum stocks are quantities of materials that are necessary to establish and ensure a production facility's continuing functionality for its intended use. A total of € 313,507 thousand was attributable to the technical minimum stock as at September 30, 2021 (previous year: € 310,766 thousand).

17. FINANCIAL FIXED ASSETS

in € thousand	9/30/2021	9/30/2020

Share interests in affiliated companies	12,544	9,957
Investments	116	131
Other financial fixed assets	52,745	25,528

	65,405	35,616

The share interests in affiliated companies and investments included in financial fixed assets in the amount of € 12,660 thousand (previous year: € 10,088 thousand) are classified at fair value in profit or loss pursuant to IFRS 9. The shares are not quoted and there is no active market for them. There is no current intention to sell the share interests.

An overview of the investments included in the financial assets of Aurubis AG, Hamburg, is presented in Investments, pages 202–203.

Other financial fixed assets primarily include securities classified as fixed assets, which mainly comprise a share interest in Salzgitter AG, Salzgitter. For these share interests, Aurubis makes use of the option under IFRS 9 to classify equity instruments as at "fair value through other comprehensive income," as there is a long-term intention to hold them.

18. INVESTMENTS MEASURED USING THE EQUITY METHOD

Schwermetall Halbzeugwerk GmbH & Co. KG, Stolberg, is a joint venture in which Aurubis holds a 50 % share interest. It is operated as a joint venture with a partner and has been assigned to Segment FRP. The business purpose of the company is the production and marketing of pre-rolled strip made of copper and copper alloys.

From May 31, 2021 onwards, Cablo GmbH has been included in the consolidated financial statements as an additional joint venture. Aurubis holds a 40 % share interest in Cablo GmbH. It is operated as a joint venture with a partner and has been assigned to Segment MRP. The business objective is to recover copper granules and plastics.

Pursuant to IFRS 11.24, in conjunction with IAS 28, Schwermetall Halbzeugwerk GmbH & Co. KG and Cablo GmbH are accounted for using the equity method.

The following two tables summarize the financial information prepared in accordance with IFRS, and provide a reconciliation to the investment value that has been recognized. The financial information provided in the table represents the total figures for the company (i.e. 100 %).

SUMMARIZED STATEMENT OF FINANCIAL POSITION AND STATEMENT OF COMPREHENSIVE INCOME

	Schwermetall Halbzeugwerk GmbH & Co. KG, Stolberg		Cablo GmbH, Gelsenkirchen		Total
(in € thousand)	2020/21	2019/20	2020/21	2019/20	2020/21	2019/20
Assets	237,495	160,187	51,343	0	288,838	160,187
Fixed assets	45,801	46,104	21,226	0	67,027	46,104
Deferred tax assets	0	0	855	0	855	0
Non-current receivables and other assets	10	63	0	0	10	63
Inventories	124,676	93,218	12,844	0	137,520	93,218
Current receivables and other assets	66,974	20,034	14,009	0	80,982	20,034
Cash and cash equivalents	34	767	2,409	0	2,443	767
Liabilities	237,495	160,187	51,343	0	288,838	160,187
Net assets	150,727	110,609	7,872	0	158,599	110,609
Deferred tax liabilities	8,910	3,854	0	0	8,910	3,854
Non-current provisions	7,409	7,105	223	0	7,632	7,105
Non-current liabilities	12,948	11,467	27,000	0	39,948	11,467
Current provisions	9,417	7,808	5	0	9,422	7,808
Current liabilities	48,083	19,345	16,244	0	64,326	19,345
Statement of comprehensive income
Revenues	516,184	317,929	38,730	0	554,914	317,929
Gross profit	92,100	56,119	2,275	0	94,375	56,119
Depreciation of property, plant, and equipment and amortization of intangible assets	4,694	4,638	559	0	5,253	4,638
Interest income	78	118	0	0	78	118
Interest expense	476	534	133	0	609	534
Earnings before taxes (EBT)	50,629	15,744	-1,008	0	49,621	15,744
less income taxes	10,960	2,497	-855	0	10,105	2,497
Profit/loss of the period	39,669	13,247	-153	0	39,516	13,247

RECONCILIATION OF THE COMBINED FINANCIAL INFORMATION

		Schwermetall Halbzeugwerk GmbH & Co. KG, Stolberg		Cablo GmbH, Gelsenkirchen		Total

in € thousand	2020/21	2019/20	2020/21	2019/20	2020/21	2019/20
Net assets as at October 1	110,609	106,746	0	0	110,609	106,746
Addition of Cablo net assets as at 5/31/2021	0	0	8,025	0	8,025	0
Profit/loss of the period	39,669	13,247	-153	0	39,516	13,247
Other comprehensive income/loss	10,949	216	0	0	10,949	216
Distribution	-10,500	-9,600	0	0	-10,500	-9,600
Net assets as at September 30	150,727	110,609	7,872	0	158,599	110,609
Share of joint venture	75,364	55,305	3,149	0	78,512	55,305
Elimination of intra-group profits	149	-149	-2,018	0	-1,869	-149
Income tax effects	0	297	0	0	0	297
Carrying amount	75,513	55,453	1,131	0	76,644	55,453

19. INVENTORIES

in € thousand	9/30/2021	9/30/2020

Raw materials and supplies	1,292,918	1,059,460
Work in process	857,525	858,519
Finished goods, merchandise	653,766	545,792

	2,804,209	2,463,771

As at the reporting date, write-downs of € 8,112 thousand were recorded against inventories (previous year: € 5,915 thousand).

20. TRADE ACCOUNTS RECEIVABLE

The trade accounts receivable as at September 30, 2021 and as at September 30, 2020 were due within one year.

The age structure of the trade accounts receivable is as follows:

			of which: not written down as at the reporting date and overdue in the following time spans
in € thousand	Carrying amount	of which: neither written down as at the reporting date nor overdue	less than 30 days	between 30 and 180 days	more than 180 days
As at 9/30/2021
Trade accounts receivable	512,966	473,539	30,435	6,725	2,267
As at 9/30/2020
Trade accounts receivable	485,282	439,517	39,028	5,473	1,264

Movements on the allowances for trade accounts receivable that were not covered by commercial credit insurance were as follows:

in € thousand	9/30/2021	9/30/2020
Specific allowances Balance as at October 1	2,888	3,149
Assets held for sale	-198	0
Changes in the scope of consolidation	0	-194
Changes in allowances during the period	34	-67
Additions	34	85
Reversals	0	-153
Exchange rate impacts	0	1
Balance as at September 30	2,724	2,888

All expenses and income deriving from allowances against trade accounts receivable are shown respectively under other operating expenses or other operating income.

As regards the balances of trade accounts receivable that are neither written down nor overdue, there is no indication as at the reporting date that the debtors will not fulfill their payment obligations.

Credit risks deriving from trade accounts receivable were largely hedged by commercial credit insurances.

21. OTHER RECEIVABLES AND OTHER ASSETS

Other receivables and other assets comprise both other financial and other non-financial assets.

Non-current receivables and other assets are made up as follows as at the reporting date:

in € thousand	9/30/2021	9/30/2020

Non-current (with a residual term of more than 1 year)
Derivative financial instruments belonging to the category "FV P&L"	12,800	7,756
Derivative financial instruments held as hedging instruments in the context of hedge accounting	6,523	12,453
Other non-current financial assets	14,555	14,410
Non-current financial assets	33,878	34,619
Other non-current non-financial assets	1,631	1,430
Non-current income tax receivables	1,306	0

Other non-current non-financial assets	2,937	1,430

Current receivables and other assets are made up as follows as at the reporting date:

in € thousand	9/30/2021	9/30/2020

Current (with a residual term of less than 1 year)
Derivative financial instruments belonging to the category "FV P&L"	94,339	57,636
Derivative financial instruments held as hedging instruments in the context of hedge accounting	9,494	16,635
Receivables from related parties	16,028	7,034
Sundry other current financial assets	32,217	17,947
Other current financial assets	152,078	99,252
Income tax receivables	10,058	9,305
Sundry other current non-financial assets	41,192	34,895

Other current non-financial assets	51,250	44,200

The increase in derivative financial instruments belonging to the "FV P&L" category mainly resulted from the measurement of forward foreign exchange contracts with a stronger US dollar as at the reporting date and from the measurement of other transactions due to higher energy prices.

The increase in sundry other current financial assets is mainly due to receivables from brokers arising from securities deposited for open derivative transactions.

As in the previous year, the sundry other current non-financial assets mainly comprise VAT receivables. The increase compared to the previous year results from the recognition of receivables from insurance policies.

The sundry other current financial assets include a continuing involvement arising from del credere risks with factoring companies and late payment and currency risks deriving from current trade accounts receivable in the amount of € 9,693 thousand (previous year: € 5,892 thousand). The level of continuing involvement

corresponds to the maximum risk of loss, mainly based on the assumption that all receivables open on the reporting date that were sold remain outstanding for the entire period for which Aurubis can be held responsible for the late payment risk.

A liability of € 9,693 thousand was recorded in connection with the continuing involvement (previous year: € 5,882 thousand). All trade accounts receivable sold to factoring companies have a term of less than one year, meaning that the fair value of the continuing involvement and the associated liability each correspond to the carrying amount.

All of the receivables covered by five factoring contracts for which the main opportunities and risks were transferred to the purchaser of the receivables were completely derecognized.

In total, outstanding receivables of € 414,100 thousand (previous year: € 353,829 thousand) had been sold to factoring companies as at the reporting date.

As regards the balance for other financial assets that are neither written down nor overdue, there is no indication as at the reporting date that the debtors will not fulfill their payment obligations.

22. CASH AND CASH EQUIVALENTS

Cash and cash equivalents consist of current account balances with banks, cash in hand, and checks. Cash at banks mainly comprises euro balances.

23. EQUITY

The share capital amounts to € 115,089,210.88 and is divided into 44,956,723 no-par-value shares, each with a notional amount of € 2.56. Each share includes a voting right and is entitled to dividends. The share capital is fully paid in.

The share capital has been conditionally increased by up to € 57,544,604.16 by issuing up to 22,478,361 new no-par-value shares with a proportionate notional amount per share of € 2.56 of the share capital (conditional capital increase). It will be used to grant shares to the holders or creditors of conversion and/or option rights from convertible bonds, bonds with warrants, profit participation rights or participating bonds (or combinations of these instruments), which can be issued in the period up to March 1, 2022.

Based on a resolution passed at the Annual General Meeting on March 1, 2018, the company was authorized for the period up until February 28, 2023 to repurchase its own shares with a volume of up to 10 % of the share capital. On March 18, 2020, the Aurubis AG Executive Board resolved to purchase company shares up to 10 % of the share capital. The buyback program started on March 19, 2020 and ended at the close of September 17, 2021. The objective of the share buyback program was to use these treasury shares for purposes permitted by the shareholders at the Annual General Meeting, particularly for possible acquisitions or future financing needs. The company held 1,297,693 treasury shares as at September 30, 2021 (previous year: 976,764 treasury shares).

Pursuant to the resolution passed at the Annual General Meeting on February 11, 2021, a dividend of € 1.30 per share was distributed in the reporting year, totaling € 56,756,739.00.

Generated Group equity comprises consolidated net income, the revenue reserves of all Group companies, the accumulated unappropriated earnings of the subsidiaries since their initial consolidation, and the accumulated amounts resulting from consolidation adjustments recognized in profit or loss. In addition, the effects deriving from the remeasurement of the net liability resulting from the defined benefit pension plans (after taxes), which are recorded directly in equity, are also included.

Aurubis AG's legal reserve of € 6,391 thousand, which is not available for distribution, is also included in this amount. The change in generated Group equity from € 2,434,664 thousand as at September 30, 2020, to € 3,025,019 thousand as at September 30, 2021, includes the dividend payment of € 56,757 thousand, effects of € 34,317 thousand (after taxes) recognized in equity deriving from the remeasurement of the net liability resulting from the defined benefit pension plans and the consolidated net income for fiscal year 2020/21 of € 612,796 thousand.

Changes in accumulated other comprehensive income totaling € 20,330 thousand (previous year: € 29,287 thousand) mainly comprise gains and losses of € -7,872 thousand (previous year: € 38,602 thousand) deriving from the measurement at market of cash flow hedges, income taxes of € 699 thousand (previous year: € -8,554 thousand), and € 27,224 thousand (previous year: € -2,193 thousand) deriving from measurement at market of financial investments.

An amount of € -9,923 thousand (previous year: € -2,165 thousand) was transferred during the period from other comprehensive income to the consolidated income statement in the context of cash flow hedge accounting and is primarily recorded in the cost of materials.

The non-controlling interests amounting to € 537 thousand (previous year: € 539 thousand) comprise the interests of non-Group shareholders in the equity of a company that is fully consolidated by Aurubis AG, namely Aurubis Bulgaria AD, Pirdop.

The change in non-controlling interests includes a proportional share of the dividend payment, amounting to € 189 thousand. The consolidated result of € 187 thousand in fiscal year 2020/21 had a counteracting effect.

Changes in equity are presented in detail in the consolidated statement of changes in equity, Consolidated Statement of Changes in Equity, page 143.

PROPOSED APPROPRIATION OF EARNINGS

The separate financial statements of Aurubis AG, Hamburg, have been prepared in accordance with German accounting principles (HGB – German Commercial Code).

Net income for the year of AurubisAG	€231,434,386.26
Retained profit brought forward from the prior year	€ 102,943,474.79
Allocations to other revenue reserves	€ 115,700,000.00
Unappropriated earnings	€218,677,861.05

A proposal will be made to the Annual General Meeting that Aurubis AG's unappropriated earnings of € 218,677,861.05 are used to pay a dividend of € 1.60 per no-par-value share with a dividend entitlement and that € 148,823,413.05 be carried forward. The freely available shares at the balance sheet date, which numbered 43,659,030 (= € 69,854,448), were taken as a basis.

ADDITIONAL INFORMATION ON CAPITAL MANAGEMENT

The main purpose of the corporate management is to increase the corporate value of the Aurubis Group, in that a positive contribution to the enterprise as a whole is generated beyond the capital costs. The Group's liquidity sourcing is secured through a combination of the Group's cash flow, external borrowing, as well as lines of credit available from our banks. Existing credit facilities and lines of credit can compensate for fluctuations in the cash flow development at any time. The objective is to keep the Group's debt structure in equilibrium in the long term. Control and monitoring are carried out on the basis of defined key ratios. Net debt and liquidity are controlled in the medium and short term by means of regular cash flow forecasts.

One of the main key ratios used to determine and compare profitability is operating ROCE (return on capital employed), which reflects the yield on the capital that is utilized in the operating business or for investments. Operating ROCE defines the operating earnings before interest and taxes together with the operating result from investments measured using the equity method in relation to the operating capital employed as at the reporting date and represents the yield on the capital employed. Capital employed comprises equity and interest-bearing liabilities, less cash and cash equivalents.

Operating ROCE improved to 15.6 % owing to the very good financial performance in the fiscal year, compared to 9.3 % in the previous year.

All external requirements under financial covenants were fulfilled in the fiscal year reported.

24. DEFERRED TAXATION

The breakdown of the deferred tax liabilities is presented in Income taxes, page 151.

25. PENSION PROVISIONS AND SIMILAR OBLIGATIONS

Within the Aurubis Group, retirement benefits for eligible employees are provided on the basis of both defined benefit plans and defined contribution plans.

The majority of defined benefit plan commitments in the Aurubis Group relate to Germany and the US. On the one hand, these represent individual contractual direct commitments. On the other hand, the Group provides benefits in the form of defined benefit commitments within collective plans. Both funded and unfunded plans exist.

In Germany, the Group provides eligible employees with pension benefits as well as disability and surviving dependent benefits. These are provided to a great extent through pension and support funds, the assets of which may solely be utilized to satisfy the Aurubis Group's pension obligations.

Generally, the amount of the pension benefit per qualified year of service is determined as a percentage of a pensionable salary. In Germany, pensions are reviewed every three years and adjusted, where necessary, in a manner corresponding to the price index development.

In Germany, the company pension plan for new employees hired after September 29, 2003, was amended and is now based on defined contribution commitments. Processing is carried out by an external pension fund and an insurance company.

Furthermore, a subsidiary in the US grants employees pension, health care, and life insurance benefits for the period after retirement under specific conditions related to age and duration of employment with the company. These retirement benefits are based on collective agreements that only apply to unionized employees. These represent lifelong pension benefits whose level depends on the duration of employment. The amount of the benefits does not depend on the salary. Health care benefits are provided after the employee leaves the company until an established minimum age. While the pension commitments are mainly financed through the specific assets of a separate pension fund, there is no separate fund for the health care and life insurance benefits provided in the US.

Within the Group, actuarial reports were obtained for all benefit obligations. The reports take uniform Group-wide accounting policies into consideration, while nevertheless reflecting special country-specific circumstances.

In addition to the "Heubeck-Richttafeln 2018 G" mortality tables, the following market discount rates, salary, and pension trends were used as a basis to calculate the pension obligations:

%	9/30/2021	9/30/2020

Discount rate	1.0	0.8
Expected income development	2.8	2.8
Expected pension development	1.6	1.6

A discount rate of 2.8 % (previous year: 2.5 %) was assumed as the basis for the measurement of the pension provision of Aurubis Buffalo, Inc., Buffalo. Income and pension trends are not relevant for the calculation of the pension obligations of the US subsidiary.

Development of the present value of the pension obligations

in € thousand	9/30/2021	9/30/2020

Present value of unfunded benefit obligations	138,881	159,352
Present value of funded benefit obligations	573,290	547,161
Present value of the pension commitments as at October 1	712,171	706,513

Assets/liabilities held for sale	-3,733	0
Changes in the scope of consolidation	0	32,215
Current service cost	18,059	16,082
Gain deriving from plan settlements	0	-60
Interest cost on the pension obligations	6,743	6,315
Remeasurements	-20,350	-10,755
Actuarial gains/losses deriving from demographic assumptions	839	250
Actuarial gains/losses deriving from financial assumptions	-18,528	-5,299
Actuarial gains/losses deriving from adjustments based on experience	-2,661	-5,706
Benefits paid	-23,730	-21,436
Payments for plan settlements	0	-12,098

Currency exchange rate difference 710 -4,605

Present value of the pension commitments as at September 30 689,870 712,171

The net pension provision for defined benefit obligations disclosed in the consolidated statement of financial position as at September 30, 2021 and September 30, 2020 is as follows:

in € thousand	9/30/2021	9/30/2020

Present value of pension commitments	689,870	712,171
of which funded	555,179	573,290
- Fair value of plan assets	476,143	451,775
Net carrying amount on September 30	213,727	260,396

of which disclosed as assets	0	0
of which disclosed as liabilities	213,727	260,396

The net liability for benefit commitments, taking into account the separate reconciliations for the present value of the defined benefit obligation and the plan assets, is derived as follows:

Development of the plan assets

in € thousand	2020/21	2019/20

Fair value of the plan assets as at October 1	451,775	369,739
Assets/liabilities held for sale	-2,952	0
Changes in the scope of consolidation	0	28,364
Interest income	4,230	3,473
Remeasurement effects	29,216	73,328
Benefits paid	-16,106	-14,964
Payments for plan settlements	0	-12,098
Contributions made by employer	9,632	6,522
Currency exchange rate difference	348	-2,589

Fair value of the plan assets as at September 30	476,143	451,775

Development of the net liability

in € thousand	2020/21	2019/20

Net liability as at October 1	260,396	336,774
Assets/liabilities held for sale	-781	0
Changes in the scope of consolidation	0	3,851
Current service cost	18,059	16,082
Gain deriving from plan settlements	0	-60
Net interest result	2,513	2,842
Remeasurement effects	-49,566	-84,083
Benefits paid	-7,624	-6,472
Employer contributions to the plan	-9,632	-6,522
Exchange rate difference	362	-2,016
Net liability as at September 30	213,727	260,396

The remeasurement effects are directly recorded in other comprehensive income and are disclosed under generated Group equity. The net interest result is disclosed under interest expense. In contrast, the other components of the pension expenses (current and past service cost and the loss deriving from plan settlements) are recorded in personnel expenses.

In Germany, the defined benefit plans are primarily administered through processes in operation within the pension fund and the benefit fund. In this context, the pension fund is overseen by the German Federal Financial Supervisory Authority (BaFin).

Regulations related to the pension fund's capital investment portfolio are defined by the "Ordinance on the Investment of Restricted Assets of Insurance Undertakings (Investment Ordinance)." The Investment Ordinance (AnlV) regulates the permitted quantitative distribution and mix of capital investments for the pension fund. A large portion of the pension fund's assets are invested in a segmented special fund. The contributions are calculated in accordance with the respective current technical business plan.

The risk capital investments (equity instruments and debt instruments with a rating lower than investment grade) may account for a maximum of 35% of the carrying amount of the pension fund's coverage assets in accordance with the Investment Ordinance. The percentage of real estate held directly or indirectly via an interest in a limited partnership is currently 20.2% of the carrying amount of the coverage assets. Derivatives are primarily only used for hedging purposes. The risk of longevity is taken into account by the actuary, after performing a review, by adjusting the biometric parameters where necessary.

The benefit fund is also oriented to the Investment Ordinance with respect to permitted capital investments. The contributions are within the range of the tax-related possibilities.

The plan assets in the Group are made up as follows:

in € thousand	9/30/2021	9/30/2020

Cash and cash equivalents	32,496	15,860
Equity instruments	57,058	48,272
Debt instruments	148,491	161,548
Real estate	181,240	169,110
Reinsurance policies	5,367	5,231
Other current net assets	51,491	51,754

Total plan assets	476,143	451,775

The debt instruments include non-listed shares of a Schuldschein loan issued by Aurubis AG in the amount of € 26,000 thousand. The plan assets do not include any real estate used internally. The equity and debt instruments held via security funds are allocated to their corresponding investment classes in the overview.

Market prices are generally available for the equity instruments as a result of their respective quotations on an active market.

The debt instruments are also regularly traded on an active market.

Real estate is held directly and indirectly and is located exclusively in Germany. There is no active market from which market prices can be derived. Appraisals were obtained for all of the real estate included in the plan assets.

The company is subject to various risks in connection with the defined benefit plans. The company is subject to general technical insurance risks in particular, such as the risk of longevity, the risk of interest rate changes, the market price risk, and, to a small extent, a risk of inflation.

SENSITIVITY ANALYSIS

The following sensitivity analysis shows the effect of changes in the parameters on the present value of the defined benefit obligations. Each change in a significant actuarial assumption was analyzed separately, i.e., if one parameter varied, the other parameters remained constant. Possible correlation effects between the individual assumptions are not taken into consideration in this connection:

		Effect on the obligation
		9/30/2021		9/30/2020
in € thousand	Change in parameter	Increase	Decrease	Increase	Decrease

Actuarial interest rate	+/-50 basis points	-52,746	59,983	-55,542	63,753
Expected income development	+/-50 basis points	9,246	-9,178	10,669	-10,082
Expected pension development	+/-50 basis points	36,195	-33,339	39,326	-35,659
Life expectancy	+/-1 year	32,248	-31,671	34,545	-33,335

The undiscounted future pension payments are expected to fall due within the following time bands:

The weighted average duration of obligations deriving from defined benefit plans as at September 30, 2021 is 17.0 years (previous year: 16.6 years).

in € thousand	9/30/2021	9/30/2020

Less than 1 year	23,167	23,601
Between 1 and 5 years	102,595	102,453
More than 5 years	680,450	768,367

Total	806,212	894,421

The expense for defined contribution pension plans amounted to € 22,602 thousand in the year reported (previous year: € 24,700 thousand). This includes both voluntary commitments and the employer's contribution made by the Group to statutory pension schemes.

26. OTHER PROVISIONS

	Non-current		Current			Total
in € thousand	9/30/2021	9/30/2020	9/30/2021	9/30/2020	9/30/2021	9/30/2020

Personnel-related provisions	56,285	53,751	39,957	61,158	96,242	114,909
Provisions for onerous contracts	0	0	4,614	784	4,614	784
Environmental provisions	19,239	16,271	7,844	1,806	27,083	18,077
Sundry provisions	1,985	1,710	14,653	13,880	16,638	15,590

	77,509	71,732	67,068	77,628	144,577	149,360

The individual classes of provisions developed as follows during the fiscal year reported:

in € thousand	Balance as at 10/1/2020	Discontinued operations	Used	Released	Allocated	Interest effect	Transfers	Currency exchange rate difference	Balance as at 9/30/2021
Personnel related provisions	114,909	-2,656	-34,304	-14,359	32,485	147	14	7	96,242
Provisions for onerous contracts	784	0	-784	0	4,614	0	0	0	4,614
Environmental provisions	18,077	0	-796	-254	10,032	28	0	-4	27,083
Sundry provisions	15,590	-568	-5,216	-660	7,500	0	-14	6	16,638
	149,360	-3,224	-41,100	-15,273	54,631	174	0	9	144,577

Non-current personnel-related provisions primarily include provisions for bridging payments and anniversary bonuses. The weighted average duration of these obligations as at September 30, 2021 is 12.0 years. Moreover, the personnel-related provisions include obligations from partial retirement contracts.

The reversal of personnel provisions of € 14,359 thousand in profit and loss results primarily from the reversal of the restructuring

provision set up in the previous year in connection with the Performance Improvement Program.

Provisions for environmental risks primarily relate to clean-up measures at the Lünen and Beerse sites. The provisions have terms of up to 30 years. The probable costs were determined taking into account past experience in comparable cases, existing appraisals, and the clean-up methods that will be used on the basis of present knowledge.

27. LIABILITIES

Financial liabilities as at the reporting date are as follows:

in € thousand	9/30/2021	9/30/2020
Non-current (with a residual term of more than 1 year)
Bank borrowings	399,726	502,952
Lease liabilities	44,543	52,724
Non-current borrowings	444,269	555,676
Derivative financial instruments belonging to the category "FV P&L"	57,050	19,702
Liabilities to related parties	0	950
Derivative financial instruments held as hedging instruments in the context of hedge accounting	29	155
Other non-current financial liabilities	57,079	20,807
Non-current financial liabilities	501,348	576,483
Current (with a residual term of less than 1 year)
Trade accounts payable	1,386,525	1,144,025
Trade accounts payable	1,386,525	1,144,025
Bank borrowings	126,918	15,374
Lease liabilities	10,127	12,262
Current borrowings	137,045	27,636
Derivative financial instruments belonging to the category "FV P&L"	106,634	53,075
Liabilities to related parties	15,007	10,516
Derivative financial instruments held as hedging instruments in the context of hedge accounting	2,097	23
Sundry other current financial liabilities	97,243	84,720
Other current financial liabilities	220,981	148,334
Current financial liabilities	1,744,551	1,319,995

Sundry other current financial liabilities include personnel-related obligations such as Christmas bonus payments, outstanding vacation entitlements, and success-based bonus payments, as well as liabilities related to severance pay for employees.

At a level of € 526,644 thousand as at September 30, 2021, bank borrowings were above those at the previous fiscal year-end (€ 518,326 thousand). A Schuldschein loan of € 102,500 thousand is due as scheduled in February 2022, so this is disclosed under current financial liabilities as at the reporting date.

Aurubis had no bank borrowings secured by mortgages and liens on fixed assets. Financial assets have not been pledged as collateral for bank borrowings.

As at September 30, 2021 payments in the amount of € 292,173 thousand (previous year: € 349,054 thousand) deriving from forward foreign exchange transactions with a negative fair value are matched by receipts of € 289,631 thousand (previous year: € 339,805 thousand). Derivatives with positive fair values qualify as assets and are therefore not included here.

The increase in derivative financial instruments belonging to the "FV P&L" category mainly resulted from the measurement of metal forward contracts, as metal prices were declining at the reporting date.

The following table shows the Aurubis Group's contractually agreed redemption payments for non-derivative financial liabilities and the discounted net cash flows of the derivative financial instruments with negative fair values. Foreign currency amounts are translated at the closing rate.

		Payments
in € thousand	Carrying amount as at 9/30/2021	less than 1 year	1 to 5 years	more than 5 years
Bank borrowings	526,644	126,918	326,726	73,000
Lease liabilities	54,670	10,127	26,390	18,153
Trade accounts payable	1,386,525	1,386,525	0	0
Liabilities to related parties	15,007	15,007	0	0
Derivatives belonging to the category "FV P&L"	163,684	106,634	57,050	0
Derivatives designated as hedging instruments for hedge accounting purposes	2,126	2,097	29	0
Sundry other current financial liabilities	97,243	97,243	0	0
Total	2,245,899	1,744,551	410,195	91,153

	Payments
in € thousand	Carrying amount as at 9/30/2020	less than 1 year	1 to 5 years	more than 5 years
Bank borrowings	518,326	15,374	429,952	73,000
Lease liabilities	64,986	12,262	29,782	22,942
Trade accounts payable	1,144,025	1,144,025	0	0
Liabilities to related parties	11,466	10,516	950	0
Derivatives belonging to the category "FV P&L"	72,777	53,075	19,702	0
Derivatives designated as hedging instruments for hedge accounting purposes	178	23	155	0
Sundry other current financial liabilities	84,720	84,720	0	0
Total	1,896,478	1,319,995	480,541	95,942

Non-financial liabilities as at the reporting date are as follows:

in € thousand	9/30/2021	9/30/2020

Non-current (with a residual term of more than 1 year)
Non-current non-financial liabilities	1,698	1,176
Non-current non-financial liabilities	1,698	1,176

Current (with a residual term of less than 1 year)
Income tax liabilities	24,004	17,886
Income tax liabilities	24,004	17,886

Other tax liabilities	17,445	11,206
Social security obligations	8,175	11,814
Advance payments received on orders	22,837	13,916
Sundry other current non-financial liabilities	11,098	11,543
Other current non-financial liabilities	59,555	48,479

Current non-financial liabilities	83,559	66,365

The advance payments received on customer orders reported for the previous year, amounting to € 13,916 thousand, were fully realized as revenues in the fiscal year reported.

Other tax liabilities mainly comprise VAT liabilities.

28. LEASES

As part of its business activities, Aurubis leases facilities that are involved in the storage and handling of copper concentrates, as well as ships and rail tank wagons for the transport of concentrates and

sulfuric acid. The company also has lease agreements for office buildings, parking lots, containers, and vehicles. The right-of-use assets accounted for in this regard in fixed assets developed as follows:

in € thousand	Land and buildings	Technical equipment and machinery	Other equipment, factory and office equipment	Total

Costs of acquisition or construction 9/30/2020	12,507	78,374	10,899	101,780
Assets held for sale	-1,069	-244	-596	-1,909
Additions	181	1,251	2,464	3,896
Disposals	-1,290	-2,684	-2,178	-6,152
Currency exchange rate differences	61	4	8	73
Costs of acquisition or construction 9/30/2021	10,389	76,701	10,597	97,687
Accumulated depreciation and write-downs as at 9/30/2020	-7,395	-27,766	-2,255	-37,416
Assets held for sale	303	104	265	672
Depreciation and impairment losses for the fiscal year	-1,155	-8,795	-3,394	-13,344
Disposals	1,114	2,994	973	5,081
Currency exchange rate differences	-10	-2	-5	-17
Accumulated depreciation and write-downs as at 9/30/2021	-7,143	-33,465	-4,417	-45,025
Carrying amounts 9/30/2021	3,246	43,236	6,180	52,662

The interest expense for lease liabilities recognized in the income statement amounted to € 1,933 thousand in the fiscal year (previous year: € 2,047 thousand). Expected future payments for lease liabilities total € 66,715 thousand (previous year: € 78,842 thousand).

The following table shows the Aurubis Group's contractually agreed undiscounted interest and redemption payments for lease liabilities and their residual terms.

	9/30/2021			9/30/2020
in € thousand	Less than 1 year	1 to 5 years	More than 5 years	Total	Less than 1 year	1 to 5 years	More than 5 years	Total
Expected lease payments	11,888	31,668	23,158	66,714	14,171	35,648	29,023	78,842
Interest portion	1,761	5,278	5,005	12,044	1,909	5,866	6,081	13,856
	10,127	26,390	18,153	54,670	12,262	29,782	22,942	64,986

In fiscal year 2020/21, expenses of € 5,096 thousand deriving from current lease arrangements (previous year: € 5,121 thousand) and € 705 thousand deriving from leases of low-value assets (previous year: € 1,392 thousand) were recorded. Furthermore, expenses of € 3,010 thousand (previous year: € 2,679 thousand) for variable lease payments that were not included in the measurement of lease liabilities were recognized in profit or loss. Depreciation of right-ofuse assets amounted to € 13,344 thousand in the fiscal year (previous year: € 12,773 thousand).

The total cash outflows for leases amounted to € 12,568 thousand (previous year: € 6,675 thousand) in fiscal year 2020/21.

Leases within the Aurubis Group may include extension and termination options. Such options are included in the calculation of the lease liability if there is reasonable assurance that they will be exercised.

As in the previous year, there were no sale-and-leaseback transactions in fiscal year 2020/21.

29. OTHER FINANCIAL COMMITMENTS AND CONTINGENT LIABILITIES/RECEIVABLES

in € thousand	9/30/2021	9/30/2020

Capital expenditure commitments	111,530	115,307
Warranty obligations	1,039	1,230
Commitments relating to discounted bills
of exchange	1,351	1,921
Commitments under leases	8,606	8,381

The capital expenditure commitments mainly relate to property, plant, and equipment.

In addition, commitments exist under leases, amounting to € 8,606 thousand, which were not considered for purposes of the measurement of the lease liabilities. These commitments mainly arise from variable lease payments and leases that Aurubis has entered into but which have not yet commenced.

In addition to the commitments already outlined, there are also obligations under long-term contracts.

The securing of our smelter network's supply of raw materials, especially copper concentrates, is of crucial importance. In order to secure this supply, we have entered into long-term agreements with terms of five and ten years. Especially in the case of copper concentrates, pricing is based on the metal content of the transactions, as well as on the applicable LME exchange price at the time of the actual delivery. As both the metal contents and the metal prices are very volatile (and therefore difficult to forecast), from our perspective a reliable quantitative disclosure of the commitments deriving from raw material supply sourcing isn't possible.

Furthermore, an agreement is in place with an energy utility for the cost-based procurement of one billion kilowatt hours of electricity per annum over a term of 30 years, commencing in 2010. As the cost and price components are also subject to a high level of volatility, reliable quantitative disclosure of the related commitment is also not possible in this case.

In addition, the Group has entered into long-term agreements for the supply of oxygen to various sites. The commitments resulting from these agreements amount to € 118,883 thousand (previous year: € 117,016 thousand).

Obligations under other long-term contracts are mainly related to the provision of transport and handling services by various service providers and amount to € 140,344 thousand (previous year: € 204,857 thousand).

As at September 30, 2021, contingent liabilities of € 1,604 thousand (previous year: € 0 thousand) result from environmental risks.

Aurubis receives partial compensation for the CO² costs in the electricity price. This compensation arrives with a time delay. The exact time of the compensation payments and their amount can't be reliably estimated at the reporting date, so quantitative information isn't possible.

On July 14, 2021, production at the Stolberg site had to be stopped due to severe weather impacts. Negative effects deriving from rebuilding costs for our plant in Stolberg following the flooding disaster are offset by insurance payments, which were collected in part during the fiscal year already. Aurubis expects to receive additional compensation payments. The exact timing and amount of these can't be reliably estimated at the reporting date, so quantitative information isn't possible.

30. FINANCIAL INSTRUMENTS

The Aurubis Group is exposed to market risks, liquidity risks, and default risks as a result of the deployment of financial instruments.

MARKET RISKS

Market risks arise as a result of a possible change in risk factors that lead to a decrease in the market value of the transactions affected by these risk factors. The following groups of general risk factors are relevant for the Aurubis Group: currency exchange rate risks, interest rate fluctuation risks, and other price risks.

CURRENCY EXCHANGE RATE RISKS

As a result of its business operations, the Aurubis Group is exposed to currency exchange rate fluctuations. Changes in exchange rates can lead to losses in the value of financial instruments. Foreign currency forward and option contracts are concluded to limit currency risks. These mainly relate to the US dollar. For this purpose, the foreign currency positions from underlying transactions are offset against each other on a daily basis and any remaining open positions are squared by means of foreign exchange derivatives. We work exclusively with business partners with good credit standing on all foreign exchange hedge transactions.

Furthermore, foreign currency forward and option contracts were concluded in the past fiscal year to hedge future receipts. Provided the criteria for cash flow hedges were fulfilled, the results of these hedge transactions are initially recognized in the accompanying financial statements in other comprehensive income in the amount of the effective portion of the hedge.

These results are recognized in profit or loss as soon as the underlying hedged transaction is recognized in profit or loss. Fundamental shifts in currency relationships, in particular between the euro and the US dollar, can, however, only be hedged for a limited time in this context.

Information on the management of exchange rate risks is provided in the Risk Report in the Management Report, pages 116–126.

The foreign currency risk constitutes a cash flow risk and represents the risk position for the following period. This corresponds to the net amount of the nominal volume of the non-derivative and derivative financial instruments held, which are exposed to currency exchange rate risks. In addition, planned revenue transactions of the following periods are included to the extent that these are taken into account for currency risk management purposes to show the risk position for the following period.

Foreign currency risk

	€/US\$
in € thousand	9/30/2021	9/30/2020
Risk position deriving from recorded transactions	-952,780	-394,862
Budgeted revenues	398,739	673,386
Forward foreign exchange contracts	771,848	-38,175
Put option transactions	-98,886	-99,932
Net exposure	118,921	140,417

IFRS 7 requires a sensitivity analysis to be performed for each type of risk to indicate the market risks. The use of sensitivity analyses determines the potential impacts on profit or loss and on equity, as at the reporting date, of a change in the respective risk variable for each type of risk. The impacts for the periods are determined by relating the hypothetical changes in the risk variables to the amount reported as at the reporting date. In doing so, it is assumed that the amount reported as at the reporting date is representative for the entire year.

In order to determine the exchange rate risk, a sensitivity analysis is performed for the foreign currency that poses a significant risk for the business, in this case the US dollar. For the purpose of the sensitivity analysis for the currencies, it was assumed that the exchange rate of the euro compared with the US dollar would change by +/-10%, respectively.

If the euro had been 10% stronger or weaker against the US dollar on September 30, 2021 or September 30, 2020 as compared to the closing rate prevailing on the reporting date, then – from a foreign currency risk perspective – equity and net income for the year would have changed to the extent shown in the following table. All relevant recognized foreign currency items have been included in

the calculation, as well as the budgeted revenues of the following period that were considered in the foreign currency risk exposure assessment.

Currency sensitivity

	€/US\$
in € thousand	9/30/2021	9/30/2020

Closing rate	1.1579	1.1708
Devaluated rate (€ against US\$)	1.0421	1.0537

Effect on earnings	44,282	74,832
of which budgeted revenues	44,304	74,821
of which non-derivative transactions	15,371	-23,621
of which derivative transactions	-15,393	23,632
Effect on equity	-16,629	-38,561
Appreciated rate (€ against US\$)	1.2737	1.2879

Effect on earnings	-36,248	-61,191
of which budgeted revenues	-36,249	-61,217
of which non-derivative transactions	-12,593	19,361
of which derivative transactions	12,594	-19,335
Effect on equity	16,987	33,318

INTEREST RATE FLUCTUATION RISKS

Interest rate fluctuation risks arise due to potential changes in market interest rates and can result in a change in the fair value of fixed-interest financial instruments and interest payment fluctuations for variable interest rate financial instruments. Any interest rate risks that arise are fundamentally hedged by interest rate swaps. Interest rate fluctuation risks are of significant importance in the financial sector. Provided the criteria for cash flow hedges are fulfilled for the hedging of variable interest payments, the results of these hedge transactions are initially recognized in other comprehensive income in the amount of the effective portion of the hedge transaction. They are recognized in profit or loss as soon as the underlying hedged transaction is recognized in profit or loss in the respective fiscal year. No interest rate hedges were transacted during the fiscal year reported.

Details of how interest rate fluctuation risks are managed are provided in the Risk Report in the Management Report, pages 116–126.

The table below shows the net exposure for variable interestbearing risk positions.

Variable interest-bearing risk positions

	Total amount		less than 1 year
in € thousand	9/30/2021	9/30/2020	9/30/2021	9/30/2020
Loans/time deposits	920,914	453,398	920,914	453,398
Other risk positions	-338,744	-332,602	-338,744	-332,602
of which hedged against the interest rate fluctuation risk	0	0	0	0
Net exposure	582,170	120,796	582,170	120,796

In accordance with IFRS 7, interest rate fluctuation risks are presented in a sensitivity analysis, which reflects the effects of a change in market interest rates on interest income, interest expenses and equity.

In the event of an increase (decrease) in all relevant interest rates by 100 basis points (50 basis points), equity and earnings for the year ending September 30, 2021 and September 30, 2020, respectively, would change, as shown by the following table. The same items have been included in the calculation as were considered for the determination of the net exposure presented above.

Interest rate sensitivities

	9/30/2021		9/30/2020
in € thousand	+100 BP	-50 BP	+100 BP	-50 BP
Effect on earnings	6,779	-4,014	2,508	-1,817
Effect on equity	0	0	0	0

OTHER PRICE RISKS

As a result of its business operations, the Aurubis Group is exposed to commodity price risks. Among other measures, non-ferrous metals futures contracts are entered into in order to mitigate these price risks. The contracts are mainly focused on the hedging of the copper price. For this purpose, incoming and outgoing metal quantities from underlying transactions are offset against each other on a daily basis and remaining open positions are squared by means of metal exchange transactions. We work exclusively with business partners with good credit standing on all metal hedge transactions.

If price-fixed metal delivery agreements for non-ferrous metals, which are contracted to cover the expected raw material requirement or the expected sale of finished products, are accounted for as derivative financial instruments, then market value changes in these are recognized in profit or loss. Gains and losses from the contrary development of the fair value of the hedged items and the hedge transactions are therefore recognized directly in profit or loss. Details of metal price risk management processes are provided in the Risk Report in the Management Report, pages 116–126.

The Aurubis Group has secured its electricity consumption at the German sites by concluding a long-term agreement with an energy utility. Aurubis is exposed to an electricity price risk from the measurement of part of this agreement.

The nominal volumes of the derivative financial instruments covering copper, silver, and gold, as well as electricity, coal, and gas, which result from the gross total of the nominal amounts of the individual purchasing and sales contracts, are as follows.

Nominal volumes of the derivatives

in € thousand	9/30/2021	9/30/2020
Copper	2,513,093	1,196,483
Silver	123,628	115,757
Gold	621,927	485,980
Electricity, coal, gas	285,468	227,596
	3,544,116	2,025,816

In accordance with IFRS 7, commodity price risks are shown in the form of a sensitivity analysis, which reflects the effects of a change in the commodity prices on equity and net income for the period.

In the event of a 10% increase (decrease) in all relevant commodity prices, equity and earnings for the year would be changed for the year ending September 30, 2021 and September 30, 2020 respectively as shown in the following table. The calculation includes all derivatives for copper, silver, and gold, as well as electricity, coal, and gas as at the reporting date.

Commodity price sensitivity

	Copper		Silver		Gold		Electricity, coal, gas
in € thousand	9/30/2021	9/30/2020	9/30/2021	9/30/2020	9/30/2021	9/30/2020	9/30/2021	9/30/2020

Price increase
Effect on earnings	27,774	5,808	1,995	3,839	38,381	32,184	1,369	3,132
Effect on equity	0	0	0	0	0	0	1,350	964
Price decrease
Effect on earnings	-27,774	-5,808	-1,995	-3,839	-38,381	-32,184	-1,369	-3,132
Effect on equity	0	0	0	0	0	0	-1,350	-964

The effects on earnings shown in the commodity price sensitivity table for metals are partially or completely compensated through the measurement of the purchase or sales contracts that are not yet fixed, since these positions are provisionally measured at the respective price on the reporting date.

DERIVATIVE FINANCIAL INSTRUMENTS

The Aurubis Group uses derivative financial instruments to hedge currency exchange rate and other price risks. These are reported based on their residual term - under other current/non-current financial assets/liabilities. Provided the criteria for the application of hedge accounting are fulfilled, these are treated as cash flow hedges.

Financial derivatives

	Assets			Liabilities
	9/30/2021			9/30/2020		9/30/2021		9/30/2020
in € thousand	Carrying amount	Nominal volume	Carrying amount	Nominal volume	Carrying amount	Nominal volume	Carrying amount	Nominal volume
Forward foreign exchange contracts
without a hedging relationship	16,500	1,137,664	5,813	333,688	1,842	234,011	9,226	346,449
as cash flow hedges	6,492	130,318	24,365	451,801	699	55,634	23	2,519
Foreign currency options
without a hedging relationship	0	0	0	0	0	0	0	0
as cash flow hedges	1,401	100,622	3,964	104,378	0	0	0	0
Metal futures contracts
without a hedging relationship	66,953	1,479,561	51,774	849,029	97,509	2,054,174	43,452	1,106,279
as cash flow hedges	21	1,559	0	0	1,427	19,954	0	0
Other transactions
without a hedging relationship	23,686	16,012	7,805	40,016	64,333	259,273	20,098	174,855
as cash flow hedges	8,103	10,184	759	5,542	0	0	155	7,183

The nominal volume of the derivative financial instruments is the sum of the nominal amounts of the individual purchase and sales contracts. By contrast, the fair value is based on the measurement of all contracts at the prices applicable on the measurement date. It indicates the potential impact on income of the prompt settlement of all derivatives as at the reporting date, without considering the hedged transactions.

The impact on earnings of changes in the fair value of financial derivatives that relate to a cash flow hedge is recognized in equity through other comprehensive income in the amount of the effective portion. The hedging costs for these financial derivatives are recorded in other comprehensive income and are disclosed as a separate reserve item. The cumulative amounts recorded in equity are reclassified to the income statement in the period in which the

hedged cash flows impact the income statement, and are mainly recorded as a component of the cost of materials.

The ineffective portion of the fair value change is, by contrast, recognized directly in profit or loss. Ineffectiveness results in particular from the credit risk (CRA) and the foreign currency basis spread (CCBS), which are not reflected in the hedged transaction. During the fiscal year, ineffective market value changes to hedging instruments, amounting to € 55 thousand (previous year: € 339 thousand), were recognized in profit or loss.

Average price of designated hedging instruments

	9/30/2021	9/30/2020
Forward foreign exchange contracts (US\$/€)	1.1266	1.1160
Foreign currency options (US\$/€)	1.1869	1.1672
Metal futures contracts - nickel (€/t)	14,500.49	0.00
Metal futures contracts - zinc (€/t)	2,463.28	0.00
Coal derivatives (US\$/t)	58.00	54.12
Gas derivatives (€/MWh)	16.39	16.39

The following overview shows a reconciliation of the other comprehensive income for the fiscal year that results from accounting for hedging relationships:

Cash flow hedges

	2020/21		2019/20
in € thousand	Measurement at market of cash flow hedges	Hedging costs	Measurement at market of cash flow hedges	Hedging costs
Balance as at October 1	26,198	1,572	-12,404	-499
Change in fair value	2,051	-2,212	36,437	1,572
Reclassification to profit (+) or loss (-)	9,923	-801	-2,165	-499
Balance as at September 30	18,326	161	26,198	1,572

The following two tables show when the cash flows deriving from cash flow hedges will occur and when they will influence the income statement:

Cash flow hedges as at September 30, 2021

Occurrence and impact on income statement in € thousand	Carrying amount	Nominal volume	less than 1 year	1 to 5 years	more than 5 years
Forward foreign exchange contracts
Assets	6,492	130,318	130,318	0	0
Liabilities	699	55,634	55,634	0	0
Foreign currency options
Assets	1,401	100,622	100,622	0	0
Liabilities	0	0	0	0	0
Metal futures contracts
Assets	21	1,559	1,429	130	0
Liabilities	1,427	19,954	19,284	670	0
Other transactions
Assets	8,103	10,184	449	2,552	7,183
Liabilities	0	0	0	0	0

Cash flow hedges as at 9/30/2020

	Carrying	Nominal			more than 5
Occurrence and impact on income statement in € thousand	amount	volume	less than 1 year	1 to 5 years	years
Forward foreign exchange contracts
Assets	24,365	451,801	321,483	130,318	0
Liabilities	23	2,519	2,519	0	0
Foreign currency options
Assets	3,964	104,378	38,432	65,946	0
Liabilities	0	0	0	0	0
Other transactions
Assets	759	5,542	1,243	4,299	0
Liabilities	155	7,183	0	0	7,183

LIQUIDITY RISKS

Liquidity risks constitute the risks that the business is unable to settle its own liabilities. The contractually agreed undiscounted interest and redemption payments of the financial liabilities are shown in the section Liabilities, on pages 176–177.

The adequate sourcing of the Group with liquid funds is ensured not only by the Group's cash flow but also by the existing short-term and long-term credit lines with our banks. Fluctuations in cash flow can therefore be compensated for. An autonomous executive committee monitors the development of Aurubis' liquidity position on a timely and regular basis and reports to the Executive Board. Further management measures taken regarding liquidity risks are described in the Risk Report, on pages 116-126.

DEFAULT RISKS

Default risks exist for all classes of financial instruments, in particular for trade accounts receivable. The concentration of the credit risk is limited due to the wide-ranging and heterogeneous customer base. The largest individual customer account receivable balances are regularly controlled. The credit risk arising from

derivative financial instruments is limited in that the corresponding contracts are only concluded with contractual parties and banks that have a good credit standing.

The customers have been classified according to their credit rating within the context of the credit risk management process, whereby each customer has been given a specific credit limit.

The carrying amounts of the financial assets recognized in the statement of financial position, less any write-downs, represent the maximum potential default risk without taking into account the value of any securities received or other risk-mitigating agreements.

Furthermore, to minimize default risks as far as possible, we monitor the receivables due from our business associates on a regular basis. Apart from instruments that are customary within the market, such as letters of credit and guarantees, we also make particular use of commercial credit insurance to safeguard against potential bad debts. If receivables are sold under factoring agreements, this is done without recourse.

ADDITIONAL DISCLOSURES FOR FINANCIAL INSTRUMENTS

				2020/2021
		Measurement in the statement of financial position under IFRS 9
Carrying amounts, valuations and fair values by measurement category in € thousand	Measurement category under IFRS 9	Carrying amount 9/30/2021	Amortized cost	Fair value through OCI	Fair value through profit or loss	Measure ment in the statement of financial position under IFRS 16	Fair value 9/30/2021
ASSETS
Share interests in affiliated companies	FV P&L	12,544			12,544		12,544
Investments	FV P&L	116			116		116
Securities classified as fixed assets	FV OCI	52,699		52,699			52,699
Other financial fixed assets
Other loans	AC	46	46				46
Trade accounts receivable	AC	258,068	258,068				258,068
	FV P&L	224,638			224,638		224,638
	FV OCI	30,260		30,260			30,260
Other receivables and financial assets
Receivables from related parties	AC	16,028	16,028				16,028
Other financial assets	AC	26,522	26,522				26,522
	FV P&L	8,765			8,765		8,765
	n/a	11,485	11,485				n/a
Derivative financial assets Derivatives without a hedging
relationship	FV P&L	107,139			107,139		107,139
Derivatives with a hedging relationship (hedge accounting)	n/a	16,017		16,017			16,017
Cash and cash equivalents	AC	942,435	942,435				942,435

EQUITY AND LIABILITIES
Bank borrowings	AC	526,644	526,644				550,103
Lease liabilities	n/a	54,670				54,670	54,670
Trade accounts payable	AC	305,067	305,067				305,067
	FV P&L	1,081,458			1,081,458		1,081,458
Liabilities to related parties	AC	15,007	15,007				15,007
Other non-derivative financial liabilities	AC n/a	91,242 6,001	91,242 6,001				91,242 n/a
Derivative financial liabilities
Derivatives without a hedging
relationship Derivatives with a hedging relationship	FV P&L	163,684			163,684		163,684
(hedge accounting) Of which aggregated by measurement categories in	n/a	2,126		2,126			2,126
accordance with IFRS 9:
Financial assets at amortized cost (AC)		1,243,099	1,243,099	0	0		1,243,099
Financial assets at fair value through other comprehensive income (FV OCI)		82,959	0	82,959	0		82,959
Financial assets at fair value through profit or loss (FV P&L)		353,202	0	0	353,202		353,202
Financial liabilities at amortized cost (AC)		937,960	937,960	0	0		961,419
Financial liabilities at fair value through profit or loss (FV P&L)		1,245,142	0	0	1,245,142		1,245,142

				2019/2020
	Measurement in the statement of financial position under IFRS 9
Carrying amounts, valuations and fair values by measurement category in € thousand	Measurement category under IFRS 9	Carrying amount 9/30/2020	Amortized cost	Fair value through OCI	Fair value through profit or loss	Measurement in the statement of financial position under IAS 16	Fair value 9/30/2020
ASSETS
Share interests in affiliated companies	FV P&L	9,957			9,957		9,957
Investments	FV P&L	131			131		131
Securities classified as fixed assets	FV OCI	25,475		25,475			25,475
Other financial fixed assets
Other loans	AC	53	53				53
Trade accounts receivable	AC	261,415	261,415				261,415
	FV P&L	220,222			220,222		220,222
	FV OCI	3,645		3,645			3,645
Other receivables and financial assets
Receivables from related parties	AC	7,034	7,034				7,034
Other financial assets	AC	8,616	8,616				8,616
	FV P&L	14,640			14,640		14,640
	n/a	9,100	9,100				n/a
Derivative financial assets
Derivatives without a hedging relationship	FV P&L	65,392			65,392		65,392
Derivatives with a hedging relationship (hedge accounting)	n/a	29,088		29,088			29,088
Cash and cash equivalents	AC	481,064	481,064				481,064
EQUITY AND LIABILITIES
Bank borrowings	AC	518,326	518,326				546,829
Liabilities under finance leases	n/a	64,986				64,986	64,986
Trade accounts payable	AC	655,611	655,611				655,611
	FV P&L	488,414			488,414		488,414
Liabilities to related parties	AC	11,466	11,466				11,466
Other non-derivative financial liabilities	AC	80,591	80,591				80,591
	n/a	4,129	4,129				n/a
Derivative financial liabilities
Derivatives without a hedging relationship	FV P&L	72,777			72,777		72,777
Derivatives with a hedging relationship (hedge accounting)	n/a	178		178			178
Of which aggregated by measurement categories in accordance with IFRS 9:
Financial assets at amortized cost (AC)		758,182	758,182	0	0		758,182
Financial assets at fair value through other comprehensive income (FV OCI)		29,120	0	29,120	0		29,120
Financial assets at fair value through profit or loss (FV P&L)		310,342	0	0	310,342		310,342
Financial liabilities at amortized cost (AC)		1,265,994	1,265,994	0	0		1,294,497
Financial liabilities at fair value through profit or loss (FV P&L)		561,191	0	0	561,191		561,191

As a general rule, the market value of financial instruments to be recognized at fair value is determined on the basis of quotations on the relevant exchanges. If no such quotations are available, measurement is carried out applying a process that is customary for the market (measurement methods), based on instrument-specific market parameters and interest rates drawn from recognized sources.

If observable input parameters are not available or only partially available, the fair value is calculated on the basis of appropriate measurement methods. In the Aurubis Group, this applies in particular to the extrapolation of market data for electricity, coal, and gas, with due regard to market information about price determination and liquidity considerations. If insufficient market information is available, management's best estimate for a certain input parameter is used to determine the value. Thus, if observable input parameters are not available or only partially available on the market, the measurement process is significantly influenced by the use of estimates and assumptions.

Due to the predominantly short-term nature of cash and cash equivalents, trade accounts receivable and payable, other financial assets, receivables from and payables to related parties, and other non-derivative financial liabilities, an assumption is made that the fair values correspond to the carrying amounts.

An assumption has been made for share interests in non-corporate entities and non-quoted corporate entities that the carrying amount corresponds to the market value. It would only be possible to reliably determine the market value in conjunction with specific sales negotiations.

Pursuant to IFRS 13, the following tables show the measurement methods used to determine the fair value for Level 1, Level 2, and Level 3, as well as the main non-observable parameters that were used for measurement.

In this connection, the individual levels are defined in accordance with IFRS 13 as follows:

» Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities
» Level 2: Procedures under which all input parameters with a significant effect on the fair value are observable either directly or indirectly in the market
» Level 3: Procedures that use input parameters which have a significant influence on the fair value and are not based on observable market data

Financial instruments from Level 1 measured at fair value

Type	Measurement method
Securities classified as fixed assets	Exchange quotations

Financial instruments from Level 2 measured at fair value

Type	Measurement method and applied input parameters
Forward foreign exchange contracts	Par method, taking into account actively traded forward rates and the currently valid interest rate for discounting purposes as at the reporting date
Foreign currency options	Black-Scholes-Modell. The calculation is based on the exchange rates as at the reporting date, taking into account the expected volatility of the respective exchange rate during the term of the option and customary market interest rates
Metal futures contracts	Discounted cash flow method, taking into account actively traded metal forward rates and customary market interest rates for discounting purposes as at the reporting date
Other transactions	Discounted cash flow method. Expected future cash flows are discounted over the remaining term of the contracts, based on use of current market interest rates

Financial instruments from Level 2 not measured at fair value

Type	Measurement method and applied input parameters
Borrowings	Discounted cash flow method. Expected future cash flows are discounted using currently applicable interest rates for financial liabilities with comparable conditions and residual terms

Financial instruments from Level 3 measured at fair value

Type	Measurement method	Significant non-observable measurement parameters	Interdependence between significant non-observable parameters and fair value
Share interests in affiliated companies and investments	Discounted cash flow method	Future expected cash flows	The fair value is continually reviewed by applying significant, non-observable measurement parameters to determine if any measurement adjustments need to be made
Energy supply contract	Discounted cash flow method	Extrapolation of market data for electricity and coal	The fair value would be higher (lower) if: – the price for electricity increased more (less) than expected – the price for coal increased less (more) than expected
Gas price hedging contract	Discounted cash flow method	Extrapolation of market data for gas	The fair value would be higher (lower) if: – the price for gas increased more (less) than expected

If the parameters used for measurement fall into different levels of the measurement hierarchy, the fair value measurement is fully classified as belonging to the lowest level to which an input parameter is attributed, where this parameter significantly influences the entire fair value.

If there are any reclassifications to other levels in the measurement hierarchy, the Aurubis Group accounts for these as at the beginning of the relevant fiscal year.

The following overview shows the main measurement parameters that provide the basis for those financial instruments that are accounted for at fair value and presented in the Notes to the Consolidated Financial Statements.

Hierarchical classification of fair values of financial instruments in accordance with IFRS 7 as at September 30, 2021

Aggregated by classes in € thousand	9/30/2021	Level 1	Level 2	Level 3

Share interests in affiliated companies	12,544	0	0	12,544
Investments	116	0	0	116
Securities classified as fixed assets	52,699	52,699	0	0
Trade accounts receivable	254,898	0	254,898	0
Other financial assets	8,765	0	8,765	0
Derivative financial assets
Derivatives without a hedging relationship	107,139	0	107,139	0
Derivatives with a hedging relationship	16,017	0	13,749	2,268
Assets	452,178	52,699	384,551	14,928
Bank borrowings	550,103	0	550,103	0
Trade accounts payable	1,081,458	0	1,081,458	0
Derivative financial liabilities
Derivatives without a hedging relationship	163,684	0	106,654	57,030
Derivatives with a hedging relationship	2,126	0	2,126	0
Liabilities	1,797,371	0	1,740,341	57,030

Hierarchical classification of fair values of financial instruments in accordance with IFRS 7 as at September 30, 2020

Aggregated by classes
in € thousand	9/30/2020	Level 1	Level 2	Level 3
Share interests in affiliated companies	9,957	0	0	9,957
Investments	131	0	0	131
Securities classified as fixed assets	25,475	25,475	0	0
Trade accounts receivable	223,867	0	223,867	0
Other financial assets	14,640	0	14,640	0
Derivative financial assets
Derivatives without a hedging relationship	65,392	0	65,392	0
Derivatives with a hedging relationship	29,088	0	29,088	0
Assets	368,550	25,475	332,987	10,088
Bank borrowings	546,829	0	546,829	0
Trade accounts payable	488,414	0	488,414	0
Derivative financial liabilities
Derivatives without a hedging relationship	72,777	0	60,921	11,856
Derivatives with a hedging relationship	178	0	23	155
Liabilities	1,108,198	0	1,096,187	12,011

There were no reclassifications between the individual levels in fiscal year 2020/21 or in the previous year.

The following overview shows a reconciliation of the financial instruments measured at fair value and classified in Level 3:

Reconciliation of financial instruments in Level 3 as at September 30, 2021

Aggregated by classes in € thousand	Balance as at 10/1/2020	Gains (+)/losses (–) recorded in other comprehensive income	Gains (+)/losses (-) recorded in the income statement	Balance as at 9/30/2021	Gains (+)/losses (–) for financial instruments held at the reporting date

Share interests in affiliated companies	9,957	0	2,587	12,544	2,587
Investments	131	0	-15	116	-15
Derivative assets with a hedging relationship	0	2,268	0	2,268	0
Derivative liabilities without a hedging relationship	-11,856	0	-45,174	-57,030	-43,093
Derivative liabilities with a hedging relationship	-155	155	0	0	0

Reconciliation of financial instruments in Level 3 as at September 30, 2020
-----------------------------------------------------------------------------	--	--	--

Aggregated by classes in € thousand	Balance as at 10/1/2019	Changes in scope of consolidation	Gains (+)/losses (-) recorded in other comprehensi ve income	Gains (+)/losses (-) recorded in the income statement	Balance as at 9/30/2020	Gains (+)/losses (-) for financial instruments held at the reporting date
Share interests in affiliated companies	2,666	9,658	0	-2,367	9,957	-2,367
Investments	131	0	0	0	131	0
Derivative assets without a hedging relationship	14,011	0	0	-14,011	0	-14,011
Derivative liabilities without a hedging relationship	0	0	0	-11,856	-11,856	-11,856
Derivative liabilities with a hedging relationship	0	0	-155	0	-155	0

Gains and losses deriving from derivative financial instruments classified as Level 3 without a hedging relationship relate to part of an energy supply contract and are disclosed in the income statement under "Cost of materials."

The fair value of these financial instruments is partially based on non-observable input parameters, which are largely related to the price of electricity, coal, and CO2. If the Aurubis Group had taken other possible suitable alternative measurement parameters as a basis for measuring the relevant financial instruments on September 30, 2021, the recorded fair value would have been € 18,677 thousand (previous year: € 9,317 thousand) higher in the case of an increase in the electricity price and a decrease in the coal and CO² price by 20%, respectively, at the end of the term or € 12,524 thousand (previous year: € 9,317 thousand) lower in the case of a decrease in the electricity price and an increase in the coal and CO² price by 20%, respectively, at the end of the term. In contrast to the year reported, the CO² price fluctuation wasn't included in the sensitivity analysis in the previous year. In order to calculate the maximum impacts which can arise from the relative uncertainty in the determination of the fair values of financial instruments whose measurement is based on non-observable parameters, the Aurubis

Group remeasures such financial instruments, incorporating parameters that are at the outer limits of the range of reasonably possible alternatives for non-observable input data. Since it is nevertheless unlikely that a scenario will arise in which all of the non-observable parameters are at the outer limits of the range of reasonably possible alternatives at the same time, the estimated values previously mentioned should exceed the actual uncertainty factors when determining the fair value as at the reporting date. Thus, the disclosures shown do not represent a prediction or an indication of any future changes in the fair value.

OFFSETTING OPTIONS FOR DERIVATIVE FINANCIAL ASSETS AND LIABILITIES

The financial instruments that Aurubis enters into are subject to netting agreements with financial institutions that include a mutual right of offset. However, these agreements do not fulfill the criteria for offsetting in the statement of financial position, as the netting right can only be utilized if one of the contracting parties defaults.

The following table shows the financial assets and liabilities in the Aurubis Group that are subject to offsetting options.

Offsetting options for derivative financial assets and liabilities

in € thousand	2020/21	2019/20
Financial assets
Gross amount of financial assets in the statement of financial position	123,156	94,480
Financial instruments that qualify for offsetting in the statement of financial position	0	0
Net value of financial assets in the statement of financial position	123,156	94,480
Offsettable due to framework agreements	-30,821	-32,376
Total net value of financial assets	92,335	62,104
Financial liabilities
Gross amount of financial liabilities in the statement of financial position	-165,810	-72,955
Financial instruments that qualify for offsetting in the statement of financial position		0
Net value of financial liabilities in the statement of financial position		-72,955
Offsettable due to framework agreements		32,376
Total net value of financial liabilities	-134,989	-40,579

Net earnings by measurement category

in € thousand	2020/21	2019/20
Financial assets at amortized cost (AC)	-33,063	4,261
Financial assets at fair value through other comprehensive income (FV OCI)	0	0
Financial assets and liabilities at fair value through profit or loss (FV P&L)	-47,644	-16,204
Financial liabilities at amortized cost (AC)	6,877	-20,587
	-73,830	-32,530

The net income/expense deriving from the financial assets measured at fair value through other comprehensive income relates exclusively to equity instruments. The net income/expense deriving from the financial assets and liabilities measured at fair value through profit or loss mainly include the gains/losses deriving from metal futures contracts on the exchanges, forward foreign exchange contracts, and transactions to hedge electricity and coal price risks. Furthermore, fixed-price metal delivery contracts treated as derivatives are taken into account, as are purchase or sales contracts that are not yet price-fixed, which result in a partial compensation effect since they are measured at the respective price on the reporting date. Dividends, but not interest, are included in the calculation. The foreign currency impact deriving from items accounted for at amortized cost, which is included in the net result in fiscal year 2020/21, amounts to € -25,567 thousand (previous year: € -15,322 thousand).

31. RESEARCH & DEVELOPMENT

Research and development costs of € 11,589 thousand were recognized in profit or loss for the Aurubis Group for fiscal year 2020/21 (previous year: € 15,154 thousand). Moreover, development costs of € 726 thousand (previous year: € 312 thousand) were capitalized in the fiscal year.

Notes to the cash flow statement

The consolidated cash flow statement reports the cash flows in the Aurubis Group for fiscal year 2020/21 and for the prior-year comparative period. In accordance with IAS 7, a distinction is made between the cash inflow from operating activities, the cash outflow from investing activities, and the cash inflow/outflow from financing activities.

Commencing with earnings before taxes, adjustment is made for all non-cash-effective expenses and income, the financial result (consisting of the result from investments measured using the equity method, interest expenses, interest income, and other financial expenses and income), income taxes paid out, and changes in working capital to arrive at the cash inflow from operating activities (net cash flow).

At a level of € 812 million as at September 30, 2021, the net cash flow was significantly above that of the prior year (€ 459 million). This was the result of the very good financial performance for the fiscal year and a relatively low net working capital.

After taking payments of € 19 million for the purchase of treasury shares, interest payments totaling € 16 million, and dividend payments of € 57 million into account, the free cash flow amounted to € 488 million (previous year: € -208 million).

Cash and cash equivalents of € 965 million were available to the Group as at September 30, 2021 (€ 481 million as at September 30, 2020). The net cash position as at September 30, 2021 was € 383 million (previous year: € -102 million).

The following table shows the cash-effective and non-cash-effective changes in borrowings.

in € million	Balance as at 10/1/2020	Cash effective	Additions for leases	Balance as at 9/30/2021
Bank borrowings	518	9	0	527
Lease liabilities	65	-13	3	55
	583	-4	3	582

Segment reporting

	Segment Metal Refining & Processing		Segment Flat Rolled Products		Other
	2020/21	2019/201	2020/21	2019/201	2020/21	2019/201
in € thousand	operating	operating	operating	operating	operating	operating
Revenues
Total revenues	15,078,721	11,488,487	1,432,380	1,086,425	0	0
Inter-segment revenues	201,640	138,527	9,624	7,843	0	0
Revenues with third parties	14,877,081	11,349,960	1,422,756	1,078,582	0	0
EBITDA	588,068	460,535	22,537	15,495	-45,886	-61,485
Depreciation and amortization	-179,542	-169,939	-15,644	-18,686	-3,472	-3,386
EBIT	408,526	290,596	6,893	-3,191	-49,358	-64,871
Interest income	13,257	11,824	1,292	1,392	1,141	3,845
Interest expense	-20,203	-17,150	-7,587	-8,018	-2,765	-4,046
Result from investments measured using the equity method	-2,079	0	12,178	12,720	0	0
Other financial income	7	0	0	0	0	0
Other financial expenses	-15	-240	0	-1,490	-8,439	-842
Earnings before taxes	399,493	285,030	12,776	1,413	-59,421	-65,914
Consolidated net income
Return on capital employed (ROCE) in %	18.9	12.6	6.6	3.0
Capital expenditure on intangible assets and property, plant, and equipment	226,884	201,683	14,912	18,431	0	0
Average number of employees	5,237	4,935	1,615	1,632	332	330

Regarding the basic derivation of the ROCE, we refer to the Combined Management Report

¹ Prior-year figures have been adjusted

Financial performance, assets, liabilities, and financial position of the Aurubis Group, pages 95–103

	Total			Group
2020/21	2019/201	2020/21	2019/201	2020/21	2019/201
operating	operating	IFRS	IFRS	IFRS	IFRS



16,299,837	12,428,542	0	0	16,299,837	12,428,542
564,719	414,545	484,145	170,872	1,048,864	585,418
-198,658	-192,011	-20,304	-17,815	-218,962	-209,826
366,061	222,534	463,841	153,057	829,902	375,592
15,690	17,061	-12,077	-10,382	3,613	6,679
-30,555	-29,214	12,077	10,382	-18,478	-18,832

10,099	12,720	8,606	-6,265	18,705	6,455
7	0	0	88	7	88
-8,454	-2,572	0	-87	-8,454	-2,659
352,848	220,529	472,447	146,793	825,295	367,323
				612,981	265,363


241,796	220,114	0	0	241,796	220,114
7,184	6,897	0	0	7,184	6,897

In fiscal year 2020/21, the Aurubis Group's organization structure was based on the underlying business model. The Group's basic organization structure is made up of two operating segments, which provide the basis for segment reporting for fiscal year 2020/21 pursuant to IFRS 8: Segment Metal Refining & Processing and Segment Flat Rolled Products.

Segment Metal Refining & Processing (MRP) processes complex metal concentrates, copper scrap, organic and inorganic metalbearing recycling raw materials, and industrial residues into metals of the highest quality. Segment MRP includes the Commercial, Supply Chain Management (SCM), and Operations divisions.

The Commercial division is commissioned by the plants to purchase input materials and sell products. The SCM division's function is to carry out production planning, logistics management, and sampling on behalf of the plants, and to improve the Group-wide metal flows and management of inventories. The Operations division is responsible for the ongoing optimization of the integrated smelter network and the production of all basic products and metals, as well as for their further processing into other products, such as continuous cast wire rod and shapes. Among other items, copper cathodes are manufactured at the sites in Hamburg and Lünen (both in Germany), Pirdop (Bulgaria), and Olen and Beerse (both in Belgium). The cathodes produced at the smelters are processed further into wire rod and shapes at the Hamburg (Germany), Olen (Belgium), Emmerich (Germany), and Avellino (Italy) sites. The Metallo Group acquired in 2020, with production sites in Beerse (Belgium) and Berango (Spain), also belongs to Segment MRP.

Business activities connected with our long-term electricity supply contract for our German sites were concentrated within Segment MRP for the first time in the period reported. Prior-year figures have been adjusted accordingly.

Segment Flat Rolled Products (FRP) processes copper and copper alloys – primarily brass, bronze, and high-performance alloys – into flat rolled products and specialty wire, which it then markets. The main production sites are Stolberg (Germany), Pori (Finland), Zutphen (Netherlands), and Buffalo (US). Furthermore, the segment also includes slitting and service centers in Birmingham (UK), Dolný Kubín (Slovakia), and Mortara (Italy), as well as sales offices worldwide.

On August 9, 2021, Aurubis AG signed a term sheet with Intek Group S.p.A., Italy, to sell the plant in Zutphen (Netherlands) and the slitting centers in the United Kingdom, Slovakia, and Italy. The sale is subject to approval by the responsible antitrust authorities. The plants in Stolberg (Germany), Pori (Finland), and Buffalo (US) will remain in the Aurubis Group.

In the course of developing the Aurubis Group's strategy, the segmentation was adjusted with effect from October 1, 2021. From that date on, the two segments Multimetal Recycling and Custom Smelting & Products will determine the fundamental organization structure and provide the basis for segment reporting in accordance with IFRS 8.

The Multimetal Recycling segment combines the recycling activities in the Group and thus the processing of copper scrap, organic and inorganic recycling raw materials containing metal, and industrial residues. The segment mainly includes the sites in Lünen (Germany), Olen and Beerse (both in Belgium), and Berango (Spain).

The Custom Smelting & Products segment combines the production facilities for processing concentrates and manufacturing and marketing standard and specialty products such as cathodes, wire rod, shapes, strip products, sulfuric acid, and iron silicate. The Custom Smelting & Products segment is also responsible for precious metal production. The sites in Hamburg (Germany) and Pirdop (Bulgaria) manufacture copper cathodes, which are processed further into wire rod and shapes at the Hamburg (Germany), Olen (Belgium), Emmerich (Germany), and Avellino (Italy) sites. The Buffalo (US), Stolberg (Germany), and Pori (Finland) sites produce flat rolled products and specialty wire products.

The internal reporting is generally based on accounting policies in accordance with IFRS, which are applied in the consolidated financial statements. For internal management purposes, the IFRSbased results are reconciled to the operating result.

The operating result is derived from the IFRS-based financial performance by:

» Adjusting for measurement results deriving from the application of IAS 2. In this context, the metal price fluctuations resulting from the application of the average cost method are eliminated. Likewise, non-permanent write-downs or write-ups of metal inventory values as at the reporting date are eliminated
» Adjusting for reporting date-related effects deriving from market valuations of metal derivatives that haven't been realized, which concern the main metal inventories at our smelter sites
» Eliminating any non-cash effects deriving from purchase price allocations
» Adjusting for effects deriving from the application of IFRS 5

The reconciliation to the IFRS-based consolidated financial statements is shown in the "Reconciliation/consolidation" column. In this connection, a total of € -1,233 thousand (previous year: € 2,528 thousand) of the earnings before taxes (EBT) derives from consolidation impacts, while € 473,680 thousand (previous year: € 144,265 thousand) derives from reconciliation to the IFRS EBT.

The Group generates most of its revenues with business associates in countries within the European Union. The breakdown of external revenues by region is based on the location of the customers, and is as follows:

in € thousand	2020/21	2019/20

Germany	5,724,249	5,458,580
Other European Union countries	5,616,820	3,406,823
Rest of Europe	1,348,885	520,468
Asia	2,000,081	1,953,991
Americas	727,685	691,181
Other	882,117	397,498

Group total	16,299,837	12,428,542

During the fiscal year, no individual business partner of the Aurubis Group was responsible for a revenue share of 10 % or more.

The breakdown of capital expenditure (into intangible assets and property, plant, and equipment) and non-current assets by region is based on the location of the respective assets:

	Capital expenditure		Fixed assets
in € thousand	2020/21	2019/20	2020/21	2019/20

Germany	134,812	147,369	1,069,033	989,739
Bulgaria	57,694	30,322	354,251	339,870
Belgium	35,753	26,982	466,160	484,248
Other European countries	5,597	6,643	29,388	52,195
North America	7,940	8,798	38,877	37,762

Group total	241,796	220,114	1,957,709	1,903,814

The locations in other European countries are mainly operational sites within the European Union.

SEGMENT DATA

The revenues of the individual segments consist of inter-segment revenues and of revenues with non-group third parties. The total third-party revenues of the individual segments correspond to the consolidated revenues of the Group. The prices and conditions for products and services exchanged between Group companies and segments correspond to those with third parties.

		Segment Metal Refining & Segment Processing Flat Rolled Products			Total
	2020/21	2019/20	2020/21	2019/20	2020/21	2019/20
Wire rod	6,208,810	3,907,356	0	0	6,208,810	3,907,356
Copper cathodes	2,900,744	2,497,388	1,789	2,028	2,902,533	2,499,416
Precious metals	3,524,965	3,477,041	0	0	3,524,965	3,477,041
Shapes	1,128,561	688,629	82,543	58,283	1,211,104	746,912
Strip, bars, and profiles	201,688	131,479	1,255,873	941,548	1,457,561	1,073,027
Other	912,314	648,067	82,550	76,723	994,864	724,790
	14,877,082	11,349,960	1,422,755	1,078,582	16,299,837	12,428,542

Operating EBIT represents operating earnings before taxes, adjusted for the financial result attributable to the segment. Based on this, operating EBITDA is operating EBIT adjusted for depreciation of property, plant, and equipment and amortization of intangible assets belonging to the segment.

In addition to scheduled depreciation and amortization, Segment MRP also includes impairment losses recognized against noncurrent assets within the meaning of IAS 36 in the amount of € 8,420 thousand (previous year: € 3,688 thousand). The previous year included impairment losses of € 17,439 thousand, which were recognized against the goodwill of the Copper Products Aurubis Hamburg cash-generating unit (CGU).

Due to the higher demand for copper products, impairment losses of € 3,688 thousand, which had been recognized against the property, plant, and equipment of Segment MRP in the previous year were reversed in the fiscal year reported.

The average number of employees for each segment includes all employees of companies that were fully consolidated in the accompanying consolidated financial statements.

Other disclosures

DISCLOSURES CONCERNING RELATIONSHIPS TO RELATED PARTIES

In accordance with IAS 24, related parties are regarded as all individual persons and entities that can be influenced by, or that can themselves influence, the company.

The employees' representatives on the Supervisory Board received compensation for their employment at Aurubis AG at a level that is normal for the market.

Within the Aurubis Group, various Group companies purchase different types of products and services from and provide different types of products and services to related companies as part of their normal business activities. Such delivery and service relationships are conducted using market prices. In the case of services, these are charged on the basis of existing contracts.

The following amounts relate to joint ventures accounted for using the equity method:

9/30/2021

in € thousand	Income	Expenses	Receivables	Liabilities
Schwermetall Halbzeugwerk GmbH & Co. KG	101,299	34,899	4,355	389
Cablo GmbH	16,463	23,837	11,228	5,170

9/30/2020

in € thousand	Income	Expenses	Receivables	Liabilities
Schwermetall Halbzeugwerk GmbH & Co. KG	35,812	25,216	7	1,262

The following amounts relate to non-consolidated related companies:

9/30/2021

in € thousand	Income	Expenses	Receivables	Liabilities

Joint ventures	0	105	0	36
Subsidiaries	12,565	1,451	1,588	9,708

9/30/2020

in € thousand	Income	Expenses	Receivables	Liabilities
Joint ventures	60	220	108	23
Subsidiaries	7,404	4,650	6,918	10,181

With the exception of Salzgitter AG, no individual shareholders of Aurubis AG are able to exercise a significant influence on the Aurubis Group.

Salzgitter Group companies account for € 184 thousand in expenses for the fiscal year (previous year: € 388 thousand) and income of € 63 thousand (previous year: € 56 thousand). As at the reporting date, there were related liabilities of € 93 thousand (previous year:

€ 18 thousand) and receivables of € 2 thousand (previous year: € 2 thousand).

As at the reporting date, no letters of comfort had been issued to related parties.

SUBSEQUENT EVENTS

In an extraordinary meeting held on November 10, 2021, the Supervisory Board approved the construction of a recycling plant in the US state of Georgia. In the first ever secondary smelter for multimetal recycling to be constructed in the United States, recycling materials containing metals will be processed into 35,000 t of blister copper annually. Aurubis will further process the intermediate products into various industrial and precious metals to a large extent at its European smelter sites. Capital expenditure investments of some € 300 million are planned in this connection.

In November 2021, Aurubis terminated three bonded loans (Schuldscheindarlehen) with variable interest rates, totaling € 152.5 million, with effect from December 23, 2021. These bonded loans were disclosed as non-current liabilities in the statement of financial position as at September 30, 2021, due to their legal contract term.

No further significant events occurred after the reporting date.

DISCLOSURES CONCERNING THE EXECUTIVE BOARD AND SUPERVISORY BOARD TOTAL COMPENSATION

The fixed compensation components consist of the current fixed remuneration, the pension plans, and fringe benefits.

The system for variable compensation includes both annual variable compensation (two-thirds of the annual bonus, due currently) and multiannual variable compensation, which is forwardlooking and not currently due. The multiannual compensation consists of both a performance cash plan covering three fiscal years and a stock deferral component (virtual stock – converted from onethird of the annual bonus) also covering three fiscal years. The ratio of multiannual to annual variable compensation is 60:40.

The total compensation earned by the active Executive Board members for fiscal year 2020/21 amounted to € 3,232,387 (previous year: € 2,007,550) and, in addition to a fixed component in the amount of € 1,860,000 (previous year: € 1,453,333), included fringe benefits of € 93,767 (previous year: € 62,789) and a variable component of € 1,278,620 (previous year: € 491,428). In total, payments for currently due compensation amounted to € 2,934,341 (previous year: € 2,007,550) and payments for compensation not currently due amounted to € 298,046 (previous year: € 0).

In addition, pension provisions in the amount of € 800,000 (previous year: € 730,301) and provisions for virtual deferred stock compensation in the amount of € 685,096 (previous year: € 660,397) were recognized as an expense.

Former members of the Executive Board and their surviving dependents received a total of € 2,862,241 (previous year: € 2,566,683); € 31,976,822 (previous year: € 31,068,407) has been provided for their pension entitlements.

Total compensation includes a share-based compensation component with a cash settlement and a performance cash plan.

The recognition and measurement standards of IFRS 2 are to be applied to the share-based compensation component with a cash settlement. This component involves virtual deferred stock. The resulting obligation equates to the fair value of the virtual stock. The expenses amounted to € 685 thousand in the year reported (previous year: € 660 thousand). The carrying amount of the provisions as at the fiscal year-end was € 1,423 thousand (previous year: € 850 thousand).

Furthermore, expenses of € 1,436 thousand for the performance cash plan were recognized (previous year: € 635 thousand). The carrying amount of the provisions as at the fiscal year-end was € 2,545 thousand (previous year: € 1,295 thousand).

The compensation of the Supervisory Board for fiscal year 2020/21 amounted in total to € 1,549,000 (previous year: € 1,544,000).

Details of the individual compensation of the members of the Executive Board and the Supervisory Board are presented and explained in the compensation report.

REPORTABLE SECURITIES TRANSACTIONS DIRECTORS' DEALINGS

In accordance with Art. 19 Market Abuse Regulation (EU No. 596/2014), the members of the Executive Board and the Supervisory Board must disclose the acquisition and sale of shares in the company. This does not apply if the total transactions per person do not exceed € 20,000 per calendar year.

One member of the Supervisory Board informed the company that he had acquired or sold no-par-value shares in the company in the period from October 1, 2020 to September 30, 2021:

» Frau Dr. Elke Lossin: purchased 1,500 no-par-value shares

Two Executive Board members informed the company that they acquired or sold no-par value shares in the company in the period from October 1, 2020 to September 30, 2021.

» Mr. Roland Harings: purchased 2,000 no-par-value shares
» Dr. Heiko Arnold: purchased 1,000 no-par-value shares

DECLARATION OF CONFORMITY WITH THE GERMAN CORPORATE GOVERNANCE CODE IN ACCORDANCE WITH SECTION161 OF THE GERMAN STOCK CORPORATION ACT (AKTG)

The declaration required under Section161 of the German Stock Corporation Act (AktG) has been issued by the Executive Board and the Supervisory Board and has been made permanently accessible to the shareholders on the company's website.

It is also available online at www.aurubis.com/en/about-aurubis/corporategovernance.

NOTIFICATION PURSUANT TO SECTION160 (1) NO. 8 OF THE GERMAN STOCK CORPORATION ACT (AKTG)

The voting rights notifications, which were issued by shareholders in accordance with Section 33 (1) of the German Securities Trading Act (WpHG), covering transactions that exceed or fall below the relevant notification thresholds and which were received prior to preparation of the financial statements of Aurubis AG, are made available in the separate financial statements of Aurubis AG.

They are also available online at www.aurubis.com/en/aboutus/corporate-governance.

DISCLOSURES CONCERNING AUDITORS' FEES

The following fees were recorded as expenses for fiscal year 2020/21 and the prior year for services rendered by the global Deloitte network:

in € thousand	2020/21	2019/20

Financial statement auditing services	1,152	1,062
Other assurance services	12	21

Total	1,164	1,083

The following fees related to services rendered by auditor Deloitte GmbH Wirtschaftsprüfungsgesellschaft:

in € thousand	2020/21	2019/20

Financial statement auditing services	711	736
Other assurance services	3	2

Total	714	738

Investments

pursuant to Section313 (2) of the German Commercial Code (HGB) as at September 30, 2021

		% of capital held directly
	Company name and registered office	and indirectly	Held by
1	Aurubis AG, Hamburg
	Fully consolidated companies
2	Aurubis Belgium NV/SA, Olen	100	1
3	Aurubis Finland Oy, Pori	100	2
4	Aurubis Holding USA LLC, Buffalo	100	2
5	Aurubis Buffalo Inc., Buffalo	100	4
6	Aurubis Netherlands BV, Zutphen	100	2
7	Aurubis Mortara S. p. A., Mortara	100	2
8	Cumerio Austria GmbH, Vienna	100	1
9	Aurubis Bulgaria AD, Pirdop	99.86	8
10	Aurubis Engineering EAD, Sofia	100	8
11	Aurubis Italia Srl, Avellino	100	1
12	Aurubis Stolberg GmbH & Co. KG, Stolberg	100	1
13	Aurubis Stolberg Asset GmbH & Co. KG, Stolberg	100	12
14	Aurubis UK Ltd., Smethwick	100	12
15	Aurubis Slovakia s. r. o., Dolný Kubín	100	12
16	Cablo Metall-Recycling & Handel GmbH, Fehrbellin	100	1
17	Peute Baustoff GmbH, Hamburg	100	1
18	RETORTE GmbH Selenium Chemicals & Metals, Röthenbach	100	1
19	E. R. N. Elektro-Recycling NORD GmbH, Hamburg	100	1
20	Aurubis Product Sales GmbH, Hamburg	100	1
21	Deutsche Giessdraht GmbH, Emmerich	100	1
22	Metallo Group Holding NV, Beerse	100	1
23	Metallo Belgium NV, Beerse	100	22
24	Metallo Spain S.L.U., Berango	100	23
	Companies accounted for using the equity method
25	Schwermetall Halbzeugwerk GmbH & Co. KG, Stolberg	50	12
26	Cablo GmbH, Gelsenkirchen	40	1

	Company name and registered office	% of capital held directly and indirectly	Held by
	Non-consolidated companies
27	azeti GmbH, Berlin	100	1
28	Aurubis Holding Sweden AB, Stockholm	100	2
29	Aurubis Sweden AB, Finspång	100	28
30	Aurubis Stolberg Verwaltungs-GmbH, Stolberg	100	1
31	Aurubis Stolberg Asset Verwaltungs-GmbH, Stolberg	100	12
32	Hüttenbau-Gesellschaft Peute mbH i.L., Hamburg	100	1
33	Aurubis Hong Kong Ltd., Hong Kong	100	2
34	Aurubis Metal Products (Shanghai) Co., Ltd, Shanghai	100	33
35	Aurubis Rus LLC, St. Petersburg	100	2
36	Retorte do Brasil, Joinville	51	18
37	Schwermetall Halbzeugwerk GmbH, Stolberg	50	12
38	JoSeCo GmbH, Kirchheim/Swabia	50	18
39	Aurubis Middle East FZE, Dubai	100	20
40	Aurubis Turkey Kimya Anonim Sirketi, Istanbul	100	9
41	Aurubis America Holding Inc., Tampa	100	1
42	Aurubis Tampa LLC, Tampa	100	41

Hamburg, December 1, 2021

Executive Board

Chairman Member

Roland Harings Dr. Heiko Arnold

Rainer Verhoeven

Member

Responsibility Statement

We confirm to the best of our knowledge that, in accordance with the applicable reporting principles, the Consolidated Financial Statements give a true and fair view of the assets, liabilities, financial position, and financial performance of the Group, and that the Combined Management Report provides a true and fair view of the development and performance of the business and the position of the Group, together with a description of the principal opportunities and risks associated with the expected development of the Group.

Hamburg, December 1, 2021

The Executive Board

Roland Harings Dr. Heiko Arnold Rainer Verhoeven

Chairman Member Member

Aurubis Annual Report 2020/21

Independent Auditor's Report

Translation – German version prevails

To Aurubis AG, Hamburg/Germany

Report on the audit of the vonsolidated financial statements and of the combined management report

AUDIT OPINIONS

We have audited the consolidated financial statements of Aurubis AG, Hamburg/Germany, and its subsidiaries (the Group) which comprise the consolidated statement of financial position as at 30 September 2021, and the consolidated statement of profit and loss, the consolidated statement of comprehensive income, the consolidated statement of changes in equity and the consolidated statement of cash flows for the financial year from 1 October 2020 to 30 September 2021, and the notes to the consolidated financial statements, including a summary of significant accounting policies. In addition, we have audited the combined management report for the Parent and the Group of Aurubis AG, Hamburg/Germany, for the financial year from 1 October 2020 to 30 September 2021. In accordance with the German legal requirements, we have not audited the content of the consolidated corporate governance statement pursuant to Section 315d German Commercial Code (HGB) com-bined with the corporate governance statement pursuant to Section 289f HGB referred to in the "Legal Disclosure" section of the combined management report, and the separate consolidated non-financial report pursuant to Sections 315b (3) and 315c HGB combined with the separate non-financial report pursuant to Sections 289b (3) and 289c to 289e HGB referred to in the "Separate Non-Financial Report" section of the combined management report.

In our opinion, on the basis of the knowledge obtained in the audit,

» the accompanying consolidated financial statements comply, in all material respects, with the IFRS as adopted by the EU and the additional requirements of German commercial law pursuant to Section 315e (1) HGB and, in compliance with these requirements, give a true and fair view of the assets, liabilities and financial position of the Group as at 30 September 2021 and of its financial performance for the financial year from 1 October 2020 to 30 September 2021, and
» the accompanying combined management report as a whole provides an appropriate view of the Group's position. In all material respects, this combined management report is consistent with the consolidated financial statements, complies with German legal requirements and appropriately presents the

opportunities and risks of future development. Our audit opinion on the combined management report does not cover the content of the consolidated corporate governance statement combined with the corporate governance statement specified above nor the content of the separate consolidated non-financial report combined with the separate non-financial report.

Pursuant to Section 322 (3) sentence 1 HGB, we declare that our audit has not led to any reservations relating to the legal compliance of the consolidated financial statements and of the combined management report.

BASIS FOR THE AUDIT OPINIONS

We conducted our audit of the consolidated financial statements and of the combined management report in accordance with Section 317 HGB and the EU Audit Regulation (No 537/2014; referred to subsequently as "EU Audit Regulation") and in compliance with German Generally Accepted Standards for Financial Statement Audits promulgated by the Institut der Wirtschaftsprüfer (IDW). Our responsibilities under those requirements and principles are further described in the "Auditor's Responsibilities for the Audit of the Consolidated Financial Statements and of the Combined Management Report" section of our auditor's report. We are independent of the group entities in accordance with the requirements of European law and German commercial and professional law, and we have fulfilled our other German professional responsibilities in accordance with these re-quirements. In addition, in accordance with Article 10 (2) point (f) of the EU Audit Regulation, we declare that we have not provided non-audit services prohibited under Article 5 (1) of the EU Audit Regulation. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions on the consolidated financial statements and on the combined management report.

KEY AUDIT MATTERS IN THE AUDIT OF THE CONSOLIDATED FINANCIAL STATEMENTS

Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the consolidated financial statements for the financial year from 1 October 2020 to 30 September 2021. These matters were addressed in the context of our audit of the consolidated financial statements as a whole and in forming our audit opinion thereon; we do not provide a separate audit opinion on these matters.

In the following we present the key audit matters we have determined in the course of our audit:

¹ Accounting of major corporate transactions in relation to the planned partial sale of the Flat Rolled Products segment
² Financial Instruments Hedge Accounting
³ Adjustment of EBT and ROCE for Special Items

Our presentation of these key audit matters has been structured as follows:

^a description (including reference to corresponding information in the consolidated financial statements and in the combined management report)
^b auditor's response

¹ ACCOUNTING OF MAJOR CORPORATE TRANSACTIONS IN RELATION TO THE PLANNED PARTIAL SALE OF THE FLAT ROLLED PRODUCTS SEGMENT

^a In the consolidated financial statements, the balance sheet items "assets held for sale" and "liabilities from assets held for sale" include assets (mEUR 138) and liabilities (mEUR 38) from the Flat Rolled Products disposal group. The disposal group consists of all assets and liabilities of the legal entities Aurubis Netherlands BV, Zupthen/the Netherlands, Aurubis Mortara S.p.A., Mortara/Italy, Aurubis UK Ltd., Smethwick/Great Britain, and Aurubis Slovakia s.r.o., Dolný Kubín/Slovakia. An amount of mEUR 20 before taxes of the assets has been subject to impairment. On 9 August 2021, Aurubis AG signed a term sheet with Intek Group S.p.A., Milan/Italy, on the sale of all shares in the entities stated above. A purchase agreement has not yet been signed. Due to the signed term sheet, the executive directors consider the sale of the assets and liabilities to be highly probable; they therefore recognise this disposal group as held for sale. This matter was considered significant in our audit as the executive directors' assessment as to whether the assets and liabilities covered by the term sheet form a disposal group is subject to their judgement. Furthermore, the measurement of the assets and liabilities to be transferred is complex due to the related requirements of IFRS 5.

The information on the planned sale is contained in the note "Acquisitions and Assets Held for Sale" in the notes to the consolidated financial statements.

^b Firstly, we obtained an understanding of the assessment of Aurubis AG's executive directors and examined to what extent (whether, when and to what amount) the assets and liabilities qualify as a disposal group under IFRS 5. To evaluate the classification of the assets and liabilities to be transferred as held for sale, we had extensive discussions with the executive directors about the related assumptions made by them. Beyond the term sheet underlying the planned transactions, we requested more evidence on the matter, for example minutes of supervisory board meetings and correspondence between Aurubis AG and the potential purchaser. Based on this evidence and other publicly available information researched by us, we evaluated whether and when the conditions for the classification as held for sale have been met. For this purpose, we also requested written statements of the executive directors. After that, we examined the completeness of the assets and liabilities included in the disposal group as well as their differentiation from the assets and liabilities not held for sale. Furthermore, we analysed whether the assets held for sale and related liabilities have been appropriately measured taking into account any necessary need for impairment. Finally, we evaluated whether the recognised amount including the related disclosures in the notes to the consolidated financial statements are appropriate.

² FINANCIAL INSTRUMENTS – HEDGE ACCOUNTING

^a The Aurubis group companies have concluded a large number of contracts for various derivative financial instruments. These serve to hedge risks in connection with foreign exchange rate and commodity prices arising from ordinary business activities based on the hedging policy defined by the executive directors and documented in the relevant internal guidelines. The aim of using derivative financial instruments is to mitigate volatility in relation to earnings and cash flows resulting from changes in exchange rates – mainly in respect to foreign currency selling and purchasing –, and in the copper price in the context of purchasing and selling metal.

The nominal volume of the concluded derivative instruments totals bEUR 5,5 as at 30 September 2021. The fair values of the derivative financial instruments are determined using measurement policies that take into account the market information (market values) at the measurement date. The positive market values of the derivative financial instruments used for hedging purposes total mEUR 122 net as at 30 September 2021; the negative market values amount to mEUR 165. To the extent the financial instruments used by Aurubis Group constitute effective hedging instruments for future cash flows as part of hedging relationships pursuant to the provisions of IFRS 9, fair value changes are directly recognised in equity over the duration of the hedging relationship until maturity of the hedged cash flows (effective portion). As at the balance sheet date, the cumulative expenses and income before income taxes recognised directly in equity amounted to mEUR 18.3. In our opinion and in light of the high complexity and number of transactions as well as the extensive requirements concerning accounting and disclosures to be made in the notes to the financial statements, these matters were considered significant in our audit.

The information provided by the Group concerning the recognition of derivative financial instruments are included in note 30 "Financial Instruments" of the notes to the consolidated financial statements as well as in the reporting on opportunities and risks of the combined management report.

^b Within the scope of our audit and in consultation with our internal specialists from the Financial Risk function, we reviewed, inter alia, the contractual and financial basis, and obtained an understanding of the recognition, including the effects on equity and earnings from the various hedging instruments. In concert with these specialists, we reviewed the Company's system of internal control as regards derivative financial instruments, including internal monitoring of compliance with the hedging policy, and the controls on design, implementation and effectiveness. Moreover, in auditing the fair value measurement of the financial instruments, we also reconstructed the measurement methods on the basis of market data for a representative set of samples. We analysed the methods applied as well as their appropriate systemic implementation to assess the effectiveness of the hedging relationships. Our assessment of the completeness of the recognised transactions and the assessment of the fair values of the recognised transactions were based on confirmations from banks and brokers. As regards the expected cash flows and the assessment of the effectiveness of the hedges, we evaluated the levels of hedging carried out in the past on a mainly retrospective basis. We have audited the completeness and accuracy of the disclosures made in the notes to the financial statements.

³ ADJUSTMENT OF EBT AND ROCE FOR SPECIAL ITEMS

^a For Aurubis Group's controlling and analysis purposes, operating EBT (earnings before taxes) and operating ROCE (return on capital employed), each adjusted for special items, are used. The adjustments are presented in the segment reporting of the consolidated financial statements of Aurubis AG, if applicable, firstly, eliminating the items of discontinued operations and, secondly, removing the following impacts on valuation: valuation results from applying IAS 2 as well as valuation of metal derivatives of main metals of the smelting companies and non-cash effects from purchase price allocations. In the consolidated financial statements, EBT adjustments of mEUR -492 from inventory valuation effects and of mEUR 20 from effects in fixed assets are presented. Operating EBT and operating ROCE are used by the executive directors within the scope of their capital market communication as the central key financial performance indicators. Moreover, both ratios are deployed to measure the degree of target achievement for the annual performancebased remuneration of the Aurubis Group employees. As these key performance indicators are determined on the basis of the internal requirements of Aurubis Group, which implies a risk that discretion is exercised unilaterally by the executive directors, the adjustments of operating EBT and operating ROCE employed were classified as key audit matters as part of our audit.

The disclosures of the Group for the derivation and presentation of financial ratios are presented in the "Economic Development of Aurubis Group" section of the combined management report as well as in the segment reporting in the notes to the consolidated financial statements.

^b Firstly, we examined the systematic and consistent adjustment of these ratios. We reconstructed, inter alia, how the operating EBT and operating ROCE are determined and reviewed the consistency of the adjustments identified by the executive directors with the internal requirements. Related to this, by using the knowledge obtained in the audit and the information provided to us by the executive directors, we examined whether the adjustments made are consistent with the related disclosures in the combined management report, in particular, those contained in the remuneration report and the explanations in the segment reporting.

OTHER INFORMATION

The executive directors and the supervisory board are responsible for the other information. The other information comprises

» the report of the supervisory board,
» the consolidated corporate governance statement pursuant to Section 315d HGB combined with the corporate governance statement pursuant to Section 289f HGB referred to in the section "Legal Disclosure" of the combined management report,
» the separate consolidated non-financial report pursuant to Sections 315b (3) and 315c HGB combined with the separate nonfinancial report pursuant to Sections 289b (3) and 289c to 289e HGB that is referred to in the "Separate Non-Financial Report" section of the combined management report and which is expected to be provided to us after the date of this Independent Auditor's Report,
» the executive directors' confirmation pursuant to Section 297 (2) sentence 4 and Section 315 (1) sentence 5 HGB, respectively, regarding the consolidated financial statements and the combined management report, and,
» all other parts of the annual report,
» but not the consolidated financial statements, not the audited content of the combined management report and not our auditor's report thereon.

The supervisory board is responsible for the report of the supervisory board. The executive directors and the supervisory board as well are responsible for the declaration according to Section 161 German Stock Corporation Act (AktG) on the German Corporate Governance Code, which is part of the consolidated corporate governance statement combined with the corporate governance statement. Apart from that, the executive directors are responsible for the other information.

Our audit opinions on the consolidated financial statements and on the combined management report do not cover the other information, and consequently we do not express an audit opinion or any other form of assurance conclusion thereon.

In connection with our audit, our responsibility is to read the other information stated above and, in so doing, to consider whether the other information

» is materially inconsistent with the consolidated financial statements, with the audited content of the combined management report or our knowledge obtained in the audit, or
» otherwise appears to be materially misstated.

RESPONSIBILITIES OF THE EXECUTIVE DIRECTORS AND THE SUPERVISORY BOARD FOR THE CONSOLIDATED FINANCIAL STATEMENTS AND THE COMBINED MANAGEMENT REPORT

The executive directors are responsible for the preparation of the consolidated financial statements that comply, in all material respects, with IFRS as adopted by the EU and the additional requirements of German commercial law pursuant to Section 315e (1) HGB, and that the consolidated financial statements, in compliance with these requirements, give a true and fair view of the assets, liabilities, financial position and financial performance of the Group. In addition, the executive directors are responsible for such internal control as they have determined necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the consolidated financial statements, the executive directors are responsible for assessing the Group's ability to continue as a going concern. They also have the responsibility for disclosing, as applicable, matters related to going concern. In addition, they are responsible for financial reporting based on the going concern basis of accounting unless there is an intention to liquidate the Group or to cease operations, or there is no realistic alternative but to do so.

Furthermore, the executive directors are responsible for the preparation of the combined management report that as a whole provides an appropriate view of the Group's position and is, in all material respects, consistent with the consolidated financial statements, complies with German legal requirements, and appropriately presents the opportunities and risks of future development. In addition, the executive directors are responsible for such arrangements and measures (systems) as they have considered necessary to enable the preparation of a combined management report that is in accordance with the applicable German legal requirements, and to be able to provide sufficient appropriate evidence for the assertions in the combined management report.

The supervisory board is responsible for overseeing the Group's financial reporting process for the preparation of the consolidated financial statements and of the combined management report.

AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE CONSOLIDATED FINANCIAL STATEMENTS AND OF THE COMBINED MANAGEMENT REPORT

Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and whether the combined management report as a whole provides an appropriate view of the Group's position and, in all material respects, is consistent with the consolidated financial statements and the knowledge obtained in the audit, complies with the German legal requirements and appropriately presents the opportunities and risks of future development, as well as to issue an auditor's report that includes our audit opinions on the consolidated financial statements and on the combined management report.

Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Section 317 HGB and the EU Audit Regulation and in compliance with German Generally Accepted Standards for Financial Statement Audits promulgated by the Institut der Wirtschaftsprüfer (IDW) will always detect a material misstatement. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements and this combined management report.

We exercise professional judgement and maintain professional scepticism throughout the audit. We also

» identify and assess the risks of material misstatement of the consolidated financial statements and of the combined management report, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our audit opinions. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls.
» obtain an understanding of internal control relevant to the audit of the consolidated financial statements and of arrangements and measures relevant to the audit of the combined management report in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an audit opinion on the effectiveness of these systems.
» evaluate the appropriateness of accounting policies used by the executive directors and the reasonableness of estimates made by the executive directors and related disclosures.
» conclude on the appropriateness of the executive directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in the auditor's report to the related disclosures in the consolidated financial statements and in the combined management report or, if such disclosures are inadequate, to modify our respective audit opinions. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Group to cease to be able to continue as a going concern.
» evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and whether the consolidated financial statements present the underlying transactions and events in a manner that the consolidated financial statements give a true and fair view of the assets, liabilities, financial position and financial performance of the Group in compliance with IFRS as adopted by the EU and with the additional requirements of German commercial law pursuant to Section 315e (1) HGB.
» obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express audit opinions on the consolidated financial statements and on the combined management report. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinions.
» evaluate the consistency of the combined management report with the consolidated financial statements, its conformity with German law, and the view of the Group's position it provides.
» perform audit procedures on the prospective information presented by the executive directors in the combined management report. On the basis of sufficient appropriate audit evidence we evaluate, in particular, the significant assumptions used by the executive directors as a basis for the prospective information, and evaluate the proper derivation of the prospective information from these assumptions. We do not express a separate audit opinion on the prospective information and on the assumptions used as a basis. There is a substantial unavoidable risk that future events will differ materially from the prospective information.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with the relevant independence requirements, and communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, the related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the consolidated financial statements of the current period and are therefore the key audit matters. We describe these matters in the auditor's report unless law or regulation precludes public disclosure about the matter.

Other legal and regulatory requirements

REPORT ON THE AUDIT OF THE ELECTRONIC REPRODUCTIONS OF THE CONSOLIDATED FINANCIAL STATEMENTS AND OF THE COMBINED MANAGEMENT REPORT PREPARED FOR PUBLICATION PURSUANT TO SECTION 317 (3A) HGB

AUDIT OPINION

We have performed an audit in accordance with Section 317 (3a) HGB to obtain reasonable assurance whether the electronic reproductions of the consolidated financial statements and of the combined management report (hereinafter referred to as "ESEF documents") prepared for publication, contained in the provided file, which has the SHA256: BA85129E1C94A46D5ED156 6A26D3E-5AAF17DE167E5355D56B3578220AEDCF6AF, meet, in all material respects, the requirements for the electronic reporting format pursuant to Section 328 (1) HGB ("ESEF format"). In accordance with the German legal requirements, this audit only covers the conversion of the information contained in the consolidated financial statements and the combined management report into the ESEF format, and therefore covers neither the information contained in these electronic reproductions nor any other information contained in the file identified above.

In our opinion, the electronic reproductions of the consolidated financial statements and of the combined management report prepared for publication contained in the provided file identified above meet, in all material respects, the requirements for the electronic reporting format pursuant to Section 328 (1) HGB. Beyond this audit opinion and our audit opinions on the accompanying consolidated financial statements and on the accompanying combined management report for the financial year from 1 October 2020 to 30 September 2021 contained in the "Report on the Audit of the Consolidated Financial Statements and of the Combined Management Report" above, we do not express any assurance opinion on the information contained within these electronic reproductions or on any other information contained in the file identified above.

BASIS FOR THE AUDIT OPINION

We conducted our audit on the electronic reproductions of the consolidated financial statements and of the combined management report contained in the provided file identified above in accordance with Section 317 (3a) HGB and on the basis of the IDW Auditing Standard: Audit of the Electronic Reproductions of Annual Financial Statements and Management Reports Prepared for Publication Purposes Pursuant to Section 317 (3a) HGB (IDW AuS 410 (10.2021)). Our responsibilities in this context are further described in the "Group Auditor's Responsibilities for the Audit of the ESEF Documents" section. Our audit firm has applied the IDW Standard on Quality Management: Requirements for Quality Management in the Audit Firm (IDW QS 1).

RESPONSIBILITIES OF THE EXECUTIVE DIRECTORS AND THE SUPERVISORY BOARD FOR THE ESEF DOCUMENTS

The executive directors of the Parent are responsible for the preparation of the ESEF documents based on the electronic files of the consolidated financial statements and of the combined management report according to Section 328 (1) sentence 4 no. 1 HGB and for the tagging of the consolidated financial statements according to Section 328 (1) sentence 4 no. 2 HGB.

In addition, the executive directors of the Parent are responsible for such internal controls that they have considered necessary to enable the preparation of ESEF documents that are free from material intentional or unintentional non-compliance with the requirements for the electronic reporting format pursuant to Section 328 (1) HGB.

The supervisory board is responsible for overseeing the process for preparing the ESEF documents as part of the financial reporting process.

GROUP AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE ESEF DOCUMENTS

Our objective is to obtain reasonable assurance about whether the ESEF documents are free from material intentional or unintentional non-compliance with the requirements of Section 328 (1) HGB. We exercise professional judgement and maintain professional scepticism throughout the audit. We also

» identify and assess the risks of material intentional or unintentional non-compliance with the requirements of Section 328 (1) HGB, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our audit opinion.
» obtain an understanding of internal control relevant to the audit on the ESEF documents in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an assurance opinion on the effectiveness of these controls.
» evaluate the technical validity of the ESEF documents, i.e. whether the provided file containing the ESEF documents meets the requirements of the Delegated Regulation (EU) 2019/815, in the version in force at the balance sheet date, on the technical specification for this electronic file.
» evaluate whether the ESEF documents enable an XHTML reproduction with content equivalent to the audited consolidated financial statements and to the audited combined management report.
» evaluate whether the tagging of the ESEF documents with Inline XBRL technology (iXBRL) in accordance with the requirements of Articles 4 and 6 of the Delegated Regulation (EU) 2019/815, in the version in force at the balance sheet date, enables an appropriate and complete machine-readable XBRL copy of the XHTML reproduction.

FURTHER INFORMATION PURSUANT TO ARTICLE 10 OF THE EU AUDIT REGULATION

We were elected as group auditor by the annual general meeting on 11 February 2021. We were engaged by the supervisory board on 12 February 2021. We have been the group auditor of Aurubis AG, Hamburg/Germany, without interruption since the financial year 2018/2019.

We declare that the audit opinions expressed in this auditor's report are consistent with the additional report to the audit committee pursuant to Article 11 of the EU Audit Regulation (long-form audit report).

Other matter – Use of the Auditor's Report

Our auditor's report must always be read together with the audited consolidated financial statements and the audited combined management report as well as the audited ESEF documents. The consolidated financial statements and the combined management report converted into the ESEF format – including the versions to be published in the Federal Gazette – are merely electronic reproductions of the audited consolidated financial statements and the audited combined management report and do not take their place. In particular, the ESEF report and our audit opinion contained therein are to be used solely together with the audited ESEF documents made available in electronic form.

German public auditor responsible for the engagement

The German Public Auditor responsible for the engagement is Annika Deutsch.

Hamburg/Germany, 1 December 2021

Deloitte GmbH Wirtschaftsprüfungsgesellschaft

Signed: Christian Dinter Signed: Annika Deutsch Wirtschaftsprüfer Wirtschaftsprüferin

(German Public Auditor) (German Public Auditor)

Glossary

Explanation of technical terms

Aurubis Operating System (AOS): Management system for achieving continuous and sustainable process improvement.

Blister copper: Unrefined porous copper. During solidification, dissolved gases form small blisters in the copper. Blister copper is also purchased as a raw material.

CDP: (Formerly Carbon Disclosure Project) non-profit organization with the objective of encouraging companies and towns to publish their environmental data.

Closing the loop: For Aurubis, "closing the loop" means turning customers into suppliers. In the process, copper scrap or production waste that accumulates in the value chain through our customers' production processes is directly delivered back to us by the customers. This helps us close material cycles.

Complex materials: Both primary and secondary raw materials are becoming more complex, meaning their copper content is decreasing and the levels of other elements and impurities contained in them are increasing.

Compliance: Compliance means conforming to certain rules. Apart from laws, directives, and other standards, it also refers to internal corporate guidelines (e.g., codes of conduct).

Conflict minerals: Currently four minerals: tin, tantalum, tungsten, and gold. Trade with these minerals involves the risk of supporting and prolonging conflicts in politically unstable areas. As a result, importers of these minerals are subject to special due diligence requirements, for example through the EU Conflict Minerals Regulation. The internationally recognized OECD Due Diligence Guidance for Responsible Supply Chains of Minerals from Conflict-Affected and High-Risk Areas serves as a due diligence guide.

Continuous cast shapes: Products manufactured from endless strands produced in a continuous casting process. Continuous cast shapes are processed into sheets, foils, profiles, and tubes by rolling and extrusion.

Continuous cast wire rod: Semifinished product produced in a continuous process and used for the fabrication of copper wire.

Converter slag: Hardened melt that forms in the converter during the smelting process. Like natural stone, it can be further processed.

Copper cathodes: Quality product of the copper tankhouse (copper content: 99.99 %) and the first marketable product in copper production.

Copper concentrates: A product resulting from the processing (enriching) of copper ores, Aurubis' main raw material. Since copper is found almost exclusively in ores, in compound form, and in low concentrations (usually below 1 % copper content), the ores are enriched in processing facilities into concentrates (copper content of 25 to 40 %) after being mined.

Copper premium: Surcharge for high-quality cathodes, which are used for the production of continuous cast wire rod and continuous cast shapes, among other products.

EMAS: Eco-Management and Audit Scheme (also known as the EU eco-audit). EMAS was developed by the EU and is a joint system comprising environmental management and environmental auditing for organizations that want to improve their environmental performance.

ESG: Environment, social, and corporate governance. ESG refers to the dimensions of corporate responsibility and is generally used in the context of sustainability-related investments.

ESG-linked Schuldschein loan (bonded loan): A Schuldschein loan (bonded loan) with components linked to sustainability criteria. See "ESG."

Global Reporting Initiative (GRI): This organization publishes the GRI Standards, which are the standards and indicators for sustainability reporting. The GRI Standards are established internationally as a framework for voluntary sustainability reporting. Green hydrogen: Hydrogen that is produced using only electricity from renewable energies, i.e., in a CO2-free process.

ILO Core Labour Standards: The Core Labour Standards of the International Labour Organization (ILO) of the United Nations comprise four basic principles: upholding freedom of association and the right to collective bargaining, eliminating forced labor, abolishing child labor, and eliminating discrimination in respect of employment and occupation. These are found in the eight fundamental ILO Conventions, which are referred to as the ILO Core Labour Standards.

Iron silicate: A by-product of copper production in the refining process. Formed using sand from iron that is chemically bonded to copper concentrates and recycling raw materials. Mainly used in the construction industry as granules/sand or in lump form.

ISO 14001: An international standard that establishes the criteria for setting up and monitoring companies' environmental management systems. A company can receive proof of a functioning environmental management system (certification) through an external expert.

ISO 45001: An international, intersectoral standard that regulates the requirements for and implementation of companies' occupational health and safety management systems. It replaces the OHSAS 18001 standard.

ISO 50001: An international standard that establishes criteria for initiating, operating, and continuously improving an energy management system. The objective of the standard is to steadily improve companies' energy-related performance. Energy-intensive companies have to be certified in accordance with EMAS or ISO 50001 to be eligible to receive concessions on the levies under the German Renewable Energies Act.

KPI: Key performance indicator; a parameter that can be used to measure a company's performance in a certain area.

KRS: Kayser Recycling System, a modern recycling plant in Lünen for the treatment of a wide range of copper-bearing secondary raw materials.

Life cycle analysis: Observes and calculates the ecological impacts of a product during its entire lifetime, from the raw material source to disposal.

Location-based: Method for calculating indirect CO2 emissions (Scope 2). CO2 emissions that are related to the production of bought-in electricity or energy of other kinds are measured using average emission factors for the region where the company is located. See also "market-based."

London Bullion Market Association (LBMA): An important trading market for gold and silver independent of the exchanges. The gold and silver ingots traded through the LBMA have to fulfill certain quality requirements.

London Metal Exchange (LME): The most important metal exchange in the world, with the highest turnover.

LTIFR: Lost time injury frequency rate (accident frequency).

Market-based: Method for calculating indirect CO2 emissions (Scope 2). CO2 emissions that are related to the production of bought-in electricity or energy of other kinds are measured using the data of the energy supplier or the purchased product. The emission factor is therefore directly related to the type of energy source. See also "location-based."

Materiality analysis: A materiality analysis serves to establish the content of non-financial reports or sustainability reports in general, or is used as the foundation for developing sustainability strategies. During the analysis, the sustainability topics that are especially relevant for the company in question are identified.

Metal gain: Metal yield that a smelter can extract beyond the paid metal content in the raw input materials.

Primary copper production: Production of copper from copper concentrates.

Product surcharge: Fee for the processing of copper cathodes into copper products.

REACH: The REACH regulation has been in force in the European Union since 2007. REACH stands for "Registration, Evaluation, Authorisation and Restriction of Chemicals." The objective of the regulation is to record all material flows in the EU.

Recycling materials: Materials in a circular economy. They arise as residues from production processes or during the preparation of end-of-life products and rejects.

Science-based targets (SBT): The Science Based Targets initiative (SBTi) was founded by the CDP, the UN Global Compact, the World Resources Institute, and the World Wide Fund for Nature (WWF). With the jointly developed method, companies can calculate targets related to how quickly and to what extent they have to reduce their greenhouse gas emissions to limit global warming to 1.5°C – referred to as science-based targets.

Science Based Targets initiaitve (SBTi): See "Science-based targets (SBT)."

Secondary copper production: Production of copper from recycling materials.

Settlement: Official cash selling rate on the LME. Price basis in annual sales agreements.

Spot market: Daily business, market for prompt deliveries.

Sustainable finance: This term refers to the inclusion of environmental, social, and governance-related criteria in investment decisions in the financial sector. The objective of sustainable finance is to promote long-term investments in sustainable business activities and projects.

Tankhouse: An electrochemical process, the last refining stage in metal recovery, takes place in the tankhouse. For copper, anodes and cathodes are hung in a sulfuric acid solution (electrolyte) and connected to an electric current. Copper and baser elements (e.g., nickel) are then dissolved from the anode in the electrolyte. Copper from the solution is deposited on the cathode with a purity of 99.99%. Precious metals (e.g., silver and gold) and insoluble components settle as "anode slimes" on the bottom of the tankhouse cell.

Treatment and refining charges (TC/RCs), refining charges (RCs): Surcharges on the purchase price of metals, charged for turning these raw materials into the commodity exchange product – copper cathodes – and other metals.

UN Guiding Principles on Business and Human Rights: A global instrument for preventing and handling the risk of negative impacts on human rights in connection with business activities. www.unglobalcompact.org/library/2

Explanation of financial terms

Capital employed: The sum of equity, provisions for pension liabilities, and financial liabilities, less cash and cash equivalents.

EBIT: Earnings before interest and taxes are an indicator of a company's operative earning power, ignoring its capital structure.

EBITDA: Earnings before interest, taxes, depreciation, and amortization are an indicator of a company's operative earning power, ignoring its capital structure and propensity to invest.

EBT: Earnings before taxes are an indicator of a company's earning power.

Free cash flow: The generated surplus of cash and cash equivalents, taking into account cash-related changes in working capital, and after deducting capital expenditure, interest payments, and dividend payments. It is available for a company's dividend and interest payments, as well as for the redemption of financial liabilities.

Net borrowings: Consist of long- and short-term financial liabilities, less cash and cash equivalents.

Net cash flow: The generated surplus of cash and cash equivalents after taking into account cash-related changes in working capital. It is available for payments in conjunction with a company's investing and financing activities.

ROCE: Return on capital employed is the ratio of EBIT to capital employed as at the balance sheet date. It describes the efficiency with which capital was utilized during the reporting period.

Imprint

If you would like more information, please contact:

Aurubis AG

Hovestrasse 50 20539 Hamburg, Germany [email protected] www.aurubis.com

Investor Relations

Angela Seidler Vice President Investor Relations, Corporate Communications & Sustainability Phone +49 40 7883-3178 Fax +49 40 7883-3130 [email protected]

Elke Brinkmann

Head of Investor Relations Phone +49 40 7883-2379 Fax +49 40 7883-3130 [email protected]

Ferdinand von Oertzen Specialist Investor Relations Phone +49 40 7883-3179 Fax +49 40 7883-3130 [email protected]

Concept, consulting, and design

Kirchhoff Consult AG, Hamburg, Germany

The Notes to the Consolidated Financial Statements were compiled with the support of firesys.

Photos

Aurubis AG Getty Images

Print

Beisner Druck GmbH & Co. KG, Buchholz in der Nordheide, Germany

Disclaimer

This information contains forward-looking statements based on current assumptions and forecasts. Various known and unknown risks, uncertainties, and other factors could have the impact that the actual future results, financial situation, or developments differ from the estimates given here. We assume no liability to update forwardlooking statements.

Paper

Printed on FSC-certified paper. By using FSC paper, we are actively supporting the preservation of our forests, promoting plant and wildlife

protection, and are taking a stand against human exploitation of forest resources.

Additional environmental measures

CO2 -neutral production with a Gold Standard certificate.

www.klima-druck.de/klimainitiative/?lang=en

The paper and the printer are certified in accordance with the current Blauer Engel DE-UZ 195 standard.

Financial calendar

2/7/2022	Quarterly Report on the First 3 Months 2021/22
2/17/2022	Annual General Meeting
5/10/2022	Interim Report on the First 6 Months 2021/22
8/5/2022	Quarterly Report on the First 9 Months 2021/22
12/7/2022	Annual Report 2021/22

Our fiscal year starts on October 1 and ends on September 30.

5-Year Overview

Aurubis Group (IFRS)

		2020/21	2019/20	2018/19	2017/18	2016/17
Results
Revenues	€m	16,300	12,429	11,897	11,694	9,880
EBITDA	€m	1,049	585	415	502	545
Operating EBITDA1	€m	565	415	359	462	440
EBIT	€m	830	376	275	369	424
Operating EBIT 1	€m	366	223	208	332	308
EBT	€m	825	367	264	368	408
Operating EBT 1, 2	€m	353	221	192	329	298
Consolidated net income	€m	613	265	193	294	318
Operating consolidated net income 1	€m	266	167	138	265	236
Net cash flow	€m	812	459	272	203	480
Capital expenditure	€m	256	237	224	182	175
Operating ROCE2	%	15.6	9.3	8.6	15.0	15.1
Consolidated statement of financial position
Total assets	€m	6,613	5,534	4,535	4,503	4,361
Fixed assets	€m	1,958	1,904	1,560	1,528	1,489
Depreciation and amortization	€m	219	210	140	133	121
Equity	€m	3,443	2,851	2,598	2,566	2,366
Aurubis shares
Market capitalization	€m	2,939	2,614	1,838	2,708	3,081
Earnings per share	€	14.03	5.95	4.28	6.52	7.80
Operating earnings per share 1	€	6.10	3.73	3.08	5.87	5.21
Dividend per share 3	€	1.60	1.30	1.25	1.55	1.45

¹ Values have been "operationally" adjusted for measurement effects deriving from the application of IAS 2. In consequence, metal price fluctuations resulting from the use of the average cost method, as well as non-permanent write-downs or write-ups of metal inventory values as at the reporting date, are eliminated. Adjustments are also made for reporting date-related effects deriving from market valuations of metal derivatives that haven't been realized, which concern the main metal inventories at our smelter sites. Furthermore, items of property, plant, and equipment included in fixed assets have been adjusted for measurement impacts deriving from purchase price allocations from FY 2010/11 onwards.

2 Corporate control parameter.

3 The 2020/21 figure represents the proposed dividend.

aurubis.com

Metals for Progress

Aurubis AG Hovestrasse 50 20539 Hamburg, Germany Phone +49 40 7883-0 Fax +49 40 7883-2255 [email protected]

Driving Sustainable Growth

Annual Report 2020/21

AI Terminal

Aurubis AG

41_10-k_2021-12-23_841986e4-dae0-4601-88af-97710dcdf7c5.pdf

Driving Sustainable Growth

Contents

Interview with the Executive Board

– Roland Harings, CEO

What is the Executive Board's most important task while guiding the Group into the future?

Does the strategy's focus on recycling now mean that primary raw materials won't play such a big role at Aurubis anymore, Heiko?

None of this works without investments. Aurubis wants to grow strategically. What does that mean from a financial perspective, Rainer?

Metals for Progress:

The pillars of our strategy

– Roland Harings, CEO

Securing, strengthening, and expanding the core business

Growth options

Sustainability

A discussion with Thomas Sturm

What was the starting point for developing the new strategy?

How pleased are you with the result?

What stood out during the development process?

Implementation and sustainability

Segmentation

Three questions for Christian Obst, Equity Analyst at

Your job is to monitor companies and their development and to offer stock investment recommendations. What role does a company's strategy play in this?

What makes a good strategy, in your opinion?

In your view, what developments need to be considered right now, especially for Aurubis?

Strengthen

18 Page Page

PIP and CI:

From the idea to the improvement

Higher concentrate throughput in the Digital Factory

Lean network control with a digital business partner portal

Higher throughput

Good collaboration with our customers – in the Aurubis Digital Innovation Lab (InnoLab)

ASPA:

Innovative metal recycling in Beerse

The new hydrometallurgical process

– Heiko Arnold, COO

Next-level metal recycling

Prime example of the integration of Metallo

More capacities thanks to modernization

Renovation during ongoing production

Potential for production expansion

RDE:

exhaust system

Largest environmental protection investment since the 1980s

Innovative and powerful

Grow

Aurubis Modular Recycling System:

Growth through recycling

Efficient, flexible, low-risk: More growth with modular recycling capacities

Flexible setup, integrated processes, and long-term value creation

– Roland Harings, CEO

Sustainable growth through expansion into the US recycling market

Seamless integration into our smelter network

Battery recycling: Solutions for sustainable mobility

Nickel, cobalt, manganese, and lithium

On the move with batteries

We can do complex

Sustain

Science Based Targets initiative:

A commitment to climate protection

New requirements for emission reduction

Objective parameters based on science

CO2 reduction targets until 2030

"We support the European climate targets and will make a key contribution as a company."

A variety of measures to achieve the targets

Solar plant in Bulgaria:

In-house energy production

Photovoltaic project on a new scale

Reducing emissions with in-house electricity

Hydrogen:

Metallurgical purification without emissions

Successful pilot project

The foundation for a future with hydrogen

Tomorrow Metals by Aurubis:

Our sustainability promise to customers

A strong label for a strong promise

Four pillars provide a reliable footing

Tomorrow Metals is based on four pillars