Quarterly Report • May 12, 2010
Quarterly Report
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1 October 2009 to 31 March 2010
| I. Highlights | 3 |
|---|---|
| II. Group key figures | 4 |
| III. Interim Group management report for the first half-year 2009/10 | 5 |
| 1. Copper market | 5 |
| 2. Results of ope rations, financial position and net assets |
5 |
| 3. Business Units | |
| - Business Unit Primary Copper |
8 |
| - Business Unit Recycling / Prec ious Metals |
9 |
| - Business Unit Coppe r Products |
10 |
| 4. Human resources | 12 |
| 5. Research and d evelopment |
12 |
| 6. Aurubis shares | 12 |
| 7. Corporate governance | 13 |
| 8. Operating and strategic measures for corpor ate development |
13 |
| 9. Risk and opportunity management |
14 |
| 10. Outlook | 14 |
| IV. In terim consolidated financial statements for the first half-year 2009/10 16 |
|
| Consolidated balance sheet | 16 |
| Consolidated income statement | 18 |
| Consolidated statement of compre hensive income |
19 |
| Consolidated cash flow statement | 20 |
| Consolidated statement of chan ges in equity |
21 |
| Selected notes to the financial statements |
22 |
| Consolidated seg ment reporting |
23 |
| V. Responsibility statement | 24 |
| VI. Dates and contacts | 25 |
ond us confirming the significantly improved business performance compared with the Hamburg, 7 May 2010 – Aurubis AG (Aurubis) again achieved a good result in the sec quarter, th prior year.
gs cts. the ons ), in ow recovered again in the course of Earnings before taxes (EBT) totalling € 167 million (€ -59 million in the prior year) were generated for the first six months. The increased copper prices had an influence on earnin to the extent of € 90 million (€ -66 million in the prior year) in the form of valuation effe The operating EBT after deduction of the valuation effects amounted to € 77 million. At same time the second quarter was burdened with one-off effects from increased provisi as a result of our option plan and higher logistics costs caused by the severe winter in the amount of € 8 million. Revenues rose to € 4.5 billion (€ 3.0 billion in the prior year particular due to the higher metal prices. The net cash fl the half-year and accumulated amounted to € -123 million.
e of hed The the ical demand resulting from ed After the copper price had already had a firm tendency in the first quarter with an averag US\$ 6,643/t (LME Settlement), it moved further upwards in the second quarter and reac the highest level in the half-year by the end of March in the amount of US\$ 7,830/t. average price for the quarter amounted to US\$ 7,243/t. This development reflects increasing economic recovery in the industrial nations that was also visible in the phys product business. It covered up the possible adverse impact on China's more restrictive monetary policy and the financial crisis in Greece and encourag investor interest. The copper stocks at the LME warehouses declined.
ply, are he ls remained good. Accordingly the ket situation for The trend on the copper concentrate market was still characterised by the short sup resulting in unsatisfactory treatment and refining charges. Although new mining projects being processed, they are as yet not ready for production to a sufficient degree. T availability of copper scrap and other recycling materia refining charges for these raw materials were at a high level. The mar precious metal-bearing raw materials was similarly positive.
The sulphuric acid market has recovered further in the course of this fiscal year.
000 ose at the same time The Business Unit (BU) Primary Copper increased the concentrate throughput to 1,059, tonnes (1,043,000 tonnes in the prior year). The sulphuric acid output r to 1,088,000 tonnes (1,054,000 tonnes in the prior year). The BU's cathode output reached a new high of 468,000 tonnes of cathodes (443,000 tonnes in the prior year).
nes s of r). BU Recycling/Precious Metals likewise increased the cathode output to 106,000 ton (102,000 tonnes). The production output of precious metals also increased, to 17.1 tonne gold (15.1 tonnes in the prior year) and to 641 tonnes of silver (553 tonnes in the prior yea
larly significant growth has been reported in BU Copper Products. The production continuous cast wire rod (ROD) rose to 368,000 tonnes (327,000 tonnes in the prior pes increased to 106,000 tonnes (84,000 tonnes in the prior ear). Particu output of year), while the output of sha y
Before revaluation of LIFO inventories using the average cost method
| 12 mon ths 08/09 |
1st half-y ear 08/09 |
1st half-y ear 09/10 |
Differ ence in % |
||
|---|---|---|---|---|---|
| Revenues | €m | 6,687 | 3,030 | 4,544 | +50 |
| Gross profit | €m | 639 | 246 | 448 | +82 |
| Personnel expenses | €m | 270 | 139 | 143 | +3 |
| Depreciation and amortisa tion |
€m | 106 | 53 | 53 | 0 |
| EBITDA | €m | 216 | 17 | 232 | +1,265 |
| EBIT | €m | 111 | (35) | 180 | - |
| EBT | €m | 73 | (59) | 167 | - |
| Net income | €m | 53 | (53) | 119 | - |
| Earnings per share | € | 1.2 8 |
(1.3 0) |
2.90 | - |
| Gross cash flow | €m | 283 | 194 | 99 | -49 |
| Net cash flow | €m | 645 | 248 | -123 | - |
| Capital expenditure (excl. financial fixed assets) |
€m | 11 1 |
52 | 100 | +92 |
| Copper price (average) |
US\$/t | 4,480 | 3,689 | 6,940 | +88 |
| Human resources (average) |
4,726 | 4,746 | 4,746 | 0 |
age tors' was ess was tum risis in The firm price trend continued in the second quarter on the copper market with an aver LME price of US\$ 7,243/t (US\$ 6,643\$/t in the first quarter), to which institutional inves engagements probably made the greatest contribution. At the end of the quarter, copper quoted at US\$ 7,830/t. It was only in the first half of February that the price amounted to l than US\$ 7,000/t. This temporary decline was due to China's announcement that it changing to a more restrictive monetary policy, which dampened the economic momen and resulted in reduced demand for raw materials in the country. The financial c Greece and the resultant weaker Euro also weighed on the price performance at this time.
and . In ng, at a lso nd, also As of mid February, longer-term fundamental perspectives again came to the fore strengthened the prices, including above all the trend towards a global economic recovery China, the largest copper sales market in the world, economic growth continued to be stro and showed no trace of the countermeasures. The country's copper imports remained very high level. Europe could not initially keep pace with other economic regions, but still a showed an improved economic situation overall. In the Euro-zone, Germany led this tre while demand for copper products picked up significantly. Copper cathodes were increasingly in demand. The rise in the copper inventories in the LME warehouses came to a standstill at 555,000 tonnes. By the end of March they had declined to 514,000 tonnes.
nd lear melters. However, it quickly transpired that the copper roduction in the country could be continued without major loss of output and thus the metal xchanges' reaction was limited. Chile, the most important copper mining country, was hit by a severe earthquake at the e of February, which caused concern about supplies for a short time in view of the unc repercussions for mines and s p e
g he explanations on the results for the first half-year initially ignore the on of LIFO inventories using the average cost method, which are then The Aurubis Group continues to report in accordance with International Financial Reportin Standards (IFRS). T effects of the revaluati reported separately.
n in The Aurubis Group generated earnings before taxes (EBT) of € 167 million (€ - 59 millio the prior year) in the first half of fiscal year 2009/10.
price increase and other copper price In ices ent of € 66 million. Earnings were positively influenced by the metal effects on the inventories of the former Cumerio companies in the amount of € 90 million. the comparable prior-year period these effects were negative due to the low copper pr and weighed on earnings to the ext
ar was mainly Apart from these effects, the business performance compared with the prior ye determined by the following factors:
» Sulphuric acid prices improved as the half-year continued but were still down on the prior-year average
» The market situation for scrap and recycling material was significantly improved and due to higher volumes resulted overall in revenues from refining charges above prior-year leve the l
first half of Group revenues amounted to € 4,544 (€ 3,030 million in the prior year) in the fiscal year 2009/10. The increase in revenues is mainly a result of higher metal prices.
riod valuation effects and to The gross profit of € 448 million was substantially up on the result for the prior-year pe (€ 246 million). The rise was caused to the extent of € 156 million by the extent of € 46 million by a significantly improved business situation.
The mployee stock option Personnel expenses rose to € 143 million, up from € 139 million in the prior year. increased Aurubis share price resulted in higher expenditure for the e plan, which more than cancelled out other savings in the personnel sector.
ciation on property, plant and equipment totalling € 53 million was unchanged year-on- Depre year.
to d t six months of fiscal year 2009/10, compared Earnings before interest, taxes, depreciation and amortisation (EBITDA) amounted € 232 million (€ 17 million in the prior year). At the same time, earnings before interest an taxes (EBIT) rose to € 180 million in the firs with € -35 million in the prior-year period.
to account net interest expense, earnings before taxes amounted to € 167 After taking in million (€ - 59 million in the prior year). Interest expense was reduced as a result of the lower average debt.
ins After deducting the tax expense, a consolidated net profit of € 119 million rema (consolidated net loss of € 53 million in the prior year).
rity interest in earnings per share of € 2.90, This results after elimination of the mino compared with € -1.30 in the prior year.
ash ear. and sets amounted to € 100 sed on projects in connection with an electricity supply agreement. A cash outflow from operating activities of € 123 million was recorded (€ 248 million c inflow in the prior year) despite the significantly higher earnings compared with the prior y This is mainly due to higher net working capital on account of the increased output higher metal prices. Capital expenditure including fixed financial as million in the reporting period (€ 105 million in the prior year), most of which focu investment
The Group reported cash and cash equivalents of € 84 million as at 31 March 2010.
llion assets line se . Total assets changed from € 2,692 million at the end of the last fiscal year to € 3,187 mi as at 31 March 2010. The rise in inventories (€ +428 million), receivables and other (€ +188 million) and property, plant and equipment (€ +52 million) compares with the dec in cash and cash equivalents (€ -173 million). Current receivables and other assets ro mainly due to the valuation of derivatives. The contra entry is reported in current liabilities
s at me in the first half-year. By contrast, at the increased inventories and thus higher balance sheet total. Group equity rose from € 935 million at the end of the last fiscal year to € 1,015 million a 31 March 2010 on account of the consolidated net inco the dividend payments in the amount of € 28 million reduced the equity. The equity ratio 32 % is slightly down on the 35 % reported as at 30 September 2009 on account of
Borrowings increased by € 85 million from € 616 million as at 30 September 2009 to € 701 million as at 31 March 2010, whereby current borrowings as at 31 March 2010 amounted to € 361 million (€ +196 million) and non-current borrowings to € 340 million (€ -111 million). The gearing increased from 38 % in the prior year to 61 % as at 31 Ma 2010 due to the increased net liabilities. Trade accounts payable rose by € 294 million € 895 million. By contrast, income tax liabilities fell by € 6 million to € 18 million. O liabilities rose by € 26 million to € 217 million, mainly due to the valuation of derivatives. rch to ther
Under the current version of IAS 2, all inventories in the Aurubis Group have had to measured since 1 October 2005 using the average cost method. This causes consider discontinuity due to changes in the carrying amounts in the event of metal price fluctuatio These are, however, fictitious results, which provide a false impression of the result operations, financial position and net assets. As a consequence, a true picture is not give the Aurubis Gro be able ns. s of n of up's operating performance and it is very difficult to make comparisons with earlier periods.
The et assets after applying the average iscussed separately in the following: For this reason, we have reported the results of operations, financial position and net assets of the Aurubis Group so far ignoring the effects of the revaluation of LIFO inventories. changes in results of operations, financial position and n cost method are now d
ase 6 The revaluation of the LIFO inventories using the average cost method results in an incre in the gross profit, EBITDA, EBIT and EBT in each case of € 82 million (€ 155 million reduction in each case in the prior year). After taking into account deferred taxes, a € 5 million higher consolidated net income remains (€ 109 million lower in the prior year).
minority interest, earnings per share are € 1.36 higher (€ 2.67 lower in ing the application of the average cost method. After deducting the the prior year) follow
s using the average cost method has no impact on The revaluation of the LIFO inventorie cash flow.
e sheet total rose by 20 % to € 3,413 r, of After revaluation of the LIFO inventories, the balanc million as at 31 March 2010, compared with € 2,837 as at the end of the last fiscal yea which the rise in inventories accounted for € 510 million.
half-year after revaluation of uity e resultant equity ratio to 36 %. Group equity amounted to € 1,164 million at the end of the first LIFO inventories, resulting in an equity ratio of 34 %. At the end of the last fiscal year, eq amounted to € 1,029 million, and th
sis, the gearing in the Group amounted to 53 % as at 31 March 2010, compared at 30 September 2009. On this ba with 35 % as
raw g BU Primary Copper produces high-purity copper in cathode form from a variety of materials. Apart from copper concentrates and blister copper, these also include recyclin materials and intermediates from other smelters.
opper produces copper cathodes at the Hamburg, Pirdop/Bulgaria and The BU Primary C Olen/Belgium sites.
l. In and rior e time 1,088,000 tonnes of sulphuric acid were produced (1,054,000 tonnes The cathode output in the first six months of the fiscal year reached a new record leve total, 468,000 tonnes of cathodes were produced (443,000 tonnes in the prior year) 1,059,000 tonnes of copper concentrates were processed (1,043,000 tonnes in the p year). At the sam in the prior year).
e of ular s, compared with the prior year accounted for much of this significant rise in Revenues in BU Primary Copper amounted to € 2,530 million in the first half-year, a ris € 1,023 million or 68 % compared with the prior year. The higher metal prices, in partic the copper price revenues.
six er tion rter. t in he prior year, despite lower revenues from sulphuric acid, is largely attributable to the higher concentrate throughput, good scrap availability and higher refining rges for copper scrap. BU Primary Copper generated earnings before taxes (EBT) of € 109.3 million in the first months of the fiscal year. This figure includes price and write-up effects from the form Cumerio companies at the Olen and Pirdop sites. These metal write-ups and valua effects recognised in profit and loss amounted to € 71.5 million as at the end of the qua The accumulated operating result of the BU amounted to € 37.8 million. The improvemen earnings compared with t cha
| BU PRIMA RY COPPER |
1 st half-year 08/09 |
1st hal f year 09/10 |
Difference in % |
|
|---|---|---|---|---|
| Revenues | €m | 1,506 .7 |
2,529 .7 |
+68 |
| EBIT | €m | (30. 9) |
114 .5 |
- |
| EBT | €m | (45.0) | 109.3 | - |
Before revaluation of LIFO inventories using the average cost method
acted by a persistent shortage of supplies, by and herefore still at a low level. The markets for copper concentrates were imp mainly due to the high demand from Asia. In addition, new mining projects were delayed the economic crisis and could not yet increase the supply substantially. Treatment refining charges were t
charges for copper scrap and other recycling materials remained By contrast, the refining largely at a high level.
the warehouses worldwide have been drastically reduced in recent months, while the prices have risen quickly at the same time. An adequate level of revenues could therefore be reached again in the main markets for sulphuric acid by the end of the quarter. However, overall the The demand for sulphuric acid showed strong recovery tendencies. The inventories in
average price level for the first half-year was still under the market prices for the first months of the prior year, since this comparison is based on the very good prices of the first quarter 2008/09. six
ble per des. ced in the s in BU Primary Copper in the first half-year, a significant increase in output. The existing flexibility in the production processes was utilised in view of the favoura market conditions for copper scrap and the input mix was varied at the primary cop facilities for anode production. The tankhouses were always kept fully supplied with ano A total of 468,000 tonnes of cathodes (443,000 tonnes in the prior year) was produ tankhouse
In Hamburg, 268,000 tonnes of concentrates (288,000 tonnes in the prior year) we processed in the second quarter. The throughput for the first half re of the fiscal year amounted to 566,000 tonnes of concentrates (536,000 tonnes in the prior year).
000 f sulphuric acid (295,000 tonnes in the prior year) were produced in the second The sulphuric acid output in the first half-year amounted to 555,000 tonnes, of which 263, tonnes o quarter.
rter des was produced in the fiscal year (188,000 tonnes in the prior year). The cathode production in BU Primary Copper totalling 93,000 tonnes in the second qua exactly matched the prior-year output. A total of 188,000 tonnes of catho Hamburg in the first half of
Our Bulgarian site in Pirdop processed 242,000 tonnes of copper concentrates in the second was quarter (247,000 tonnes in the prior year). A total of 493,000 tonnes of concentrates treated there in the first half of the fiscal year (507,000 tonnes).
the concentrate processing in the first half 533,000 tonnes of sulphuric acid resulted from year (499,000 tonnes in the prior year), of which 256,000 tonnes were produced in the second quarter (244,000 tonnes in the prior year).
s in the first half-year 00 tonnes in the prior year), of which 54,000 tonnes were produced in the second The cathode output at the Pirdop site amounted to 108,000 tonne (94,0 quarter (44,000 tonnes in the prior year), exactly half the total output.
The tankhouse in Olen was kept fully supplied with anodes from its own production, ano from our Pirdop site and anodes from third parties and des produced 85,000 tonnes of copper des in the second quarter (77,000 tonnes in the prior year). The output in the half-year 00 tonnes (161,000 tonnes in the prior year). catho totalled 171,0
oduced from a variety of raw the In BU Recycling/Precious Metals high-purity copper cathodes are pr recycling raw materials and precious metals extracted from primary and secondary materials. The main production sites are the Group's recycling centre in Lunen and secondary smelter and precious metal production facilities in Hamburg.
tion ther The positive business performance continued in the second quarter. All the produc facilities were kept fully supplied on account of the good supply of copper scrap and o recycling materials. The precious metal output was substantially increased.
ion, r throughput and increased metal prices. EBT reached € 28.9 million, doubling the result for the first half-year 2008/09. This rise was mainly due to the full utilisation of our production capacities with good raw material availability and good refining charges throughout. Revenues in BU Recycling/Precious Metals rose from € 1,007 million to € 1,478 mill mainly due to the highe
| BU RECYCLING / PRECIOUS METALS |
1st half-ye ar 09/10 |
1st half-year 09/10 |
Differe nce in % |
|
|---|---|---|---|---|
| Revenues | €m | 1,007.2 | 1,478.1 | +47 |
| EBIT | €m | 16.1 | 32.6 | +102 |
| EBT | €m | 13.7 | 28.9 | +111 |
Before revaluation of LIFO inventories using the average cost method
d a he the ned res LME (London Metal Exchange) did not provide a reason for a stronger The overall positive trend on the copper scrap market continued. The firm copper price ha positive impact on the material supply and the metal trade's willingness to pass it on. T copper scrap supply could be completely secured for all the Aurubis sites despite increase in quantities processed. The demand from competitors in the Far East remai rather restrained in Europe. The price difference between the SHFE (Shanghai Futu Exchange) and the outflow of material.
and d. ns for precious metal-bearing raw materials were good due to the high supply. The procurement of other recycling materials such as alloyed scrap, electronic scrap industrial residues was successful so that all the recycling facilities were kept fully supplie The conditio
After six months, the throughput of the Kayser Recycling System (KRS) totalling 116, tonnes was 000 up on the corresponding prior-year period (113,000 tonnes in the prior year). 106,000 tonnes of cathodes were produced in the Lunen tankhouse (102,000 tonnes in the prior year).
The precious metal production capacities were better utilised due to the raw materials. The utput was substantially increased to 641.5 tonnes (553.4 tonnes in the prior year). so applied to the gold output of 17.1 tonnes (15.1 tonnes in the prior year). silver o This al
ous re erg In BU Copper Products, own and bought-in copper cathodes are processed into continu cast wire rod, shapes, rolled products and specialty products. The main production sites a Hamburg (Germany), Olen (Belgium), Avellino (Italy), Emmerich (Germany), Stolb (Germany) and Yverdon-les-Bains (Switzerland).
rior rom pes itive 1.5 7.6 million compared with the prior year (operating result € -16.1 million). This was in particular due to the improved market environment in addition to special effects amounting to almost € 7 million, which had weighed on results in the prior year. We were able to utilise this Revenues in BU Copper Products amounted to € 3,091 million (€ 1,826 million in the p year), thus almost 70 % up year-on-year. The increase in revenues resulted primarily f the increased copper prices and higher unit sales, in particular of continuous cast sha and ROD. BU Copper Products generated an EBT of € 29.5 million, which included pos valuation effects in the amount of € 18 million, resulting in an operating result of € 1 million. The BU could thus achieve a significant increase in earnings in the amount of € 2
upswing for an improvement in earnings of more than € 16 million thanks to our g position. ood
| BU COPPER PRODUCTS |
1st half-year 08/09 |
1st half-year 09/10 |
Differe nce in % |
|
|---|---|---|---|---|
| Revenues | €m | 1,826.4 | 3,090.6 | +69 |
| EBIT | €m | (18.4) | 32.9 | - |
| EBT | €m | (25.6) | 29.5 | - |
Before revaluation of LIFO inventories using the average cost method
scal s The economic recovery on the product markets continued in the second quarter of the fi year with increasing dynamics. Capacity utilisation improved in almost all industries. Thi positive trend was additionally supported by the seasonal effects of spring.
trial and ise s were somewhat delayed due to the re The stimulation was carried along in the cable and wire industry by practically every indus sector. Particularly noticeable was the rise in demand from the enamelled wire automotive sectors (cable and systems for car power circuits). The energy sector likew had a positive trend, even if some infrastructure project severe winter. The producers of white goods also required more copper in order to secu their raw material supplies for the increasing order intake.
pes for and very some instances. Other positive momentum came from the dollar, which was firmer st The stabilisation of the economic environment also caused the markets for copper sha and semi-finished products to improve. Sales of high-grade products rose again applications in electronics and electrical engineering and for the product business. Dem from the automotive sector likewise increased. The higher demand led to longer deli terms in again and facilitated the export of semi-finished products to North America and the Far Ea region.
sly optimistic mood on the markets that had already become apparent in the first The cautiou quarter grew stronger towards the end of the reporting period.
rod In the second quarter Aurubis produced a total of 195,000 tonnes of wire rod in its four plants, a rise of 16 % compared with the prior year (168,000 tonnes).
r, ood In total, the wire rod output amounted to 368,000 tonnes in the first half of the fiscal yea representing growth of 13 % compared with the prior year (327,000 tonnes). With g capacity utilisation, we were able to further enhance our position on the rod markets.
e of prior year (36,000 tonnes). A total of 106,000 tonnes was cast in the ear n to e extent. Aurubis produced a total of 56,000 tonnes of shapes in the second quarter, an increas 55 % compared with the first half-year. The growth thus amounted to about 26 % compared with the prior y (84,000 tonnes). This increase enabled us to benefit from the improved economic situatio an above-averag
Schwermetall Halbzeugwerk (50 % Aurubis holding) produced a total of 98,000 tonnes of pre-rolled strip in the first half of fiscal year 2009/10, surpassing the comparable prior-year amount by 34 %.
At Aurubis Stolberg, the uptrend of the previous months improved further in the course of fiscal year. Demand for strip products made of copper and copper alloys was particularly h in the European core market. the igh
The short-time working ceased as of February 2010 due to the high capacity utilisation.
rter. n in continuing, mainly mand from the automobile and electrical engineering industries. The Flat Rolled Products & Specialty Wire business line recovered further in the last qua Sales totalled 13,000 tonnes, 25 % higher than in the first quarter and 37 % higher tha the prior-year period. The positive trend in order intake and production is driven by de
2 in 9), (2). of the workforce is thus employed in Germany and 30 % at other The Aurubis Group had a total of 4,748 employees at the end of the second quarter (4,73 the prior year), spread out over the following countries: Germany (3,311), Bulgaria (78 Belgium (459), Italy (108), Switzerland (41), England (26), Slovakia (12) and Turkey Group-wide, 70 % European locations.
to increased Personnel expenses were € 3.6 million up on the prior year, mainly due expenditure on the incentive plan on account of the strong rise in the share price.
the nd s Hamburg and Aurubis Lunen did not have any short-time g during the quarter. Short-time working could again be significantly reduced in the last quarter thanks to improved order intake and was only necessary to a limited extent at the Aurubis Belgium a Aurubis Stolberg sites. Aurubi workin
s ary atment and electrolytic refining. In addition, the with The research and development work for the BUs Primary Copper and Recycling/Preciou Metals focused on tests to improve the processing of complex raw materials in the prim metallurgy processes, the off-gas tre possibilities of increasing the valuable metal yield were examined in various processes, the aim of improving resource efficiency.
nts. applications, the targeted n of our materials and semi-finished products. In collaboration with our customers, so performed on further improving the wire we produce. The focus in research work for BU Copper Products was oriented to customer requireme The activities focused on modern technologies, e.g. LED optimisatio work was al
e d in The international capital markets showed disparate trends in the first six months. Th nervousness of market participants, which had prevailed in the last fiscal year, continue the first quarter. The volatility on the stock markets was therefore correspondingly high.
the d a By contrast, in the period from January to March, the economic prospects improved with consequence that the market participants' mood brightened to the same degree an veritable quarter-end rally was the result.
cal stocks benefited especially from this uptrend, which was slightly dampened at the of March by the ongoing discussions about government aid from the European Union for ce. Cycli end Gree
rter. the een In the MDAX Aurubis shares were among the beneficiaries of the rally. This trend was due both to the positive outlook for copper demand and to the positive results for the first qua On top of this, speculations about production interruptions at the Chilean mines drove copper price to the high price level of 2008 for a short time, after the country had b shaken by a severe earthquake.
an 5 day. The lowest price in the fiscal After Aurubis shares had opened the fiscal year at a price of € 27.93 (Xetra), they rose to all-time high of € 38.95 on 17 March. The dividend paid on 4 March in the amount of € 0.6 per share was almost completely recouped on the same year was reached on 3 November in the amount of € 26.89.
r. In The e amounted to 256,000 shares in the first half-year and 0 shares in the last quarter. The shares closed the half-year at € 38.16, thus a total rise of 34 % in the first half-yea comparison, the MDAX improved by only 10.7 % and the DAX only rose by 8.4 %. average Xetra daily trading volum 307,00
per g. The dividend proposed by the Executive Board and the Supervisory Board of € 0.65 share for fiscal year 2008/09 (30 September) was approved at the Annual General Meetin
the had d on 30 September 2009. The Annual General Meeting confirmed with a great appointment of Prof. Leese as a shareholders' representative on the Supervisory Prof. Dr. E.h. Wolfgang Leese had been appointed by the court as a member of company's Supervisory Board on 1 October 2009 to replace Mr Thomas Leysen who resigne majority the Board.
ond y utilisation. Despite this positive and Temporary measures, such as short-time working, could be further reduced in the sec quarter thanks to the improved order intake and capacit development, we are still continuing the restrictive examination of external expenses capital expenditure with the aim of maintaining our cost level.
not only targeting cost reductions by adjusting processes and omy measures, but are also striving to improve earnings by optimising In addition, we have pressed on with the implementation of our improvement programme at the Stolberg site. We are taking specific econ our product portfolio.
and ing the nds of our strategy as part of specific projects and on this basis are optimising orm As part of our strategy process, we have tightened up the Company's strategic profile defined a consistent programme tailored to the new Group which we are steadily process to achieve our strategic targets. We have examined internal structures according to dema processes in our management system. In this connection, we should mention our unif project management system and the innovation management implemented in the last halfyear.
erm implementation of our strategy, for example: the use and development of our production competencies to achieve a long-term increase in the value of our company. We are therefore pushing on long-term strategic growth and improvement projects regardless of our continuing It is important that our project and investment decisions make a contribution to the long-t
endeavours to limit costs and capital expenditure. This applied for example for the capa expansions in Hamburg and Lunen just as for the commissioning of the new Conform pla Olen. city nt in
hile bal economic The first half of fiscal year 2009/10 was characterised by a variety of developments. W the first quarter was still affected by nervousness about the continued glo recovery, the economic prospects improved in the period from January to March.
e in ade rances or other hedging instruments. No significant bad debts occurred in the first The controlling of credit risks arising from receivables again represented a central them the risk management activities. We have hedged our receivables as far as possible by tr credit insu half-year.
tight d to ady r . The The raw material supply for the production plants was satisfactory overall despite concentrate markets in the first half-year. The copper scrap markets in particular continue offer good procurement possibilities. The demand for sulphuric acid which had alre shown a positive trend in the first quarter continued to develop well in the second quarte with increasing prices. Sales of the acid produced by us were assured at all times demand for our copper products also continued to recover in line with the economic upturn.
nge iate er price to a similar high level as in 2008 resulted in positive valuation effects in our copper inventories in the first half of fiscal year 2009/10. This effect s not influence our liquidity. We countered currency-related fluctuations in our US dollar based revenues by excha hedging. Risks arising from volatile metal prices could be mostly eliminated by appropr hedging. The rise in the copp doe
nths with pply of concentrates to increase in the medium r as The supply of copper concentrates should not increase significantly in the next few mo since additional production capacities from new projects are coming on to the market some delay. We are however expecting the su term. It can of course be assumed that the existing mines will increase production as fa possible in view of the high copper prices.
rials in the Aurubis Group is still good on xisting stocks. In view of the positive prospects for the next few months, we The supply of copper scrap and other recycling mate account of the e expect our recycling facilities to remain fully utilised.
The global economy is expected to continue its recovery in the third quarter 2009/10.
per the cial ld ensure good copper demand until the summer. The current buying to ses Industry in the Euro-zone began the year 2010 with unexpected élan and good cop demand despite the more cautious growth forecasts for the year as a whole. Business in third quarter of the fiscal year is usually particularly active since there are hardly any spe impacts from public holidays and vacations. This together with the weak, but steady, economic recovery shou interest for cathodes and good order intake for wire rod and other copper products seem confirm this. Also the continuing decline in copper inventories in the LME warehou indicates good demand.
The prospects that China can maintain the momentum that its economy has shown in the second quarter 2009/10 are not bad despite state measures to dampen economic growth. Reports are coming from China about a good order situation in the copper-processing industry. In addition, the copper inventories are supposed to be low at the processor contrast to the visible inventories in the Asian warehouses of the metal exchang s in es.
t in per e ction to daily events. No surprises are expected from the production side; the institutional investors' interes commodity investments should remain unchanged. The basic assessment of the cop market is therefore also positive for the coming months, whereby price fluctuations must b expected as a rea
The uptrend in demand for copper products prevailing since the last fiscal year will in view stabilise further and increase in momentum in some sectors. This will be reflecte Aurubis in a higher production output with stable margins. our d at Overall, we shall substantially exceed the sales level of the economically burdened prior year.
The positive trend on the sulphuric acid market can be expected to remain for the coming months, whereby we are assuming that the economic recovery and the high metal price level will continue.
rent Overall, we expect the positive trend in the business situation to continue for the cur fiscal year. Since the prior negative valuation effects from the copper inventories that were acquired with Cumerio have been fully recouped, further copper price rises will not result in a continuation of the positive valuation effects.
Altogether we expect the good operating results to continue in the second half-year, whereby we cannot yet quantify any further positive developments.
| ASSETS | 31.3.201 0 |
30.9.200 9 |
|---|---|---|
| Intangible assets | 101,653 | 41,922 |
| Property, plant and equipment | 863,783 | 874,427 |
| Investment property | 22 | 22 |
| Interests in affiliated companies | 246 | 246 |
| Investments | 649 | 649 |
| Other financial fixed assets | 54,738 | 52,156 |
| Financial fixed assets | 55,633 | 53,051 |
| Fixed assets | 1,021,091 | 969,422 |
| Deferred tax assets | 1,382 | 1,433 |
| Non-current receivables and financial assets | 84,907 | 63,383 |
| Other non-current assets | 22 | 22 |
| Non-current receivables and other assets | 84,929 | 63,405 |
| Non-current assets | 1,107,402 | 1,034,260 |
| Inventories | 1,603,154 | 1,093,627 |
| thereof from revaluation of LIFO inventories using the average cost method |
226,679 | 144,932 |
| Trade accounts receivable | 440,983 | 269,503 |
| Income tax receivables | 10,798 | 10,320 |
| Other current receivables and assets | 166,275 | 171,918 |
| Current receivables and other assets | 618,056 | 451,741 |
| Short-term security investments | 343 | 464 |
| Cash and cash equivalents | 84,268 | 257,243 |
| Current assets | 2,305,821 | 1,803,075 |
| 3,413,223 | 2,837,335 |
| EQUITY AND LIABILITIES | 31.3.2010 | 30.9.2009 |
|---|---|---|
| Subscribed capital | 104,627 | 104,627 |
| Additional paid-in capital | 187,055 | 187,055 |
| Generated group earnings | 870,878 | 723,481 |
| thereof from revaluation of LIFO inventories using the average cost method |
149,5 94 |
93,947 |
| Changes in accumulated other comprehensive income | (1,411) | 10,380 |
| Equity attributable to shareholders of Aurubis AG | 1,161,149 | 1,025,543 |
| Minority interest thereof from revaluation of LIFO inventories using the average cost method |
3,078 (46) |
3,323 (51) |
| Equity | 1,164,227 | 1,028,866 |
| Pension provisions | 73,787 | 71,450 |
| Deferred tax liabilities | 208,693 | 167,130 |
| thereof from revaluation of LIFO inventories using the average cost method |
77,131 | 51,036 |
| Other non-current provisions | 42,177 | 39,505 |
| Non-current provisions | 324,657 | 278,085 |
| Non-current borrowings | 339,792 | 451,149 |
| Other non-current liabilities | 21,237 | 25,248 |
| Non-current liabilities | 361,029 | 476,397 |
| Non-current provisions and liabilities | 685,686 | 754,482 |
| Other current provisions | 92,380 | 97,875 |
| Current borrowings | 361,465 | 165,065 |
| Trade accounts payable | 895,322 | 600,853 |
| Income tax liabilities | 18,362 | 24,262 |
| Other current liabilities | 195,781 | 165,932 |
| Current liabilities | 1,470,930 | 956,112 |
| Current provisions and liabilities | 1,563,310 | 1,053,987 |
| Debt | 2,248,996 | 1,808,469 |
| 3,413,223 | 2,837,335 |
| 1st half-y ear 2009 /10 |
1st half year 2008/0 9 |
|
|---|---|---|
| Revenues | 4,543,789 | 3,029,836 |
| Changes in inventories of finished goods and work in process |
268,746 | (187,270) |
| thereof from revaluation of LIFO inventories using the average cost method |
(12,495) | 35,229 |
| Own work capitalised | 4,140 | 5,571 |
| Other operating income | 17,156 | 12,464 |
| Cost of materials | (4,304,479) | (2,769,984) |
| thereof from revaluation of LIFO inventories using the average cost method |
94,242 | (190,229) |
| Gross profit | 529,352 | 90,617 |
| Personnel expenses | (142,961) | (139,345) |
| Depreciation and amortisation | (52,917) | (52,576) |
| Other operating expenses | (72,230) | (89,128) |
| Operational result | 261,244 | (190,432) |
| Result from investments | 4 | 0 |
| Interest income | 5,453 | 5,310 |
| Interest expense | (18,311) | (28,906) |
| Earnings before taxes (EBT) | 248,390 | (214,028) |
| thereof from revaluation of LIFO inventories using the average cost method |
81, 747 |
(155, 000) |
| Income taxes | (73,673) | 52,351 |
| thereof from revaluation of LIFO inventories using the average cost method |
(26,0 95) |
45 ,962 |
| Consolidated net income (loss in the prior year) | 174,717 | (161,677) |
| thereof from revaluation of LIFO inventories using the average cost method |
55,652 | (109,038) |
| Income (loss in the prior year) attributable to minority interest | (755) | (389) |
| thereof from revaluation of LIFO inventories using the average cost method |
(5) | 0 |
| Consolidated net income (loss in the prior year) after minority interest |
173,962 | (162,066) |
| thereof from revaluation of LIFO inventories using the average cost method |
55,647 | (109,038) |
| Basic earnings per share (in €) | 4.26 | (3.97) |
| thereof from revaluation of LIFO inventories using the average c ost method |
1.36 | (2.67) |
| Diluted earnings per share (in €) | 4.26 | (3.97) |
| thereof from revaluation of LIFO inventories using the average cost method |
1.36 | (2.67) |
| 1st half-y ear 2009 /10 |
1st half-y ear 2008/0 9 |
|
|---|---|---|
| Consolidated net income for the period (loss in the prior year) |
174,71 7 |
(161,6 77) |
| - thereof from revaluation of LIFO inventories using the average cost method |
55,652 | (109,038) |
| Changes recognised directly in equity | ||
| Foreign currency differences | 341 | (304) |
| "Available-for-sale" financial assets | 2,560 | (21,049) |
| Market valuation of cash flow hedges | (20,663) | (9,884) |
| Deferred taxes on accumulated other comprehensive income |
5,971 | 2,642 |
| Other comprehensive income for the period | (11,791) | (28,595) |
| Consolidated total comprehensive income for the period | 162,926 | (190,272) |
| Consolidated total comprehensive income attributable to Aurubis AG shareholders |
173,962 | (162,0 66) |
| - thereof from revaluation of LIFO inventories using the aver age cost method |
55,647 | (109,038) |
| Consolidated total comprehensive income attributable to minority interest |
755 | 389 |
| - thereof from revaluation of LIFO inventories using the average cost method |
5 | 0 |
| 1st half-y ea r 2009 /10 |
1st half year 200 8/09 |
|
|---|---|---|
| Earnings before taxes after revaluation of LIFO inventories | 248,390 | (214,028) |
| Revaluation of LIFO inventories using the average cost method | (81,748) | 155,000 |
| Earnings before taxes before revaluation of LIFO inventories | 166,642 | (59,028) |
| Depreciation and amortisation | 52,917 | 52,576 |
| Impairment losses/reversal of impairment losses on current assets | (101,824) | 181,121 |
| Change in non-current provisions | 2,183 | (861) |
| Net losses from disposal of fixed assets | 310 | 405 |
| Other non-cash expenses and income | (7,927) | 0 |
| Income from investments | (4) | 0 |
| Net interest expense | 12,655 | 23,595 |
| Income taxes paid | (26,169) | (3,940) |
| Gross cash flow | 98,783 | 193,868 |
| Change in receivables and other assets, including short-term security inv estments |
(199,748) | (137,050) |
| Change in inventories | (324,742) | (42,303) |
| Change in current provisions | (5,502) | 35,053 |
| Change in liabilities (excl. borrowings) | 308,156 | 198,201 |
| Cash outflow (inflow in prior year) from operating activities (net cash flow) |
(123,0 53) |
247 ,769 |
| Additions to fixed assets | (100,480) | (105,293) |
| Proceeds from disposal of fixed assets | 174 | 424 |
| Interest received | 5,453 | 5,310 |
| Dividends received | 4 | 0 |
| Cash outflow from investing activities | (94,849) | (99,559) |
| Proceeds from taking up borrowings | 300,504 | 136,603 |
| Payment for the redemption of borrowings | (211,051) | (326,724) |
| Interest paid | (15,286) | (28,905) |
| Dividends paid | (27,565) | (67,307) |
| Cash inflow (outflow in prior year) from financing activities | 46,602 | (286,333) |
| Net change in cash and cash equivalents | (171,300) | (138,123) |
| Changes from exchange rate changes | (1,675) | (3) |
| Cash and cash equivalents at the beginning of period | 257,243 | 186,482 |
| Cash and cash equivalents at end of period | 84,268 | 48,356 |
| C ha ng es |
in la d c te ac cu mu |
E i ty q u |
||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Su bs i be d cr i l ta ca p |
A d d i ion l t a i d- in p a i l ta c ap |
Ge d te n er a i ty g ro up e q u |
Ma ke t r lua ion f t va o f ina ia l nc ts as se |
Ex ha c ng e d i f fe r e nc es |
De fe d rre t ax e s |
i bu b le t tr ta a ha to s re - h l de f o rs o G Au b is A ru |
M ino i ty in r te t re s |
To l ta |
||
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cial he nal The lied endment, with the exception of accounting standards that are to be applied for the The accompanying interim report of Aurubis AG includes interim consolidated finan statements, an interim Group management report and the responsibility statement, T consolidated financial statements have been prepared in accordance with Internatio Financial Reporting Standards (IFRS) for interim reporting as applicable in the EU. accounting policies of the financial statements as at 30 September 2009 have been app without am first time.
roup management report for the d by the auditors. The interim consolidated financial statements and interim G first half-year 2009/10 have not been reviewe
the ars s n of wn in conjunction with the income statement and the The amendments to IAS 1 "Presentation of Financial Statements" that were adopted by European Union in December 2008 in European law and are applicable for fiscal ye beginning on or after 1 January 2009 have been applied by Aurubis AG as follows. Change in equity have been presented separately as transactions with shareholders and no shareholder transactions. In addition, the standard has introduced a statement comprehensive income. In accordance with the option of IAS 1.81, the total comprehensive income for the period must be sho statement of comprehensive income.
n in fter for asset immediately as an expense, since they are to be allocated to acquisition or st. There has been no impact from the application in these interim financial The amendments to IAS 23 "Borrowing costs" that were adopted by the European Unio December 2008 in European law and are applicable for fiscal years beginning on or a 1 January 2009 mainly relate to the elimination of the option to recognise borrowing costs a qualifying construction co statements.
rting period, after revaluation of the LIFO inventories, the inventories were written ousand (write-down of € 137,720 thousand in the prior year). In the repo up by a total of € 30,797 th
of Aurubis for fiscal year 2008/09, which totalled as used to pay a dividend of € 0.65 per bearer share. An amount of € 26,565,336.85 of the net income € 66,529,731.46, w € 39,964,394.61 was carried forward.
rgy per well a contribution to the investment costs of a power plant. In this connection Aurubis AG scal year, which was recognised as an intangible et. At the beginning of the calendar year 2010, the electricity supply agreement with an ene supplier came into force covering the supply of 1 billion kilowatt hours of electricity annum for a term of 30 years. The fees are based on price and output components as as made a contribution in the first half of the fi ass
| Primary Copper Segment |
Recycling/ Precious Metals Segment |
Copper Products Segment |
Other | Total | Reconciliation/ Consolidation |
Group total | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1st half- year 2009/10 |
1st half- year 2008/09 |
1st half- year 2009/10 |
1st half- year 2008/09 |
1st half- year 2009/10 |
1st half- year 2008/09 |
1st half- year 2009/10 |
1st half- year 2008/09 |
1st half- year 2009/10 |
1st half- year 2008/09 |
1st half- year 2009/10 |
1st half- year 2008/09 |
1st half- year 2009/10 |
1st half- year 2008/09 |
|
| Revenues | ||||||||||||||
| Total revenues |
2,529,689 | 1,506,672 | A78,089, | 1,007,212 | 3,090,577 | 1,826,427 | 2,488 | 1,086 | ||||||
| - inter- segment revenues |
1,909,049 | 927,788 | 635,528 | 371,390 | 12,477 | 12,383 | 0 | 0 | ||||||
| Revenues with third parties |
620,640 | 578,884 | 842,561 | 635,822 | 3,078,100 | 1,814,044 | 2,488 | 1,086 | 4,543,789 | 3,029,836 | $\Omega$ | 0 | 4,543,789 | 3,029,836 |
| EBIT | 114,536 | (30, 929) | 32,601 | 16,053 | 32,861 | (18, 379) | (596) | (2, 177) | 179,402 | (35, 432) | 81,842 | (155,000) | 261,244 | (190, 432) |
| Earnings before Taxes |
109,345 | (45,017) | 28,934 | 13,726 | 29,494 | (25,610) | (1, 225) | (2, 127) | 166,548 | (59,028) | 81,842 | (155,000) | 248,390 | (214, 028) |
The division of the segments complies with the definition of business units in the Group.
f oup ance of l opportunities and risks associated with the expected development of the To the best of our knowledge, and in accordance with the applicable reporting principles, the interim consolidated financial statements give a true and fair view o the assets, liabilities, financial position and profit or loss of the Group, and the Gr management report includes a fair review of the development and perform the business and the position of the Group, together with a description of the principa Group.
urg, 7 May 2010 Hamb
e Board Aurubis AG The Executiv
D
r Bernd Drouven Dr Michael Landau Erwin Faust
Peter Willbrandt Dr Stefan Boel
mptions 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 forward-looking statements. This information contains forward-looking statements based on current assu
Interim report on the first
f fiscal year 2009/10 14 December 2010 Publication of results o
nine months 11 August 2010
| Marcus Kartenbeck | Head | Tel. +49 40 7883-3178 |
|---|---|---|
| e-mail: m.kartenbeck @aurubis.com |
||
| Dieter Birkholz | Tel. +49 40 7883-3969 | |
| e-mail: d.birkholz@a urubis.com |
||
| Ken Nagayama | Tel. +49 40 7883-3179 | |
| e-mail: [email protected] |
| Michaela Hessling | Head | Tel. +49 40 7883-3053 |
|---|---|---|
| e -mail: m.hessling@ aurubis.com |
||
| Matthias Trott | Tel. +49 40 7883-3037 | |
| e-mail: [email protected] |
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