Aurubis AG

Earnings Release • May 11, 2006

NA Group Report on the 2nd quarter of fiscal year 2005/06 – 1 January to 31 March 2006 –

Very positive business performance at NA

Hamburg, 11 May 2006 – Norddeutsche Affinerie AG (NA) achieved a pre-tax profit of € 27 million in the 2nd quarter of fiscal year 2005/06 (€ 23 million in the previous year) and thus increased the half-year interim profit to € 48 million (€ 35 million in the previous year). Revenues totalling € 1,342 million (€ 697 million in the previous year) were almost doubled due to a positive uptrend in sales and again higher metal prices.

The strong demand for copper worldwide and the positive economic trend in Europe resulted in a continued shortage of copper. Copper stocks remained at a persistent low level and the copper price rose sharply. At the end of March, copper was quoted at US\$ 5,528 per tonne, 20 % higher than at the end of 2005.

The conditions on the raw material markets and the connected revenues from treatment and refining charges were overall positive for NA. Spot conditions on the market for copper concentrates were put under slight pressure due to production curtailing at the mines. The trend on the market for recycling materials, in particular the electronic scrap sector, was positive.

Concentrate processing throughput was increased to 282,000 tonnes, up from 277,000 tonnes in the previous year. Cathode output amounted to 138,000 tonnes (136,000 tonnes in the previous year).

Substantial production increases were achieved for wire rod with an output of 107,000 tonnes (99,000 tonnes in the previous year) and for continuous cast shapes with an output of 71,000 tonnes (58,000 tonnes in the previous year).

An increase in production quantities was also realised at Schwermetall Halbzeugwerk (NA holding: 50 %) with an output of 70,000 tonnes (56,000 tonnes in the previous year) and at Prymetall with an output of 19,000 tonnes (16,000 tonnes in the previous year).

NA shares continued to perform well. After the dividend payment they closed at € 25.50 at the end of the quarter.

On 31 January 2006 NA successfully carried through a 10 % capital increase. The additional funds will be used for the realisation of planned growth steps as well as for the planned erection of NA's own power plant in Hamburg.

Consolidated key figures of the NA		2nd	1st		1st
Group in accordance with IFRS*		quarter	half-year	2nd quarter	half-year
		2005/06	2005/06	2004/05	2004/05
Revenues	€m	1,342	2,263	697	1,363
Gross profit	€m	110	214	105	199
Personnel expenses	€m	47	94	45	90
Depreciation and amortisation	€m	12	24	13	26
EBITDA	€m	40	76	39	67
EBIT	€m	28	52	25	40
Earnings before taxes	€m	27	48	23	35
Consolidated net profit	€m	16	29	14	21
Earnings per share	€	0.42	0.81	0.40	0.61
Gross cash flow	€m	32	63	30	55
Capital expenditure	€m	9	24	8	15
Copper price (average)	US\$/t	4,944	4,623	3,270	3,180
Number of employees (average)		3,175	3,181	3,170	3,160

* before the revaluation of the Lifo inventories

1. NA Group's financial position and profitability

The NA Group reports in accordance with International Financial Reporting Standards (IFRS). The accounting policies applied in the preparation of the IFRS financial statements as at 30 September 2005 were unchanged with the exception of the new regulation for the measurement of inventories in accordance with IAS 2. The effects from the revaluation of the Lifo inventories are explained separately.

Profitability

The expansion of the product business and the increased metal prices resulted in a significant rise in revenues. In the first half of the current fiscal year they amounted to € 2,263 million, up from € 1,363 million in the previous year.

The gross profit increased by € 15 million to € 214 million compared with the previous year (€ 199 million). In particular, the improved conditions on the raw material, metal and sales markets had a positive impact here.

At € 94 million, personnel expenses were slightly up on the previous year (€ 90 million). The rise is mainly due to NA's share price-oriented incentive programme.

Depreciation and amortisation declined to € 24 million (€ 26 million in the previous year).

Earnings before interest, taxes, depreciation and amortisation (EBITDA) in the amount of € 76 million were significantly up on the previous year's figure of € 67 million. At the same time, earnings before interest and taxes (EBIT) amounted to € 52 million, a substantial increase on the previous year (€ 40 million). At € 48 million, the NA Group generated considerably higher earnings before taxes than in the comparable period of the previous year (€ 35 million).

The following factors impacted the 1st half of fiscal year 2005/06:

• The copper production capacities were very well utilised and the forwardscheduled stoppage for general repairs to the concentrate processing facilities had an increasingly positive impact
• Treatment and refining charges (TC/RCs) for processing concentrates have improved substantially year-on-year
• The availability of supplies of copper scrap was satisfactory
• Capacity utilisation, production and sales of continuous cast wire rod and shapes were up on the previous year's high level.
• Production and sales at Schwermetall Halbzeugwerk and Prymetall have improved
• Price effects from the copper market could be utilised

The consolidated net income increased to € 29 million (€ 21 million in the previous year). After deduction of minority interests, this results in earnings per share of € 0.81 (€ 0.61 € in the previous year) .

Financial position and capital expenditure

The rise in the gross cash flow in the 1st half-year by € 8 million to € 63 million reflects again NA's cash flow strength. The improvement was above all the result of increased earnings.

The quantities of the main metals in inventories were slightly down compared with 31 December 2005. However, due to the significant further rise in metal prices, the value of inventories has also risen.

The increase in trade accounts receivable is, apart from the high metal prices, attributable to improved product sales. Positive fair values from exchange transactions have in particular had the effect of increasing the value of other receivables and assets.

Capital expenditure in the amount of € 24 million (€ 15 million in the previous year) was mainly focused on additions to plants in the primary smelter, which were made as part of the scheduled general repairs, and on facilities to save energy.

Financial ratios

The extraordinary rise in current assets due to higher metal prices increased total assets to € 1,600 million as at 31 March 2006, up from € 1,128 million as at 30 September 2005.

Equity in the NA Group as at 31 March 2006 amounted to € 472 million (€ 442 million as at 30 September 2005). Apart from the consolidated net income, this figure includes the net cash inflow from the capital increase of € 76 million. The equity was reduced by the dividend payment (€ 37 million) and negative changes in accumulated other comprehensive income in the amount of € 35 million. NA's solid equity basis, despite the high total assets due to the metal prices, is reflected in the high equity ratio of 30 %.

In the first half-year, financial liabilities rose by € 73 million to € 198 million to fund the working capital. Trade accounts payable and other short-term liabilities likewise increased by € 252 million to € 488 million and by € 124 million to € 264 million respectively on account of the aforementioned special impacts and negative fair values of exchange transactions. At 41 %, gearing was at a low level.

Differences in measurement resulting from the revised IAS 2

In accordance with IAS 2, inventories existing in the NA Group must be measured using the average cost method. This can result in considerable discontinuities and a loss of comparability due to the recognition of changes in the carrying amount. These are illusory results that can give a economically misleading impression of the Group's financial position and profitability.

All the changes in the NA Group's financial position and profitability related to measurement as laid down in the new version of IAS 2 are detailed separately in the following:

Profitability

The application of the average cost method increases the gross profit, earnings before interest, taxes, depreciation and amortisation (EBITDA), earnings before interest and taxes (EBIT) as well as earnings before taxes (EBT) by € 102 million each (€ 25 million increase each in the previous year). After the recognition of deferred taxes, a higher consolidated net income is computed in the amount of € 61 million (€ 15 million in the previous year).

After the elimination of minority interests from the consolidated net income, earnings per share are € 1.76 higher (€ 0.45 in the previous year).

Financial position

The revaluation of the Lifo inventories does not affect cash flow.

Financial ratios

After recognition of the revaluation of inventories, total inventories as at 31 March 2006 amounted to € 1,806 million, up from € 1,232 million at the end of the last fiscal year.

Equity in the NA Group amounted to € 596 million as at 31 March 2006.

2. Copper market

The global strong demand for copper and the positive economic trend in Europe have led to an ongoing shortage of copper.

In addition to China with its continued good economic trend, the economic climate has also improved in traditional copper markets. The economy in the U.S.A. grew more strongly in the first three months of this year than at any time in the past two years. In Japan and Europe economic growth is expected to amount to 3.3 % and 2.1 % respectively for 2006.

Copper stocks continued to be at a low level and there was a strong increase in the copper price. There were hardly any copper cathodes available on the European spot market which resulted in increased cathode premiums. At the end of March copper was quoted at US\$ 5,528 per tonne, 20 % higher than at the end of 2005. Thus the copper price rose by almost US\$ 1,000 per tonne in the course of the quarter. The price volatility was of course considerable. Again and again the activities of fund and other investors caused decisive impulses.

Apart from the rising demand, the global copper market was temporarily impaired by strikes and technical disturbances at international mines and smelters.

In response to the higher financing costs caused by the metal prices, the companies in the copper processing industry reduced their stocks of copper to a minimum.

3. NA's operating segments

Copper Production Segment

The positive trend in the Copper Production Segment continued in the 2nd quarter. This was mainly due to favourable conditions on the raw material markets and the high utilisation of the processing capacities.

In the 1st half-year, revenues totalled € 1,552 million, 52 % up on the previous year (€ 1,019 million), above all due to the metal prices. Earnings before taxes (EBT) amounted to € 27 million, a significant improvement compared with the previous year (€ 17 million).

IFRS key figures in € thousand	Fiscal 2004/05	Fiscal 2005/06
	1st half-year	1st half-year
Revenues	1,018	1,551,
EBIT*	19,384	27,778
EBT *	17,369	27,083

* before revaluation of Lifo inventories

Raw material markets

The market for copper concentrates was characterised by good availability of supplies. Although treatment and refining charges (TC/RCs) no longer reached their former heights, they were still at a high level amounting to some US\$ 140 per tonne and cents 14 per lb for spot business. TC/RCs for long-term agreements at US\$ 95 per tonne and cents 9.5 per lb were also significantly higher than the former long-standing level.

The market for precious metal-bearing raw materials likewise had a positive showing due to the increased prices.

Refining charges remained, in comparison with the increased copper price, relatively low, but were overall satisfactory. Apart from copper scrap, our procurement activities again focused on industrial waste, end-of-life materials and electric and electronic scrap.

Cathodes and precious metals

Hamburg

The copper production capacities were very well utilised and the stoppage for general repairs which was brought forward to November 2005 had a positive impact on plant availability, i.e. the loss of production due to the stoppage in the 1st quarter is being gradually recouped.

The primary copper production processed 282,000 tonnes of copper concentrates (277,000 tonnes in the previous year). Thus, in the 1st half-year 493,000 tonnes on copper concentrates were processed (555,000 tonnes in the previous year).

In line with the concentrate throughput, the sulphuric acid production at 282,000 tonnes was at a high level (274,000 tonnes in the previous year). In total, 490,000 tonnes of sulphuric acid were produced in the 1st half-year (552,000 tonnes in the previous year). The average revenues for sulphuric acid were stable.

The cathode output of the Hamburg tankhouse amounted to 92,300 tonnes (91,000 tonnes in the previous year). In the 1st half-year it totalled 175,000 tonnes, 5 % less than the previous year's output of 185,000 tonnes.

Silver production amounted to 224 tonnes, just under the previous year's output of 231 tonnes. In the 1st half-year 419 tonnes of silver were produced (424 tonnes in the previous year).

The gold output of 9 tonnes was a significant increase year-on-year (7.5 tonnes in the previous year). In the 1st half-year, 17 tonnes of gold were produced, a 31 % rise compared with the previous year (13 tonnes).

Lünen

The throughput in the Kayser Recycling System (KRS) was 6 % up on the previous year. Significant quantities of electric and electronic scrap were processed.

Cathode output in the tankhouse increased to 46,000 tonnes (45,000 tonnes in the previous year). At 91,000 tonnes the cathode output matched the previous year's result for the 1st half-year.

The two copper tankhouses in Hamburg and Lünen produced a total of 266,000 tonnes of cathodes in the 1st half-year (276,00 tonnes in the previous year).

Copper Processing Segment

For the Copper Processing Segment it paid off that NA is an integrated copper group. Because NA produces its own cathodes and is therefore always able to deliver on the product side. This creates customer confidence and loyalty.

Revenues in the Copper Processing Segment rose from € 1,027 million to € 1,737 million, on account of improved sales but in particular due to the higher metal prices. Sales of continuous cast wire rod and shapes could be increased again year-on-year. The trend at Schwermetall and Prymetall was likewise positive. Earnings before taxes (EBT) improved to € 22 million.

IFRS key figures in € thousand	Fiscal year 2004/05	Fiscal year 2005/06
	1st half-year	1st half-year
Revenues	1,027,349	1,736,889
EBIT *	23,992	24,227
EBT *	20,880	21,810

* before revaluation of Lifo inventories

Product markets

The economic climate in Europe brightened up in the 2nd quarter of the fiscal year. Our main customers, the cable and wire industry as well as the semis industry, benefited noticeably from the improved economic situation.

The strong order receipts on account of the economic trend combined with the low stocks level from last year resulted in higher demand for copper wire rod. This led to high capacity utilisation at all the European wire rod producers.

The upturn in demand for wire rod could be observed in almost all sectors of the cable and wire industry. Demand for energy cable, which is usually weak in winter for seasonal reasons, has picked up surprisingly early. This was attributable to the realisation of postponed projects and increasing investment activity on the part of the energy suppliers. Demand also picked up significantly in the automotive sector and other segments of electrical engineering.

The order books at the semis fabricators were well filled. Demand from the electric and electronics industries has picked up due to high order receipts from the mechanical engineering and plant construction sectors. Even the copper tube market, which was weak in recent years due to the ailing construction industry, showed the first positive impulses.

The overall very positive trend on the product markets is impacted by the downstream industry's strongly increasing need for financing owing to the high metal prices. Medium-sized firms in the semis industry are particularly strongly affected.

Wire rod (ROD)

Wire rod output amounted to 107,000 tonnes (99,000 tonnes in the previous year). This corresponds to an increase of 8 %. A total of 203,000 tonnes were produced in the 1st half-year of the fiscal year (190,000 tonnes in the previous year).

Continuous cast shapes (CAST)

The continuous casting plants in Hamburg produced 71,000 tonnes of copper shapes (58,000 tonnes in the previous year), an increase of 22 % compared with the previous year. A total of 133,000 tonnes of copper shapes were produced in the 1st half-year, year-on-year a plus of 7 %.

Pre-rolled strip (Schwermetall Halbzeugwerk)

Schwermetall Halbzeugwerk (NA stake: 50 %) achieved a 25 % increase in production with an output of 70,000 tonnes of pre-rolled strip (56,000 tonnes in the previous year). 132,000 tonnes were produced in the 1st half-year (114,000 tonnes in the previous year).

Schwermetall was able to benefit significantly from the growing demand for strips in Europe. The export business to America and Asia is also still at a high level.

Strip and wire (Prymetall)

Prymetall produced 19,000 tonnes of strip and wire products (16,000 tonnes in the previous year). Compared with the comparable period in the previous year, production could be increased by some 20 %. In the 1st half-year, 33,000 tonnes were produced (31,000 tonnes in the previous year). The high demand has continued since November last year without diminishing and has resulted in good utilisation of the production plant.

4. Human resources

At the end of the 2nd quarter the NA Group had a total of 3,176 employees (3,161 in the previous year). In the 1st half-year personnel costs amounted to € 94.1 million (€ 89.9 million in the previous year). The increase is in particular the result of tariff wage-scale increases and provisions for the share-price oriented incentive programme.

In the 2nd quarter 45 young people ended their apprenticeships, of whom 37 could be taken on in full time employment. NA will again offer its extensive training programme this year with about 7 % of the workforce in apprenticeships.

The campaign "Group Ideas 3000" was a great success. The aim was to obtain at least 3,000 operational suggestions for improvement Group-wide within one year. This already very ambitious target was far exceeded with a total of 3,440 suggestions submitted. The implementation of these ideas will make a significant contribution to further operational improvements at NA.

At the beginning of April 2006 the 3rd tranche of our incentive programme for the Executive Board and senior staff was issued in the form of a virtual programme. This programme is oriented to the performance of the NA share price.

Until the end of 2005 the collective agreements of the metal industry applied for the Lünen site. After the conclusion of a transitional collective agreement, the tariff regulations of the chemical industry will now apply in Lünen, backdated to 1 January 2006.

5. Corporate Governance

On 31 January 2006 the company increased its capital on the basis of a resolution passed at the Annual General Meeting on 31 March 2005, with subscription rights excluded. 3,340,919 shares were successfully placed as part of accelerated bookbuilding. The placement price amounted to € 23.10 per share.

On 30 March 2006 the company's Annual General Meeting was held in the Congress Center Hamburg attended by some 2,700 shareholders and guests. All of the items on the Agenda proposed by the company's management were approved with a wide majority at the AGM. It was also resolved at the AGM to pay a dividend of € 1 per share to the shareholders from the available unappropriated earnings.

6. Research & Development

In the flexible CIS solar cell project, work continued on the erection of the pilot plant for the production of the cells in Hamburg. The cells will be developed in this pilot plant to a stage of mass production maturity by the end of 2007. Due to their technical and cost advantages, these solar cells represent an economically very attractive solution for a decentralised energy supply in the world's sunny regions. In the cost-value ratio, in particular taking the raw material costs into account, CIS solar cells will be much superior to the traditional silicon cells.

7. Operational and strategic measures to improve earnings

In the last two years projects to enhance productivity and improve earnings to the extent of € 80 million were implemented in the NA Group. All the measures make a long-term contribution to the positive trend in NA's results.

The construction measures for the concentrate logistics project in Brunsbüttel are running to schedule. Consequently, as of 1 January 2007 the concentrate discharge from the sea-going vessels and the interim storage will not be performed in Hamburg, but in the Elbe port of Brunsbüttel. Special lighters will operate in a shuttle service to deliver the furnace-ready blends to the primary smelter in Hamburg. NA expects to achieve significant cost savings from this project.

Apart from the further improvement of energy efficiency, the erection of a 100 MW substitute fuel (SF) power plant is the most important step towards reducing NA's energy costs in the long term. Capital expenditure will amount to € 320 million. After the Supervisory Board had basically approved the project at the end of March 2006, the planning work is being given top priority. NA will build and operate the power plant as a 50:50 joint venture with the Stadtreinigung Hamburg (waste management Hamburg). The power plant will be commissioned in 2009 and keep NA's Hamburg site fully supplied with electricity.

In the Copper Production Segment, NA is working intensively on the expansion of the concentrate processing facilities and recycling activities. The aim is to internationalise the copper production as well by cooperations, participations or acquisitions. At the same time, we want to enhance our position as a forerunner in environmental protection further. In addition to the expansion of the Hamburg smelter, we are working on possibilities for launching on to strong-growth regions, in which NA has several options, including China.

At the end of 2005 NA signed a Letter of Intent (LOI) with the Chinese Yanggu Hongxiang Investment Co., Ltd. (HX) and the Shandong Fengxiang (Group) Co., Ltd. (SF). On the basis of the LOI, discussion were held about NA's participation in a copper smelter with an integrated power plant and a rod plant in Yanggu, Shandong Provence. On 14 April 2006 the negotiations had to be terminated since agreement could not be reached on key issues. These included in particular the project financing on the part of the Chinese partner in view of the strongly increased metal prices. Regardless of this decision, NA is still interested in China and Asia for external growth.

In the Copper Processing Segment NA will concentrate on growth markets and enhance its strength as an integrated copper producer and processor. The core business consisting of continuous cast wire rod and shapes as well as pre-rolled strip, which are all important as regards unit sales and earnings, will be expanded first and foremost. The strategic ideals are always the highest quality and customer orientation. As regards Prymetall's copper strips, we will concentrate increasingly on niche products.

8. Outlook

The trend on NA's core markets on the raw material and product sides is very positive, in which NA is participating to the full. Global demand for copper remains very high. Supported by the upturn in the economic trend in Europe and Germany, it is expected that the copper shortage will continue in our markets. As a result the copper price will stay at a high level. This supports NA's supply situation on the raw material markets for copper concentrates and recycling raw materials.

All the signs indicate that the market situation for NA's products will continue along the positive trend.

NA's positive situation is reflected in the increase in earnings before taxes to € 48 million for the 1st half year. NA is thus excellently positioned.

There is therefore every indication that NA will also perform well in the 2nd halfyear and thus a very good result will be generated for the fiscal year as a whole.

Financial calendar 2005/06

10 August 2006	Interim report on 3rd quarter 2005/06
7 October 2006	Open Day at the Hamburg Stock Exchange
19 December 2006	Preliminary financial statements 2005/06

Consolidated balance sheet of the NA Group (IFRS) (in € thousand) ASSETS	31.03.2006	30.09.2005
Intangible assets	27,965	29,209
Property, plant and equipment	335,721	334,582
Investment property	128	128
Financial assets
Interests in affiliated companies	272	273
Investments	630	616
Other financial assets	850	867
	1,752	1,756
Fixed assets	365,566	365,675
Deferred tax assets	935	1,151
thereof taxes from the revaluation of Lifo inventories	(533)	(159)
Receivables and other assets	25,009	24,859
Non-current assets	391,510	391,685
Inventories	790,025	470,508
thereof revaluation of Lifo inventories	206,676	104,330
Receivables and other assets
Trade accounts receivable	287,557	197,233
Other receivables and assets	331,241	142,889
	618,798	340,122
Short-term security investments	200	200
Cash and cash equivalents	5,155	29,678
Current assets	1,414,178	840,508
	1,805,688	1,232,193

Consolidated balance sheet of the NA Group
(IFRS)	31.03.2006	30.09.2005
(in € thousand) EQUITY AND LIABILITIES
Equity
Subscribed capital	95,115	86,562
Additional paid-in capital	101,931	34,731
Retained earnings	448,693	396,249
thereof earnings from the revaluation of Lifo inventories	124,002	62,594
Changes in accumulated other comprehensive income	(53,129)	(17,714)
Minority interest	3,469	4,301
	596,079	504,129
Long-term provisions
Pension liabilities	52,829	51,060
Deferred tax liabilities	95,835	74,791
thereof taxes from the revaluation of Lifo
inventories	82,141	41,577
Other long-term provisions	36,433	35,205
	185,097	161,056
Long-term liabilities
Long-term financial liabilities	104,178	104,408
Other long-term liabilities	1,774	340
	105,952	104,748
Non-current provisions and liabilities	291,049	265,804
Other short-term provisions	67,323	58,331
Short-term liabilities
Short-term financial liabilities	93,662	20,708
Trade accounts payable	488,274	236,070
Income tax payable	5,217	6,860
Other short-term liabilities	264,084	140,291
	851,237	403,929
Short-term liabilities	918,560	462,260
	1,805,688	1,232,193

Consolidated income statement of the NA Group (IFRS) (in € thousand)	2nd quarter 2005/06	1st half-year 2005/06	2nd quarter 2004/05	1st half-year 2004/05
Revenues	1,342,431	2,263,255	696,613	1,362,655
Changes in inventories of finished goods and
work in process	(19,586)	125,430	30,414)	44,531
- thereof gain from revaluation of
Lifo inventories	4,733	13,843	15,667	21,405
Own work capitalised	1,266	1,560	616	1,324
Other operating income	6,190	9,738	7,007	10,482
Cost of materials	(1,166,826)	(2,084,131)	(558,528)	(1,194,579)
- thereof gain from revaluation of
Lifo inventories	48,789	88,502	(5,563)	3,872
Gross profit	163,475	315,852	115,294	224,413
Personnel expenses	(47,333)	(94,136)	(45,002)	(89,910)
Depreciation and amortisation	(12,127)	(24,280)	(13,205)	(26,373)
Other operating expense	(22,442)	(43,489)	(21,601)	(42,516)
Operational result	81,573	153,947	35,486	65,614
Result from investments	6	6	21	21
Interest income	1,125	1,894	971	1,738
Interest expense	(2,614)	(5,008)	(3,563)	(6,877)
Result from ordinary activities	80,090	150,839	32,915	60,496
- thereof result from the revaluation of Lifo inventories	53,522	102,345	10,104	25,277
Income taxes	(32,211)	(60,621)	(13,326)	(24,358)
- thereof taxes from revaluation of
Lifo inventories	(21,408)	(40,937)	(4,042)	(10,111)
Consolidated net income	47,879	90,218	19,589	36,138
- thereof consolidated net income from
revaluation of Lifo inventories	32,114	61,408	6,062	15,166
Income attributable to minority interests	(309)	(620)	(355)	(710)
Consolidated net income without minority
interests	47,570	89,598	19,234	35,428
Basic earnings per share (in €)	1.32	2.57	0.58	1.06
- of which earnings from revaluation of
Lifo inventories	0.90	1.76	0.18	0.45
Diluted earnings per share (in €)	1.32	2.57	0.57	1.05
- thereof earnings from revaluation
Lifo inventories	0.90	1.76	0.18	0.45

Consolidated cash flow statement for the NA Group	1st half-year	1st half-year
(in € thousand)	2005/06	2004/05
Result from ordinary activities	150,839	60,496
Depreciation and amortisation	24,280	26,373
Write-ups/downs on current assets	340	(100)
Revaluation of Lifo inventories	(102,345)	(25,277)
Change in long-term provisions	2,997	1,197
Loss from disposal of fixed assets	(243)	(28)
Result from investments	(6)	(21)
Net interest expense	3,114	5,139
Income taxes paid	(15,759)	(12,890)
Gross cash flow	63,217	54,889
Change in receivables and other assets, including
short-term security investments	(279,311)	43,875
Change in inventories (without revaluation of Lifo inventories)	(217,300)	(20,253)
Change in short-term provisions	8,992	(3,872)
Change in liabilities (excl. financial liabilities)	317,085	(14,533)
Cash outflow (inflow in the previous year) from operating activities (net cash flow)	(107,317)	60,106
Purchase of fixed assets	(24,302)	(14,567)
Payments for the acquisition of subsidiaries	0	(738)
Proceeds from disposal of fixed assets	332	91
Interest received	1,894	1,738
Dividends received	6	21
Cash outflow from investing activities	(22,070)	(13,455)
Proceeds from capital increase	75,753	0
Proceeds from issuance of bonds and taking
up financial liabilities	74,590	3,637
Payments for the redemption of
bonds and financial liabilities	(1,865)	(32,742)
Interest paid	(5,008)	(6,877)
Dividend payments	(38,606)	(23,150)
Cash inflow (outflow in the previous year) from
financial activities	104,864	(59,132)
Change in cash and cash equivalents	(24,523)	(12,481)
Cash and cash equivalents at beginning of period	29,678	15,824
Cash and cash equivalents at end of period	5,155	3,343

Consolidated statement of changes in equity in the NA Group
(in € thousand)	Subscribed capital	Additional paid-in capital	Retained earnings	Changes in Minority accumulated interest other com prehensive income		Total equity
Balance as at 30.09.2004	85,528	29,409	324,295	(6,136)	4,323	437,419
thereof earnings from revaluation of Lifo inventories			28,286			28,286
Dividend payment			(21,716)		(1,434)	(23,150)
Consolidated net income			35,428		710	36,138
thereof earnings from revaluation of Lifo inventories			15,166			15,166
Changes in accumulated other comprehensive income				(4,913)		(4,913)
Changes in currency				43		43
Balance as at 31.03.2005	85,528	29,409	338,007	(11,006)	3,599	445,537
thereof earnings from revaluation of Lifo inventories			43,452			43,452
Balance as at 30.09.2005	86,562	34,731	396,249	(17,714)	4,301	504,129
thereof earnings from revaluation of Lifo inventories			62,594			62,594
Capital increase	8,553	67,200				75,753
Dividend payment			(37,154)		(1,452)	(38,606)
Consolidated net income			89,598		620	90,218
thereof earnings from revaluation of Lifo inventories			61,408			61,408
Changes in accumulated other comprehensive income				(35,405)		(35,405)
Changes in currency				(109		(10)
Balance as at 31.03.2006	95,115	101,931	448,693	(53,129)	3,469	596,079
thereof earnings from revaluation of Lifo inventories			124,002			124,002

Segment reporting
for the NA Group
(in € thousand)	Copper Production		Copper Processing		Other		Group total
	Segment		Segment
	1st	1st	1st	1st	1st	1st	1st	1st
	half-year	half-year	half-year	half-year	half-year	half-year	half-year	half-year
	2005/06	2004/05	2005/06	2004/05	2005/06	2004/05	2005/06	2004/05
Revenues
Total revenues	1,551,867	1,018,925	1,736,889	1,027,349	763	562
– thereof inter	1,005,945	673,878	20,319	10,303	0	0
Segment revenues
Revenues with third	545,922	345,047	1,716,570	1,017,046	763	562	2,263,255	1,362,655
parties
EBIT*	27,778	19,384	24,227	23,992	-397	-3,018	51,608	40,358
Earnings before
taxes *	27,083	17,369	21,810	20,880	-399	-3,030	48,494	35,219

* before the revaluation of Lifo inventories

Disclaimer

Forward-looking Statements

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 forward-looking statements.

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