Aurubis AG

Interim / Quarterly Report • May 25, 2012

INTERIM REPORT First Half-year 2011/12

Oktober 1, 2011 to March 31, 2012

CONTENTS

CONTENTS

I. Highlights	2
II. Overview of Group key fi gures	3
III. Interim Group management report for the fi rst half-year 2011/12	4
1. Copper market	4
2. Results of operations, fi nancial position and net assets	5
3. Business Units	8
- Business Unit Primary Copper	8
- Business Unit Recycling / Precious Metals	10
- Business Unit Copper Products	11
4. Human resources	13
5. Research and development	13
6. Aurubis shares	13
7. Corporate Governance	13
8. Operating and strategic measures for corporate development	13
9. Risk and opportunity management	14
10. Outlook	14
IV. Interim consolidated fi nancial statements for the fi rst half-year 2011/12	16
Consolidated balance sheet	16
Consolidated income statement	18
Consolidated statement of comprehensive income	19
Consolidated cash fl ow statement	20
Consolidated statement of changes in equity	21
Selected notes to the fi nancial statements	22
Consolidated segment reporting	23
V. Responsibility statement	24
VI. Dates and contacts	25

I. HIGHLIGHTS

The Aurubis Group was able to build on the good economic trend of the fi rst quarter. Earnings before taxes (EBT) of € 346 million (€ 358 million in the previous year 2010/11) were generated in the fi rst half of fi scal year 2011/12 on the basis of IFRS. The very satisfactory operating EBT amounts to € 173 million and is considerably up on the comparable prior-year period (EBT € 122 million).

Hamburg, May 14, 2012 – The Aurubis Group's (Aurubis) revenues increased to € 6,799 million (€ 6,468 million in the previous year). Compared to the fi rst half of the previous year, higher precious metal revenues and the integration of the Luvata Rolled Products Division (Luvata) more than compensated for lower copper prices. Earnings before taxes (IFRS) amount to € 346 million (€ 358 million in the previous year) in the half-year under review. At € 173 million, operating earnings before taxes improved considerably compared to the prior-year period (€ 122 million). Apart from the good situation on important raw material markets, highlights include the overall higher concentrate throughput, the higher sulfuric acid output with increased sulfuric acid prices, higher copper scrap refi ning charges and rising input quantities of other materials carrying treatment charges. The good trend in the Business Units Primary Copper and Recycling/Precious Metals more than compensated for the weaker performance of Business Unit Copper Products, which was related to market factors.

Net cash fl ow more than doubled compared to the comparable prior-year period (€ 110 million, € 52 million in the previous year).

The copper market was infl uenced by weakening Chinese economic dynamics and the continuing debt crisis in Europe. However, the generally positive assessment of the fundamental market situation supported the copper price. High volatility continued.

The average settlement copper price for the second quarter was US\$ 8,310/t (US\$ 7,489/t in the previous quarter). The average price was US\$ 7,903/t in the fi rst half-year 2011/12 (US\$ 9,136/t in the fi rst half-year 2010/11). The closing price for the half-year on March 30, 2012 was US\$ 8,480/t.

Investments in gold and silver were in demand again due to the continuing uncertainties in the overall economic environment. Precious metal prices remained at a high level but fl uctuated. The average price of silver was about US\$ 1,037/kg in the fi rst half-year 2011/12 (H1 2011/12: US\$ 936/kg). Gold was valued at an average of US\$ 54,313/kg in the fi rst half-year (H1 2010/11: US\$ 44,259/kg).

The global supply of copper concentrates was scarce due to production losses, especially in Indonesia. Treatment charges in spot business reached lows yet again. Aurubis was not aff ected by this due to its long-term delivery contracts, and the treatment charges under these contracts even increased. Our plants' supply of copper concentrates and recycling materials was good. Demand for sulfuric acid was also at a good level.

The markets for copper products remain weak and are still aff ected by the European debt crisis, especially in the Southern regions. In this market environment, our output and sales volumes increased compared to the seasonally weak previous quarter but did not achieve last year's high sales level.

		1st half-year 11/12	1st half-year 10/11	Diff erence
BU Primary Copper
Concentrate throughput	t	1,052,000	980,000	+7 %
Scrap throughput	t	98,000	112,000	-13 %
Sulfuric acid output	t	1,023,000	952,000	+7 %
Cathode output	t	465,000	457,000	+2 %
BU Recycling/Precious Metals
Scrap input	t	60,000	66,000	-9 %
KRS throughput	t	136,000	128,000	+6 %
Cathode output	t	103,000	106,000	-3 %
BU Copper Products
Wire rod output	t	336,000	415,000	-19 %
Continuous cast shapes output	t	83,000	100,000	-17 %
Rolled products and specialty	t	108,000	26,000	+315 %

II. OVERVIEW OF GROUP KEY FIGURES (IFRS)

			2nd quarter			1st half-year
		2011/12	2010/11	Diff erence	2011/12	2010/11	Diff erence
Revenues	€m	3,648	3,736	-2 %	6,799	6,468	+5 %
Gross profi t	€m	355	375	-5 %	749	665	+13 %
Personnel expenses	€m	101	70	+45 %	210	149	+41 %
Depreciation and amortization	€m	31	30	+2 %	62	56	+10 %
EBITDA	€m	197	260	-24 %	428	428	-
Operating EBITDA*	€m	123	181	-32 %	246	193	+28 %
EBIT	€m	166	230	-28 %	366	372	-2 %
Operating EBIT *	€m	97	150	-36 %	193	136	+42 %
EBT	€m	156	223	-30 %	346	358	-3 %
Operating EBT *	€m	87	143	-39 %	173	122	+42 %
Net income	€m	111	161	-30 %	247	258	-4 %
Earnings per share	€	2.48	3.66	-32 %	5.49	6.03	-9 %
Gross cash fl ow	€m	116	248	-53 %	57	396	-86 %
Net cash fl ow	€m	91	189	-52 %	110	52	+109 %
Capital expenditure (excl. fi nancial fi xed assets)	€m	22	22	-	48	52	-9 %
Copper price (average)	US\$/t	8,310	9,646	-14 %	7,903	9,136	-13 %
Human resources (average)		6,292	4,879	+29 %	6,298	4,865	+29 %

* The operating result is commented in the notes on the results of operations, fi nancial position and net assets.

III. INTERIM GROUP MANAGEMENT REPORT FOR THE FIRST HALF-YEAR 2011/12

1. COPPER MARKET

In the fi rst few months of 2012, the macroeconomic environment of the international copper market was aff ected by weakening Chinese economic dynamics and the continuing debt crisis in Europe. In China, the economic growth target of 9.2 % in the previous year was reduced to 7.5 % in 2012. In Europe, economic weakness continued, especially in the Southern European countries.

The copper price was resistant despite the overall economic conditions. In the spot market, it was above the US\$ 8,000/t mark for almost the entire second quarter and was therefore higher than in the fi rst quarter 2011/12. The average for the quarter was US\$ 8,310/t (Q1 2011/12: US\$ 7,489/t). On the whole, the average price for the fi rst half of fi scal year 2011/12 was US\$ 7,903/t, which was lower than the previous year.

The copper price was supported by the generally positive assessment of the fundamental market situation. There is a broad consensus that the copper market will also exhibit a production defi cit in 2012.

The quarter was restrained on the cathode demand side. In Europe, copper cathodes were temporarily sought for shortterm delivery.

The available copper inventories in European LME warehouses and along the value-added chain were very low. In the US, the reduction of local LME copper inventories, which had started in December, continued at a faster pace. Imports of refi ned copper to China weakened somewhat in the course of the quarter, but at 1.06 million t were 77 % higher in the annual comparison. Copper inventories in Asia, especially China, increased signifi cantly, which indicates that physical demand is temporarily lower. According to local sources, China will nevertheless require 7 % or over 500,000 t more copper overall in 2012 than in the previous year

2. RESULTS OF OPERATIONS, FINANCIAL POSITION AND NET ASSETS

The Aurubis Group reports in accordance with International Financial Reporting Standards (IFRS).

In order to portray the Aurubis Group's operating success independently of valuation infl uences from copper price trends and eff ects from purchase price allocations starting fi scal year 2010/11 for the purpose of internal control, the results of operations are initially presented on the basis of the operating result and expanded by the results of operations, fi nancial position and net assets in accordance with IFRS in a second part.

The following table shows the calculation of the operating result of the fi rst half of fi scal year 2011/12 and the operating result in the comparable prior-year period.

Results of operations (operating)

Reconciliation of the consolidated income statement (in € thousand)

	1st half-year 2011/12	1st half-year 2011/12	1st half-year 2011/12	1st half-year 2010/11
	IFRS	Adjustment*	Operating	Operating
Revenues	6,799,182		6,799,182	6,468,140
Changes in inventories of fi nished goods and work in process	304,369	(86,235)	218,134	95,803
Own work capitalized	5,122		5,122	5,483
Other operating income	28,717		28,717	19,532
Cost of materials	(6,388,862)	(95,197)	(6,484,059)	(6,159,236)
Gross profi t	748,528	(181,432)	567,096	429,722
Personnel expenses	(210,037)		(210,037)	(149,193)
Depreciation and amortization	(62,062)	8,439	(53,623)	(56,663)
Other operating expenses	(110,864)		(110,864)	(87,862)
Operational result (EBIT)	365,565	(172,993)	192,572	136,004
Result from investments	6		6	6
Interest income	6,830		6,830	5,214
Interest expense	(26,182)		(26,182)	(19,103)
Earnings before taxes (EBT)	346,219	(172,993)	173,226	122,121
Income taxes	(98,742)	44,181	(54,561)	(33,766)
Consolidated net income	247,477	(128,812)	118,665	88,355

* Values adjusted by valuation eff ects from the use of the average cost method in accordance with IAS 2, by copper price-related valuation eff ects on inventories and by eff ects from purchase price allocations, mainly property, plant and equipment, starting fi scal year 2010/11.

The Aurubis Group generated consolidated operating net income of € 119 million (€ 88 million in the previous year) in the fi rst half of fi scal year 2011/12.

IFRS earnings before taxes, which amounted to € 346 million, were adjusted by valuation eff ects of € -181 million (€ -236 million in the previous year) in the inventories as well as eff ects amounting to € 8 million from the purchase price allocation of the Luvata RPD (Rolled Products Division). The resulting operating earnings before taxes amount to € 173 million (€ 122 million in the previous year).

The Group's revenues were € 6,799 million (€ 6,468 million in the previous year) in the fi rst half-year. The increase in revenues is due in particular to higher precious metal revenues and the integration of the Luvata RPD.

The cost of materials rose from € 6,159 million in the previous year to € 6,484 million.

At € 567 million, gross profi t was considerably up on the gross profi t of the prior-year period (€ 430 million).

Personnel expenses rose from € 149 million in the previous year to € 210 million because of the higher number of employees due to the integration of the Luvata RPD in particular, which was not included in the comparable prioryear period. Moreover, personnel provisions in connection with the restructuring decided on in Sweden, wage increases and higher profi t-sharing bonuses infl uenced personnel expenses.

Depreciation and amortization amounted to € 54 million, changing only slightly compared to the previous year (€ 57 million).

Other operating expenses increased from € 88 million in the prior-year period to € 111 million. The increase in other operating expenses resulted from the Luvata RPD companies in particular, which were not included in the comparable prior-year period.

The operating result in the fi rst half of the fi scal year was determined fi rst and foremost by the following factors compared to the prior-year period:

• » The copper concentrate throughput in the fi rst half-year was well above the throughput level of the comparable prior-year period, which was aff ected by an unscheduled production standstill at the Hamburg site. Higher treatment charges were collected at the same time.
• » Higher sulfuric acid prices with increased sales volumes as of the fi rst half of the previous year had a signifi cant positive eff ect on consolidated earnings.
• » Good refi ning charges in copper scrap processing and increasing input quantities of recycling materials led to positive contributions to earnings as well.
• » There was a good metal yield with high metal prices.
• » Sales volumes in the copper products sector are still considerably below the prior-year level due to uncertainties about the overall economic trend.

Operating earnings before interest, taxes, depreciation and amortization (EBITDA) reached € 246 million (€ 193 million in the previous year). Operating earnings before interest and taxes (EBIT) were € 193 million compared to € 136 million in the comparable prior-year period. After incorporating the net interest expense, operating earnings before taxes (EBT) amount to € 173 million (€ 122 million in the previous year). Net interest expense increased by € 5 million to € 19 million compared to the prior-year period (€ 14 million). The increase in expenses is mainly due to the higher availability of liquidity owing to refi nancing and the resulting extension of the term structure at the same time.

Operating consolidated net income of € 119 million (€ 88 million in the previous year) remains after deducting the tax expense.

At 20.8 %, the operating ROCE (rolling last four quarters) was considerably up on that of the comparable prior-year period (13.3 %) due to the improved results of operations.

HIGH OPERATING EBT EXCEEDS THE GOOD RESULT OF THE FIRST HALF-YEAR 2010/11

EBT 2011/12 (in €m, rounded)

Results of operations (IFRS)

The Aurubis Group generated consolidated net income of € 247 million (€ 258 million in the previous year) in the fi rst half of fi scal year 2011/12.

Group revenues amounted to € 6,799 million (€ 6,468 million in the previous year) in the fi rst half-year. The increase in revenues is due in particular to higher precious metal revenues and the integration of the Luvata RPD.

The cost of materials rose from € 6,007 million in the prior year to € 6,389 million.

At € 749 million, gross profi t was € 84 million up on the gross profi t of the prior-year period (€ 665 million).

Personnel expenses rose from € 149 million in the prior year to € 210 million because of the higher number of employees due to the integration of the Luvata RPD in particular, which was not included in the comparable prior-year period. Moreover, personnel provisions in connection with the restructuring decided on in Sweden, wage increases and higher profi t-sharing bonuses infl uenced personnel expenses. Depreciation and amortization amounted to € 62 million, changing slightly compared to the prior year (€ 57 million) mainly owing to depreciation and amortization at the Luvata RPD companies, which were not included in the prior-year period.

Earnings before interest, taxes, depreciation and amortization (EBITDA) reached € 428 million as in the previous year. At the same time, earnings before interest and taxes (EBIT) in the fi rst half of fi scal year 2011/12 were € 366 million compared to € 372 million in the comparable prior-year period. After incorporating the net interest expense, earnings before taxes

amount to € 346 million (€ 358 million in the previous year). Net interest expense increased by € 5 million to € 19 million compared to the prior-year period (€ 14 million). The increase in expenses is mainly due to the higher availability of liquidity owing to refi nancing and the resulting extension of the term structure at the same time.

Consolidated net income of € 247 million (€ 258 million in the previous year) remains after deducting the tax expense.

Net assets (IFRS)

Total assets increased from € 4,333 million as of the end of the past fi scal year to € 4,758 million as of March 31, 2012 due to the build-up of inventories together with increased metal prices.

The Group's equity rose from € 1,740 million as of the end of the last fi scal year to € 1,939 million as of March 31, 2012, mainly because of the consolidated net income of € 247 million in the fi rst half-year. Dividend payments amounting to € 55 million had the opposite eff ect. Overall, the equity ratio of 40.7 % is at the same level compared to the end of the last fi scal year (40.2 %).

Borrowings increased only slightly from € 729 million as of September 30, 2011 to € 741 million as of March 31, 2012. Current liabilities amounted to € 61 million as of March 31, 2012 and non-current liabilities were € 680 million. At 13 % at the end of the half-year, gearing is at the same level compared to the end of the last fi scal year (14 %).

Net assets (operating)

The diff erence between fi xed assets in accordance with IFRS and operating fi xed assets amounted to € -83 million as of March 31, 2012; the diff erence between inventories in accordance with IFRS and operating inventories was € -580 million. Operating fi xed assets thus amounted to € 1,016 million, operating inventories to € 1,734 million. At the same time, the diff erence had an eff ect in equity of € -465 million and in deferred tax liabilities of € -198 million.

Financial position and capital expenditure (IFRS)

Because of factors such as the improvement in the working capital trend compared to the prior-year period, the cash infl ow from operating activities (net cash fl ow) was at a substantially higher level at € 110 million (€ 52 million in the previous year).

A free cash fl ow of € 48 million results for the fi rst half-year 2011/12 after deducting investments in fi xed assets from the net cash fl ow, compared to a free cash fl ow of € 0 million in the prior-year period.

Cash outfl ow from investing activities totaled € -55 million compared to € -46 million in the prior-year period.

The cash outfl ow from fi nancing activities amounted to € -63 million compared to a cash infl ow of € 194 million in the fi rst half of the previous year. The cash infl ow in the previous year was mainly due to an equity increase as well as a higher net cash infl ow from loan liabilities.

On March 31, 2012 cash and cash equivalents amounting to € 484 million were available to the Group.

3. BUSINESS UNITS

BUSINESS UNIT PRIMARY COPPER

Key fi gures

			2nd quarter			1st half-year
BU PRIMARY COPPER		2011/12	2010/11	Diff erence	2011/12	2010/11	Diff erence
Revenues	€m	2,538.0	1,869.6	+36 %	4,120.5	3,275.5	+26 %
Operating EBIT	€m	47.7	101.8	-53 %	125.0	99.2	+26 %
Operating EBT	€m	44.7	98.1	-54 %	117.4	91.7	+28 %
Operating ROCE (rolling last 4 quarters)	%	-	-	-	29.3	18.4	-

Business Unit (BU) Primary Copper produces high-purity copper from raw materials, such as copper concentrates and blister copper. Recycling materials and intermediate products from other smelters are processed as well.

The BU fabricates anodes from primary and secondary raw materials as well as copper cathodes at the sites in Hamburg, Pirdop and Olen. High-purity sulfuric acid is also produced, the most important by-product.

A total of 465,000 t of cathodes (457,000 t in the previous year) were produced and 1,052,000 t of copper concentrates (980,000 t in the previous year) were processed.

The BU's total revenues were at a high level at € 4,121 million (€ 3,276 million in the previous year). This was due in particular to higher metal prices overall.

BU Primary Copper achieved very good operating earnings before taxes (EBT) amounting to € 117.4 million (€ 91.7 million in the previous year). The strong earnings increase of € 25.7 million or 28 % compared to the previous year is mainly based on the treatment charges, which have improved for Aurubis, and good sulfuric acid revenues as well as high refi ning charges for copper scrap.

Raw material markets

There was a considerable shortage in the global supply of copper concentrates due to continuing production losses, especially in Indonesia. Smelters attained only low treatment charges in the spot market. Nonetheless, Aurubis did not require any prompt additional purchases owing to the good supply situation. Treatment charges under long-term international contracts increased favorably in the market to US\$ 63.50/t and US¢ 6.35/lb Cu.

The availability of copper scrap and other recycling materials that Aurubis uses in this BU remained high, so we were

able to achieve good refi ning charges. This was also true for precious metal-bearing raw materials.

Sulfuric acid market

The sulfuric acid market was aff ected by weaker demand in the winter months, especially in the fertilizer sector. Recovery was evident only at the end of the past half-year with stabilized prices accordingly.

Production

A total of 523,000 t of copper concentrates (556,000 t in the previous year) were processed in BU Primary Copper in the second quarter. The sulfuric acid output was 513,000 t (536,000 t in the previous year). At 233,000 t (233,300 t in the previous year), the cathode output reached the prior-year result again.

CONCENTRATE THROUGHPUTS 7% UP ON FIRST HALF-YEAR 2010/11

Concentrate throughput (in 1,000 t)

Hamburg

In the second quarter 270,000 t (291,000 t in the previous year) were melted in Hamburg. Overall, 539,000 t (519,000 t in the previous year) of concentrates were processed in the fi rst half of the fi scal year.

The sulfuric acid output in the fi rst half-year was 515,000 t (494,000 t in the previous year), 260,000 t (268,000 t in the previous year) of which was produced in the second quarter.

Pirdop

Our Bulgarian site in Pirdop processed 253,000 t (265,000 t in the previous year) of copper concentrates in the second quarter. A total of 513,000 t (461,000 t in the previous year) were thus processed in the fi rst half of the fi scal year.

In the fi rst half-year 508,000 t (459,000 t in the previous year) of sulfuric acid were produced from concentrate processing, 253,000 t (268,000 t in the previous year) of which are attributed to the second quarter.

The cathode output at the Pirdop site amounted to 112,000 t (106,000 t in the previous year) in the fi rst half-year. A total of 57,000 t (56,000 t in the previous year) of the cathode output was produced in the second quarter.

Olen

The copper tankhouse in Olen was fully supplied with anodes produced locally, anodes from our Bulgarian site in Pirdop and anodes from third parties. It produced 87,000 t (86,000 t in the previous year) of copper cathodes in the second quarter for a total of 174,000 t (175,000 t in the previous year) in the fi rst half-year.

CATHODE OUTPUT IN BU PRIMARY COPPER AT PRIOR-YEAR LEVEL

Cathode output in BU Primary Copper (in 1,000 t)

BUSINESS UNIT RECYCLING / PRECIOUS METALS

Key fi gures
BU RECYCLING /			2nd quarter			1st half-year
PRECIOUS METALS		2011/12	2010/11	Diff erence	2011/12	2010/11	Diff erence
Revenues	€m	1,318.4	1,269.0	+4 %	2,519.9	2,283.7	+10 %
Operating EBIT	€m	37.3	25.0	+49 %	66.2	23.8	+178 %
Operating EBT	€m	32.8	23.1	+42 %	59.9	19.5	+207 %
Operating ROCE (rolling last 4 quarters)	%	-	-	-	77.9	19.9

In BU Recycling/Precious Metals, high-purity copper cathodes are produced from a variety of recycling raw materials and precious metals are extracted from primary and secondary raw materials. The main production sites are the Group's recycling center in Lünen and the secondary smelter and precious metal production facilities in Hamburg.

Revenues in the fi rst half of the current fi scal year amounted to € 2,520 million (€ 2,284 million in the previous year). At € 59.9 million, the BU's operating earnings before taxes (EBT) were € 40.4 million up on the earnings of the fi rst half of the previous year, which were weighed on by extraordinary eff ects. In addition to a good metal yield, higher refi ning charges for copper scrap and increased throughput quantities of complex raw materials were the main reasons for this very positive ongoing trend.

Raw material markets

The copper quotations, which were at a good level, and reserved Asian demand supported the good copper scrap supply. Back orders on existing contracts were reduced accordingly.

The availability of all other materials, such as electronic scrap, industrial residues and alloy scrap, were very favorable on the whole. The production sites were fully supplied with recycling raw materials with good refi ning charges.

Production

Lünen

At 60,000 t, the throughput of our Kayser Recycling System (KRS) was 3.2 % below the prior-year value (62,000 t) due to the scheduled standstill to repair the fi reproof lining. The KRS throughput increased by about 6 % (136,000 t, 128,000 t in the previous year) in the fi rst half-year compared to the last fi scal year.

A total of 52,000 t of cathodes (53,000 t in the previous year) were produced in the Lünen tankhouse in the second quarter. At 103,000 t, the cathode output in the fi rst half-year did not completely reach the prior-year value (106,000 t).

KRS THROUGHPUT BELOW PRIOR-YEAR LEVEL DUE TO STANDSTILL

Hamburg

The recycling and precious metal recovery facilities in Hamburg were also well utilized overall in the fi rst half-year. At 615 t (708 t in the previous year), the silver output was lower due to the production process, while the gold output increased by over 6 % to 18.4 t (17.3 t in the previous year).

BUSINESS UNIT COPPER PRODUCTS

Key fi gures

			2nd quarter			1st half-year
BU COPPER PRODUCTS		2011/12	2010/11	Diff erence	2011/12	2010/11	Diff erence
Revenues	€m	2,652.8	2,749.2	-4 %	4,701.4	4,733.2	-1 %
Operating EBIT	€m	14.6	29.0	-50 %	15.3	28.4	-46 %
Operating EBT	€m	10.9	27.8	-61 %	8.1	26.4	-69 %
Operating ROCE (rolling last 4 quarters)	%	-	-	-	5.9	9.5	-

In BU Copper Products, copper cathodes primarily produced internally are processed into continuous cast wire rod, shapes, rolled products and specialty products. The main production sites are Hamburg (Germany), Olen (Belgium), Avellino (Italy), Emmerich (Germany), Stolberg (Germany), Pori (Finland), Finspång (Sweden), Zutphen (Netherlands) and Buff alo (USA).

BU Copper Products achieved revenues of € 4,701 million in the fi rst half of the fi scal year (€ 4,733 million in the previous year). Operating earnings before taxes amounted to € 8.1 million in the fi rst six months (€ 26.4 million in the previous year). The earnings refl ect the considerably weaker sales markets for copper products compared to the previous year, which are still aff ected by the European debt crisis. The restructuring projects initiated in the previous quarters are being continued. The closing of special profi le production in Yverdon-Les-Bains (Switzerland) and the relocation to the Olen site announced in the fi rst quarter will likely be completed in the third quarter.

Product markets

The market weakness of the fi rst quarter continued into the second quarter. The expected seasonal upswing was signifi cantly behind expectations. However, the trend was quite diff erent among the individual markets and regions. Continuous cast copper wire rod was in strong demand again in the automotive sector. Rod deliveries to cable producers that focus on energy cables recovered in the second quarter but could not fulfi ll expectations due to the sluggish progress of the grid revamp in parts of Europe. The enameled wire industry was weaker than expected, especially in southern Europe. On the other hand, the manufacturers of specialty and submarine cables enjoyed buoyant business and called off higher rod volumes. Copper shapes as feedstock for the semis industry exhibited a satisfactory trend.

Demand for pre-rolled strip rose in the second quarter compared to the fi rst quarter, though the volume was considerably behind the prior-year level. Business recovery is evident, especially in Asia. European semis manufacturers continued to submit orders at very short notice due to the uncertain basic conditions.

After a weak fi rst quarter, the demand for fl at rolled products recovered only somewhat in the second quarter. Customers in Europe are ordering smaller quantities on shorter notice, which leads to lower order backlogs in our European mills and refl ects the ongoing uncertainty in the markets. Europe's economic problems also impacted markets in Asia, which remained weak. Demand in the North American market was robust, especially in areas such as connectors and distribution.

The demand for specialty wire in Europe, which is the core market for Aurubis in this segment, remained unsatisfactory.

WIRE ROD OUTPUT SIGNIFICANTLY BELOW PRIOR-YEAR OUTPUT

Wire rod output (in 1,000 t)

Production

Rod (wire rod)

Aurubis produced 180,000 t of rod in the second quarter, a decrease of 17 % compared to the excellent prior-year quarter (217,000 t). A total of 336,000 t (415,000 t in the previous year) was produced in the fi rst half-year.

Shapes

The shapes output rose to 47,000 t in the second quarter of the fi scal year and is therefore at the same level as the prioryear quarter (46,000 t). A total of 83,000 t (100,000 t in the previous year) was produced in the fi rst half-year.

Flat Rolled Products and Specialty Wire (strips and shaped wires)

Schwermetall Halbzeugwerk (50 % Aurubis holding) produced 41,000 t of pre-rolled strip in the second quarter of fi scal year 2011/12. This was 15 % lower than the prior-year quantity (48,000 t). In the fi rst half-year 82,000 t were produced (96,000 t in the previous year).

Integration and optimization of the extended Business Line Flat Rolled Products is proceeding as planned. The rolled products output was 58,000 t (10,000 t in the previous year) in the second quarter. Overall, we produced more than 100,000 t (20,000 t in the previous year) of strip in the fi rst half of the current fi scal year. In the same period approx. 5,000 t of specialty wire was produced in Stolberg, about 10 % less than the previous year.

SHAPE OUTPUT BELOW PREVIOUS YEAR DUE TO DEMAND

ROLLED PRODUCT AND SPECIALTY WIRE OUTPUT INCREASES OWING TO ACQUISITION

Rolled product and specialty wire output (in 1,000 t)

4. HUMAN RESOURCES

The Aurubis Group had a total of 6,289 employees at the end of the second quarter (4,891 in the previous year).

The increase in the number of employees is due in particular to the integration of the former Luvata RPD as well as various capital expenditure measures for expansion concentrated at the Hamburg and Lünen sites.

The Aurubis Group employees at the largest sites are spread out over the following countries: Germany (3,551), Bulgaria (813), USA (634), Belgium (476), Sweden (218), Finland (194), Netherlands (155) and Italy (133). Group-wide, 56 % of the workforce is employed in Germany and 44 % at other locations worldwide.

Personnel expenses increased by € 61 million in the fi rst halfyear compared to the prior year because of the higher number of employees due to the integration of the Luvata RPD in particular, which was not included in the comparable prioryear period. Moreover, personnel provisions in connection with the restructuring decided on in Sweden, wage increases and higher profi t-sharing bonuses infl uenced personnel expenses.

5. RESEARCH AND DEVELOPMENT

During the reporting period, the focus of R&D activities in the BUs Primary Copper and Recycling/Precious Metals was on continuing projects to further improve the metal yield. Additionally, developments started up to adjust existing processes in off -gas and wastewater purifi cation to new input materials in the pyrometallurgical sector.

In secondary copper production, the pilot facility to reduce throughput times of precious metal-bearing raw materials continued to operate successfully.

6. AURUBIS SHARES

In the fi rst six months of fi scal year 2011/12 the international stock markets exhibited an inconsistent trend. While the European debt crisis and economic uncertainty weighed on the markets in the fi rst quarter, the international stock markets recorded considerable profi ts in the second quarter.

The easing of the debt crisis in the eurozone and the positive economic and company data, especially in Germany, brightened the mood among market participants. Despite

the favorable market trend, however, investors still reacted sensitively to negative news. For example, the report that Chinese economic growth would weaken to 7.5 % in 2012 after 9.2 % in 2011 led to distortions on the markets.

Aurubis shares have risen by 3.7 % since the beginning of the current fi scal year, while the DAX improved by 26.3 % and the MDAX increased by 28.3 % in the same period.

Aurubis shares started the current fi scal year at a price of € 37.56 (Xetra) on October 3, 2011. On October 4, 2011 they reached the low of the reporting period at € 35.83. Aurubis shares increased again as time went on, achieving a high of € 44.86 for the period on February 10, 2012.

The shares ended the fi rst half-year 2011/12 at a price of € 39.59.

The average daily trading volume on Xetra was about 182,000 (283,000 in the comparable prior-year period) shares in the fi rst half-year. The Xetra trading volume was about 193,000 (Q2 2010/11: 355,000) traded shares in the second quarter.

7. CORPORATE GOVERNANCE

The shareholders at Aurubis AG's Annual General Meeting approved the dividend of € 1.20 per share suggested by the Executive Board and the Supervisory Board for fi scal year 2010/11 (September 30).

8. OPERATING AND STRATEGIC MEASURES FOR CORPORATE DEVELOPMENT

Cost reduction and continuous improvement

Maintaining a competitive cost position is crucial in order to ensure Aurubis' competiveness on the international raw material procurement markets and the sales markets for copper products. Various ongoing projects are targeted at cost reduction and improving the Group's competitive advantage. In BU Primary Copper, the preparations for increasing the throughput in Pirdop have started, while in Hamburg the throughput increase will continue as planned as part of the RWO Future project. In BU Copper Products, the systematic analysis of cost reduction potential and potential for improving competitiveness at the sites has begun within the scope of the continuing integration of the Luvata RPD. In Finspång, Zutphen, Buff alo, Yverdon-Les-Bains and Olen, the focus is on achieving structural productivity advantages as part of the production relocation. Moreover, it is important to implement the synergy potential identifi ed for all of the new sites.

Strategic initiatives

In BU Copper Products, the formal integration of the former Luvata RPD into the Business Line Flat Rolled Products & Specialty Wire has been completed. All units are incorporated in Aurubis' group processes. The relocation of production from Finspång to Zutphen and Buff alo, a signifi cant key project to optimize production structures, is running according to schedule.

In Business Line Bars & Profi les, the preparations for relocating production from Yverdon-Les-Bains (Switzerland) to Olen (Belgium) are also going according to plan. Production will be discontinued in Yverdon at the end of April, after which the production plants will be relocated to Olen.

9. RISK AND OPPORTUNITY MANAGEMENT

The Aurubis Group's raw material supply was good again in the fi rst half of fi scal year 2011/12. Copper concentrate availability remained suffi cient. We were not aff ected by supply fl uctuations in the spot market due to our long-term agreements for concentrate deliveries. There was also an adequate quantity of copper scrap in the reporting period. The relatively stable copper price led to good material availability.

Demand for sulfuric acid remained at a good level at the beginning of the fi scal year but weakened because of stagnating demand from the fertilizer sector in the second quarter. The acid Aurubis produced in the course of primary copper production was nevertheless sold at good prices. The weakness in the demand for copper products in the fi rst quarter, which was aff ected by economic uncertainty, continued in the second quarter in the midst of a slight recovery.

At the Hamburg site, ice on the Elbe River following a long cold period led to limitations in concentrate and sulfuric acid transports. Truck transport compensated for delivery bottlenecks, so reduced throughputs were at a minimum. The harsh winter at the Pirdop site did not lead to any signifi cant problems. Overall, the utilization of our copper production capacities stayed at a high level.

The liquidity situation was good. Trade accounts receivable were largely covered by trade credit insurance. No signifi cant bad debts were recorded during the reporting period.

We limited risks from the volatile euro/US dollar exchange rate with appropriate hedging transactions. We countered the infl uences of fl uctuating metal prices with suitable metal price hedging.

The risk of an electricity blackout has increased due to the energy turnaround in Germany. We have analyzed the risk and introduced corresponding counter-measures to limit damage to our facilities if this occurs.

10. OUTLOOK

Raw material markets

The market for copper concentrates will likely depend on whether the mine output stabilizes in the course of the year. If this happens, we expect a higher supply with ongoing production problems in individual smelters. China's concentrate demand will be infl uenced by the price ratio of the Shanghai Futures Exchange and the London Metal Exchange, which is unfavorable for imports. A signifi cant recovery of spot business, which has been very calm in the past few weeks, cannot be expected in the near future, however, since mines are contractually bound and have very few free volumes at the moment. We are currently well supplied with copper concentrates for our smelters in Hamburg and Pirdop and require only limited additional purchases.

Copper quotations are currently moving laterally at a good level, which further stabilizes the good availability of scrap. We expect this situation to continue in the next few months, so a full supply of all recycling materials for all production sites should be ensured with good refi ning charges.

Copper market

The uncertainty regarding the economic trend in the main sales markets for copper continues. Meanwhile, the physical copper market is better than the overall economic impression indicates.

Demand for copper cathodes may develop positively overall in the countries in the northern hemisphere, though with regional diff erences. The availability of volumes is limited. Furthermore, European processors have switched to securing their supply with more short-term transactions in 2012. Weaker copper demand should be expected in Asia owing to economic factors; the growth rate will nonetheless be well over that of the Western world again.

The production of refi ned copper continues to be susceptible to disruptions, so the utilization of smelter capacities may remain at a low level.

All of these points indicate that the copper price will likely be at a good level in the coming months as volatility continues.

Product markets

Copper products

Demand for copper products will be infl uenced by the economic environment. The progress of the planned grid expansion is decisive for copper wire rod. The automotive sector is also expected to be strong in the next few months, whereas the enameled wire industry in the southern parts of Europe looks a bit more cautiously into the future. Copper shapes markets are viewed as stable, supported by the positive environment in North America among other factors.

The demand for fl at copper products in Europe remains shortterm and may stagnate. The same applies to Asia. In contrast, the outlook in the electronics and electrical industry, engine cooling and distribution have improved in the US, so market growth can be expected in these sectors.

Overall, we do not expect the situation in Asia to recover until the end of summer 2012. Demand for copper products will likely be good in the US and at an acceptable level in Europe.

Sulfuric acid

Sulfuric acid demand has recovered and the prices have stabilized. We expect the price level to continue.

Copper production

We assume that the concentrate processing quantities will increase slightly in the second half-year. Processing quantities for the entire fi scal year would thus be slightly up on the prior-year level. We anticipate full utilization of our Lünen recycling units for the rest of the fi scal year.

The cathode output could therefore rise somewhat in the second half-year and be slightly above the prior-year level overall.

Expected earnings

We expect a good business performance for the Business Units Primary Copper and Recycling/Precious Metals for the rest of the fi scal year due to the positive situation for our procurement markets. On the whole, we view the copper market as well supported despite economic uncertainties and expect volatile yet high ongoing copper prices. In Business Unit Copper Products we will continue to be confronted with the eff ects of subdued economic expectations. This will be refl ected in the future business trend. Based on the very good half-year result and the generally stable outlook for our signifi cant markets, we currently expect the overall annual result to be at the prior-year level.

IV. INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE FIRST HALF OF FISCAL YEAR 2011/12

Consolidated balance sheet (IFRS) (in € thousand)

ASSETS	3/31/2012	9/30/2011
Intangible assets	92,350	94,391
Property, plant and equipment	959,552	970,502
Investment property	8	8
Interests in affi liated companies	1,272	1,477
Investments	670	645
Other fi nancial fi xed assets	45,169	28,933
Financial fi xed assets	47,111	31,055
Fixed assets	1,099,021	1,095,956
Deferred tax assets	2,899	2,910
Non-current receivables and fi nancial assets	73,104	66,365
Other non-current assets	620	567
Non-current receivables and other assets	73,724	66,932
Non-current assets	1,175,644	1,165,798
Inventories	2,314,021	1,822,520
Trade accounts receivable	609,470	564,415
Income tax receivables	7,283	10,271
Other current receivables and assets	167,733	278,938
Current receivables and other assets	784,486	853,624
Short-term security investments	427	479
Cash and cash equivalents	483,738	490,981
Current assets	3,582,672	3,167,604
Total assets	4,758,316	4,333,402

Consolidated balance sheet (IFRS) (in € thousand)

EQUITY AND LIABILITIES	3/31/2012	9/30/2011
Subscribed capital	115,089	115,089
Additional paid-in capital	342,782	342,782
Generated group earnings	1,492,165	1.296,948
Accumulated comprehensive income components	(14,949)	(18,857)
Equity attributable to shareholders of Aurubis AG	1,935,087	1,735,962
Non-controlling interests	3,453	4,146
Equity	1,935,087	1,740,108
Pension provisions	108,573	107,742
Deferred tax liabilities	326,852	288,128
Other non-current provisions	77,175	73,961
Non-current provisions	512,600	469,831
Non-current borrowings	679,742	686,183
Other non-current liabilities	23,482	21,786
Non-current liabilities	703,224	707,969
Non-current provisions and liabilities	1,215,824	1,177,800
Other current provisions	62,556	64,783
Current borrowings	61,507	42,830
Trade accounts payable	1,227,107	868,173
Income tax liabilities	37,922	22,069
Other current liabilities	214,860	417,639
Current liabilities	1,541,396	1,350,711
Current provisions and liabilities	1,603,952	1,415,494
Debt	2,819,776	2,593,294
Total equity and liabilities	4,758,316	4,333,402

Consolidated income statement (IFRS) (in € thousand)

	1st half-year	1st half-year
	2011/12	2010/11
Revenues	6,799,182	6,468,140
Changes in inventories of fi nished goods and work in process	304,369	179,562
Own work capitalized	5,122	5,483
Other operating income	28,717	19,532
Cost of materials	(6,388,862)	(6,007,482)
Gross profi t	748,528	665,235
Personnel expenses	(210,037)	(149,193)
Depreciation and amortization	(62,062)	(56,663)
Other operating expenses	(110,864)	(87,862)
Operational result (EBIT)	365,565	371,517
Interest income	6,830	5,214
Interest expense	(26,182)	(19,103)
Earnings before taxes (EBT)	346,219	357,634
Income taxes	(98,742)	(100,066)
Consolidated net income	247,477	257,568
Income attributable to non-controlling interests	766	812
Consolidated net income attributable to Aurubis AG shareholders	246,711	256,756
Basic earnings per share (in €)	5.49	6.03
Diluted earnings per share (in €)	5.49	6.03

Consolidated statement of comprehensive income (IFRS) (in € thousand)

	1st half-year 2011/12	1st half-year 2010/11
Consolidated net income	247,477	257,568
Changes recognized directly in equity
Market valuation of cash fl ow hedges	(4,122)	9,368
Market valuation of fi nancial assets	4,796	6,484
Foreign currency diff erences	2,225	5
Deferred taxes on accumulated other comprehensive income	1,009	(2,687)
Other changes	2,455	319
Other comprehensive income	6,363	13,489
Consolidated total comprehensive income	253,840	271,057
Consolidated total comprehensive income attributable to Aurubis AG shareholders	253,073	270,244
Consolidated total comprehensive income attributable to non-controlling interests	767	814

Consolidated cash fl ow statement (IFRS) (in € thousand)

	1st half-year	1st half-year
	2011/12	2010/11
Earnings before taxes	346,219	357,634
Depreciation and amortization	62,062	56,663
Impairment losses on current assets	(176,632)	2,539
Change in non-current provisions	506	(754)
Net losses from disposal of fi xed assets	42	211
Valuation of derivatives	(143,244)	(4,693)
Net interest expense	19,542	13,831
Income taxes paid	(51,550)	(29,869)
Gross cash fl ow	56,939	395,556
Change in receivables and other assets, including short-term security investments	(6,330)	(87,411)
Change in inventories	(309,509)	(395,595)
Change in current provisions	(2,529)	(9,839)
Change in liabilities (excl. borrowings)	371,090	149,727
Cash infl ow from operating activities (net cash fl ow)	109,661	52,438
Additions to fi xed assets	(61,717)	(52,188)
Proceeds from disposal of fi xed assets	780	464
Interest paid	6,151	5,281
Dividends received	6	6
Cash outfl ow from investing activities	(54,780)	(46,437)
Proceeds from capital increase	0	169,609
Payment for costs of capital increase	0	(5,050)
Proceeds from issuance of bonds and taking up borrowings	39,390	669,765
Payment for the redemption of bonds and borrowings	(25,289)	(575,348)
Interest paid	(21,201)	(19,099)
Dividends paid	(55,408)	(46,309)
Cash outfl ow (infl ow in the prior year) from fi nancing activities	(62,508)	193,568
Net changes in cash and cash equivalents	(7,627)	199,569
Changes from exchange rate changes	384	22
Cash and cash equivalents at beginning of period	490,981	147,803
Cash and cash equivalents at end of period	483,738	347,394

INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE FIRST HALF-YEAR 2011/12

Consolidated statement of changes in equity (in € thousand)

					Accumulated comprehensive income components			Equity at
	Subscribed capital	Additional paid-in capital	group equity Generated	valuation of cash fl ow Market hedges	fi nancial assets valuation of Market	Exchange dif ferences	Deferred taxes	holders of Aurubis AG tributable to share	controlling interests Non	Total
Balance as at 9/30/2010	104,627	187,055	1,021,138	8,679	(16,736)	724	869	1,306,356	3,847	1,310,203
Capital increase from the issu ance of new shares*	10,462	155,727	0	0	0	0	0	166,189	0	166,189
Dividends paid	0	0	(44,957)	0	0	0	0	(44,957)	(1,352)	(46,309)
Consolidated net income	0	0	257,074	9,368	6,484	5	(2,687)	270,244	813	271,057
Balance as at 3/31/2011	115,089	342,782	1,233,255	18,047	(10,252)	729	(1,818)	1,697,832	3,308	1,701,140
Balance as at 9/30/2011	115,089	342,782	1,296,948	2,577	(24,972)	2,973	565	1,735,962	4,146	1,740,108
Dividends paid	0	0	(53,948)	0	0	0	0	(53,948)	(1,460)	(55,408)
Consolidated net income	0	0	249,165	(4,122)	4,796	2,225	1,009	253,073	767	253,840
Balance as at 3/31/2012	115,089	342,782	1,492,165	(1,545)	(20,176)	5,198	1,574	1,935,087	3,453	1,938,540
* The capital increase was decreased in the additional paid-in capital by net transaction costs amounting to € 3,420 thousand.

These include an actual tax advantage from the tax deductibility of the transaction costs amounting to € 1,630 thousand.

Selected notes to the consolidated fi nancial statements

The accompanying interim group report of Aurubis AG includes interim consolidated fi nancial statements and a Group management report in accordance with the stipulations of the German Securities Trading Act. The consolidated fi nancial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) for interim reporting as applicable in the EU. The accounting policies of the fi nancial statements as at September 30, 2011 have been applied without amendment, with the exception of accounting standards that are to be applied for the fi rst time.

The interim consolidated fi nancial statements and the interim Group management report for the fi rst half of fi scal year 2011/12 have not been reviewed by the auditors.

Standards to be applied for the fi rst time

The amendments to IFRS 7 "Disclosures – Transfers of Financial Assets" that were adopted by the European Union in November 2011 in European law and are applicable for fi scal years beginning on or after July 1, 2011 will be applied in the annual fi nancial statements for 2011/12.

Dividends

A total of € 53,948,067.60 of Aurubis AG's consolidated net income of € 105,041,901.74 in fi scal year 2010/11 was used to pay a dividend of € 1.20. An amount of € 51,093,834.14 was carried forward.

Debt capital measures

On February 27, 2012, Aurubis AG signed a revolving credit facility over € 350 million. This credit facility is intended for general company fi nancing and replaces part of the acquisition fi nancing from 2007 in the scope of the Cumerio acquisition. The new facility has a term of 5 years and improves the term structure of the Group overall.

INTERIM CONSOLIDATED FINANCIAL STATMENTS FOR THE FIRST HALF-YEAR 2011/12

Consolidated segment reporting (in € thousand)

		Primary Copper Segment	Metals Segment	Recycling/Precious		Copper Products Segment	Other		Total		Reconciliation/ Conso- lidation		Group total
	operating 2011/12 1st HY	operating 2010/11 1st HY	operating 2011/12 1st HY	operating 2010/11 1st HY	operating 2011/12 1st HY	operating 2010/11 1st HY	operating 2011/12 1st HY	operating 2010/11 1st HY	operating 2011/12 1st HY	operating 2010/11 1st HY	2011/12 1st HY IFRS	2010/11 1st HY IFRS	2011/12 1st HY IFRS	2010/11 1st HY IFRS
Revenues
Total revenues	4,120,494	3,275,458	2,519,911	2,283,673	4,701,377	4,733,173	14,874	15,967
- inter-segment revenues	3,679,393	2,944,702	854,429	874,463	19,822	16,925	3,830	4,041
Revenues with third parties	441,101	330,756	1,665,482	1,409,210	4,681,555	4,716,248	11,044	11,926	6,799,182	6,468,140	0	0	6,799,182	6,468,140
EBIT	124,970	99,205	66,200	23,755	15,335	28,408	(14,067)	(13,978)	192,438	137,390	173,127	234,127	365,565	371,517
EBT	117,406	91,710	59,878	19,484	8,095	26,432	(12,792)	(14,119)	172,587	123,507	173,632	234,127	346,219	357,634
ROCE	29.3%	18.4%	77.9%	19.9%	5.9%	9.5%	-	-			-	-	19.5%	27.3 %

The division of the segments complies with the defi nition of business units in the Group.

V. RESPONSIBILITY STATEMENT

To the best of our knowledge, the consolidated fi nancial statements give a true and fair view of the assets, liabilities, fi nancial position and profi t or loss of the Group, and the Group management report includes a fair review 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 in the remainder of the fi scal year.

Hamburg, May 14, 2012

Aurubis AG The Executive Board

Peter Willbrandt Dr. Stefan Boel Dr. Michael Landau Erwin Faust

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, fi nancial situation or developments diff er from the estimates given here. We assume no liability to update forward-looking statements.

VI. DATES AND CONTACTS

FINANCIAL CALENDAR

Interim report on the fi rst nine months 2011/12 August 14, 2012 Publication of results of fi scal year 2011/12 December 13, 2012

INVESTOR RELATIONS CONTACTS

Angela Seidler Head Tel. +49 40 7883-3178 e-mail: a.seidler@aurubis.com

Dieter Birkholz Tel. +49 40 7883-3969 e-mail: d.birkholz@aurubis.com

Ken Nagayama Tel. +49 40 7883-3179 e-mail: k.nagayama@aurubis.com

GROUP COMMUNICATIONS CONTACTS

Michaela Hessling Head Tel. +49 40 7883-3053 e-mail: m.hessling@aurubis.com

Matthias Trott Tel. +49 40 7883-3037 e-mail: m.trott@aurubis.com MY NOTES

MY NOTES

MY NOTES