Aurubis raises full-year forecast

Aurubis AG, headquartered in Hamburg, Germany, says it has exceeded market expectations for the second quarter of its 2021/22 fiscal year, which ended March 31, generating operating earnings before taxes (EBT) of 194 million euros ($208.4 million), according to preliminary figures, compared with 103 million euros ($110.6 million) in Q2 of the previous fiscal year. Operating EBT for the first half of fiscal year 2021/22 would therefore total 345 million euros ($370.6 million) compared with 185 million euros ($198.7 million) in the previous year.

Aurubis says is increasing the forecast for its entire 2021/22 fiscal year, expecting operating EBT between 500 million euros and 600 million euros, or $537.1 million and $644.6 million. The previously forecasted range for operating EBT was between 400 million euros ($429.7 million) and 500 million euros.

“The positive trend is continuing,” says Roland Harings, chief executive officer of Aurubis AG. “Also, in the second quarter of the current fiscal year, we benefited from a very strong market environment with continued high metal prices and improved metal gains [and] a very high demand for copper products and sulfuric acid, combined with a very good operating performance at the sites in our smelter network. The very strong metal earnings more than offset the significant rise in energy prices. We expect the situation on our core markets to remain stable for the rest of the fiscal year.”

Harings adds that the forecast is based on the unrestricted supply of raw materials and energy to Aurubis’ sites. “We currently see no supply constraints at our production sites due to the war in Ukraine.”

International Financial Reporting Standards consolidated earnings before taxes (EBT) in the first half of 2021/22 total 686 million euros ($736.9 million), according to preliminary calculations, compared with 415 million euros ($445.8 million) in the first half of last year. Q2 accounts for 281 million euros ($301.9 million) of this amount compared with 189 million euros ($203 million) last year.

Final figures for the first half of the current fiscal year will be released May 10, according to the company.

Aurubis AG is one of the largest copper recyclers worldwide. The company processes complex metal concentrates, scrap metals, organic and inorganic metal-bearing recycling materials and industrial residues, producing more than 1 million tons of copper cathodes annually and a variety of products such as wire rod, continuous cast shapes, profiles and flat-rolled products. It also produces precious metals, selenium, lead, nickel, tin, zinc, sulfuric acid and iron silicate.