Aurubis Ag · XETR:NDA
Aurubis — H1 2023/24 Earnings Presentation
28 slides from Aurubis's earnings presentation, May 8, 2024
Slide 1: Interim Report First 6 Months 2023/24
Interim Report First 6 Months 2023/24 Conference Call on May 8, 2024
Slide 2: Executive summary of first 6 months 2023/24
Executive summary of first 6 months 2023/24 Aurubis' positive development continued in the second quarter 2023/24 Operating EBT Operating EBT positively influenced by increased TC/RCs for concentrates, a Operating ROCE higher metal result, a significant rise in the Aurubis copper premium coupled 6M
Slide 3: Aurubis with positive results development after 6 months of FY 2023/24
Aurubis with positive results development after 6 months of FY 2023/24 6M 6M Change vs. (operating) 2023/24 2022/23 prior year Revenues €m 8,249 8,784 -6 % Gross profit €m 876 787 11 % EBITDA €m 338 331 2% EBIT €m 240 234 3% EBT €m 243 239 2% Consolidated net income €m 195 189 3% Operating ROCE (%)
Slide 4: Market conditions in first HY 2023/24
Market conditions in first HY 2023/24 Trend in significant market prices and refining charges 100 % = Sept. 2020 600% Sulfuric acid price 500% (spot CFR Brazil) Copper price (settlement) 400% Exchange rate (US$/€) 300% European refining charges for copper scrap no. 2 200% Copper premium 100% TC/RCs
Slide 5: Gross margin for the Group in 2023/24 YTD
Gross margin for the Group in 2023/24 YTD Breakdown of income components in the Aurubis Group 6M 2023/24 YTD (YTD prior-year figures) 32 % (32 %) Treatment charges for concentrate + 32 % (31 %) recycling input Metal result ~ € 1,105 million* (~ € 1,069 million*) 36 % (37 %) Premiums + products Prior
Slide 6: Overview of Group costs — further decrease in energy costs
Overview of Group costs — further decrease in energy costs Overview of cost/expense positions 6M 2023/24 YTD (YTD prior-year figures) 10 % (10 %) Depreciation and amortization 33 % (31 %) Personnel costs 11 % (13 %) Consumables ~ € 971 million* 12 % (13 %) (~ € 928 million*) External services 22 % (
Slide 7: Significantly lower energy costs in the first HY
Significantly lower energy costs in the first HY Breakdown of energy costs 6M 2023/24 (YTD prior-year figures) Key influencing factors for reduction of energy costs in 6M 2023/24: 66 % (59 %) Electricity − Active energy management/hedging incl. oxygen transactions 27 % (36 %) Natural gas − Indirect
Slide 8: Aurubis' financial position enables our growth strategy
Aurubis’ financial position enables our growth strategy 6M 6M 2023/24 2022/23 Target ROCE1 % 10.0 14.13 15.0 Equity ratio % 54.2 56.6 > 40.0 (equity / total assets) Debt coverage2 0.2 -0.2 < 3.0 6M 6M Additional KPIs 2023/24 2022/23 Capital expenditure €m 317 179 Capital employed €m 3,683 3,176 (bal
Slide 9: Multimetal Recycling segment
Multimetal Recycling segment Breakdown of income components in MMR segment 6M 2023/24 YTD (YTD prior-year figures) 6M 6M Operating results 2023/24 2022/23 46 % (49 %) Refining charges 45% (44 %) EBIT €m 72 102 Metal result for recycling input EBT €m 75 103 ROCE1 % 10.3 15.5 Quantities Copper scrap /
Slide 10: Custom Smelting & Products segment
Custom Smelting & Products segment Breakdown of income components in CSP segment 6M 6M 6M 2023/24 YTD (YTD prior-year figures) Operating results 2023/24 2022/23 EBIT €m 234 168 27 % (25 %) Treatment charges EBT €m 235 171 for concentrate + 27 % (25 %) ROCE1 % 14.2 17.2 recycling input Metal result Q
Slide 11: Market outlook for 2023/24
Market outlook for 2023/24 We anticipate a reduced but sufficient concentrate supply for Aurubis from the mining side thanks to Copper our long-term sourcing strategy with the global mining industry. concentrates Our smelters are already well supplied into Q4 of CY 2024. Aurubis expects a subdued Eu
Slide 12: EBT between € 380 million and € 480 million
FY 2023/24 guidance Our forecast range Operating EBT Operating ROCE between € 380 million between 10 % and € 480 million and 14 % Operating EBT Operating ROCE in € million in % Group 380–480 10–14 Multimetal Recycling 60–120 5–9 Custom Smelting & Products 410–470 19–23 Aurubis Analyst Conference Cal
Slide 13: Strategic investments and EBITDA impact to increase substantially
Strategic investments and EBITDA impact to increase substantially Short term Medium term Long term Currently approved Medium-term planning Until 2030 Strategic capex ~€ 1.7 billion Additional strategic capex is included Ambition and scale of our long-term approved in the medium-term planning and gro
Slide 14: Strong pipeline features advanced projects included in medium-term planning
Strong pipeline features advanced projects included in medium-term planning, plus wealth of nascent concepts to drive sustainable growth Strategic projects from development to implementation Research & Concept Basic No status Feasibility In implementation ideation development engineering Industrial
Slide 15: Timeline of strategic projects in implementation
Timeline of strategic projects in implementation Timeline for the commissioning of our strategic projects 2024 2025 2026 − Bleed treatment Olen Beerse (BOB) − Solar Park 4 (BG Pirdop) − Tankhouse Expansion (BE Olen) (BG Pirdop) − CRH (DE Hamburg) − Industrial Heat II (DE Hamburg) − Precious Metals R
Slide 16: Pursue growth options: Aurubis Richmond makes further visible progress
Pursue growth options Aurubis Richmond makes further visible progress Aurubis Analyst Conference Call on May 8, 2024 16
Slide 17: Secure and strengthen core business: Investments in the Hamburg site
Secure and strengthen core business: Investments in the Hamburg site Financial impacts − Timeframe: May–July 2024 − Capex: approx. € 235 million in FY 2023/24 ▪ Maintenance € 95 million ▪ H2-ready anode furnace around € 40 million ▪ Industrial heat system around € 100 million − EBT effect: approx. €
Slide 18: Aurubis expands Germany's largest industrial heat system and makes anode furnaces H2-ready
Aurubis expands Germany’s largest industrial heat system and makes anode furnaces H2-ready Aurubis Analyst Conference Call on May 8, 2024 18
Slide 19: Investments in the Pirdop site: Strategic investments and baseline investments
Investments in the Pirdop site: Strategic investments and baseline investments Financial impacts – Capex: approx. € 400 million in FY 2023/24 ▪ Tankhouse expansion € 120 million ▪ Groundbreaking for PV modules 2 & 3 + expansion announcement for PV module 4 ▪ Optimization of slag processing at Aurubi
Slide 20: Start of tankhouse and solar park expansion
Start of tankhouse and solar park expansion Aurubis Analyst Conference Call on May 8, 2024 20
Slide 21: Financial calendar
Financial calendar − Q3 2023/24 August 5, 2024 − Annual Report 2023/24 December 5, 2024 − Annual General Meeting April 3, 2025 (preliminary) Aurubis Analyst Conference Call on May 8, 2024 21
Slide 22: Interim Report First 6 Months 2023/24
Interim Report First 6 Months 2023/24 Conference Call on May 8, 2024
Slide 23: Your IR contacts
Your IR contacts Angela Seidler Elke Brinkmann Ferdinand von Oertzen VP Investor Relations, Head of Senior Manager Corporate Communications Investor Relations Investor Relations +49 40 7883-3178 +49 40 7883-2379 +49 40 7883-3179 a.seidler@aurubis.com e.brinkmann@aurubis.com f.vonoertzen@aurubis.com
Slide 24: Overview of restated operating EBT Q1–Q4 2022/23
Overview of restated operating EBT Q1–Q4 2022/23 relevant only at Group and CSP level – New findings have resulted from the investigation into 3M 6M 9M 12M and clarification of the criminal activities against 2022/23 2022/23 2022/23 2022/23 (operating in €m) Aurubis. Aurubis Group – We now assume th
Slide 25: Scheduled shutdowns in the next 3 years
Scheduled shutdowns in the next 3 years EBT effect from scheduled shutdowns (in € million) Status: December 2023 FY 2023/24 FY 2024/25 FY 2025/26 Smelter May/July maintenance ~44 2024 Hamburg Anode furnace May/June ~6 Hamburg 2026 Smelter Apr/June maintenance ~24 2025 Pirdop KRS Lünen May 2024 ~10 M
Slide 26: Aurubis at a glance
Based in Hamburg, Aurubis AG The company’s main expertise Aurubis develops its leading market is in optimally processing position with a responsible concentrates and recycling at a glance approach to the environment, raw materials with people and resources complex qualities The company, which was fo
Slide 27: Primary copper production process
Primary copper production process Sulfuric acid plant Off-gas cleaning Copper scrap Copper concentrates Copper matte Blister copper (64 % Cu) (98 % Cu) Flash smelter Converter Anode furnace Copper Nickel sulfate (99.5 % Cu) Anode Cathode Anode slime Anode casting wheel Tankhouse Precious metal refin
Slide 28: Disclaimer
Disclaimer Forward-looking statements This document contains forward-looking statements that involve risks and uncertainties, including statements about Aurubis’ plans, objectives, expectations and intentions. Readers are cautioned that forward-looking statements include known and unknown risks and