Q3 2024 Aurubis AG Earnings Call Transcript
Key Points
- Aurubis AG (AIAGF) reported a strong operating result with an EBT of EUR333 million, exceeding the previous year's earnings by 30%.
- The company successfully completed the most extensive and complex maintenance shutdown in its history at the Hamburg site, investing around EUR0.25 billion.
- Aurubis AG (AIAGF) experienced a significantly higher metal result, high demand for cathodes and wire rod, and lower energy costs.
- The company maintained a positive net cash flow of EUR52 million despite increased working capital due to the Hamburg shutdown.
- Aurubis AG (AIAGF) confirmed its forecast range for the current fiscal year at EUR380 million to EUR480 million operating EBT, indicating confidence in its financial outlook.
- The company faced lower sulfuric acid revenues and lower income from refining charges, which impacted overall earnings.
- Operating ROCE slightly decreased to 11.1% from 11.2% in the first nine months of the previous year due to increased capital employed and negative financial impacts from criminal activities.
- The multi-metal recycling segment saw a decline in operating EBT to EUR109 million from EUR143 million in the previous year due to lower refining charges and reduced throughput of recycling materials.
- Aurubis AG (AIAGF) experienced increased costs, including a 6% rise in personnel costs and other operating expenses, partly due to legal and consultancy fees related to criminal activities.
- The sulfuric acid market, while showing positive momentum, still remained below the previous year's high pricing levels, affecting revenue potential.
Good afternoon, ladies and gentlemen, and a warm welcome to the analyst call. (Operator Instructions). Let me now turn the floor over to Elke Brinkmann.
Good afternoon, also from my side, and welcome to the Aurubis AG nine-months result. I'm here with our CEO, Roland Harings; and our CTO as interim CFO, Markus Kramer, who represent the nine-months figures and current developments at a little bit in a moment. The floor will be open for questions following the presentation. (Event Instructions) Let me now turn the floor over to Roland Harings.
Thank you, Elke, also from my side. Good afternoon and warm welcome to our Q3 conference call today. And as we are coming together we are reporting year as Aurubis on a challenging quarter. As we have successfully invested around [EUR0.25 billion] in the most extensive and complex maintenance shutdown in the company's history here at the
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