Aurubis : Company Release FY 2020/21 (PDF)

Metals for Progress:

Driving

Sustainable

Growth

Company Release

FISCAL YEAR 2020/21

 October 1, 2020 to September 30, 2021

Aurubis Group at a Glance

Key Aurubis Group figures1			Q4			Fiscal year
	2020/21			2020/21
Operating		2019/20	Change	2019/20	Change
Revenues	€m	4,120	3,533	17 %	16,300	12,429	31 %
Gross profit	€m	373	385	-3 %	1,430	1,233	16 %
Depreciation and amortization	€m	59	77	-23 %	199	192	4 %
EBITDA	€m	150	161	-7 %	565	415	36 %
EBIT	€m	91	84	8 %	366	223	64 %
EBT2	€m	85	88	-3 %	353	221	60 %
Consolidated net income	€m	61	64	-5 %	266	167	59 %
Earnings per share	€	1.40	1.43	-2 %	6.10	3.73	63 %
Net cash flow	€m	480	293	64 %	812	459	77 %
Capital expenditure	€m	119	74	62 %	256	237	8 %
Net financial position	€m	-	-	-	383	-102	> 100 %
ROCE2	%	-	-	-	15.6	9.3	-
Segment Metal Refining & Processing3
Revenues	€m	3,800	3,304	15 %	15,079	11,488	31 %
EBIT	€m	98	101	-3 %	409	291	41 %
EBT	€m	95	99	-4 %	399	285	40 %
ROCE	%	-	-	-	18.9	12.6	-
Capital employed	€m	-	-	-	2,151	2,438	-12 %
Segment Flat Rolled Products
Revenues	€m	366	264	37 %	1,432	1,086	32 %
EBIT	€m	-2	-3	33 %	7	-3	> 100 %
EBT	€m	3	1	> 100 %	13	1	> 100 %
ROCE	%	-	-	-	6.6	3.0	-
Capital employed	€m	-	-	-	289	316	-9 %
Key Aurubis Group figures1			Q4			Fiscal year
	2020/21			2020/21
IFRS		2019/20	Change	2019/20	Change
Revenues	€m	4,120	3,533	17 %	16,300	12,429	31 %
Gross profit	€m	499	433	15 %	1,914	1,404	36 %
Personnel expenses	€m	126	164	-23 %	554	553	0 %
Depreciation and amortization	€m	78	90	-13 %	219	210	4 %
EBITDA	€m	276	197	40 %	1,049	585	79 %
EBIT	€m	197	119	66 %	830	376	> 100 %
EBT	€m	194	117	66 %	825	367	> 100 %
Consolidated net income	€m	128	77	67 %	613	265	> 100 %
Earnings per share	€	2.94	1.73	70 %	14.03	5.95	> 100 %
Number of employees (average)		-	-	-	7,184	6,897	4 %

• Metallo sites included for four months in the previous year. ² Corporate control parameters.
  ³ Prior-year figures have been adjusted.

This report may include slight deviations in disclosed totals due to rounding.

The full Annual Report is available on our website at annualreport2020-21.aurubis.com.

Excel tables can be downloaded directly from the download center.

Aurubis · Company Release Fiscal Year 2020/21

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			Q4			Fiscal year
Aurubis Group production figures		2020/21	2019/20	Change	2020/21	2019/20	Change
Segment Metal Refining & Processing1
Concentrate throughput	1,000 t	434	618	-30 %	2,250	2,378	-5 %
Hamburg	1,000 t	304	301	1 %	1,117	1,026	9 %
Pirdop	1,000 t	130	317	-60 %	1,133	1,352	-16 %
Copper scrap/blister copper input (all		96			436
sites)2	1,000 t	90	7 %	368	18 %
Other recycling materials2	1,000 t	151	130	16 %	566	401	41 %
Sulfuric acid output	1,000 t	401	577	-31 %	2,107	2,272	-7 %
Hamburg	1,000 t	266	251	6 %	962	896	7 %
Pirdop	1,000 t	135	326	-59 %	1,145	1,376	-17 %
Cathode output	1,000 t	276	284	-3 %	1,113	1,031	8 %
Beerse	1,000 t	6	6	-	25	8	> 100 %
Hamburg	1,000 t	94	97	-3 %	384	384	-
Lünen	1,000 t	38	48	-21 %	149	173	-14 %
Olen	1,000 t	86	78	10 %	334	243	37 %
Pirdop	1,000 t	52	55	-5 %	221	223	-1 %
Wire rod output	1,000 t	211	198	7 %	869	759	14 %
Shapes output	1,000 t	45	37	22 %	187	154	21 %
Segment Flat Rolled Products
Flat rolled products and specialty wire		42			191
output	1,000 t	40	5 %	178	7 %
			Q4			Fiscal year
Aurubis Group sales volumes1		2020/21	2019/20	Change	2020/21	2019/20	Change
Gold	t	11	13	-15 %	51	47	9 %
Silver	t	253	264	-4 %	949	972	-2 %
Lead	t	10,760	13,748	-22 %	40,717	28,014	45 %
Nickel	t	929	1,119	-17 %	3,900	3,395	15 %
Tin	t	2,338	2,047	14 %	10,043	4,213	> 100 %
Zinc	t	1,878	2,603	-28 %	8,809	3,565	> 100 %
Minor metals	t	174	139	25 %	977	807	21 %
Platinum group metals (PGMs)	kg	1,603	2,598	-38 %	8,722	8,935	-2 %
			Q4			Fiscal year
Selected metal prices		2020/21	2019/20	Change	2020/21	2019/20	Change
Copper price (average)	US$/t	9,372	6,519	44 %	8,677	5,857	48 %
	€/t	7,950	5,579	43 %	7,259	5,223	39 %
Copper price (period end date)	US$/t	-	-	-	9,041	6,610	37 %
Gold price (average)	US$/kg	57,550	61,368	-6 %	58,487	53,749	9 %
	€/kg	48,820	52,502	-7 %	48,938	47,902	2 %
Silver price (average)	US$/kg	783	780	-	817	603	36 %
	€/kg	664	666	-	683	536	27 %

1 Metallo sites included for four months in the previous year.

• Prior-yearfigures have been adjusted.

Aurubis · Company Release Fiscal Year 2020/21

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"We're proud of the achievements in a fiscal year that was still under coronavirus conditions for the most part - it went fairly smoothly despite this and other challenges, such as supply chain bottlenecks and rising energy prices. Additional positive factors included high plant availability across the Group, the swift and successful integration of the new recycling sites in Belgium and Spain into the Group, and the consistent ongoing implementation of our cost reduction program. We're starting fiscal year 2021/22 very optimistic, with a significantly increased forecast range for operating EBT. Our updated and refined strategy is our precisely defined roadmap indicating how we will continue solidifying and expanding our position as the most sustainable and efficient multimetal producer in the world."

ROLAND HARINGS, Chief Executive Officer

CONTENTS

2 At a Glance

5 Economic Development

1. Selected Financial Information

1. Dates and Contacts

Aurubis · Company Release Fiscal Year 2020/21

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Economic Development

Fiscal Year 2020/21

The Aurubis Group increased its operating earnings before taxes (EBT) by 60 % to € 353 million in fiscal year 2020/21 (previous year: € 221 million), achieving the best result in company history. Operating return on capital employed (ROCE) was 15.6 % (previous year: 9.3 %). The recommended dividend for 2020/21 is € 1.60 (previous year: € 1.30). The payout ratio would therefore be 26 % (previous year: 35 %) related to the operating consolidated net result, which was € 266 million (previous year: € 167 million). The dividend yield based on the Xetra closing price of € 65.38 as at September 30, 2021 would amount to 2.5 % (previous year: 2.2 %). IFRS earnings before taxes (EBT) amounted to € 825 million (previous year: € 367 million).

The Group's revenues increased by € 3,871 million to

• 16,300 million during the reporting period (previous year:
• 12,429 million). This development was primarily due to higher copper prices in comparison to the previous year. Higher sales of copper products, with a high price level at the same time, had a positive impact as well.

Operating EBT in fiscal year 2020/21 was € 353 million (previous year: € 221 million) and was influenced by the following factors compared to the previous year:

• Significantly higher refining charges for copper scrap and other recycling materials compared to the previous year
• A considerably higher throughput of other recycling materials, due in part to the inclusion of the input materials for the Beerse and Berango sites
• Slightly lower concentrate throughputs, coupled with lower treatment and refining charges for copper concentrates; planned shutdowns in the Group influenced the result in both the reporting period (by some € -36 million in operating EBT) and the previous year (by some € -50 million in operating EBT). The reporting year's result was also negatively influenced by delays in the restarting of production processes following the planned shutdown in Q4 2020/21 at our site in Pirdop.
• A considerably higher metal result with a strong increase in metal prices
• Significantly higher sulfuric acid revenues due to a

strong increase in sales prices

• Substantially higher demand for copper products
• Positive contributions to earnings from our Performance Improvement Program (PIP)
• Significantly higher energy costs, particularly for electricity and gas

Since June 1, 2020, the Beerse and Berango sites of the former Metallo Group have been included in the financial performance, assets, liabilities, and financial position of the Aurubis Group. The previous year's financial performance therefore includes the new Group companies for just four months.

Please refer to page 9 for explanations regarding the derivation of the operating result from the IFRS result.

Operating ROCE (taking the operating EBIT of the last four quarters into consideration) improved to 15.6 % (previous year: 9.3 %), especially as a result of the very good earnings performance.The derivation of the ROCE is shown on page 10.

The very good financial performance in the fiscal year and relatively low net working capital resulted in a significantly higher net cash flow of € 812 million compared to the prior- year level (€ 459 million). Additional explanations regarding the cash flow are provided in "Assets, liabilities, and financial position" on page 10.

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