Following last year's record figures, Aurubis AG saw a sharp decline in earnings in the 2015/16 financial year. According to the German copper group, adjusted operating profit before tax (EBT) decreased from €343m to €213m in the business year ended 30 September. The decline was mainly due to the markedly reduced refining charges for copper scrap amidst decreased availability, as well as the considerably weaker prices for sulfuric acid. In addition, the result was impacted by a lower metal yield with falling metal prices and a lower cathode premium as well as a scheduled shutdown of concentrate processing at the Bulgarian site Pirdop which reduced throughput accordingly.
However, the decline in earnings is not unexpected. “The earnings developed as we anticipated in our forecast at the start of the fiscal year. That isn’t enough for us, even though there are understandable reasons for this development!” said Jürgen Schachler, who took over as the chairman of Aurubis' executive board in July 2016. For the new fiscal year 2016/17, the company management predicts that EBT will again rise markedly.