Aurubis AG Annual General Meeting. Hamburg, Februar 26, 2014

Transcription

1 Aurubis AG Annual General Meeting Hamburg, Februar 26, 2014

2 Agenda 1. Fiscal year 2012/13 2. Events in fiscal year 2012/13 3. Current fiscal year 2013/14 4. Outlook ANNUAL GENERAL MEETING /26/2014 2

3 Moderately rising copper prices with falling metal exchange inventories during the last few months Metal exchange inventories LME copper price (settlement, monthly avg.) in 1,000 t 1500 FY 2012/13 in US$/t /11 04/12 10/12 04/13 10/13 Exchange inventories in days of usage (late January 2014): world 8 days ANNUAL GENERAL MEETING /26/2014 3

4 The fertilizer industry is the largest source of sulfuric acid demand worldwide Aurubis sulfuric acid output by sector/industry 19% [10%] 44% [27%] by sales region 37% [63%] [ ] world sulfuric acid production Fertilizer Chemicals Metals» Sulfuric acid is a by-product of concentrate processing that is produced during flue gas desulfurization. ~ 1 t of sulfuric acid is produced from ~ 1 t of concentrates.» Global market volume ~ 200 mill. t. 30% 14% 18%» Aurubis produces a total of ~ 2.1 mill. t of sulfuric acid. 21% 17% Germany Bulgaria Turkey Rest Europe ANNUAL GENERAL MEETING /26/2014 4

5 Refining charges for copper scrap decreased a great deal Refining charges for copper scrap and copper price (in /t Cu) European refining charge (CRU) Copper price (settlement) » The percentage of global cathode output coming from recycling material is rising, while the proportion of total output remains the same at 17 % » The supply on the copper scrap market is reduced due to lower copper prices and limited investment activities» Refining charges adjusted downwards accordingly ANNUAL GENERAL MEETING /26/2014 5

6 Metal prices fell significantly during the fiscal year Metal prices in FY 2012/ %= Oct. 1, % 100% 90% 80% 70% Kupferpreis Copper price Silberpreis Silver price Goldpreis price 60% 50% Okt Oct 12 Jan 13 Apr 13 Jul 13 Okt Oct 13 ANNUAL GENERAL MEETING /26/2014 6

7 Large-scale shutdown at the Hamburg site in September / October 2013 ANNUAL GENERAL MEETING /26/2014 7

8 Group figures considerably below very good previous year (based on operating IFRS) FY 2012/13 FY 2011/12 Revenues ( m) 12,346 13,789 Gross profit ( m) 936 1,136 EBITDA ( m) EBT ( m) Net cash flow ( m) (86) 383 Operating ROCE (%) ,5 ANNUAL GENERAL MEETING /26/2014 8

9 Operating EBT impacted by difficult market environment and repair shutdown Operating EBT (in m, rounded up) FY 2012/13 FY 2011/ EBT IFRS Adjustments Operating EBT Operating EBT ANNUAL GENERAL MEETING /26/2014 9

10 Reduced total assets and stronger equity (in accordance with operating IFRS in million) Assets Liabilities 3,983 3,983 Fixed assets Inventories Receivables, etc. Cash and cash equivalents 33 (1%) 3,495 1,379 (40 %) 1,443 (41 %) 640 (18 %) 1,301 (32 %) 1,228 (31 %) 785 (20 %) 669 (17 %) 9/30/13 9/30/12 Equity* Provisions Borrowings Other liabilities 3,495 1,618 (46 %) 371 (11 %) 498 (14 %) 1,008 (29 %) 1,569 (39 %) 383 (10 %) 774 (19 %) 1,257 (32 %) 9/30/13 9/30/12 * incl. consolidated profit, non-controlling interests ANNUAL GENERAL MEETING /26/

11 Weaker business performance reflected in profitability figure (based on operating IFRS) 9/30/2013 operating 9/30/2012 operating Profitability ROCE 6.8 % 20.5 % Capital structure - Equity ratio (equity/total liabilities) - Fixed asset cover (equity/fixed assets) - Intensity of investments (fixed assets/ current assets) 46.3 % % 39.4 % 39.4 % % 32.7 % Debt and interest coverage - Net borrowings/ebitda EBITDA/net interest expense Liquidity - Quick ratio (current assets - inventories + cathodes + credit lines/current liabilities) 94.7 % % ANNUAL GENERAL MEETING /26/

12 Business Unit results considerably down on the previous year Operating results in the BUs (fiscal year 12/13) BU Primary Copper (rounded up in million) FY 12/13 FY 11/12 EBT ROCE (%) BU Recycling/ Precious Metals (rounded up in million) FY 12/13 FY 11/12 EBT ROCE (%) BU Copper Products (rounded up in million) FY 12/13 FY 11/12 EBT (8) 10 ROCE (%) (Quantities in 1,000 t) Concentrates Copper scrap Cathodes BU Sulfuric acid (Quantities in 1,000 t) KRS throughput Copper scrap Cathodes BU (Quantities in 1,000 t) Wire rod Shapes Strip and wire products ANNUAL GENERAL MEETING /26/

13 Supervisory Board and Executive Board propose a dividend of 1.10 Aurubis dividend (in per share) Payout ratio (in %) /10 10/11 11/12 12/13 proposal 09/10 10/11 11/12 12/13 proposal ANNUAL GENERAL MEETING /26/

14 Agenda 1. Fiscal year 2012/13 2. Events in fiscal year 2012/13 3. Current fiscal year 2013/14 4. Outlook ANNUAL GENERAL MEETING /26/

15 Demand for refined copper determined by global trends in the long term Energy Society Growing energy demand Continued urbanization Changes in energy transmission and distribution Growing global middle class Decentralization of energy production Economy Balance in financial markets and global economy Uncertain trend in production relocation Technology New engine technologies Copper substitution and emerging new materials ANNUAL GENERAL MEETING /26/

16 Aurubis strategy is based on seven core segments We will strengthen our leading market position and add more value for our suppliers and customers Markets Rising copper demand More complex materials Sustainability Core metal copper Increasing recycling efforts Internationalization Production capability & innovation Multi-metal supply and recovery Growing sustainability ambitions Full synergy potential of value chain Solutions for customers & suppliers ANNUAL GENERAL MEETING /26/

17 Aurubis AG Annual General Meeting Hamburg, February 26, 2014

18 The target must be a far-reaching, closed value chain and increasing sustainability Our Copper for your Life: Successfully producing the future tomorrow even more responsibly than today. Primary copper concentrate Copper ore Scrap collection (from production) Scrap processors Scrap collection (after product use) Copper in use Aurubis copper production Aurubis copper processing/copper products 2 nd fabrication step 1 st fabrication step Producers of final products Losses ANNUAL GENERAL MEETING /26/

19 Aurubis AG Annual General Meeting Hamburg, February 26, 2014

20 Agenda 1. Fiscal year 2012/13 2. Events in fiscal year 2012/13 3. Current fiscal year 2013/14 4. Outlook ANNUAL GENERAL MEETING /26/

21 Group figures significantly down on the very good first quarter of the previous year (on the basis of operating IFRS) 3 months 3 months 2013/ /13 Revenues m 2,804 3,395 Gross profit m EBITDA m EBIT m EBT m (3) 140 Consolidated net income m (2) 104 Net cash flow m *rollierend 4 Quartale Return on capital employed (ROCE) % ANNUAL GENERAL MEETING /26/

22 Agenda 1. Fiscal year 2012/13 2. Events in fiscal year 2012/13 3. Current fiscal year 2013/14 4. Outlook ANNUAL GENERAL MEETING /26/

23 Aurubis AG Annual General Meeting Hamburg, February 26, 2014