Global – Financial results for 2014/15 at world-leading copper recycler Aurubis ‘considerably’ exceeded the expectations held at the start of the fiscal year, according to executive board spokesman Erwin Faust, who is currently managing the company together with Dr Stefan Boel. ‘It was ‘all systems go’ in almost every respect,’ he says.
Group operating earnings before taxes soared from Euro 137 million in 2013/14 to Euro 343 million even though revenues fell by Euro 246 million to just short of Euro 11 billion, mainly on the back of lower sales of copper products. Significantly higher treatment and refining charges for copper concentrate and scrap were among the key contributors to these ‘very good’ results.
‘High capacity utilisation, a good metal gain and a favourable mix of input materials supported this good development,’ the group adds in a statement. While sales rose somewhat for wire rod, they declined slightly overall for the other copper products.
For 2016, Aurubis anticipates a good supply of copper concentrates as well as high treatment and refining charges – but ‘there are weaknesses in the copper scrap markets’, it adds. ‘Lower metal prices cause scrap traders to reduce their collection activity and retain material, which is reflected in supply shortages and lower refining charges in the copper scrap market.’
Along with sulfuric acid, ‘improvement on these very volatile markets isn’t detectable at the moment’. The company expects the current demand level for copper products to continue next year. ‘Overall, we expect our business to normalise to a certain extent,’ Faust concludes.
‘We also anticipate good results for fiscal year 2015/16, though they won’t reach the past year’s record results.’