DGAP-News: Aurubis AG / Key word(s): Half Year Results 
Aurubis AG: Sustainable success in the first fiscal half-year: Aurubis achieves significantly higher result 
2021-05-10 / 07:00 
The issuer is solely responsible for the content of this announcement. 
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Sustainable success in the first fiscal half-year: Aurubis achieves significantly higher result 
- Despite coronavirus crisis, multimetal company generates operating EBT of EUR 185 million (previous year: EUR 91 million) 
- Reasons: Good market environment for refining charges, higher throughputs of concentrates and recycling materials, 
and high product demand 
- Doing business sustainably: Aurubis Bulgaria certified with Copper Mark quality seal 
Hamburg, May 10, 2021 - Significantly higher refining charges for recycling materials, an increased concentrate 
throughput, strict cost discipline, high product demand, and a higher metal result with a strong increase in metal 
prices: these factors combined are the key reasons for the significantly higher operating earnings before taxes (EBT) 
of EUR 185 million that Aurubis AG generated in the first half of its current fiscal year compared to the prior-year 
period (EUR 91 million). The only negative impact came from substantially higher energy costs due to increased 
electricity prices. At EUR 125 million, net cash flow was significantly above the prior-year level thanks to the good 
financial performance. The company thus made its way through the coronavirus crisis very robust in the past fiscal 
half-year again. 
Positive market environment, recycling reinforced due to new sites 
The substantially higher concentrate throughput came up against lower treatment and refining charges for copper 
concentrates due to global market factors, while refining charges for copper scrap and recycling materials remained at 
a high level. The throughput of other recycling materials also increased, with the new sites in Beerse (Belgium) and 
Berango (Spain) making positive contributions to the result in particular. Operating ROCE (taking the operating EBIT of 
the last four quarters into consideration) was 11.9 % (previous year: 7.5 %). 
Roland Harings, Aurubis AG Chief Executive Officer, summarized the situation as follows: "Aurubis continues to 
successfully make its way through the coronavirus crisis. After one year of the pandemic, we can say that its impacts 
on our result are still minor - despite all of the restrictions in place. We owe this to our employees' strong sense of 
responsibility in consistently following the precautions, as well as to the good market environment for companies of 
the circular economy: our metals and products are benefiting from growing demand from all sectors of the economy." 
Segment MRP: Higher throughput, increased output, good demand 
Segment Metal Refining & Processing (MRP) generated operating EBT of EUR 225 million in the reporting period (previous 
year: EUR 140 million). The increase primarily resulted from the influencing factors mentioned above. At 16.5 % (previous 
year: 14.7 %), ROCE exceeded our 15 % target. 
The concentrate throughput of 1,225,000 t after the first six months of the current fiscal year considerably exceeded 
the previous year (1,118,000 t), during which a maintenance shutdown was carried out at the Hamburg site. Cathode 
output increased by 17 % compared to the previous year, to 554,000 t (previous year: 474,000 t). Supported by higher 
metal prices, the supply of copper scrap and other recycling materials improved, especially in Aurubis' core markets in 
Europe and the US. Aurubis was able to fully supply its production facilities with input materials at very good 
refining charges in both the previous quarter and beyond the reporting period. 
The demand recovery that has been setting in since the start of the fiscal year continues, so the global market for 
sulfuric acid registered higher demand with limited supply on the spot market, with substantially higher prices as a 
result. On the cathode market, the stable demand situation continued in Q2 2020/21. At 88,000 t, shapes output 
significantly exceeded the previous year (77,000 t) due to stronger demand, especially from Segment Flat Rolled 
Products. The cable, construction, energy, and European automotive industries likewise showed high demand for copper 
wire rod during the reporting period. 
Segment FRP: Improved result due to high product demand and strict cost management 
Segment FRP generated operating earnings before taxes (EBT) of EUR 3 million in the first half of the reporting year 
(previous year: EUR -2 million). The improvement in results compared to the previous year was caused by higher sales 
volumes in a positive market environment - with lower costs due to strict cost management at the same time. Output of 
flat rolled products and specialty wire in Segment FRP increased to 98,000 t due to demand (previous year: 92,000 t). 
Operating ROCE (taking the operating EBIT of the last four quarters into consideration) was 4.2 % (previous year: -10.0 
%) due to higher operating earnings contributions. Aurubis still stands by its intention to sell Segment FRP and is in 
advanced contract negotiations. 
The IFRS EBT* of EUR 415 million (previous year: EUR 16 million) significantly exceeded the previous year as well. In 
addition to the effects on earnings already described, the change was also largely due to very positive metal price 
developments. 
Doing business sustainably: Copper Mark, formation of Cablo GmbH 
On March 20, Aurubis released its seventh Sustainability Report under the title FOCUS Sustainability. Aurubis has taken 
part in the Copper Mark since 2020. The quality seal verifies responsible copper production based on 32 internationally 
recognized sustainability criteria. At the end of April, the site in Bulgaria was the first Aurubis primary smelter to 
successfully complete the Copper Mark certification process. The sites in Hamburg and Lünen will be the next to start 
the audit process. "Aurubis pursues the goal of being the most efficient and sustainable smelter network in the world 
and is intensively pressing ahead with new possibilities for differentiating itself among the regional and 
international competition," explains Roland Harings. This includes expanding innovative industry solutions in the 
multimetal business and strengthening the European circular economy by processing a broad range of recycling materials. 
Improving environmental performance by reducing CO[2] emissions is part of this as well. 
On November 13, 2020, Aurubis AG, CABLO Metall-Recycling & Handel GmbH, and TSR Recycling GmbH & Co. KG signed an 
agreement to establish a joint venture for cable recycling; on April 22, the European Commission issued merger control 
clearance for the planned joint venture. The closing of the transaction will take place in early June 2021. 
Outlook remains positive despite pandemic, forecast confirmed 
Aurubis expects the pandemic's impacts to have very little effect on the rest of the fiscal year. With good ongoing 
output levels at mines, Aurubis will be able to procure a sufficient supply of copper concentrates. Because of its 
metallurgical expertise and diversified supplier portfolio, Aurubis will attain treatment and refining charges 
exceeding the benchmark. For copper scrap, the company expects a very good supply with a continued high level of 
refining charges. Due to the expectation that the high metal prices will continue, Aurubis anticipates a positive 
effect on its metal result. 
The Aurubis Copper Premium was set at USUSD 96/t for calendar year 2021 (previous year: USUSD 96/t). The multimetal company 
expects demand for copper products to considerably exceed the prior-year level in all product areas and across all 
customer segments, and demand for sulfuric acid to increase with rising prices. 
Likewise, a continued improvement in earnings is expected from the Performance Improvement Program (PIP) through cost 
reduction and a throughput increase in the primary smelters. The goal (previously set for 2022/23) of generating 
synergies of EUR 15 million (EBITDA) from the integration of the acquired Beerse and Berango sites will already be 
achieved in fiscal year 2020/21. 
Overall, Aurubis expects an operating EBT between EUR 270 and 330 million and an operating ROCE between 9 and 12 % for 
the entire Group for fiscal year 2020/21. 
* Because the IFRS result includes measurement effects due to metal price fluctuations and other factors, Aurubis 
discloses an operating result (EBT) that differs from the IFRS result. The operating result largely eliminates the 
effects of metal price fluctuations and thus allows for a more realistic assessment of the business performance. 
Operating EBT is used for control purposes within the Group. 
Aurubis - Metals for Progress 
Aurubis AG is a leading global provider of non-ferrous metals and one of the largest copper recyclers worldwide. The 
company processes complex metal concentrates, scrap metals, organic and inorganic metal-bearing recycling materials, 
and industrial residues into metals of the highest quality. Aurubis produces more than 1 million tons of copper 
cathodes annually, and from them a variety of products such as wire rod, continuous cast shapes, profiles, and flat 
rolled products made of copper and copper alloys. Aurubis produces a number of other metals as well, including precious 
metals, selenium, lead, nickel, tin, and zinc. The portfolio also includes additional products such as sulfuric acid 
and iron silicate. 
Sustainability is a fundamental part of the Aurubis strategy. "Aurubis responsibly transforms raw materials into value" 
- following this maxim, the company integrates sustainable conduct and business activities into the corporate culture. 
This involves a careful approach to natural resources, responsible social and ecological conduct in everyday business, 
and sensible, healthy growth.

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