(AOF) – German copper producer, Aurubis fell sharply in Frankfurt to 12.61% to 66.82 euros after announcing the theft of its copper stocks which forced it to issue a warning on its results. “During a scheduled metal inventory review, Aurubis identified significant discrepancies in target inventory as well as individual samples from specific shipments of input materials for the recycling area,” Aurubis says. The group says it is the target of further criminal activity following the cases reported in June 2023.
Aurubis appealed to the National Office of Criminal Investigations. The company has started a special inventory of metal reserves and plans to communicate about it at the end of September 2023.
This unprecedented situation has a considerable impact on the group’s accounts. The exact amount of damage suffered by Aurubis cannot yet be accurately assessed. His losses could reach several hundred million euros.
“It cannot currently be ruled out that the damage is in the low three-digit range in millions of euros. The losses will have an impact on the result for the financial year 2022/23. Thus, the forecast range for the financial year 2022/23 in progress (450-550 million euros) will not be reached”, claims Aurubis.
Last August, Aurubis unveiled the results of its 9 months of activity in 2022/2023.
Over this period, the global supplier of non-ferrous metals and copper recycler generated an operating profit before tax (EBT) of 406 million euros against 426 million euros a year earlier.
For the nine months, the company reported revenue of 12.98 billion euros, compared to 14.29 billion euros a year earlier in the same period.
In the third quarter, which ended on June 30, 2023, the German company generated an increase of approximately 20% in operating EBT, which amounted to 115 million euros (compared to 95 million euros adjusted for the previous year).
© 2023 Agence Option Finance (AOF) – All rights reserved by AOF. AOF collects its data from the sources it considers the most reliable. However, the reader remains solely responsible for their interpretation and for the use of the information made available to them. Thus the reader must hold AOF and its contributors harmless from any claim resulting from this use. Agence Option Finance (AOF) is a brand of the Option Finance group
Did you like this article ? Share it with your friends with the buttons below.
