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Aurubis FY Profit Declines; Revenue From Cont. Ops Up 3%

Aurubis (AIAGY.PK,AIAGF.PK) reported IFRS earnings before taxes from continuing operations of 260 million euros for fiscal 2018/19, down 19 percent from previous year. Earnings per share from continuing operations was 4.25 euros compared to 5.81 euros. Operating result was 192 million euros compared to 329 million euros, prior year. Operating earnings per share was 3.08 euros compared to 5.87 euros.

For fiscal 2018/19, revenues from continuing operations improved 3 percent to 10.76 billion euros. On an operating basis, revenue was 11.90 billion euros, an increase of 2 percent.

Aurubis expects result in new fiscal year at a similar level for the current fiscal year 2019/20. Operating EBT is projected in the range of 185 million euros and 250 million euros. Based on industry forecasts, Aurubis expects stable copper demand overall, although product demand from the automotive sector will continue to be restrained.

In fiscal 2019/20, Aurubis plans to transition the efficiency improvement program to a program focusing on cost savings.

The Executive Board and Supervisory Board will recommend a dividend of 1.25 euros per share at the Annual General Meeting on February 27, 2020.

"With our recommended dividend, we continue the company policy of always paying out at least 25% of the operating consolidated net income to the shareholders," said Roland Harings, Executive Board chairman since July 1, 2019.

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