DGAP-Ad-hoc: Aurubis AG / Key word(s): Profit Warning/Personnel
In its ordinary meeting today, the Supervisory Board unanimously released Executive Board Chairman Jürgen Schachler from his duties, effective immediately.
Furthermore, the Executive Board and Supervisory Board have passed a resolution to stop investment project FCM (Future Complex Metallurgy).
Hamburg, June 12, 2019
Aurubis AG expects the current economic environment to strain the Q3 2018/19 result (previous year: op. EBT of EUR 78 million) and the full-year result (previous year: op. EBT of EUR 329 million). Furthermore, the Executive Board and Supervisory Board have passed a resolution to stop the internal investment project Future Complex Metallurgy (FCM).
The investment costs of the project that have been capitalized thus far will consequently place an additional strain of approximately EUR 30 million on the Q3 2018/19 result.
The originally planned investment amount was supposed to be EUR 320 million. EBITDA contributions amounting to EUR 80 million were expected starting in FY 2022/23. The basic engineering results indicated significantly higher investment costs. The project is thus no longer as cost-effective as originally expected.
In its ordinary meeting today, the Supervisory Board also unanimously released Executive Board Chairman Jürgen Schachler from his duties, effective immediately.
Internal growth options will be reviewed again with the objective of an integrated Aurubis AG smelter network in the future.
Dr. Björn Carsten Frenzel
12-Jun-2019 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
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823569 12-Jun-2019 CET/CEST