Aurubis AG Q3 2021 Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Christian Obst - Baader-Helvea Equity Research - Analyst : Maybe I -- this question I have is a little bit more special, something like that. So when I compare this year and your guidance, the high-end is EUR 330 million on an EBT level. So winding back the clock 3 years, you already achieved that kind of EBT level during that time. But in between, there was a tremendous effort to reduce costs and at least your Performance Improvement Program added another EUR 70 million this year. Then you acquired Metallo, we have much higher average metal prices. And despite this fact, the EBT will not come out higher than we had in 2017/'18. So of course, TC/RCs declined maybe EUR 100 million or a little bit more and energy increased. Is there something I forgot here in this very rough comparison to the best year or to one of the best years in the past? Or is there something special on the higher cost side or less income side compared to this year?

Question: Christian Obst - Baader-Helvea Equity Research - Analyst : That's right. Okay. Yes. And another one is on the cost side there. You have this line others, of course, there is then included in also this part of standstill. Will all of these costs then allocated to new segments, which you will present in December? Or will this remain some kind of the others line? And is there any chance to reduce that which is approximately, yes, between EUR 70 million and EUR 80 million, I would say, if we include some kind of a normalized standstill? Will you keep it at that level?

Question: Christian Obst - Baader-Helvea Equity Research - Analyst : And then I have a last one. It's going towards intermediary products, so to say. So there was an idea with the integration of Metallo to selling less -- low-margin intermediate products and to improve that to higher-margin products. Do you need these investments you're currently announcing to go towards that step? Or do you have already something in place where you are selling higher-margin products than before? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. AUGUST 05, 2021 / 1:00PM, NAFG.DE - Q3 2021 Aurubis AG Earnings Call

Question: Christian Obst - Baader-Helvea Equity Research - Analyst : Okay. Maybe in the future, you can give some of these examples what you -- what has happened there with the integration then.