The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Christian Obst - Baader-Helvea Equity Research - Analyst
: So first 2 questions about the P&L, more or less below [EBITDA], depreciation moved from approximately EUR 49 million in the second quarter to
EUR 54 million. What do you expect as a run rate going for the next coming quarters, having in mind that you are investing the approximately EUR
700 million this year? And second one, maybe I'll follow that, is the net interest line, you were positive in all the 3 quarters. This year so far, when
do you expect to turn negative on the net interest line? These are the first 2 questions.
Question: Christian Obst - Baader-Helvea Equity Research - Analyst
: Okay. As another question concerning the other line. This moved, of course, you talked about the strategic costs from EUR 17 million, EUR 18 million,
up to close to EUR 30 million in the third quarter. Will this be some kind of a new run rate going forward? Or is that more a short-term effect?
Question: Christian Obst - Baader-Helvea Equity Research - Analyst
: Okay. And then I have a last question again on gas. You mentioned that it's mainly for the production -- product production. So nevertheless, we
have seen with the fading hedging already that gas -- what you paid for gas increased from EUR 51 million to EUR 58 million approximately. So this
will increase going forward, but will not have any kind of impact on profitability. Is that right because of the cost structure of -- with your clients?
Question: Maxime Kogge - ODDO BHF Corporate & Markets, Research Division - Analyst
: So first question on your guidance. I am actually quite stricken to see that you have already achieved your full year guidance for the MMR segment
in the 9-month result, while you are struggling a little bit more in the main CSP segment. So I was wondering whether that was just a reflection of
your maintenance activity in CSP, or if the CSP segment was underperforming versus MMR1 so far this year? That would be my first question.
And the second question is on finished products. So if we look at shapes and flat-rolled products, they seem to have been stabilizing in terms of
volumes in Q3 versus Q2. So would you see the current volume for these 2 segments, for these 2 finished products category as the right ballpark
for the future. You said you since have been struggling, but they seem to be stabilizing. And regarding wire rod, you're running at around [250,000
tonnes] of sales in Q3 that is also stable versus Q2. Do you see room for expansion there? Or are you more or less saturated in that area? So that's
it.
Question: Maxime Kogge - ODDO BHF Corporate & Markets, Research Division - Analyst
: Okay. It was [Q2 and Q3] actually, indeed. Yes. I was talking actually indeed Q1 was at around 200,000 tonnes and Q2 and Q3 was were at around
250.
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AUGUST 07, 2023 / 12:00PM, NAFG.DE - Q3 2023 Aurubis AG Earnings Call
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