Copper producer - After millions in losses due to fraud: Aurubis presents figures
The Hamburg-based copper producer and recycling specialist Aurubis has recorded a slump in profits following cases of theft and fraud. Group CEO Roland Harings will explain on Wednesday (10.00 a.m.) the extent to which the losses have affected the bottom line. The full income statement for 2022/23 (until the end of September) was originally due to be presented on December 6, but then had to be postponed by two weeks. "The reason for the postponement is the increased time required to deal with the criminal acts against Aurubis in the course of preparing and auditing the financial statements."
According to preliminary figures, the fiscal year ended with an operating pre-tax profit of € 349 million, as Aurubis AG announced in November. Compared to the previous year, this represents a decline of around 34 percent. The operating result was "significantly influenced by the financial effects of the criminal acts against Aurubis, which were recognized in profit or loss in the past fiscal year", it said.
Aurubis was the victim of a large-scale fraud this year, with losses estimated at almost 200 million euros. The fraud was discovered during regular checks of the metal inventory. There were considerable deviations from the target stock as well as deviations in special samples of certain recycling deliveries.
Aurubis assumes that manipulated samples with high levels of valuable metals were submitted, but that the deliveries then contained significantly less valuable metals - which ultimately led to over-invoicing. It had previously become known in June that a gang of thieves had allegedly stolen intermediate products containing precious metals from the company. The alleged perpetrators are now being tried at Hamburg District Court.
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- The fraud case at Aurubis, the German copper producer based in Hamburg, resulted in a significant loss of approximately 200 million euros.
- The slump in profits at Aurubis was partly attributable to the negative impact of the fraud case, which led to a decline of around 34% in the operating pre-tax profit, as stated in their Quarterly figures.
- The Metal industry giant, Aurubis, also faced challenges with raw materials, as they had to deal with manipulated samples containing high levels of valuable metals, leading to over-invoicing.
- Aurubis AG announced in November that the fiscal year ended with an operating pre-tax profit of € 349 million, but the company had to postpone the presentation of the full income statement due to the increased time required to deal with the criminal acts against Aurubis.
- The fraud case in the Metal industry, predominantly affecting Aurubis, will likely take a significant toll on the company's future profits, given the substantial loss of millions and the ongoing judicial proceedings at the Hamburg District Court.
Source: www.stern.de
