Copper group - Aurubis with profit decline after million-euro fraud
The copper group Aurubis has recorded a slump in profits following cases of theft and fraud. According to a statement on Wednesday, the recycling company earned 141 million euros in the 2022/23 financial year (as at the end of September) - compared to 715 million in the previous year. The dividend is to fall from 1.80 to 1.40 euros per share. The operating pre-tax result fell by a good third to 349 million euros, as has been known since November, while turnover fell by just under 8 percent to 17.1 billion euros.
The Group was the victim of a large-scale fraud in which the damage was estimated at almost 200 million euros. Aurubis assumes that manipulated samples with high levels of valuable metals were delivered, but that the deliveries then contained significantly less valuable metals - resulting in inflated invoices being paid. In June, it also became known that a gang of thieves had allegedly stolen intermediate products containing precious metals.
This could also have consequences for the boardroom. "The Supervisory Board cannot currently rule out the possibility that the current members of the Executive Board will continue in office unchanged, nor can it rule out the premature separation of individual or several members of the Executive Board or the restructuring of the Executive Board," the company announced on Tuesday after a meeting of the Supervisory Board. A decision on this is to be made at the beginning of the year.
Announcement
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- Despite the decline in profits, Aurubis continues to operate in Hamburg, a notable city in Germany known for its rich history in the metal industry.
- The recent slump in Aurubis' profits, totaling 141 million euros, can be attributed to fraud cases and a decline in quarterly figures, which fell by almost 8%.
- The raw materials sector, including metals, has been impacted by the million-dollar fraud case at Aurubis, causing concern across the entire industry in Germany and beyond.
- The 2022/23 financial year witnessed significant challenges for Aurubis, with the company reporting a 574 million euro decline in profits compared to the previous year, largely due to fraudulent activities.
- The Supervisory Board of Aurubis is considering potential changes to the Executive Board following the fraud case, which could involve the premature separation of individual or several members, according to a recent announcement.
- A fraud investigation involving Aurubis revealed manipulated samples of valuable metals, leading to inflated invoices worth millions of euros and contributing to the company's decline in profits in the financial year.
Source: www.stern.de
