Expected financial situation
The good business result is reflected in a strong net cash flow of € 365 million in the past fiscal year. Strains from cash outflows from investing activities amount to just € 104 million for the fiscal year (previous year: € 121 million). Overall, net borrowings decreased from € 246 million in the previous year to € 53 million. Gross borrowings rose from € 433 million in the previous year to € 506 million during the fiscal year due to scheduled repayments of bonded loans in the amount of € 210 million on the one hand and new issues of bonded loans of over € 300 million on the other. Of the new bonded loans, € 185 million has a term of five years and € 115 million has a term of seven years. Available cash increased from € 187 million to € 453 million. The Company has additional liquidity through lines of credit amounting to € 350 million from a syndicated loan agreement running until 2017. Aurubis therefore has sufficient liquidity that is not at risk from today’s perspective. We don’t expect any significant negative impacts on the financial position from the operating business in the coming fiscal year. We intend to settle the payments due during the year with the existing liquidity.