Expected financial situation
Net cash flow in the past fiscal year was € 236 million. Burdens from cash outflows from investing activities reached € 128 million during the fiscal year (previous year: € 104 million). Overall, net borrowings decreased slightly to € 23 million, following € 53 million in the previous year. Gross borrowings declined slightly in the past fiscal year, from € 506 million in the previous year to € 495 million in the reporting year, as a result of scheduled repayments. Available cash increased slightly from € 453 million to € 472 million. The company has additional liquidity due to available lines of credit amounting to € 350 million from a syndicated loan agreement running until 2021. 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 use existing liquidity to settle the scheduled payments of € 142 million due in fiscal year 2016/17.