Notes to the cash flow statement

The cash flow statement reports the cash flows in the Aurubis Group in fiscal year 2015/16 and in the prior-year comparative period. In accordance with IAS 7, a distinction was made between the cash inflow from operating activities, the cash outflow from investing activities and the cash outflow or inflow from financing activities.

Commencing with earnings before taxes, adjustment was made for all non-cash expenses and income, the financial result (consisting of the result from investments measured using the equity method, interest expense, interest income and other financial expenses and income), income taxes paid out and changes in working capital to arrive at the cash inflow from operating activities (net cash flow).

The net cash flow as at September 30, 2016 amounted to € 236 million, compared to € 365 million in the previous year. The decline in the net cash flow resulted from the lower result and higher inventories of intermediates.

Investments in fixed assets (including financial fixed assets) amounted to € 143 million in the reporting period (previous year: € 112 million). The largest individual investments were made in connection with the shutdown in Pirdop, Bulgaria.

A free cash flow of € 93 million (previous year: € 253 million) resulted after deducting investments in fixed assets from the net cash flow. The cash outflow from investing activities totaled € 128 million (previous year: € 104 million).

The cash outflow from financing activities was € 89 million compared to a cash inflow of € 4 million in the previous fiscal year.

Overall, the Group had cash and cash equivalents of € 472 million available as at September 30, 2016 (€ 453 million as at September 30, 2015). Cash and cash equivalents are utilized in particular for operating business activities, investing activities and repayment of borrowings.