Expected financial situation
The net cash flow in the past fiscal year was € 480 million. Strains from cash outflows from investing activities amounted to € 155 million for the fiscal year (previous year: € 128 million). Overall, net borrowings decreased significantly to € –219 million, following € 23 million in the previous year. Gross borrowings declined in the course of the fiscal year, from € 495 million in the previous year to € 351 million in the reporting year, primarily due to scheduled repayments. Available cash increased from € 472 million to € 570 million. The Company has additional liquidity through lines of credit amounting to € 350 million from a syndicated loan agreement running until 2022. Aurubis therefore has sufficient liquidity that is not at risk from today’s perspective. We expect the robust financial situation from the operating business to continue in the coming fiscal year. We intend to settle the scheduled payments due during fiscal year 2017/18 with the existing liquidity.