EQS-News: AMAG Austria Metall AG: Record earnings in Q1 2022

EQS-News: AMAG Austria Metall AG / Key word(s): Quarter Results
AMAG Austria Metall AG: Record earnings in Q1 2022

29.04.2022 / 07:00
The issuer is solely responsible for the content of this announcement.

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Ranshofen, April 29, 2022

AMAG Austria Metall AG: Record earnings in Q1 2022

– Excellent start to 2022 with high uncertainties for the further course
of the year

– Revenues up 60 % to EUR 399.0 million (Q1/2021: EUR 251.2 million)

– EBITDA of EUR 68.0 million more than doubled (Q1/2021: EUR 30.3 million)

– Net income after taxes up around sixfold to EUR 32.5 million (Q1/2021:
EUR 5.1 million)

– Positive operating performance with high productivity at good capacity
utilisation levels in Ranshofen, as well as high aluminium price and
stable production at Canadian subsidiary Alouette

– Outlook for 2022: Subject to secure energy supplies, energy price hedges
in place, and a sustained high aluminium price, full-year EBITDA of over
EUR 200 million is realistic

In the first three months of 2022, AMAG Austria Metall AG has successfully
continued its positive performance from the 2021 financial year and
achieved the highest level of quarterly earnings in the company’s history.
This positive trend especially reflects significant growth in shipment
volumes and product mix optimisations at the Ranshofen site. A very high
aluminium price level is also having a positive impact on earnings in the
Metal Division.

AMAG Group revenues reported marked growth to EUR 399.0 million (Q1/2021:
EUR 251.2 million) thanks to both higher shipment volumes and the
significantly higher aluminium price. In detail, shipment volumes of
104,600 tonnes represent growth of more than 6 % compared to the same
quarter of the previous year (Q1/2021: 98,500 tonnes).

Earnings before interest, taxes, depreciation and amortisation (EBITDA)
more than doubled to EUR 68.0 million (Q1/2021: EUR 30.3 million).

The Metal Division benefited from both stable production levels and a high
aluminium price. Its EBITDA also doubled year-on-year to EUR 20.5 million
(Q1/2021: EUR 10.3 million). The shift in shipment volumes of around
10,000 tonnes as of the reporting date will have a positive impact on
EBITDA in the second quarter of 2022.

In a challenging market environment, the Casting Division maintained its
high level of shipment volumes from the first quarter of 2021 and
additionally benefited from a positive price trend. EBITDA reported
significant growth to EUR 5.1 million (Q1/2021: EUR 3.5 million).

In the Rolling Division, continued high demand for aluminium rolled
products was leveraged for further growth. Shipment volumes were up by
almost 11 % to 60,100 tonnes (Q1/2021: 54,300 tonnes). The division’s high
level of productivity, optimisations in its product mix and a positive
price trend, especially in the industrial applications area, are clearly
reflected in its earnings, with EBITDA up by around 150 % to EUR 43.3
million compared with the first quarter of 2021 (Q1/2021: EUR 17.4
million).

After taking into account depreciation and amortisation of EUR -21.6
million, AMAG Group reported a fivefold increase in earnings before
interest and taxes (EBIT) to EUR 46.3 million (Q1/2021: EUR 9.3 million).

Earnings after taxes of EUR 32.5 million reflect an excellent first
quarter of 2022 (Q1/2021: EUR 5.1 million).

Cash flow from operating activities of EUR -130.3 million mainly reflects
the higher level of inventory financing as a consequence of the higher
aluminium price (Q1/2021: EUR 3.7 million). With cash flow from investing
activities almost unchanged at EUR -15.2 million (Q1/2021: EUR -15.8
million), this results in free cash flow of EUR -145.5 million (Q1/2021:
EUR -12.2 million).

Net financial debt amounted to EUR 491.6 million as of March 31, 2022,
primarily reflecting the higher level of inventory financing (December 31,
2021: EUR 346.1 million). Liquidity stood at EUR 127.9 million as of March
31, 2022, compared to EUR 171.4 million as of December 31, 2021.

Outlook for 2022:

Despite an excellent start to 2022, the further outlook is characterised
by elevated uncertainties, particularly due to the Ukraine conflict and
COVID-19-related lockdowns (as currently in China). Labour shortages as
well as impaired supply chains remain challenging.

Gerald Mayer, CEO of AMAG Austria Metall AG, comments: „The start to 2022
has been successful in operational terms. We were able to leverage the
positive market environment and generate the highest quarterly earnings in
AMAG’s history. The order intake situation is at a very good level and
secured for the coming months. AMAG’s future business performance depends
to a large extent on general economic developments and, at the Ranshofen
site, on energy supply risks. Nevertheless, we currently expect full-year
EBITDA to exceed EUR 200 million.“

With respect to the demand trend for aluminium products, a continuing
positive development for the next years is expected, according to the
latest forecasts of the Commodity Research Unit (CRU).

AMAG key figures:

EUR millions Q1/2022 Q1/2021 Change
Shipments in tonnes 104,600 98,500 +6.2 %
of which external shipments in tonnes 98,100 92,600 +5.9 %
Revenue 399.0 251.2 +58.8 %
EBITDA 68.0 30.3 +124.5 %
EBIT 46.3 9.3 +397.1 %
Net income after taxes 32.5 5.1 +533.2 %
Cash flow from operating activities -130.3 3.7 >-1,000 %
Cash flow from investing activities -15.2 -15.8 +3.8 %
Employees^1) 2,200 2,111 +4.2 %

 

EUR millions March 31, 2022 March 31, 2021 Change
Equity 591.5 629.5 -6.0 %
Equity ratio 32.2 % 39.5 %  
Gearing 83.1 % 55.0 %  

 

1) Average number of employees (full-time equivalents) including temporary
help workers and excluding apprentices. Includes personnel from the
Alouette smelter (20 %) and of AMAG components.
 

About AMAG Group

AMAG is a leading Austrian premium supplier of high-quality aluminium cast
and flat rolled products for highly varied industries such as the
aircraft, automotive, sports equipment, lighting, mechanical engineering,
construction and packaging industries. The Canadian smelter Alouette, in
which AMAG holds a 20 % interest, produces high-quality primary aluminium,
while maintaining an exemplary net ecological footprint. At AMAG
components, based in Übersee am Chiemsee (Germany), ready-to-install metal
parts are also manufactured for the aircraft industry.
 

Investor contact Press contact
Christoph M. Gabriel Leopold Pöcksteiner
Head of Investor Relations Head of Corporate Communications
AMAG Austria Metall AG AMAG Austria Metall AG
Lamprechtshausener Straße 61 Lamprechtshausener Straße 61
5282 Ranshofen, Austria 5282 Ranshofen, Austria
Tel.: +43 (0) 7722-801-3821 Tel.: +43 (0) 7722-801-2205
Email: investorrelations@amag.at Email: publicrelations@amag.at
   
Website: www.amag-al4u.com  

Note
The forecasts, budgets and forward-looking assessments and statements
contained in this publication were compiled on the basis of all
information available to AMAG as of April 20, 2022. In the event that the
assumptions underlying these forecasts prove to be incorrect, targets be
missed, or risks materialise, actual results may depart from those
currently anticipated. We are not obligated to revise these forecasts in
light of new information or future events.
This publication was prepared and the data contained in it verified with
the greatest possible care. Nevertheless, misprints as well as rounding
and transmission errors cannot be ruled out entirely. In particular, AMAG
and its representatives do not assume any responsibility for the
completeness and correctness of information included in this publication.
This publication is also available in German. In cases of doubt, the
German-language version takes precedence.
This publication does not comprise either a recommendation or a
solicitation to either purchase or sell securities of AMAG.

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29.04.2022 This Corporate News was distributed by EQS Group AG.
www.eqs.com

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Language: English
Company: AMAG Austria Metall AG
Lamprechtshausener Straße 61
5282 Ranshofen
Austria
Phone: +43 7722 801 0
Fax: +43 7722 809 498
E-mail: investorrelations@amag.at
Internet: www.amag-al4u.com
ISIN: AT00000AMAG3
WKN: A1JFYU
Listed: Regulated Unofficial Market in Berlin, Dusseldorf, Frankfurt,
Munich, Stuttgart; Vienna Stock Exchange (Official Market)
EQS News ID: 1338521

 
End of News EQS News Service

1338521  29.04.2022 

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