EQS-News: AMAG Austria Metall AG: Highest half-year earnings in the company’s history
EQS-News: AMAG Austria Metall AG / Key word(s): Half Year Results
AMAG Austria Metall AG: Highest half-year earnings in the company’s
history
28.07.2022 / 07:30
The issuer is solely responsible for the content of this announcement.
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Ranshofen, July 28, 2022
AMAG Austria Metall AG: Highest half-year earnings in the company’s
history
• AMAG achieves record levels of revenue and earnings in the first half
of 2022
• Positive market environment, sustained high productivity as well as
continuous product mix optimisation prove to be decisive factors
• Significant revenue growth of around 50 % to EUR 904.3 million
(H1/2021: EUR 595.1 million)
• Considerable EBITDA growth of almost 70 % to EUR 156.5 million
(H1/2021: EUR 93.6 million)
• Net income after taxes reflects a very successful first half of 2022
with growth of over 120 % to EUR 78.4 million (H1/2021: EUR 35.0
million)
• Outlook for 2022: EBITDA between EUR 220 million and EUR 250 million,
stable energy supplies and solid market conditions provided
Following a very successful start to 2022, AMAG Austria Metall AG achieved
further growth in revenue and earnings in the second quarter of 2022. With
EBITDA of EUR 156.5 million in the first six months of the year under
review, the AMAG Group generated its highest-ever half-year earnings.
Gerald Mayer, CEO of AMAG Austria Metall AG, comments: “Our AMAG team
managed to achieve a record result with a high level of competence and
great commitment. Nevertheless, the first half of the year was
characterised by uncertainties in the supply of materials and energy as
well as difficulties in international logistics. Provided that the energy
supply is also secured in the second half of the year, we expect a very
good financial year in 2022, despite the first noticeable slowdown in the
economic environment.”
AMAG Group revenue increased significantly by 52.0 % to reach
EUR 904.3 million in the first half of 2022 (H1/2021: EUR 595.1 million),
mainly due to the higher aluminium price and the successful implementation
of product mix optimisations. At 225,100 tonnes, shipment volumes were
approximately at the previous year’s level (H1/2021: 226,100 tonnes).
Earnings before interest, tax, depreciation and amortization (EBITDA) grew
by 67.3 % to EUR 156.5 million in the half-year under review (H1/2021:
EUR 93.6 million). The significantly higher aluminium price compared with
the first half of the previous year (+36.9 % to 3,088 USD/t) and
attractive alumina costs strengthened the Metal Division’s earnings
performance. At the Ranshofen site, high productivity and successful
optimisation in the product portfolio are especially reflected in the
EBITDA trend. High cost inflation, particularly in relation to energy,
primary materials and logistics, was largely offset by price adjustments.
Depreciation and amortization amounted to EUR -43.7 million in the first
half of 2022 (H1/2021: EUR -41.7 million). The operating result (EBIT)
grew significantly by 117.4 % year-on-year and, at EUR 112.8 million,
reflects a very successful half-year (H1/2021: EUR 51.9 million).
At EUR 78.4 million, net income after income taxes was 124.2 % higher than
in the first half of the previous year (H1/2021: EUR 35.0 million).
Cash flow from operating activities benefited from record half-year
earnings, although it also reflected increasing financing requirements for
inventory. The higher working capital is particularly due to the increase
in the price level and the accumulation of safety stocks. In the first
half of 2022, cash flow amounted to EUR -84.1 million (H1/2021:
EUR 50.2 million). Cash flow from investing activities amounted to
EUR -29.7 million in the first six months of the reporting year (H1/2021:
EUR -25.8 million). This results in free cash flow of EUR -113.9 million,
compared to EUR 24.4 million in the previous year.
Net financial debt stood at EUR 506.8 million as of June 30, 2022,
compared with EUR 346.1 million as of the end of the 2021 financial year.
AMAG Group’s equity grew to EUR 686.7 million as of June 30, 2022
(December 31, 2021 EUR 629.5 million). The equity ratio stood at 36.0 % as
of the end of June 2022 (December 31, 2021: 39.5 %).
Outlook for 2022:
The current market environment has deteriorated, especially due to the
Ukraine conflict, and visibility is particularly limited. Although the
Commodity Research Unit (CRU) reports continued growth in demand for
aluminium products, its forecast depends to a great extent on how economic
trends in Europe and worldwide play out. In particular, high cost
inflation and the risk relating to Europe’s energy supplies are curbing
the economic outlook worldwide and also impacting AMAG’s business
performance. The further course of the COVID-19 pandemic may also affect
economic growth. Supply chain constraints and the ongoing labour shortage
will remain challenging in the second half of 2022.
In detail, earnings in Canada will depend above all on further price
trends for aluminium and key raw materials. Currency fluctuations,
especially between the USD and the CAD, may additionally affect earnings
in the Metal Division.
Assuming that energy supplies are stable in the second half of 2022 and
solid market conditions exist, the AMAG Management Board expects full-year
EBITDA of between EUR 220 million and EUR 250 million for AMAG Group.
AMAG key figures:
EUR million Q2/2022 Q2/2021 Change H1/2022 H1/2021 Change
Shipments in tonnes 120,500 127,600 -5.6 % 225,100 226,100 -0.4 %
of which external
shipments in tonnes 113,600 121,900 -6.8 % 211,600 214,500 -1.4 %
Revenue 505.4 343.9 +47.0 % 904.3 595.1 +52.0 %
EBITDA 88.5 63.3 +39.9 % 156.5 93.6 +67.3 %
EBIT 66.5 42.6 +56.1 % 112.8 51.9 +117.4 %
Net income after taxes 45.9 29.8 +53.8 % 78.4 35.0 +124.2 %
Cash flow from operating
activities 46.1 46.5 -0.9 % -84.1 50.2 -267.7 %
Cash flow from investing
activities -14.5 -9.9 -45.5 % -29.7 -25.8 -15.2 %
Employees^1) 2,214 2,143 +3.3 % 2,207 2,127 +3.7 %
EUR million June 30, 2022 December 31, 2021 Change
Equity 686.7 629.5 +9.1 %
Equity ratio 36.0 % 39.5 %
Gearing 73.8 % 55.0 %
1) Average number of employees (full-time equivalents), including contract
workers and excluding apprentices. Includes personnel from the Alouette
smelter (20 %) and of AMAG components.
About the 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 based on all information
available to AMAG as of July 15, 2022. In the event that the assumptions
underlying these forecasts prove to be incorrect, targets be missed, or
risks materialise, actual results may diverge from those currently
anticipated. We are not obligated to revise these forecasts in the 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 and 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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28.07.2022 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: 1407085
End of News EQS News Service
1407085 28.07.2022
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