AMAG Austria Metall AG

EANS-Adhoc: AMAG Group makes successful start to fiscal year 2012

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  ad-hoc disclosure transmitted by euro adhoc with the aim of a Europe-wide
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3-month report

04.05.2012

Highlights

Sound earnings development in the 1st quarter of 2012
- Operative business development very satisfactory in all three divisions of the
AMAG Group in the first quarter of 2012. Continuing good order situation.
- Although the average aluminium price dropped by 9% (3-month LME in EUR/t),
sales declined by a mere 3%.
- High level of EBITDA for the AMAG Group at 34.6 mEUR (1st quarter 2011: 35.9
mEUR) in spite of a rise in material costs and a lower aluminium price.
- At 27.5 mEUR, the cash flow from operating activities more than tripled as
compared with the same period of the prior year. 
- Positive outlook for the fiscal year 2012 confirmed.

Sound ownership structure
- B&C Industrieholding takes over 29.99% of the shares in AMAG Austria Metall AG
from CP Group 3 B.V. indirectly, through its wholly-owned subsidiary B&C Alpha
Holding.
- Raiffeisenlandesbank Oberösterreich AG increases its shareholding through its
indirect wholly-owned subsidiary RLB OÖ Alu Invest GmbH to 16.5%.
- Sound core shareholder structure underpins the company's growth plans and
sustainable development.

Plant expansion at Ranshofen approved
- Large-scale investment at the Ranshofen location with an investment volume of
220 mEUR approved.
- First orders for key aggregates have been placed.


in mEUR                          Q1/2012    Q1/2011    Change in %          2011
External shipments in 1,000 tons    82.6       82.5            0%          322.7
Sales                              207.7      214.6           (3%)         813.1
EBITDA                              34.6       35.9           (4%)         149.7
EBITDA margin                        17%        17%                          18%
EBIT                                22.4       24.6           (9%)         103.6
EBIT margin                          11%        11%                          13%
Net income after taxes              18.7       19.6           (5%)          88.1
Depreciation, amortization                                             
and impairment losses               12.1       11.3            7%           46.1
Cashflow                                                                        
from operating activities           27.5        8.5           224%         104.5
Cashflow                                                                        
from investing activities         (14.5)       (8.6)           69%        (43.5)
Employees 1)                       1,452       1,418            2%         1,422
Earnings per Share in EUR           0.53                                    2.50

in mEUR                         March 31,   Dec. 31,                      Change
                                     2012       2011                        in %
Balance sheet total                 875.6      875.6                        (0%)
Equity                              553.1      542.6                          2%
Equity ratio                          63%        62%    
Capital Employed 2)                 554.4      494.3                         12%
Net financial debt 3)                 0.1       13.0

1) Average full time equivalent (FTE) including leasing personnel, without
apprentices. Includes the percentage personnel share out of the 20%
participation in smelter Alouette.
2) Annual average of equity, interest-bearing financial liabilities minus cash
and cash equivalents
3) Financial liabilities minus liquid funds and financial receivables


Favorable earnings development in the 1st quarter of 2012

At 207.7 mEUR in the first quarter of 2012 (first quarter of 2011: 214.6 mEUR),
the AMAG Group's sales declined by a mere 3% in spite of the price of aluminium
declining by 9%. Compared to the previous quarter, however, sales were up 12%.
External shipment volumes were stable at 82,600 t due to plant capacity
utilization being almost at its limit. 

The earnings before interest, taxes, depreciation and amortization (EBITDA) of
the AMAG Group decreased slightly, by 4%, from 35.9 mEUR in the first quarter of
2011 to 34.6 mEUR in the first quarter of 2012. A comparison with the previous
quarter reveals a strong 38% increase, a deviation that is due predominantly to
scheduled maintenance work performed in the previous quarter.
The EBITDA margin at about 17% continued on a high level, as before. In the
first quarter of 2012, the Metal Division contributed 9.2 mEUR (26.6%) to the
Group EBITDA, the Casting Division 2.4 mEUR (6.9%), the Rolling Division 19.6
mEUR (56.7%) and the Service Division 3.4 mEUR (9.9%). 

Due to investments, depreciation in the first quarter of 2012 rose to 12.1 mEUR
after 11.3 mEUR in the first quarter of 2011, causing the operating result
(EBIT) of the AMAG Group to go down to 22.4 mEUR after 24.6 mEUR in the first
quarter of 2011. In analogy to the operating performance, consolidated net
income after taxes decreased from 19.6 mEUR in the first quarter 2011 to 18.7
mEUR in the first quarter 2012.

An equity ratio of 63% continued to provide for a very satisfactory capital
structure as of March 31, 2012, compared to 62% at the end of 2011. With net
financial debt amounting to only 0.1 mEUR (December 31, 2011: 13.0 mEUR), or a
gearing of 0%, AMAG is well prepared for pursuing the approved growth course.

Compared to the first quarter of the prior year, AMAG tripled its operative cash
flow to 27.5 mEUR (first quarter of 2011: 8.5 mEUR). This development was due to
the lower increase in working capital. Investments made in order to enlarge
capacity and improve quality, which were implemented on schedule, generated cash
flow from investing activities in the amount of 14.5 mEUR, which represents a
69% increase compared to the first quarter of the prior year.

Details concerning the results of the three divisions are shown in the financial
report for the first quarter of 2012 on our website at www.amag.at - Investor
Relations - Financial reports.


Outlook for 2012

Due to the macroeconomic developments and the related increased volatility on
the sales and procurement markets, the AMAG Group's outlook for 2012 involves
uncertainty. 

The good order situation in the first three months of 2012 and the foreseeable
positive trend in aluminium consumption let the Management Board maintain a
cautiously optimistic outlook for 2012.


Sound core shareholder structure

With the closing taking place on April 24, 2012, B&C Alpha Holding GmbH, an
indirect wholly-owned subsidiary of B&C Industrieholding GmbH, took over 29.99%
of the shares in AMAG Austria Metall AG from CP Group 3 B.V. 

One Equity Partners (OEP), as shareholder of the principal shareholder CP Group
3 B.V., thus completed the last step for exiting AMAG according to schedule. The
investment on the part of B&C Industrieholding is an ideal strategic fit for
AMAG in respect of the recently announced plans for further enlargement and for
the sustainable development of the company. In the context of this exit by OEP,
Raiffeisenlandesbank Oberösterreich AG through its wholly-owned subsidiary RLB
OÖ Alu Invest GmbH upped its shareholding to 16.5%.

end of ad-hoc-announcement
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About AMAG Group
AMAG is a leading Austrian premium supplier of high-quality aluminium cast and
flat rolled products for various different 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 safeguarding an
exemplary eco-balance. With 1,422 employees (including 196 working in Canada),
the company achieved sales of 813 mEUR and EBITDA of 150 mEUR in the fiscal year
2011.

Further inquiry note:
Gerald Wechselauer
Head of Investor Relations
Phone:   +43 (0) 7722-801-2203 
Email: investorrelations@amag.at

Media contact
Leopold Pöcksteiner
Head of Strategy, Communication, Marketing

Phone: +43 (0) 7722-801-2205 
Email: publicrelations@amag.at

end of announcement                               euro adhoc 
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issuer:      AMAG Austria Metall AG
             Lamprechtshausnerstraße 61
             A-5282 Ranshofen
phone:       +43 7722 801 0
FAX:         +43 7722 809 498
mail:     investorrelations@amag.at
WWW:      www.amag.at
sector:      Metal Goods & Engineering
ISIN:        AT00000AMAG3
indexes:     Prime Market
stockmarkets: official dealing: Wien 
language:   English
 



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