AMAG Austria Metall AG

EANS-News: AMAG Austria Metall AG benefited in Q1 2016 significantly from plant expansion

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quarterly report

- Shipment volumes up 9.5 % to 103,700 tonnes
- Revenue of EUR 227.8 million at previous year's level (Q1/2015: EUR 231.0
million)
- AMAG Group EBITDA of EUR 32.7 million (Q1/2015: EUR 35.3 million)
- Rolling Divisions's record quarterly results almost offset effects on earnings
from the aluminium price decline 
- New cold rolling mill construction starts on schedule 

AMAG Austria Metall AG has made a good start to 2016. With revenue of EUR 227.8
million (Q1/2015: EUR 231.0 million) and earnings before interest, tax,
depreciation and amortisation (EBITDA) of EUR 32.7 million (Q1/2015: EUR 35.3
million), the previous year's levels were almost reached, although the lower
aluminium price exerted a negative effect on earnings of around EUR 16 million. 


Helmut Wieser, CEO of AMAG: "The good earnings performance and the higher
shipment volumes in our Rolling Division enabled us to almost offset negative
effects from the low aluminium price, and maintain the operating earnings at the
previous year's level - we are already benefiting from our new hot rolling
mill's output."

EBITDA in the Metal Division stood at EUR 2.8 million in the first quarter of
2016, compared with EUR 14.7 million. In the Casting Division, EBITDA was up
slightly from EUR 1.9 million to EUR 2.0 million. The Rolling Division benefited
from significantly higher shipment volumes and lower raw materials costs,
improving its EBITDA by more than 50 % to reach EUR 26.8 million (Q1/2015: EUR
17.3 million). 

The operating result (EBIT) of the AMAG Group stood at EUR 15.5 million in the
first quarter of 2016, compared with EUR 18.1 million in the previous year. Net
income after taxes amounted to a total of EUR 7.7 million during the first three
months of 2016 (Q1/2015: EUR 12.6 million).

High operating cash flow and robust balance sheet structure
The AMAG Group continued to generate high cash flow from operating activities
during the first quarter of 2016, with EUR 35.1 million well exceeding the
previous year's level of EUR 13.5 million by 160 %. As a consequence, AMAG
financed most of its high level of investment spending from its own resources
during the first quarter of 2016. Cash flow from investing activities amounted
to EUR -43.7 million, compared with EUR -16.5 million in the previous year. 

Key balance sheet figures also remain at a robust level accordingly. Given
equity of EUR 647.3 million (December 31, 2015: EUR 643.4 million), AMAG reports
a 58.1 % equity ratio as of the quarter-end (December 31, 2015: 58.4 %). Gearing
of 19.5 % is also at a solid level (December 31, 2015: 17.7 %).

Plant expansion
In March 2016, construction work started on the new cold rolling mill, rolling
slab casthouse, and finishing plants. The company plans to commission these new
plants - comprising a EUR 300 million site expansion project - in around a
year's time, with the project thereby running to schedule. This expansion
project will boost aluminium rolled product capacities to more than 300,000
tonnes.

Helmut Wieser, CEO of AMAG: "With our plant expansion, we are following the
growth of our customers - mainly from the automotive, aerospace, packaging,
sports and electronics industries. The sound quarterly results from the Rolling
Division confirms our chosen growth course."

Guidance 2016: 
The market for primary aluminium and aluminium rolled products continues to
expand in 2016. Market research institute CRU forecasts growth rates of around 4
%. Similar annual growth rates in subsequent years are also expected.  

A high level of investment activity will characterise the 2016 financial year
given the "AMAG 2020" plant expansion project. The company expects investments
of around EUR 190 million in total in 2016.

Due to the scheduled start-up of the "AMAG 2014" investment program, the
Management Board assumes that the Rolling Division will report growth in
shipment volumes and results in 2016. The Metal Division's results trend will be
significantly influenced by the further development of the aluminium price.
Taking conditions in the first months of 2016 into account, the Management Board
expects for the AMAG Group an EBITDA range between EUR 110 million and EUR 125
million.

AMAG - key figures
 
 _____________________________________________________________________________
|EUR_millions_____|____________Q1/2016|____________Q1/2015|_____________Change|
|Shipments in     |            103,700|             94,700|              9.5 %|
|tonnes___________|___________________|___________________|___________________|
|of which external|                   |                   |                   |
|shipments in     |             94,400|             88,200|              7.0 %|

|tonnes___________|___________________|___________________|___________________|
|Revenue__________|______________227.8|______________231.0|_____________-1.4_%|
|EBITDA___________|_______________32.7|_______________35.3|_____________-7.4_%|
|EBIT_____________|_______________15.5|_______________18.1|____________-14.1_%|

|Net income after |                7.7|               12.6|            -39.0 %|
|taxes____________|___________________|___________________|___________________|
|Cash flow from   |                   |                   |                   |
|operating        |               35.1|               13.5|            159.9 %|
|activities_______|___________________|___________________|___________________|
|Cash flow from   |                   |                   |                   |
|investing        |              -43.7|              -16.5|           -164.8 %|

|activities_______|___________________|___________________|___________________|
|Employees1)______|______________1,705|______________1,661|______________2.6_%|

 
 
 ______________________________________________________________________________
|EUR_millions|___________31/03/2016|___________31/12/2015|_______________Change|
|Equity______|________________647.3|________________643.4|________________0.6_%|
|Equity_ratio|_______________58.1_%|_______________58.4_%|___________________-_|
|Gearing_____|_______________19.5_%|_______________17.7_%|____________________-|

 

 
1) Average number of employees (full-time equivalents) including temporary help
workers and excluding apprentices. The figure includes a 20 % pro rata share of
the labour force at the Alouette smelter, in line with the equity holding.

Further inquiry note:
Felix Demmelhuber					
Head of Investor Relations		
AMAG Austria Metall AG				
Lamprechtshausenerstrasse 61
5282 Ranshofen, Austria 			
Tel.:   +43 (0) 7722-801-2203 			 
Email: investorrelations@amag.at

end of announcement                               euro adhoc 
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company:     AMAG Austria Metall AG
             Lamprechtshausenerstraße 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:     WBI, ATX Prime, VÖNIX, ATX BI, ATX GP
stockmarkets: official market: Wien 
language:   English
 

 


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