EQS-News: AMAG Austria Metall AG: Successful start to 2023

EQS-News: AMAG Austria Metall AG / Key word(s): Quarter Results
   AMAG Austria Metall AG: Successful start to 2023

   27.04.2023 / 07:00 CET/CEST
   The issuer is solely responsible for the content of this announcement.

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   Ranshofen, April 27, 2023

   AMAG Austria Metall AG: Successful start to 2023

     • Solid order trend and positive operating performance enable very good
       start to 2023
     • Revenues up slightly to EUR 404.8 million (Q1/2022: EUR 399.0 million)
     • Strong EBITDA of EUR 60.8 million following record quarterly earnings
       in the previous year (Q1/2022: EUR 68.0 million)
     • Net income after taxes of EUR 26.8 million again at a high level 
       (Q1/2022: EUR 32.5 million)
     • Solid cash flow from operating activities of EUR 35.6 million 
       (Q1/2022: EUR -130.3 million)
     • Outlook for 2023: Subject to continuing solid market and economic
       trends and secure energy supplies, from today’s perspective EBITDA of
       between EUR 170 million and EUR 210 million is expected for FY 2023

   AMAG Austria Metall AG continued on its success course in the first
   quarter of 2023. The EBITDA achieved represents the second-highest result
   of first-quarter earnings in the company’s history. In addition to a solid
   performance by the Metal Division, the Casting and Rolling divisions again
   generated high earnings contributions. In particular, this largely
   reflects a positive operating performance and a high level of flexibility
   in order processing.

   AMAG Group revenue increased slightly to EUR 404.8 million (Q1/2022:
   EUR 399.0 million), primarily due to higher shipment volumes in the Metal
   Division. In detail, shipment volumes of 110,400 tonnes posted growth of
   around 6 % compared to the same quarter of the previous year (Q1/2022:
   104,600 tonnes).

   After record quarterly earnings in the previous year, AMAG Group again
   achieved a very good level of earnings before interest, taxes,
   depreciation and amortisation (EBITDA) amounting to EUR 60.8 million
   (Q1/2022: EUR 68.0 million).

   The Metal Division benefited especially from a continuation of stable
   production levels in Canada. Given a significantly lower average aluminium
   price and at the same time higher raw material costs, EBITDA in the first
   quarter of 2023 amounted to a solid EUR 18.4 million (Q1/2022:
   EUR 20.5 million). The prior-year comparative quarter (Q1/2022) was
   influenced by a reporting-date-related shift of around 10,000 tonnes of
   shipment volumes to the second quarter of 2022.

   The Casting Division exceeded its prior-year level of shipment volumes and
   benefited from high productivity. EBITDA again stood at a very high level
   of EUR 4.1 million, despite reflecting higher structural and energy costs
   (Q1/2022: EUR 5.1 million).

   In the Rolling Division, shipment volumes of 54,100 tonnes were below the
   previous year’s very good level (Q1/2022: 60,100 tonnes) owing to the
   generally more difficult market environment. Reductions occurred above all
   in industrial applications. However, the broad positioning enabled growth
   in the aircraft, automotive and packaging sectors. Price adjustments
   offset the inflation-related increase in structural costs. Valuation
   effects of around EUR 9 million, particularly from lower energy prices,
   exerted a positive effect. Overall, a further very good level of operating
   earnings of EUR 40.0 million was achieved (Q1/2022: EUR 43.3 million).

   After taking into account depreciation and amortisation of
   EUR -21.3 million, AMAG Group reported earnings before interest and taxes
   (EBIT) of EUR 39.5 million (Q1/2022: EUR 46.3 million).

   Net income after taxes of EUR 26.8 million reflects a successful first
   quarter of 2023 (Q1/2022: EUR 32.5 million).

   Cash flow from operating activities benefited especially from the high
   level of operating earnings and amounted to EUR 35.6 million, compared
   with the previous year’s cash flow that was significantly impacted by
   factors relating to prices and volumes (Q1/2022: EUR ‑130.3 million). With
   higher cash flow from investing activities of EUR ‑23.5 million, as
   planned (Q1/2022: EUR -15.2 million), this results in free cash flow of
   EUR 12.0 million (Q1/2022: EUR -145.5 million).

   Net financial debt improved to EUR 386.4 million as of March 31, 2023
   (December 31, 2022: EUR 393.3 million). Liquidity rose to
   EUR 292.8 million as of March 31, 2023, compared to EUR 285.7 million as
   of December 31, 2022.
    

   Outlook for 2023:

   AMAG Group’s broad positioning and high flexibility in order processing
   enabled a successful start to 2023. The economic outlook continues to be
   characterised by numerous uncertainties. The International Monetary Fund
   is currently forecasting global GDP growth of 2.8 %. A significantly
   slower rate of expansion of 0.8 % is forecast for the Eurozone.

   Gerald Mayer, CEO of AMAG Austria Metall AG, comments: “The start of 2023
   continues the very good development in the 2022 financial year. We again
   succeeded in responding quickly to customer wishes and achieved the
   second-highest level of first-quarter earnings in the company’s history.
   Our current order book position stands at a solid level and anyway ensures
   us good capacity utilisation over the next three months.”

   The revenue and earnings trend is influenced not only by the price of
   aluminium but above all by demand for aluminium products. Overall, the
   Commodity Research Unit (CRU) in its most recent forecasts continues to
   envisage steady growth in aluminium demand. The passing on of
   inflation-related cost increases and energy market trends will continue to
   be significant factors during this financial year.

   Subject to continuing solid market and economic trends and secure energy
   supplies, from today’s perspective EBITDA of between EUR 170 million and
   EUR 210 million is expected for the 2023 financial year.

    

   AMAG – key figures: 

   EUR millions                          Q1/2023 Q1/2022  Change
   Shipments in tonnes                   110,400 104,600  +5.5 %
   of which external shipments in tonnes 102,800  98,100  +4.8 %
   Revenue                                 404.8   399.0  +1.5 %
   EBITDA                                   60.8    68.0 -10.6 %
   EBIT                                     39.5    46.3 -14.8 %
   Net income after taxes                   26.8    32.5 -17.4 %
   Cash flow from operating activities      35.6  -130.3 >+100 %
   Cash flow from investing activities     -23.5   -15.2 +54.4 %
   Employees^1)                            2,219   2,200  +0.9 %

    

   EUR millions  March 31, 2023 December 31, 2022 Change
   Equity                 742.8             710.3 +4.6 %
   Equity ratio          40.9 %            39.6 %       
   Gearing ratio         52.0 %            55.4 %       

   [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 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 impact. 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
   Mag. Christoph M. Gabriel, BSc   Dipl.-Ing. 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: [email protected] Email: [email protected]
                                     
   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 17, 2023. 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 it contains were 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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   27.04.2023 CET/CEST 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:      [email protected]
   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: 1617049


    
   End of News EQS News Service


   1617049  27.04.2023 CET/CEST

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