EANS-Adhoc: AMAG Austria Metall AG
Continuing solid growth figures and
favorable development of earnings
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9-month report/Results 3rd Quarter 2011
04.11.2011
- Business development maintains its positive trend in all divisions in the
third quarter of 2011. Order backlog remains satisfactory.
- Significant increases as compared with the first three quarters of the record
year of 2010: Sales: + 15% to EUR 627.6 million; EBIT: + 22% to EUR 90.7
million; Cash flow from operating activities: + 17% to EUR 77.3 million
- Sound balance-sheet structure with an equity ratio of 57% and low net
financial debt of EUR 23.8 million as of the end of September 2011
- Positive outlook for the fiscal year of 2011 confirmed
Key figures for the AMAG Group
in mEUR Q3/ Q3/ Change Q1-Q3/ Q1-Q3/ Change 2010*)
2011 2010*) in % 2011 2010*) in %
Sales 198.4 192.9 3% 627.6 547.7 15% 728.0
EBITDA 42.7 35.3 21% 124.6 108.2 15% 139.0
Depreciation, amortisaton and
impairment losses (11.5) (11.2) 3% (33.9) (33.8) 0% (45.1)
EBIT 31.2 24.1 29% 90.7 74.5 22% 93.8
Net income after
taxes 27.9 21.5 30% 75.9 58.7 29% 75.7
Earnings
per share (in EUR) 0.79 2.15
Cash flow from
oerating activities 21.5 25.1 (15%) 77.3 66.3 17% 75.4
Cash flow from investing
activities (12.9) (9.8) 31% (29.6) (26.9) 10% (43.5)
Working Capital Employed 1) 249.9 202.9 23% 228.4
Capital Employed 2) 512.4 453.0 13% 466.6
Equity 523.2 495.4 6% 514.2
Net financial debt 3) 23.8 (14.1) - (4.7)
Employees 4) 1,244 1,193 4% 1,230 1,170 5% 1,175
*) The comparable values shown for the year 2010 refer to AMAG Holding GmbH and
its subsidiaries
1) Inventories, trade receivables, trade payables (without trade payables for
investments)
2) Annual average of equity, interest-bearing financial liabilities, cash and
cash equivalents
3) Interest-bearing financial liabilities, plus non-interest bearing loan
(Canada), minus cash and cash equivalents
4) Average full time equivalent including leasing personnel, without
apprentices. The employees of the 20 % participation in smelter Alouette
(approx. 200 employees) are not included.
Development of the AMAG Group in the first three quarters of 2011
In the first three quarters of 2011, the AMAG Group again clearly outperformed
the values achieved in the comparable period of the record year of 2010. Sales
thus were EUR 627.6 million, or 15 % higher than in the corresponding period of
the prior year (EUR 547.7 million). Sales in the third quarter of 2011 amounted
to EUR 198.4 million and at virtually unchanged shipment volumes were thus
slightly above the prior year's level, i.e. by 3 %.
The earnings before interest, taxes, depreciation and amortization (EBITDA) for
the Group after the first three quarters were EUR 124,6 million and were thus
EUR 16.4 million (or 15 %) above the EBITDA for the comparable period in the
prior year (EUR 108.2 million). In the third quarter of 2011, the EBITDA was EUR
42.7 million, i.e., up EUR 7.4 million or 21 % from the amount reported for the
comparable period in the prior year.
EBIT even increased by 22 % to EUR 90.7 million in the first three quarters as
compared with the prior year. A comparison of the third quarter of the prior
year with the same period of the year under review shows a rise in EBIT by 29 %
to EUR 31.2 million.
Overproportional growth was achieved in the surplus for the period. Net income
after taxes for the first three quarters of 2011 was EUR 75.9 million and thus
up 29 % from the result generated in the comparable period of the prior year (+
30 % to EUR 27.9 million in the third quarter).
The financing and capital structure reported as of the end of the quarter, with
a low net financial debt of EUR 23.8 million, equity at EUR 523.2 million and a
robust equity ratio of 57 %, forms the solid basis for the scheduled expansion
projects.
Detailed results of the segments can be found in the financial report 3rd
Quarter 2011 on the website under www.amag.at / Investor Relations.
Outlook for 2011
However, the forecasts concerning the consumption of primary aluminium or
aluminium rolled products have not changed fundamentally since the previous
quarter. For primary aluminium, expectations within the sector are that
consumption will rise by between 9 % and not more than 12 % in 2011. The
assessment suggesting that the demand for aluminium will roughly double over the
next 10 to 12 years is still intact. For the global consumption of rolled
products, CRU continues to expect about 20 million tons (+ 8 %) for 2011 after
18.5 million tons in 2010.
Against this backdrop, and based on the satisfactory order backlog, AMAG expects
that the positive business development will continue in the last quarter of
2011. Particularly on account of maintenance work scheduled at the Ranshofen
location in August and December, a reduction in quantities shipped is to be
expected for the second half-year.
The Management Board expects raw material costs in the Metal Division to
continue on a high level in the 4th quarter of 2011. On the assumption that the
price of aluminium will remain stable, the positive effects from valuation will
no longer arise in the 4th quarter. AMAG's management nevertheless confirms the
outlook for 2011 announced in the half-year results and from today's perspective
still expects profitability for 2011 to increase beyond the record levels
achieved in the prior year.
end of ad-hoc-announcement
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About AMAG Group
AMAG is a leading Austrian manufacturer of primary aluminium and 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. With 1,175 employees, the company
achieved sales of EUR 728 million and EBITDA of EUR 139 million in the 2010
fiscal year.
Further inquiry note:
Gerald Wechselauer
Head of Investor Relations
Phone: +43 (0) 7722-801-2203
Email: gerald.wechselauer@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
Original content of: AMAG Austria Metall AG, transmitted by news aktuell