EANS-News: AMAG Austria Metall AG reports positive earnings development in Q1 2021 CNE

4/29, 7:30 AM (Source: euro adhoc)
--------------------------------------------------------------------------------
  Corporate news transmitted by euro adhoc with the aim of a Europe-wide
  distribution. The issuer is responsible for the content of this announcement.
--------------------------------------------------------------------------------

Quarterly Report

Ranshofen -

* Favourable market environment in all AMAG segments, with the exception of
  aircraft
* Revenue increased to EUR 251.2 million (Q1 2020: EUR 246.4 million)
* EBITDA of EUR 30.3 million after EUR 36.5 million in Q1 2020
* Earnings' contribution of approximately 11,000 tonnes of primary metal shifted
  to Q2 2021 due to delayed departure of a transport ship at the Alouette plant
  in Canada
* Net income after taxes clearly positive again at EUR 5.1 million after three
  quarters of short-time work (Q1 2020: EUR 11.5 million)
* Outlook for 2021: EBITDA between EUR 125 million and EUR 140 million based on
  current market assumptions

AMAG Austria Metall AG confidently started into 2021 after tangible economic
improvements in Q4 2020. Q1 2021 showed a positive trend in orders in all areas
relevant to AMAG, with the exception of the aircraft industry.

The AMAG Group's revenue increased to EUR 251.2 million in the current quarter
due to solid shipment volumes and higher aluminium price (Q1 2020: EUR 246.4
million). With a shipment volume of 98,500 tonnes in Q1 2021, the AMAG Group was
at a similar level compared to the same quarter of the previous year (Q1 2020:
99,600 tonnes), though 11,000 tonnes of primary aluminium were not recognised
for the quarter as a result of the delayed departure of a transport ship.

With the effects of COVID-19 still affecting the quarter and the delayed
shipment mentioned above, earnings before interest, tax, depreciation and
amortisation (EBITDA) was a solid EUR 30.3 million after EUR 36.5 million in Q1
2020.

The Metal division benefitted from attractive aluminium and alumina prices.
Production at the Alouette plant in Canada is progressing at a consistently
stable level. EBITDA amounted to EUR 10.3 million in total in Q1 2021 (Q1 2020:
EUR 13.4 million).

The Casting division took advantage of the positive market environment in the
automotive industry and generated EBITDA of EUR 3.5 million in the reporting
quarter after EUR 1.4 million in Q1 of the previous year.

EBITDA in the Rolling division reflects the clear improvement in the order
intake situation overall, despite the negative impact of changes in the product
mix due to COVID-19. With EUR 17.4 million in Q1 2021, EBITDA was below the Q1
2020 level of EUR 22.1 million.

With depreciation and amortisation unchanged quarter-on-quarter at EUR -21.0
million, the AMAG Group generated earnings before interest and taxes (EBIT) of
EUR 9.3 million (Q1 2020: EUR 15.5 million).

The net income after taxes was clearly positive again in the reporting quarter
at EUR 5.1 million after three quarters of short-time work (Q1 2020: EUR 11.5
million).

The cash flow from operating activities currently amounts to EUR 3.7 million (Q1
2020: EUR 14.9 million) and, above all, reflects the change in working capital
due to the price of aluminium and shipments. With the cash flow from investing
activities virtually unchanged at EUR -15.8 million (Q1 2020: EUR -15.0
million), the free cash flow thus amounts to EUR -12.2 million (Q1 2020: EUR -
0.1 million).

Net financial debt is consistently solid at EUR 326.7 million as of March 31,
2021 (December 31, 2020: EUR 316.8 million). Liquidity was at EUR 315.5 million
as of March 31, 2021 after EUR 304.9 million as of December 31, 2020.

Outlook for 2021:

The economic environment is currently positive. As anticipated, the aircraft
industry is still influenced by the effects of COVID-19.

Gerald Mayer, CEO of AMAG Austria Metall AG, said: "Shipments matched the
excellent pre-crisis level in the first quarter. The decline in sales volume in
the aircraft sector was compensated by increases in other segments, including
automotive in particular. The positive market sentiment is there and in order to
fulfil customers' strong demand, we currently have around 50 open positions at
the Ranshofen plant."

The continuous attractive price level for aluminium and alumina is having a
positive influence on earnings development in the Metal division. The market
environment for recycled cast alloys and aluminium flat rolled products is
developing well. However, the product mix in the Rolling division will still be
affected by COVID-19 this year. Shipping volumes for the aircraft industry are
expected to be at a similar level compared to 2020.

On the basis of the current market situation and the assumptions made, the
Management Board is expecting an EBITDA for the year in the range of EUR 125 to
EUR 140 million.

AMAG - key figures:

 _____________________________________________________________________________
|in_EUR_million___|____________Q1_2021|____________Q1_2020|_____________Change|
|Shipments in     |             98,500|             99,600|             -1.1 %|
|tonnes___________|___________________|___________________|___________________|
|of which external|                   |                   |                   |
|shipments in     |             92,600|             93,600|             -1.1 %|
|tonnes___________|___________________|___________________|___________________|
|Revenue__________|______________251.2|______________246.4|_____________+2.0_%|
|EBITDA___________|_______________30.3|_______________36.5|____________-17.0_%|
|EBIT_____________|________________9.3|_______________15.5|____________-39.8_%|
|Net income after |                5.1|               11.5|            -55.3 %|
|taxes____________|___________________|___________________|___________________|
|Cash flow from   |                   |                   |                   |
|operating        |                3.7|               14.9|            -75.4 %|
|activities_______|___________________|___________________|___________________|
|Cash flow from   |                   |                   |                   |
|investing        |              -15.8|              -15.0|             +5.6 %|
|activities_______|___________________|___________________|___________________|
|Employees1)______|______________2,111|______________1,992|_____________+6.0_%|


 ______________________________________________________________________________
|in_EUR_million|______March_31,_2021|___December_31,_2020|_______________Change|
|Equity________|_______________604.0|_______________601.4|_______________+0.4_%|
|Equity_ratio__|______________37.0_%|______________38.8_%|_____________________|
|Gearing_______|______________54.1_%|______________52.7_%|_____________________|


1) Average number of employees (full-time equivalents) including temporary help
workers and excluding apprentices. Includes the employees of the Alouette
smelter (20 %) and Aircraft Philipp.

Further inquiry note:
Investor contact:
Christoph M. Gabriel, BSc					
Head of Investor Relations		
AMAG Austria Metall AG				
Lamprechtshausenerstrasse 61
5282 Ranshofen, Austria			
Tel.:   +43 (0) 7722-801-3821 			 
e-mail: investorrelations@amag.at

Press contact:
Leopold Pöcksteiner	
Head of Corporate Communications
AMAG Austria Metall AG				
Lamprechtshausenerstrasse 61
5282 Ranshofen, Austria			
Tel.: +43 (0) 7722-801-2205 			 
e-mail: publicrelations@amag.at

end of announcement                         euro adhoc
--------------------------------------------------------------------------------

issuer:       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-al4u.com
ISIN:         AT00000AMAG3
indexes:      WBI, ATX GP, VÖNIX, ATX BI
stockmarkets: Wien
language:     English

EAX0004    2021-04-29/07:30

Ad-hoc-Mitteilung übermittelt durch euro adhoc.
Für den Inhalt ist der Emittent verantwortlich.