EANS-News: AMAG Austria Metall AG reporting record earnings in H1/2021 CNE

7/29, 7:30 AM (Source: euro adhoc)
  Corporate news transmitted by euro adhoc with the aim of a Europe-wide
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Mid Year Results

Ranshofen -

* AMAG emerged well prepared from the crisis and exploited the positive demand
  trend to increase shipment volumes across all divisions
* Stable production with very good performance in occupational safety (TRIFR*:
* Revenue and earnings figures significantly above pre-crisis level
* Revenue increased to EUR 595.1 million due to price and volume factors (H1/
  2020: EUR 463.8 million)
* Record half-year EBITDA of EUR 93.6 million (H1/2020: EUR 59.3 million)
* Net income after taxes of EUR 35.0 million clearly above the levels of 2020
  and 2019 (H1/2020: EUR 12.4 million; H1/2019: EUR 18.9 million)
* Outlook for 2021: Full-year EBITDA between EUR 155 million and EUR 175 million
  after EUR 108.2 million in the previous year and EUR 143.0 million in FY 2019

*Total Recordable Injury Frequency Rate, based on 200,000 working hours

AMAG Austria Metall AG continued to benefit from the positive market environment
after a solid start to the first quarter of 2021. Attractive aluminium prices
and premiums, in particular, are providing a noticeable tailwind in the Metal
Division. Demand for aluminium rolled products and recycled cast alloys
developed positively. As expected, demand from the aircraft industry was low in
the reporting period.

Gerald Mayer, CEO of AMAG Austria Metall AG: "We were well equipped for the
rapid market recovery, which enabled us to take advantage of the positive
economic environment. Due to the attractive price situation in the Metal
Division and a gratifying trend in shipments at the Ranshofen site, we not only
exceeded the pre-crisis level, but even achieved the best half-year result in
AMAG's history."

Revenue reflects a positive trend in the aluminium price as well as in shipment
volumes. The 3-month aluminium price averaged USD 2,256/t in the period under
review, up from USD 1,622/t in the first half of 2020. Shipment volumes reported
tangible growth from 203,200 to 226,100 tonnes. Overall, the AMAG Group achieved
an increase in revenue from EUR 463.8 million in H1/2020 to EUR 595.1 million in
the first half of 2021 (+28.3%).

Earnings before interest, tax, depreciation and amortization (EBITDA) reported
significant growth from EUR 59.3 million in the first six months of the previous
year to the current figure of EUR 93.6 million. In addition to a stable
production in all AMAG divisions, attractive aluminium prices and low raw
material costs in the primary aluminium segment were crucial factors in this
context. The good performance in terms of new order intake of aluminium rolled
products and recycled cast alloys also had a positive impact. In the first half
of 2021, significant year-on-year earnings improvements were achieved in all
operating divisions of the AMAG Group.

Taking into account depreciation and amortisation of EUR -41.7 million (H1/2020:
EUR -41.7 million), the operating result (EBIT) of EUR 51.9 million was also
recorded significantly higher than in the previous year (H1/2020: EUR 17.6

Net income after taxes of EUR 35.0 million reflects a successful H1/2021 for the
AMAG Group (H1/2020: EUR 12.4 million).

Cash flow from operating activities was solid in the current half-year at EUR
50.2 million (H1/2020: EUR 70.6 million). The high level of earnings had a
positive effect. Particularly a significantly higher aluminium price incurred a
countereffect. With cash flow from investing activities currently at EUR -25.8
million, compared with EUR -24.8 million in H1/2020, the AMAG Group is reporting
a free cash flow of EUR 24.4 million (H1/2020: EUR 45.8 million).

Net financial debt remained at a stable level and stood at EUR 303.3 million as
of June 30, 2021 compared with EUR 314.3 million as of the end of the 2020
financial year.

The AMAG Group's equity also remains solid; at EUR 605.4 million as of June 30,
2021, equity was approximately at par with the EUR 602.7 million at the end of
2020. The equity ratio currently stands at 37.9%, down from 38.9% as of December
31, 2020.

Outlook for 2021:

The overall positive market environment provides grounds for optimism. The price
situation in the primary metal sector is attractive and the order book position
at the Ranshofen site is gratifying. The current forecasts from Commodity
Research Unit (CRU) point to a positive outlook for aluminium demand across all
sectors. Both, primary aluminium and aluminium rolled products are expected to
expand by around 9 % in 2021.

Gerald Mayer, CEO of AMAG Austria Metall AG: "In view of the current situation
we are looking to the second half of the year with optimism. Thanks to the
stable smelter operations in Canada, we are benefiting from the positive market
environment in the primary aluminium sector. The order book position at the
Ranshofen site has reached an all-time high in the last few weeks and leads us
to expect a high level of shipments over the coming months. In order to ensure
continued growth, we are currently seeking to hire around 50 employees."

The AMAG Management Board expects an EBITDA of between EUR 155 million and EUR
175 million for the full 2021 financial year, compared with EUR 108.2 million in
the previous year and EUR 143.0 million in the 2019 financial year.

AMAG - key figures:

|EUR       |   Q2/2021|   Q2/2020|    Change|   H1/2021|    H1/2020|  Change   |
|Shipments |   127,600|   103,600|   +23.2 %|   226,100|    203,200|    +11.3 %|
|of which  |          |          |          |          |           |           |
|external  |   121,900|    94,500|   +29.0 %|   214,500|    188,100|    +14.0 %|
|shipments |          |          |          |          |           |           |
|Net income|          |          |          |          |           |           |
|after     |      29.8|       0.9|  >1,000 %|      35.0|       12.4|   +181.2 %|
|Cash flow |          |          |          |          |           |           |
|from      |      46.5|      55.7|   -16.5 %|      50.2|       70.6|    -28.9 %|
|operating |          |          |          |          |           |           |
|Cash flow |          |          |          |          |           |           |
|from      |      -9.9|      -9.8|    -1.8 %|     -25.8|      -24.8|     -4.1 %|
|investing |          |          |          |          |           |           |
|Employees |     2,143|     1,967|    +8.9 %|     2,127|      1,980|     +7.5 %|


1) Average number of employees (full-time equivalents), including temporary
staff and excluding apprentices. Includes personnel from the Alouette smelter
(20 %) and Aircraft Philipp.
2) Includes an adjustment due to a correction in accordance with IAS 8.41

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 safeguarding an
exemplary net ecological impact. In addition, AMAG holds a 70 % interest in the
German company Aircraft Philipp based in Übersee am Chiemsee, an established
manufacturer of ready-to-install metal parts for the aircraft industry

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
              Lamprechtshausener Straße 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

EAX0006    2021-07-29/07:30

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