EANS-News: AMAG Austria Metall AG reports revenue growth in Q1 2018
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Quarterly Report
Ranshofen -
* Attractive market growth in primary aluminium and aluminium rolled products
* Market environment strongly affected by political topics
* Revenue up 2.2 % to EUR 263.2 million
* EBITDA of EUR 38.9 million below Q1 2017 (EUR 43.4 million) because of
positive one-off effects in the previous year and start-up costs of the new
plant
* Based on increasing customer approvals for the new plant, significant volume
growth in the Rolling Division is expected for 2018
* 2018 outlook: EBITDA in a range between EUR 150 million and EUR 170 million
The market environment proved positive during the first months of 2018, despite
being increasingly and significantly affected by special effects such as the
still to be finalized US import tariffs on aluminium, the production cut imposed
by the Brazilian authorities on the world's largest alumina refinery as well as
US sanctions against Russia. Significant price fluctuations in primary aluminium
and raw materials were the consequence.
AMAG Austria Metall AG made a successful start to 2018. Although shipments by
the AMAG Group were down by around 6 % year-on-year to 101,000 tonnes mainly due
to the planned modernisation activities in the Casting Division, revenue grew by
2 % to EUR 263.2 million due to the higher aluminium price (Q1 2017: EUR 257.5
million).
With earnings before interest, tax, depreciation and amortisation (EBITDA) of
EUR 38.9 million, the second-highest operating result since the IPO was achieved
in the first quarter. The reduction compared with the first quarter of 2017 (EUR
43.4 million) chiefly reflects positive one-off effects in the previous year and
higher start-up costs associated with the site expansion programme.
AMAG achieved an operating result (EBIT) of EUR 18.6 million in the first
quarter of 2018 (Q1 2017: EUR 24.7 million), and net income after taxes of EUR
12.9 million (Q1 2017: EUR 16.5 million).
Cash flow from operating activities almost doubled compared with the first
quarter of 2017, rising from EUR 7.6 million to EUR 14.0 million. Cash flow from
investing activities amounted to EUR -21.7 million, compared with EUR -44.6
million in the prior-year comparable period.
AMAG continues to have a solid balance sheet and financing structure. Compared
with December 31, 2017, the equity ratio improved from 43.3 % to 44.5 %. The
gearing ratio decreased from 46.4 % to 44.6 % in the same period.
2018 outlook:
In its latest analyses for 2018, market research institute CRU has upgraded its
growth forecasts for primary aluminium and aluminium rolled products to almost 5
%.
Rising demand as well as the ramp-up of the new plants form a good basis for
further growth at the Ranshofen site.
Helmut Wieser, CEO of AMAG: "Our order books are well filled for the coming
months and we are increasingly getting customer approvals for our new plant. For
the 2018 financial year we expect significant volume growth in the Rolling
Division."
Due the aforementioned volatile market environment, characterised by political
uncertainties, it is currently only possible to provide an earnings forecast for
the 2018 financial year in the form of a wide range. Taking the past weeks'
market conditions into consideration, EBITDA of between EUR 150 million and EUR
170 million is anticipated for 2018.
AMAG - key figures:
_____________________________________________________________________________
|EUR_millions_____|____________Q1/2018|____________Q1/2017|_____________Change|
|Shipments in | 101,000| 107,100| -5.7 %|
|tonnes___________|___________________|___________________|___________________|
|of which external| | | |
|shipments in | 97,200| 100,100| -2.9 %|
|tonnes___________|___________________|___________________|___________________|
|Revenues_________|______________263.2|______________257.5|______________2.2_%|
|EBITDA___________|_______________38.9|_______________43.4|____________-10.2_%|
|EBIT_____________|_______________18.6|_______________24.7|____________-24.7_%|
|Net income after | 12.9| 16.5| -22.3 %|
|taxes____________|___________________|___________________|___________________|
|Cash flow from | | | |
|operating | 14.0| 7.6| 83.2 %|
|activities_______|___________________|___________________|___________________|
|Cash flow from | | | |
|investing | -21.7| -44.6| 51.3 %|
|activities_______|___________________|___________________|___________________|
|Employees1)______|______________1,919|______________1,819|______________5.5_%|
______________________________________________________________________________
|EUR_millions|___________31/03/2018|___________31/12/2017|_______________Change|
|Equity______|________________652.2|________________607.9|________________7.3_%|
|Equity_ratio|_______________44.5_%|_______________43.3_%|____________________-|
|Gearing_____|_______________44.6_%|_______________46.4_%|____________________-|
1) Average number of employees (full-time equivalents) including temporary help
workers and excluding apprentices. The figure includes a 20 percent pro rata
share of the labour force at the Alouette smelter, in line with the equity
holding.
Further inquiry note:
Investor contact:
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
Press contact:
Leopold Pöcksteiner
Head of Strategy, Communication, Marketing
AMAG Austria Metall AG
Lamprechtshausenerstrasse 61
5282 Ranshofen, Austria
Tel.: +43 (0) 7722-801-2205
Email: publicrelations@amag.at
end of announcement euro adhoc
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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.at
ISIN: AT00000AMAG3
indexes: WBI, ATX BI, ATX GP, VÖNIX
stockmarkets: Wien
language: English