30.10.2019,
8965 Zeichen
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 - * Positive growth prospects for global demand for primary aluminium
and rolled products
* Current demand and price trends influenced by economic slowdown and trade
conflicts
* Q3/2019 EBITDA up 10 % to EUR 37.2 million (Q3/2018: EUR 33.9 million)
* Q1-Q3/2019 EBITDA of EUR 109.2 million, compared with EUR 120.1 million in the
previous year's equivalent period
* Operating cash flow quadruples year-on-year to EUR 108.3 million (Q1-Q3/2018:
EUR 26.5 million)
* Outlook for 2019: EBITDA range between EUR 125 million and EUR 140 million
Market environment:
Demand for primary aluminium and aluminium rolled products is expected to
continue to grow in the coming years, according to the latest forecasts of the
market research institute CRU. In particular, demand from the transport industry
is expected to benefit from growing requirements for lightweight solutions with
aluminium.
Worldwide demand for primary aluminium is expected to flatten in 2019, due to
the slowdown in the global economy and trade conflicts. Global demand for
aluminium rolled products is expected to increase by around 3 % overall in 2019.
The price of aluminium is at a significantly lower level than last year. In the
first three quarters of 2019, it averaged 1,829 USD/t, down 15% year-on-year.
The price situation for alumina, the raw material required for primary aluminium
production, has normalised over the course of 2019, after special effects in the
previous year led to a very sharp price increase. In a comparison of the first
three quarters, the alumina price decreased by a total of 27 %.
Q1 to Q3 2019 earnings trends
Because of the site expansion implemented in recent years, total shipments in
the first three quarters increased by 7% year-on-year to 336,500 tonnes. In
terms of revenue, this almost completely offset the effect of the lower
aluminium price. Revenue of EUR 821.5 million was approximately at the level of
the previous year's comparable period (Q1 to Q3 2018: EUR 825.0 million).
Earnings before interest, tax, depreciation and amortisation (EBITDA) in the
first three quarters stood at EUR 109.2 million, compared with EUR 120.1 million
in the previous year. This reduction mainly reflected the market-led decline in
prices. In particular, lower raw material costs exerted a positive effect. EBIT
amounted to EUR 47.9 million, compared with EUR 60.0 million in the previous
year. Net income after taxes reduced from EUR 43.4 million to EUR 30.0 million.
In the Metal Division, EBITDA during the first three quarters of the year
amounted to EUR 18.0 million in 2019, compared with EUR 23.7 million in the
previous year. Positive factors included more favourable raw material costs and
the lifting of US tariffs on aluminium imported from Canada. Overall, a large
part of the effect of the lower aluminium price was compensated.
The Casting Division achieved EUR 6.2 million of EBITDA, compared with EUR 5.6
million in the first three quarters of the previous year. A significant increase
in revenue and positive effects from the new IFRS 16 accounting standard are
offset by a lower price level year-on-year due to the economic situation.
The Rolling Division benefited further from volume growth. Shipments rose
overall by 6% to 178,100 tonnes. Especially the automotive and aircraft sectors
recorded growth. EBITDA of EUR 89.9 million was up 11 % year-on-year. Additional
volume as well as shifts deriving from IFRS 16 exerted a positive effect, while
the lower price level had a negative impact on earnings.
Cash flow from operating activities quadrupled year-on-year from EUR 26.5
million in the first three quarters to EUR 108.3 million, mainly thanks to the
lower aluminium price and lower inventories. Cash flow from investing activities
amounted to EUR -58.2 million in the first three quarters of 2019, compared with
EUR -61.7 million in the prior-year equivalent period. Free cash flow improved
from EUR -36.4 million to EUR 50.0 million.
This change in free cash flow also had a positive effect on net financial debt,
which decreased from EUR 311.3 million at the end of 2018 to EUR 305.5 million
at the end of September 2019. The gearing ratio stood at 50.9 % on September 30,
2019, compared with 50.1 % at the end of 2018.
Earnings trends in Q3 2019
At 111,000 tonnes, total shipments in the third quarter of 2019 were
approximately at the level of the prior-year quarter (Q3 2018: 110,500 tonnes).
Due to the lower aluminium price, revenue in the third quarter of 2019 declined
by 7 % to EUR 266.9 million.
By contrast, EBITDA was up by 10 %, from EUR 33.9 million to EUR 37.2 million.
Positive factors included a significant drop in raw material costs and the
lifting of US tariffs on aluminium imported from Canada.
Taking into consideration depreciation and amortisation of EUR 20.5 million, the
AMAG Group's EBIT for the past quarter amounted to EUR 16.7 million. This
represents an increase of 19 % compared with the third quarter of 2018. Net
income after taxes rose by 7.0% to EUR 11.1 million.
Outlook for 2019:
Markets are currently characterised by comparatively low visibility, primarily
due to trade disputes and uncertainties regarding global economic growth,
especially in the automotive sector.
Further price trends for aluminium and alumina will have a significant impact on
the development in the fourth quarter of 2019, and consequently on the 2019
financial year.
As things stand at present, the Metal Division will continue to benefit in the
fourth quarter of 2019 from lower raw material costs and the lifting of US
tariffs on aluminium imported from Canada.
Owing to economic conditions, the Casting and Rolling divisions are currently
exposed to lower demand and lower prices in some market segments than in the
previous year.
Overall, the Management Board anticipates EBITDA for the AMAG Group in a range
between EUR 125 million and EUR 140 million for the 2019 financial year.
AMAG - key figures:
______________________________________________________________________________
|EUR | Q3/2019| Q3/2018| Change| Q1-Q3/| Q1-Q3/| Change |
|millions___|__________|__________|__________|______2019|______2018|___________|
|Shipments | 110,500| 111,000| -0.5%| 336,500| 315,700| 6.6%|
|in_tonnes__|__________|__________|__________|__________|__________|___________|
|of which | | | | | | |
|external | 101,000| 102,100| -1.1%| 308,600| 296,900| 3.9%|
|shipments | | | | | | |
|in_tonnes__|__________|__________|__________|__________|__________|___________|
|Revenue____|_____266.9|_____285.4|_____-6.5%|_____821.5|_____825.0|______-0.4%|
|EBITDA_____|______37.2|______33.9|______9.6%|_____109.2|_____120.1|______-9.1%|
|EBIT_______|______16.7|______14.0|_____18.9%|______47.9|______60.0|_____-20.2%|
|Net income | 11.1| 10.3| 7.0%| 30.0| 43.4| -30.8%|
|after_taxes|__________|__________|__________|__________|__________|___________|
|Cash flow | | | | | | |
|from | 44.5| 7.3| 510.0%| 108.3| 26.5| 308.5%|
|operating | | | | | | |
|activities_|__________|__________|__________|__________|__________|___________|
|Cash flow | | | | | | |
|from | -19.2| -24.4| 21.4%| -58.2| -61.7| 5.7%|
|investing | | | | | | |
|activities_|__________|__________|__________|__________|__________|___________|
|Employees1)|_____2,038|_____2,003|______1.7%|_____2,002|_____1,959|_______2.2%|
______________________________________________________________________________
|EUR_millions|___________30/09/2019|___________31/12/2018|_______________Change|
|Equity______|________________600.7|________________620.9|________________-3.2%|
|Equity_ratio|_______________38.4_%|_______________39.8_%|_____________________|
|Gearing_____|_______________50.9_%|_______________50.1_%|_____________________|
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.
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.at
ISIN: AT00000AMAG3
indexes: ATX GP, VÖNIX, ATX BI, WBI
stockmarkets: Wien
language: English
Digital press kit:
http://www.ots.at/pressemappe/12432/aom
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Akt. Indikation: 26.60 / 27.80
Uhrzeit: 22:59:55
Veränderung zu letztem SK: -0.73%
Letzter SK: 27.40 ( -0.72%)
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