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EBITDA of EUR 79.8 million compared with EUR 109.2 million in the first three quarters of the previous year\nPleasing earnings trend in Metal Division mitigates COVID-19 effects in area of recycled cast alloys and aluminium rolled products\nStructural costs successfully adapted to capacity utilisation. Short-time working as a supportive measure in this context\nNet income after taxes currently at EUR 11.1 million after EUR 30.0 million in Q1-Q3/2019\nCash flow from operating activities of EUR 102.3 million approximately at the same level as in previous year (Q1-Q3/2019: EUR 108.3 million)\nFurther highlights: Acquisition of Aircraft Philipp and ASI certification\nOutlook for 2020: EBITDA range between EUR 90 million and EUR 100 million\nEarnings trends in Q1-Q3 2020
Revenue in the first three quarters of 2020 stood at EUR 673.2 million, compared
with EUR 821.5 million in the previous year (-18.1 %). While primary aluminium
shipments increased compared with the previous year, a tangible decrease in
demand occurred for recycled cast alloys and aluminium rolled products. Total
shipments in Q1-Q3/2020 stood at 303,900 tonnes (336,500 tonnes in Q1-Q3/2019).
Lower aluminium prices are also exerting a negative effect on revenue. In the
first three quarters of 2020, the average price amounted to 1,663 USD/t, down 9
Earnings before interest, tax, depreciation and amortisation (EBITDA) were
reported at a total of EUR 79.8 million in the first three quarters, compared
with EUR 109.2 million in the prior year. This trend mainly reflects lower total
shipment volumes in the Casting and Rolling Divisions - especially in the
transport sector and in the distribution area - accompanied by a change in the
product mix and lower price levels. The Casting Division achieved an EBITDA of
EUR 4.9 million, compared with EUR 6.2 million in the previous year. EBITDA in
the Rolling Division amounted to EUR 42,3 million compared with EUR 89.9 million
in the previous year. Positive effects resulted from the successful adjustment
of the cost structure to changes in capacity utilisation. In particular, more
favourable raw material and energy costs in the Metal Division contributed
significantly to the group result with an increase in EBITDA by 91 % to EUR 34.4
EBIT amounted to EUR 17.7 million, compared with EUR 47.9 million in the
previous year. Net income after taxes decreased from EUR 30.0 million to EUR
Cash flow from operating activities reported a very positive level of EUR 102.3
million in difficult market conditions (Q1-Q3/2019: EUR 108.3 million). In the
first three quarters of 2020, cash flow from investing activities amounted to
EUR -39.7 million, compared with EUR -58.2 million in the prior-year equivalent
period. As a consequence, free cash flow increased significantly to EUR 62.7
million, compared with EUR 50.0 million in the previous year.
Net debt improved tangibly from EUR 292.9 million at the end of 2019 to EUR
250.6 million as of September 30, 2020. The gearing ratio stood at 41.2 % on
September 30, 2020, compared with 47.3 % at the end of 2019.
"Our strategic focus on innovation and specialty products for various sectors,
as well as sustainability, forms the basis for our solid business growth within
a volatile environment. In combination with the adjustment of our structural
costs to align with current capacity utilisation, we achieved a satisfactory
result given the difficult economic situation. With the completion of our
acquisition of a majority interest in Germany's Aircraft Philipp Group, we are
consistently pursuing our strategic path in the direction of value creation and
our proximity to customers," comments Gerald Mayer, AMAG's CEO.
Earnings trends in Q3/2020
At 100,700 tonnes, total shipments in Q3/2020 were below the level of the prior-
year quarter (Q3/2019: 110,500 tonnes). Due to the lower aluminium price and
lower shipment volumes, revenue in the third quarter decreased by 22 % to EUR
EBITDA was impacted by COVID-19-related shifts in the product mix, and volume
reductions in the Casting and Rolling Divisions. The EBITDA amounts to EUR 20.4
million, compared with the previous year's EUR 37.2 million. The Metal Division
reported positive trends. Volume growth accompanied by a normalisation of raw
material prices more than offset the lower aluminium prices.
Taking depreciation and amortisation of EUR -20.3 million into consideration,
the AMAG Group's EBIT for the past quarter amounted to EUR 0.1 million (Q3/2019:
EUR 16.7 million). Net income after taxes stood at EUR -1.3 million in Q3/2020,
compared with EUR 11.1 million in the equivalent period of the previous year.
Further highlights in the quarter
As announced in September, the acquisition of a 70 % interest in Germany's
Aircraft Philipp Group will be completed on October 30, 2020. This extends
AMAG's value chain in the direction of mechanical processing (such as milling
and drilling), and the production of specialty aluminium and titanium
AMAG's recent certification in accordance with the ASI Chain of Custody standard
confirms the Group's special achievements in the area of sustainability,
especially in the recycling sector. To this end, AMAG now also supports the
compliance of its input material suppliers with the same stringent standards and
criteria to which it has subjected itself. This approach enables, with immediate
effect, the supply of certified aluminium, taking into account the entire supply
chain - from bauxite mining to the finished AMAG semi-finished products.
Outlook for 2020:
Demand for aluminium products continues to be affected by the global COVID-19
pandemic. According to the CRU, however, medium- and long-term demand trend
forecasts for primary aluminium and aluminium rolled products reflect an
unchanged positive outlook.
From today's perspective, it is assumed that pre-coronavirus levels in the
sectors that AMAG supplies - with the exception of packaging and aircraft - will
not be reached again until 2022 at the earliest. Packaging sector demand trends
are expected to remain stable. It is anticipated that it will take the aircraft
industry around another five years to reattain its 2019 shipments level.
The development of the aluminium price as well as the US import tariffs for
Canadian primary metal are characterised by low visibility. Based on the current
situation, however, the Metal Division will continue to benefit from lower raw
material costs in Q4/2020.
Overall, from today's perspective, the Management Board anticipates full-year
EBITDA for the AMAG Group in a range between EUR 90 million and EUR 100 million.
AMAG - key figures:
|EUR million| Q3/2020| Q3/2019| Change| Q1-Q3/| Q1-Q3/| Change |
|Shipments | 100,700| 110,500| -8.9 %| 303,900| 336,500| -9.7 %|
|of which | | | | | | |
|external | 94,200| 102,400| -8.0 %| 282,300| 310,600| -9.0 %|
|shipments | | | | | | |
|Net income | -1.3| 11.1| -112.0 %| 11.1| 30.0| -63.0 %|
|Cash flow | | | | | | |
|from | 31.7| 44.5| -28.7 %| 102.3| 108.3| -5.5 %|
|operating | | | | | | |
|Cash flow | | | | | | |
|from | -14.9| -19.2| 22.3 %| -39.7| -58.2| 31.9 %|
|investing | | | | | | |
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
end of announcement euro adhoc
issuer: AMAG Austria Metall AG
phone: +43 7722 801 0
FAX: +43 7722 809 498
indexes: VÖNIX, WBI, ATX BI, ATX GP
Digital press kit: http://www.ots.at/pressemappe/12432/aom
Akt. Indikation: 30.50 / 31.00
Veränderung zu letztem SK: -2.38%
Letzter SK: 31.50 ( -1.56%)
AR-Vorsitzender Herbert Ortner, AMAG-HV 21.7.2020
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