EQS-News: AMAG Austria Metall AG / Key word(s): 9 Month figures/Quarter
Results
AMAG Austria Metall AG: Good performance in the first three quarters of
2024 in a challenging environment
30.10.2024 / 07:20 CET/CEST
The issuer is solely responsible for the content of this announcement.
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Ranshofen, October 30, 2024
AMAG Austria Metall AG: Good performance in the first three quarters of
2024 in a challenging environment
• Broad set-up of the AMAG Group and high flexibility in operational
processing enable solid revenue and earnings figures in a persistently
difficult environment
• Revenues remain at a high level at EUR 1,078.7 million (Q1-Q3/2023:
EUR 1,142.8 million)
• EBITDA of EUR 147.6 million reflects the overall good performance of
AMAG's operating divisions (Q1-Q3/2023: EUR 166.0 million)
• Net income after taxes of EUR 54.3 million (Q1-Q3/2023: EUR 69.7
million)
• Cashflow from operating activities at a strong EUR 109.3
million (Q1-Q3/2023: EUR 157.0 million)
• Outlook for financial year 2024: Confirmation of EBITDA range of EUR
160 million to EUR 180 million, whereby the upper limit is primarily
linked to valuation effects whose probability of occurrence can only
be forecast to a limited extent
The AMAG Group successfully demonstrated its high level of resilience in a
persistently subdued economic environment, especially in Europe. EBITDA in
the third quarter of 2024 grew by more than 8 % compared to the same
quarter of the previous year (Q3/2023). The Metal Division showed a
consistently good earnings performance in the current year (Q1-Q3/2024).
Despite the many challenges in the automotive industry, the Casting
Division was able to achieve solid earnings quality overall, below the
previous year's level. The Rolling Division recognised sales opportunities
on the market and seized them thanks to its high level of flexibility.
Volume and price declines were thus noticeably cushioned in the current
reporting period.
Dr Helmut Kaufmann, CEO of AMAG Austria Metall AG: "With the economic
situation in many European countries remaining subdued, we have so far
succeeded in generating solid earnings through product mix shifts and a
high degree of flexibility. Nevertheless, the weak industrial economy in
Europe is leading to increasing pressure on prices and volumes in numerous
industries. We continue to meet these challenges with a clear focus on
innovation and sustainability. Once again, we increased our research
expenditure in the first three quarters of 2024 in order to keep our
shares of specialities at a consistently high level.”
The AMAG Group's revenues totalled EUR 1,078.7 million in the first three
quarters of 2024 (Q1-Q3/2023: EUR 1,142.8 million). Prices and volume
effects are primarily responsible for the deviation. Although the AMAG
Group's shipment volumes grew in the third quarter of 2024, there was a
slight decrease overall in the first nine months of the year compared to
the same period of the previous year at 323,300 tonnes (Q1-Q3/2023:
327,700 tonnes).
Earnings before interest, taxes, depreciation and amortisation (EBITDA)
amounted to EUR 147.6 million in the current reporting period after EUR
166.0 million in the previous year. The development in the Metal Division
continued to be positive. Stable production in Canada and positive
valuation effects in connection with inventory hedges are primarily
responsible for this. The Casting Division impressed with stable operating
profits in all three quarters, which were below the previous year's level
due to the difficult European environment in the automotive sector. The
diverse set-up in the Rolling Division enabled product mix shifts and thus
significantly cushioned the partially weakening demand from many European
industries.
Depreciation and amortisation increased to EUR 66.8 million in the first
three quarters (Q1-Q3/2023: EUR 63.8 million). The operating profit (EBIT)
totalled EUR 80.7 million in the current reporting period (Q1-Q3/2023: EUR
102.2 million). Net income after taxes amounted to EUR 54.3 million in the
first nine months (Q1-Q3/2023: EUR 69.7 million).
A strong cashflow of EUR 109.3 million was generated from operating
activities (Q1-Q3/2023: EUR 157.0 million). A total of EUR 69.0 million
was spent on investments (Q1-Q3/2023: EUR 75.4 million). Accordingly, free
cashflow in the current reporting period totalled a solid EUR 40.2 million
(Q1-Q3/2023: EUR 81.6 million).
Net financial debt stood at EUR 384.5 million as of September 30, 2024,
compared to EUR 364.3 million at the end of 2023. Equity grew from EUR
746.3 million at the end of 2023 to EUR 752.0 million as at the current
quarterly reporting date. The equity ratio currently stands at 42.1 %
(December 31, 2023: 46.1 %).
Earnings trend in the third quarter of 2024
The AMAG Group's shipment volumes grew year-on-year to 109,100 tonnes in
the third quarter of 2024 (Q3/2023: 106,500 tonnes). The average aluminium
price also developed positively, rising from 2,200 USD per tonne in
Q3/2023 to 2,421 USD per tonne in Q3/2024. This was accompanied by an
increase in revenues to EUR 370.9 million (Q3/2023: EUR 346.4 million).
At EUR 52.2 million, EBITDA exceeded the previous year's level of EUR 48.2
million. In particular, the increases in the Metal Division and Rolling
Division are responsible for the AMAG Group's earnings growth in the third
quarter of 2024.
Taking into account depreciation and amortisation of EUR 22.2 million
(Q3/2023: EUR 21.4 million), EBIT grew to EUR 30.0 million in the third
quarter of 2024 (Q3/2023: EUR 26.8 million). Earnings after income taxes
grew to EUR 20.9 million (Q3/2023: EUR 18.7 million). Cashflow from
operating activities totalled EUR 33.6 million in Q3/2024 (Q3/2023: EUR
89.0 million).
Outlook 2024:
The global economic environment continues to develop unevenly. While the
USA is expected to see noticeable GDP growth of +2.5 %, the economy in the
eurozone is expected to grow by just +0.8 %. The weak industrial sector in
particular is depressing economic growth. The WIFO Institute anticipates
stagnation in Germany, while the Austrian economy is expected to shrink by
-0.6 % in 2024.(1)(1)
The AMAG Group's broad positioning and firmly anchored strategy have
enabled it to achieve solid revenue and earnings figures in this difficult
environment. Nevertheless, the persistently weak European industrial
economy is also making itself felt in several AMAG sales markets, leading
to increased pressure on prices and volumes.
According to the economic forecasts cited, the economic situation is
expected to not improve in the fourth quarter of 2024. This means that the
environment will remain challenging, especially in the Casting and Rolling
Divisions. In the Metal Division, the significant rise in alumina prices
will have an impact on earnings in the coming months. In addition, the
further development of aluminium prices and any valuation effects may also
have a noticeable impact on earnings in Q4/2024.
Based on the assumptions made, AMAG’s Management Board can confirm the
EBITDA range of EUR 160 million to EUR 180 million for the 2024 financial
year communicated at the end of July 2024, whereby the upper limit is
primarily linked to valuation effects whose probability of occurrence can
only be forecast to a limited extent.
AMAG key figures:
Q3/2024 Q3/2023 Change Q1-Q3/2024 Q1-Q3/2023 Change
Shipments in tonnes 109,100 106,500 2.4 % 323,300 327,700 -1.3 %
of which external
shipments in tonnes 99,000 98,300 0.7 % 295,700 303,700 -2.6 %
Revenues in EUR
million 370.9 346.4 7.1 % 1,078.7 1,142.8 -5.6 %
EBITDA in EUR
million 52.2 48.2 8.3 % 147.6 166.0 -11.1 %
EBIT in EUR million 30.0 26.8 11.9 % 80.7 102.2 -21.0 %
Earnings after
income taxes in EUR
million 20.9 18.7 11.8 % 54.3 69.7 -22.1 %
Cashflow from
operating activities
in EUR million 33.6 89.0 -62.2 % 109.3 157.0 -30.4 %
Cashflow from
investing activities
in EUR million -20.6 -24.8 17.1 % -69.0 -75.4 8.5 %
Employees in FTE^1) 2,237 2,237 0.0 % 2,238 2,235 0.1 %
30.09.2024 31.12.2023 Change
Equity in EUR million 752.0 746.3 0.8 %
Equity ratio in % 42.1 % 46.1 %
Gearing in % 51.1 % 48.8 %
(1) Average number of employees (full time equivalents) including contract
workers, excluding apprentices and, since July 2024, holiday workers.
Includes personal from the Alouette smelter (20 %) and AMAG components.)
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
aerospace, 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 maintaining an exemplary net ecological impact. At AMAG components,
based in Übersee am Chiemsee (Germany), ready-to-install metal parts are
also manufactured for the aerospace industry.
Investor contact Press contact
Mag. Christoph M. Gabriel, BSc MMag. Alexandra Hanischläger, MBA
Head of Investor Relations Head of Communication and Marketing
AMAG Austria Metall AG AMAG Austria Metall AG
Lamprechtshausener Straße 61 Lamprechtshausener Straße 61
5282 Ranshofen, Austria 5282 Ranshofen, Austria
Tel: +43 (0) 7722-801-3821 Tel: +43 (0) 7722-801-2673
Email: investorrelations@amag.at Email: publicrelations@amag.at
Website: www.amag-al4u.com
NOTE
The forecasts, budgets and forward-looking assessments and statements
contained in this publication were compiled on the basis of all
information available to AMAG as of October 22, 2024. In the event that
the assumptions underlying these forecasts prove to be incorrect, targets
be missed, or risks materialise, actual results may diverge from those
currently anticipated. We are not obligated to revise these forecasts in
the light of new information or future events.
This publication was prepared and the data contained in it verified with
the greatest possible care. Nevertheless, misprints and rounding and
transmission errors cannot be ruled out entirely. In particular, AMAG and
its representatives do not assume any responsibility for the completeness
and correctness of information included in this publication. This
publication is also available in German. In cases of doubt, the
German-language version takes precedence.
This publication does not comprise either a recommendation or a
solicitation to either purchase or sell securities of AMAG.
(2)^(1) Austrian Institute of Economic Research (WIFO), Economic Forecast
3/2024, October 2024
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30.10.2024 CET/CEST This Corporate News was distributed by EQS Group AG.
www.eqs.com
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Language: English
Company: AMAG Austria Metall AG
Lamprechtshausener Straße 61
5282 Ranshofen
Austria
Phone: +43 7722 801 0
Fax: +43 7722 809 498
E-mail: investorrelations@amag.at
Internet: www.amag-al4u.com
ISIN: AT00000AMAG3
WKN: A1JFYU
Listed: Regulated Unofficial Market in Berlin, Dusseldorf, Frankfurt,
Munich, Stuttgart; Vienna Stock Exchange (Official Market)
EQS News ID: 2018253
End of News EQS News Service
2018253 30.10.2024 CET/CEST
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