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    AMAG   AT00000AMAG3

AMAG AUSTRIA METALL AG

(AMAG)
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AMAG Austria Metall : H1/2021 Financial Report

07/29/2021 | 01:47am EDT

KEY FIGURES FOR THE AMAG GROUP

FINANCIAL REPORT

2

1ST HALF YEAR 2021

KEY FIGURES FOR THE GROUP IN EUR MILLION

Q2/2021

Q2/2020

Change in %

H1/2021

H1/2020

Change in %

Shipments total in tons

127,600

103,600

23.2 %

226,100

203,200

11.3 %

External shipments in tons

121,900

94,500

29.0 %

214,500

188,100

14.0 %

Revenue Group

343.9

217.5

58.1 %

595.1

463.8

28.3 %

EBITDA

63.3

22.9

176.5 %

93.6

59.3

57.7 %

EBITDA margin

18.4 %

10.5 %

15.7 %

12.8 %

Operating result (EBIT)

42.6

2.1

>1,000 %

51.9

17.6

194.7 %

EBIT margin

12.4 %

1.0 %

8.7 %

3.8 %

Earnings before taxes (EBT)

39.9

0.2

>1,000 %

47.0

14.8

217.6 %

Net income after taxes

29.8

0.9

>1,000 %

35.0

12.4

181.2 %

Cash flow from operating activities

46.5

55.7

-16.5 %

50.2

70.6

-28.9 %

Cash flow from investing activities

-9.9

-9.8

-1.8 %

-25.8

-24.8

-4.1 %

Employees 1)

2,143

1,967

8.9 %

2,127

1,980

7.5 %

1) Average number of employees (full-time equivalents), including contract workers and excluding apprentices. Includes the 20 % share of personnel from the interest in the Alouette smelter as well as the personnel of Aircraft Philipp.

BALANCE KEY FIGURES FOR THE GROUP IN EUR MILLION

Total assets

Equity

Equity ratio

Working capital employed

Net financial debt

Gearing

June 30, 2021

December 31, 2020*

Change in %

1,597.3

1,548.3

3.2 %

605.4

602.7

0.5 %

37.9 %

38.9 %

398.5

321.6

23.9 %

303.3

314.3

-3.5 %

50.1 %

52.2 %

The totalling of rounded amounts and percentages can create rounding differences.

* A correction pursuant to IAS 8.41 requires a restatement of the previous year's figures.

AMAG AUSTRIA METALL AG

HIGHLIGHTS AND CONTENTS

HIGHLIGHTS OF THE FIRST HALF OF 2021

  • 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*: 0.28)
  • 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)

FINANCIAL REPORT

3

1ST HALF YEAR 2021

CONTENTS

Key figures for the AMAG Group

2

Highlights and contents

3

Interim Group management report

4

Interim consolidated financial statements according to IAS 34

21

Notes to the consolidated interim financial statements

27

The AMAG share

43

  • 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

INTERIM GROUP MANAGEMENT REPORT

ECONOMIC ENVIRONMENT

ECONOMIC TRENDS

While the economic environment at the start of the year was still noticeably determined by the COVID- 19 pandemic, a rapid rebound in economic activity became apparent as the year progressed. The industrial economy, which was already showing improvements at the end of the previous year, performed very well.1

Overall, current economic activity and confidence indicators also reflect the rapid rebound in economic activity.2 A look to the Purchasing Managers' Index3 shows a positive trend in evidence since the fourth quarter of 2020, with a steady improvement over the course of the first six months of the year under review. This positive trend was also reflected in numerous sales markets of the AMAG Group.

According to the latest estimates of the International Monetary Fund (IMF)4 on overall economic performance for 2021, growth is expected to be partially strong across countries in some cases. Economic output is expected to more than offset the previous year's negative trend; after a decrease of 3.3 % in 2020, global GDP is expected to rise by 6.0 % in 2021 on a full-year basis. According to the IMF, however, not all economies will be able to compensate for the previous year's economic losses. Among other factors, this is due to the individual economic dependencies of the sectors affected by COVID-19 (e.g. tourism), as well as to varying progress in vaccination rollout. Further developments in the COVID-19 pandemic, particularly with regard to any mutations and the effectiveness of current vaccines, may have a significant bearing on the IMF's forecast of the expected economic upturn. The IMF also points to the dependence on economic policy mitigation measures, commodity price trends, and economic institutions' ability to adapt.

As far as country-specific GDP forecasts for 2021 are concerned, a significant increase is evident in industrialised nations, especially in the USA with +6.4 % growth (2020: -3.5 %).

The Eurozone is unable to fully compensate for the previous year's decrease of 6.6 %, and is expected to expand by 4.4 % in the current economic year, according to the IMF. While an increase of 3.6 %

FINANCIAL REPORT

4

1ST HALF YEAR 2021

is forecast for Germany, economic growth in Italy (+4.2 %), France (+5.8 %) and Spain (+6.4 %) is expected to be somewhat stronger this year, following significantly higher losses in the previous year. According to current forecasts by the Austrian Institute of Economic Research,5 real GDP growth of

4.0 % is anticipated for Austria in 2021 (2020 -6.3 %). This growth is primarily driven by the rapid progress in COVID-19 vaccination and the associated resumption of economic activities. This will lead bolster private consumption, accelerate investment momentum and lead to a marked expansion of exports.

According to current estimates by the IMF, 6 the economy in the group of emerging and developing countries will report the highest economic growth in 2021, with growth averaging 6.7 % (2020: -2.2 %). In particular, a high level of GDP expansion in China (+8.4 %) is contributing to this positive trend (2020: +2.3 %).

1

See WIFO, WIFO Economic Forecast, June 2021

4

See IMF, World Economic Outlook, April 2021

2

See WIFO, Current Economic Report, June 2021, and WIFO Economic Forecast, June 2021

5

See WIFO Economic Forecast, June 2021

3

See Bloomberg

6

See IMF, World Economic Outlook, April 2021

AMAG AUSTRIA METALL AG

FINANCIAL REPORT

5

1ST HALF YEAR 2021

DEMAND FOR ALUMINIUM PRODUCTS

The development of the Metal segment is influenced by global market developments. The global demand trend for primary aluminium represents a key factor, therefore. The Rolling Division generated approximately 75 % of its revenue in Europe in the first half of 2021. The remaining volumes of aluminium rolled products are supplied to AMAG customers worldwide, with the global demand trend for this product area thereby also representing a significant factor.

Global demand for primary aluminium in millions of tonnes7

2019 64.6

2020 62.8

2021e 68.5

0

20

40

60

Global demand for aluminium rolled products in millions of tonnes8

2019 28.1

2020 26.9

2021e 29.3

0

10

20

  1. See CRU Aluminium Market Outlook, April 2021
  2. See CRU Aluminium Rolled Products Market Outlook, May 2021
  3. See CRU Aluminium Rolled Products Market Outlook, May 2021

Aluminium is a material which is used and processed in various sectors due to its numerous positive properties (weight, stability, formability, etc.). After COVID-19 led to subdued demand for primary aluminium and aluminium rolled products in the previous year, the Commodity Research Unit (CRU)9 expects significant increases in 2021, to well above the pre-crisis levels seen in 2019.

Specifically, the CRU expects global demand for aluminium rolled products to reach an all-time high of 29.3 million tonnes in 2021. The main application areas for rolled products are in the transport, packaging, construction and engineering industries. The main driver of the increase in demand of

8.8 % - or 2.4 million tonnes on average compared to 2020 - is the transport sector. This sector is expected to grow by around 0.7 million tonnes, or by around 19 %, compared to previous year, which was affected by COVID-19. Demand for aluminium rolled products in the mechanical engineering industry and in the construction sector is also forecast to rise by +9.0 % (+0.2 million tonnes) and +6.5 % (+0.2 million tonnes) respectively. Demand in the packaging industry is also currently expected to expand by 6.9 % (+1.0 million tonnes) after a relatively stable trend in the previous year.

In AMAG's Casting Division, the cast alloys business features as a regional business with a focus on Western and Central Europe. In this context, the automotive industry ranks as the most important client sector, to which this division delivers round 60 % of its shipment volumes, whether directly or indirectly. European automotive industry trends are the main drivers of the Casting Division. This sector was considerably affected by COVID-19, particularly in the second quarter of the previous year, although it recovered noticeably over the further course of the year. The latest figures from the German Association of the Automotive Industry (VDA)10 reflect this recovery: from January and up to and including June 2021, around 15 % more passenger cars were newly registered in Germany than in the same period in 2020.

When looking at new car registrations in the European Union, the marked recovery in the automotive industry is equally clear. With an increase of 25.2 % in the first half of 2021, a total of 5.4 million passenger cars newly registered. Nevertheless, new registrations are well below the pre-corona level. In China, there was a half-year growth of 27.3 %, while registrations in the USA increased by 29.3 % to 8.3 million units in the first half of 2021.11

  1. See VDA, Figures and Data, Monthly Figures Production January to June 2021
  2. See VDA, press release of July 16, 2021

AMAG AUSTRIA METALL AG

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

AMAG - Austria Metall AG published this content on 29 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 July 2021 05:46:09 UTC.


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Financials
Sales 2021 1 181 M 1 370 M 1 370 M
Net income 2021 64,4 M 74,7 M 74,7 M
Net Debt 2021 359 M 417 M 417 M
P/E ratio 2021 20,9x
Yield 2021 2,59%
Capitalization 1 337 M 1 550 M 1 550 M
EV / Sales 2021 1,44x
EV / Sales 2022 1,32x
Nbr of Employees 2 127
Free-Float 6,86%
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Last Close Price 37,90 €
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Managers and Directors
Gerald Mayer Chief Executive Officer & Chief Financial Officer
Herbert Ortner Chairman-Supervisory Board
Helmut Kaufmann Chief Operating Officer
Robert Hofer Member-Supervisory Board
Maximilian Angermeier Member-Supervisory Board