AMAG Austria Metall AG

AMAG reports increase in revenue and net income after taxes in 2014

Business news for the stock market

Ranshofen (pta006/27.02.2015/07:30) - - New shipments record: 7% growth to 375,900 tonnes - Good earnings performance in 2014: - Revenues: +5% to EUR 823.0 million - EBITDA of EUR 114.7 million (compared with EUR 122.8 million in previous year) at upper end of communicated range - Net income after taxes: +6% to EUR 59.2 million - Dividend raised to EUR 1.20 per share - Strategic corporate development successfully continued: - Commissioning of new hot rolling mill - Approval of "AMAG 2020" project

The 2014 financial year proved to be both eventful and successful for AMAG Austria Metal AG with regard to both corporate development and its operating business.

Important milestones to further secure the profitable growth path were achieved with the commissioning of the new hot rolling mill and the approval of the "AMAG 2020" project.

Helmut Wieser, CEO of AMAG: "With our 'AMAG 2020' project we will boost the capacity of our Rolling Division to more than 300,000 tonnes, and expand our product portfolio to include larger dimensions for cold rolled sheets and strips. Our Austrian Group headquarters site in Ranshofen is thereby developing into one of the European aluminium industry's most advanced, leading edge locations. We will create a total of around 250 new jobs."

In the 2014 financial year AMAG set new records in terms of both shipments and scrap utilisation. Shipment volumes were up by 7% to 375,900 tonnes in the 2014 financial year (2013: 351,700 tonnes). Scrap utilisation of 274,200 tonnes also reached a new record level (2013: 263,300 tonnes).

The new shipments record resulted in 5% growth in revenue to EUR 823.0 million (2013: EUR 786.4 million). Earnings before interest, tax, depreciation and amortisation (EBITDA) amounted to EUR 114.7 million at the upper end of the communicated range (2013: EUR 122.8 million).

EBITDA in the Metal Division amounted to EUR 48.2 million (previous year: EUR 50.8 million). The higher premium level for primary aluminium almost fully offset a positive one-off effect from the previous year, as well as lower results from aluminium price hedging.

The Casting Division advanced its shipment volumes by 5% to a total of 83,300 tonnes, which was also reflected in a higher level of earnings, with EBITDA up from EUR 4.6 million to EUR 4.8 million.

Shipment volumes in the Rolling Division were up by 8% to 169,900 tonnes (2013: 157,600 tonnes). EBITDA decreased from EUR 63.5 million to EUR 59.9 million, which is particularly attributable to start-up costs for the "AMAG 2014" expansion project. Higher costs for raw materials were offset by both volume growth and higher prices.