EANS-News

AMAG Austria Metall AG in H1 2019: Growth in shipments; lower aluminium price affects earnings

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Mid Year Results

Ranshofen -

* Growth in demand for primary aluminium and rolled aluminium products
* Market environment increasingly influenced by trade conflicts and economic
slowdown
* Successful continuation of AMAG's growth path through ramp-up of new plants
* Revenue up 3 % to EUR 554.6 million due to shipments growth
* EBITDA of EUR 72.0 million down year-on-year mainly due to lower price levels
(H1 2018: EUR 86.2 million)
* 2019 outlook: EBITDA in a range between EUR 125 million and EUR 150 Million


AMAG Austria Metall AG continued on its growth track and set a new record in the
first half of the year with total shipments of 226,000 tonnes, up 10 % compared
with the previous year's first half.

Gerald Mayer, CEO of AMAG, comments: "We benefited from additional production
capacity in the first half of the year. In the Casting Division, we grew
shipment volumes in the double-digit percentage range mainly thanks to our new
melting furnace. In the Rolling Division, we successfully continued the ramp-up
of the most modern aluminium rolling mill in Europe and also significantly
increased shipments."

The market environment continues to be characterised by growth in demand for
primary aluminium and aluminium rolled products, although trade disputes and the
increasing slowdown in the global economy exerted a negative effect on growth
dynamics in terms of demand and the aluminium price. The average aluminium price
(3-month LME) reduced by 16 % to USD 1,850 per tonne in a half-year comparison.

Revenue expanded by 3 % to EUR 554.6 million compared with the first half of
2018 thanks to higher shipments.

Earnings before interest, taxes, depreciation and amortisation (EBITDA) amounted
to EUR 72.0 million in the first half of 2019, compared with EUR 86.2 million in
the prior-year period. This reduction especially reflects the lower price level.
The significant shipments increase in the Rolling Division as a result of the
ongoing ramp-up at the Ranshofen site had a positive effect on earnings.

Taking into account depreciation and amortisation of EUR 40.7 million, the
operating result (EBIT) for the reporting period amounted to EUR 31.3 million
(H1 2018: EUR 46.0 million).