AMAG reports increase in operating profit of 30 % in H1 2015

AMAG Austria Metall AG reported significant growth in its key operating earnings results during the first half of 2015 compared with the previous year's first six months.

Revenue grew by 15.9 % – from EUR 406.7 million to EUR 471.5 million. Earnings before interest, tax, depreciation and amortisation (EBITDA) were up by 30.1 %, increasing to EUR 70.6 million (H1 2014: EUR 54.3 million).

Helmut Wieser, CEO of AMAG: "Our broad portfolio of special products has enabled us to exploit market opportunities and report significant increase in both revenue, which was up 16 %, and operating earnings, which grew by 30%. This growth also already includes contributions from new products from the new plants created as part of our AMAG 2014 expansion project. These new plants allow us to manufacture broader plates and treadplates."

All operating segments contributed to the rise in operating earnings compared with the first half of 2014. The Metal Division benefited particularly from the lower EUR/USD exchange rate, boosting EBITDA by 34.9 %. EBITDA generated by the Casting Division amounted to EUR 5.3 million in the first half of 2015. The Rolling Division reported EBITDA in the first half of 2015 up by 20.1 %, from EUR 31.4 million to EUR 37.7 million. Along with positive effects from a slight shift in the product mix, earnings growth also reflected an increase in shipments as a result of the commissioning of new hot rolling mill.

The AMAG Group achieved an operating result (EBIT) of EUR 36.0 million in the 2015 financial year. Consolidated net income after tax amounted to EUR 22.7 million in the first half of 2015, after the previous year's EUR 26.7 million.

The equity ratio of 57.4 % remains at a solid level. Due to the dividend payout in April 2015, net debt increased to EUR 134.1 million, compared with EUR 93.0 million as of December 31, 2014.

Plant expansion
The ramp-up of the new rolling slab casthouse and the new hot rolling mill is running to schedule. Along with the progress made with the extensive qualification process for aerospace products from the new hot rolling mill, the group is also selling sheets and plates in larger product dimensions.

Preparation for the next expansion step (the "AMAG 2020" project) is also running to schedule. Commissioning of the new cold rolling mill is planned for 2017. In automotive segment, production is expected to quadruple worldwide to 2.1 million tonnes by 2019. Along with rising production figures, this is chiefly due to lightweight automotive construction utilising aluminium. The aerospace and packaging industries, as well as consumer electronics, comprise additional growth areas.

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