AMAG announces increase in revenue to EUR 251.2 million on solid aluminium shipment during 1Q2021

AMAG Austria Metall AG announced that the first quarter of 2021 showed positive trends for the company, with revenue increased 1.95 per cent year-on-year to EUR 251.2 million. The company attributed the growth to a solid shipment volume of 98,500 tonnes and higher aluminium prices. However, about 11,000 tonnes of primary aluminium were not recognised for the quarter as a result of the delayed departure of a transport ship.

Due to the ongoing effects of COVID-19 and delayed shipment mentioned above, AMAG’s EBITDA recorded a low from EUR 36.5 million in Q1 2020 to 30.3 million in Q1 2021.

The metal division of AMAG benefitted from attractive aluminium and alumina prices. Production at the Alouette plant in Canada was carried out at a consistently stable level, with EBITDA amounting to EUR 10.3 million. The casting division could also take advantage of the positive market environment, especially in the automotive industry, and generated EBITDA of EUR 3.5 million in 1Q2021 compared to EUR 1.4 million in the same period last year.

EBITDA in the rolling division neither shied away from reflecting a clear improvement in Q1 2021, standing at EUR 17.4 million.

AMAG’s net income after taxes also showed a positive trend amounting to EUR 5.1 million during the said period. The cash flow from operating activities totalled EUR 3.7 million, while the cash flow from investing activities stood at EUR 15.8 million. Net financial debt was consistently solid at EUR 326.7 million as of March 31, 2021.

Gerald Mayer, CEO of AMAG Austria Metall AG, said: “Shipments matched the excellent pre-crisis level in the first quarter. The decline in sales volume in the aircraft sector was compensated by increases in other segments, including automotive in particular. The positive market sentiment is there and in order to fulfil customers’ strong demand, we currently have around 50 open positions at the Ranshofen plant.”

Based on the current market position, the Management Board is forecasting an EBITDA for the year in the range of EUR 125 to EUR 140 million. The aircraft industry is estimated to remain affected by the COVID-19.

source https://www.alcircle.com/news/amag-announces-increase-in-revenue-to-eur-251-2-million-on-solid-aluminium-shipment-during-1q2021-65130