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Public disclosure of inside information according to article 17 MAR
AMAG Austria Metall AG: Fiscal Year 2012: Year of record operational performance
Ranshofen (pta039/28.02.2013/20:00) - Fiscal Year 2012: Year of record operational performance
* Year of record operational performance:
* Average price of aluminium 370 USD/t below the prior year's level
* Sound earnings development:
* Strong cash flow from operating activities of 117 mEUR (prior year: 105 mEUR) tops prior-year figure by 12%
* Continued high equity ratio of 62%
* Proposed dividend of 0.60 EUR / share corresponds to about 30% of the consolidated net income after taxes
The AMAG Group achieved sales of 814.2 mEUR in the fiscal year 2012 and continues on the prior year's level of 813.1 mEUR despite the average price of aluminium falling 370 USD/t. The earnings before interest, taxes, depreciation and amortization (EBITDA) dropped for the same reason, from 149.7 mEUR in 2011 to 133.8 mEUR in 2012, thus remaining on a high level.
The Rolling Division increased its EBITDA contribution by another 20% from the very satisfying result of the prior year, to 79.9 mEUR (prior year: 66.7 mEUR). In the Metal Division, the average aluminium price being down approx. 15% had a negative impact, as had the partly increased raw material costs as well as valuation effects from aluminium price hedging transactions. The earnings contribution from the Metal Division subsequently dropped to 42.6 mEUR (prior year: 73.6 mEUR). The Casting Division managed to perform well in a difficult market environment, generating EBITDA of 6.1 mEUR (prior year: 7.5 mEUR).
The operating result (EBIT) of the AMAG Group was 83.2 mEUR (prior year: 103.6 mEUR), with depreciation growing 10% due to capital expenditures. The consolidated net income after taxes decreased from 88.1 mEUR in 2011 to 71.3 mEUR in the year under review, 2012.
Proposed dividend of 0.60 EUR / share
Strong cash flow and sound balance sheet
Net financial debt increased only slightly from the 2011 figure, to -25.8 mEUR (prior year: -13.1 mEUR). A gearing of 4.7% (prior year: 2.4%) means that AMAG continues to have nearly no indebtedness.
With equity standing at 544.1 mEUR (prior year: 542.6 mEUR), the AMAG Group therefore remains on the prior year's level. The equity ratio amounted to a solid 61.8% (prior year: 62.0%).
AMAG products are on top of the trend
Positive performance of AMAG stock
Outlook: Volatile market environment, positive demand for aluminium
AMAG expects a positive business trend for the first quarter of 2013 on account of a very good order backlog. A further strengthening of our international distribution activities is to provide an additional positive contribution this year already. Assuming that the key conditions in which we operate will remain stable, we expect a flat trend as regards the earnings development for 2013 despite the upfront investment cost for the "AMAG 2014" enlargement project.
AMAG key figures fiscal year 2012
A pdf version of the annual report 2012 is available on the website www.amag.at