EANS-Adhoc: AMAG Austria Metall AG reports half-year figures for 2011 Strong growth, earnings on record level again

--------------------------------------------------------------------------------
ad-hoc disclosure transmitted by euro adhoc with the aim of a Europe-wide
distribution. The issuer is solely responsible for the content of this
announcement.
--------------------------------------------------------------------------------

6-month report

29.07.2011

• Sales rise 21% to EUR 429.2 million as compared with the first
half-year of 2010 • EBIT outperforms the record result of the first
half-year of 2010 by 18% and reaches EUR 59.5 million in the
comparable period of this year • Cash flow from operating activities
rises by 36% to EUR 55.8 million • Continued extension of capacities
at Ranshofen

in EUR million H1 2011 H1 2010 Change
Sales 429.2 354.8 +21%
EBITDA 81.9 72.9 +12%
EBIT 59.5 50.3 +18%
Net income after taxes 48.1 37.3 +29%
Earnings per share in EUR 1.36 - -
Cash flow from
operating activities 55.8 41.1 +36%
Working capital employed 246.0 195.2 +26%
Equity 475.9 497.0 (4%)

Employees 1,213 1,169 +4%

Developments in the first half-year of 2011

In the first six months of the year under review, AMAG Austria Metall AG (AMAG)
clearly outperformed the results of the comparable period of the prior year. Due
to the good shipment volume in the area of special products, sales rose by 21%
to EUR 429.2 million. Earnings before interest, taxes, depreciation and
amortisation (EBITDA) increased by 12% to EUR 81.9 million and achieved a new
record level in the comparable period. EBIT even grew by 18% to EUR 59.5
million. An over-proportional increase was registered in the surplus for the
period. Earnings after taxes for the first half-year of 2011 are EUR 48.1
million, or 29% above the result achieved in the comparable period.

Due to the strong demand for aluminium, the production facilities are working at
full capacity. Therefore, the Supervisory Board approved a tranche in the amount
of EUR 21 million as a further part of the EUR 75 million investment programme
aimed at boosting capacity by 20%. These funds will be used to build a new
melting and casting furnace in the casthouse as well as to expand the capacity
of the existing rolling slab caster. The focus will be on processing coated
scraps in an environmentally friendly manner in order to produce high-quality
aluminium alloys. In doing so, utmost attention will be paid to optimizing
energy use. In the rolling mill, a new shear line for fabricating aluminium
sheets is to be installed, with high cutting power and more precise cuts, so as
to comply with tightest process tolerances.

Metal Division

In the first half of 2011, sales in the Metal Division rose 22% from
EUR 247.2 million in 2010, attaining EUR 301.2 million. One of the
main reasons for this boost was the increase in the price of
aluminium. In the same period, the average price per ton was at USD
2,576 as compared with USD 2,163 in the same period of the prior
year. After being continuously on the rise since 2009, the price of
aluminium in the first half-year of 2011 is beginning to show a
sideways movement. EBITDA rose from EUR 9.7 million to EUR 24.8
million as compared with the first quarter of 2011 (+155%). A
comparison of half-year figures shows EBITDA to have gone down 24%,
from EUR 45.7 million in the same period of the prior year to EUR
34.5 million in this half-year. The major contributing factors were,
in particular, the positive effects from the valuation of hedging
instruments (options) contained in the comparable period in 2010. The
higher cost of raw materials as well as effects from currency
translation had a negative effect, while the higher aluminium price
had a positive effect.

Casting Division

The Casting Division's sales rose by 27% to EUR 68.4 million in the
first half-year, and EBITDA even increased by 75%, to EUR 4.7
million. In addition to a shift in the product mix to higher-priced
products, the improvement in price levels taking place in the first
half-year of 2011 also contributed to this trend. The business trend
in this Division is essentially driven by the development of the
automotive industry. For AMAG, passenger car production in Germany,
which was expanded by 5% in the reporting period, is of particular
relevance.

Rolling Division

The Rolling Division improved its sales by 24% in the first half-year
of 2011. It thus earned EUR 297.4 million after generating EUR 240.5
million in the same period of the prior year. In Europe, demand from
the mechanical engineering sector and from the automotive industry
was a material driver of this development. In the US, demand from the
mechanical engineering and transport sectors continued to be
satisfactory, as was demand from the aircraft industry. The Rolling
Division's EBITDA increased by 78% in the reporting period, to EUR
41.0 million. The reasons behind this trend are higher sales volumes,
a higher price level as well as a shift in the product mix towards
higher-value products.

Outlook

For 2011, consumption of primary aluminium is forecast to grow by
9-12% overall. According to a current study of the English CRU
institute, the consumption of rolled aluminium products is expected
to see a global annual growth rate of +7.6% until 2013. For that
period, the expected annual growth rate for Western Europe is 3.3%,
while demand is expected to grow +6.6% in eastern Europe and +10.9%
in Asia. In a breakdown by sectors, growth perspectives are
encouraging in the sectors of transport (+10%), construction and
mechanical engineering (+8%) as well as in the European aircraft
industry (+9%). Against this backdrop, and based on the satisfactory
order situation, the AMAG Management expect the positive business
development to continue for the rest of the year. However, a slight
reduction in quantities shipped is to be expected for the second
half-year as compared with the first six months of 2011. This is due
to maintenance work scheduled at the Ranshofen location. Summing up
it can be said that AMAG's Management, from today's perspective,
expect that profitability in 2011 will exceed the record values
achieved in the prior year.

About AMAG Group

AMAG is a leading Austrian manufacturer of primary aluminium and
high-quality aluminium cast and flat rolled products for various
different industries such as the aircraft, automotive, sports
equipment, lighting, mechanical engineering, construction and
packaging industries. With 1,175 employees, the company achieved
sales of EUR 728 million and EBITDA of EUR 139 million in the 2010
fiscal year.

Cautionary statements

The forecasts, plans and forward-looking assessments and statements
contained in this report are based on the information currently
available to us. Should the assumptions on which the forecasts have
been based fail to occur, the targets not be met or risks
materialize, then the actual results may deviate from the results
currently anticipated. We undertake no obligation to update publicly
any such forecasts in light of new information or future events. We
have exercised the utmost diligence in preparing this report and have
checked the data contained therein. However, rounding, transmission
and printing errors cannot be ruled out. This report is also
available in German. In case of doubt, the German version prevails.

Further inquiry note:
Leopold Pöcksteiner
Leitung Strategie, Kommunikation, IR

AMAG
Lamprechtshausnerstraße 61
5282 Ranshofen, Austria
Tel.: +43 (0) 7722-801-2205
Email: Leopold.Poecksteiner@amag.at
Website: www.amag.at

end of announcement euro adhoc
--------------------------------------------------------------------------------

issuer: AMAG Austria Metall AG
Lamprechtshausnerstraße 61
A-5282 Ranshofen
phone: +43 7722 801 0
FAX: +43 7722 809 498
mail: investorrelations@amag.at
WWW: www.amag.at
sector: Metal Goods & Engineering
ISIN: AT00000AMAG3
indexes: Prime Market
stockmarkets: official dealing: Wien
language: English