EANS-Adhoc: AMAG Austria Metall AG / Another record result for AMAG in fiscal year 2011 and large-scale investment at the Ranshofen location approved

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Company Information

28.02.2012

Highlights

Annual financial statements 2011
- Record earnings levels in fiscal year 2011
- EBITDA of 150 mEUR (+8 %)
- EBIT of 104 mEUR (+10 %)
- Net income after taxes of 88 mEUR (+16 %)

- Sound capital structure (equity ratio: 62 %) and financing
structure (gearing 2.5 %) as the cornerstones of growth strategy and
dividend policy - Proposed dividend of EUR 0.75 / share plus a
one-time bonus of EUR 0.75 / share yields EUR 1.5 / share

Large-scale investment - Large-scale investment of approximately 220
mEUR for expanding the Ranshofen location approved - Large-scale
investment comprises new hot-rolling mill and extending the existing
plate production center as well as the casthouse capacities - Rolling
capacity to be increased by 50 % in a first step to 225,000 t / year

Figures for the AMAG Group

in FY FY Change Q4/ Q4/ Change
mEUR 2011 2010*) in % 2011 2010*) in %

External shipments 322.7 318.4 1 % 60.5 58.8 3 %
(in 1,000 tons)

Sales 813.1 728.0 12 % 185.5 180.3 3 %
EBITDA 149.7 139.0 8 % 25.1 30.7 (18 %)
EBIT 103.6 93.8 10 % 12.9 19.4 (33 %)
Earnings after taxes 88.1 75.7 16 % 12.2 16.9 (28 %)

Cashflow from 104.5 75.4 39 % 27.2 9.1 198 %
operating activities

Cashflow from (43.5) (43.5) 0 % (13.9) (16.6) (16 %)
investing activities

Equity 542.6 514.2 6 %
Gearing 2.5 % (1 %)
Net financial debt 1) (13.0) 4.7 -

Employees 2) 1,422 1,175 -

*) The comparable values shown for the year 2010 refer to AMAG
Holding GmbH and its subsidiaries 1) The net financial indebtedness
is calculated as the balance of liquid funds plus financial
receivables minus financial liabilities. 2) Average full time
equivalent (FTE) including leasing personal, without apprentices. In
2011, this number for the first time includes the percentage
personnel share out of the 20% participation in smelter Alouette (196
employees).

AMAG achieves another record result in 2011

In a year-on-year comparison, the AMAG Group increased sales by 11.7
% from 728.0 mEUR in 2010 to 813.1 mEUR in 2011. The main reasons for
this encouraging development were the increase in average aluminium
prices and shipments of products with more value added. External
shipment volumes rose 1.3 %, to 322,700 t, although plant capacity
utilization was almost at its limit. Sales of the fourth quarter of
2011 amounting to 185.5 mEUR were 3 % above the level achieved in the
same quarter of the prior year, and this increase was caused in
particular by higher shipment volumes in the Metal Division as well
as by higher prices due to a higher percentage of specialties.

The earnings before interest, taxes, depreciation and amortization
(EBITDA) of the AMAG Group rose 7.7 % from 139.0 mEUR in 2010 to
149.7 mEUR in 2011. The EBITDA margin remained at a high level but
dropped from 19.1 % to 18.4 % as a result of the higher sales. EBITDA
in the amount of 25.1 mEUR were generated in the quarter under review
(Q4 2010: 30.7 mEUR).

In the year 2011 the Metal Division contributed 73.6 mEUR (49.1 %) to
the Group EBITDA, the Casting Division 7.5 mEUR (5.0 %), the Rolling
Division 66.7 mEUR (44.6 %) and the Service Division 1.9 mEUR (1.3
%).

The 2011 operating result (EBIT) of the AMAG Group was 103.6 mEUR,
compared to 93.8 mEUR in 2010. The corresponding EBIT margin was 12.7
% in the year just ended, compared to 12.9 % in the prior year.

The consolidated net income after taxes went up 16.4 %, from 75.7
mEUR to 88.1 mEUR.

An equity ratio of 62 % provided for a very satisfactory capital
structure as of December 31, 2011. With net financial debt amounting
to only -13.0 mEUR, or a gearing of 2.5 %, AMAG is well prepared for
pursuing the approved growth course.

In 2011, AMAG generated cash flows from operating activities in the
amount of 104.5 mEUR (2010: 75.4 mEUR, +38.6 %). The cash flow from
investing activities remained unchanged from the prior year, at 43.5
mEUR.

Details concerning the results of the three divisions are shown in
the financial report for 2011 on the website at www.amag.at -
Investor Relations - Financial reports as of March 2, 2012.

Dividend

On account of the most satisfactory result for 2011, the Management
Board decided to propose to the shareholders' meeting to be held on
May 16, 2012 to issue a dividend of EUR 0.75 / share plus a one-time
bonus of EUR 0.75 / share, i.e. EUR 1.50 / share. The dividend
proposal was approved by the supervisory board.

The proposed dividend corresponds to a distribution quota of 60 % or
a dividend yield of 9.3 % (related to the annual average price of EUR
16.19 / share). AMAG´s future dividend policy of aiming at a
distribution quota of 20-30 % of the consolidated earnings after
taxes will be upheld unchanged.

Outlook for 2012

Due to the macroeconomic developments and the related increased
volatility on the sales and procurement markets, the AMAG Group´s
outlook for 2012 involves uncertainty. The good volume of incoming
orders in the last months of 2011 as well as at the beginning of
2012, the strong order backlog and the foreseeable positive trend in
aluminium consumption let the Management Board adopt a cautiously
optimistic outlook for 2012.

Supervisory board gives go-ahead for large-scale investment at
Ranshofen

The large-scale investment comprises a new hot-rolling mill as well
as the expansion of the existing capacities for the production of
aluminium plate and those of the casthouse.

The new hot rolling mill permits the production of rolled products of
greater widths and thicknesses and increases capacity from currently
150,000 t / year to some 225,000 t / year in 2015 (+50 %). The
investment volume amounts to approximately 220 mEUR.

end of ad-hoc-announcement ==========================================
====================================== About AMAG Group AMAG is a
leading Austrian premium manufacturer of 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. The Canadian
smelter Alouette, in which AMAG holds a 20 % interest, produces
high-quality primary aluminium while safeguarding an exemplary
eco-balance. With 1,422 employees (including 196 working in Canada),
AMAG achieved sales of 813 mEUR and EBITDA of 150 mEUR in the fiscal
year 2011.

Further inquiry note:
Investor Relations contact:
Gerald Wechselauer
Head of Investor Relations
Phone: +43 (0) 7722-801-2203
Email: investorrelations@amag.at

Media contact:
Leopold Pöcksteiner
Head of Strategy, Communication, Marketing
Phone: +43 (0) 7722-801-2205
E-mail: publicrelations@amag.at

end of announcement euro adhoc
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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