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AMAG with sales and profits declining in the first quarter

AMAG with sales and profits declining in the first quarter

Earnings before interest, taxes, depreciation and amortization (EBITDA) fell by about a third to €42.4 million in the first quarter of this year compared to the same period last year. For the full year, EBITDA is expected to be in the range of EUR 150-180 million. In the first three months of this year, Austria Metall AG suffered not only from falling aluminum prices. Sales volume also decreased from 110,400 tons in the first quarter of the previous year to 104,200 tons. Cash flow from the operating area was at the previous year's level of €35.6 million. A free cash flow of €9.6 million was generated taking into account cash flow from investing activities. Net financial debt improved to EUR 356.7 million as of March 31, 2024 (December 31, 2023: EUR 364.3 million), and the gearing ratio reached 46.4 percent. Since the beginning of the year, liquidity has increased from €168.9 million to €178.2 million.

>>> AMAG: Appointment of Helmut Kaufmann and Claudia Trumpich to the Board of Directors

The upper Austrian aluminum group AMAG Austria Metall AG was unable to repeat its good 2022 result in the last financial year: sales fell by 15.5 percent to 1.46 billion euros. Annual profits fell by 39.2 percent to 66.4 million euros. The Board of Directors and the Supervisory Board want to propose to the General Assembly the distribution of a fixed dividend of €1.50 per share to shareholders. According to AMAG CEO Helmut Kaufmann, the second best result in the company's history was achieved in the last financial year. Kaufman said that the demand outlook for aluminum products is promising. Therefore, we expect good business development during the current year.

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