AMAG reports new high in its earnings for FY2021 backed on aluminium shipments above pre-crisis level

On Thursday, February 17, AMAG Austria Metall AG announced its FY2021 financial results, reporting record earnings and growth in revenue due to stable production, high productivity, and attractive market environment in the primary aluminium sector. Revenue in the entire year stood at EUR 1,259.4 million compared to EUR 904.2 million in FY2020, owing to increased shipment volumes and higher aluminium prices.

Earnings before interest, taxes, depreciation and amortisation (EBITDA) stood 70 per cent higher year-on-year at EUR 186.2 million in FY2021 versus EUR 108.2 million a year earlier, thereby resulting in a new high in AMAG’s history. The growth in shipment volumes in all AMAG divisions and product mix optimisations at the Ranshofen site are major drivers for this record.

Net income after taxes jumped almost six-fold to EUR 64.6 million in FY21 from EUR 11.1 million in FY20. Shipment volumes grew across all operating divisions of AMAG and even slightly exceeded pre-crisis levels from 2019, as a result of demand growth for aluminium.

Gerald Mayer, CEO of AMAG, commented: “With stable production output and high productivity, we successfully met high demand from almost all industrial sectors. We implemented product mix optimisations on a targeted basis at our site in Ranshofen and successfully served existing customers. Significant cost inflation, especially for energy,metal alloys and logistics, negatively impacted earnings and margin trends from the second half of 2021 onwards. Our Canadian subsidiary Alouette made a significant contribution to the AMAG Group’s record results as the particularly positive market environment was leveraged successfully.”

For FY2022, AMAG forecasts a global growth of +4.4 % and +3.9 % in the Eurozone. Demand for aluminium is also expected to continue to rise. Gerald Mayer added, “We are confident that, after a record year in 2021, we will again achieve good results in the 2022 financial year, despite significant cost increases. Risks include uncertain geopolitical developments, a significant rise in inflation and negatively impacted supply chains.”