Thanks to sustained high productivity and continuous optimization of the product mix, profit after tax rose to EUR 78.4 million, the company announced in a broadcast on Thursday. This corresponds to an increase of 120 percent compared to the previous year.
AMAG thus once again significantly exceeded the record result achieved in the first half of 2021. Sales revenues climbed by 50 percent to EUR 904.3 million, earnings before interest, taxes, depreciation and amortization (EBITDA) increased by a good 70 percent to EUR 156.5 million. The sales volume remained roughly the same at 225,100 tons, after 226,100 tons in the previous year. Increases in the costs of energy, primary materials and logistics could have been “compensated for as far as possible by price adjustments”.
According to its own statements, the group benefited from the high aluminum prices (+36.9 percent to 3,088 US dollars per ton in the half-year comparison). The price for a tonne of aluminum is currently US$ 2,420, but recently the price – starting from a high level – has fallen noticeably.
As of June 30, 2022, net financial debt was EUR 506.8 million and thus higher than at the end of 2021 (EUR 346.1 million). The equity of the AMAG Group increased slightly compared to the end of 2021 to EUR 686.7 million. The equity ratio, on the other hand, fell slightly to 36.0 percent at the end of June 2022. At the end of last year it was still 39.5 percent.
The view ahead is somewhat clouded. According to the group, the current cost inflation and the risk in Europe’s energy supply resulting from the Ukraine war are also having an impact on AMAG’s business development. Provided that the energy supply is secured, a successful fiscal year 2022 is still expected. A full-year EBITDA of between EUR 220 million and EUR 250 million is targeted for the AMAG Group. In the 2021 financial year, an EBITDA of EUR 186.2 million was generated.
Source: Nachrichten
