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Competence in Aluminium
Formatvorlage des Annual financial statements 2011 gUntertitelmasters durch statements 2011
Major growth project
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Disclaimer
Cautionary statements :Cautionary statements :
• The forecasts, plans and forward-looking assessments and statements contained inthis presentation are based on the information currently available to us Should thethis presentation are based on the information currently available to us. Should theassumptions on which the forecasts have been based fail to occur, the targets not bemet or risks materialize, then the actual results may deviate from the results currentlyanticipated. We undertake no obligation to update publicly any such forecasts in lightof new information or future events.
• We have exercised the utmost diligence in preparing this presentation and haveh k d th d t t i d th i H di t i i d i tichecked the data contained therein. However, rounding, transmission and printing
errors cannot be ruled out. This presentation is also available in German. In case ofdoubt, the German version prevails.
2 FY 2011
Introduction and Highlights
Another record result for AMAG in 2011
AMAG masters difficult external conditions such as:AMAG masters difficult external conditions such as:
• sovereign debt crisissovereign debt crisis
• political crises in North Africa
• nuclear catastrophe in Japanp p
to achieve
a successful IPO in spring 2011
a very positive corporate development 2011y p p p
4 FY 2011
AMAG value chain
Raw materials, charge materials (alumina,
petroleum coke etc )CustomersSmelter Primary aluminiumpetroleum coke, etc.)
Casting Recycling foundry alloys Customers
aluminium
Scrap Recycling
Rolled products Customers
Casting / rollingheat treatment
Ranshofen, AustriaSept-Îles, Canada
5 FY 2011
Strategic positioning
In the future premium will also be defined by sustainability“„In the future, premium will also be defined by sustainability“Dr. Norbert Reithofer, CEO of BMW AG
AMAG positions itself even more strongly as a premium provider of rolled products and foundry alloys as well as primary aluminium
• Increase in the share of special products
• Focus on selected product markets
• Primary aluminium in Canada using electricity from hydropower (green energy)
• High percentage of scrap input is an important criterion for economicHigh percentage of scrap input is an important criterion for economic efficiency and sustainable production (AMAG as a benchmark in recycling)
6 FY 2011
Market development and customer expectations
• Positive growth forecast for all product markets supplied by AMAG's Rolling
Rolling Division
• Positive growth forecast for all product markets supplied by AMAG s Rolling Division
• Increased demand for special products from sustainable production
In 2010 and 2011 AMAG's production was almost at its capacity limit1). External shipments in 2011 amounted to 146,800 t.
1) Tonnage depending on the product mix
7 FY 2011
CAPEX in 2011 to expand capacities as well as
In 2011 AMAG‘s CAPEX totaled 48.9 mEUR, of which 36.7 mEUR were spent in Ranshofen
the product portfolio
Ranshofen
• Precision plate production center put into operation first AMAG TopPlate® products sold
• Passivation line start production in Q4 2011 high demand from the automotive industry
• Renewal of coil preparation and residual coil removal units of the cold-rolling p p gstand
• Revamp of a bright rolling mill
8 FY 2011
Precision plate production center Passivation line
Strong basis for further growth
• Positioning AMAG as a premium provider outstanding innovative force
Strong basis for further growth
• Positioning AMAG as a premium provider, outstanding innovative force,flexible facilities and a competent workforce made 2011 another recordyear in economic terms.
• At its meeting held on February 28, 2012, the Supervisory Board of AMAGAustria Metall AG approved the large-scale investment project to bei l t d t th R h f l tiimplemented at the Ranshofen location.
9 FY 2011
Fiscal year 2011: financial highlights
• Sales up 12% to 813 mEUR• Sales up 12% to 813 mEUR
• EBITDA up 8% to 150 mEUR (2010: 139 mEUR)
• EBITDA margin at 18 4% continues on a very high levelEBITDA margin at 18.4% continues on a very high level
• Consolidated net income up 16% to 88 mEUR
• Sound balance sheet with a high equity ratio and a low level of g q yindebtedness
Metal Division Casting Division Rolling Division
10 FY 2011
Casting Division Rolling Division
Dividend
• Proposed dividend of EUR 1 5 per• Proposed dividend of EUR 1.5 pershare includes a dividend of EUR 0.75 pershare plus a one-time bonus of EUR 0.75 pershareshare
• 60% distribution quota
• High dividend yield of 9 3%*• High dividend yield of 9.3%*
• Future dividend policy of aiming at 20-30% of net income after taxes unchangedg
*) related to the annual average of daily closing rates of EUR 16.2 per shareor 7.9% related to the issue price of EUR 19 per share
11 FY 2011
Annual financial statements 2011
AMAG Group – 2011 key figures (1/2)
2011 2010 1) Changein % 20091)
• Increase in sales andincome mainly due tohi h l i i i
in %
Shipment volumesin thousand tons 322.7 318.4 1.3% 283.3
higher aluminium priceand sale of products withmore value added
Salesin mEUR 813.1 728.0 11.7% 517.4
EBITDAin mEUR 149.7 139.0 7.7% 105.1
• Moderate increase inshipment volumes asproduction has come
in mEUR
EBITin mEUR 103.6 93.8 10.4% 60.2
production has comeclose to the capacity limit
Consolidated netincomein mEUR
88.1 75.7 16.4% 50.0
Earnings per share 2 5 2 1 16 5% 1 4
1) The comparable values shown for the years 2010 and 2009 refer to AMAG Holding GmbH and its subsidiaries
2) Earnings per share EUR for each year determined on the basis of 35,264,000 shares
in EUR 2) 2.5 2.1 16.5% 1.4
13 FY 2011
Quarterly comparison of sales and profitability
• Sales level at stable shipment2.5242.622
Sales / aluminium price in mEUR
Sales level at stable shipment volumes follows the aluminium price
• Lower shipment level in Q4 2011215 215
2.195 2.126 2.107
2.3685
2.434
2.109
• Lower shipment level in Q4 2011 due to scheduled maintenance work169
186 193 180
198186
• EBITDA of Q4 2011 below 4thEBITDA in mEUR
Q1/10 Q2/10 Q3/10 Q4/10 Q1/11 Q2/11 Q3/11 Q4/11
Sales in mEUR Aluminium price in USD/t
EBITDA of Q4 2011 below 4th quarter of prior year due to lower aluminium prices and higher cost of raw materials
31,1
41,835,3
30,735,9
46,0 42,7
25,1
EBITDA in mEUR
• moreover, scheduled maintenance work in the final quarterQ1 Q2 Q3 Q4
14 FY 2011
quarterQ1 Q2 Q3 Q4Year 2010 Year 2011
AMAG Group – 2011 key figures (2/2)
2011 2010 1) Changein % 20091)
• Operating cash flow increases faster than earnings
Cash flow from operating activitiesin mEUR
104.5 75.4 38.6% 119.3
Cash flow from investing 43 5 43 5 0 0% 99 4 earnings
• CAPEX at the Ranshofenlocation on high level,
activities in mEUR
-43.5 -43.5 0.0% -99.4
Net financial debt in mEUR 2) -13.0 4.7 46.7 g
including investments in expansion CAPEX amounting to 16.3 mEUR
Gearing in % 2.5% -1.0% -9.3%
Equity ratio in % 62.0% 62.0% 59.6%
Employees 3) 1,422 1,388 2.4% 1,375
1) The comparable values shown for the years 2010 and 2009 refer to AMAG Holding GmbH and its subsidiaries2) Balance of liquid funds plus financial receivables minus financial liabilities3) Full time equivalent including leasing personnel, without apprentices, including the percentage personnel share
15 FY 2011
out of the 20% participation in smelter Alouette (average)
Structure of debt and capital
+11% from the IPO+11% from operations62% 62%40%
Equity ratioGearing
-1.0% 47.0% 2.5%
-163.3
Net financial debt
170 mEUR +93 mEUR IPO capital injection+57 mEUR Others (free cash flow,
p
514 543Equity
debt push down CPAG
( ,currency translation differences,...) 347
+4.7-13.0
Q4 10 Q1 11 /Pre-IPO
Q4 11 Q4 10 Q1 11 /Pre-IPO
Q4 11Pre-IPO
• Sound equity base and financing structure forming the basis for growth t t d di id d
Pre IPO
strategy and dividend• Equity ratio back to prior-year level after successful fiscal year 2011 and IPO• Low debt figure (gearing) of 2.5% as of December 31, 2011
16 FY 2011
g (g g) ,
Metal Division
Source: CRU, Reuters6.0004.000
Aluminium price LME inventories1 000 tons
Primary aluminium price trend
4.000
5.000
3.000
3.500(3-month LME)USD / ton
1,000 tons
Aluminium price(3-month LME in USD / ton)
2011
3.000
1 500
2.000
2.500USD/t
2011Start 2,470
End 2,017
Minimum 1,965
1.000
2.000
500
1.000
1.500
EUR/tMaximum 2,795
AverageYear 2,422
Q4 2,109
00December
2011January
2000
• High volatility of aluminium price in 2011
2010
AverageYear 2,199
Q4 2,368
• High volatility of aluminium price in 2011• Average aluminium price substantially higher than 2010 year-on-year, significantly lower price as
compared to Q4 quarter-on-quarter• Inventories in LME-registered warehouses at around 5 million tons (11% of annual output)
17 FY 2011
Inventories in LME registered warehouses at around 5 million tons (11% of annual output)
Metal Division
2011 2010 Change2011 2010 in %
Shipmentsin tons 117,400 114,000 2.9%
Sales 29 4
EBITDA in mEUR
Sales in mEUR 581.0 513.4 13.2%
EBITDA in mEUR 73.6 75.8 -2.9%
16,3
29,4
11,4
18,7
9,7
24,8 26,4
12,7
1) Full time equivalent including leasing personnel, without apprentices, including the
Employees 1) 203 220 -7.7%
9,7
Q1 Q2 Q3 Q4
• Higher average price of aluminium as compared to prior year results inb i l i i l d
percentage personnel share out of the 20% participation in smelter Alouette (average) Year 2010 Year 2011
a substantial increase in sales and high profitability despite higher cost of raw materials
• Effects from the valuation of hedging instruments had a positive impact
18 FY 2011
g g
Casting Division
2011 2010 Changein %in %
Shipmentsin tons 76,700 75,900 1.1%
Sales 130 6 114 5 14 1% 2 22,5
EBITDA in mEUR
Sales in mEUR 130.6 114.5 14.1%
EBITDA in mEUR 7.5 5.6 33.7%
1,21,5
2,0
0,9
2,21,9
1,0
1) Full time equivalent including leasing personnel, without apprentices (average)
Employees 1) 116 112 3.6%
Q1 Q2 Q3 Q4
• Increase in shipments, sales and income due to: Germany's economic power, in particular in the automotive industry
Year 2010 Year 2011
Germany s economic power, in particular in the automotive industry increased demand for high-quality recycling foundry alloys
• Profitability in the final quarter below the figure for the previous quarter due to
19 FY 2011
scheduled maintenance
Rolling Division
2011 2010 Changein %in %
Shipmentsin tons 146,800 148,400 -1.1%
Sales 547 1 493 6 10 8%19,9
22,318,7
EBITDA in mEUR
Sales in mEUR 547.1 493.6 10.8%
EBITDA in mEUR 66.7 55.0 21.2%
12,410,7 12,1
18,7
13,5 12,2
1) Full time equivalent including leasing personnel, without apprentices (average)
Employees 1) 992 947 4.8%
Q1 Q2 Q3 Q4
• Shift in the product mix towards products with a longer throughput time led to:
an increase in income while
Year 2010 Year 2011
shipments slightly declined
• Profitability on a constantly high level over all quarters, scheduled maintenance in Q4• Total CAPEX 2011 amounting to 27.5 mEUR with focus on capacity increase and
20 FY 2011
expansion of the range of specialties
Large-scale investment at theRanshofen location
Plant extension project in Ranshofen (1/2)
Th l d l l i t t iThe planned large-scale investment comprises:
• Construction of a new hot-rolling mill for larger product widths (upt 2 300 ) d d t thi k ( tto approx. 2,300 mm) and product thicknesses (up to approx.150 mm or 6 inches)
• Extending the plate production center in the existing plant• Extending the plate production center in the existing plant• Extending the cast house capacities to safeguard the raw
material basis (slabs from sustainable production with a highate a bas s (s abs o susta ab e p oduct o t a gpercentage of scrap input)
22 FY 2011
Layout Plant extensionPlant extension
Plant extension project in Ranshofen (2/2)
• Extending the capacity of the rolling mill from 150 000 t/a in 2011 to some
p j ( )
• Extending the capacity of the rolling mill from 150,000 t/a in 2011 to some225,000 t/a in 2015 by means of a new hot-rolling mill and by extending the plateproduction center
• Increasing rolling slab production capacity from 180,000 t/a in 2011 to270,000 t/a in 2017, in 2 stages
• Percentage of scrap input remains high
• Significant increase in productivity
• Creation of some 200 additional jobs
• Investment total: 220 mEUR
24 FY 2011
Outlook
Outlook 2012 (1/2)
Macroeconomic environment
Global market development
Macroeconomic environment• uncertainties because sovereign debt crisis is still unsolved• high cost of raw materials
Primary aluminium1)
• Global production 2012e: 47.8 million tons (up 5% from 2011)• Global consumption 2012e: 47.3 million tons (up 6% from 2011)
Downstream1)
• Global consumption of rolled products 2012e: 20.8 million tons (up 6% from 2011)
• Increase in consumption of rolled products 2012e, by industries:T t ti + 9%• Transportation + 9%
• Consumer goods + 7% • Construction, mechanical engineering + 5%
26 FY 20111) Source: CRU expectations, January 2012
Outlook 2012 (2/2)AMAG Austria Metall AG
• The high level of order intake in the last months of 2011 and at thebeginning of 2012 as well as the strong order backlog let the Managementg g g g gBoard adopt a cautiously optimistic outlook for 2012 although productionplant capacity utilization is at its limit (only little growth in volume) and costsare increasing.
• The investment into the new hot-rolling mill and into the extension of theplate production center as well as the capacities of the rolling slab casterstrengthens AMAG‘s position on the market and safeguards the continuingstrengthens AMAG s position on the market and safeguards the continuingpositive development of the company.
27 FY 2011
AMAG share
CP Group 3 B V
Price development of the AMAG share since emission at 8. April 2011 Shareholder structure status April 2011
98 9 %110%
Status per 27.2.2012
34,1%37,9%
CP Group 3 B.V.
Raiffeisenlandesbank Oberösterreich AktiengesellschaftAMAG employees trust
95,4 %
98,9 %
75,6 %80%
90%
100%
11,5%11 1%
5%
Oberbank Industrie und Handelsbeteiligungs-holding GmbhAMAG Management
50%
60%
70%
80%
Next dates
11,1%0,4%
Free float
50%04.11 05.11 06.11 07.11 08.11 09.11 10.11 11.11 12.11 01.12 02.12
DAX AMAG Austria Metall AG ATX
IR Activities 2011• 04.05.2012 Report for the first quarter • 16.05.2012 Annual General Meeting
Design Center Linz
24 05 2012 Di id d d t
• Active dialog with analysts, private and institutional investors in 13 road shows, two investor conferences, participation in the “Gewinn-Messe” Vienna, phone conferences and
• 24.05.2012 Dividend ex and payment date
• 03.08.2012 Half-year financial report• 06.11.2012 Report for the first three
presentations at retail events
Coverage• Berenberg Bank (Buy), JP Morgan (Neutral),
Exane BNP (Buy), Erste Group (Buy), Raiffeisen
28
quarters Centrobank (Buy).
FY 2011
Competence in Aluminium