AMAG Group makes positive start to fiscal year 2012

Sound earnings development in the 1st quarter of 2012 - Operative business development very satisfactory in all three divisions of the AMAG Group in the first quarter of 2012. Continuing good order situation. - Although the average aluminium price dropped by 9% (3-month LME in EUR/t), sales declined by a mere 3%. - High level of EBITDA for the AMAG Group at 34.6 mEUR (1st quarter 2011: 35.9 mEUR) in spite of a rise in material costs and a lower aluminium price. - At 27.5 mEUR, the cash flow from operating activities more than tripled as compared with the same period of the prior year. - Positive outlook for the fiscal year 2012 confirmed.

Sound ownership structure - B&C Industrieholding takes over 29.99% of the shares in AMAG Austria Metall AG from CP Group 3 B.V. indirectly, through its wholly-owned subsidiary B&C Alpha Holding. - Raiffeisenlandesbank Oberösterreich AG increases its shareholding through its indirect wholly-owned subsidiary RLB OÖ Alu Invest GmbH to 16.5%. - Sound core shareholder structure underpins the company's growth plans and sustainable development.

Plant expansion at Ranshofen approved - Large-scale investment at the Ranshofen location with an investment volume of 220 mEUR approved. - First orders for key aggregates have been placed.

Favorable earnings development in the 1st quarter of 2012

At 207.7 mEUR in the first quarter of 2012 (first quarter of 2011: 214.6 mEUR), the AMAG Group's sales declined by a mere 3% in spite of the price of aluminium declining by 9%. Compared to the previous quarter, however, sales were up 12%. External shipment volumes were stable at 82,600 t due to plant capacity utilization being almost at its limit. The earnings before interest, taxes, depreciation and amortization (EBITDA) of the AMAG Group decreased slightly, by 4%, from 35.9 mEUR in the first quarter of 2011 to 34.6 mEUR in the first quarter of 2012. A comparison with the previous quarter reveals a strong 38% increase, a deviation that is due predominantly to scheduled maintenance work performed in the previous quarter. The EBITDA margin at about 17% continued on a high level, as before. In the first quarter of 2012, the Metal Division contributed 9.2 mEUR (26.6%) to the Group EBITDA, the Casting Division 2.4 mEUR (6.9%), the Rolling Division 19.6 mEUR (56.7%) and the Service Division 3.4 mEUR (9.9%).

Due to investments, depreciation in the first quarter of 2012 rose to 12.1 mEUR after 11.3 mEUR in the first quarter of 2011, causing the operating result (EBIT) of the AMAG Group to go down to 22.4 mEUR after 24.6 mEUR in the first quarter of 2011. In analogy to the operating performance, consolidated net income after taxes decreased from 19.6 mEUR in the first quarter 2011 to 18.7 mEUR in the first quarter 2012.

An equity ratio of 63% continued to provide for a very satisfactory capital structure as of March 31, 2012, compared to 62% at the end of 2011. With net financial debt amounting to only 0.1 mEUR (December 31, 2011: 13.0 mEUR), or a gearing of 0%, AMAG is well prepared for pursuing the approved growth course.

Compared to the first quarter of the prior year, AMAG tripled its operative cash flow to 27.5 mEUR (first quarter of 2011: 8.5 mEUR). This development was due to the lower increase in working capital. Investments made in order to enlarge capacity and improve quality, which were implemented on schedule, generated cash flow from investing activities in the amount of 14.5 mEUR, which represents a 69% increase compared to the first quarter of the prior year.