02.08.2020, 5767 Zeichen

OMV: Agerian state-owned oil company Sonatrach and Austrian oil and gas company OMV have signed a Memorandum of Understanding to identify potential upstream opportunities where the two parties can jointly invest in exploration or development and production projects in Algeria. The MoU shows the interest of both parties to investigate collaboration options following the passing of a new Algerian Hydrocarbon Law.
OMV: weekly performance: -9.61%

Amag: Revenues of Austrian based Amag, a supplier of high-quality aluminium cast and flat rolled products for highly varied industries such as the aircraft, automotive, sports equipment, lighting, mechanical engineering, construction and packaging industries, decreased by -16.4 % to Euro 463.8 mn in first half year due to lower shipments compared with the first half of 2019 (203,200 tonnes compared with 226,000 tonnes in the previous year) and the lower aluminium price (1,622 compared with 1,850 USD/t). Earnings before interest, tax, depreciation and amortisation (EBITDA) amounted to a total of EUR 59.3 million in the first half of 2020, compared with EUR 72.0 million in the prior-year period. The decrease mainly reflects lower demand as a consequence of COVID-19, especially in the transport sector in the Rolling and Casting divisions. The Metal Division had a positive effect on Group earnings thanks to stable production at low raw material costs. Gerald Mayer, CEO of AMAG: “Subdued market expectations, especially in the automotive and aircraft industries, do not alter the positive medium and long-term global demand trend for aluminium. The sustainability aspect will gain in importance at an accelerated pace, and offers a promising basis for Amag’s successful development and growth.” After a solid H1 and based on the Amag Group’s current order book position, EBITDA in a range of Euro 80 mn to Euro 100 mn in FY 2020 is considered probable according to current estimates.
Amag: weekly performance: 3.08%

Palfinger: Revenue of Palfinger, international lifting solutions manufacturer, amounted to Euro 729.8 mn in the first half of 2020 against Euro 893.4 mn for the same period in the previous year. This represents a drop of  18.3 percent. EBITDA fell by 29 percent compared with the first half of 2019, to Euro 84.8 mn. In that period, operating income (EBIT) had reached Euro 83.3 mn, but this year that figure fell to Euro 38.7 mn. “Palfinger quickly and efficiently implemented measures to optimize liquidity, maintain supply chains and ensure the health of its workforce,” says CEO Andreas Klauser. “In an extremely uncertain market environment with low visibility we have given our employees, partners and customers maximum stability and reliability.” Klauser is optimistic: “Markets are stabilizing, visibility is improving. The recovering European economy increases demand: The order book of PALFINGER AG is now pretty much as it was at the end of 2019. Provided there are no further external shocks, management is aiming for revenue of EUR 1.5 billion overall in 2020,” he explains.
Palfinger: weekly performance: 10.40%

Verbund: The results posted by Austrian utility company Verbund for quarters 1–2/2020 were down only marginally in spite of the changed conditions due to COVID-19 and a significantly lower water supply than in the previous year. EBITDA decreased by 6.8% to Euro 639.0 mn. The Group result declined by 8.2% to Euro 310.4 mn compared with the same period of the previous year. The water supply was at a lower level in quarters 1–2/2020. The hydro coefficient for the run-of-river hydropower plants was 0.95, which is 5 percentage points below the long-term average and 16 percentage points below the prior-year figure. In contrast, generation from annual storage power plants increased substantially in quarters 1–2/2020. The rise in wholesale electricity prices on the futures markets during the relevant hedging period had a positive effect on earnings. Prices on the spot markets, on the other hand, declined significantly in quarters 1–2/2020, due in particular to the effects of the COVID-19 crisis. Overall, the EBITDA contributions from the New renewables and Sales segments increased slightly, while the contributions from the Hydro segment, Grid segment and all other segments decreased. The development of the financial result was encouraging as a result of a significant reduction in interest expenses, largely thanks to high repayments of principal in financial year 2019. A number of non-recurring effects were also recognised in quarters 1–2/2020. The Group result after adjustment for non-recurring effects was Euro 301.0 mn, corresponding to a decrease of 11.6% on the prior-year period. The free cash flow after dividends for quarters 1–2/2020 came to Euro 268.1 mn, allowing net debt to be reduced by 5.6% to Euro 2,129.0 mn.  Based on expectations of average levels of own generation from hydropower and wind power in the second half of 2020 as well as the opportunities and risks identified, EBITDA of between approximately Euro 1,150 mn and Euro 1,250 mn and a Group result of between approximately Euro 510 mn and Euro 570 mn in financial year 2020 are forecast.
Verbund: weekly performance: -0.13%

Austrian economy: According to the latest Wifo Flash Estimate, the Austrian economy collapsed by 12.8 percent year-on-year in the second quarter of 2020. As expected, the economic effects of the Covid-19 pandemic thus led to a recession of historic proportions. Compared to the previous period, GDP was thus 10.7 percent lower (key figure according to Eurostat). The decline of this magnitude proved to be unique in calculations of economic activity since the Second World War.

(From the 21st Austria weekly https://www.boerse-social.com/21staustria (30/07/2020)

Christian Drastil: Wiener Börse Plausch

Wiener Börse Party #792: ATX zum Ultimo etwas fester, Immofinanz liefert gut und dank Thomas Rybnicek heisst es Handle with Care

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Aktien auf dem Radar:Pierer Mobility, voestalpine, Amag, Immofinanz, CA Immo, EuroTeleSites AG, Frequentis, Rosgix, Warimpex, Wienerberger, Kapsch TrafficCom, AT&S, Frauenthal, Gurktaler AG Stamm, Polytec Group, Wolftank-Adisa, Porr, Oberbank AG Stamm, UBM, Palfinger, Zumtobel, Addiko Bank, Agrana, Erste Group, EVN, Flughafen Wien, OMV, Österreichische Post, S Immo, Telekom Austria, Uniqa.

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