http:\/\/www.finnewsnetwork.com.au\/archives\/finance_news_network125011.html<\/a><\/p>\nTranscript of the interview<\/strong><\/p>\n\u201cMagnesium alloy company Magontec (ASX:MGL) CEO Nicholas Andrews discusses the size of the magnesium alloy and anode markets, FY16 results and the new Qinghai facility.
\nWell, Magontec\u2019s a company that\u2019s been around for 65 years, founded in Germany in 1953. It\u2019s a company that manufactures magnesium alloys, magnesium anodes. Our businesses are principally in China, Germany and in Romania. The company came out of Norsk Hydro (OTCMKTS:NHYDY) back in 2007 and it’s been listed here on the Australian Stock Exchange for about the last seven years.<\/p>\n
\u201cThe size of the market for Magontec products varies. There are two products. We make magnesium alloys, and the business size there globally is around about $1 billion. And we make magnesium anodes, and the anode market is around about $100 million.<\/p>\n
\u201cSo our main customers are all over the world, but in the magnesium alloy industry, the principal customers are in the automotive sector. So we sell our product, magnesium alloy ingots, to companies like Volkswagen (OTCMKTS:VLKAY) and Audi (ETR\/FRA:NSU), and all the companies who supply those automotive companies. They\u2019re tier one producers.<\/p>\n
\u201cSo we\u2019re selling to tier one and to OEMs in the mag alloy business, and in the magnesium anode business, we\u2019re selling to the hot water industry. So every steel tank all over the world has an anode of some description in it. Most of them are made of magnesium.<\/p>\n
\u201cWe\u2019re different to our competitors in a number of respects. In the magnesium alloy business, we\u2019re the only global magnesium alloy company in the volume mag alloy business. So we have businesses in China, Germany and Romania. We also have distribution in Japan and in North America. None of our competitors have that sort of spread. They\u2019re either Chinese companies making a product, or they\u2019re agents who are selling the product all over the world.<\/p>\n
\u201cWe also invest a lot of time and effort and money in research and development. And that\u2019s been very productive for us in the last few years, so R&D\u2019s a big issue too. Perhaps the biggest thing that sets us apart is going to be our new project at Qinghai. That project will have a significant impact on world magnesium markets, and we expect that to come on-stream in the next few months.<\/p>\n
\u201cSo the Qinghai business and the Qinghai cast house has been under construction for the last three years. And it\u2019s, if you like, the end product of an enormous industrial investment made by the Qinghai Salt Lake Magnesium Company (QSLM). They\u2019ve invested around $10 billion in this project. We invested around $10 million in forecasting lines, which will manufacture mag alloy ingots at Qinghai, about 60,000 tons of production every year.<\/p>\n
\u201cMany advantages to this particular factory, but if I could single out a couple – it takes liquid pure magnesium, so no melting costs. It\u2019s highly automated, so considerably fewer labour inputs, if you like. And environmentally, it\u2019s going to probably be the most environmentally sound project in the magnesium industry. 85% of our power comes from renewable energy, and we\u2019re also using, if I can be a little technical, a cover gas which has a very very low environmental impact.<\/p>\n
\u201cIn the last couple of years, we\u2019ve invested a lot of money in improving the mag alloy business. It\u2019s a recycling business. We\u2019ve improved the processes, we\u2019ve introduced automation and we\u2019ve built our marketing and our distribution capabilities as well. Today Magontec is the largest mag alloy recycler in Europe, and that\u2019s a position that we\u2019ve gained through being extremely competitive in that environment. In the magnesium anode business, where we were really struggling with competitiveness only two years ago, again we\u2019ve invested in new machinery, in automation. We\u2019ve moved that production site from Germany to Romania. And we\u2019ve taken advantage of a number of automation initiatives, which have allowed us to become very, very competitive in the last year or so.<\/p>\n
\u201cOur cash position is pretty strong at the moment. We have around about $3 million on the balance sheet in terms of cash. We\u2019re generating around about $4 million to $5 million of free cash every year. The cash generally goes into working capital, because we\u2019ve got a very strong requirement for that. Net debt to equity is around 21%, which is a strong improvement on previous periods. And our net profit after tax, our underlying net profit after tax, of about $1.3 million, is a strong improvement on the same period last year. And finally, gross profit margins have improved significantly: last year to the end of September, around about 9.1%; this year to the end of September, about 11.4%. So we\u2019re seeing strong underlying growth, improvement in margins and a balance sheet which is considerably more stable than it has been in years past.<\/p>\n
\u201cWell, forecast for FY17 is an extraordinarily difficult thing for me to do, because we have this huge project coming on next year. We\u2019re not certain of the start date; there are a number of unknowns and unknowables in our next 12-month period. So I\u2019ve not put out a forecast for 2017 and I won\u2019t be putting out a forecast for 2017 — except to say that if production starts in the first quarter of 2017 at Qinghai, as we expect, then our results for the financial year should be considerably better than they will be for the end of 2016.<\/p>\n
\u201cWell, 12 months from now I\u2019d like to see the company producing at full capacity at the Qinghai facility. It will make a significant difference to profitability and to our cash flow, and it will afford us the opportunity to go and look at a whole variety of different corporate activities, to build on the strengths that we have and potentially to look at other opportunities as well. And of course, in the event that we\u2019re as successful as we expect in Qinghai, we\u2019ll be in a position to consider a dividend.\u201d<\/p>\n
INTERVIEWS by Carolyn Herbert November 23, 2016 01:50 PM<\/p>\n","protected":false},"excerpt":{"rendered":"
In November 2016 Mr. Nicholas Andrews, Magontec CEO and Executive Chairman, gave an investor presentation at the CEO Sessions in Sydney. http:\/\/www.finnewsnetwork.com.au\/MediaCenter\/AsxMediaCenter.aspx?Site=FNN824 — Nicholas Andrews, Magontec CEO and Executive Chairman, gave an interview to Finance News Network, Sydney, one of the largest providers of online finance video news in Australia. Mr. Andrews discusses world magnesium […]<\/p>\n","protected":false},"author":1,"featured_media":4281,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[28],"tags":[],"class_list":["post-4668","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-sin-categorizar"],"acf":[],"yoast_head":"\n
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