Key Highlights
- Revenue increased 13% to $243.5 million in Q2 2010 from $214.9 million in Q2 2009; H1 2010 revenue was $479.3 million
- EBITDA[1] increased 8% to $23.9 million in Q2 2010 from $22.2 million in Q2 2009; H1 2010 EBITDA was $45.9 million
- EPS on a fully diluted basis increased to $0.04 compared to Q2 2009 EPS of ($0.36)
- The Advanced Materials Division generated revenue of $152.0 million and EBITDA of $14.2 million in Q2 2010
- The Engineering Systems Division generated revenue of $59.5 million and EBITDA of $8.0 million in Q2 2010
- Graphit Kropfmühl generated revenue of $32.1 million and EBITDA of $1.7 million in Q2 2010
- As of June 30, 2010 cash on hand was $84.6 million, net debt was $119.7 million; Q2 2010 free cash flow[2] was $23.8 million
[1] EBITDA is defined as earnings before interest, tax, depreciation and amortization and excludes nonrecurring items
[2] Free cash flow is defined as EBITDA less change in working capital and maintenance capital expenditures
Amsterdam, 11 August 2010 (Regulated Information) — AMG Advanced Metallurgical Group N.V. („AMG“, EURONEXT AMSTERDAM: „AMG“) reported second quarter 2010 revenue increased 13% to $243.5 million from $214.9 million in the second quarter 2009.
Net income attributable to shareholders for the second quarter 2010 was $1.2 million, or $0.04 per fully diluted share, compared to net loss of ($9.7) million or ($0.36) per fully diluted share for the second quarter 2009. EBITDA increased 8% to $23.9 million in the second quarter 2010 from $22.2 million in the second quarter 2009.
In commenting on results, Dr. Heinz Schimmelbusch, Chairman of the Management Board and CEO, said, „The stabilization that began in late 2009 has continued through the first half of 2010. This has resulted in mixed results between our Advanced Materials division and our Engineering Systems division. During the second quarter 2010, most Advanced Materials‘ end market prices increased over the first quarter 2010. Engineering Systems order intake did improve during the quarter; however, the lower order backlog in the beginning of the quarter negatively affected the operational performance. Graphit Kropfmühl has seen an increase in demand and pricing in natural graphite, however production costs for silicon metal also increased mitigating the overall improvement in the business.“
Key Figures
| In 000’s US Dollar | |||
| Q2’10 | Q2’09 [3] | Change | |
| Revenue | $243,545 | $214,933 | 13% |
| Gross profit | 44,490 | 45,424 | (2%) |
| Gross margin | 18.3% | 21.1% | |
| Operating income | 14,713 | 12,522 | 17% |
| Operating margin | 6.0% | 5.8% | |
| Net income (loss) attributable to shareholders | 1,164 |
(9,718) |
N/A |
| EPS- Fully diluted | 0.04 | (0.36) | N/A |
| Adjusted EPS-Fully diluted [1] | 0.20 | 0.07 | 186% |
| EBITDA [2] | 23,902 | 22,202 | 8% |
| EBITDA margin | 9.8% | 10.3% |
Notes:
| [1] | Adjusted to exclude all Timminco results including equity losses |
| [2] | EBITDA is defined as earnings before interest, tax, depreciation and amortization and excludes nonrecurring items |
| [3] | 2009 figures are restated for discontinued operations treatment of Timminco investment |
Operational Review
Advanced Materials Division
| Q2’10 | Q2’09 | Change | |
| Revenue | $151,983 | $96,473 | 58% |
| Gross profit Operating income (loss) |
27,350 10,452 |
8,412 (8,014) |
225% N/A |
| EBITDA | 14,165 | (2,008) | N/A |
| Capital expenditures | 4,247 | 2,170 | 96% |
The Advanced Materials division’s second quarter 2010 financial results were driven by a rebound in alloys and coatings for the aerospace and energy industries. Revenue increased by $55.5 million or 58% to $152.0 million.
Gross margin percentage increased from 9% of revenue in the second quarter of 2009 to 18% in the second quarter of 2010. AMG benefitted from the continued rebound in end market product prices, particularly in ferrovanadium, from the second quarter of 2009. The increase in revenue and margins was driven by ferrovanadium and ferronickel-molybdenum, with reference prices increasing by 83% and over 70%, respectively. In addition, titanium master alloys, vanadium chemicals, and coatings for aerospace and energy, and antimony products were also positively impacted by increasing end market prices. While prices improved across most products, volume growth was uneven, with master alloys and antimony volumes increasing by 63% and 17%, respectively, while volumes for ferrovanadium and ferronickel-molybdenum decreased by 28% and 44%, respectively during the second quarter 2010 compared to the second quarter 2009.
The second quarter 2010 EBITDA increased by $16.2 million, due to the increase in revenue and gross margin, which was slightly offset by a 4% increase in SG&A.
Capital expenditures were $4.2 million for the quarter, 96% more than the comparable period in 2009. The primary growth capital investment made in the second quarter was for the expansion of the ferrovanadium logistics facility and the MIBRA mine expansion in Brazil.
Engineering Systems Division
| Q2’10 | Q2’09 | Change | |
| Revenue | $59,507 | $91,179 | (35%) |
| Gross profit Operating income |
13,942 3,578 |
34,129 19,929 |
(59%) (82%) |
| EBITDA Capital expenditures |
8,047 1,301 |
22,511 1,731 |
(64%) (25%) |
The Engineering Systems division continues to be impacted by the global economic slowdown. Order-backlog was $121 million on June 30, 2010, down 5% from $127 million on March 31, 2010. Despite these challenges, the division generated order intake of $65 million in the second quarter 2010, a 16% increase compared to the same period in 2009. Order intake for the solar industry continues to be challenging, while encouraging signs were seen in the titanium – aerospace markets. The backlog consists primarily of melting and remelting systems for the titanium and specialty steel industries.
Second quarter 2010 revenue decreased by $31.7 million or 35% primarily because of a $120 million decrease in the opening backlog level from the same quarter in 2009. Sales of solar silicon DSS melting furnaces for the photovoltaic industry decreased 67% in the second quarter 2010 compared to the same period in 2009. During the second quarter 2010, 31% of revenue was generated from sales of solar silicon and melting furnaces, down from 61% in the same period 2009. Revenue from remelting systems, primarily for the aerospace and specialty steel industries, increased by 54% in the second quarter 2010.
Gross margin decreased 14% to 23% of revenue in the second quarter 2010 from the second quarter 2009. The decrease was due to changes in product mix and substantially lower capacity utilization. The decrease is also due to a 2009 release of a warranty provision for $4.5 million.
Second quarter 2010 EBITDA was $8.0 million, a 64% decrease over the same period in 2009. The EBITDA margin decreased to 14% in the second quarter 2010 compared to 25% for the same period in 2009. The EBITDA margin decrease was primarily attributable to the lower revenue, slightly offset by a 32% decrease in SG&A.
In the quarter ended June 30, 2010, capital expenditures were $1.3 million, 25% less than the second quarter of 2009. The division continued to focus on minimizing capital investment during the quarter.
Graphit Kropfmühl
| Q2’10 | Q2’09 | Change | |
| Revenue | $32,055 | $27,281 | 17% |
| Gross profit Operating income |
3,198 683 |
2,883 607 |
11% 13% |
| EBITDA | 1,690 | 1,699 | (1%) |
| Capital expenditures | 1,259 | 1,376 | (9%) |
Graphit Kropfmühl’s („GK“) second quarter 2010 revenue increased by 17% primarily due to a 56% increase in natural graphite revenue as both prices and volumes improved over the second quarter 2009.
Gross margin decreased slightly to 10% of revenue in the second quarter 2010 from 11% of revenue in the second quarter 2009. The second quarter 2010 gross margin was impacted by higher silicon metal production costs and lower silicon metal contract prices.
Second quarter 2010 EBITDA was $1.7 million, essentially flat compared to the second quarter 2009. The EBITDA margin decreased to 5% during the second quarter 2010 compared to 6% in the same period 2009. The EBITDA margin decrease was largely attributable to the decrease in silicon metal gross margin and a 5% increase in SG&A.
Capital expenditures decreased to $1.3 million for the second quarter 2010, 9% less than the same period in 2009. The decrease in capital expenditures was a result of the completion of the expansion of the silicon metal facilities in 2009.
Timminco
AMG owned 42.5% of Timminco’s common equity as of June 30, 2010. AMG accounts for its investment in Timminco via the equity accounting method. Timminco’s net loss for the second quarter 2010 is included in share of loss from associates on AMG’s income statement and the carrying value of AMG’s investment in Timminco of $21.8 million is listed as an asset on AMG’s balance sheet.
Timminco has entered into an agreement to sell 49% equity interest in Timminco’s silicon metal manufacturing facility in Bécancour, Quebec to Dow Corning Corporation. In exchange, Bécancour Silicon Inc. („BSI“), a 100% owned subsidiary of Timminco, will receive net cash proceeds of $39.7 million at closing, and up to an additional $10.0 million after closing upon the occurrence of certain performance objectives. To complete the transaction, Dow Corning and Timminco will form a joint venture that will consist of BSI’s existing silicon metal operations. Timminco will retain a 51% equity stake in the joint venture.
The joint venture will have the capacity to produce 47,000 mt of silicon metal per annum, which will be split between Timminco and Dow Corning proportional to their ownership interests. All solar grade silicon purification operations and facilities at the Bécancour site will remain with Timminco. The transaction is expected to close on or about September 30, 2010.
Additional information on Timminco and its second quarter 2010 financial statements can be found at www.Timminco.com.
Financial Review
Tax
AMG recorded a tax expense of $7.1 million in the quarter ended June 30, 2010 as compared to a tax expense of $4.0 million in the quarter ended June 30, 2009. For the quarter ended June 30, 2010, AMG has approximately $10 million of losses in jurisdictions where no tax benefit can be booked for net operating losses. The Company is starting to see the benefits of the tax restructuring which it started to implement in 2010, with year-to-date savings of approximately $3 million.
Liquidity
| June 30, 2010 | December 31, 2009 | Change | |
| Total debt | 204,271 | $203,796 | 0% |
| Cash & cash equivalents | 84,574 | 117,016 | (28%) |
| Net debt | 119,697 | 86,780 | 38% |
AMG had a net debt position of $119.7 million as of June 30, 2010. AMG’s net debt position increased $32.9 million since December 31, 2009 due to $21.4 million of cash tax payments, $9.7 million investment in Timminco, $12.0 million in capital investments and a $35.6 million increase in working capital and provisions, slightly offset by EBITDA of $45.9 million.
Cash Flow
| H1’10 | H1’09 | |
| Operating cash flows (used in) from continuing operations | ($20,295) | 274 |
| Operating cash flows used in discontinued operations | – | (1,412) |
| Net cash flows used in operations | ($20,295) | ($1,138) |
| Capital expenditures | (11,953) | (17,245) |
| Investment in associates | (10,322) | (23,832) |
| Cash flows used in discontinued operations | – | (26,453) |
| Cash flows from other investing | 246 | 1,152 |
| Net cash flows used in investing activities | (22,029) | (66,378) |
| Financing cash flows from continuing operations | 21,207 | 7,934 |
| Financing cash flows from discontinued operations | – | 24,070 |
| Cash flows generated from financing activities | 21,207 | 32,004 |
Cash flows used in operations were ($20.3) million for the first half of 2010 as compared to ($1.1) million in the same period in 2009. First half 2010 cash flows used in operations are a result of $21.4 million in tax payments made as well as a $35.6 million increase in working capital, offset by $45.9 million in EBITDA.
Cash used in investing activities was $22.0 million during the first half 2010. This decrease of $44.3 million from 2009 primarily relates to the $5.3 million decrease in capital investments, a $13.5 million decrease in investments in associates and a $26.5 million decrease in cash flows used by Timminco, which is classified as a discontinued operation in 2009.
First half 2010 cash generated from financing activities was $21.2 million, a decrease of $10.8 million from the same period in 2009. This decrease was most notably attributable to cash flows from discontinued operations recognized in 2009 that are not applicable in 2010 offset by $12.9 million in draws on revolving lines of credit.
Shareholder Matters
Further to AMG’s announcement on March 17, 2010, Safeguard International Fund, L.P., owner of 26.6% of AMG’s common shares outstanding, has confirmed to AMG that an orderly transition process regarding Safeguard’s International Fund’s shareholding in AMG is expected to be completed prior to September 30, 2010.
Outlook
The market situation has improved from the recession of 2008-2009, but it still remains volatile. The Advanced Materials division has benefitted from rebounding prices for many specialty materials. Demand from the aerospace and energy industries continue to improve while the global infrastructure and steel industries have reached a plateau. New order intake in Engineering Systems is increasing; however, this will not be reflected in revenue until 2011. AMG expects improvement in order backlog in the second half of 2010. Graphit Kropfmühl’s end markets have also stabilized, particularly natural graphite demand. AMG’s focus on its core markets of aerospace, energy, infrastructure and specialty metals and chemicals will drive long-term growth. In 2010, AMG expects that its portfolio of metals based technologies, through continued vertical integration and structural changes in its business model will produce EBITDA slightly above 2009 levels.
AMG Advanced Metallurgical Group N.V.
Condensed interim consolidated income statement
| For the three months ended June 30 | ||||
| In thousands of US Dollars | 2010 | 2009 | ||
| Unaudited | Unaudited | |||
| Continuing operations | *Restated | |||
| Revenue | 243,544 | 214,933 | ||
| Cost of sales | 199,054 | 169,509 | ||
| Gross profit | 44,490 | 45,424 | ||
| Selling, general and administrative expenses | 29,874 | 34,017 | ||
| Restructuring expense | – | 195 | ||
| Environmental expense | 249 | 82 | ||
| Other income, net | (346) | (1,392) | ||
| Operating profit | 14,713 | 12,522 | ||
| Finance expense | 4,600 | 5,231 | ||
| Finance income | (1,082) | (1,387) | ||
| Foreign exchange (gain) loss | (1,592) | 948 | ||
| Net finance costs | 1,926 | 4,792 | ||
| Share of loss of associates | 5,024 | 613 | ||
| Profit before income tax | 7,763 | 7,117 | ||
| Income tax expense | 7,126 | 4,009 | ||
| Profit for the period from continuing operations | 637 | 3,108 | ||
| Loss after tax for the period from discontinued operations | – | (21,853) | ||
| Profit (loss) for the period | 637 | (18,745) | ||
| Attributable to: | ||||
| Shareholders of the Company | 1,164 | (9,718) | ||
| Minority interests | (527) | (9,027) | ||
| Profit (loss) for the year | 637 | (18,745) | ||
| Earnings (loss) per share | ||||
| Basic earnings (loss) per share | 0.04 | (0.36) | ||
| Diluted earnings (loss) per share | 0.04 | (0.36) | ||
| Earnings (loss) per share for continuing operations | ||||
| Basic earnings per share from continuing operations | 0.04 | 0.07 | ||
| Diluted earnings per share from continuing operations | 0.04 | 0.07 | ||
*The prior year comparative information in the consolidated income statement and consolidated cash flows has been restated to reflect a change in ownership of Timminco. See AMG’s annual financial statements for more information.
AMG Advanced Metallurgical Group N.V.
Condensed interim consolidated income statement
| For the six months ended June 30 | ||||
| In thousands of US Dollars | 2010 | 2009 | ||
| Unaudited | Unaudited | |||
| Continuing operations | *Restated | |||
| Revenue | 479,338 | 430,652 | ||
| Cost of sales | 392,264 | 351,367 | ||
| Gross profit | 87,074 | 79,285 | ||
| Selling, general and administrative expenses | 60,487 | 63,056 | ||
| Restructuring expense | 7 | 393 | ||
| Environmental expense | 506 | 87 | ||
| Other income, net | (427) | (3,083) | ||
| Operating profit | 26,501 | 18,832 | ||
| Finance expense | 10,921 | 9,772 | ||
| Finance income | (1,629) | (2,000) | ||
| Foreign exchange (gain) | (3,756) | (150) | ||
| Net finance costs | 5,536 | 7,622 | ||
| Share of loss of associates | 9,420 | 1,400 | ||
| Profit before income tax | 11,545 | 9,810 | ||
| Income tax expense | 10,993 | 11,948 | ||
| Profit (loss) for the period from continuing operations | 552 | (2,138) | ||
| Loss after tax for the period from discontinued operations | – | (40,340) | ||
| Profit (loss) for the period | 552 | (42,478) | ||
| Attributable to: | ||||
| Shareholders of the Company | 1,099 | (25,112) | ||
| Minority interests | (547) | (17,366) | ||
| Profit (loss) for the year | 552 | (42,478) | ||
| Earnings (loss) per share | ||||
| Basic earnings (loss) per share | 0.04 | (0.93) | ||
| Diluted earnings (loss) per share | 0.04 | (0.93) | ||
| Earnings (loss) per share for continuing operations | ||||
| Basic earnings (loss) per share from continuing operations | 0.04 | (0.15) | ||
| Diluted earnings (loss) per share from continuing operations | 0.04 | (0.15) | ||
*The prior year comparative information in the consolidated income statement and consolidated cash flows has been restated to reflect a change in ownership of Timminco. See AMG’s annual financial statements for more information.
| AMG Advanced Metallurgical Group N.V. | ||||
| Condensed interim consolidated statement of financial position In thousands of US Dollars |
||||
| June 30, 2010 | December 31, 2009 | |||
| Unaudited | Audited | |||
| Assets | ||||
| Property, plant and equipment | 196,004 | 211,022 | ||
| Intangible assets | 24,055 | 28,253 | ||
| Investments in associates | 33,880 | 34,794 | ||
| Derivative financial instruments | 138 | 1,718 | ||
| Deferred tax assets | 9,084 | 10,912 | ||
| Restricted cash | 12,267 | 13,263 | ||
| Notes receivable | 1,900 | 5,542 | ||
| Other assets | 13,022 | 11,980 | ||
| Total non-current assets | 290,350 | 317,484 | ||
| Inventories | 180,859 | 193,378 | ||
| Trade and other receivables | 173,735 | 147,787 | ||
| Derivative financial instruments | 5,564 | 4,954 | ||
| Other assets | 36,425 | 30,359 | ||
| Cash and cash equivalents | 84,574 | 117,016 | ||
| Total current assets | 481,157 | 493,494 | ||
| Total assets | 771,507 | 810,978 | ||
| Equity | ||||
| Issued capital | 725 | 725 | ||
| Share premium | 379,518 | 379,518 | ||
| Other reserves | 21,752 | 31,284 | ||
| Retained earnings (deficit) | (197,797) | (198,897) | ||
| Equity attributable to shareholders of the Company | 204,198 | 212,630 | ||
| Minority interests | 13,067 | 15,793 | ||
| Total equity | 217,265 | 228,423 | ||
| Liabilities | ||||
| Loans and borrowings | 156,227 | 168,319 | ||
| Employee benefits | 80,347 | 91,358 | ||
| Provisions | 14,072 | 14,862 | ||
| Government grants | 498 | 669 | ||
| Other liabilities | 7,195 | 7,984 | ||
| Derivative financial instruments | 1,229 | 1,339 | ||
| Deferred tax liabilities | 9,682 | 26,395 | ||
| Total non-current liabilities | 269,250 | 310,926 | ||
| Loans and borrowings | 3,427 | 3,464 | ||
| Short term bank debt | 44,617 | 32,013 | ||
| Government grants | 171 | 234 | ||
| Other liabilities | 40,204 | 46,179 | ||
| Trade and other payables | 86,651 | 69,791 | ||
| Derivative financial instruments | 6,088 | 6,048 | ||
| Advance payments | 35,748 | 54,764 | ||
| Current taxes payable | 41,464 | 36,050 | ||
| Provisions | 26,622 | 23,086 | ||
| Total current liabilities | 284,992 | 271,629 | ||
| Total liabilities | 554,242 | 582,555 | ||
| Total equity and liabilities | 771,507 | 810,978 | ||
AMG Advanced Metallurgical Group N.V.
Condensed interim consolidated statement of cash flows
| For the six months ended June 2010 | |||
| In thousands of US Dollars | 2010 | 2009 | |
| Unaudited | Unaudited | ||
| Cash flows from (used in) operating activities | |||
| Profit (loss) for the period from continuing operations | 552 | (2,138) | |
| Loss for the period from discontinued operations | – | (40,340) | |
| Profit (loss) for the period | 552 | (42,478) | |
| Adjustments to reconcile profit (loss) to net cash flows: | |||
| Non-cash: | |||
| Depreciation and amortization | 12,096 | 11,369 | |
| Restructuring expense | 7 | 393 | |
| Environmental expense | 506 | 87 | |
| Net finance costs | 5,536 | 7,622 | |
| Share of loss of associates | 9,420 | 1,400 | |
| Equity-settled share-based payment transactions | 3,081 | 7,263 | |
| Cash-settled share-based payment transactions | (123) | – | |
| Income tax expense | 10,993 | 11,948 | |
| Change in working capital and provisions | (35,596) | (34,663) | |
| Other | 2,119 | 5,857 | |
| Finance costs paid, net | (7,449) | (5,317) | |
| Income tax paid, net | (21,437) | (3,547) | |
| Cash flows from discontinued operations | – | 38,928 | |
| Net cash flows used in operating activities | (20,295) | (1,138) | |
| Cash flows used in investing activities | |||
| Proceeds from sale of property, plant and equipment | 439 | 3 | |
| Acquisition of property, plant and equipment and intangibles | (11,953) | (17,245) | |
| Investments in associates | (10,322) | (23,832) | |
| Change in restricted cash | (181) | 1,133 | |
| Other | (12) | 16 | |
| Cash flows used in discontinued operations | – | (26,453) | |
| Net cash flows used in investing activities | (22,029) | (66,378) | |
| Cash flows from financing activities | |||
| Net proceeds from issuance of debt | 21,092 | 8,155 | |
| Other | 115 | (221) | |
| Cash flows from discontinued operations | – | 24,070 | |
| Net cash flows from financing activities | 21,207 | 32,004 | |
| Net decrease in cash and cash equivalents | (21,117) | (35,512) | |
| Cash and cash equivalents at January 1 | 117,016 | 143,473 | |
| Effect of exchange rate fluctuations on cash | (11,325) | 2,119 | |
| Cash and cash equivalents at June 30 | 84,574 | 110,080 |
*The prior year comparative information in the consolidated income statement and consolidated statement of cash flows has been restated to reflect a change in ownership of Timminco. See AMG’s annual financial statements for more information.
About AMG
AMG creates and applies innovative metallurgical solutions to the global trend of sustainable development of natural resources and CO2 reduction. AMG produces highly engineered specialty metal products and advanced vacuum furnace systems for the Energy, Aerospace, Infrastructure and Specialty Metals and Chemicals end markets. AMG consists of two operating divisions, Advanced Materials and Engineering Systems, and owns interests in publicly-listed companies Graphit Kropfmühl AG (Deutsche Börse: GKR.DE) and Timminco Limited (TSX: „TIM“).
The Advanced Materials Division develops and produces specialty metals, alloys and high performance materials. AMG is a significant producer of specialty metals, such as ferrovanadium, ferronickel-molybdenum, aluminum master alloys and additives, chromium metal and ferrotitanium, for Energy, Aerospace, Infrastructure and Specialty Metal and Chemicals applications. Other key products include specialty alloys for titanium and superalloys, coating materials, tantalum and niobium oxides, vanadium chemicals and antimony trioxide.
The Engineering Systems Division designs, engineers and produces advanced vacuum furnace systems and operates vacuum heat treatment facilities, primarily for the Aerospace and Energy (including solar and nuclear) industries. Furnace systems produced by AMG include vacuum remelting, solar silicon melting and crystallization, vacuum induction melting, vacuum heat treatment and high pressure gas quenching, turbine blade coating and sintering. AMG also provides vacuum case-hardening heat treatment services on a tolling basis.
Graphit Kropfmühl AG is a majority controlled, publicly listed subsidiary of AMG. Based on its secure raw material sources in Africa, China and Europe, Graphit Kropfmühl is a specialist in the production of silicon metal and the extraction, processing and refining of natural crystalline graphite for a wide range of energy saving industrial applications.
Timminco Limited is a publicly listed affiliate of AMG. Timminco produces silicon metal for the chemical, aluminum, electronic and solar industries. Timminco also produces solar grade silicon, using its proprietary technology for purifying silicon metal, for the solar energy industry.
With over 2,300 employees, AMG operates globally with production facilities in Germany, the United Kingdom, France, Czech Republic, the United States, Canada, Mexico, Brazil, and Sri Lanka and also has sales and customer service offices in Belgium, Russia, China and Japan (www.amg-nv.com).
For further information please contact:
AMG Advanced Metallurgical Group N.V. +1 610 975 4901
Jonathan Costello
Vice President of Corporate Communications
jcostello@amg-nv.com
Disclaimer
Certain statements in this press release are not historical facts and are „forward looking“. Forward looking statements include statements concerning AMG’s plans, expectations, projections, objectives, targets, goals, strategies, future events, future revenue or performance, capital expenditures, financing needs, plans and intentions relating to acquisitions, AMG’s competitive strengths and weaknesses, plans or goals relating to forecasted production, reserves, financial position and future operations and development, AMG’s business strategy and the trends AMG anticipates in the industries and the political and legal environment in which it operates and other information that is not historical information. When used in this press release, the words „expects,“ „believes,“ „anticipates,“ „plans,“ „may,“ „will,“ „should,“ and similar expressions, and the negatives thereof, are intended to identify forward looking statements. By their very nature, forward looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that the predictions, forecasts, projections and other forward looking statements will not be achieved. These forward looking statements speak only as of the date of this press release. AMG expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward looking statement contained herein to reflect any change in AMG’s expectations with regard thereto or any change in events, conditions or circumstances on which any forward looking statement is based. Finally, statements of fact contained herein reflect the facts as of the date of this press release.
The full press release including tables can be downloaded from the following link:
AMG reports second quarter results