Amsterdam, 26 February 2025 (Regulated Information) — AMG Critical Materials N.V. (“AMG”, EURONEXT AMSTERDAM: “AMG”) reports fourth quarter 2024 revenue of $361 million, in line with the fourth quarter 2023 revenue of $367 million. Full year 2024 revenue was $1,440 million, an 11% decrease versus 2023. AMG achieved an adjusted EBITDA of $168 million during 2024, with a remarkably strong performance by the AMG Technologies segment.
Dr. Heinz Schimmelbusch, Chairman of the Management Board and CEO, said, “We delivered a strong EBITDA of $168 million for the full year in 2024 despite exceptionally low lithium and vanadium prices. The lithium and vanadium prices dropped 65% and 23%, respectively. This is AMG’s highest EBITDA apart from the 2018 peak in vanadium pricing and the 2022 and 2023 peak in lithium pricing. AMG Technologies’ performance was exceptionally strong in 2024, with adjusted full year EBITDA of $68 million, more than double that of 2023. AMG Engineering secured a record-breaking $380 million in order intake during 2024 and an order backlog of $374 million at the end of 2024.
The results of the year 2024 illustrate the value of our portfolio where the downturn of key prices is partly compensated by strong performance by other portfolio constituents in this case, particularly AMG Technologies.”
AMG Lithium B.V.
- Our lithium concentrate plant expansion from 90,000 tons to 130,000 tons per year in Brazil is complete. AMG is one of the lowest-cost lithium concentrate mines in the world, and we plan to maintain this competitive advantage.
- The commissioning and ramp-up of AMG’s first 20,000-ton module of its lithium hydroxide refinery in Bitterfeld, Germany continues to progress as planned.
AMG Vanadium B.V.
- SARBV’s “Supercenter” phase 1 project in Saudi Arabia is in detailed engineering with the permit to construct expected by the end of the first quarter. Long lead equipment is being procured, and project financing has been initiated.
AMG Technologies
- AMG Engineering achieved $374 million in order backlog as of December 31, 2024, which was supported by order intake of $380 million during 2024, the highest in AMG’s history and 9% higher than in 2023, driven largely by strong orders of remelting and induction furnaces.
- In December 2024, AMG signed a letter of intent to repurchase a 40% ownership interest in Graphit Kropfmühl GmbH currently owned by Alterna Capital Partners.
Financial Highlights
- AMG’s liquidity as of December 31, 2024 was $494 million, with $294 million of unrestricted cash and $200 million of revolving credit availability.
- Strong cash generation during the fourth quarter of 2024 resulted in $37 million in operating cash flow for full year 2024 despite difficult market conditions.
- Adjusted fourth quarter EBITDA of $58 million continued 2024’s quarter on quarter growth, achieving the highest quarterly result in 2024 despite continued weakness in lithium and vanadium prices. Full year 2024 adjusted EBITDA was $168 million compared to the record $350 million in the prior year.
- The total 2024 dividend proposed is €0.40 per ordinary share, including the interim dividend of €0.20, which was paid on August 14, 2024.
Key Figures
| In 000’s US dollars | ||||||
| Q4 ‘24 | Q4 ‘23 | Change | FY ‘24 | FY ‘23 | Change | |
| Revenue | $361,383 | $367,235 | (2%) | $1,439,856 | $1,625,861 | (11%) |
| Adjusted gross profit | 80,248 | 84,465 | (5%) | 257,655 | 430,212 | (40%) |
| Adjusted gross margin | 22.2% | 23.0% | 17.9% | 26.5% | ||
| Operating profit | 32,469 | 19,503 | 66% | 44,227 | 221,752 | (80%) |
| Operating margin | 9.0% | 5.3% | 3.1% | 13.6% | ||
| Net income (loss) attributable to shareholders | 7,264 | 2,173 | 234% | (33,351) | 101,320 | N/A |
| EPS – Fully diluted | 0.22 | 0.07 | 214% | (1.03) | 3.12 | N/A |
| EBIT (1) | 41,934 | 56,706 | (26%) | 109,525 | 295,855 | (63%) |
| Adjusted EBITDA (2) | 57,508 | 71,142 | (19%) | 168,076 | 350,491 | (52%) |
| Adjusted EBITDA margin | 15.9% | 19.4% | 11.7% | 21.6% | ||
| Cash from operating activities | 63,526 | 44,704 | 42% | 37,515 | 223,000 | (83%) |
Notes:
(1) EBIT is defined as earnings before interest and income taxes. EBIT excludes restructuring, asset impairment, inventory cost adjustments, environmental provisions, exceptional legal expenses, equity-settled share-based payments, strategic project expenses, and other exceptional items.
(2) Adjusted EBITDA is defined as EBIT adjusted for depreciation and amortization.
Operational Review
AMG Lithium
| Q4 ‘24 | Q4 ‘23 | Change | FY ‘24 | FY ‘23 | Change | |
| Revenue | $53,137 | $82,085 | (35%) | $181,561 | $408,572 | (56%) |
| Adjusted gross profit | 8,428 | 34,857 | (76%) | 33,443 | 249,842 | (87%) |
| Operating (loss) profit | (3,104) | 7,900 | N/A | (28,230) | 187,783 | N/A |
| Adjusted EBITDA | 6,388 | 30,758 | (79%) | 24,100 | 236,540 | (90%) |
AMG Lithium’s revenue decreased 35% compared to the fourth quarter of 2023. This variance was due to the 44% decline in lithium market prices versus the fourth quarter of 2023, offset by a 13% increase in volume. Lower average annual prices largely drove the 56% decrease in full year revenue compared to 2023.
SG&A expenses of $11 million during the fourth quarter of 2024 were 9% lower than in the same period of 2023, due to lower professional fees and R&D expenses given the opening of the lithium hydroxide refinery in the third quarter of 2024. Full year 2024 SG&A expenses of $45 million were 9% higher than in 2023, mainly driven by the increase in headcount related to the German lithium expansion project.
The fourth quarter 2024 adjusted EBITDA decreased 79%, to $6 million, from $31 million in the fourth quarter of 2023, due to the decline in lithium prices as noted above. Full year 2024 adjusted EBITDA decreased from $237 million to $24 million, driven primarily by the 65% decrease in annual average lithium prices in 2024 compared to 2023.
During the fourth quarter of 2024, a total of 33,492 dry metric tons (“dmt”) of lithium concentrates were sold, 13% higher than the 29,706 dmt in the fourth quarter of 2023, due to high shipments in the quarter. The average realized sales price was $680/dmt CIF China for the quarter. The average cost per ton for the quarter was $290/dmt CIF China, driven by higher lithium concentrate production, lower costs from the weakening Brazilian Real, and ongoing high tantalum sales volumes which lower the cost of production.
During 2024, a total of 88,966 dry metric tons (“dmt”) of lithium concentrates were sold, 6% lower than the 95,097 dmt in 2023. The average realized sales price was $854/dmt CIF China for the year. The average cost per ton for the year was $458/dmt CIF China compared to $475/dmt CIF China for 2023. Although we experienced quarterly volatility in our cost per ton, the annual figures represent our long-term target.
Our lithium concentrate plant expansion from 90,000 tons to 130,000 tons per year is complete. AMG is one of the lowest-cost lithium concentrate mines in the world, and we plan to maintain this competitive advantage.
AMG Vanadium
| Q4 ‘24 | Q4 ‘23 | Change | FY ‘24 | FY ‘23 | Change | |
| Revenue | $145,453 | $161,652 | (10%) | $629,588 | $711,238 | (11%) |
| Adjusted gross profit | 36,666 | 24,878 | 47% | 97,011 | 92,286 | 5% |
| Operating profit | 17,201 | 13,524 | 27% | 24,461 | 26,949 | (9%) |
| Adjusted EBITDA | 31,229 | 29,520 | 6% | 76,402 | 80,611 | (5%) |
AMG Vanadium’s revenue for the fourth quarter of 2024 decreased by 10%, to $145 million, due primarily to lower volumes of ferrovanadium, partially offset by increased sales prices and volumes in chrome metal. Lower average annual sales prices in vanadium largely drove the 11% decrease in full year 2024 revenue versus the prior period, partially offset by increased volumes in chrome metal.
Adjusted gross profit of $37 million in the fourth quarter of 2024 was 47% higher compared to the same period in 2023, largely due to an increased benefit from Section 45X, a production credit for domestic manufacturing of critical materials for which AMG Vanadium qualified based on the Inflation Reduction Act of 2022. Full year 2024 adjusted gross profit was 5% higher than in 2023, driven by the increased chrome metal volumes during the current period, partially offset by the lower average annual sales prices in vanadium.
SG&A expenses of $14 million in the fourth quarter of 2024 were 13% higher than in the fourth quarter of 2023, largely driven by a prior quarter year-end pension adjustment which substantially lowered the personnel costs in that quarter. Full year 2024 SG&A expenses of $56 million, a 7% decrease from the prior year, primarily due to the higher personnel costs in the prior period associated with the vanadium expansion project.
The fourth quarter of 2024 adjusted EBITDA of $31 million was 6% higher than the same period in 2023 which benefited from a $10 million dividend from an equity investment. This increase was primarily driven by the higher profitability in chrome in the fourth quarter, as well as the ongoing benefit of Section 45X. Full year 2024 adjusted EBITDA decreased from $81 million in 2023 to $76 million largely due to the lower profitability in vanadium relating to the 23% decrease in average market prices for ferrovanadium compared to the prior year, offset by the benefit of Section 45X.
AMG Technologies
| Q4 ‘24 | Q4 ‘23 | Change | FY ‘24 | FY ‘23 | Change | |
| Revenue | $162,793 | $123,498 | 32% | $628,707 | $506,051 | 24% |
| Adjusted gross profit | 35,154 | 24,730 | 42% | 127,201 | 88,084 | 44% |
| Operating profit (loss) | 18,372 | (1,921) | N/A | 47,996 | 7,020 | 584% |
| Adjusted EBITDA | 19,891 | 10,864 | 83% | 67,574 | 33,340 | 103% |
AMG Technologies’ fourth quarter 2024 revenue increased by $39 million, or 32%, compared to the same period in 2023. This improvement was driven by higher sales prices of antimony and higher sales volumes of silicon. Revenue for the segment in 2024 increased 24% compared to the prior year due to strong revenues in Engineering, as well as higher sales prices of antimony and higher sales volumes of silicon.
SG&A expenses in the fourth quarter of 2024 of $21 million were materially in line with the comparable prior period. Full year 2024 SG&A expenses of $83 million were 8% higher than in 2023, due to additional personnel at AMG LIVA and AMG Engineering corresponding to the increased business development, as well as increased research and development costs.
AMG Technologies’ adjusted EBITDA was $20 million during the fourth quarter, 83% higher than the fourth quarter of 2023. The increase was primarily due to higher profitability in antimony and graphite. Full year 2024 adjusted EBITDA for the segment was $68 million, more than double the $33 million in the prior year, largely due to higher profitability in Antimony, Engineering, and Graphite.
AMG Engineering signed $77 million in new orders during the fourth quarter of 2024. On a full year basis, AMG signed $380 million in new orders, representing a 1.27x book to bill ratio. The 2024 order intake was driven by exceptionally strong orders of remelting and induction furnaces. Order backlog was $374 million as of December 31, 2024.
AMG Silicon has temporarily halted operations for the two furnaces it had been running since March 2024. Electricity prices between 90 and 100 €/MWh have forced AMG Silicon to cease operations in February 2025, with maintenance work currently underway to implement a temporary shutdown. We plan to begin operating one furnace again in the second quarter of this year. Due to these interruptions in AMG Silicon’s operations, the profitability of the business is immaterial and excluded from adjusted EBITDA during this period of abnormal operations.
Financial Review
Tax
AMG recorded an income tax expense of $23 million in 2024, compared to $95 million in 2023. The decrease in tax expense was primarily driven by lower profitability in 2024. However, tax expense was $24 million higher than the amount as calculated using statutory rates. This increase was due to $12 million of higher Brazilian deferred tax expense related to the depreciation of the Brazilian Real, as well as $12 million of net operating loss carryforwards that were disallowed in Germany for our lithium operations.
AMG paid taxes of $19 million in 2024, compared to tax payments of $103 million in 2023. The reduction in cash tax payments in the current period were largely related to the decrease in profitability of our Brazilian operations in 2024.
Exceptional Items – Adjusted Gross Profit
AMG’s fourth quarter and full year 2024 gross profit includes exceptional items, which are not included in the calculation of adjusted EBITDA.
A summary of exceptional items included in gross profit in 2024 and 2023 are below:
Exceptional items included in adjusted gross profit
| Q4 ‘24 | Q4 ‘23 | Change | FY ‘24 | FY ‘23 | Change | |
| Gross profit | $79,269 | $55,252 | 43% | $228,025 | $389,431 | (41%) |
| Inventory cost adjustment | 4,284 | 15,260 | (72%) | 28,607 | 26,731 | 7% |
| Restructuring expense | 26 | 6,115 | N/A | 2,845 | 9,223 | (69%) |
| Brazil’s SP1+ expansion and commissioning | — | — | N/A | 2,074 | — | N/A |
| Asset impairment (reversal) expense | (1,449) | 9,585 | N/A | (1,449) | 8,818 | N/A |
| Silicon’s partial closure | (1,762) | (1,854) | (5%) | (4,765) | (4,502) | 6% |
| Strategic project (reversal) expense | (120) | 107 | N/A | 2,318 | 511 | 354% |
| Adjusted gross profit | 80,248 | 84,465 | (5%) | 257,655 | 430,212 | (40%) |
AMG had $4 million non-cash expense during the fourth quarter of 2024 mainly driven by AMG Vanadium due to the decline in vanadium prices, which has been excluded from the calculation of adjusted EBITDA.
SG&A
AMG’s fourth quarter 2024 SG&A expenses of $46 million were 2% higher than in the fourth quarter of 2023. Full year 2024 SG&A expenses were $184 million, 3% higher than the $178 million in 2023. This variance was primarily driven by the increase in headcount and R&D expenses in our Engineering and LIVA businesses associated with our strategic expansion projects.
Liquidity
| December 31, 2024 | December 31, 2023 | Change | |
| Senior secured debt | $431,960 | $337,402 | 28% |
| Cash & cash equivalents | 294,254 | 345,308 | (15%) |
| Senior secured net debt (cash) | 137,706 | (7,906) | N/A |
| Other debt | 13,124 | 13,105 | —% |
| Net debt excluding municipal bond | 150,830 | 5,199 | N/A |
| Municipal bond debt | 318,747 | 319,002 | — % |
| Restricted cash | 1,523 | 1,451 | 5% |
| Net debt | 468,054 | 322,750 | 45% |
AMG continued to maintain a strong balance sheet and adequate sources of liquidity during the fourth quarter. As of December 31, 2024, the Company had $294 million in unrestricted cash and cash equivalents and $200 million available on its revolving credit facility. As such, AMG had $494 million of total liquidity as of December 31, 2024.
Net Finance (Costs) Income
AMG’s fourth quarter 2024 net finance cost was $13 million compared to $2 million of net finance income in the fourth quarter of 2023. This shift is largely due to higher non-cash intercompany foreign exchange gains in the prior period.
Final Dividend Proposal
AMG intends to declare a dividend of €0.40 per ordinary share over the financial year 2024. The interim dividend of €0.20, paid on August 14, 2024, will be deducted from the amount to be distributed to shareholders. The proposed final dividend per ordinary share therefore amounts to €0.20.
A proposal to resolve upon the final dividend distribution will be included on the agenda for the Annual General Meeting to be held on May 8, 2025.
New External Auditor 2026-2027
The Supervisory Board has resolved in its meeting on February 26, 2025 to nominate EY as the new external auditor of AMG starting with the years 2026 and 2027. EY will succeed KPMG, which will have completed its cycle of ten years as AMG’s external auditor once the 2025 annual financial statements and report have been audited and published.
A proposal to resolve upon the appointment of EY as external auditor of AMG will be included on the agenda for the Annual General Meeting to be held on May 8, 2025.
Outlook
We anticipate maintaining a stable headcount as our expansion projects in Germany and Brazil near completion.
Capital expenditures for 2025 are projected to be approximately $75 to $100 million, primarily driven by the completion of the lithium hydroxide plant in Germany, increased tantalum capacity and mine investments in Brazil, as well as targeted growth investments in the Vanadium and Technologies segments.
Our current liquidity is $494 million and can fully fund all approved capital expansion projects and all other financial obligations. AMG has no significant near-term debt maturities. The $450 million term loan matures in November 2028 and the $307 million municipal bond matures in July 2049. Since AMG’s undrawn $200 million revolver matures in November 2026, we expect to execute a maturity extension on the revolver in 2025 to maintain our liquidity and reduce refinancing risk.
AMG continues to advance its two key lithium expansion initiatives. The lithium concentrate expansion project in Brazil has been completed, and commissioning of Module 1 at our lithium hydroxide refinery in Germany continues to progress as planned.
2025 is off to a strong start, with particularly strong performance across our portfolio including our Antimony, Chrome, Tantalum, Vanadium Aluminum, and Engineering businesses. Therefore, we increase our adjusted EBITDA outlook from “$130 million, or more, in 2025” to “$150 million, or more, in 2025.”
We are presently updating our 5-year forecast which we traditionally issue at the Annual General Meeting.
Profit (loss) for the period to adjusted EBITDA reconciliation
| Q4 ‘24 | Q4 ‘23 | FY ‘24 | FY ‘23 | |
| Profit (loss) for the period | $10,549 | $1,266 | ($25,786) | $102,288 |
| Income tax expense | 7,905 | 19,958 | 23,409 | 95,002 |
| Net finance cost (income) | 12,952 | (2,455) | 42,835 | 20,739 |
| Equity-settled share-based payment transactions | 1,514 | 1,443 | 6,077 | 5,799 |
| Restructuring expense | 25 | 6,115 | 2,844 | 9,223 |
| Brazil’s SP1+ expansion and commissioning | — | — | 2,074 | — |
| Pension adjustment | — | (1,410) | — | 5,290 |
| Silicon’s partial closure | (945) | (966) | (811) | (1,520) |
| Inventory cost adjustment | 4,284 | 15,260 | 28,607 | 26,731 |
| Asset impairment (reversal) expense | (1,449) | 9,585 | (1,449) | 8,818 |
| Strategic project expense (1) | 5,586 | 6,777 | 27,490 | 19,179 |
| Share of loss of associates | 1,063 | 734 | 3,769 | 3,723 |
| Others | 450 | 399 | 466 | 583 |
| EBIT | 41,934 | 56,706 | 109,525 | 295,855 |
| Depreciation and amortization | 15,574 | 14,436 | 58,551 | 54,636 |
| Adjusted EBITDA | 57,508 | 71,142 | 168,076 | 350,491 |
Notes:
(1) The Company is in the initial development and ramp-up phases for several strategic expansion projects, including the joint venture with Shell, the LIVA Battery System, and the lithium expansion in Germany, which incurred project expenses during the quarter but are not yet operational. AMG is adjusting EBITDA for these exceptional charges.
| AMG Critical Materials N.V. | ||
| Consolidated Income Statement | ||
| For the quarter ended December 31 | ||
| In thousands of US dollars | 2024 | 2023 |
| Unaudited | Unaudited | |
| Continuing operations | ||
| Revenue | 361,383 | 367,235 |
| Cost of sales | (282,114) | (311,983) |
| Gross profit | 79,269 | 55,252 |
| Selling, general and administrative expenses | (46,461) | (45,582) |
| Net other operating (expense) income | (339) | 9,833 |
| Operating profit | 32,469 | 19,503 |
| Finance income | 4,528 | 15,222 |
| Finance cost | (17,480) | (12,767) |
| Net finance (cost) income | (12,952) | 2,455 |
| Share of loss of associates and joint ventures | (1,063) | (734) |
| Profit before income tax | 18,454 | 21,224 |
| Income tax expense | (7,905) | (19,958) |
| Profit for the period | 10,549 | 1,266 |
| Profit attributable to: | ||
| Shareholders of the Company | 7,264 | 2,173 |
| Non-controlling interests | 3,285 | (907) |
| Profit for the period | 10,549 | 1,266 |
| Earnings per share | ||
| Basic earnings per share | 0.23 | 0.07 |
| Diluted earnings per share | 0.22 | 0.07 |
| AMG Critical Materials N.V. | ||
| Condensed Interim Consolidated Income Statement | ||
| For the year ended December 31 | ||
| In thousands of US dollars | 2024 | 2023 |
| Unaudited | ||
| Continuing operations | ||
| Revenue | 1,439,856 | 1,625,861 |
| Cost of sales | (1,211,831) | (1,236,430) |
| Gross profit | 228,025 | 389,431 |
| Selling, general and administrative expenses | (183,695) | (178,162) |
| Net other operating (expense) income | (103) | 10,483 |
| Operating profit | 44,227 | 221,752 |
| Finance income | 19,655 | 28,989 |
| Finance cost | (62,490) | (49,728) |
| Net finance cost | (42,835) | (20,739) |
| Share of loss of associates and joint ventures | (3,769) | (3,723) |
| (Loss) profit before income tax | (2,377) | 197,290 |
| Income tax expense | (23,409) | (95,002) |
| (Loss) profit for the period | (25,786) | 102,288 |
| (Loss) profit attributable to: | ||
| Shareholders of the Company | (33,351) | 101,320 |
| Non-controlling interests | 7,565 | 968 |
| (Loss) profit for the period | (25,786) | 102,288 |
| (Loss) earnings per share | ||
| Basic (loss) earnings per share | (1.03) | 3.15 |
| Diluted (loss) earnings per share | (1.03) | 3.12 |
| AMG Critical Materials N.V. | ||
| Consolidated Statement of Financial Position | ||
| In thousands of US dollars | December 31, 2024 Unaudited | December 31, 2023 |
| Assets | ||
| Property, plant and equipment | 961,820 | 921,178 |
| Goodwill and other intangible assets | 53,406 | 40,313 |
| Derivative financial instruments | 15,521 | 22,847 |
| Equity-accounted investees | 38,110 | 18,266 |
| Other investments | 46,646 | 38,160 |
| Deferred tax assets | 37,500 | 26,882 |
| Restricted cash | 493 | 387 |
| Other assets | 13,457 | 12,060 |
| Total non-current assets | 1,166,953 | 1,080,093 |
| Inventories | 304,108 | 260,945 |
| Derivative financial instruments | 4,577 | 3,397 |
| Trade and other receivables | 169,908 | 164,027 |
| Other assets | 90,334 | 100,128 |
| Current tax assets | 6,925 | 7,845 |
| Restricted cash | 1,030 | 1,064 |
| Cash and cash equivalents | 294,254 | 345,308 |
| Assets held for sale | 1,500 | — |
| Total current assets | 872,636 | 882,714 |
| Total assets | 2,039,589 | 1,962,807 |
| AMG Critical Materials N.V. | ||
| Consolidated Statement of Financial Position | ||
| (continued) | ||
| In thousands of US dollars | December 31, 2024 Unaudited | December 31, 2023 |
| Equity | ||
| Issued capital | 853 | 853 |
| Share premium | 553,715 | 553,715 |
| Treasury shares | (9,084) | (10,593) |
| Other reserves | (67,978) | (52,269) |
| Retained earnings | 28,575 | 70,077 |
| Equity attributable to shareholders of the Company | 506,081 | 561,783 |
| Non-controlling interests | 44,070 | 44,220 |
| Total equity | 550,151 | 606,003 |
| Liabilities | ||
| Loans and borrowings | 748,202 | 656,265 |
| Lease liabilities | 44,580 | 46,629 |
| Employee benefits | 124,586 | 133,333 |
| Provisions | 18,309 | 17,951 |
| Deferred revenue | 8,672 | 17,836 |
| Other liabilities | 7,384 | 4,784 |
| Derivative financial instruments | 660 | 27 |
| Deferred tax liabilities | 20,961 | 6,664 |
| Total non-current liabilities | 973,354 | 883,489 |
| Loans and borrowings | 5,194 | 5,566 |
| Lease liabilities | 6,212 | 5,725 |
| Short-term bank debt | 10,435 | 7,678 |
| Deferred revenue | 17,323 | 14,083 |
| Other liabilities | 82,711 | 77,052 |
| Trade and other payables | 234,234 | 259,339 |
| Derivative financial instruments | 3,781 | 2,828 |
| Advance payments from customers | 124,079 | 60,561 |
| Current tax liability | 21,277 | 24,279 |
| Provisions | 10,838 | 16,204 |
| Total current liabilities | 516,084 | 473,315 |
| Total liabilities | 1,489,438 | 1,356,804 |
| Total equity and liabilities | 2,039,589 | 1,962,807 |
| AMG Critical Materials N.V. | ||
| Consolidated Statement of Cash Flows | ||
| For the year ended December 31 | ||
| In thousands of US dollars | 2024 | 2023 |
| Unaudited | ||
| Cash from operating activities | ||
| (Loss) profit for the period | (25,786) | 102,288 |
| Adjustments to reconcile net (loss) profit to net cash flows: | ||
| Non-cash: | ||
| Income tax expense | 23,409 | 95,002 |
| Depreciation and amortization | 58,551 | 54,636 |
| Asset impairment (reversal) expense | (1,449) | 8,818 |
| Net finance cost | 42,835 | 20,739 |
| Share of loss of associates and joint ventures | 3,769 | 3,723 |
| Loss on sale or disposal of property, plant and equipment | 162 | 145 |
| Equity-settled share-based payment transactions | 6,077 | 5,799 |
| Movement in provisions, pensions, and government grants | (3,744) | (2,137) |
| Working capital, deferred revenue adjustments, and other | (15,138) | 58,187 |
| Cash generated from operating activities | 88,686 | 347,200 |
| Finance costs paid, net | (32,498) | (21,028) |
| Income tax paid | (18,673) | (103,172) |
| Net cash from operating activities | 37,515 | 223,000 |
| Cash used in investing activities | ||
| Proceeds from sale of property, plant and equipment | 161 | 39 |
| Acquisition of property, plant and equipment and intangibles | (107,663) | (153,377) |
| Investments in associates and joint ventures | (23,613) | (21,989) |
| Change in restricted cash | (72) | 5,469 |
| Interest received on restricted cash | — | 30 |
| Capitalized borrowing cost paid | (15,815) | (15,519) |
| Other | (39) | 3 |
| Net cash used in investing activities | (147,041) | (185,344) |
| AMG Critical Materials N.V. | ||
| Consolidated Statement of Cash Flows | ||
| (continued) | ||
| For the year ended December 31 | ||
| In thousands of US dollars | 2024 | 2023 |
| Unaudited | ||
| Cash from (used in) financing activities | ||
| Proceeds from issuance of debt | 103,119 | 1,395 |
| Payment of transaction costs related to debt | (2,483) | — |
| Repayment of loans and borrowings | (6,769) | (15,995) |
| Net repurchase of common shares | (688) | (6,960) |
| Dividends paid | (15,072) | (28,212) |
| Payment of lease liabilities | (6,513) | (5,764) |
| Contributions by non-controlling interests | — | 14,000 |
| Net cash from (used in) financing activities | 71,594 | (41,536) |
| Net decrease in cash and cash equivalents | (37,932) | (3,880) |
| Cash and cash equivalents at January 1 | 345,308 | 346,043 |
| Effect of exchange rate fluctuations on cash held | (13,122) | 3,145 |
| Cash and cash equivalents at December 31 | 294,254 | 345,308 |
This press release contains inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation.
This press release contains regulated information as defined in the Dutch Financial Markets Supervision Act (Wet op het financieel toezicht).
About AMG
AMG’s mission is to provide critical materials and related process technologies to advance a less carbon-intensive world. To this end, AMG is focused on the production and development of energy storage materials such as lithium, vanadium, and tantalum. In addition, AMG’s products include highly engineered systems to reduce CO2 in aerospace engines, as well as critical materials addressing CO2 reduction in a variety of other end use markets.
AMG’s Lithium segment spans the lithium value chain, reducing the CO2 footprint of both suppliers and customers. AMG’s Vanadium segment is the world’s market leader in recycling vanadium from oil refining residues, spanning the Company’s vanadium, titanium, and chrome businesses. AMG’s Technologies segment is the established world market leader in advanced metallurgy and provides equipment engineering to the aerospace engine sector globally. It serves as the engineering home for the Company’s fast-growing LIVA batteries, NewMOX SAS formed to service the nuclear fuel market, and spans AMG’s mineral processing operations in graphite, antimony, and silicon metal.
With approximately 3,600 employees, AMG operates globally with production facilities in Germany, the United Kingdom, France, the United States, China, Mexico, Brazil, India, and Sri Lanka, and has sales and customer service offices in Japan (www.amg-nv.com).
For further information, please contact:
AMG Critical Materials N.V. +1 610 975 4979
Michele Fischer
mfischer@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 revenues 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.
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