Amsterdam, 3 May 2023(Regulated Information) — AMG Advanced Metallurgical Group N.V. (“AMG”, EURONEXT AMSTERDAM: “AMG”) reported first quarter 2023 revenue of $451 million, a 12% increase versus the same period in 2022. First quarter 2023 EBITDA of $118 million was more than double the EBITDA of $55 million for the first three months of last year, and represents an all-time high for AMG’s quarterly EBITDA.
In 000’s US dollars
Q1 ‘23
Q1 ‘22
Change
Revenue
$450,590
$403,863
12%
EBITDA (1)
118,111
54,760
116%
Cash from (used in) operating activities
93,395
(3,654)
N/A
Net income attributable to shareholders
56,221
29,115
93%
EPS – Fully diluted
1.72
0.89
93%
Return on Capital Employed
37.9%
19.8%
Note: (1) EBITDA is defined as EBIT adjusted for depreciation and amortization.
Dr. Heinz Schimmelbusch, Chairman of the Management Board and CEO, said, “I am pleased to announce that AMG will change its name, subject to the approval of our shareholders in the upcoming Annual General Meeting, from AMG Advanced Metallurgical Group N.V. to AMG Critical Materials N.V. We have also achieved new record earnings and operating cash flow.
This is the third straight quarter in which AMG has exceeded $100 million of EBITDA. The $63 million, or 116%, EBITDA increase over the first quarter of 2022 was driven largely by our Clean Energy Materials segment, specifically AMG Lithium and its Brazil operation with an EBITDA contribution of $92 million.
AMG’s liquidity as of March 31, 2023 was $555 million, with $360 million of unrestricted cash and $195 million of revolving credit availability. The Company will pay its final 2022 declared dividend of €0.40 per ordinary share on or around May 11, 2023, to shareholders of record on May 9, 2023.
The record results are due to our recent expansion projects. The profitability going forward is also driven by the strategic projects coming on stream in 2023 and 2024, in particular our lithium concentrate expansion and our first lithium hydroxide refinery module in Bitterfeld. We thereby confirm our guidance for 2023 to exceed $400 million in EBITDA.”
Strategic Highlights
Lithium
The lithium concentrate production expansion project in AMG Brazil is progressing as planned.
AMG Lithium’s hydroxide refinery in Bitterfeld, Germany, Europe’s first, is under construction, with commissioning for the first 20,000-ton module expected in the fourth quarter of 2023.
Regarding its development of solid state battery materials, AMG Lithium GmbH has engaged in a joint production with Fraunhofer Institute, Münster University, Wacker, and Schunk to develop next generation solid-state batteries based on lithium-sulfur technology. AMG Lithium will provide lithium sulfide and solid electrolytes for this project.
AMG has a 25% shareholding in Zinnwald Lithium PLC and is supporting the Zinnwald Board to accelerate the development of its lithium project in Eastern Germany.
Vanadium
The new vanadium spent catalyst recycling facility in Zanesville, Ohio, continues to progress, with the roaster operating at its design capacity and the melt shop targeting full production capacity later in the second quarter of this year.
AMG’s innovative lithium vanadium battery (“LIVA”) projects for industrial power management applications outlined at our Capital Markets Day are being executed as planned.
AMG has completed the expansion of its vanadium oxide (“V2O5”) production in Nuremberg, either using gasification ash or spent catalyst as alternative feed. V2O5 is increasingly destined for the LIVA battery market.
In January 2023, AMG started building a vanadium electrolyte plant at its subsidiary, AMG Titanium, in Nuremberg, Germany. The target capacity is 6,000 m³ vanadium electrolyte, which will serve the electricity storage market. Production is expected to start at the end of this year.
Shell & AMG Recycling B.V. (“SARBV”) continues to advance its projects in the Middle East including the first phase of the Supercenter project based on long-term supply agreements with ARAMCO. Front end engineering design for the first phase of the project, the conversion of gasification ash into V2O5, began in late 2022 and will be completed in the fourth quarter of 2023.
Financial Highlights
Revenue increased by 12% to $451 million in the first quarter of 2023 from $404 million in the first quarter of 2022.
EBITDA was $118 million in the first quarter of 2023, up 116% versus the first quarter 2022 EBITDA of $55 million.
Annualized return on capital employed was 37.9% for the first quarter of 2023, compared to 19.8% for the first three months of 2022.
Cash from operating activities was $93 million in the first quarter of 2023, an increase of $97 million over the same period in 2022.
Net income attributable to shareholders for the first three months of 2023 was $56 million, yielding $1.72 diluted earnings per share compared to $0.89 for the same period in 2022.
AMG’s liquidity as of March 31, 2023 was $555 million, with $360 million of unrestricted cash and $195 million of revolving credit availability.
The Company will pay its final 2022 declared dividend of €0.40 per ordinary share on or around May 11, 2023, to shareholders of record on May 9, 2023.
Key Figures
In 000’s US dollars
Q1 ‘23
Q1 ‘22
Change
Revenue
$450,590
$403,863
12%
Gross profit
139,842
75,194
86%
Gross margin
31.0%
18.6%
Operating profit
100,023
37,814
165%
Operating margin
22.2%
9.4%
Net income attributable to shareholders
56,221
29,115
93%
EPS – Fully diluted
1.72
0.89
93%
EBIT (1)
105,144
44,233
138%
EBITDA (2)
118,111
54,760
116%
EBITDA margin
26.2%
13.6%
Cash from (used in) operating activities
93,395
(3,654)
N/A
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 and other exceptional items, equity-settled share-based payments, and strategic expenses. (2) EBITDA is defined as EBIT adjusted for depreciation and amortization.
Operational Review
AMG Clean Energy Materials
Q1 ‘23
Q1 ‘22
Change
Revenue
$219,080
$143,659
53%
Gross profit
108,957
39,004
179%
Operating profit
95,643
28,219
239%
EBITDA
106,137
37,227
185%
AMG Clean Energy Materials’ revenue increased 53% compared to the first quarter of 2022, to $219 million, driven mainly by higher prices in tantalum and lithium concentrates, as well as increased sales volumes of vanadium and tantalum concentrate.
Gross profit for the quarter increased 179% compared to the same period in the prior year, primarily due to the increased price environment.
SG&A expenses in the first quarter of 2023 were 23% higher than the same period in 2022, largely due to higher personnel costs and variable compensation expense mainly driven by the increase in headcount related to the lithium and vanadium expansion projects.
The first quarter 2023 EBITDA increased 185%, to $106 million, from $37 million in the first quarter of 2022, due to the improved gross profit as noted above.
During the first quarter of 2023, a total of 20,509 dry metric tons (“dmt”) of lithium concentrates was sold. The average realized sales price was $4,846/dmt CIF China for the quarter. The average cost per ton for the quarter was $338/dmt CIF China. This exceptional cost per ton result was driven by high sales volumes of tantalum concentrate in the quarter, and drove a quarterly EBITDA figure for AMG Brazil of $92 million.
AMG Critical Minerals
Q1 ‘23
Q1 ‘22
Change
Revenue
$62,929
$106,909
(41%)
Gross profit
7,266
13,002
(44%)
Operating profit
635
5,647
(89%)
EBITDA
2,550
7,883
(68%)
AMG Critical Minerals’ revenue for the first quarter of 2023 decreased by $44 million, or 41%, to $63 million, mainly due to lower volumes across the segment which was primarily driven by the silicon metal plant care and maintenance plan for the first two months of 2023 prior to restarting and operating one furnace in March discussed in detail below. The segment also suffered from a slowdown in the European industrial economy.
Gross profit of $7 million in the first quarter was $6 million lower compared to the first quarter of 2022, largely due to the lower volumes in the first three months of this year.
SG&A expenses in the first quarter of 2023 decreased by 3%, to $7 million, compared to the same period in 2022. This was driven by lower personnel costs and variable compensation expense in the current quarter due to the interruptions in AMG Silicon’s operations earlier this quarter.
The first quarter 2023 EBITDA decreased 68% compared to the same period in 2022, to $3 million, due to the lower gross profit as noted above.
As of March 1, 2023, AMG’s silicon metal plant in Pocking, Germany, restarted operating one furnace. AMG Silicon is operating one furnace throughout the second quarter and plans to operate one furnace in the third quarter. The operational parameters of the silicon business will continue to be reviewed on an ongoing basis and will be adjusted as appropriate in line with favorable and predictable market conditions. Due to the noted interruptions in silicon operations, the financial impact of the business will be excluded from EBITDA during this period of abnormal operations. However, AMG Silicon generated $11 million in cash flow from operating activities during the quarter driven by the receipt of energy sales made in the fourth quarter of 2022. The financial impact of the care and maintenance program does not significantly impact AMG’s overall projected 2023 financial results.
AMG Critical Materials Technologies
Q1 ‘23
Q1 ‘22
Change
Revenue
$168,581
$153,295
10%
Gross profit
23,619
23,188
2%
Operating profit
3,745
3,948
(5%)
EBITDA
9,424
9,650
(2%)
AMG Critical Materials Technologies‘ first quarter 2023 revenue increased by $15 million, or 10%, compared to the same period in 2022. This improvement was driven by higher sales volumes of titanium alloys and chrome metal.
SG&A expenses increased by 3% in the first quarter of 2023 compared to the same period in 2022, due to an increase in personnel costs and higher variable compensation expense in the current quarter.
AMG Critical Materials Technologies’ EBITDA was $9 million during the quarter compared to $10 million in the same period of 2022. The slight decrease was due to lower sequential chrome prices in the first quarter, partially offset by stronger profitability from our Engineering business.
AMG Engineering signed $76 million in new orders during the first quarter of 2023, driven by strong orders of remelting, turbine blade and heat treatment furnaces, representing a 1.21x book to bill ratio. Order backlog was $237 million as of March 31, 2023, the highest since March 31, 2020.
Financial Review
Tax
AMG recorded an income tax expense of $36 million in the first quarter of 2023, compared to a tax benefit of $1 million in the first quarter of 2022. This variance was mainly driven by higher profitability in AMG Lithium at its Brazil operation coupled with movements in the Brazilian real. The effects of the Brazilian real caused a $2 million tax expense in the first three months of 2023, compared to a $15 million benefit in the same period in 2022. Fluctuations in the Brazilian real exchange rate impact the valuation of the Company’s net deferred tax positions related to our operations in Brazil.
AMG paid taxes of $21 million in the first quarter of 2023, compared to tax payments of $4 million in the first quarter of 2022. The higher cash payments this quarter were largely a result of higher profitability in Brazil.
Exceptional Items
AMG’s first quarter 2023 gross profit includes exceptional items, which are not included in the calculation of EBITDA.
A summary of exceptional items included in gross profit in the first quarters of 2023 and 2022 are below:
Exceptional items included in gross profit
Q1 ‘23
Q1 ‘22
Change
Gross profit
$139,842
$75,194
86%
Inventory cost adjustment
510
—
N/A
Restructuring (reversal) expense
(263)
141
N/A
Asset impairment reversal
(767)
—
N/A
Silicon’s partial closure
(156)
—
N/A
Strategic project (reversal) expense
(51)
2,265
N/A
Gross profit excluding exceptional items
139,115
77,600
79%
The asset impairment reversal during the first quarter of 2023 was due to an insurance recovery on previously impaired machinery and equipment.
SG&A
AMG’s first quarter 2023 SG&A expenses were $40 million compared to $37 million in the first quarter of 2022, with the increase largely attributable to higher personnel costs and variable compensation expense mainly driven by the increase in headcount related to the lithium and vanadium expansion projects in our Clean Energy Materials segment.
Liquidity
March 31, 2023
December 31, 2022
Change
Senior secured debt
$339,061
$348,622
(3%)
Cash & cash equivalents
359,525
346,043
4%
Senior secured net (cash) debt
(20,464)
2,579
N/A
Other debt
14,801
14,959
(1%)
Net (cash) debt excluding municipal bond
(5,663)
17,538
N/A
Municipal bond debt
319,185
319,244
—%
Restricted cash
2,911
6,920
(58%)
Net debt
310,611
329,862
(6%)
AMG ended the quarter in a $311 million net debt position. This decrease versus year-end 2022 was mainly due to $10 million of debt repayment and higher unrestricted cash of $14 million, offset by the utilization of restricted cash associated with the municipal bond.
AMG continued to maintain a strong balance sheet and adequate sources of liquidity during the first quarter. As of March 31, 2023, the Company had $360 million in unrestricted cash and cash equivalents and $195 million available on its revolving credit facility. As such, AMG had $555 million of total liquidity as of March 31, 2023.
Net Finance Costs
AMG’s first quarter 2023 net finance cost was $7 million compared to $9 million in the first quarter of 2022. This variance was mainly driven by foreign exchange gains of $2 million during the quarter primarily due to non-cash intergroup balances.
AMG capitalized $2 million of interest costs in the first quarter of 2023 versus $4 million in the same period in 2022. This decrease is mainly driven by the interest associated with the expansion projects in AMG Lithium and Brazil operations compared to a higher capitalized interest associated with the Company’s tax-exempt municipal bond supporting the vanadium expansion in Ohio in prior year.
Outlook
AMG reaffirms its guidance for the full year 2023 to exceed $400 million EBITDA.
Regarding AMG’s 5-year guidance, the outstanding progress we have made with our strategic growth projects and given the compelling long-term supply and demand dynamics in the lithium market, we are issuing new guidance to achieve $650 million EBITDA, or more, in 5 years or earlier.
Profit for the period to adjusted EBITDA reconciliation
Q1 ‘23
Q1 ‘22
Profit for the period
$56,447
$29,884
Income tax expense (benefit)
35,927
(1,489)
Net finance cost
6,617
8,919
Equity-settled share-based payment transactions
1,469
1,380
Restructuring (reversal) expense
(263)
141
Silicon’s partial closure
547
—
Inventory cost adjustment
510
—
Asset impairment reversal
(767)
—
Strategic project expense (1)
3,625
4,796
Share of loss of associates
1,032
500
Others
—
102
EBIT
105,144
44,233
Depreciation and amortization
12,967
10,527
EBITDA
118,111
54,760
Notes: (1) The Company is in the initial development and ramp-up phases for several strategic expansion projects, including AMG Vanadium’s expansion project, the joint venture with Shell, Hybrid Lithium Vanadium Redox Flow 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 Advanced Metallurgical Group N.V.
Condensed Interim Consolidated Income Statement
For the quarter ended March 31
In thousands of US dollars
2023
2022
Unaudited
Unaudited
Continuing operations
Revenue
450,590
403,863
Cost of sales
(310,748)
(328,669)
Gross profit
139,842
75,194
Selling, general and administrative expenses
(40,360)
(37,462)
Other income, net
541
82
Net other operating income
541
82
Operating profit
100,023
37,814
Finance income
5,476
299
Finance cost
(12,093)
(9,218)
Net finance cost
(6,617)
(8,919)
Share of loss of associates and joint ventures
(1,032)
(500)
Profit before income tax
92,374
28,395
Income tax (expense) benefit
(35,927)
1,489
Profit for the period
56,447
29,884
Profit attributable to:
Shareholders of the Company
56,221
29,115
Non-controlling interests
226
769
Profit for the period
56,447
29,884
Earnings per share
Basic earnings per share
1.76
0.91
Diluted earnings per share
1.72
0.89
AMG Advanced Metallurgical Group N.V.
Condensed Interim Consolidated Statement of Financial Position
In thousands of US dollars
March 31, 2023 Unaudited
December 31, 2022
Assets
Property, plant and equipment
833,444
797,611
Goodwill and other intangible assets
41,757
41,404
Derivative financial instruments
28,015
33,042
Other investments
46,213
29,324
Deferred tax assets
36,813
37,181
Restricted cash
1,860
5,875
Other assets
9,245
8,612
Total non-current assets
997,347
953,049
Inventories
266,214
277,311
Derivative financial instruments
2,951
3,516
Trade and other receivables
189,983
162,548
Other assets
116,434
121,834
Current tax assets
7,912
7,289
Restricted cash
1,051
1,045
Cash and cash equivalents
359,525
346,043
Total current assets
944,070
919,586
Total assets
1,941,417
1,872,635
AMG Advanced Metallurgical Group N.V.
Condensed Interim Consolidated Statement of Financial Position
(continued)
In thousands of US dollars
March 31, 2023 Unaudited
December 31, 2022
Equity
Issued capital
853
853
Share premium
553,715
553,715
Treasury shares
(10,730)
(14,685)
Other reserves
(43,449)
(44,869)
Retained earnings (deficit)
60,898
(4,461)
Equity attributable to shareholders of the Company
561,287
490,553
Non-controlling interests
34,376
27,296
Total equity
595,663
517,849
Liabilities
Loans and borrowings
660,246
661,270
Lease liabilities
44,020
44,224
Employee benefits
118,734
117,160
Provisions
12,512
12,361
Deferred revenue
20,000
20,000
Other liabilities
4,157
15,009
Derivative financial instruments
171
284
Deferred tax liabilities
25,777
27,269
Total non-current liabilities
885,617
897,577
Loans and borrowings
5,948
15,164
Lease liabilities
4,720
4,710
Short-term bank debt
6,853
6,391
Deferred revenue
37,719
28,277
Other liabilities
68,572
69,917
Trade and other payables
231,407
240,101
Derivative financial instruments
4,705
7,746
Advance payments from customers
44,446
51,054
Current tax liability
41,343
23,548
Provisions
14,424
10,301
Total current liabilities
460,137
457,209
Total liabilities
1,345,754
1,354,786
Total equity and liabilities
1,941,417
1,872,635
AMG Advanced Metallurgical Group N.V.
Condensed Interim Consolidated Statement of Cash Flows
For the quarter ended March 31
In thousands of US dollars
2023
2022
Unaudited
Unaudited
Cash from (used in) operating activities
Profit for the period
56,447
29,884
Adjustments to reconcile net profit to net cash flows:
Non-cash:
Income tax expense (benefit)
35,927
(1,489)
Depreciation and amortization
12,967
10,527
Asset impairment reversal
(767)
—
Net finance cost
6,617
8,919
Share of loss of associates and joint ventures
1,032
500
Loss (gain) on sale or disposal of property, plant and equipment
9
(55)
Equity-settled share-based payment transactions
1,469
1,380
Movement in provisions, pensions, and government grants
2,755
(1,685)
Working capital and deferred revenue adjustments
4,905
(41,819)
Cash generated from operating activities
121,361
6,162
Finance costs paid, net
(7,012)
(5,917)
Income tax paid
(20,954)
(3,899)
Net cash from (used in) operating activities
93,395
(3,654)
Cash used in investing activities
Proceeds from sale of property, plant and equipment
—
59
Acquisition of property, plant and equipment and intangibles
(44,718)
(43,763)
Investments in associates and joint ventures
(17,500)
(500)
Use of restricted cash
4,009
31,295
Interest received on restricted cash
19
9
Capitalized borrowing cost paid
(5,739)
(7,886)
Other
3
8
Net cash used in investing activities
(63,926)
(20,778)
AMG Advanced Metallurgical Group N.V.
Condensed Interim Consolidated Statement of Cash Flows
(continued)
For the quarter ended March 31
In thousands of US dollars
2023
2022
Unaudited
Unaudited
Cash used in financing activities
Proceeds from issuance of debt
423
1,835
Repayment of borrowings
(10,750)
(1,718)
Net repurchase of common shares
(6,672)
(1,523)
Payment of lease liabilities
(1,316)
(1,291)
Net cash used in financing activities
(18,315)
(2,697)
Net increase (decrease) in cash and cash equivalents
11,154
(27,129)
Cash and cash equivalents at January 1
346,043
337,877
Effect of exchange rate fluctuations on cash held
2,328
(2,266)
Cash and cash equivalents at March 31
359,525
308,482
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 is a global critical materials company at the forefront of CO2 reduction trends. AMG produces highly engineered specialty metals and mineral products and provides related vacuum furnace systems and services to the transportation, infrastructure, energy, and specialty metals & chemicals end markets.
AMG Clean Energy Materials segment combines AMG’s recycling and mining operations, producing materials for infrastructure and energy storage solutions while reducing the CO2 footprint of both suppliers and customers. AMG Clean Energy Materials segment spans the vanadium, lithium, and tantalum value chains. AMG Critical Materials Technologies segment combines AMG’s leading vacuum furnace technology line with high-purity materials serving global leaders in the aerospace sector. AMG Critical Minerals segment consists of AMG’s mineral processing operations in antimony, graphite, 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, Sri Lanka, and Mozambique, and has sales and customer service offices in Japan (www.amg-nv.com).
For further information, please contact: AMG Advanced Metallurgical Group 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.
Amsterdam, 23March 2023(Regulated Information)— AMG Advanced Metallurgical Group N.V. (“AMG”, EURONEXT AMSTERDAM: “AMG”) is pleased to announce that Zinnwald Lithium Plc („Zinnwald”) (ZNWD, AIM) will issue 118,996,738 newly issued ordinary shares to AMG for a total subscription amount of £12,387,560.40 resulting in a 25.13% shareholding.
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 Zinnwald
Zinnwald is an AIM quoted, lithium development company focused on becoming an important supplier to Europe’s fast-growing battery sector. The Company owns the integrated Zinnwald Lithium Project in Germany, a development-stage project with attractive economics and approved mining licence. A PEA published in September 2022, highlighted the positive economics of the Project with a Pre-tax NPV8 of US$1,605m, IRR of 39.0%, $192m EBITDA and a payback of just 3.3 years. The Project is located in the heart of Europe’s chemical and automotive industries and has the potential to be one of Europe’s more advanced battery grade lithium projects.
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 Clean Energy Materials segment combines AMG’s recycling and mining operations, producing materials for infrastructure and energy storage solutions while reducing the CO2 footprint of both suppliers and customers. AMG Clean Energy Materials segment spans the vanadium, lithium, and tantalum value chains. AMG Critical Materials Technologies segment combines AMG’s leading vacuum furnace technology line with high-purity materials serving global leaders in the aerospace sector. AMG Critical Minerals segment consists of AMG’s mineral processing operations in antimony, graphite, and silicon metal.
With approximately 3,400 employees, AMG operates globally with production facilities in Germany, the United Kingdom, France, the United States, China, Mexico, Brazil, India, Sri Lanka, and Mozambique, and has sales and customer service offices in Japan (www.amg-nv.com).
For further information, please contact: AMG Advanced Metallurgical Group N.V.+1 6109754979 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.
Amsterdam, 22March 2023(Regulated Information)— AMG Advanced Metallurgical Group N.V. (“AMG”, EURONEXT AMSTERDAM: “AMG”) is pleased to announce that it has agreed with Zinnwald Lithium Plc („Zinnwald”) (ZNWD, AIM) to subscribe for up to 124 million newly issued ordinary shares as a cornerstone investor to Zinnwald’s accelerated book build. The shares will be subscribed for at a 10% premium to the 20-day Volume Weighted Average Price (“VWAP”) as of the close of market on March 20, 2023, that is, a price of 10.41 pence per share. Upon admission of the newly issued ordinary shares, expected on March 29, AMG will become a 25% shareholder of Zinnwald.
Dr. Heinz Schimmelbusch, AMG’s CEO, commented, “AMG’s investment in Zinnwald is a valuable strategic opportunity. As a partner with Zinnwald, together we will pursue a definitive feasibility study for their project in Eastern Germany. Establishing a raw material base in Germany close to our Bitterfeld operations has obvious logistical and strategic benefits for AMG, and we look forward to working with Zinnwald on this exciting project.”
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 Zinnwald
Zinnwald is an AIM quoted, lithium development company focused on becoming an important supplier to Europe’s fast-growing battery sector. The Company owns the integrated Zinnwald Lithium Project in Germany, a development-stage project with attractive economics and approved mining licence. A PEA published in September 2022, highlighted the positive economics of the Project with a Pre-tax NPV8 of US$1,605m, IRR of 39.0%, $192m EBITDA and a payback of just 3.3 years. The Project is located in the heart of Europe’s chemical and automotive industries and has the potential to be one of Europe’s more advanced battery grade lithium projects.
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 Clean Energy Materials segment combines AMG’s recycling and mining operations, producing materials for infrastructure and energy storage solutions while reducing the CO2 footprint of both suppliers and customers. AMG Clean Energy Materials segment spans the vanadium, lithium, and tantalum value chains. AMG Critical Materials Technologies segment combines AMG’s leading vacuum furnace technology line with high-purity materials serving global leaders in the aerospace sector. AMG Critical Minerals segment consists of AMG’s mineral processing operations in antimony, graphite, and silicon metal.
With approximately 3,400 employees, AMG operates globally with production facilities in Germany, the United Kingdom, France, the United States, China, Mexico, Brazil, India, Sri Lanka, and Mozambique, and has sales and customer service offices in Japan (www.amg-nv.com).
For further information, please contact: AMG Advanced Metallurgical Group N.V.+1 6109754979 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.
Amsterdam, 22. Februar 2023(Vorgeschriebene Informationen) — AMG Advanced Metallurgical Group N.V. („AMG“, EURONEXT AMSTERDAM: „AMG“) meldete im vierten Quartal 2022 einen Umsatz von 390 Mio. USD, was einem Anstieg von 18 % gegenüber dem vierten Quartal 2021 entspricht. Das EBITDA für das vierte Quartal 2022 war mit 104 Mio. USD mehr als doppelt so hoch wie im vierten Quartal 2021 und führte AMG zu einem Rekord-EBITDA für das Gesamtjahr von 343 Mio. USD.
In Tsd. US-Dollar
GJ 22
GJ 21
Änderung
Umsatz
$1.642.774
$1.204.666
36 %
EBITDA (1)
342.550
136.676
151 %
Zahlungsmittel aus betrieblicher Tätigkeit
167.567
90.788
85 %
Den Aktionären zuzurechnender Nettogewinn
187.589
13.771
EPS – Vollständig verwässert
5,73
0,44
Kapitalrendite
30,8 %
11,9 %
Hinweis:
Das EBITDA ist definiert als EBIT, bereinigt um Abschreibungen.
Dr. Heinz Schimmelbusch, Vorstandsvorsitzender und CEO, sagte: „Das EBITDA für das Gesamtjahr 2022, der Umsatz, der Bruttogewinn, die operativen Cashflows, die Kapitalrendite und der Nettogewinn waren mit großem Abstand die höchsten in der Geschichte des Unternehmens. Dieses Ergebnis ist auf das Segment AMG Clean Energy Materials zurückzuführen, insbesondere auf AMG Lithium und seinen Betrieb in Brasilien mit einem EBITDA-Beitrag von 215 Mio. USD oder 63 % des Gesamt-EBITDA für das Jahr. Darüber hinaus übertraf AMG das zweite Quartal in Folge ein EBITDA von 100 Mio. USD. Das EBITDA für das vierte Quartal 2022 betrug 104 Mio. USD gegenüber 44 Mio. USD im vierten Quartal 2021, was einem Anstieg von 60 Mio. USD oder 137 % entspricht. Unser Enabling CO2 Reduction Portfolio (ECO2RP) unterstützte 2022 eine CO2-Reduktion von 99,4 Mio. Tonnen – 26 % mehr als die 79,0 Mio. Tonnen CO2-Reduktion, die im Jahr 2021 ermöglicht wurden.“
Ausblick
AMG bekräftigt seine Prognose für das Gesamtjahr 2023, das EBITDA von 400 Mio. USD zu übersteigen.
AMG geht davon aus, dass das Unternehmen aufgrund der Einstellungen im Zusammenhang mit dem Hochfahren der Vanadium-Expansion in Ohio und der Lithium-Expansion in Deutschland den Gesamtpersonalbestand von etwa 3.400 Ende 2022 um 5 % erhöhen wird.
Die Investitionsausgaben für 2023 werden voraussichtlich zwischen 175 und 200 Mio. USD liegen, im Zentrum stehen dabei die Lithiumkonzentrat-Expansion in Brasilien und die Ausgaben im Zusammenhang mit dem Bau der Lithiumhydroxid-Anlage in Deutschland.
Im Hinblick auf die Finanzierung im Jahr 2023 hat AMG sein Laufzeitdarlehen in Höhe von 350 Mio. USD und sein revolvierendes Darlehen in Höhe von 200 Mio. USD im November 2021 refinanziert und die Laufzeiten des Laufzeit- und des revolvierenden Darlehens bis 2026 bzw. 2028 verlängert. AMG hat keine wesentlichen, kurzfristig fälligen Schulden. Und obwohl wir bestrebt sind, unsere Finanzstruktur konsequent zu optimieren, kann unsere aktuelle Liquidität von 532 Mio. USD alle genehmigten Kapitalinvestitionsprojekte und alle anderen finanziellen Verpflichtungen vollständig finanzieren.
Darüber hinaus bekräftigen wir unser zweigleisiges Engagement, unsere CO2-Emissionen zu reduzieren und unsere ermöglichten CO2-Einsparungen bis 2030 zu erhöhen.
Strategische Schwerpunkte
Lithium
Das Projekt zur Erweiterung der Spodumen-Produktion in der AMG Brasil befindet sich im Aufbau. Das Projekt wird die kostengünstige Position von AMG festigen. Ziel ist es, in der zweiten Jahreshälfte 2023 die volle Kapazität zu erreichen.
Die AMG Lithium-Raffinerie in Bitterfeld, Deutschland, Europas erste Lithiumhydroxid-Raffinerie, befindet sich im Bau, und die Inbetriebnahme für das erste 20.000-Tonnen-Modul der Aufbereitungsanlage für batterietaugliches Lithiumhydroxid beginnt im vierten Quartal 2023.
AMG Lithium hat mit FREYR Battery eine unverbindliche Absichtserklärung unterzeichnet, auf dessen Grundlage AMG Lithium jährlich zwischen 3.000 und 5.000 Tonnen Lithiumhydroxid in Batteriequalität an FREYR liefern soll.
Die AMG Brasil, die JX Nippon Mining & Metals Corporation („JXNMM“) und die TANIOBIS GmbH gaben im Dezember 2022 eine strategische Partnerschaft für die Produktion und Lieferung von Tantalkonzentrat aus der AMG Mibra Mine in Brasilien bekannt. JXNMM wird in die Erweiterung der Tantalkonzentratproduktion investieren, die in Kombination mit dem bereits angekündigten Ausbau der Spodumen-Kapazität durch AMG stattfindet. Alle Tantal-Vorkonzentrate werden an TANIOBIS verkauft, was eine langfristige Stabilität beim Tantalumsatz und die entsprechenden Nebenprodukt-Gutschriften auf die Lithiumproduktionskosten für AMG Brasil bietet.
Vanadium
AMG hat den Bau der neuen Recyclinganlage für verbrauchte Vanadium-Katalysatoren in Zanesville, Ohio, abgeschlossen. Der Betrieb begann am 29. Oktober 2022 und wir streben die volle Produktionskapazität im zweiten Quartal 2023 an.
Shell & AMG Recycling B.V. („SARBV“) treibt seine Projekte im Nahen Osten voran, insbesondere die erste Phase des Supercenter-Projekts auf der Grundlage langfristiger Lieferverträge mit der Saudi Arabian Oil Company („Aramco“). Die Optimierung des Anlagendesigns, die Standortauswahl und die Genehmigungsaktivitäten sind im Gange, und die Zusammenarbeit mit Hatch bei der Vorprojektplanung begann im Dezember 2022.
AMG LIVA hat im November 2022 seine erste industrielle Batterie – das Hybrid-Energiespeichersystem („HESS“) – im Werk von AMG Graphite in Hauzenberg in den vollautomatischen Betrieb genommen.
AMG LIVA verkaufte sein erstes HESS im Dezember 2022 an einen Dritten, an die Wipotec GmbH, einen weltweit führenden Anbieter von intelligenter Wäge- und Inspektionstechnologie mit Sitz in Süddeutschland. Die Batterie wird in das Stromversorgungssystem der Einrichtung integriert.
Im Januar 2023 genehmigte AMG den Bau einer Vanadium-Elektrolyt-Anlage im Werk seiner Tochtergesellschaft AMG Titanium in Nürnberg. Die Zielkapazität beträgt 6.000 m³ Vanadium-Elektrolyt. Die Entwurfsplanung für das Werk wurde im November abgeschlossen, die Investitionskosten werden voraussichtlich 15 Mio. USD betragen und die Produktion soll Ende 2023 beginnen.
Wichtige Finanzdaten
Der Umsatz stieg von 330 Mio. USD im vierten Quartal 2021 um 18 % auf 390 Mio. USD im vierten Quartal 2022. Auf Jahresbasis stieg der Umsatz um 36 %.
Das EBITDA belief sich im vierten Quartal 2022 auf 104 Mio. USD, was einem Anstieg von 137 % gegenüber dem vierten Quartal 2021 mit einem EBITDA von 44 Mio. USD Das EBITDA für das Gesamtjahr liegt mit 343 Mio. USD um 151 % höher als im Vorjahr.
Die annualisierte Rendite auf das eingesetzte Kapital betrug 30,8 % für 2022, mehr als das Doppelte der 11,9 % für 2021.
Der Cashflow aus dem operativen Geschäft belief sich im Gesamtjahr 2022 auf 168 Mio. USD gegenüber 91 Mio. USD im Jahr 2021, angetrieben durch die hohe Rentabilität von AMG Lithium in Brasilien.
Der den Aktionären zuzurechnende Nettogewinn für das Gesamtjahr 2022 betrug 188 Mio. USD, was ein verwässertes Ergebnis je Aktie von 5,73 USD im Vergleich zu 0,44 USD im Jahr 2021 ergab.
Die Liquidität von AMG zum Dezember 2022 betrug 532 Mio. USD, mit 346 Mio. USD an frei verfügbaren Zahlungsmitteln und 186 Mio. USD Verfügbarkeit von revolvierenden Krediten.
Die vorgeschlagene Gesamtdividende für 2022 beträgt 0,70 EUR pro Stammaktie, einschließlich der am 10. August 2022 gezahlten Zwischendividende von 0,30 EUR.
Kennzahlen
In Tsd. US-Dollar
Q4 22
Q4 21
Änderung
GJ 22
GJ 21
Änderung
Umsatz
$390.004
$330.360
18 %
$1.642.774
$1.204.666
36 %
Bruttogewinn
119.981
61.797
94 %
409.486
208.243
97 %
Bruttomarge
30,8 %
18,7 %
24,9 %
17,3 %
Operativer Gewinn
82.319
22.295
269 %
307.059
57.141
437 %
Operative Marge
21,1 %
6,7 %
18,7 %
4,7 %
Nettogewinn zurechenbar auf Aktionäre
60.697
5.705
964 %
187.589
13.771
1.262 %
EPS – Vollständig
1,85
0,18
928 %
5,73
0,44
1.202 %
verwässert
EBIT (1)
91.719
32.678
181 %
297.251
92.991
220 %
EBITDA (2)
104.061
43.885
137 %
342.550
136.676
151 %
EBITDA-Marge
26,7 %
13,3 %
20,9 %
11,3 %
Zahlungsmittel aus betrieblicher Tätigkeit
56.969
30.225
88 %
167.567
90.788
85 %
Hinweise:
EBIT ist definiert als Ergebnis vor Zinsen und Ertragssteuern. Das EBIT schließt Restrukturierungen, Wertminderungen von Vermögenswerten, Bestandskostenanpassungen, Umweltrückstellungen, außerordentliche Rechtskosten und andere außerordentliche Posten, anteilsbasierte Vergütungen mit Ausgleich durch Eigenkapitalinstrumente und strategische Ausgaben aus.
Das EBITDA ist definiert als EBIT, bereinigt um Abschreibungen.
Operativer Rückblick
AMG Clean Energy Materials
Q4 22
Q4 21
Änderung
GJ 22
GJ 21
Änderung
Umsatz
$176.065
$115.405
53 %
$667.804
$381.475
75 %
Bruttogewinn
81.583
27.950
192 %
267.862
75.095
257 %
Bruttogewinn vor Einmaleffekten
82.784
29.038
185 %
273.417
80.264
241 %
Operativer Gewinn
69.779
16.301
328 %
222.590
22.476
890 %
EBITDA
80.347
25.753
212 %
259.480
66.622
289 %
Der Umsatz von AMG Clean Energy Materials stieg im Vergleich zum vierten Quartal 2021 um 53 % auf 176 Mio. USD, was hauptsächlich auf höhere Preise für Vanadium-, Tantal- und Lithium-Konzentrate sowie auf höhere Absatzmengen von Vanadium- und Tantal-Konzentrat zurückzuführen ist. Die höheren Preise und Mengen im Jahr 2022 ließen den Umsatz für das Segment gegenüber 2021 um 75 % steigen.
Der Bruttogewinn vor Einmaleffekten für das Quartal stieg um 185 % im Vergleich zum Vorjahreszeitraum. Der Bruttogewinn des Segments für das Gesamtjahr 2022 vor Einmaleffekten stieg um 241 % im Vergleich zu 2021, hauptsächlich aufgrund der Preisentwicklung.
Die VVG-Kosten im vierten Quartal 2022 entsprachen mit 12 Mio. USD dem gleichen Zeitraum im Jahr 2021. Die VVG-Kosten für das Gesamtjahr 2022 lagen 11 % höher als im Jahr 2021, was hauptsächlich auf die gestiegenen Honorare im Zusammenhang mit strategischen Projekten im Jahr 2022 zurückzuführen ist, die durch eine geringere aktienbasierte Vergütung ausgeglichen wurden.
Das EBITDA im vierten Quartal 2022 stieg von 26 Mio. USD im vierten Quartal 2021 um 212 % auf 80 Mio. USD, was, wie oben erwähnt, auf den höheren Bruttogewinn zurückzuführen ist. Das EBITDA des Segments für das Gesamtjahr 2022 in Höhe von 259 Mio. USD lag 289 % höher als das EBITDA von 2021, was größtenteils durch das Lithiumgeschäft angetrieben wurde. Die Rentabilität von Vanadium wurde im vierten Quartal 2022 durch einen sequenziellen Rückgang der Indexpreise um 16 % gegenüber dem dritten Quartal und die Auswirkungen der Inbetriebnahmekosten für Zanesville beeinflusst.
Im vierten Quartal 2022 wurden insgesamt 21.329 metrische Trockentonnen (dmt) Spodumen verkauft. Der durchschnittliche realisierte Verkaufspreis lag im Quartal bei 3.682 USD/dmt CIF China. Die durchschnittlichen Kosten pro Tonne beliefen sich im Quartal auf 228 USD/dmt CIF China. Dieses außergewöhnliche Kosten-pro-Tonne-Ergebnis basiert auf hohen Verkaufsmengen an Tantalkonzentrat im Quartal und führte zu einem vierteljährlichen EBITDA-Wert für AMG Brasil von 73 Mio. USD.
Im Gesamtjahr 2022 wurden insgesamt 86.713 dmt Spodumen verkauft. Der durchschnittliche realisierte Verkaufspreis lag bei 2.805 USD/dmt CIF China und die durchschnittlichen Kosten pro Tonne für das Gesamtjahr betrugen 461 USD/dmt CIF China. Das Gesamt-EBITDA für AMG Brasil betrug 215 Mio. USD.
AMG Critical Minerals
Q4 22
Q4 21
Änderung
GJ 22
GJ 21
Änderung
Umsatz
$69.242
$79.422
(13 %)
$364.502
$308.523
18 %
Bruttogewinn
19.017
11.189
70 %
46.721
48.735
(4 %)
Bruttogewinn vor Einmaleffekten
18.641
11.379
64 %
57.928
48.690
19 %
Operativer Gewinn
10.961
2.584
324 %
63.995
20.181
217 %
EBITDA
14.001
6.459
117 %
38.280
31.200
23 %
Der Umsatz von AMG Critical Minerals für das vierte Quartal 2022 sank um 10 Mio. USD bzw. 13 % auf 69 Mio. USD, was hauptsächlich auf geringere Absatzmengen im gesamten Segment zurückzuführen ist. Auf Jahresbasis stieg der Umsatz im Vergleich zu 2021 um 18 %.
Der Bruttogewinn vor Einmaleffekten in Höhe von 19 Mio. USD im vierten Quartal lag im Vergleich zum vierten Quartal 2021 um 64 % höher. Der Bruttogewinn des Segments für das Gesamtjahr 2022 vor Einmaleffekten lag um 19 % höher als 2021, was größtenteils auf das verbesserte Preisumfeld und günstige Energieverträge für die Siliziumproduktion im vierten Quartal zurückzuführen ist.
Die VVG-Kosten sanken im vierten Quartal 2022 um 20 % auf 7 Mio. USD gegenüber dem gleichen Zeitraum im Jahr 2021. Dies war größtenteils auf den niedrigeren aktienbasierten Vergütungsaufwand im aktuellen Quartal zurückzuführen, der mit einer im Vorjahr ausgewiesenen Rückbuchung verbunden war. Die VVG-Kosten für das Gesamtjahr 2022 wiesen einen leichten Rückgang um 0,6 Mio. USD gegenüber 2021 auf.
Das EBITDA für das vierte Quartal 2022 stieg gegenüber dem gleichen Zeitraum im Jahr 2021 um 117 % auf 14 Mio. USD, was, wie oben erwähnt, auf einen höheren Bruttogewinn und günstige Energieverträge bei AMG Silicon in diesem Quartal zurückzuführen ist. Die verbesserten Preise im Jahr 2022 führten zu einem Anstieg des EBITDA für das Segment im Gesamtjahr um 23 % gegenüber 2021.
Mit Wirkung zum 1. Januar 2023 hat AMG sein Werk für die Herstellung von metallurgischem Silizium in Pocking, Deutschland, für Instandhaltung und Wartung außer Betrieb genommen. Die Anlage wird im März 2023 wieder anlaufen und einen Ofen in Betrieb nehmen. Die betrieblichen Parameter des Siliziumgeschäfts werden weiterhin laufend überprüft und entsprechend den günstigen und vorhersehbaren Marktbedingungen angepasst. Aufgrund der vermerkten Unterbrechungen im Siliziumbetrieb werden die finanziellen Auswirkungen des Geschäfts während dieser Periode des abnormalen Betriebs vom EBITDA ausgeschlossen. Die finanziellen Auswirkungen des Instandhaltungs- und Wartungsprogramms haben keine wesentlichen Auswirkungen auf die für 2023 prognostizierten Gesamtergebnisse von AMG.
AMG Critical Materials Technologies
Q4 22
Q4 21
Änderung
GJ 22
GJ 21
Änderung
Umsatz
$144.697
$135.533
7 %
$610.468
$514.668
19 %
Bruttogewinn
19.381
22.658
(14 %)
94.903
84.413
12 %
Bruttogewinn vor Einmaleffekten
20.745
22.388
(7 %)
96.449
84.309
14 %
Operativer Gewinn
1.579
3.410
(54 %)
20.474
14.484
41 %
EBITDA
9.713
11.673
(17 %)
44.790
38.854
15 %
Der Umsatz von AMG Critical Materials Technologies stieg im vierten Quartal 2022 um 9 Millionen USD bzw. 7 % gegenüber dem gleichen Zeitraum 2021. Diese Verbesserung wurde durch größere Absatzvolumen von Titanaluminiden und höhere Preise für Chrommetall angetrieben. Der Umsatz für das gesamte Jahr 2022 legte gegenüber dem Vorjahr um 19 % zu, der Bruttogewinn vor Einmaleffekten für 2022 lag mit 96 Mio. USD 14 % über den 84 Mio. USD im Jahr 2021, was hauptsächlich auf das verbesserte Preisumfeld im Vergleich zum Vorjahr zurückzuführen ist, das mit der anhaltenden Erholung des Luft- und Raumfahrtmarktes nach der Pandemie verbunden war.
In der ersten Jahreshälfte wirkten sich Marktstörungen im Zusammenhang mit der russischen Invasion der Ukraine auf die Chrommetall-Lieferkette aus, was zu einem dramatischen Anstieg der Rohstoffpreise und einer begrenzten Verfügbarkeit führte. Zum Schutz vor Betriebsunterbrechungen sicherte sich das Unternehmen zusätzliche Rohstoffmengen unter Marktbedingungen zu Festpreisen. Im vierten Quartal wurden die Störungen der Lieferkette gemildert und die Preise fielen drastisch. Dies führte zu negativen Auswirkungen auf die Chrome-Margen des Unternehmens im vierten Quartal und zu einer Bestandsabschreibung von 1,6 Mio. USD.
Die VVG-Kosten sanken im vierten Quartal 2022 gegenüber dem gleichen Zeitraum 2021 um 7 % aufgrund des geringeren aktienbasierten Aufwands im laufenden Quartal, verbunden mit einer Rückbuchung im Vorjahr.
Das EBITDA von AMG Critical Materials Technologies betrug im Quartal 10 Mio. USD gegenüber 12 Mio. USD im gleichen Zeitraum 2021. Der Rückgang ist auf die oben erwähnte Verwerfung des Chrom-Marktes zurückzuführen, die durch eine stärkere Rentabilität unseres Engineering-Geschäfts ausgeglichen wurde. Das EBITDA für das Segment lag mit 45 Mio. USD für das Gesamtjahr 2022 um 15 % höher als 2021. Dies ist vor allem auf die anhaltende Erholung im Luft- und Raumfahrtsektor im Jahr 2022 zurückzuführen.
AMG Engineering hat im vierten Quartal 2022 Neuaufträge im Umfang von 67 Mio. USD unterzeichnet, was auf umfangreiche Bestellungen von Turbinenschaufeln und Induktionsöfen zurückzuführen ist und in einem Verhältnis von Auftragseingang zu Umsatz (Book-to-Bill-Quotient) von 1,28 zum Ausdruck kommt. Im Januar 2023 setzte sich der starke Auftragseingang des Unternehmens mit 44 Mio. USD an Neuaufträgen fort, hauptsächlich aufgrund des Umsatzes im Bereich Turbinenschaufelbeschichtung. Der Auftragsbestand belief sich zum 31. Dezember 2022 auf 220 Mio. USD, der höchste seit dem 31. März 2020.
Finanzbericht
Steuer
AMG verbuchte 2022 einen Ertragsteueraufwand von 84 Mio. USD gegenüber 9 Mio. USD im Jahr 2021. Diese Abweichung wurde hauptsächlich durch verbesserte Betriebsergebnisse bei AMG Lithium in seinem brasilianischen Betrieb in Verbindung mit Bewegungen beim brasilianischen Real verursacht. Die Auswirkungen des brasilianischen Reals bewirkten 2022 einen Steuervorteil in Höhe von 7 Mio. USD, im Jahr 2021 hatte dieser bei 4 Mio. USD gelegen. Wechselkursschwankungen beim brasilianischen Real wirken sich auf die Bewertung der Nettoposition der latenten Steuern des Unternehmens im Zusammenhang mit unserer Geschäftstätigkeit in Brasilien aus.
AMG zahlte im Jahr 2022 Steuern in Höhe von 42 Mio. USD, im Jahr 2021 lagen diese bei 10 Mio. USD. Die höheren Zahlungen im Jahr 2022 waren weitgehend auf verbesserte Betriebsergebnisse zurückzuführen.
Außerordentliche Posten
Der AMG-Bruttogewinn für das vierte Quartal und das Gesamtjahr 2022 beinhaltet außerordentliche Posten, die nicht in die EBITDA-Berechnung einbezogen werden.
Eine Zusammenfassung der im Bruttogewinn 2022 und 2021 enthaltenen außerordentlichen Posten finden Sie unten:
Im Bruttogewinn enthaltene außerordentliche Posten
Q4 22
Q4 21
Änderung
GJ 22
GJ 21
Änderung
Bruttogewinn
$119.981
$61.797
94 %
$409.486
$208.243
97 %
Anpassung der Bestandskosten
1.589
—
N/A
1.589
1.164
37 %
Restrukturierungsaufwand (Rückbuchung)
389
(140)
N/A
582
522
11 %
Wertminderungsaufwand für Vermögenswerte (Rückbuchung)
(990)
153
N/A
10.597
(711)
N/A
Aufwand für strategische Projekte
1.201
1.501
(20 %)
5.540
4.045
37 %
Sonstige
—
(506)
N/A
—
—
N/A
Bruttogewinn ohne außerordentliche Posten
122.170
62.805
95 %
427.794
213.263
101 %
Energiekosten
Infolge des Anstiegs der Gas- und Stromkosten im Laufe des Jahres lagen die gesamten Energiekosten 2022 um 16 Mio. USD höher als 2021. Der Großteil dieses Anstiegs betraf unser Siliziumgeschäft in Deutschland, aber dieses Geschäft profitierte von vollständig abgesicherten Stromkosten. Andere Geschäftseinheiten profitierten von langfristigen Stromverträgen ohne Preisgleitklauseln, und die Geschäftseinheiten, deren Energiekosten stiegen, konnten einen Großteil dieser höheren Kosten an ihre Kunden weitergeben.
VVG-Kosten
Die VVG-Kosten von AMG für das vierte Quartal 2022 beliefen sich auf 37 Mio. USD gegenüber 40 Mio. USD im vierten Quartal 2021, wobei der Rückgang auf einem geringeren aktienbasierten Vergütungsaufwand basiert, verbunden mit einer Rückbuchung im Vorjahr.
Die VVG-Kosten für das Gesamtjahr 2022 lagen bei 148 Mio. USD und damit 6 % höher als im Jahr 2021, wobei die Abweichung hauptsächlich auf die gestiegenen Honorare im Zusammenhang mit strategischen Projekten in der laufenden Periode zurückzuführen ist, die durch eine geringere aktienbasierte Vergütung ausgeglichen wurden.
Liquidität
31. Dezember 2022
31. Dezember 2021
Änderung
Vorrangig besicherte Schulden
$348.622
$371.897
(6 %)
Zahlungsmittel und Zahlungsmitteläquivalente
346.043
337.877
2 %
Vorrangige besicherte Nettoverschuldung
2.579
34.020
(92 %)
Sonstige Schulden
14.959
24.398
(39 %)
Nettoverschuldung ohne Kommunalanleihen
17.538
58.418
(70 %)
Kommunalanleihen
319.244
319.476
— %
Verfügungsbeschränkte Zahlungsmittel
6.920
93.434
(93 %)
Nettoverschuldung
329.862
284.460
16 %
AMG beendete das Jahr mit einer Nettoverschuldung von 330 Mio. USD. Dieser Anstieg war hauptsächlich auf die erheblichen Investitionen in Wachstumsinitiativen im Laufe des Jahres zurückzuführen, insbesondere in unserem Werk in Zanesville, das die mit der Kommunalanleihe verbundenen verfügungsbeschränkten Zahlungsmittel nutzte. Diese Verwendung von verfügungsbeschränkten Zahlungsmitteln wurde durch die Rückzahlung von Schulden in Höhe von 34 Mio. USD und höhere frei verfügbare Zahlungsmittel ausgeglichen.
AMG weist im vierten Quartal weiterhin eine solide Bilanz und ausreichende Liquiditätsquellen auf. Zum 31. Dezember 2022 verfügte das Unternehmen über 346 Mio. USD an frei verfügbaren Zahlungsmitteln und Zahlungsmitteläquivalenten sowie über 186 Mio. USD auf seine revolvierende Kreditfazilität. Somit verfügte AMG zum 31. Dezember 2022 über insgesamt 532 Mio. USD an liquiden Mitteln.
Nettofinanzkosten
Der Nettofinanzertrag von AMG für das vierte Quartal 2022 betrug 4 Mio. USD, im vierten Quartal 2021 hatten die Kosten bei 13 Mio USD gelegen. Diese Abweichung beruht hauptsächlich auf Wechselkursgewinnen von 10 Mio. USD im Quartal, in erster Linie aufgrund von nicht zahlungswirksamen konzerninternen Salden.
AMG aktivierte im vierten Quartal 2022 1 Mio. USD an Zinskosten gegenüber 4 Mio. USD im gleichen Zeitraum 2021. Die Zinsen stehen im Zusammenhang mit der steuerbefreiten Kommunalanleihe des Unternehmens, die die Vanadium-Expansion in Ohio unterstützt. Dieser Rückgang ist auf einen Teil der Zinskosten der Kommunalanleihe zurückzuführen, die aufgrund des Hochfahrens der Produktion in unserem Werk in Zanesville nicht mehr aktiviert werden.
Endgültiger Dividendenvorschlag
AMG beabsichtigt, im Geschäftsjahr 2022 eine Dividende von 0,70 EUR pro Stammaktie bekanntzugeben. Die am 10. August 2022 ausgezahlte Zwischendividende von 0,30 EUR wird von dem an die Aktionäre auszuschüttenden Betrag abgezogen. Die vorgeschlagene Schlussdividende je Stammaktie beträgt daher 0,40 EUR.
Ein Vorschlag zur Beschlussfassung über die endgültige Dividendenausschüttung wird in die Tagesordnung der Hauptversammlung am 4. Mai 2023 aufgenommen.
Periodenergebnis bis zur Überleitung zum bereinigten EBITDA
Q4 22
Q4 21
GJ 22
GJ 21
Periodenergebnis
$62.669
$4.139
$190.771
$13.779
Ertragsteueraufwand
23.827
5.293
84.097
8.707
Nettofinanzkosten (Erträge)
(4.177)
12.644
30.941
33.602
Anteilsbasierte Vergütungstransaktionen mit Ausgleich durch Eigenkapitalinstrumente
1.414
6.883
5.552
10.206
Restrukturierungsaufwand (Rückbuchung)
389
(140)
582
522
Netto-Vertragsabwicklungen (1)
971
—
(45.436)
—
Anpassung der Bestandskosten
1.589
—
1.589
1.164
Wertminderungsaufwand für Vermögenswerte (Rückbuchung) (1)
(990)
153
10.597
(711)
Umweltrückstellung
143
230
133
11.941
Aufwand für strategische Projekte (2)
5.885
3.769
17.070
12.157
Anteil am Verlust von assoziierten Unternehmen
—
219
1.250
1.053
Sonstige
(1)
(512)
105
571
EBIT
91.719
32.678
297.251
92.991
Abschreibung und Amortisation
12.342
11.207
45.299
43.685
EBITDA
104.061
43.885
342.550
136.676
Hinweise:
Im Zusammenhang mit der Produktionsunterbrechung im Siliziumwerk verzeichnete AMG Erträge aus dem Verkauf eines bestehenden Liefervertrags, der sich positiv auf den Betriebsgewinn für das Jahr auswirkte. Dieser Ertrag wurde durch einen Vergleich mit einem Großkunden und eine Wertminderung bestehender Vermögenswerte ausgeglichen.
Mehrere strategische Expansionsprojekte des Unternehmens befinden sich in der anfänglichen Entwicklungs- und Anlaufphase und haben im Laufe des Quartals Projektkosten verursacht, sind aber noch nicht in Betrieb, dazu zählen das Erweiterungsprojekt von AMG Vanadium, das Joint Venture mit Shell, das Hybride Lithium-Vanadium-Redox-Flow-Batterie-System und die Lithium-Expansion in Deutschland. AMG passt das EBITDA für diese außerordentlichen Kosten an.
AMG Advanced Metallurgical Group N.V.
Konsolidierte Gewinn- und Verlustrechnung
Für das Quartal zum 31. Dezember
In Tausend USD
2022
2021
Ungeprüft
Ungeprüft
Fortgeführte Aktivitäten
Umsatz
390.004
330.360
Umsatzkosten
(270.023)
(268.563)
Bruttogewinn
119.981
61.797
Vertriebs-, Verwaltungs- und Gemeinkosten
(36.579)
(39.501)
Umweltaufwendungen
(143)
(230)
Sonstige Aufwendungen
(940)
—
Sonstige Erträge
—
229
Sonstige betriebliche Nettoaufwendungen
(1.083)
(1)
Operativer Gewinn
82.319
22.295
Finanzertrag
5.459
1.107
Finanzkosten
(1.282)
(13.751)
Nettofinanzertrag (Kosten)
4.177
(12.644)
Anteil am Verlust von assoziierten Unternehmen und Joint Ventures
Anteil am Verlust von assoziierten Unternehmen und Joint Ventures
(1.250)
(1.053)
Gewinn vor Ertragsteuern
274.868
22.486
Ertragsteueraufwand
(84.097)
(8.707)
Periodenergebnis
190.771
13.779
Zurechenbarer Gewinn auf:
Aktionäre des Unternehmens
187.589
13.771
Nicht beherrschende Anteile
3.182
8
Periodenergebnis
190.771
13.779
Ergebnis je Aktie
Unverwässertes Ergebnis je Aktie
5,87
0,44
Verwässertes Ergebnis je Aktie
5,73
0,44
AMG Advanced Metallurgical Group N.V.
Konzernbilanz
In Tausend USD
31. Dezember 2022 Ungeprüft
31. Dezember 2021
Vermögenswerte
Sachanlagen
797.611
693.624
Goodwill und andere immaterielle Vermögenswerte
41.404
44.684
Derivative Finanzinstrumente
33.042
95
Sonstige Investitionen
29.324
29.830
Latente Steueransprüche
37.181
52.937
Verfügungsbeschränkte Zahlungsmittel
5.875
85.023
Sonstige Vermögenswerte
8.612
8.471
Summe der langfristigen Vermögenswerte
953.049
914.664
Vorratsvermögen
277.311
218.320
Derivative Finanzinstrumente
3.516
4.056
Forderungen aus Lieferungen und Leistungen und sonstigen Forderungen
162.548
145.435
Sonstige Vermögenswerte
121.834
65.066
Tatsächliche Steueransprüche
7.289
5.888
Verfügungsbeschränkte Zahlungsmittel
1.045
8.411
Zahlungsmittel und Zahlungsmitteläquivalente
346.043
337.877
Summe Umlaufvermögen
919.586
785.053
Gesamtvermögen
1.872.635
1.699.717
AMG Advanced Metallurgical Group N.V.
Konzernbilanz
(Fortsetzung)
In Tausend USD
31. Dezember 2022 Ungeprüft
31. Dezember 2021
Eigenkapital
Aktienkapital
853
853
Aktienagio
553.715
553.715
Eigene Aktien
(14.685)
(16.596)
Sonstige Rücklagen
(44.869)
(96.421)
Gewinnrücklagen (Defizit)
(4.461)
(173.117)
Den Aktionären der Gesellschaft zuzurechnendes Eigenkapital
490.553
268.434
Nicht beherrschende Anteile
27.296
25.718
Eigenkapital gesamt
517.849
294.152
Verbindlichkeiten
Darlehen und Kredite
661.270
675.384
Leasing-Verbindlichkeiten
44.224
45.692
Sozialleistungen für Mitarbeiter
117.160
162.628
Rückstellungen
12.361
14.298
Abgegrenzte Umsatzerlöse
20.000
22.341
Sonstige Verbindlichkeiten
15.009
11.098
Derivative Finanzinstrumente
284
2.064
Latente Steuerverbindlichkeiten
27.269
5.617
Summe der langfristigen Verbindlichkeiten
897.577
939.122
Darlehen und Kredite
15.164
27.341
Leasing-Verbindlichkeiten
4.710
4.857
Kurzfristige Bankschulden
6.391
13.046
Abgegrenzte Umsatzerlöse
28.277
18.478
Sonstige Verbindlichkeiten
69.917
80.672
Verbindlichkeiten aus Lieferungen und Leistungen und sonstigen Verbindlichkeiten
240.101
252.765
Derivative Finanzinstrumente
7.746
6.010
Vorauszahlungen von Kunden
51.054
35.091
Tatsächliche Steuerschuld
23.548
10.586
Rückstellungen
10.301
17.597
Summe kurzfristige Verbindlichkeiten
457.209
466.443
Summe Verbindlichkeiten
1.354.786
1.405.565
Summe Eigenkapital und Verbindlichkeiten
1.872.635
1.699.717
AMG Advanced Metallurgical Group N.V.
Konsolidierte Kapitalflussrechnung
Für das Jahr zum 31. Dezember
In Tausend USD
2022
2021
Ungeprüft
Zahlungsmittel aus betrieblicher Tätigkeit
Periodenergebnis
190.771
13.779
Anpassungen zur Abstimmung des Nettogewinns mit den Netto-Cashflows:
Nicht zahlungswirksam:
Ertragsteueraufwand
84.097
8.707
Abschreibung und Amortisation
45.299
43.685
Wertminderungsaufwand für Vermögenswerte (Rückbuchung)
10.597
(711)
Nettofinanzkosten
30.941
33.602
Anteil am Verlust von assoziierten Unternehmen und Joint Ventures
1.250
1.053
Erlöse aus dem Verkauf oder der Veräußerung von Sachanlagen
(592)
(65)
Anteilsbasierte Vergütungstransaktionen mit Ausgleich durch Eigenkapitalinstrumente
5.552
10.028
Veränderungen bei Rückstellungen, Pensionen und staatlichen Zuschüssen
(11.982)
(10.184)
Anpassungen des Betriebskapitals und der abgegrenzten Umsatzerlöse1
(123.281)
22.747
Zahlungsmittel, generiert aus betrieblicher Tätigkeit
232.652
122.641
Gezahlte Finanzkosten, netto
(23.289)
(21.950)
Gezahlte Ertragsteuer
(41.796)
(9.903)
Nettozahlungsmittel aus betrieblicher Tätigkeit
167.567
90.788
Zahlungsmittel, die für Investitionstätigkeiten verwendet werden
Erlöse aus dem Verkauf von Sachanlagen
2.538
1.029
Erwerb von Sachanlagen und immateriellen Vermögenswerten
(174.516)
(162.240)
Erwerb von Tochtergesellschaften
—
(458)
Investitionen in verbundene Unternehmen und Joint Ventures
(1.250)
(1.000)
Verwendung von verfügungsbeschränkten Zahlungsmitteln
86.514
115.485
Erhaltene Zinsen auf verfügungsbeschränkte Zahlungsmittel
250
39
Gezahlte aktivierte Fremdkapitalkosten
(16.652)
(15.838)
Sonstiges
12
30
Für Investitionstätigkeiten verwendete Nettozahlungsmittel
(103.104)
(62.953)
(1) Enthält ausstehende Forderungen im Zusammenhang mit Energie-Gutschriften im Silizium-Geschäft.
AMG Advanced Metallurgical Group N.V.
Konsolidierte Kapitalflussrechnung
(Fortsetzung)
Für das Jahr zum 31. Dezember
In Tausend USD
2022
2021
Ungeprüft
Zahlungsmittel (verwendet in) aus Finanzierungstätigkeiten
Einnahmen aus der Emission von Schuldtiteln
82
352.152
Zahlung von Transaktionskosten im Zusammenhang mit Schulden
—
(7.630)
Rückzahlung von Fremdkapital
(33.863)
(342.781)
Einnahmen aus der Emission von Stammaktien
—
123.627
Netto-Rückkauf von Stammaktien
(1.523)
(2.058)
Gezahlte Dividenden
(19.885)
(7.598)
Zahlung der Leasingverbindlichkeiten
(5.101)
(5.313)
Vorleistungen
11.000
—
Beiträge von Minderheitsbeteiligungen
—
667
Nettozahlungsmittel (verwendet in) aus Finanzierungsaktivitäten
(49.290)
111.066
Nettozunahme der Zahlungsmittel und Zahlungsmitteläquivalente
15.173
138.901
Zahlungsmittel und Zahlungsmitteläquivalente zum 1. Januar
337.877
207.366
Auswirkung von Wechselkursschwankungen auf Zahlungsmittelbestand
(7.007)
(8.390)
Zahlungsmittel und Zahlungsmitteläquivalente zum 31. Dezember
346.043
337.877
Diese Pressemitteilung enthält Insiderinformationen im Sinne von Artikel 7(1) der EU-Marktmissbrauchsverordnung.
Diese Pressemitteilung enthält vorgeschriebene Informationen im Sinne des niederländischen Finanzmarktaufsichtsgesetzes (Wet op het financieel toezicht).
Über AMG
AMG ist ein globales Unternehmen für kritische Materialien an der Spitze der CO2-Reduktionstrends. AMG produziert hochentwickelte Spezialmetalle und Mineralprodukte und bietet Vakuumofensysteme und Dienstleistungen für die Endmärkte Transport, Infrastruktur, Energie sowie Spezialmetalle und -chemikalien an.
Das Segment Clean Energy Materials von AMG kombiniert dessen Recycling- und Bergbaubetriebe, produziert Materialien für Infrastruktur- und Energiespeicherlösungen und reduziert gleichzeitig den CO2-Fußabdruck von Lieferanten und Kunden. Das Segment AMG Clean Energy Materials umfasst die Wertschöpfungsketten von Vanadium, Lithium und Tantal. Das Segment AMG Critical Materials Technologies kombiniert AMGs führende Vakuumofen-Technologielinie mit hochreinen Materialien für weltweit führende Unternehmen im Luft- und Raumfahrtsektor. Das Segment AMG Critical Minerals umfasst die Mineralaufbereitungsbetriebe von AMG für Antimon, Graphit und Siliziummetall.
AMG beschäftigt rund 3.400 Mitarbeiter und ist weltweit mit Produktionsstätten in Deutschland, Großbritannien, Frankreich, den Vereinigten Staaten, China, Mexiko, Brasilien, Indien, Sri Lanka und Mosambik tätig und verfügt über Vertriebs- und Kundendienstbüros in Japan. (www.amg-nv.com).
Für weitere Informationen wenden Sie sich bitte an:
AMG Advanced Metallurgical Group N.V. +1 610 975 4979
Bestimmte Aussagen in dieser Pressemitteilung sind keine historischen Fakten, sie sind „zukunftsorientiert“. Zu den zukunftsgerichteten Aussagen gehören Aussagen über AMGs Pläne, Erwartungen, Prognosen, Zielsetzungen, Vorgaben, Ziele, Strategien, zukünftige Ereignisse, künftige Erträge oder Leistungen, Investitionsausgaben, Finanzierungsbedarf, Pläne und Absichten im Zusammenhang mit Übernahmen, die Stärken und Schwächen von AMG im Wettbewerb, Pläne oder Ziele in Bezug auf die prognostizierte Produktion, Reserven, Finanzlage und zukünftige Tätigkeiten und Entwicklungen, die Geschäftsstrategie von AMG und die Trends, die AMG in den Branchen und dem politischen und rechtlichen Umfeld, in dem das Unternehmen tätig ist, antizipiert, sowie andere Informationen, die keine historischen Informationen sind. Bei Verwendung in dieser Pressemitteilung sollen die Wörter „erwartet“, „glaubt“, „antizipiert“, „plant“, „kann“, „wird“, „sollte“ und ähnliche Ausdrücke sowie deren verneinte Formen zukunftsgerichtete Aussagen identifizieren. Naturgemäß beinhalten zukunftsgerichtete Aussagen inhärente Risiken und Unsicherheiten, sowohl allgemeine als auch spezifische, und es bestehen Risiken, dass die Ausblicke, Vorhersagen, Prognosen und andere zukunftsgerichtete Aussagen nicht erreicht werden. Diese zukunftsgerichteten Aussagen reflektieren ausschließlich den Informationsstand zum Zeitpunkt dieser Pressemitteilung. AMG lehnt ausdrücklich jede Verpflichtung oder Zusage ab, Aktualisierungen oder Überarbeitungen von hierin enthaltenen zukunftsgerichteten Aussagen öffentlich bekannt zu geben, um Änderungen der diesbezüglichen Erwartungen von AMG oder Änderungen bei Ereignissen, Bedingungen oder Umständen, auf denen solche zukunftsgerichteten Aussagen beruhen, widerzuspiegeln.
Amsterdam, 22December 2022(Regulated Information)— AMG Advanced Metallurgical Group N.V. (“AMG”, EURONEXT AMSTERDAM: “AMG”) announces strategic partnership between AMG Brasil SA, JX Nippon Mining & Metals Corporation (“JXNMM”) and TANIOBIS GmbH for the production and supply of tantalum concentrate from AMG’s Mibra Mine located in the state of Minas Gerais in Brazil. JXNMM will invest in the expansion of tantalum concentrate production that is occurring in combination with AMG’s already announced expansion of spodumene capacity. All tantalum pre-concentrate will be processed at Mibra Mine and subsequently sold to TANIOBIS.
This partnership achieves greater vertical integration in tantalum for JXNMM and provides long-term stability in tantalum sales and corresponding by-product credits to lithium production costs for AMG Brasil.
“This agreement strengthens and builds upon the long-standing relationship between AMG Brasil, a renowned producer of conflict-free tantalum ore, and TANIOBIS, a global leading supplier of high-quality tantalum powders. I am excited to partner with JX Nippon Mining and Metals, and I believe this is the first step in the development of other mutually beneficial opportunities,” said Fabiano Costa, President of AMG Brasil SA.
“This partnership in tantalum business will further contribute a stable supply of advanced materials to the market with a transparent supply chain, as well as strengthen the partners’ integral business relationship in tantalum value chain,” said Nobuharu Masaki, Executive Officer, General Manager of Mineral Resources Division of JXNMM.
“Through our strong partnership among AMG Brasil, JXNMM, and TANIOBIS, we can fulfil our mission to enhance the stable supply of tantalum to the market. At the same time, we believe we can develop our overall tantalum relevant market with the steady growth in order to serve for the better world. I am really excited to go for our joint journey together with a great partner such as AMG Brasil,” said Kazuyuki Marukawa, Vice Chairman of TANIOBIS GmbH.
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 is a global critical materials company at the forefront of CO2 reduction trends. AMG produces highly engineered specialty metals and mineral products and provides related vacuum furnace systems and services to the transportation, infrastructure, energy, and specialty metals & chemicals end markets.
AMG Clean Energy Materials segment combines AMG’s recycling and mining operations, producing materials for infrastructure and energy storage solutions while reducing the CO2 footprint of both suppliers and customers. AMG Clean Energy Materials segment spans the vanadium, lithium, and tantalum value chains. AMG Critical Materials Technologies segment combines AMG’s leading vacuum furnace technology line with high-purity materials serving global leaders in the aerospace sector. AMG Critical Minerals segment consists of AMG’s mineral processing operations in antimony, graphite, and silicon metal.
With approximately 3,300 employees, AMG operates globally with production facilities in Germany, the United Kingdom, France, the United States, China, Mexico, Brazil, India, Sri Lanka, and Mozambique, and has sales and customer service offices in Japan (www.amg-nv.com).
For further information, please contact: AMG Advanced Metallurgical Group N.V.+1 6109754979 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.
Amsterdam, 2 November 2022(Regulated Information) — AMG Advanced Metallurgical Group N.V. (“AMG”, EURONEXT AMSTERDAM: “AMG”), a global critical materials company at the forefront of CO2 reduction trends, reported third quarter 2022 revenue of $425 million, a 36% increase versus the third quarter of 2021. Third quarter 2022 EBITDA of $103 million was the highest in AMG’s history, and a 210% increase versus the third quarter of 2021.
Dr. Heinz Schimmelbusch, Chairman of the Management Board and CEO, said, “This outstanding result was largely driven by AMG Lithium. The continued strength in both lithium demand and our low-cost position led to improved profitability in AMG Lithium in Brazil. The mission of AMG Lithium is to be the number one producer of electric vehicle battery materials in Europe by expanding production of battery-grade hydroxide, vertically integrating its Brazilian spodumene production and pursuing additional mineral resources.”
Outlook
Given the strong performance to date and the visibility into year end, AMG is increasing its EBITDA guidance for the full year 2022 to $320 million or higher, from a previous range of between $280 million and $300 million.
Important parameters for 2023 guidance are first and foremost the startup of the expanded production of lithium concentrate in Brazil in the second half of 2023; the market conditions primarily in lithium; and the ramp-up of the Zanesville refinery to full production. In view of this, AMG’s EBITDA guidance for 2023 is to exceed $400 million. It is important to note that since the increase of spodumene production will occur in the latter half of the year, 2023 EBITDA development will be back-end weighted.
Strategic Highlights
Lithium
The project to expand the spodumene production in AMG Brazil is under construction. The objective is to be at full capacity in the second half of 2023.
The AMG Lithium refinery in Bitterfeld, Germany, Europe’s first lithium hydroxide refinery, is under construction, and commissioning for the first 20,000-ton module of the battery-grade lithium hydroxide upgrader will commence in the fourth quarter of 2023.
AMG Lithium’s battery-grade hydroxide refinery has signed a binding supply agreement with EcoPro, a leading South Korean cathode paste producer, for an initial three-year term to deliver a minimum of 5,000 tons per annum of battery-grade lithium hydroxide to EcoPro’s cathode materials production plant in Debrecen, Hungary.
AMG has negotiated a strategic tolling contract for our spodumene production as well as third-party spodumene to supply technical-grade hydroxide to Bitterfeld.
AMG has consolidated its lithium value chain under one legal entity and is currently aligning its lithium management and governance structures to further increase the long-term value of its lithium activities. Accordingly, we are preparing a re-segmentation of AMG to be approved by the Supervisory Board in December and become effective on January 1, 2023.
Vanadium
The new vanadium spent catalyst recycling facility in Zanesville, Ohio, which started operating on October 29, 2022, is a clear manifestation of AMG’s industry leadership in the recycling of hazardous refinery waste globally. We are extremely pleased about the successful startup of both the roaster and the melt shop, and we expect the ramp-up to full production to take between three to four months.
Shell & AMG Recycling B.V. (“SARBV”) and its partner, the United Company for Industry (“UCI”), continue to advance the first project of the Supercenter in conjunction with Saudi Arabian Oil Company (“Aramco”). Plant design optimization, site selection and permitting activities are progressing and the FEL3 partnering with Hatch is expected to begin later this month. The SARBV-UCI-Aramco consortium are also developing a pipeline of projects which will conclude with the deployment of AMG’s LIVA Hybrid Energy Storage System technology.
AMG’s innovative lithium vanadium battery (“LIVA”) for industrial power management applications has successfully started up at our plant in Hauzenberg, Germany.
Financial Highlights
Revenue increased by 36% to $425 million in the third quarter of 2022 from $312 million in the third quarter of 2021.
EBITDA was a record $103 million in the third quarter of 2022, up 210% versus the third quarter 2021 EBITDA of $33 million.
Annualized return on capital employed was 29.5% for the first nine months of 2022, more than double the 10.4% for the same period in 2021.
Cash flow from operations was $75 million for the third quarter 2022, driven by the high profitability of AMG Lithium in Brazil.
Net income attributable to shareholders for the third quarter of 2022 was $68 million, yielding $2.09 diluted earnings per share, compared to $0.02 diluted loss per share in the third quarter of 2021.
AMG’s liquidity as of September 30, 2022 was $489 million, with $306 million of unrestricted cash and $183 million of revolving credit availability.
Key Figures
In 000’s US dollars
Q3 ‘22
Q3 ‘21
Change
Revenue
$424,813
$311,946
36%
Gross profit
112,071
51,083
119%
Gross margin
26.4%
16.4%
Operating profit
121,680
17,346
601%
Operating margin
28.6%
5.6%
Net income (loss) attributable to shareholders
68,146
(599)
N/A
EPS – Fully diluted
2.09
(0.02)
N/A
EBIT (1)
91,536
22,475
307%
EBITDA (2)
102,603
33,051
210%
EBITDA margin
24.2%
10.6%
Cash from operating activities
74,747
17,635
324%
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 and other exceptional items, equity-settled share-based payments, and strategic expenses.
(2) EBITDA is defined as EBIT adjusted for depreciation and amortization.
Operational Review
AMG Clean Energy Materials
Q3 ‘22
Q3 ‘21
Change
Revenue
$188,318
$105,308
79%
Gross profit
86,454
20,120
330%
Gross profit before non-recurring items
87,710
21,721
304%
Operating profit
74,888
9,985
650%
EBITDA
83,674
18,029
364%
AMG Clean Energy Materials’ revenue increased 79% compared to the third quarter of 2021, to $188 million, driven mainly by higher prices in vanadium, tantalum and lithium concentrates, as well as increased sales volumes of lithium concentrate. Sales volumes were up due to shipping schedule variances from AMG Brazil. This increase in the third quarter of 2022 includes a catch up from the second quarter as well as additional volumes that shipped in the third quarter that were planned for the fourth quarter.
Gross profit before non-recurring items for the quarter increased 304% compared to the same period in the prior year, primarily due to the increased price environment.
SG&A expenses in the third quarter of 2022 were $12 million, 15% higher than the third quarter of 2021, largely due to strategic project costs and higher variable compensation expense in the current quarter.
The third quarter 2022 EBITDA increased 364%, to $84 million, from $18 million in the third quarter of 2021, due to the improved gross profit as noted above.
AMG Critical Minerals
Q3 ‘22
Q3 ‘21
Change
Revenue
$84,935
$79,392
7%
Gross profit
674
10,660
(94%)
Gross profit before non-recurring items
12,210
10,843
13%
Operating profit
40,301
4,028
901%
EBITDA
7,327
6,509
13%
AMG Critical Minerals’ revenue increased by $6 million, or 7%, to $85 million, driven by higher sales prices in all three businesses.
Gross profit before non-recurring items of $12 million in the third quarter was 13% higher compared to the third quarter of 2021. The higher revenue was due to the improved price environment, partially offset by increased raw material prices as well as the ongoing rise in energy and shipping costs.
SG&A expenses in the third quarter of 2022 slightly increased by 3%, to $7 million, compared to the same period in 2021.
Despite ongoing inflationary pressures, the third quarter 2022 EBITDA increased 13% compared to the same period in 2021.
Effective January 1, 2023, AMG will place its silicon metal plant in Pocking, Germany, on care and maintenance due to external economic factors and will review this decision on a quarterly basis. The overall EBITDA effect, should there be a shutdown longer than one quarter, is immaterial to AMG’s overall projected 2023 results.
Associated with this shutdown, AMG recorded income from the sale of an existing supply contract which positively impacted operating profit for the quarter. This income was offset by a settlement with a major customer and an impairment of existing assets. The future proceeds are also available to offset potential restructuring expenses in the future. The cost associated with retaining current employees for care and maintenance will be recorded as incurred in accordance with accounting standards.
AMG Critical Materials Technologies
Q3 ‘22
Q3 ‘21
Change
Revenue
$151,560
$127,246
19%
Gross profit
24,943
20,303
23%
Gross profit before non-recurring items
24,990
20,293
23%
Operating profit
6,491
3,333
95%
EBITDA
11,602
8,513
36%
AMG Critical Materials Technologies‘ third quarter 2022 revenue increased by $24 million, or 19%, compared to the same period in 2021. This improvement was due to increased titanium alloys sales, as well as higher titanium alloy and chrome metal pricing. Third quarter 2022 gross profit before non-recurring items increased by $5 million, or 23%, to $25 million due to the higher volumes and prices.
SG&A expenses increased by 9% in the third quarter of 2022 compared to the same period in 2021, mainly driven by higher share-based and variable compensation expense and higher professional fees in the current quarter.
AMG Critical Materials Technologies’ EBITDA increased to $12 million during the quarter, compared to $9 million in the third quarter of 2021. This was primarily due to higher profitability in chrome metal and titanium alloys.
AMG Engineering signed $93 million in new orders during the third quarter of 2022, driven by strong orders of remelting, induction and heat treatment furnaces, representing a 1.73x book to bill ratio. Order backlog was $211 million as of September 30, 2022, 17% greater than the $181 million as of June 30, 2022.
Financial Review
Tax
AMG recorded an income tax expense of $39 million in the third quarter of 2022, compared to $10 million in the same period in 2021. This variance was mainly driven by enhanced operating results coupled with movements in the Brazilian real. The effects of the Brazilian real caused a $2 million deferred tax benefit in the third quarter of 2022 (2021: $8 million tax expense). Fluctuations in the Brazilian real exchange rate impact the valuation of the Company’s net deferred tax positions related to our operations in Brazil.
AMG paid taxes of $10 million in the third quarter of 2022, compared to tax payments of $4 million in the third quarter of 2021.
Exceptional Items
AMG’s third quarter 2022 gross profit includes exceptional items, which are not included in the calculation of EBITDA.
A summary of exceptional items included in gross profit in the third quarters of 2022 and 2021 are below:
Exceptional items included in gross profit
Q3 ‘22
Q3 ‘21
Change
Gross profit
$112,071
$51,083
119%
Restructuring expense
11
261
(96%)
Asset impairment expense (reversal)
11,587
(88)
N/A
Strategic project expense
1,241
1,095
13%
Others
—
506
N/A
Gross profit excluding exceptional items
124,910
52,857
136%
Energy Costs
Total energy costs were $5 million higher in the third quarter of 2022 versus the same period in 2021 due to significant increases in gas and electricity costs during the quarter. The majority of this increase was at our silicon business in Germany, but that business benefited from fully hedged power costs. Other business units benefited from long-term electricity contracts that have no price escalation clauses, and the business units that did experience energy cost increases were able to pass through most of these increased costs to their customers.
SG&A
AMG’s third quarter 2022 SG&A expenses were $37 million compared to $34 million in the third quarter of 2021, with the variance largely driven by higher compensation expense due to higher profitability forecasted for the year and increased professional fees associated with strategic projects.
Net Other Operating Income
AMG recorded a net contract settlement benefit of $46 million associated with the cancellation of a supply contract for AMG Silicon, offset by a settlement with a major customer.
Liquidity
September 30, 2022
December 31, 2021
Change
Senior secured debt
$357,685
$371,897
(4%)
Cash & cash equivalents
306,416
337,877
(9%)
Senior secured net debt
51,269
34,020
51%
Other debt
14,926
24,398
(39%)
Net debt excluding municipal bond
66,195
58,418
13%
Municipal bond debt
319,304
319,476
— %
Restricted cash
17,069
93,434
(82%)
Net debt
368,430
284,460
30%
AMG had a net debt position of $368 million as of September 30, 2022. This increase was mainly due to the significant investment in growth initiatives during the quarter.
AMG continued to maintain a strong balance sheet and adequate sources of liquidity during the third quarter. As of September 30, 2022, the Company had $306 million in unrestricted cash and cash equivalents and $183 million available on its revolving credit facility. As such, AMG had $489 million of total liquidity as of September 30, 2022.
Net Finance Costs
AMG’s third quarter 2022 net finance costs were $14 million compared to $8 million in the third quarter of 2021. This increase was mainly driven by foreign exchange losses of $6 million during the quarter primarily due to non-cash intergroup balances.
AMG capitalized $2 million of interest costs in the third quarter of 2022 versus $4 million in the same period in 2021, driven by interest associated with the Company’s tax-exempt municipal bond supporting the vanadium expansion in Ohio. This decrease is due to a portion of the municipal bond interest costs which are no longer being capitalized due to the ramp-up of production at our Zanesville facility.
Profit (loss) for the period to EBITDA reconciliation
Q3 ‘22
Q3 ‘21
Profit (loss) for the period
$68,339
($310)
Income tax expense
38,603
9,904
Net finance cost
13,988
7,543
Equity-settled share-based payment transactions
1,386
1,015
Restructuring expense
11
261
Net contract settlements
(46,407)
—
Asset impairment expense (reversal)
11,587
(88)
Strategic project expense (1)
3,282
3,311
Share of loss of associates
750
209
Others
(3)
630
EBIT
91,536
22,475
Depreciation and amortization
11,067
10,576
EBITDA
102,603
33,051
(1) The Company is in the initial development and ramp-up phases for several strategic expansion projects, including AMG Vanadium’s expansion project, the joint venture with Shell, Hybrid Lithium Vanadium Redox Flow 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 Advanced Metallurgical Group N.V.
Condensed Interim Consolidated Income Statement
For the quarter ended September 30
In thousands of US dollars
2022
2021
Unaudited
Unaudited
Continuing operations
Revenue
424,813
311,946
Cost of sales
(312,742)
(260,863)
Gross profit
112,071
51,083
Selling, general and administrative expenses
(36,888)
(33,750)
Other income, net
46,497
13
Net other operating income
46,497
13
Operating profit
121,680
17,346
Finance income
1,222
357
Finance cost
(15,210)
(7,900)
Net finance cost
(13,988)
(7,543)
Share of loss of associates and joint ventures
(750)
(209)
Profit before income tax
106,942
9,594
Income tax expense
(38,603)
(9,904)
Profit (loss) for the period
68,339
(310)
Profit (loss) attributable to:
Shareholders of the Company
68,146
(599)
Non-controlling interests
193
289
Profit (loss) for the period
68,339
(310)
Earnings (loss) per share
Basic earnings (loss) per share
2.13
(0.02)
Diluted earnings (loss) per share
2.09
(0.02)
AMG Advanced Metallurgical Group N.V.
Condensed Interim Consolidated Income Statement
For the nine months ended September 30
In thousands of US dollars
2022
2021
Unaudited
Unaudited
Continuing operations
Revenue
1,252,770
874,306
Cost of sales
(963,265)
(727,860)
Gross profit
289,505
146,446
Selling, general and administrative expenses
(111,384)
(100,075)
Environmental expense
—
(11,711)
Other income, net
46,619
186
Net other operating income (expense)
46,619
(11,525)
Operating profit
224,740
34,846
Finance income
3,602
831
Finance cost
(38,720)
(21,789)
Net finance cost
(35,118)
(20,958)
Share of loss of associates and joint ventures
(1,250)
(834)
Profit before income tax
188,372
13,054
Income tax expense
(60,270)
(3,414)
Profit for the period
128,102
9,640
Profit attributable to:
Shareholders of the Company
126,892
8,066
Non-controlling interests
1,210
1,574
Profit for the period
128,102
9,640
Earnings per share
Basic earnings per share
3.97
0.26
Diluted earnings per share
3.91
0.26
AMG Advanced Metallurgical Group N.V.
Condensed Interim Consolidated Statement of Financial Position
In thousands of US dollars
September 30, 2022 Unaudited
December 31, 2021
Assets
Property, plant and equipment
748,398
693,624
Goodwill and other intangible assets
40,241
44,684
Derivative financial instruments
34,753
95
Other investments
26,218
29,830
Deferred tax assets
32,824
52,937
Restricted cash
11,841
85,023
Other assets
8,709
8,471
Total non-current assets
902,984
914,664
Inventories
273,804
218,320
Derivative financial instruments
5,689
4,056
Trade and other receivables
160,789
145,435
Other assets
123,329
65,066
Current tax assets
8,621
5,888
Restricted cash
5,228
8,411
Cash and cash equivalents
306,416
337,877
Total current assets
883,876
785,053
Total assets
1,786,860
1,699,717
AMG Advanced Metallurgical Group N.V.
Condensed Interim Consolidated Statement of Financial Position
(continued)
In thousands of US dollars
September 30,2022 Unaudited
December 31, 2021
Equity
Issued capital
853
853
Share premium
553,715
553,715
Treasury shares
(14,906)
(16,596)
Other reserves
(54,829)
(96,421)
Retained earnings (deficit)
(66,832)
(173,117)
Equity attributable to shareholders of the Company
418,001
268,434
Non-controlling interests
23,978
25,718
Total equity
441,979
294,152
Liabilities
Loans and borrowings
662,181
675,384
Lease liabilities
39,318
45,692
Employee benefits
105,256
162,628
Provisions
14,031
14,298
Deferred revenue
20,541
22,341
Other liabilities
5,260
11,098
Derivative financial instruments
1,014
2,064
Deferred tax liabilities
16,263
5,617
Total non-current liabilities
863,864
939,122
Loans and borrowings
23,844
27,341
Lease liabilities
4,161
4,857
Short-term bank debt
5,890
13,046
Deferred revenue
22,713
18,478
Other liabilities
67,971
80,672
Trade and other payables
262,143
252,765
Derivative financial instruments
15,749
6,010
Advance payments from customers
40,766
35,091
Current tax liability
26,524
10,586
Provisions
11,256
17,597
Total current liabilities
481,017
466,443
Total liabilities
1,344,881
1,405,565
Total equity and liabilities
1,786,860
1,699,717
AMG Advanced Metallurgical Group N.V.
Condensed Interim Consolidated Statement of Cash Flows
For the nine months ended September 30
In thousands of US dollars
2022
2021
Unaudited
Unaudited
Cash from operating activities
Profit for the period
128,102
9,640
Adjustments to reconcile net profit to net cash flows:
Non-cash:
Income tax expense
60,270
3,414
Depreciation and amortization
32,957
32,478
Asset impairment expense (reversal)
11,587
(864)
Net finance cost
35,118
20,958
Share of loss of associates and joint ventures
1,250
834
Loss (gain) on sale or disposal of property, plant and equipment
12
(96)
Equity-settled share-based payment transactions
4,138
3,143
Movement in provisions, pensions, and government grants
(7,532)
(3,267)
Working capital and deferred revenue adjustments
(113,601)
17,908
Cash generated from operating activities
152,301
84,148
Finance costs paid, net
(19,014)
(14,960)
Income tax paid
(22,689)
(8,625)
Net cash from operating activities
110,598
60,563
Cash used in investing activities
Proceeds from sale of property, plant and equipment
151
1,071
Acquisition of property, plant and equipment and intangibles
(134,244)
(125,366)
Investments in associates and joint ventures
(1,250)
(1,000)
Change in restricted cash
76,365
94,092
Interest received on restricted cash
179
33
Capitalized borrowing cost
(15,307)
(15,608)
Other
12
(428)
Net cash used in investing activities
(74,094)
(47,206)
AMG Advanced Metallurgical Group N.V.
Condensed Interim Consolidated Statement of Cash Flows
(continued)
For the nine months ended September 30
In thousands of US dollars
2022
2021
Unaudited
Unaudited
Cash (used in) from financing activities
Proceeds from issuance of debt
83
2,644
Payment of transaction costs related to debt
—
(390)
Repayment of borrowings
(23,948)
(8,047)
Net (repurchase of) proceeds from issuance of common shares
(1,523)
121,569
Dividends paid
(19,885)
(7,598)
Payment of lease liabilities
(3,738)
(3,939)
Contributions by non-controlling interests
—
648
Net cash (used in) from financing activities
(49,011)
104,887
Net (decrease) increase in cash and cash equivalents
(12,507)
118,244
Cash and cash equivalents at January 1
337,877
207,366
Effect of exchange rate fluctuations on cash held
(18,954)
(6,156)
Cash and cash equivalents at September 30
306,416
319,454
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 is a global critical materials company at the forefront of CO2 reduction trends. AMG produces highly engineered specialty metals and mineral products and provides related vacuum furnace systems and services to the transportation, infrastructure, energy, and specialty metals & chemicals end markets.
AMG Clean Energy Materials segment combines AMG’s recycling and mining operations, producing materials for infrastructure and energy storage solutions while reducing the CO2 footprint of both suppliers and customers. AMG Clean Energy Materials segment spans the vanadium, lithium, and tantalum value chains. AMG Critical Materials Technologies segment combines AMG’s leading vacuum furnace technology line with high-purity materials serving global leaders in the aerospace sector. AMG Critical Minerals segment consists of AMG’s mineral processing operations in antimony, graphite, and silicon metal.
With approximately 3,300 employees, AMG operates globally with production facilities in Germany, the United Kingdom, France, the United States, China, Mexico, Brazil, India, Sri Lanka, and Mozambique, and has sales and customer service offices in Japan (www.amg-nv.com).
For further information, please contact: AMG Advanced Metallurgical Group 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.
Amsterdam, 6September2022(Regulated Information)— AMG Advanced Metallurgical Group N.V. („AMG“, EURONEXT AMSTERDAM: „AMG“) announces its wholly owned subsidiary, AMG Lithium GmbH of Frankfurt (“AMG Lithium”), has signed a binding supply agreement („Agreement“) with Korean company EcoPro („EcoPro“), for an initial three-year term. AMG Lithium will supply EcoPro with battery-grade lithium hydroxide from its plant in Bitterfeld-Wolfen, Germany, which is recently under construction and scheduled to start commissioning in Q3 2023.
Under the Agreement, AMG Lithium will deliver a minimum of 5,000 tonnes per annum (“tpa”) of battery-grade lithium hydroxide to EcoPro BM’s cathode materials production plant in Debrecen, Hungary. The contract includes an option for additional volumes.
Initial quantities for qualification purposes are scheduled to be delivered in late 2023 – with regular quantities to follow in 2024.
AMG Lithium plans to produce an annual amount of 20,000 tpa of battery-grade lithium hydroxide in the first module in Bitterfeld-Wolfen with four additional modules planned to achieve a total annual production capacity of 100,000 tpa.
“We are happy to have reached this Agreement to supply EcoPro’s European cathode materials plant out of our Bitterfeld refinery. We are looking forward to growing our future business with EcoPro with additional quantities and potentially dedicating an entire module on an exclusive basis,” said Stefan Scherer, CEO of AMG Lithium.
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 financieeltoezicht).
About AMG
AMG is a global critical materials company at the forefront of CO2 reduction trends. AMG produces highly engineered specialty metals and mineral products and provides related vacuum furnace systems and services to the transportation, infrastructure, energy, and specialty metals & chemicals end markets. AMG Clean Energy Materials segment combines AMG’s recycling and mining operations, producing materials for infrastructure and energy storage solutions while reducing the CO2 footprint of both suppliers and customers. AMG Clean Energy Materials segment spans the vanadium, lithium, and tantalum value chains. AMG Critical Materials Technologies segment combines AMG’s leading vacuum furnace technology line with high-purity materials serving global leaders in the aerospace sector. AMG Critical Minerals segment consists of AMG’s mineral processing operations in antimony, graphite, and silicon metal.
With approximately 3,300 employees, AMG operates globally with production facilities in Germany, the United Kingdom, France, the United States, China, Mexico, Brazil, India, Sri Lanka, and Mozambique, and has sales and customer service offices in Japan (www.amg-nv.com).
For further information, please contact: AMG Advanced Metallurgical Group N.V.+1 6109754979 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.
Amsterdam, 28 July 2022(Regulated Information)— AMG Advanced Metallurgical Group N.V. (“AMG”, EURONEXT AMSTERDAM: “AMG”) declares an interim dividend of €0.30 per ordinary share, from an interim dividend of €0.10 per ordinary share in the prior year.
The interim dividend of €0.30 per ordinary share, in respect of the period from January 1, 2022 to June 30, 2022, is payable on August 10, 2022 to shareholders of record as of August 2, 2022. The ex-dividend date will be August 1, 2022. Dutch withholding tax will be deducted from the dividend at a rate of 15%.
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 is a global critical materials company at the forefront of CO2 reduction trends. AMG produces highly engineered specialty metals and mineral products and provides related vacuum furnace systems and services to the transportation, infrastructure, energy, and specialty metals & chemicals end markets.
AMG Clean Energy Materials segment combines AMG’s recycling and mining operations, producing materials for infrastructure and energy storage solutions while reducing the CO2 footprint of both suppliers and customers. AMG Clean Energy Materials segment spans the vanadium, lithium, and tantalum value chains. AMG Critical Materials Technologies segment combines AMG’s leading vacuum furnace technology line with high-purity materials serving global leaders in the aerospace sector. AMG Critical Minerals segment consists of AMG’s mineral processing operations in antimony, graphite, and silicon metal.
With approximately 3,300 employees, AMG operates globally with production facilities in Germany, the United Kingdom, France, the United States, China, Mexico, Brazil, India, Sri Lanka, and Mozambique, and has sales and customer service offices in Japan (www.amg-nv.com).
For further information, please contact: AMG Advanced Metallurgical Group N.V.+1 6109754979 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.
Construction and commissioning of the new vanadium spent catalyst recycling facility in Zanesville, Ohio is proceeding as planned. The roaster is fully operational, and the entire plant is expected to be at run-rate capacity by the end of the fourth quarter of 2022.
The project to expand the spodumene production in AMG Brazil is on time and on budget. The objective is to be in full production in the second half of 2023 or earlier.
AMG Lithium has started construction of the first European lithium refinery, and commissioning for the first module of the battery-grade lithium hydroxide upgrader will commence in the second half of 2023.
AMG’s first lithium vanadium battery (“LIVA”) for industrial power management applications is proceeding as planned and the objective is to be fully operational in the fourth quarter of 2022.
Shell & AMG Recycling B.V. (“SARBV”) and its partner, the United Company for Industry (“UCI”), have signed an agreement with Saudi Arabian Oil Company (“Aramco”). Basic engineering has begun on the first of four projects to build, own and operate a conversion plant of vanadium-containing gasification ash supplied by Aramco into vanadium oxide and vanadium electrolyte.
Financial Highlights
Revenue increased by 42% to $424.1 million in the second quarter of 2022 from $298.4 million in the second quarter of 2021.
EBITDA was $81.1 million in the second quarter of 2022, up 158% versus the second quarter 2021 EBITDA of $31.4 million, marking the highest six-month and quarterly EBITDA in AMG’s history and its eighth straight quarter of sequential improvement.
Annualized return on capital employed was 25.5% for the first six months of 2022, more than double the 10.0% for the same period in 2021.
Net income to shareholders for the second quarter of 2022 was $29.6 million, yielding 91 cents diluted earnings per share, compared to $3.6 million of net income to shareholders in the same period in the prior year and 11 cents diluted earnings per share.
AMG’s liquidity as of June 30, 2022, was $476 million, with $301 million of unrestricted cash and $175 million of revolving credit availability.
AMG declares an interim dividend of €0.30 per ordinary share, to be paid in the third quarter of 2022.
Amsterdam, 28 July 2022(Regulated Information) — AMG Advanced Metallurgical Group N.V. (“AMG”, EURONEXT AMSTERDAM: “AMG”) reported second quarter 2022 revenue of $424.1 million, a 42% increase versus the second quarter of 2021. EBITDA for the second quarter of 2022 was $81.1 million, a 158% increase versus the second quarter of 2021. This also marks the eighth straight quarter of sequential growth after the pandemic low point in the second quarter of 2020.
Dr. Heinz Schimmelbusch, Chairman of the Management Board and CEO, said, “AMG generated the highest quarterly EBITDA in our history in the second quarter of 2022. EBITDA for the second quarter of 2022 was $81 million, up 158% from the same period in 2021, and 48% higher than the first quarter of 2022. This outstanding result is mainly driven by our AMG Clean Energy Materials segment, where strong lithium prices lead to improved profitability in AMG Brazil, as well as by increased aerospace activity within our AMG Critical Materials Technologies segment.
“All of AMG’s strategic projects cluster in our AMG Clean Energy Materials segment and all of these projects are proceeding as planned. Each of these projects is oriented toward growing our production of electricity storage materials or increasing our footprint in the circular economy.
Commissioning has started at the Zanesville, Ohio, spent catalyst recycling facility. The roasting plant has reached its design capacity and is presently undergoing the final performance test. The “melt shop” is starting its commissioning process. With this new recycling plant, AMG solidifies its position as the world leader in the recycling of refinery waste. We are pleased to announce that large scale shipments of refinery waste from overseas have started.
The expansion project of AMG Brazil’s lithium concentrate production is proceeding as planned and the production is fully sold at market price via long-term contracts.
AMG Lithium has begun construction of the first European lithium refinery. The first module of the battery-grade lithium hydroxide upgrader will commence commissioning in the second half of 2023.
AMG’s first lithium vanadium battery (“LIVA”) for industrial power management applications has begun commissioning.
SARBV and UCI recently signed agreements in the Kingdom of Saudi Arabia. The joint venture plans to execute four distinct projects under an entity currently being formed, Advanced Circular Materials Company (“ACMC”):
Build, own and operate a conversion plant of vanadium-containing gasification ash into vanadium oxide and vanadium electrolyte for redox flow batteries;
A spent catalyst recycling facility;
A fresh catalyst R&D laboratory;
Mass energy storage facilities (vanadium redox flow battery manufacturing).
Basic engineering for the first project has begun and it will lay the foundation for all other projects with the Supercenter. It will produce and sell high-purity vanadium oxide and vanadium electrolyte. This is the largest such project in the world and is under long-term market-based contracts with Aramco. The materials this project will produce are destined to feed the emerging vanadium redox flow battery market.
“We are extremely pleased to announce the accomplishments of these strategic projects along with the best quarterly results in the history of the Company.”
Key Figures
In 000’s US dollars
Q2 ‘22
Q2 ‘21
Change
Revenue
$424,094
$298,374
42%
Gross profit
102,240
48,499
111%
Gross margin
24.1%
16.3%
Operating profit
65,246
3,691
1,668%
Operating margin
15.4%
1.2%
Net income attributable to shareholders
29,631
3,566
731%
EPS – Fully diluted
0.91
0.11
727%
EBIT (1)
69,763
20,462
241%
EBITDA (2)
81,126
31,401
158%
EBITDA margin
19.1%
10.5%
Cash from operating activities
39,505
23,018
72%
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, and strategic expenses.
(2) EBITDA is defined as EBIT adjusted for depreciation and amortization.
Operational Review
AMG Clean Energy Materials
Q2 ‘22
Q2 ‘21
Change
Revenue
$159,762
$90,135
77%
Gross profit
60,821
13,822
340%
Gross profit before non-recurring items
61,654
16,122
282%
Operating profit (loss)
49,704
(7,415)
N/A
EBITDA
58,232
12,554
364%
AMG Clean Energy Materials’ revenue increased 77% compared to the second quarter of 2021, to $159.8 million, driven mainly by higher prices in vanadium, tantalum and lithium concentrates. Sales volumes were down due to shipping schedule variances from AMG Brazil and maintenance downtime at our Cambridge facility.
Gross profit before non-recurring items for the quarter increased 282% compared to the same period in the prior year, primarily due to the increased price environment.
SG&A expenses in the second quarter of 2022 were $11.1 million, $1.6 million higher than the second quarter of 2021, largely due to higher share-based and variable compensation expense.
The second quarter 2022 EBITDA increased 364%, to $58.2 million, from $12.6 million in the second quarter of 2021, due to the improved gross profit as noted above.
AMG Critical Minerals
Q2 ‘22
Q2 ‘21
Change
Revenue
$103,416
$76,793
35%
Gross profit
14,028
13,732
2%
Gross profit before non-recurring items
14,029
13,397
5%
Operating profit
7,086
7,009
1%
EBITDA
9,069
9,220
(2%)
AMG Critical Minerals’ revenue increased by $26.6 million, or 35%, to $103.4 million, driven by strong sales volumes of antimony and graphite as well as higher sales prices in silicon and antimony.
Gross profit before non-recurring items of $14.0 million in the second quarter was $0.6 million higher compared to the second quarter of 2021. The higher revenue was due to the improved pricing and higher sales volumes noted above and was offset by increased raw material prices as well as the ongoing rise in energy and shipping costs.
SG&A expenses in the second quarter of 2022 slightly increased by 2%, to $7.0 million, compared to the same period in 2021.
The second quarter 2022 EBITDA was consistent with the same period in the prior year despite ongoing inflationary pressures including energy and shipping cost increases.
AMG Critical Materials Technologies
Q2 ‘22
Q2 ‘21
Change
Revenue
$160,916
$131,446
22%
Gross profit
27,391
20,945
31%
Gross profit before non-recurring items
27,431
21,059
30%
Operating profit
8,456
4,097
106%
EBITDA
13,825
9,627
44%
AMG Critical Materials Technologies‘ second quarter 2022 revenue increased by $29.5 million, or 22%, compared to the same period in 2021. This improvement was due to increased titanium alloys sales, as well as higher chrome metal pricing associated with improving conditions in the aerospace sector. Second quarter 2022 gross profit before non-recurring items increased by $6.4 million, or 30%, to $27.4 million due to the higher volumes and prices.
SG&A expenses increased by $2.1 million in the second quarter of 2022 compared to the same period in 2021, mainly driven by higher share-based and variable compensation expense and higher professional fees in the current quarter.
AMG Critical Materials Technologies’ EBITDA increased to $13.8 million during the quarter, compared to $9.6 million in the second quarter of 2021. This was primarily due to higher profitability in chrome metal and titanium alloys.
AMG Engineering signed $59.8 million in new orders during the second quarter of 2022, driven by strong orders of induction furnaces, representing a 1.10x book to bill ratio. Order backlog was $181.0 million as of June 30, 2022, slightly lower than the $183.5 million as of March 31, 2022.
Financial Review
Tax
AMG recorded an income tax expense of $23.2 million in the second quarter of 2022, compared to an income tax benefit of $5.6 million in the same period in 2021. This variance was mainly driven by higher pre-tax income compared to the prior period and movements in the Brazilian real versus the US dollar. The effects of the Brazilian real caused a $3.8 million non-cash tax expense in the second quarter of 2022 compared to a $12.4 million non-cash tax benefit in the second quarter of 2021. Movements in the Brazilian real exchange rate impact the valuation of the Company’s net deferred tax positions related to our operations in Brazil.
AMG paid taxes of $9.1 million in the second quarter of 2022, compared to tax payments of $2.5 million in the second quarter of 2021.
Exceptional Items
AMG’s second quarter 2022 gross profit includes exceptional items, which are not included in the calculation of EBITDA.
A summary of exceptional items included in gross profit in the second quarters of 2022 and 2021 are below:
Exceptional items included in gross profit
Q2 ‘22
Q2 ‘21
Change
Gross profit
$102,240
$48,499
111%
Inventory cost adjustment
—
1,497
N/A
Restructuring expense
41
334
(88%)
Asset impairment reversal
—
(640)
N/A
Strategic project expense
833
888
(6%)
Gross profit excluding exceptional items
103,114
50,578
104%
Energy Costs
Total energy costs were $9.9 million higher in the second quarter of 2022 versus the same period in 2021 due to significant increases in gas and electricity costs during the quarter. The majority of this increase was at our silicon business in Germany, but that business benefited from fully hedged power costs. Other business units benefited from long-term electricity contracts that have no price escalation clauses, and the business units that did experience energy cost increases were able to pass through most of these increased costs to their customers.
SG&A
AMG’s second quarter 2022 SG&A expenses were $37.0 million compared to $33.2 million in the second quarter of 2021, with the variance largely driven by higher compensation expense due to higher profitability forecasted for the year and increased professional fees associated with strategic projects.
Liquidity
June 30, 2022
December 31, 2021
Change
Senior secured debt
$365,751
$371,897
(2%)
Cash & cash equivalents
300,758
337,877
(11%)
Senior secured net debt
64,993
34,020
91%
Other debt
22,644
24,398
(7%)
Net debt excluding municipal bond
87,637
58,418
50%
Municipal bond debt
319,363
319,476
—%
Restricted cash
42,182
93,434
(55%)
Net debt
364,818
284,460
28%
AMG had a net debt position of $364.8 million as of June 30, 2022. This increase was mainly due to the significant investment in growth initiatives during the quarter.
AMG continued to maintain a strong balance sheet and adequate sources of liquidity during the second quarter. Employee benefit liabilities decreased $55 million during the quarter to $108 million mainly due to rising discount rates. This decrease in employee benefit liabilities combined with AMG’s higher earnings have increased our equity attributable to shareholders to $357 million, a 33% increase over the year-end value.
As of June 30, 2022, the Company had $301 million in unrestricted cash and cash equivalents and $175 million available on its revolving credit facility. As such, AMG had $476 million of total liquidity as of June 30, 2022.
Net Finance Costs
AMG’s second quarter 2022 net finance costs were $12.2 million compared to $4.8 million in the second quarter of 2021. This increase was mainly driven by non-cash intergroup related foreign exchange losses of $7.5 million during the quarter.
AMG capitalized $2.1 million of interest costs in the second quarter of 2022 versus $3.8 million in the same period in 2021, driven by interest associated with the Company’s tax-exempt municipal bond supporting the vanadium expansion in Ohio. This decrease is due to a portion of the municipal bond interest costs which are no longer being capitalized due to the ramp up of production at our Zanesville facility.
Outlook
AMG continues to provide strong and consistent results despite the global economic fallout from the geopolitical turbulence in recent months. We are continuing to focus on the things we can control and are extremely pleased with the noted achievements in our strategic initiatives which will drive long-term value creation. EBITDA was $81.1 million in the second quarter of 2022, the highest quarterly EBITDA in AMG’s history. As mentioned, it was the eighth straight quarter of sequential improvement.
As the year has progressed and more information is available, AMG is increasing its EBITDA guidance for the full year 2022 to a range of between $280 million and $300 million. This range is supported by AMG’s geographic diversification and the strength of the global lithium market.
Net income to EBITDA reconciliation
Q2 ‘22
Q2 ‘21
Net income
$29,879
$4,272
Income tax expense (benefit)
23,156
(5,580)
Net finance cost
12,211
4,761
Equity-settled share-based payment transactions
1,372
1,194
Restructuring expense
41
334
Inventory cost adjustment
—
1,497
Asset impairment reversal
—
(640)
Environmental provision
—
11,651
Strategic project expense (1)
3,107
2,525
Others
(3)
448
EBIT
69,763
20,462
Depreciation and amortization
11,363
10,939
EBITDA
81,126
31,401
(1) The Company is in the initial development and ramp-up phases for several strategic expansion projects, including AMG Vanadium’s expansion project, the joint venture with Shell, Hybrid Lithium Vanadium Redox Flow 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 Advanced Metallurgical Group N.V.
Condensed Interim Consolidated Income Statement
For the quarter ended June 30
In thousands of US dollars
2022
2021
Unaudited
Unaudited
Continuing operations
Revenue
424,094
298,374
Cost of sales
(321,854)
(249,875)
Gross profit
102,240
48,499
Selling, general and administrative expenses
(37,034)
(33,232)
Environmental expense
—
(11,651)
Other income, net
40
75
Net other operating income (expense)
40
(11,576)
Operating profit
65,246
3,691
Finance income
2,081
264
Finance cost
(14,292)
(5,025)
Net finance cost
(12,211)
(4,761)
Share of loss of associates and joint ventures
—
(238)
Profit (loss) before income tax
53,035
(1,308)
Income tax (expense) benefit
(23,156)
5,580
Profit for the period
29,879
4,272
Profit attributable to:
Shareholders of the Company
29,631
3,566
Non-controlling interests
248
706
Profit for the period
29,879
4,272
Earnings per share
Basic earnings per share
0.93
0.11
Diluted earnings per share
0.91
0.11
AMG Advanced Metallurgical Group N.V.
Condensed Interim Consolidated Income Statement
For the six months ended June 30
In thousands of US dollars
2022
2021
Unaudited
Unaudited
Continuing operations
Revenue
827,957
562,360
Cost of sales
(650,523)
(466,997)
Gross profit
177,434
95,363
Selling, general and administrative expenses
(74,496)
(66,325)
Environmental expense
—
(11,711)
Other income, net
122
173
Net other operating income (expense)
122
(11,538)
Operating profit
103,060
17,500
Finance income
2,380
474
Finance cost
(23,510)
(13,889)
Net finance cost
(21,130)
(13,415)
Share of loss of associates and joint ventures
(500)
(625)
Profit before income tax
81,430
3,460
Income tax (expense) benefit
(21,667)
6,490
Profit for the period
59,763
9,950
Profit attributable to:
Shareholders of the Company
58,746
8,665
Non-controlling interests
1,017
1,285
Profit for the period
59,763
9,950
Earnings per share
Basic earnings per share
1.84
0.29
Diluted earnings per share
1.81
0.28
AMG Advanced Metallurgical Group N.V.
Condensed Interim Consolidated Statement of Financial Position
In thousands of US dollars
June 30,2022 Unaudited
December 31, 2021
Assets
Property, plant and equipment
739,610
693,624
Goodwill and other intangible assets
41,761
44,684
Derivative financial instruments
22,508
95
Other investments
26,707
29,830
Deferred tax assets
39,953
52,937
Restricted cash
33,682
85,023
Other assets
8,394
8,471
Total non-current assets
912,615
914,664
Inventories
263,273
218,320
Derivative financial instruments
5,854
4,056
Trade and other receivables
194,563
145,435
Other assets
80,641
65,066
Current tax assets
9,093
5,888
Restricted cash
8,500
8,411
Cash and cash equivalents
300,758
337,877
Total current assets
862,682
785,053
Total assets
1,775,297
1,699,717
AMG Advanced Metallurgical Group N.V.
Condensed Interim Consolidated Statement of Financial Position
(continued)
In thousands of US dollars
June 30, 2022 Unaudited
December 31, 2021
Equity
Issued capital
853
853
Share premium
553,715
553,715
Treasury shares
(14,906)
(16,596)
Other reserves
(56,868)
(96,421)
Retained earnings (deficit)
(126,088)
(173,117)
Equity attributable to shareholders of the Company
356,706
268,434
Non-controlling interests
25,052
25,718
Total equity
381,758
294,152
Liabilities
Loans and borrowings
663,781
675,384
Lease liabilities
41,277
45,692
Employee benefits
107,827
162,628
Provisions
14,467
14,298
Deferred revenue
21,105
22,341
Other liabilities
7,116
11,098
Derivative financial instruments
818
2,064
Deferred tax liabilities
5,076
5,617
Total non-current liabilities
861,467
939,122
Loans and borrowings
31,528
27,341
Lease liabilities
4,237
4,857
Short-term bank debt
12,449
13,046
Deferred revenue
20,957
18,478
Other liabilities
83,078
80,672
Trade and other payables
283,443
252,765
Derivative financial instruments
12,518
6,010
Advance payments from customers
49,601
35,091
Current tax liability
18,318
10,586
Provisions
15,943
17,597
Total current liabilities
532,072
466,443
Total liabilities
1,393,539
1,405,565
Total equity and liabilities
1,775,297
1,699,717
AMG Advanced Metallurgical Group N.V.
Condensed Interim Consolidated Statement of Cash Flows
For the six months ended June 30
In thousands of US dollars
2022
2021
Unaudited
Unaudited
Cash from operating activities
Profit for the period
59,763
9,950
Adjustments to reconcile net profit to net cash flows:
Non-cash:
Income tax expense (benefit)
21,667
(6,490)
Depreciation and amortization
21,890
21,902
Asset impairment reversal
—
(776)
Net finance cost
21,130
13,415
Share of loss of associates and joint ventures
500
625
Loss (gain) on sale or disposal of property, plant and equipment
33
(91)
Equity-settled share-based payment transactions
2,752
2,127
Movement in provisions, pensions, and government grants
(2,917)
2,647
Working capital and deferred revenue adjustments
(63,774)
14,171
Cash generated from operating activities
61,044
57,480
Finance costs paid, net
(12,153)
(10,053)
Income tax paid
(13,040)
(4,499)
Net cash from operating activities
35,851
42,928
Cash used in investing activities
Proceeds from sale of property, plant and equipment
93
1,055
Acquisition of property, plant and equipment and intangibles
(82,608)
(78,606)
Investments in associates and joint ventures
(500)
(1,000)
Change in restricted cash
51,252
65,562
Interest received on restricted cash
76
25
Capitalized borrowing cost
(8,321)
(7,795)
Other
8
19
Net cash used in investing activities
(40,000)
(20,740)
AMG Advanced Metallurgical Group N.V.
Condensed Interim Consolidated Statement of Cash Flows
(continued)
For the six months ended June 30
In thousands of US dollars
2022
2021
Unaudited
Unaudited
Cash (used in) from financing activities
Proceeds from issuance of debt
152
2,411
Payment of transaction costs related to debt
—
(390)
Repayment of borrowings
(8,437)
(3,127)
Net (repurchase of) proceeds from issuance common shares
(1,523)
121,569
Dividends paid
(10,098)
(3,858)
Payment of lease liabilities
(2,588)
(2,608)
Contributions by non-controlling interests
—
648
Net cash (used in) from financing activities
(22,494)
114,645
Net (decrease) increase in cash and cash equivalents
(26,643)
136,833
Cash and cash equivalents at January 1
337,877
207,366
Effect of exchange rate fluctuations on cash held
(10,476)
(3,097)
Cash and cash equivalents at June 30
300,758
341,102
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 is a global critical materials company at the forefront of CO2 reduction trends. AMG produces highly engineered specialty metals and mineral products and provides related vacuum furnace systems and services to the transportation, infrastructure, energy, and specialty metals & chemicals end markets.
AMG Clean Energy Materials segment combines AMG’s recycling and mining operations, producing materials for infrastructure and energy storage solutions while reducing the CO2 footprint of both suppliers and customers. AMG Clean Energy Materials segment spans the vanadium, lithium, and tantalum value chains. AMG Critical Materials Technologies segment combines AMG’s leading vacuum furnace technology line with high-purity materials serving global leaders in the aerospace sector. AMG Critical Minerals segment consists of AMG’s mineral processing operations in antimony, graphite, and silicon metal.
With approximately 3,300 employees, AMG operates globally with production facilities in Germany, the United Kingdom, France, the United States, China, Mexico, Brazil, India, Sri Lanka, and Mozambique, and has sales and customer service offices in Japan (www.amg-nv.com).
For further information, please contact: AMG Advanced Metallurgical Group 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.
Amsterdam, 5May 2022(Regulated Information)— AMG Advanced Metallurgical Group N.V. (“AMG”, EURONEXT AMSTERDAM: “AMG”) is pleased to announce that during its Annual General Meeting held virtually on May 5, 2022, shareholders approved all agenda items presented, including the reappointment of Dr. Donatella Ceccarelli as an independent member of the Supervisory Board for a term of two years beginning May 5, 2022.
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 is a global critical materials company at the forefront of CO2 reduction trends. AMG produces highly engineered specialty metals and mineral products and provides related vacuum furnace systems and services to the transportation, infrastructure, energy, and specialty metals & chemicals end markets.
AMG Clean Energy Materials segment combines AMG’s recycling and mining operations, producing materials for infrastructure and energy storage solutions while reducing the CO2 footprint of both suppliers and customers. AMG Clean Energy Materials segment spans the vanadium, lithium, and tantalum value chains. AMG Critical Materials Technologies segment combines AMG’s leading vacuum furnace technology line with high-purity materials serving global leaders in the aerospace sector. AMG Critical Minerals segment consists of AMG’s mineral processing operations in antimony, graphite, and silicon metal.
With approximately 3,300 employees, AMG operates globally with production facilities in Germany, the United Kingdom, France, the United States, China, Mexico, Brazil, India, Sri Lanka, and Mozambique, and has sales and customer service offices in Russia and Japan (www.amg-nv.com).
For further information, please contact: AMG Advanced Metallurgical Group N.V.+1 6109754979 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.