2019 Annual Report - AMG Corporate
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AMG (AMS) €23.28 (-1.02%)

Enabling the
CIRCULAR ECONOMY

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Financial & Operational

Highlights

1,188.6

Revenue $m

118.3

Gross Profit $m

121.4

EBITDA $M

46.6

CASH FROM OPERATING ACTIVITIES $M

21

WORKING CAPITAL DAYS

162.9

NET DEBT $M

0.80

LOST TIME INCIDENT RATE

1.46

TOTAL INCIDENT RATE

(1.64) / 0.67

DILUTED EARNINGS PER SHARE $ /
ADJUSTED DILUTED EARNINGS PER SHARE $

AMG Critical Materials

762.5

REVENUE $M

65.4

EBITDA $M

AMG TECHNOLOGIES

426.1

REVENUE $M

56.0

EBITDA $M

AMG Group

1,188.6

REVENUE $M

121.4

EBITDA $M
Revenue By End Market

20%

Specialty Metals
and Chemicals

12%

Energy

42%

Transportation

26%

Infrastructure
From the CEO

Letter to
Shareholders

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On behalf of the Management Board, I hereby present AMG’s 2019 Annual Report. 2019 was a year of advancement on several key strategic themes which are cornerstones of our strategy for long-term value creation.

CO2 EMISSION REDUCTION ENABLED

(Million MT)

  • 2019 67.8% 67.8%
  • 2018 50.8% 50.8%
  • 2017 45.6% 45.6%
  • 2016 43.4% 43.4%
  • 2015 42.0% 42.0%

%

CAGR

AMG
Critical
Materials

AMG began the construction of a new catalyst recycling facility in Ohio which will essentially double our spent catalyst recycling capacity to 60,000 tons.

AMG Critical Materials’ gross profit decreased to $19.3 million during 2019. The reduction was largely driven by lower vanadium profitability and non-cash inventory cost adjustments for vanadium as a result of a significant decline in prices. Revenue decreased by 13% to $762.5 million in 2019, driven by a significant metal price decline across our portfolio. The negative trend was a major challenge throughout the year, causing a 56% decrease in EBITDA, from $149.7 million in 2018 to $65.4 million in 2019. However, AMG Critical Materials’ working capital days decreased from 66 days at the end of 2018 to 39 days at the end of 2019 due to lower prices and increased operating efficiency.

AMG
TECHNOLOGIES

AMG Technologies, formed at the beginning of 2019 by combining AMG Engineering and AMG Titanium Alloys & Coatings into one division, brings together two industry leaders which primarily serve the aerospace market.

EBITDA in 2019 decreased from $67.5 million in 2018 to $56.0 million due to lower profitability in the Titanium Alloys & Coatings business, driven by falling metals prices in 2019 and the effect of a large customer payment in 2018.

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