Fourth Quarter Strategic Highlights
- AMG Technologies completed its acquisition of the assets of International Specialty Alloys Division (“ISA”) of Kennametal Inc.; ISA is a leading U.S. producer of titanium master alloys and other binary alloys for the aerospace market located in New Castle, PA
- AMG signed a memorandum of understanding (MOU) subject to regulatory approval with the Saudi Arabian General Investment Authority (SAGIA) and Shell Overseas Services Ltd. (Shell) to explore the feasibility of building a world-class spent catalyst recycling facility outside North America
- AMG Lithium GmbH commenced basic engineering for a battery grade lithium hydroxide facility in Germany
- AMG Vanadium signed a new long-term, multi-year agreement to process and recycle spent catalysts from a major oil refinery operator in North America
Fourth Quarter Financial Highlights
- Operating cash flow was $55.5 million in the fourth quarter of 2019, a 10% increase over the same period in 2018
- Revenue decreased by 22% to $268.6 million in the fourth quarter of 2019 from $344.4 million in the fourth quarter of 2018
- EBITDA(3) was $22.8 million in the fourth quarter of 2019, a 64% decrease compared to 2018
- AMG returned over $100 million to shareholders in 2019 through its share repurchase program and dividend payments
- Total 2019 dividend proposed of €0.40 per ordinary share, including the interim dividend of €0.20, paid on August 15, 2019
Amsterdam, 26 February 2020 (Regulated Information) — AMG Advanced Metallurgical Group N.V. (“AMG”, EURONEXT AMSTERDAM: “AMG”) reported fourth quarter 2019 revenue of $268.6 million, a 22% decrease from $344.4 million in the fourth quarter of 2018. EBITDA for the fourth quarter of 2019 was $22.8 million, a 64% decrease from $62.8 million in the fourth quarter of 2018. In the fourth quarter of 2019, AMG generated cash from operating activities of $55.5 million, an increase of $4.8 million, or 10%, over the same period in 2018 despite the lower profitability noted above.
Dr. Heinz Schimmelbusch, Chairman of the Management Board and CEO, said, “AMG achieved EBITDA of $23 million in the fourth quarter resulting in total EBITDA of $121 million for 2019. AMG generated cash flows from operations of $56 million in the fourth quarter despite the unprecedented fall in critical materials prices across the AMG portfolio. As a result, AMG ends the year with strong liquidity and the ability to continue to invest in our growth projects.
As we face global macroeconomic challenges throughout our business, we continue to focus on the things we can control. Specifically, we have maintained an industry-leading working capital cycle of 21 days, which is down 17 days, or 45%, from the prior year ending balance. This is accomplished by constant management focus on investment effectiveness and increasing operating efficiency throughout the company. In addition, despite the poor market conditions, our status as a low-cost producer across all nine of AMG’s business units ensured that each one was EBITDA positive throughout 2019.
We have also made significant strategic achievements in the quarter. AMG Technologies completed its acquisition of the assets of International Specialty Alloys from Kennametal Inc. AMG Critical Materials signed an MOU, subject to regulatory approval, with SAGIA and Shell to explore the feasibility of building a spent catalyst recycling facility, based on AMG’s proprietary technology; commenced basic engineering for a battery grade lithium hydroxide facility in Germany; and signed a new long-term, multi-year agreement to process and recycle spent catalysts from a major oil refinery operator in North America.”
Key Figures
| In 000’s US dollars | ||||||
| Q4 ‘19 | Q4 ‘18 | Change | FY ‘19 | FY ‘18 | Change | |
| Revenue | $268,563 | $344,448 | (22%) | $1,188,571 | $1,310,288 | (9%) |
| Gross profit | 30,422 | 86,341 | (65%) | 118,290 | 315,175 | (62%) |
| Gross margin | 11.3% | 25.1% | 10.0% | 24.1% | ||
| Operating (loss) profit | (7,012) | 42,461 | N/A | (25,722) | 163,261 | N/A |
| Operating margin | (2.6%) | 12.3% | (2.2%) | 12.5% | ||
| Net (loss) income attributable to shareholders | (14,239) | 28,980 | N/A | (48,283) | 94,616 | N/A |
| Adjusted net (loss) income(1) | (5,813) | 29,758 | N/A | 19,805 | 97,065 | (80%) |
| EPS – Fully diluted | (0.50) | 0.92 | N/A | (1.64) | 2.97 | N/A |
| EBIT (2) | 11,450 | 54,327 | (79%) | 79,415 | 184,099 | (57%) |
| EBITDA (3) | 22,772 | 62,788 | (64%) | 121,382 | 217,133 | (44%) |
| EBITDA margin | 8.5% | 18.2% | 10.2% | 16.6% | ||
| Cash from operating activities | 55,517 | 50,675 | 10% | 46,573 | 97,422 | (52%) |
Notes:
- Adjusted net income is adjusted for inventory cost adjustments and asset impairment expense, net of tax
- EBIT is defined as earnings before interest and income taxes. EBIT excludes restructuring, asset impairment, inventory cost adjustments, environmental provisions, exceptional legal expenses and equity-settled share-based payments and includes foreign currency gains or losses.
- EBITDA is defined as EBIT adjusted for depreciation and amortization.
Operational Review
AMG Critical Materials
| Q4 ‘19 | Q4 ‘18 | Change | FY ‘19 | FY ‘18 | Change | |
| Revenue | $170,152 | $221,477 | (23%) | $762,482 | $873,440 | (13%) |
| Gross profit | 8,211 | 50,065 | (84%) | 19,343 | 198,474 | (90%) |
| Gross profit before non-recurring items | 21,653 | 50,219 | (57%) | 110,315 | 198,690 | (44%) |
| Operating (loss) profit | (11,594) | 25,923 | N/A | (59,318) | 114,494 | N/A |
| EBITDA | 13,061 | 41,512 | (69%) | 65,401 | 149,650 | (56%) |
AMG Critical Materials’ revenue in the fourth quarter decreased by $51.3 million, or 23%, to $170.2 million, driven largely by lower average prices across all seven business units during the quarter, partially offset by higher sales volumes of vanadium and chrome metal.
Gross profit before non-recurring items in the fourth quarter decreased by $28.6 million, or 57%, to $21.7 million. The reduction in gross profit was primarily driven by decreased profitability in our vanadium business, exacerbated by lower profitability across all seven business units.
SG&A expenses in the fourth quarter of 2019 increased by $3.7 million, or 23%, compared to the same period in the prior year, primarily due to an exceptional legal expense.
The fourth quarter 2019 EBITDA margin declined to 8% due to the lower price environment experienced in the quarter.
AMG Technologies
| Q4 ‘19 | Q4 ‘18 | Change | FY ‘19 | FY ‘18 | Change | |
| Revenue | $98,411 | $122,971 | (20%) | $426,089 | $436,848 | (2%) |
| Gross profit | 22,211 | 36,276 | (39%) | 98,947 | 116,701 | (15%) |
| Gross profit before non- recurring items |
22,209 | 36,819 | (40%) | 103,551 | 121,870 | (15%) |
| Operating profit | 4,582 | 16,538 | (72%) | 33,596 | 48,767 | (31%) |
| EBITDA | 9,711 | 21,276 | (54%) | 55,981 | 67,483 | (17%) |
AMG Technologies’ fourth quarter 2019 revenue decreased by $24.6 million, or 20%, to $98.4 million, due to lower heat treatment services sales, lower metal prices impacting our Titanium Alloys and Coatings business, and a $7.5 million customer payment related to the early termination of a customer contract recorded in the fourth quarter of 2018. These declines were offset by higher revenue from after sales services as well as higher sales of vacuum furnaces such as turbine blade coaters and remelting furnaces.
Gross profit before non-recurring items in the fourth quarter decreased $14.6 million, or 40%, to $22.2 million, and gross margin was 23%, compared to 29% in the fourth quarter 2018 due to the revenue effects noted above, in particular the $7.5 million customer payment received in the fourth quarter of 2018.
SG&A expenses decreased by $1.6 million, or 9%, in the fourth quarter of 2019 compared to the fourth quarter of 2018, primarily due to lower variable compensation expense.
AMG Technologies’ fourth quarter EBITDA decreased by 54% to $9.7 million from $21.3 million in the fourth quarter of 2018 due to the decline in gross profit noted above.
Due to strong orders of remelting, turbine blade coating, engineering services and induction furnaces, the Company signed $80.5 million in new orders during the fourth quarter of 2019, representing a strong 1.2x book to bill ratio. Order backlog was $222.6 million as of December 31, 2019, a 10% increase from $202.6 million as of September 30, 2019. On a full year basis, the Company signed $249.4 million in new orders, representing a balanced 1.0x book to bill ratio. In January 2020, the Company’s strong order intake continued, mainly due to turbine blade coater sales, resulting in a robust backlog as of the end of the month.
Financial Review
Tax
AMG recorded an income tax benefit of $5.1 million in 2019 as compared to an expense of $45.0 million in 2018. The tax benefit is due primarily to losses in the United States related to the decline in vanadium profitability and vanadium inventory cost adjustments in the current year.
AMG paid taxes of $24.6 million in 2019, compared to tax payments of $21.3 million in 2018. As a result of the year-over-year volatility in income and the timing of cash tax payments, the present cash tax rate is not indicative of the current year performance as payments in the current year are reflective of the income in 2018 and not 2019. Once earnings have stabilized, we believe that the cash tax rate is the more meaningful metric with regards to AMG’s taxes due to the volatile nature of the company’s deferred tax balances.
Exceptional Items
AMG’s fourth quarter 2019 and full year 2019 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 2019 and 2018 are below:
Exceptional items included in gross profit
| Q4 ‘19 | Q4 ‘18 | Change | FY ‘19 | FY ‘18 | Change | |
| Gross profit | $30,422 | $86,341 | (65%) | $118,290 | $315,175 | (62%) |
| Inventory cost adjustment | 12,001 | – | N/A | 87,792 | – | N/A |
| Restructuring expense | 2,442 | 564 | 333% | 3,265 | 2,052 | 59% |
| Asset impairment expense | (1,003) | 133 | N/A | 4,519 | 3,333 | 36% |
| Gross profit excluding exceptional items | 43,862 | 87,038 | (50%) | 213,866 | 320,560 | (33%) |
AMG had an $13.4 million exceptional non-cash expense during the fourth quarter of 2019, mainly driven by vanadium metal inventory cost adjustments as a result of the significant decline in price which impacted our inventory cost position and resulted in a non-cash balance sheet adjustment which has been adjusted in EBITDA.
The $2.4 million restructuring expense in the fourth quarter was mainly due to headcount reductions in our Brazilian mining activities and AMG Technologies including reductions at our US heat treatment service center.
Liquidity
| December 31, 2019 | December 31, 2018 |
Change | |
| Senior secured debt | $366,682 | $368,757 | (1%) |
| Cash & equivalents | 226,218 | 381,900 | (41%) |
| Senior secured net debt (cash) | 140,464 | (13,143) | N/A |
| Other debt | 12,144 | 12,687 | (4%) |
| Net debt excluding municipal bond | 152,608 | (456) | N/A |
| Municipal bond debt | 319,911 | – | N/A |
| Restricted cash | (309,581) | – | N/A |
| Net debt (cash) | 162,938 | (456) | N/A |
In 2019, AMG maintained a strong balance sheet and adequate sources of liquidity. At December 31, 2019, the Company had $226.2 million in unrestricted cash and cash equivalents and $169.9 million available on its revolving credit facility, as such AMG had $396.1 million of total liquidity as of December 31, 2019. Changes in liquidity during the year were due primarily to AMG returning over $100 million to its shareholders through its dividend and share buyback program as well as investing in long-term expansion projects in lithium, vanadium and AMG Technologies.
Net Finance Costs
AMG’s fourth quarter 2019 net finance costs were $6.1 million compared to $6.9 million in the fourth quarter of 2018, driven by interest expense associated with the outstanding gross debt on AMG’s long-term credit facility. Additionally, AMG capitalized $2.8 million of interest costs in the fourth quarter of 2019 compared to nil in the prior year, driven by interest associated with the Company’s new tax-exempt municipal bond supporting the vanadium expansion in Ohio.
SG&A
AMG’s fourth quarter 2019 SG&A expenses were $37.2 million, an increase of 6% from the same period in the prior year, primarily due to an increase in exceptional legal fees.
Full year 2019 SG&A expenses were $143.5 million, in line with 2018.
Final Dividend Proposed
AMG intends to declare a dividend of €0.40 per ordinary share over the financial year 2019. The interim dividend of €0.20, paid on August 15, 2019, will be deducted from the amount to be distributed to shareholders. The proposed final dividend per ordinary share therefore amounts to €0.20.
A proposal to resolve upon the final dividend distribution will be included on the agenda for the Annual General Meeting to be held on May 6, 2020.
Outlook
It is extremely difficult to provide firm guidance for 2020. Temporary disruptions in the aerospace supply chain resulting from the Boeing 737 MAX issues and the uncertain impact of the coronavirus continue to infuse unpredictable variables into the current market. On the bright side, we note AMG Technologies’ backlog at the end of January 2020 is at its highest level in over a decade. In addition, critical material prices appear to have reached a bottom as early 2020 market pricing is showing signs of improvement from the depressed pricing experienced throughout 2019. Specifically, vanadium pricing is already up over 30% in the early part of 2020.
As a result of all these factors, our target for 2020 is unchanged: we expect to improve profitability relative to 2019.
Net (loss) income to EBITDA reconciliation
| Q4 ‘19 | Q4 ‘18 | FY ‘19 | FY ‘18 | |
| Net (loss) income | ($14,083) | $29,671 | ($48,586) | $94,781 |
| Income tax expense (benefit) | 938 | 5,849 | (5,119) | 44,971 |
| Net finance cost* | 5,920 | 6,839 | 27,626 | 22,949 |
| Equity-settled share-based payment transactions | 1,422 | 2,889 | 5,514 | 7,499 |
| Restructuring expense | 2,442 | 564 | 3,265 | 2,052 |
| Inventory cost adjustment | 12,001 | – | 87,792 | – |
| Asset impairment expense | (1,003) | 133 | 4,519 | 3,333 |
| Environmental provision | 234 | 8,722 | 725 | 8,757 |
| Exceptional legal expense | 3,133 | – | 3,133 | – |
| Others | 446 | (340) | 546 | (243) |
| EBIT | 11,450 | 54,327 | 79,415 | 184,099 |
| Depreciation and amortization | 11,322 | 8,461 | 41,967 | 33,034 |
| EBITDA | 22,772 | 62,788 | 121,382 | 217,133 |
*Excludes foreign exchange expense (income).
Net (loss) income adjusted for non-cash impairments
| Q4 ‘19 | Q4 ‘18 | FY ‘19 | FY ‘18 | |
| Net (loss) income | ($14,083) | $29,671 | ($48,586) | $94,781 |
| Inventory cost adjustment, net of tax | 8,966 | – | 65,442 | – |
| Asset impairment expense, net of tax | (696) | 87 | 2,949 | 2,284 |
| Adjusted net (loss) income | (5,813) | 29,758 | 19,805 | 97,065 |
| AMG Advanced Metallurgical Group N.V. | ||
| Consolidated Income Statement | ||
| For the quarter ended December 31 | ||
| In thousands of US dollars | 2019 | 2018 |
| Unaudited | ||
| Continuing operations | ||
| Revenue | 268,563 | 344,448 |
| Cost of sales | 238,141 | 258,107 |
| Gross profit | 30,422 | 86,341 |
| Selling, general and administrative expenses | 37,209 | 35,131 |
| Environmental expense | 234 | 8,722 |
| Other (income) expense, net | (9) | 27 |
| Net other operating expense | 225 | 8,749 |
| Operating (loss) profit | (7,012) | 42,461 |
| Finance income | (1,662) | (1,509) |
| Finance cost | 7,795 | 8,450 |
| Net finance cost | 6,133 | 6,941 |
| (Loss) profit before income tax | (13,145) | 35,520 |
| Income tax expense | 938 | 5,849 |
| (Loss) profit for the period | (14,083) | 29,671 |
| Attributable to: | ||
| Shareholders of the Company | (14,239) | 28,980 |
| Non-controlling interests | 156 | 691 |
| (Loss) profit for the period | (14,083) | 29,671 |
| (Loss) earnings per share | ||
| Basic (loss) earnings per share | (0.50) | 0.95 |
| Diluted (loss) earnings per share | (0.50) | 0.92 |
| AMG Advanced Metallurgical Group N.V. | ||
| Consolidated Income Statement | ||
| For the year ended December 31 | ||
| In thousands of US dollars | 2019 | 2018 |
| Unaudited | ||
| Continuing operations | ||
| Revenue | 1,188,571 | 1,310,288 |
| Cost of sales | 1,070,281 | 995,113 |
| Gross profit | 118,290 | 315,175 |
| Selling, general and administrative expenses | 143,451 | 143,581 |
| Environmental expense | 725 | 8,757 |
| Other income, net | (164) | (424) |
| Net other operating expense | 561 | 8,333 |
| Operating (loss) profit | (25,722) | 163,261 |
| Finance income | (4,728) | (3,721) |
| Finance cost | 32,711 | 27,230 |
| Net finance cost | 27,983 | 23,509 |
| (Loss) profit before income tax | (53,705) | 139,752 |
| Income tax (benefit) expense | (5,119) | 44,971 |
| (Loss) profit for the year | (48,586) | 94,781 |
| Attributable to: | ||
| Shareholders of the Company | (48,283) | 94,616 |
| Non-controlling interests | (303) | 165 |
| (Loss) profit for the year | (48,586) | 94,781 |
| (Loss) earnings per share | ||
| Basic (loss) earnings per share | (1.64) | 3.12 |
| Diluted (loss) earnings per share | (1.64) | 2.97 |
| AMG Advanced Metallurgical Group N.V. | ||
| Consolidated Statement of Financial Position | ||
| In thousands of US dollars | December 31, 2019 Unaudited |
December 31, 2018
|
| Assets | ||
| Property, plant and equipment | 429,993 | 327,951 |
| Goodwill and other intangible assets | 41,923 | 35,130 |
| Derivative financial instruments | 922 | 7,592 |
| Other investments | 23,565 | 21,452 |
| Deferred tax assets | 60,945 | 34,112 |
| Restricted cash | 309,581 | 1,715 |
| Other assets | 11,072 | 11,266 |
| Total non-current assets | 878,001 | 439,218 |
| Inventories | 204,152 | 316,715 |
| Derivative financial instruments | 2,693 | 1,335 |
| Trade and other receivables | 119,052 | 138,530 |
| Other assets | 33,860 | 39,570 |
| Current tax assets | 7,980 | 3,668 |
| Cash and cash equivalents | 226,218 | 381,900 |
| Total current assets | 593,955 | 881,718 |
| Total assets | 1,471,956 | 1,320,936 |
| AMG Advanced Metallurgical Group N.V. | ||
| Consolidated Statement of Financial Position | ||
| (continued) | ||
| In thousands of US dollars | December 31, 2019 Unaudited |
December 31, 2018
|
| Equity | ||
| Issued capital | 831 | 812 |
| Share premium | 489,546 | 462,891 |
| Treasury shares | (83,880) | (347) |
| Other reserves | (116,358) | (104,274) |
| Retained earnings (deficit) | (129,626) | (39,158) |
| Equity attributable to shareholders of the Company | 160,513 | 319,924 |
| Non-controlling interests | 23,893 | 24,119 |
| Total equity | 184,406 | 344,043 |
|
Liabilities |
669,497 | 356,997 |
| Lease liabilities * | 46,490 | – |
| Employee benefits | 175,870 | 149,217 |
| Provisions | 28,984 | 32,527 |
| Other liabilities | 3,629 | 4,371 |
| Derivative financial instruments | 4,289 | 5,148 |
| Deferred tax liabilities | 4,300 | 7,930 |
| Total non-current liabilities | 933,059 | 556,190 |
| Loans and borrowings |
21,740 | 8,947 |
| Lease liabilities * | 4,227 | – |
| Short-term bank debt | 7,500 | 15,500 |
| Other liabilities | 61,479 | 61,120 |
| Trade and other payables | 157,108 | 230,939 |
| Derivative financial instruments | 4,037 | 8,267 |
| Advance payments | 57,650 | 50,210 |
| Current tax liability | 18,299 | 19,675 |
| Provisions | 22,451 | 26,045 |
| Total current liabilities | 354,491 | 420,703 |
| Total liabilities | 1,287,550 | 976,893 |
| Total equity and liabilities | 1,471,956 | 1,320,936 |
*The Company applied IFRS 16 (lease accounting) for the first time as of January 1, 2019. The Company recognized new assets and liabilities for its operating leases which are primarily comprised of buildings, equipment, machinery and automobiles. Right of use assets are included within property, plant and equipment and classified in the same manner as if the underlying assets were owned by the Company. The lease liabilities are presented as a separate line item on the consolidated statement of financial position. The nature and pattern of expense recognition in relation to these leases has changed. The Company recognizes depreciation on the right of use assets on a straight-line basis over the expected term of the lease. Interest expense related to the lease liabilities are recognized over the expected term of the lease using the effective interest method. Comparative figures have not been adjusted. Assets and liabilities increased per January 1, 2019 by $37 million.
| AMG Advanced Metallurgical Group N.V. | ||
| Consolidated Statement of Cash Flows | ||
|
For the year ended December 31 |
||
| In thousands of US dollars | 2019 | 2018 |
| Unaudited | ||
| Cash from operating activities | ||
| (Loss) profit for the period | (48,586) | 94,781 |
| Adjustments to reconcile net (loss) profit to net cash flows: | ||
| Non-cash: | ||
| Income tax (benefit) expense | (5,119) | 44,971 |
| Depreciation and amortization | 41,967 | 33,034 |
| Asset impairments | 4,519 | 3,333 |
| Net finance cost | 27,983 | 23,509 |
| Gain on sale or disposal of property, plant and equipment | (69) | (720) |
| Equity-settled share-based payment transactions | 5,514 | 7,499 |
| Movement in provisions, pensions and government grants | (8,053) | 3,724 |
| Working capital and deferred revenue adjustments | 76,169 | (73,107) |
| Cash generated from operating activities | 94,325 | 137,024 |
| Finance costs paid, net | (23,152) | (18,273) |
| Income tax paid, net | (24,600) | (21,329) |
| Net cash from operating activities | 46,573 | 97,422 |
| Cash used in investing activities | ||
| Proceeds from sale of property, plant and equipment | 421 | 1,660 |
| Insurance proceeds on property, plant and equipment | – | 1,300 |
| Acquisition of property, plant and equipment and intangibles | (79,442) | (73,031) |
| Acquisitions of subsidiaries | (25,435) | – |
| Change in restricted cash | (307,866) | (923) |
| Capitalized borrowing cost | 2,437 | – |
| Other | 6 | (325) |
| Net cash used in investing activities | (409,879) | (71,319) |
| AMG Advanced Metallurgical Group N.V. | ||
| Consolidated Statement of Cash Flows | ||
| (continued) | ||
|
For the year ended December 31 |
||
| In thousands of US dollars | 2019 | 2018 |
| Unaudited | ||
| Cash from financing activities | ||
| Proceeds from issuance of debt | 325,093 | 353,087 |
| Payment of transaction costs related to the issuance of debt | (4,981) | (9,238) |
| Repayment of borrowings | (3,911) | (155,423) |
| Proceeds from issuance of common shares | 2,915 | 15,923 |
| Net repurchase of common shares | (89,881) | (9,558) |
| Dividends paid | (16,703) | (12,092) |
| Payment of lease liabilities | (3,829) | – |
| Net cash from financing activities | 208,703 | 182,699 |
| Net (decrease) increase in cash and cash equivalents | (154,603) | 208,802 |
| Cash and cash equivalents at January 1 | 381,900 | 178,800 |
| Effect of exchange rate fluctuations on cash held | (1,079) | (5,702) |
| Cash and cash equivalents at December 31 | 226,218 | 381,900 |
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 Critical Materials produces aluminum master alloys and powders, ferrovanadium, natural graphite, chromium metal, antimony, lithium, tantalum, niobium and silicon metal. AMG Technologies produces titanium aluminides and titanium alloys for the aerospace market; designs, engineers, and produces advanced vacuum furnace systems; and operates vacuum heat treatment facilities, primarily for the transportation and energy industries.
With approximately 3,300 employees, AMG operates globally with production facilities in Germany, the United Kingdom, France, the Czech Republic, 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. +1 610 975 4979
Michele Fischer
Vice President Investor Relations
mfischer@amg-nv.com
Disclaimer
Certain statements in this press release are not historical facts and are “forward looking.” Forward looking statements include statements concerning AMG’s plans, expectations, projections, objectives, targets, goals, strategies, future events, future revenues or performance, capital expenditures, financing needs, plans and intentions relating to acquisitions, AMG’s competitive strengths and weaknesses, plans or goals relating to forecasted production, reserves, financial position and future operations and development, AMG’s business strategy and the trends AMG anticipates in the industries and the political and legal environment in which it operates and other information that is not historical information. When used in this press release, the words “expects,” “believes,” “anticipates,” “plans,” “may,” “will,” “should,” and similar expressions, and the negatives thereof, are intended to identify forward looking statements. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that the predictions, forecasts, projections and other forward-looking statements will not be achieved. These forward-looking statements speak only as of the date of this press release. AMG expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement contained herein to reflect any change in AMG’s expectations with regard thereto or any change in events, conditions, or circumstances on which any forward-looking statement is based.
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