Key Highlights
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Revenue was $291.5 million in the second quarter 2013, a 9% decrease from the same period in 2012
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EBITDA([1]) was $22.2 million in the second quarter 2013, a 4% decrease from the same period in 2012
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EPS on a fully diluted basis was ($1.53) in the second quarter 2013, compared to ($0.09) in the same period in 2012. Excluding the asset impairment and restructuring charges, EPS on a fully diluted basis was $0.22 in the second quarter 2013
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Cash flows from operating activities were $32.0 million in the second quarter 2013, compared to $6.2 million in the same period in 2012
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AMG Processing generated revenue of $144.6 million and EBITDA of $8.0 million in the second quarter 2013
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AMG Engineering generated revenue of $66.6 million and EBITDA of $8.4 million in the second quarter 2013
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AMG Mining generated revenue of $80.3 million and EBITDA of $5.7 million in the second quarter 2013
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AMG incurred $55.1 million of non-cash asset impairments and restructuring charges in the second quarter 2013
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As of June 30, 2013, cash on the balance sheet was $112.2 million; net debt was $180.0 million, a reduction of $20.7 million during the second quarter 2013
Amsterdam, 9 August 2013 (Regulated Information) — AMG Advanced Metallurgical Group N.V. („AMG“, EURONEXT AMSTERDAM: „AMG“) reported second quarter 2013 revenue of $291.5 million, a 9% decrease from $319.6 million in the second quarter 2012.
EBITDA decreased 4% to $22.2 million in the second quarter 2013 from $23.2 million in the second quarter 2012. Net loss attributable to shareholders for the second quarter 2013 was $42.2 million, or ($1.53) per fully diluted share, compared to a loss of $2.5 million, or ($0.09) in the second quarter 2012.
Dr. Heinz Schimmelbusch, Chairman of the Management Board and CEO, said, „Business conditions deteriorated during the second quarter 2013. Stable markets in North America were not enough to offset lower growth in Asia and a contraction in Europe. This resulted in sharp declines in specialty metal prices, which particularly affected AMG Processing and AMG Mining. AMG adjusted its business model to adapt to current market conditions, and took restructuring and non-cash asset impairment expenses related to AMG Engineering and AMG Mining. AMG also increased its focus on cost reductions and on positioning the business for improved cash flow generation. Management’s actions resulted in strong cash flows from operating activities, significant debt reduction, and improved the business‘ ability to grow in the long term despite this challenging environment.“
Key Figures
| In 000’s US Dollar | |||||||||
| Q2 ’13 | Q2 ’12 | Change | |||||||
| Revenue | $291,528 | $319,591 | (9%) | ||||||
| Gross profit | 48,618 | 53,897 | (10%) | ||||||
| Gross margin | 16.7% | 16.9% | |||||||
| Operating (loss) profit | (40,222) | 7,947 | N/A | ||||||
| Operating margin | (13.8%) | 2.5% | |||||||
| Adjusted operating profit (1) | 14,880 | 15,768 | (6%) | ||||||
| Adjusted operating margin | 5.1% | 4.9% | |||||||
| Net loss attributable to shareholders | (42,230) | (2,528) | N/M | ||||||
| EPS- Fully diluted | (1.53) | (0.09) | N/M | ||||||
| EBIT (2) | 14,140 | 16,162 | (13%) | ||||||
| EBITDA (3) | 22,184 | 23,198 | (4%) | ||||||
| EBITDA margin | 7.6% | 7.3% | |||||||
| Cash flows from operating activities | 31,966 | 6,200 | 416% | ||||||
Note:
(1) Adjusted operating profit excludes non-recurring items
(2) EBIT is defined as earnings before interest, tax and excludes non-recurring items
(3) EBITDA is defined as earnings before interest, tax, depreciation and amortization and excludes non-recurring items
Operational Review
AMG Processing
| Q2 ’13 | Q2 ’12 | Change | |
| Revenue | $144,603 | $168,383 | (14%) |
| Gross profit | 17,718 | 24,673 | (28%) |
| Operating profit | 4,322 | 8,879 | (51%) |
| EBITDA | 7,992 | 11,962 | (33%) |
| Capital expenditures | 4,262 | 3,118 | 37% |
AMG Processing’s second quarter 2013 revenue decreased $23.8 million, or 14%, to $144.6 million. The decrease in revenue was primarily the result of significant price and volume declines across most materials, resulting in 26%, 20%, and 6% decreases in revenue from AMG Vanadium, AMG Superalloys, and AMG Aluminum, respectively, compared to the second quarter 2012. Prices and volumes decreased across most of AMG Processing’s materials due to the slowing Chinese economy and the stagnant European market.
The second quarter 2013 gross margin decreased to 12% from 15% in the second quarter 2012. AMG Processing’s margins were affected significantly by declining metal prices. In addition, a 70% decline in coatings gross margins, primarily due to sharp declines in solar coatings, was only partially offset by a 19% increase in AMG Aluminum gross margins. The increase in AMG Aluminum gross margins resulted from productivity improvements and rationalization of lower margin products. Excluding the $0.7 million in allocated corporate restructuring expense, the second quarter 2013 operating profit would be $5.0 million.
The second quarter 2013 EBITDA decreased $4.0 million, to 6% of revenue from 7% of revenue in the second quarter 2012. The EBITDA decrease was the result of the $7.0 million decrease in gross profit offset by a $1.5 million decrease in SG&A personnel expenses.
Capital expenditures were $4.3 million for the second quarter 2013, a 37% increase from the second quarter 2012. Capital investments made in the second quarter included $0.9 million for the expansion of the spent catalyst recycling facility for ferrovanadium production, $0.4 million for expansion of high purity chrome metal production and maintenance expenditures of $1.9 million.
AMG Engineering
| Q2 ’13 | Q2 ’12 | Change | |
| Revenue | $66,618 | $65,400 | 2% |
| Gross profit | 18,189 | 14,939 | 22% |
| Operating loss | (12,420) | (4,907) | (153%) |
| EBITDA | 8,443 | 4,173 | 102% |
| Capital expenditures | 552 | 2,909 | (81%) |
AMG Engineering’s second quarter 2013 revenue increased $1.2 million, or 2%, to $66.6 million. Revenue from nuclear furnaces increased 72% to $8.4 million and casting and sintering furnace systems revenue increased 34% to $13.3 million. These increases were mitigated by 45% and 20% decreases in revenues from heat treatment furnaces and remelting furnaces, respectively, compared to the second quarter 2012.
Order backlog increased 10% to $145.2 million at June 30, 2013 from $132.2 million at March 31, 2013 as the business realized a number of delayed orders from the first quarter. AMG Engineering generated order intake of $76.4 million in the second quarter 2013, a 110% increase compared to the second quarter 2012 and a 1.15x book to bill ratio. Heat treatment furnaces were the largest portion of the order intake, accounting for 38% of the total.
The second quarter 2013 gross margin increased to 27%, from 23% in the second quarter 2012. Improved profitability on certain large projects and an increased focus on cost control were the primary drivers of the increase in gross margin. Excluding the $14.2 million of non-cash asset impairments and the $4.4 million in Engineering and allocated corporate restructuring expense, the second quarter 2013 operating profit would be $6.2 million.
The second quarter 2013 EBITDA increased $4.3 million, to 13% of revenue from 6% of revenue in the second quarter 2012. The EBITDA increase was primarily the result of the $3.3 million increase in gross profit and the $0.5 million decrease in SG&A personnel expenses.
Capital expenditures were $0.6 million in the second quarter 2013, 81% less than the second quarter 2012. Capital investments in the second quarter were primarily maintenance capital expenditures for the heat treatment services business.
AMG Mining
| Q2 ’13 | Q2 ’12 | Change | |
| Revenue | $80,307 | $85,808 | (6%) |
| Gross profit | 12,711 | 14,285 | (11%) |
| Operating (loss) profit | (32,124) | 3,975 | N/A |
| EBITDA | 5,749 | 7,063 | (19%) |
| Capital expenditures | 2,281 | 5,890 | (61%) |
AMG Mining’s second quarter 2013 revenue decreased $5.5 million, or 6%, to $80.3 million. Price declines caused revenue to decrease 10% and 4% for silicon metal and antimony, respectively. The decrease was partially offset by a 3% increase in revenue from graphite, a result of improved product mix, compared to the second quarter 2012.
The second quarter 2013 gross margin decreased to 16%, from 17% in the second quarter 2012. The gross margin decrease was primarily the result of lower average prices of 13% and 10% for silicon metal and antimony, respectively. Excluding the $35.5 million of non-cash asset impairments and the $0.4 million in Mining and allocated corporate restructuring expense, the second quarter 2013 operating profit would be $3.7 million.
The second quarter 2013 EBITDA decreased $1.3 million, to 7% of revenue from 8% of revenue in the second quarter 2012. The EBITDA decrease was primarily the result of the $1.6 million decrease in gross profit slightly offset by $0.3 million decrease in SG&A personnel expenses.
Capital expenditures were $2.3 million in the second quarter 2013, 61% less than the second quarter 2012. Capital expenditures were primarily composed of $0.7 million for the silicon metal furnace efficiency upgrade and $0.7 million for maintenance expenditures.
Financial Review
For purposes of this release, AMG restated the December 31, 2012 statement of financial position and 2012 income statement to comply with new IFRS standards and interpretations. IAS 19 Employee Benefits (Revised 2011) (IAS 19R) and IFRIC 20 Stripping Costs in the Production Phase of a Surface Mine were effective for periods beginning after January 1, 2013 and require restatement for comparability.
Tax
AMG recorded a tax benefit of $1.8 million in the second quarter 2013. This was the result of the asset impairment and restructuring expenses in the quarter, a portion of which, however, relates to entities for which a tax benefit cannot be booked. For the second quarter of 2012 AMG recorded an income tax expense of $5.5 million.
SG&A
AMG’s second quarter 2013 SG&A expenses were $34.0 million, compared to $37.8 million in the second quarter 2012, a decrease of 10%. The $3.8 million decrease in SG&A expenses was primarily due to a $2.4 million decrease in personnel expenses.
Non-Recurring Items
AMG’s second quarter 2013 $40.2 million operating loss includes non-recurring items, which are not included in the calculation of EBITDA. These items are comprised of income and expense items, that in the view of management, do not arise in the normal course of business and items that, because of their nature and/or size, should be presented separately to enable better analysis of the results.
A summary of non-recurring items in the second quarter 2013 and 2012 are below:
For the three months ended
| June 2013 |
June 2012 |
||
| Non-recurring items included in operating (loss) profit: | |||
| Restructuring expense | $5,399 | $1,842 | |
| Impairment of AMG Mining assets – Antimony | 22,144 | – | |
| Impairment of AMG Engineering assets | 14,218 | 5,979 | |
| Impairment of AMG Mining assets – AMG Mining AG | 13,341 | – | |
| Total non-recurring items included in operating (loss) profit | 55,102 | 7,821 | |
AMG incurred $5.4 million of non-recurring restructuring items in the second quarter 2013, consisting primarily of $3.9 million and $1.4 million related to AMG Engineering and corporate restructuring, respectively. As a result of the significant slowdown in the global solar market, AMG Engineering reduced its workforce 16% and recorded $14.2 million of non-cash solar asset impairments. Based upon global metal supply and demand trends as well as the continuing efforts to reduce capital spending, AMG Mining has suspended its short-term plans for new mine development. As a result, impairment charges of $22.1 million and $13.3 million were taken to write-down antimony mining assets and AMG Mining AG (formerly Graphit Kropfmühl) assets, respectively.
Currency Fluctuations
AMG transacts business in many currencies other than the U.S. dollar, the Company’s reporting currency. AMG’s financial statements are prepared in U.S. dollars, so fluctuations in the exchange rates between the U.S. dollar and other currencies have an effect both on the results of operations and on the reported value of assets and liabilities as measured in U.S. dollars. The depreciation in the value of the U.S. dollar as of June 30, 2013 compared to March 31, 2013, resulted in an increase in the assets and liabilities on the balance sheet of $6.9 million and $3.4 million, respectively. The net result of the slight depreciation in the value of the U.S. dollar in the second quarter 2013 compared to the second quarter 2012, resulted in an increase in revenue and EBITDA of $2.7 million and $0.3 million, respectively.
Liquidity
| June 30, 2013 | December 31, 2012 | Change | ||
| Total debt | $292,222 | $315,844 | (7%) | |
| Cash & short-term investments | 112,230 | 121,639 | (8%) | |
| Net debt | 179,992 | 194,205 | (7%) | |
AMG had a net debt position of $180.0 million as of June 30, 2013. AMG’s net debt position decreased $14.2 million since December 31, 2012 primarily due to $44.4 million of EBITDA and an $11.4 million decrease in working capital, slightly offset by $18.7 million in capital investments and other investing activities, $9.6 million of cash tax payments, and $9.3 million of net cash interest payments. Including the $112.2 million of cash, AMG had $172.7 million of total liquidity as of June 30, 2013.
As of June 30, 2013, AMG was not in compliance with the tangible net worth covenant of its revolving credit facility because of the impairments that were recognized in the first half of 2013. On August 7, 2013, the Company received a waiver for this covenant. As required by IAS 1, all portions outstanding under the revolving credit facility are presented as current in the statement of financial position as the non-compliance occurred as of June 30, 2013. AMG is currently working with its banks in order to amend the debt agreement to ensure compliance in future quarters.
Cash Flow
| H1 ’13 | H1 ’12 | |
| Net cash flows from operating activities | $32,631 | $3,134 |
| Capital expenditures | (16,219) | (23,443) |
| Cash flows (used in) from other investing activities | (2,471) | 534 |
| Net cash flows used in investing activities | (18,690) | (22,909) |
| Net cash flows (used in) from financing activities | (22,494) | 34,171 |
Cash flows from operating activities were $32.6 million in the first half of 2013 compared to cash flows from operating activities of $3.1 million in the first half of 2012. Net cash flows from operating activities are comprised of $44.4 million in EBITDA and an $11.4 million change in working capital and deferred revenue, slightly offset by $9.6 million in cash tax payments and $9.3 million in cash interest payments.
Cash flows used in investing activities were $18.7 million in the first half of 2013. The $4.2 million decrease compared to the first half of 2012 is primarily composed of a $7.2 million decrease in capital investments. This reduction in capital investments reflects management’s cash control initiatives.
Cash flows used in financing activities were $22.5 million in the first half of 2013 as the Company repaid $22.5 million of borrowings. In the first half of 2012, AMG had a net increase of $40.7 million in existing credit facilities used to fund the Brazilian mine expansion, the acquisition of Graphit Kropfmühl shares, and to retire Graphit Kropfmühl’s external debt.
Outlook
The specialty metals markets continue to struggle due to the decline in the growth of the Asian market and continued European economic weakness. This is affecting both prices and volumes for many of AMG’s products. These markets are not expected to improve significantly in the near term. AMG is aggressively addressing this environment by rationalizing production and capital investments, and implementing cost reduction programs. These activities are producing results. AMG achieved a 10% reduction in SG&A in the second quarter 2013, improved cash flows from operating activities and reduced net debt. Despite the challenging market environment, AMG believes that it will generate significant cash flows, consistent EBITDA and further reduce net debt in 2013.
AMG Advanced Metallurgical Group N.V.
Condensed interim consolidated income statement
| For the three months ended June 30 | |||||
| In thousands of US Dollars | 2013 | 2012 | |||
| Unaudited | Unaudited[2] | ||||
| Continuing operations | |||||
| Revenue | 291,528 | 319,591 | |||
| Cost of sales | 242,910 | 265,694 | |||
| Gross profit | 48,618 | 53,897 | |||
| Selling, general and administrative expenses | 33,994 | 37,803 | |||
| Asset impairment expense | 49,703 | 5,979 | |||
| Restructuring expense | 5,399 | 1,842 | |||
| Environmental expense | 44 | 560 | |||
| Other income, net | (300) | (234) | |||
| Operating (loss) profit | (40,222) | 7,947 | |||
| Finance expense | 5,320 | 6,250 | |||
| Finance income | (173) | (457) | |||
| Foreign exchange loss | 964 | 100 | |||
| Net finance costs | 6,111 | 5,893 | |||
| Share of profit of associates | 156 | 83 | |||
| (Loss) profit before income tax | (46,177) | 2,137 | |||
| Income tax (benefit) expense | (1,788) | 5,453 | |||
| Loss for the period | (44,389) | (3,316) | |||
| Attributable to: | |||||
| Shareholders of the Company | (42,230) | (2,528) | |||
| Non-controlling interests | (2,159) | (788) | |||
| Loss for the period | (44,389) | (3,316) | |||
| Loss per share | |||||
| Basic loss per share | (1.53) | (0.09) | |||
| Diluted loss per share | (1.53) | (0.09) | |||
AMG Advanced Metallurgical Group N.V.
Condensed interim consolidated income statement
| For the six months ended June 30 | |||||
| In thousands of US Dollars | 2013 | 2012 | |||
| Unaudited | Unaudited[3] | ||||
| Continuing operations | |||||
| Revenue | 588,006 | 643,575 | |||
| Cost of sales | 491,130 | 536,241 | |||
| Gross profit | 96,876 | 107,334 | |||
| Selling, general and administrative expenses | 70,011 | 76,774 | |||
| Asset impairment expense | 49,703 | 6,333 | |||
| Restructuring expense | 6,735 | 4,331 | |||
| Environmental expense | 77 | 1,288 | |||
| Other income, net | (468) | (702) | |||
| Operating (loss) profit | (29,182) | 19,310 | |||
| Finance expense | 11,037 | 12,941 | |||
| Finance income | (316) | (612) | |||
| Foreign exchange loss | 45 | 509 | |||
| Net finance costs | 10,766 | 12,838 | |||
| Share of (loss) profit of associates | (556) | 249 | |||
| (Loss) profit before income tax | (40,504) | 6,721 | |||
| Income tax expense | 1,924 | 6,681 | |||
| (Loss) profit for the period | (42,428) | 40 | |||
| Attributable to: | |||||
| Shareholders of the Company | (39,770) | 1,120 | |||
| Non-controlling interests | (2,658) | (1,080) | |||
| (Loss) profit for the period | (42,428) | 40 | |||
| (Loss) earnings per share | |||||
| Basic (loss) earnings per share | (1.44) | 0.04 | |||
| Diluted (loss) earnings per share | (1.44) | 0.04 | |||
| AMG Advanced Metallurgical Group N.V. | |||||||||
| Condensed interim consolidated statement of financial position In thousands of US Dollars |
|||||||||
| June 30, 2013 | Dec 31,2012[4] | ||||||||
| Unaudited | |||||||||
| Assets | |||||||||
| Property, plant and equipment | 253,467 | 288,269 | |||||||
| Goodwill | 24,216 | 24,751 | |||||||
| Intangible assets | 12,112 | 13,971 | |||||||
| Investments in associates and joint ventures | 6,058 | 7,351 | |||||||
| Derivative financial instruments | 109 | 527 | |||||||
| Deferred tax assets | 32,894 | 35,455 | |||||||
| Restricted cash | 11,382 | 11,888 | |||||||
| Notes receivable | 253 | 227 | |||||||
| Other assets | 24,787 | 22,262 | |||||||
| Total non-current assets | 365,278 | 404,701 | |||||||
| Inventories | 194,798 | 211,531 | |||||||
| Trade and other receivables | 171,203 | 177,232 | |||||||
| Derivative financial instruments | 1,848 | 3,229 | |||||||
| Other assets | 31,880 | 30,438 | |||||||
| Cash and cash equivalents | 112,230 | 121,639 | |||||||
| Total current assets | 511,959 | 544,069 | |||||||
| Total assets | 877,237 | 948,770 | |||||||
| AMG Advanced Metallurgical Group N.V. | |||||||||
| Condensed interim consolidated statement of financial position (continued) In thousands of US Dollars |
|||||||||
| June 30, 2013 Unaudited |
Dec 31, 2012[5] |
||||||||
| Equity | |||||||||
| Issued capital | 743 | 743 | |||||||
| Share premium | 382,176 | 382,176 | |||||||
| Other reserves | (11,528) | (10,190) | |||||||
| Retained earnings (deficit) | (242,425) | (204,284) | |||||||
| Equity attributable to shareholders of the Company | 128,966 | 168,445 | |||||||
| Non-controlling interests | 4,112 | 6,818 | |||||||
| Total equity | 133,078 | 175,263 | |||||||
| Liabilities | |||||||||
| Loans and borrowings | 5,927 | 265,553 | |||||||
| Employee benefits | 131,875 | 137,957 | |||||||
| Provisions | 31,917 | 31,852 | |||||||
| Deferred revenue | 14,565 | 2,724 | |||||||
| Government grants | 440 | 472 | |||||||
| Other liabilities | 6,285 | 6,690 | |||||||
| Derivative financial instruments | 8,252 | 11,082 | |||||||
| Deferred tax liabilities | 20,951 | 26,120 | |||||||
| Total non-current liabilities | 220,212 | 482,450 | |||||||
| Loans and borrowings | 266,609 | 20,333 | |||||||
| Short term bank debt | 19,686 | 29,958 | |||||||
| Government grants | 54 | 55 | |||||||
| Other liabilities | 47,248 | 58,934 | |||||||
| Trade and other payables | 132,255 | 125,342 | |||||||
| Derivative financial instruments | 6,655 | 3,900 | |||||||
| Advance payments | 27,423 | 26,989 | |||||||
| Deferred revenue | 5,250 | 2,533 | |||||||
| Current taxes payable | 2,059 | 8,623 | |||||||
| Provisions | 16,708 | 14,390 | |||||||
| Total current liabilities | 523,947 | 291,057 | |||||||
| Total liabilities | 744,159 | 773,507 | |||||||
| Total equity and liabilities | 877,237 | 948,770 | |||||||
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 | 2013 | 2012 | |
| Unaudited | Unaudited[6] | ||
| Cash flows from operating activities | |||
| (Loss) profit for the period | (42,428) | 40 | |
| Adjustments to reconcile net (loss) profit to net cash flows: | |||
| Non-cash: | |||
| Income tax expense | 1,924 | 6,681 | |
| Depreciation and amortization | 16,744 | 14,152 | |
| Asset impairment expense | 49,703 | 6,333 | |
| Net finance costs | 10,766 | 12,838 | |
| Share of loss (profit) of associates and joint ventures | 556 | (249) | |
| Loss on sale or disposal of property, plant and equipment | 30 | 164 | |
| Equity-settled share-based payment transactions | 428 | 856 | |
| Movement in provisions, pensions and government grants | 2,473 | 4,197 | |
| Change in working capital and deferred revenue | 11,360 | (23,517) | |
| Cash flows from operating activities | 51,556 | 21,495 | |
| Finance costs paid, net | (9,296) | (9,017) | |
| Income tax paid, net | (9,629) | (9,344) | |
| Net cash flows from operating activities | 32,631 | 3,134 | |
| Cash flows used in investing activities | |||
| Proceeds from sale of property, plant and equipment | 356 | 147 | |
| Proceeds from sale of investment in associate | 650 | – | |
| Acquisition of property, plant and equipment and intangibles | (16,219) | (23,443) | |
| Change in restricted cash | 523 | 388 | |
| Acquisition of other non-current asset investments | (4,000) | (1) | |
| Net cash flows used in investing activities | (18,690) | (22,909) | |
| Cash flows (used in) from financing activities | |||
| Proceeds from issuance of debt | 41 | 59,981 | |
| Repayment of borrowings | (22,471) | (19,248) | |
| Change in non-controlling interests | (69) | (6,593) | |
| Other | 5 | 31 | |
| Net cash flows (used in) from financing activities | (22,494) | 34,171 | |
| Net (decrease) increase in cash and cash equivalents | (8,553) | 14,396 | |
| Cash and cash equivalents at January 1 | 121,639 | 79,571 | |
| Effect of exchange rate fluctuations on cash held | (856) | (343) | |
| Cash and cash equivalents at June 30 | 112,230 | 93,624 |
About AMG
AMG creates and applies innovative metallurgical solutions to the global trend of sustainable development of natural resources and CO2 reduction. AMG produces highly engineered specialty metal products and advanced vacuum furnace systems for the Energy, Aerospace, Infrastructure and Specialty Metals and Chemicals end markets. AMG consists of three segments: AMG Processing, AMG Engineering and AMG Mining.
AMG Processing develops and produces specialty metals, alloys and high performance materials. AMG is a significant producer of specialty metals, such as ferrovanadium, ferronickel-molybdenum, aluminum master alloys and additives, chromium metal and ferrotitanium for Energy, Aerospace, Infrastructure and Specialty Metal and Chemicals applications. Other key products include specialty alloys for titanium and superalloys, coating materials and vanadium chemicals.
AMG Engineering designs, engineers and produces advanced vacuum furnace systems and operates vacuum heat treatment facilities, primarily for the Aerospace and Energy (including solar and nuclear) industries. Furnace systems produced by AMG include vacuum remelting, solar silicon melting and crystallization, vacuum induction melting, vacuum heat treatment and high pressure gas quenching, turbine blade coating and sintering. AMG also provides vacuum case-hardening heat treatment services on a tolling basis.
AMG Mining produces critical materials utilizing its secure raw material sources in Africa, Asia, Europe and South America. AMG Mining produces critical materials such as high purity natural graphite, tantalum, antimony and silicon metal. These materials are of significant importance to the global economy and are available in limited supply. End markets for these materials include electronics, energy efficiency, green energy and infrastructure.
With over 3,000 employees, AMG operates globally with production facilities in Germany, United Kingdom, France, Czech Republic, United States, China, Mexico, Brazil, Turkey, Poland, India and Sri Lanka and has sales and customer service offices in Belgium, Russia and Japan (www.amg-nv.com).
For further information, please contact:
AMG Advanced Metallurgical Group N.V. +1 610 975 4901
Jonathan Costello
Vice President of Corporate Development and Communications
jcostello@amg-nv.com
Disclaimer
Certain statements in this press release are not historical facts and are „forward looking.“ Forward looking statements include statements concerning AMG’s plans, expectations, projections, objectives, targets, goals, strategies, future events, future 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.
(1) EBITDA is defined as earnings before interest, tax, depreciation and amortization and excludes nonrecurring items
1 AMG restated the December 31, 2012 statement of financial position and 2012 income statement to comply with new IFRS standards and interpretations.
[3] AMG restated the December 31, 2012 statement of financial position and 2012 income statement to comply with new IFRS standards and interpretations.
[4] AMG restated the December 31, 2012 statement of financial position and 2012 income statement to comply with new IFRS standards and interpretations.
[5] AMG restated the December 31, 2012 statement of financial position and 2012 income statement to comply with new IFRS standards and interpretations.
[6] AMG restated the December 31, 2012 statement of financial position and 2012 income statement to comply with new IFRS standards and interpretations.