Key Highlights
- Revenue increased 48% in the second quarter 2008 compared to the second quarter 2007 (YTD Increase 35%)
- EBITDA increased 97% in the second quarter 2008 when compared to the second quarter 2007 (YTD Increase 87%)
- EPS on a fully diluted basis increased 114% compared to the second quarter 2007 to $0.92, EPS, excluding non-recurring charges, increased 170% compared to the second quarter 2007 to $1.16
- Advanced Materials and Engineering Systems experienced robust revenue and EBITDA growth during second quarter 2008, driven primarily by improved pricing in metals and alloys and continuing demand for solar silicon DSS furnaces
- Timminco’s second quarter revenue and EBITDA improved by 63% and over 600% compared to the second quarter of 2007
- Timminco shipments of solar grade silicon more than doubled to 221 MT in the second quarter
- Graphit Kropfmühl contributed $24.6 million to revenue and $3.0 million to EBITDA since the completion of its acquisition on 22 April 2008
Amsterdam, 12 August 2008 — AMG Advanced Metallurgical Group N.V. (« AMG », EURONEXT AMSTERDAM: « AMG ») today announced its second quarter 2008 results. The Company’s revenue increased to $413.0 million in the quarter ended 30 June 2008 from $279.0 million in the second quarter 2007, a 48% increase.
Net income attributable to shareholders for the second quarter 2008 was $25.3 million, or $0.92 per fully diluted share. Excluding AMG’s 50.5% portion of the non- recurring restructuring expenses at Timminco, net income attributable to shareholders for the second quarter 2008 was $31.9 million, or $1.16 per fully diluted share. This represents an increase of 170% compared to net income of $11.8 million or $0.43 per fully diluted share for the second quarter 2007. EBITDA rose 97% to $63.4 million in the second quarter 2008 compared with $32.1 million in the second quarter 2007.
Dr. Heinz Schimmelbusch, Chairman of the Management Board and CEO, commented: « I am pleased to report record earnings for the second quarter and the first half of 2008. We had strong performances in both our Advanced Materials and Engineering Systems businesses. Both divisions increased revenue and earnings due to growth in the solar, steel and superalloy end markets. AMG’s majority owned subsidiary, Timminco Limited, improved the quality and more than doubled the shipments of solar grade silicon during the second quarter as compared to the first quarter 2008, despite typical challenges associated with a ramp up of a new facility. »
Key Figures
|
In 000’s US Dollar
|
|
|
|
|
|
Q2’08
|
Q2’07 (1)
|
Change
|
|
|
|
|
|
|
Revenue
|
$413,005
|
$279,008
|
48%
|
|
Gross profit
|
92,002
|
53,078
|
73%
|
|
Gross margin
|
22.3%
|
19.0%
|
|
|
|
|
|
|
|
Operating income
|
40,879
|
25,133
|
63%
|
|
Operating margin
|
9.9%
|
9.0%
|
|
|
|
|
|
|
|
Net Income attributable to shareholders
|
25,273
|
11,758
|
115%
|
|
|
|
|
|
|
EPS- Fully diluted
|
0.92
|
0.43
|
114%
|
|
Adjusted EPS-Fully diluted (2)
|
1.16
|
0.43
|
170%
|
|
|
|
|
|
|
EBITDA (3)
|
63,392
|
32,142
|
97%
|
|
EBITDA margin
|
15.3%
|
11.5%
|
|
Notes:
(1) Q2 2007 Revenue has been restated due to an adjustment at Timminco
(2) Adjusted for non-recurring, restructuring charges at Timminco
(3) EBITDA is defined as earnings before interest, tax, depreciation and amortization and excludes nonrecurring items
Operational Review
Advanced Materials Division
|
|
Q2’08
|
Q2’07
|
Change
|
|
Revenue
|
$226,452
|
$173,416
|
31%
|
|
Gross profit
Operating income
|
46,860
26,858
|
30,444
13,403
|
54%
100%
|
|
EBITDA
|
30,528
|
16,755
|
82%
|
|
Capital expenditures
|
6,005
|
3,579
|
68%
|
The Advanced Materials division’s second quarter 2008 financial results were driven by continued strong pricing and solid volumes in ferrovanadium, chromium and certain other key products. Revenue increased by $53.0 million or 30.6% to $226.5 million. Gross profit improved by $16.4 million or 53.9% to $46.9 million. SG&A expenses increased marginally because of additional corporate infrastructure. EBITDA increased by $13.8 million, an 82% improvement over the second quarter 2007 to $30.5 million.
Gross margins expanded from 17.6% in the second quarter of 2007 to 20.7% in second quarter of 2008. The division’s secure raw material supply enabled it to increase gross margins at a faster pace than revenue. The most notable price increases over second quarter 2007 were in ferrovanadium and chromium metal, with ferrovanadium prices increasing by 88% and chromium metal prices increasing by 42%. Coating materials for thin film solar applications, vanadium chemicals and antimony products also delivered strong margins in the period. One area of pricing weakness was in ferronickel-molybdenum as London Metal Exchange nickel prices fell approximately 47% from the same period in the prior year.
Operating income for the second quarter 2008 improved 100% to $26.9 million, up from $13.4 million for the comparable period in 2007. This was primarily due to the increase in gross profit offset by a marginal increase in selling, general and administrative expenses that was attributable to a build-up in corporate infrastructure.
Capital expenditures were $6.0 million for the quarter, 67.6% higher than the comparable period in 2007, as previously announced capacity expansion initiatives in ferrovanadium, tantalum and hydropower continue to be on schedule. The division has recently approved a $2 million capacity expansion for the production of coating materials for thin film solar applications.
Engineering Systems Division
|
|
Q2’08
|
Q2’07
|
Change
|
|
Revenue
|
$99,219
|
$67,128
|
48%
|
|
Gross profit
Operating income
|
30,465
20,006
|
20,997
14,003
|
45%
43%
|
|
EBITDA
Capital expenditures
|
23,392
6,687
|
14,469
3,126
|
62%
114%
|
The Engineering Systems division continued its dynamic growth during the second quarter 2008. Order backlog of $444 million as of 30 June 2008 increased 76% compared to order backlog of $252 million as of 31 December 2007. The backlog primarily consists of solar silicon DSS furnaces and melting and remelting systems for the aerospace industry. The increase in the backlog is driven by a strong demand for solar silicon DSS furnaces.
Second quarter 2008 revenue and EBITDA increased $32.1 million, or 48%, and $8.9 million, or 62%, respectively, over the same period in 2007.
Sales in solar silicon melting and crystallization furnaces for the photovoltaic industry increased 75 % in the second quarter 2008 compared to the same period a year ago. In addition to the sales of single crucible furnaces to 18 solar customers worldwide, the division entered into a $90 million contract with a long-term customer, the largest order ever received in the Engineering Systems division’s history.
Significant capacity expansion in the Berlin production facility was essential to meet the growing global demand for solar silicon DSS furnaces. As of the end of the second quarter 2008, four furnaces per week were produced, compared to one furnace per week at the end of the fourth quarter 2007. Engineering Systems expects to produce eight furnaces per week by the fourth quarter 2008 to meet customer delivery schedules. During the quarter, the Engineering Systems division also continued to improve the efficiency of its solar furnaces by optimizing the production of ingots made from solar grade silicon at its research facility in Freiberg, Germany.
Revenue from remelting systems primarily for the aerospace, electronics, and specialty steel industries remained on the strong growth trajectory as the first quarter. Geographically, sales to the Asia Pacific region and Europe drove revenue growth. Almost all product lines achieved strong margins on increased volumes.
The EBITDA margin improved to 24% during the second quarter 2008 compared to 22% for the same period in 2007. This improved margin is a result of increased sales of vacuum furnace systems based on the division’s proprietary technology and increased economies of scale. The division continues to focus on reducing lead times for key product lines in order to meet customer demands while generating margins at levels slightly in excess of 2007.
During the quarter ended 30 June 2008, capital expenditures increased to $6.7 million, from $3.1 million for the second quarter of 2007. The expansion of the DSS production facility as well as the building and expansion of the Mexican Own and Operate facility were the primary causes for the increase in capital spending.
Timminco
|
|
Q2’08
|
Q2’07
|
Change
|
|
Revenue
|
$62,710
|
$38,464
|
63%
|
|
Gross profit
Operating loss
|
10,828
(8,326)
|
1,637
(2,273)
|
561%
(266)%
|
|
EBITDA
|
6,484
|
918
|
606%
|
|
Capital expenditures
|
12,691
|
4,793
|
165%
|
Timminco‘s revenue for the second quarter 2008 was $62.7 million compared with $38.5 million in the second quarter 2007, an increase of 63%. The increase is primarily attributable to the record sales of Timminco’s solar grade silicon and silicon metal products. Gross profit also achieved record levels within the silicon product line due to the increased volume of solar grade silicon and higher average selling prices for silicon metal.
Silicon gross profit for the second quarter 2008 was $8.6 million or 19.3% of sales compared to a gross profit loss of $1.1 million in the second quarter of 2007. Timminco sold 221 metric tons of solar grade silicon during the second quarter 2008 at an average price of $65/kg. The main contributor to the increase in margin was the increase in sales of solar grade silicon. Included in cost of sales are $2.1 million of incremental production costs incurred in the quarter due to the continuing ramp up of the solar grade silicon facility. Magnesium gross profit for the second quarter 2008 was $2.2 million or 12.5% of sales compared to $2.1 million or 13.3% of sales in the second quarter of 2007.
Timminco had an operating loss in the quarter which is attributable to the one-time restructuring charge of $13.1 million associated with the closure of the Haley, Ontario Magnesium facility. The closure of this facility is expected to result in annual cost savings of approximately $5.0 million. Excluding this charge, operating income was $4.8 million in the second quarter of 2008 due to higher gross profit which was partially offset by increased selling, general and administrative expenses. Higher professional fees and travel related to various strategic initiatives resulted in an increase in SG&A.
In the quarter ended 30 June 2008, Timminco began the construction of an expansion to its solar grade silicon production capacity. This expansion is expected to bring the annual solar grade silicon production capacity to 14,400 metric tons. Sources of funding for this expansion include cash on hand, cash flow from operations, the Company’s existing credit facilities and customer deposits. Customer deposits totalled $7.6 million in the second quarter of 2008. Continued growth in solar silicon revenues and gross margin improvement are expected for the balance of 2008.
Graphit Kropfmühl
|
|
Since
ownership
|
|
Revenue
|
$24,624
|
|
Gross profit
Operating income
|
3,849
2,342
|
|
EBITDA
|
2,988
|
|
Capital expenditures
|
1,952
|
Since its acquisition on 22 April 2008, Graphit Kropfmühl (« GK ») has generated $24.6 million in revenue and $3.8 million in gross profit. The EBITDA margin for the Company was a healthy 12.1%. GK has spent nearly $2.0 million on projects to improve their production capabilities in both their graphite and silicon operations since the acquisition.
Financial Review
Liquidity
|
|
Q2’08
|
Q4’07
|
Change
|
|
Total debt
|
$219,986
|
$140,782
|
(56.3)%
|
|
Cash & short-term investments
|
113,451
|
187,891
|
(39.6)%
|
|
Net debt (cash)
|
106,535
|
(47,109)
|
(326.1)%
|
AMG had a net debt position of $106.5 million as of 30 June 2008. The increase in the Company’s net debt is primarily a result of the acquisition of Graphit Kropfmühl, which used $62.9 million of cash and included the assumption of $27.3 million of debt. In addition, Timminco’s $25.9 million investment in a solar grade silicon expansion and an increased investment in working capital across all segments of the business also impacted liquidity.
Cash Flow
|
|
Six months ended
|
|
|
|
30 June 2008
|
30 June 2007
|
|
|
|
|
|
Cash flows from operations
|
$8,250
|
$31,642
|
|
Capital expenditures
|
(56,504)
|
(18,174)
|
|
Acquisitions, net of cash
|
(62,854)
|
(836)
|
|
Cash flows from other investing
|
3,078
|
724
|
|
Cash flows used in investing activities
|
(116,280)
|
(18,286)
|
|
Cash flows generated from (used in) financing activities
|
43,444
|
8,009
|
|
Effect of exchange rates on cash held
|
5,390
|
1,402
|
|
Net (decrease) increase in cash and cash equivalents
|
(59,196)
|
22,767
|
Cash flows from operations were $8.3 million in the year-to-date period ended 30 June 2008 as compared to $31.6 million for the comparable period in 2007. The $28.6 million increase in net income for the six months ended 30 June 2008, when compared to the period ended 30 June 2007, was offset by a working capital increase in all areas of the business. The working capital increase is the result of higher raw material prices for the Advanced Materials division’s products, increased work in process inventory of solar silicon DSS furnaces required to meet increased demand in the Engineering Systems division and a build-up of inventory at Timminco to support the ramp-up of solar silicon production.
Cash used in investing activities was $116.3 million for the six months ended 30 June 2008. This amount was significantly higher than the $18.3 million spent in the comparable period in 2007. The increase is primarily related to two items; $25.9 million in costs related to the expansion of the solar silicon production facility at Timminco and $62.9 million for the purchase of approximately 79.5% of Graphit Kropfmühl.
Cash from financing activities was $43.4 million, an increase of $35.4 million from the same period in 2007. This increase was primarily the result of two factors, $20.0 million borrowed on the credit facility for the acquisition of approximately 79.5% of Graphit Kropfmühl and borrowings to fund the working capital increases in Advanced Materials and Timminco.
Outlook
In the context of commenting on the first quarter 2008 results, AMG stated that the EBITDA growth 2007 versus 2006 of 65% would be achieved or exceeded for full year 2008 versus 2007. We are pleased to confirm that statement.
Interim consolidated balance sheet at 30 June 2008
|
In thousands of US Dollars
|
30 June
|
31 December
|
|
|
2008
|
2007
|
|
|
Unaudited
|
Audited
|
|
|
|
|
|
Property, plant and equipment
|
155,763
|
|
|
Intangible assets
|
98,468
|
50,291
|
|
Investments in associates
|
22,030
|
15,145
|
|
Derivative financial instruments
|
1,625
|
194
|
|
Deferred tax assets
|
37,724
|
34,537
|
|
Restricted cash
|
23,182
|
14,582
|
|
Notes receivable
|
4,590
|
7,068
|
|
Other assets
|
5,993
|
5,087
|
|
Total non-current assets
|
443,056
|
282,667
|
|
Inventories
|
290,996
|
186,410
|
|
Trade and other receivables
|
256,628
|
187,243
|
|
Derivative financial instruments
|
8,725
|
3,582
|
|
Prepayments and other current assets
|
62,023
|
48,754
|
|
Short term investments
|
89
|
15,333
|
|
Cash and cash equivalents
|
113,362
|
172,558
|
|
Total current assets
|
731,823
|
613,880
|
|
Total assets
|
1,174,879
|
896,547
|
|
Equity
|
|
|
|
Issued capital
|
722
|
722
|
|
Share premium
|
376,319
|
392,304
|
|
Other reserves
|
13,882
|
(9,923)
|
|
Retained earnings (deficit)
|
(89,783)
|
(137,439)
|
|
Equity attributable to shareholders of the Company
|
301,140
|
245,664
|
|
|
|
|
|
Minority interests
|
69,749
|
64,133
|
|
|
|
|
|
Total equity
|
370,889
|
309,797
|
|
|
|
|
|
Liabilities
|
|
|
|
Loans and borrowings
|
157,457
|
115,726
|
|
Employee benefits
|
128,941
|
102,809
|
|
Provisions
|
17,357
|
12,011
|
|
Government grants
|
5,058
|
8,585
|
|
Other liabilities
|
9,722
|
9,087
|
|
Derivative financial instruments
|
39
|
77
|
|
Deferred tax liabilities
|
47,658
|
32,112
|
|
Total non-current liabilities
|
366,232
|
280,407
|
|
Loans and borrowings
|
3,403
|
1,102
|
|
Short-term bank debt
|
52,214
|
16,202
|
|
Related party debt
|
6,912
|
7,752
|
|
Government grants
|
9,458
|
7,927
|
|
Other Liabilities
|
46,794
|
42,356
|
|
Trade and other payables
|
181,741
|
126,827
|
|
Deferred revenue
|
7,504
|
–
|
|
Derivative financial instruments
|
9,995
|
4,994
|
|
Advance payments
|
87,001
|
74,731
|
|
Current taxes payable
|
16,092
|
11,496
|
|
Provisions
|
16,644
|
12,956
|
|
Total current liabilities
|
437,758
|
306,343
|
|
Total liabilities
|
803,990
|
586,750
|
|
Total equity and liabilities
|
1,174,879
|
896,547
|
Interim consolidated income statement for the six months ended 30 June 2008
|
For the six months ended 30 June
|
|
|
|
In thousands of US Dollars
|
2008
|
2007
|
|
|
Unaudited
|
Unaudited
|
|
Continuing operations
|
|
|
|
Revenue
|
739,153
|
545,838
|
|
Cost of sales
|
579,941
|
447,657
|
|
Gross profit
|
159,212
|
98,181
|
|
|
|
|
|
Selling, general and administrative expenses
|
72,601
|
53,406
|
|
Restructuring and asset impairment expenses
|
13,245
|
30
|
|
Environmental expense
|
94
|
202
|
|
Other expenses
|
81
|
287
|
|
Other income
|
(3,097)
|
(1,469)
|
|
Operating profit
|
76,288
|
45,725
|
|
|
|
|
|
Interest expense
|
9,763
|
17,926
|
|
Interest income
|
(3,416)
|
(2,028)
|
|
Foreign exchange (gain)/loss
|
1,538
|
(1,531)
|
|
Net finance costs
|
7,885
|
14,367
|
|
|
|
|
|
Share of profit of associates
|
718
|
(1,085)
|
|
Profit before income tax
|
69,121
|
30,273
|
|
|
|
|
|
Income tax expense
|
22,793
|
11,639
|
|
Profit for the period
|
46,328
|
18,634
|
|
|
|
|
|
Attributable to:
|
|
|
|
Shareholders of the Company
|
47,782
|
19,158
|
|
Minority interests
|
(1,454)
|
(524)
|
|
|
46,328
|
18,634
|
|
|
|
|
|
Earnings per share
|
|
|
|
Basic earnings per share
|
1.78
|
0.71
|
|
Diluted earnings per share
|
1.74
|
0.71
|
|
|
|
|
|
|
|
|
Interim consolidated income statement for the three months ended 30 June 2008
|
For the three months ended 30 June
|
|
|
|
In thousands of US Dollars
|
2008
|
2007
|
|
|
Unaudited
|
Unaudited
|
|
Continuing operations
|
|
|
|
Revenue
|
413,005
|
279,008
|
|
Cost of sales
|
321,003
|
225,930
|
|
Gross profit
|
92,002
|
53,078
|
|
|
|
|
|
Selling, general and administrative expenses
|
39,632
|
27,769
|
|
Restructuring and asset impairment expenses
|
13,118
|
23
|
|
Environmental expense
|
10
|
82
|
|
Other expenses
|
81
|
287
|
|
Other income
|
(1,718)
|
(216)
|
|
Operating profit
|
40,879
|
25,133
|
|
|
|
|
|
Interest expense
|
5,795
|
8,909
|
|
Interest income
|
(1,410)
|
(1,062)
|
|
Foreign exchange (gain)/loss
|
202
|
(1,895)
|
|
Net finance costs
|
4,587
|
5,952
|
|
|
|
|
|
Share of profit of associates
|
617
|
(955)
|
|
Profit before income tax
|
36,909
|
18,226
|
|
|
|
|
|
Income tax expense
|
14,112
|
6,597
|
|
Profit for the period
|
22,797
|
11,629
|
|
|
|
|
|
Attributable to:
|
|
|
|
Shareholders of the Company
|
25,273
|
11,758
|
|
Minority interests
|
(2,476)
|
(129)
|
|
|
22,797
|
11,629
|
|
|
|
|
|
Earnings per share
|
|
|
|
Basic earnings per share
|
0.94
|
0.43
|
|
Diluted earnings per share
|
0.92
|
0.43
|
|
|
|
|
|
|
|
|
Interim condensed consolidated cash flow statement for the six months ended 30 June
|
For the six months ended 30 June
|
|
|
|
In thousands of US Dollars
|
2008
|
2007
|
|
|
Unaudited
|
Unaudited
|
|
Cash flows from operating activities
|
|
|
|
Profit for the period
|
46,328
|
18,634
|
|
Adjustments to reconcile profit to net cash flows:
|
|
|
|
Non-cash
|
|
|
|
Depreciation and amortization
|
12,570
|
9,278
|
|
Restructuring expense and impairment losses
|
13,245
|
30
|
|
Environmental expense
|
94
|
82
|
|
Net finance costs
|
7,885
|
14,277
|
|
Share of (profit) loss of associates
|
(718)
|
1,085
|
|
Equity-settled share-based payment transactions
|
5,365
|
|
|
Income tax expense
|
22,793
|
11,639
|
|
Change in working capital
|
(75,319)
|
4
|
|
Other
|
(11,368)
|
(1,865)
|
|
Interest received/(paid)
|
(3,468)
|
(11,823)
|
|
Income tax paid
|
(9,660)
|
(5,494)
|
|
Cash paid for dividends
|
503
|
(4,205)
|
|
Net cash flows from operating activities
|
8,250
|
31,642
|
|
|
|
|
|
Cash flows used in investing activities
|
|
|
|
|
|
|
|
Proceeds from sale of property, plant and equipment
|
24
|
698
|
|
Acquisitions of property, plant and equipment and intangibles
|
(56,504)
|
(18,174)
|
|
Acquisitions, net of cash
|
(62,854)
|
(836)
|
|
Related party loans
|
(3,668)
|
–
|
|
Change in short-term investments
|
14,958
|
–
|
|
Change in restricted cash
|
(7,716)
|
–
|
|
Other
|
(520)
|
26
|
|
Net cash flows used in investing activities
|
(116,280)
|
(18,286)
|
|
|
|
|
|
Cash flows from financing activities
|
|
|
|
Proceeds from issuance of debt
|
22,402
|
688
|
|
Repayment of borrowings
|
20,897
|
(19,278)
|
|
Capital infusion
|
(39)
|
26,599
|
|
Other
|
184
|
–
|
|
Net cash flows from financing activities
|
43,444
|
8,009
|
|
|
|
|
|
Net (decrease) increase in cash and cash equivalents
|
(64,586)
|
21,365
|
|
Cash and cash equivalents at 1 January
|
172,558
|
54,610
|
|
Effect of exchange rate fluctuations on cash held
|
5,390
|
1,402
|
|
Cash and cash equivalents at 30 June
|
113,362
|
77,377
|
|
|
|
|
About AMG
AMG, incorporated in the Netherlands, is a global leader in the production of highly engineered specialty metal products and advanced vacuum furnace systems. AMG serves growing industries worldwide with its unique combination of metallurgical engineering expertise and production know-how. AMG is a market leader in many of its products and systems, which are critical to the production of key components for the aerospace, energy (including solar and nuclear), electronics, optics, chemicals, construction and transportation industries. AMG has two operating divisions of businesses, Advanced Materials and Engineering Systems, and owns majority interests in publicly-listed companies Timminco Limited (TSX: « TIM ») and Graphit Kropfmühl AG (Deutsche Börse: GKR.DE).
The Advanced Materials Division develops and produces niche specialty metals and complex metals products, many of which are used in demanding, safety-critical, high-stress environments. AMG is one of a limited number of significant producers globally of niche specialty metals, such as ferrovanadium, ferronickel-molybdenum, aluminium master alloys and additives, chromium metal and ferrotitanium, used by steel, aluminium, chemical and superalloy producers for aerospace, automotive, energy, electronics, optics, chemicals, construction and other applications. Other key products produced by AMG include specialty alloys for titanium and superalloys, coating materials, tantalum and niobium oxides, vanadium chemicals and antimony trioxide.
The Engineering Systems Division designs, engineers and produces advanced vacuum furnace systems and operates vacuum heat treatment facilities. AMG is a global leader in supplying technologically-advanced vacuum furnace systems to customers in the aerospace, energy (including solar and nuclear), transportation, electronics, superalloys and specialty steel industries. Examples of furnace systems produced by AMG include vacuum remelting, solar silicon melting and crystallization, vacuum induction melting, vacuum heat treatment and high pressure gas quenching, vacuum precision casting, turbine blade coating and sintering. AMG also provides vacuum case-hardening heat treatment services on a tolling basis to customers through facilities equipped with vacuum heat treatment furnaces.
Timminco Limited is a majority controlled, publicly listed subsidiary of AMG. Timminco is a leader in the production of upgraded metallurgical silicon for the rapidly growing solar photovoltaic energy industry. Timminco also produces silicon metal and magnesium products for use in a broad range of industrial applications.
Graphit Kropfmühl AG is a majority controlled, publicly listed subsidiary of AMG. Based on its secure raw material sources in Africa, China and Europe, Graphit Kropfmühl is a specialist in the production of silicon metal and the extraction, processing and refining of natural crystalline graphite for a wide range of energy saving industrial applications.
AMG operates globally with production facilities in Germany, the United Kingdom, France, Czech Republic, the United States, Canada, Mexico, Brazil, Sri Lanka and Australia and also has sales and customer service offices in Belgium, Russia, China and Japan (website: www.amg-nv.com).
For further information please contact:
AMG Advanced Metallurgical Group N.V. +1 610 975 4901
Jonathan Costello
Director of Corporate Communications
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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.
The full press release including tables can be downloaded from the following link: