Key Highlights
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Revenue increased by 8% to $237.9 million in the fourth quarter 2016 from $220.8 million in the fourth quarter 2015
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EBITDA(2) was $30.0 million in the fourth quarter 2016, a 210% increase over the same period in 2015, and represents the highest quarterly EBITDA in 5 years
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On a full year basis, EBITDA in 2016 increased by 33% to $100.7 million, from $75.6 million in the prior year
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Full year EPS, on a fully diluted basis, increased by 230% to $1.32 in 2016 from $0.40 in 2015
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Return on capital employed increased to 18.8% in 2016, as compared to 12.0% in 2015
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Total 2016 dividend proposed of €0.27 per ordinary share, including the interim dividend of €0.13, paid on August 16, 2016
- AMG’s lithium project is progressing in-line with expectations, with production expected to commence mid-2018
Amsterdam, 9 March 2017 (Regulated Information) — AMG Advanced Metallurgical Group N.V. (« AMG », EURONEXT AMSTERDAM: « AMG ») reported fourth quarter 2016 revenue of $237.9 million, an 8% increase from $220.8 million in the fourth quarter 2015. EBITDA for the fourth quarter 2016 was $30.0 million, a 210% increase from $9.7 million in the fourth quarter 2015. Net income attributable to shareholders increased to $10.0 million in the fourth quarter 2016 from a loss of $0.3 million in the fourth quarter 2015. On a full year basis, EBITDA increased by 33% to $100.7 million, from $75.6 million in the prior year, despite an increase in AMG’s Performance Share Unit (« PSU ») plan costs of $4.5 million, compared to the same period in 2015, driven by AMG’s strong share price performance in 2016.
Dr. Heinz Schimmelbusch, Chairman of the Management Board and CEO, said, « AMG’s focus on operational excellence and price risk management resulted in very strong financial results in the fourth quarter 2016. Both AMG Critical Materials and AMG Engineering generated triple-digit percentage improvements in quarterly EBITDA compared to the same period in 2015.
AMG Critical Materials generated EBITDA of $22.1 million during the fourth quarter 2016, an increase of 214% from $7.0 million in the fourth quarter of 2015. All operating units within AMG Critical Materials performed well during the quarter, due to a combination of lower operating costs, improved product mix, strong sales volumes and improving vanadium prices. Despite improvements in select materials prices in 2016, current prices for many of our products still reside in the lowest quartile when analyzed over a 10-year timeframe.
AMG Engineering achieved EBITDA of $7.9 million during the fourth quarter 2016, an increase of 199% from $2.6 million in the fourth quarter of 2015. AMG Engineering signed $61.7 million in new orders during the fourth quarter of 2016, an increase of 29% from $48.0 million in the fourth quarter of 2015. New innovations continue to have a positive impact on the results of AMG Engineering, such as our industry leading SyncroTherm® heat treatment furnaces; powder metallurgy furnaces related to additive manufacturing; titanium remelting furnaces; and turbine blade coating plants. These innovative product offerings continue to drive a significant portion of sales and profitability for the division.
On a full year basis, AMG generated cash from operating activities of $56.2 million, a decrease of 26% from $76.3 million in 2015. The full year 2016 operating cash flows include voluntary cash contributions to the Company’s pension plans of $23.1 million made during the year. This strong cash generation enabled AMG to fund a substantial investment in growth capital expenditures during 2016. »
Key Figures
| In 000’s US Dollar | ||||||
| Q4 ’16 | Q4 ’15 | Change | FY ’16 | FY ’15 | Change | |
| Revenue | $237,874 | $220,842 | 8% | $971,148 | $977,143 | (1%) |
| Gross profit (3) | 42,985 | 35,396 | 21% | 186,808 | 156,857 | 19% |
| Gross margin | 18.1% | 16.0% | 19.2% | 16.1% | ||
| Operating profit | 11,858 | 4,191 | 183% | 59,868 | 36,163 | 66% |
| Operating margin | 5.0% | 1.9% | 6.2% | 3.7% | ||
| Profit before income tax | 11,844 | 2,275 | 421% | 49,667 | 28,568 | 74% |
| Net income (loss) attributable to shareholders | 9,956 | (337) | N/A | 40,558 | 11,080 | 266% |
| EPS – Fully diluted | 0.32 | (0.01) | N/A | 1.32 | 0.40 | 230% |
| EBIT (1) | 22,180 | 2,043 | 986% | 70,811 | 46,032 | 54% |
| EBITDA (2) | 30,011 | 9,676 | 210% | 100,652 | 75,622 | 33% |
| EBITDA margin | 12.6% | 4.4% | 10.4% | 7.7% | ||
| Cash from operating activities | 15,553 | 33,550 | (54%) | 56,225 | 76,308 | (26%) |
Notes:
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EBIT is defined as earnings before interest and income taxes. EBIT excludes restructuring and equity-settled share-based payments and includes foreign currency gains or losses.
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EBITDA is defined as EBIT adjusted for depreciation and amortization.
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Gross Profit has been restated to include restructuring expenses and asset impairment expenses, in order to take into consideration ESMA’s latest recommendations.
Operational Review
AMG Critical Materials
| Q4 ’16 | Q4 ’15 | Change | FY ’16 | FY ’15 | Change | |||||
| Revenue | $165,970 | $166,275 | – % | $701,634 | $757,492 | (7%) | ||||
| Gross profit | 29,628 | * 23,348 | 27% | **129,991 | ** 109,538 | 19% | ||||
| Gross profit before non- recurring items |
31,802 | * 20,733 | 53% | **132,533 | ** 111,153 | 19% | ||||
| Operating profit | 9,762 | 2,559 | 281% | 44,362 | 31,630 | 40% | ||||
| EBITDA | 22,121 | 7,039 | 214% | 73,618 | 60,798 | 21% | ||||
* Includes $4.4 million non-cash expense related to vanadium, nickel and molybdenum inventory adjustments in the fourth quarter 2015
** FY ’15 includes $6.5 million non-cash expense related to vanadium, nickel and molybdenum inventory adjustments in the full year 2015; FY ’16 includes $5.1 million non-cash benefit related to reversal of previously expensed vanadium, nickel and molybdenum inventory adjustments
AMG Critical Materials fourth quarter 2016 revenue of $166.0 million was in-line with prior year. Lower quarter-over-quarter sales in AMG Silicon, AMG Aluminum and AMG Brazil, were offset by stronger sales from AMG Vanadium, AMG Titanium Alloys & Coatings, AMG Antimony and AMG Superalloys.
Gross profit before non-recurring items in the fourth quarter increased by $11.1 million, or 53%, to $31.8 million, due to strong financial performance across all AMG Critical Materials business units. AMG Vanadium gross profit improved significantly in the fourth quarter 2016, due to higher volumes and improving vanadium prices. In addition, AMG Vanadium incurred a non-cash inventory adjustment expense of $4.4 million in the prior year due to rapidly falling vanadium, nickel and molybdenum prices.
AMG Titanium Alloys & Coatings and AMG Superalloys quarterly gross profits benefited from higher sales volumes of Titanium Aluminides and Chrome Metal, respectively, compared to the prior year. AMG Brazil, AMG Graphite and AMG Antimony quarterly gross profits also improved due to a combination of lower operating costs and product mix effects. Quarterly gross profits in AMG Silicon and AMG Aluminum were in-line with the prior year.
Gross margin before non-recurring items improved to 19% from 12% in the fourth quarter of 2015 due to improved vanadium pricing, higher volumes and lower costs.
EBITDA increased by $15.1 million to $22.1 million in the fourth quarter of 2016, driven primarily by higher gross profit and lower segment specific SG&A expenses.
AMG Engineering
| Q4 ’16 | Q4 ’15 | Change | FY ’16 | FY ’15 | Change | |
| Revenue | $71,904 | $54,567 | 32% | $269,514 | $219,651 | 23% |
| Gross profit | 13,357 | 12,048 | 11% | 56,817 | 47,319 | 20% |
| Gross profit before non- recurring items |
16,625 | 11,652 | 43% | 60,473 | 48,807 | 24% |
| Operating profit | 2,096 | 1,632 | 28% | 15,506 | 4,533 | 242% |
| EBITDA | 7,890 | 2,637 | 199% | 27,034 | 14,824 | 82% |
AMG Engineering signed $61.7 million in new orders during the fourth quarter of 2016, representing a 0.86x book to bill ratio. Order backlog was $135.5 million as of December 31, 2016, a 4% reduction from $140.9 million as of December 31, 2015. On a full year basis, AMG Engineering signed $273.1 million in new orders, representing a 1.01x book to bill ratio.
AMG Engineering’s fourth quarter 2016 revenue increased $17.3 million, or 32%, to $71.9 million, the highest quarterly revenue in 5 years, due to strong sales of plasma remelting, induction and turbine blade coating furnaces for the aerospace market.
Fourth quarter 2016 gross profit before non-recurring items increased by $5.0 million, or 43%, to $16.6 million, due to higher revenues. Gross margin before non-recurring items improved to 23% from 21% in the fourth quarter of 2015 due to product mix effects.
EBITDA increased by $5.3 million to $7.9 million in the fourth quarter of 2016, driven by higher gross profit.
Financial Review
Tax
AMG recorded an income tax expense of $8.1 million in 2016 as compared to $18.7 million in 2015. The income tax expense in 2015 was negatively impacted by the currency effect of the Brazilian Real on deferred tax balances. Due to the volatile nature of the company’s deferred tax balances, AMG believes that the cash tax rate is a more meaningful metric.
AMG paid taxes of $6.6 million in 2016 as compared to $5.7 million in 2015. For 2016, AMG’s effective cash tax rate was 13%, as compared to 20% in 2015.
Non-Recurring Items
AMG’s fourth quarter 2016 and full year 2016 gross profit of $186.8 million includes non-recurring items, which are not included in the calculation of EBITDA.
A summary of non-recurring items in 2016 and 2015 are below:
Non-recurring items included in gross profit
| Q4 ’16 | Q4 ’15 | Change | FY ’16 | FY ’15 | Change | |
| Gross profit | $42,985 | $35,396 | 21% | $186,808 | $156,857 | 19% |
| Restructuring expense | 3,466 | ($3,011) | N/A | 4,222 | 3,103 | 36% |
| Asset impairment expense | 1,976 | – | N/A | 1,976 | – | N/A |
| Gross profit before non-recurring items | 48,427 | 32,385 | 50% | 193,006 | 159,960 | 21% |
Gross profit before non-recurring items by reporting segment
| Q4 ’16 | Q4 ’15 | Change | FY ’16 | FY ’15 | Change | |
| AMG Critical Materials | $31,802 | $20,733 | 53% | $132,533 | $111,153 | 19% |
| AMG Engineering | 16,625 | 11,652 | 43% | 60,473 | 48,807 | 24% |
| Gross profit before non-recurring items | 48,427 | 32,385 | 50% | 193,006 | 159,960 | 21% |
AMG Critical Materials and AMG Engineering gross profit in the fourth quarter 2016 was negatively impacted by restructuring related to cost reduction initiatives in Germany and France, respectively.
The Company decided to modify its income statement presentation in order to take into consideration ESMA’s latest recommendations. This new presentation resulted in a reclassification of restructuring expenses and asset impairment expenses into expenses by function, and consequently gross profit. Accordingly, the comparative figures of the 2016 consolidated financial statements have been restated to comply with IFRS requirements.
Environmental expense
| Q4 ’16 | Q4 ’15 | Change | FY ’16 | FY ’15 | Change | |
| Environmental | 1,828 | 1,529 | 20% | 1,873 | (757) | N/A |
| of which non-recurring | 1,277 | 1,529 | (16%) | 1,277 | 1,529 | (16%) |
During the fourth quarter 2016, AMG recorded non-recurring environmental expense of $1.3 million related to its Newfield, NJ site, which are not included in the calculation of EBITDA.
Liquidity
| December 31, 2016 | December 31, 2015 | Change | |
| Total debt | $168,080 | $126,743 | 33% |
| Cash and cash equivalents | 160,744 | 127,778 | 26% |
| Net debt (cash) | 7,336 | (1,035) | N/A |
AMG had a net debt position of $7.3 million as of December 31, 2016. Net debt increased by $8.4 million from December 31, 2015, while gross debt increased by $41.3 million, driven by the increased term loan associated with the new debt facility.
Cash from operating activities decreased to $56.2 million in 2016 from $76.3 million in 2015. As noted above, the Company made $23.1 million of discretionary pension contributions during the year. These contributions drove the decline in cash from operating activities from prior year.
Capital expenditures increased to $44.1 million in 2016 compared to $23.3 million in 2015. Capital spending in 2016 included $18.4 million of maintenance capital, compared to $13.1 million in 2015. The largest expansion capital projects in 2016 were AMG’s lithium project in Brazil, Ancuabe graphite mine project in Mozambique, titanium aluminide expansion in Germany and silicon furnace upgrade in Germany.
Including the $161 million of cash, AMG had $343 million of total liquidity as of December 31, 2016.
Net Finance Costs
AMG’s fourth quarter 2016 net finance costs were less than $0.1 million compared to $2.3 million in the fourth quarter of 2015. The decrease was primarily due to currency gains associated with the Mozambique Metical during the quarter.
SG&A
AMG’s fourth quarter 2016 SG&A expenses were $30.0 million, down 1% from the same period in the prior year.
Full year 2016 SG&A expenses were $130.8 million, a 7% increase from $122.3 million in 2015, driven by an increase in PSU plan costs of $4.5 million and an increase in personnel costs of $2.4 million.
Final Dividend Proposed
AMG intends to declare a dividend of €0.27 per ordinary share over the financial year 2016. The interim dividend of €0.13, paid on August 16, 2016, will be deducted from the amount to be distributed to shareholders. The proposed final dividend per ordinary share therefore amounts to €0.14.
The full year dividend proposed in 2016 represents an increase of 29% compared to the full year dividend paid in 2015. This increase reflects AMG’s commitment to return value to shareholders.
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 4, 2017.
Lithium Project Update
AMG’s lithium project is progressing in-line with expectations, and production is expected to commence mid-2018. Capital expenditures in the fourth quarter 2016 related to the lithium project were $5.8 million.
On March 3, 2017, AMG announced that its subsidiary AMG Mineração, Brazil, had signed a multi-year contract to supply 90,000 tons per year of lithium concentrate, for conversion into lithium chemicals, with deliveries commencing in the second half of 2018. Sales prices under the agreement are partially indexed to the published market price of lithium carbonate, subject to a contractual minimum threshold. The sales price (CIF China), determined with reference to the current published lithium carbonate market price, would exceed $800 per ton lithium concentrate.
In the second quarter 2017, AMG Mineração will finalize and publish an updated resource statement for the Mibra mine. The Company targets to double its annual lithium concentrate production capacity to 180,000 tons by end of 2019.
Outlook and Strategy
AMG is well positioned to maintain full year 2016 levels of profitability in 2017, subject to a high degree of global uncertainty.
AMG’s management team is focused on delivering our highly accretive lithium project and executing our long term, transformational lithium strategy. In addition, we will continue to pursue other acquisition opportunities and organic growth projects in order to generate long term value for our shareholders.
| AMG Advanced Metallurgical Group N.V. | ||
| Condensed Consolidated Income Statement | ||
| For the quarter ended December 31 | ||
| In thousands of US Dollars | 2016 | 2015 |
| Unaudited | Unaudited* | |
| Continuing operations | ||
| Revenue | 237,874 | 220,842 |
| Cost of sales | 194,889 | 185,446 |
| Gross profit | 42,985 | 35,396 |
| Selling, general and administrative expenses | 29,989 | 30,400 |
| Environmental | 1,828 | 1,529 |
| Other income, net | (690) | (724) |
| Net other operating expenses | 1,138 | 805 |
| Operating profit | 11,858 | 4,191 |
| Finance income | (808) | (786) |
| Finance expense | 2,861 | 2,219 |
| Foreign exchange (gain) loss | (2,039) | 865 |
| Net finance costs | 14 | 2,298 |
| Share of gain of associates and joint ventures, net of tax | – | 382 |
| Profit before income tax | 11,844 | 2,275 |
| Income tax expense | 879 | 4,416 |
| Profit (loss) for the period | 10,965 | (2,141) |
| Attributable to: | ||
| Shareholders of the Company | 9,956 | (337) |
| Non-controlling interests | 1,009 | (1,804) |
| Profit (loss) for the period | 10,965 | (2,141) |
| Earnings per share | ||
| Basic earnings per share | 0.35 | (0.01) |
| Diluted earnings per share | 0.32 | (0.01) |
*AMG modified December 31, 2015 Income Statement presentation in order to take into consideration ESMA’s latest recommendations.
| AMG Advanced Metallurgical Group N.V. | ||
| Condensed Consolidated Income Statement | ||
| For the year ended December 31 | ||
| In thousands of US Dollars | 2016 | 2015 |
| Unaudited | Unaudited* | |
| Continuing operations | ||
| Revenue | 971,148 | 977,143 |
| Cost of sales | 784,340 | 820,286 |
| Gross profit | 186,808 | 156,857 |
| Selling, general and administrative expenses | 130,750 | 122,331 |
| Environmental | 1,873 | (757) |
| Other income, net | (5,683) | (880) |
| Net other operating (income) expenses | (3,810) | (1,637) |
| Operating profit | 59,868 | 36,163 |
| Finance income | (1,267) | (1,328) |
| Finance expense | 13,667 | 11,267 |
| Foreign exchange gain | (395) | (1,712) |
| Net finance costs | 12,005 | 8,227 |
| Share of gain of associates and joint ventures, net of tax | 1,804 | 632 |
| Profit before income tax | 49,667 | 28,568 |
| Income tax expense | 8,096 | 18,651 |
| Profit for the year | 41,571 | 9,917 |
| Attributable to: | ||
| Shareholders of the Company | 40,558 | 11,080 |
| Non-controlling interests | 1,013 | (1,163) |
| Profit for the year | 41,571 | 9,917 |
| Earnings per share | ||
| Basic earnings per share | 1.45 | 0.40 |
| Diluted earnings per share | 1.32 | 0.40 |
*AMG modified December 31, 2015 Income Statement presentation in order to take into consideration ESMA’s latest recommendations.
| AMG Advanced Metallurgical Group N.V. | ||
| Consolidated Statement of Financial Position | ||
| As at December 31 | ||
| In thousands of US Dollars | 2016 Unaudited |
2015 |
| Assets | ||
| Property, plant and equipment | 226,098 | 215,833 |
| Goodwill | 22,729 | 18,676 |
| Intangible assets | 10,486 | 10,246 |
| Investments in associates and joint ventures | – | 2,230 |
| Derivative financial instruments | 740 | – |
| Other investments | 29,930 | 14,000 |
| Deferred tax assets | 41,285 | 31,551 |
| Restricted cash | 2,526 | 2,527 |
| Other assets | 17,207 | 19,883 |
| Total non-current assets | 351,001 | 314,946 |
| Inventories | 143,593 | 126,389 |
| Derivative financial instruments | 4,007 | 978 |
| Trade and other receivables | 129,220 | 124,270 |
| Other assets | 31,598 | 27,648 |
| Cash and cash equivalents | 160,744 | 127,778 |
| Assets held for sale | 149 | 673 |
| Total current assets | 469,311 | 407,736 |
| Total assets | 820,312 | 722,682 |
| AMG Advanced Metallurgical Group N.V. | ||
| Consolidated Statement of Financial Position | ||
| (continued) | ||
| As at December 31 | ||
| In thousands of US Dollars | 2016 Unaudited |
2015 |
| Equity | ||
| Issued capital | 760 | 745 |
| Share premium | 389,066 | 382,978 |
| Treasury shares | (570) | – |
| Other reserves | (35,950) | (49,500) |
| Retained earnings (deficit) | (177,592) | (205,662) |
| Equity attributable to shareholders of the Company | 175,714 | 128,561 |
| Non-controlling interests | 22,073 | 25,006 |
| Total equity | 197,787 | 153,567 |
| Liabilities | ||
| Loans and borrowings | 150,959 | 112,217 |
| Employee benefits | 141,588 | 137,853 |
| Provisions | 30,854 | 29,617 |
| Deferred revenue | 2,822 | 13,539 |
| Government grants | 390 | 536 |
| Other liabilities | 6,484 | 8,821 |
| Derivative financial instruments | 887 | 5,642 |
| Deferred tax liabilities | 8,435 | 11,691 |
| Total non-current liabilities | 342,419 | 319,916 |
| Loans and borrowings | 9,621 | 3,222 |
| Short term bank debt | 7,500 | 11,304 |
| Government grants | 97 | 99 |
| Liabilities associated with assets held for sale | – | 423 |
| Other liabilities | 57,431 | 42,872 |
| Trade and other payables | 133,328 | 108,019 |
| Derivative financial instruments | 4,661 | 8,379 |
| Advance payments | 29,404 | 44,184 |
| Deferred revenue | 10,198 | 16,124 |
| Current taxes payable | 7,065 | 3,093 |
| Provisions | 20,801 | 11,480 |
| Total current liabilities | 280,106 | 249,199 |
| Total liabilities | 622,525 | 569,115 |
| Total equity and liabilities | 820,312 | 722,682 |
| AMG Advanced Metallurgical Group N.V. | ||
| Condensed Consolidated Statement of Cash Flows | ||
| For the year ended December 31 |
||
| In thousands of US Dollars | 2016 | 2015 |
| Unaudited | ||
| Cash from operating activities | ||
| Profit for the year | 41,571 | 9,917 |
| Adjustments to reconcile net profit to net cash flows: | ||
| Non-cash: | ||
| Income tax expense | 8,096 | 18,651 |
| Depreciation and amortization | 29,841 | 29,590 |
| Asset impairment expense | 1,976 | – |
| Net finance costs | 12,005 | 8,227 |
| Share of profit of associates and joint ventures | (1,804) | (632) |
| Gain on sale or disposal of property, plant and equipment | (4,501) | 2 |
| Equity-settled share-based payment transactions | 3,073 | 5,041 |
| Movement in provisions, pensions and government grants | (13,000) | 1,062 |
| Working capital and deferred revenue adjustments | (7,737) | 21,551 |
| Cash generated from operating activities | 69,520 | 93,409 |
| Finance costs paid, net | (6,707) | (11,394) |
| Income tax paid, net | (6,588) | (5,707) |
| Net cash from operating activities | 56,225 | 76,308 |
| Cash used in investing activities | ||
| Proceeds from sale of property, plant and equipment | 1,546 | 709 |
| Proceeds from sale of subsidiaries (net of cash divested of $1,820 (2015:$1,384)) | 6,512 | (1,567) |
| Acquisition of property, plant and equipment and intangibles | (44,086) | (23,264) |
| Acquisition of subsidiaries (net of cash acquired of $35) | (4,961) | – |
| Change in restricted cash | (93) | 4,812 |
| Acquisition of other non-current investments | (1,000) | (1,200) |
| Other | (61) | (16) |
| Net cash used in investing activities | (42,143) | (20,526) |
| AMG Advanced Metallurgical Group N.V. | ||
| Condensed Consolidated Statement of Cash Flows | ||
| (continued) | ||
| For the year ended December 31 | ||
| In thousands of US Dollars | 2016 | 2015 |
| Unaudited | ||
| Cash from (used in) financing activities | ||
| Proceeds from issuance of debt | 163,190 | 188,890 |
| Payment of transaction costs related to debt issuance | (3,978) | (5,081) |
| Repayment of borrowings | (122,607) | (248,490) |
| Change in non-controlling interests | (5,600) | 38,740 |
| Net repurchase of common stock | (259) | – |
| Dividends paid | (7,558) | (3,134) |
| Other | 91 | (34) |
| Net cash from (used in) financing activities | 23,279 | (29,109) |
| Net increase in cash and cash equivalents | 37,361 | 26,673 |
| Cash and cash equivalents at January 1 | 127,778 | 108,029 |
| Effect of exchange rate fluctuations on cash held | (4,395) | (6,924) |
| Cash and cash equivalents at December 31 | 160,744 | 127,778 |
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, titanium alloys and coatings, ferrovanadium, natural graphite, chromium metal, antimony, tantalum, niobium and silicon metal. AMG Engineering designs, engineers, and produces advanced vacuum furnace systems and operates vacuum heat treatment facilities, primarily for the transportation and energy industries.
With approximately 3,000 employees, AMG operates globally with production facilities in Germany, the United Kingdom, France, Czech Republic, the United States, China, Mexico, Brazil and Sri Lanka, 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. +1 610 293 5804
Steve Daniels
Senior Vice President
sdaniels@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.