Key Highlights
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Revenue was $368.3 million in the second quarter 2011, a 51% increase over the same period in 2010
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Operating profit was $22.8 million in the second quarter 2011, a 55% increase over the same period in 2010
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EBITDA[1] was $31.4 million in the second quarter 2011, a 32% increase over the same period in 2010
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EPS on a fully diluted basis was $0.12 compared to $0.04 in the second quarter 2010; excluding Timminco and loss on extinguishment of debt, EPS was $0.29 in the second quarter 2011, compared to $0.20 in the second quarter 2010
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The Advanced Materials Division generated revenue of $235.6 million and EBITDA of $17.5 million in the second quarter 2011
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The Engineering Systems Division generated revenue of $89.8 million and EBITDA of $7.7 million in the second quarter 2011
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Graphit Kropfmühl generated revenue of $42.9 million and EBITDA of $6.2 million in the second quarter 2011
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As of June 30, 2011 cash on hand was $61.1 million; net debt was $217.3 million
Amsterdam, 10 August 2011 (Regulated Information) — AMG Advanced Metallurgical Group N.V. („AMG“, EURONEXT AMSTERDAM: „AMG“) reported second quarter 2011 revenue of $368.3 million, a 51% increase from $243.5 million in the second quarter 2010.
EBITDA increased 32% to $31.4 million in the second quarter 2011 from $23.9 million in the second quarter 2010. Net profit attributable to shareholders for the second quarter 2011 was $3.4 million, or $0.12 per fully diluted share. This was up from $1.2 million, or $0.04 per fully diluted share, in the second quarter 2010. Excluding AMG’s share of Timminco’s net loss in the second quarter and loss on extinguishment of debt, AMG’s net profit attributable to shareholders for the second quarter 2011 was $8.0 million, or $0.29 per fully diluted share compared to $0.20 in the second quarter 2010.
Dr. Heinz Schimmelbusch, Chairman of the Management Board and CEO, said, „The business performed well in the second quarter 2011. Demand, particularly in critical materials for the aerospace and energy markets, remained high during the quarter. Pricing materials remained strong including antimony trioxide, chromium metal and tantalum. The integration of KB Alloys is proceeding on plan. The Engineering Systems‘ order intake increased 35% from the first quarter 2011, despite the challenging solar capital goods market. Graphit Kropfmühl’s silicon metal and natural graphite products continued to experience strong demand and pricing.“
[1] EBITDA is defined as earnings before interest, tax, depreciation and amortization and excludes nonrecurring items
Key Figures
| In 000’s US Dollar | |||
| Q2’11 | Q2’10 | Change | |
| Revenue | $368,318 | $243,544 | 51% |
| Gross profit | 68,993 | 44,490 | 55% |
| Gross margin | 18.7% | 18.3% | |
| Operating profit | 22,787 | 14,713 | 55% |
| Operating margin | 6.2% | 6.0% | |
| Net profit attributable to shareholders |
3,351 |
1,164 |
188% |
| EPS- Fully diluted | 0.12 | 0.04 | 200% |
| Adjusted EPS- Fully diluted (1) | 0.29 | 0.20 | 45% |
| EBIT (2) | 24,592 | 17,986 | 37% |
| EBITDA (3) | 31,447 | 23,902 | 32% |
| EBITDA margin | 8.5% | 9.8% |
Note:
(1) Adjusted to exclude equity losses from Timminco, and the loss on extinguishment of debt of $0.07 and $0.10, respectively, in Q2 2011
(2) EBIT is defined as earnings before interest, tax and excludes nonrecurring items
(3) EBITDA is defined as earnings before interest, tax, depreciation and amortization and excludes nonrecurring items
Operational Review
Advanced Materials Division
| Q2’11(1) | Q2’10 | Change | ||
| Revenue | $235,580 | $151,982 | 55% | |
| Gross profit | 37,747 | 27,350 | 38% | |
| Operating profit | 12,865 | 10,452 | 23% | |
| EBITDA | 17,534 | 14,165 | 24% | |
| Capital expenditures | 6,194 | 4,247 | 46% | |
(1) 2011 includes the KB Alloys LLC acquisition
The Advanced Materials Division’s second quarter 2011 financial results were positively impacted by the acquisition of KB Alloys LLC, improvements in aerospace alloys volumes and increases in chromium metal, tantalum and antimony prices. Revenue increased by $83.6 million or 55% to $235.6 million. The increase in revenue was specifically the result of $25.0 million of revenue from KB Alloys LLC, which was acquired in February 2011, and 55%, 53%, and 38% increase in aerospace master alloys and chemicals, tantalum and antimony revenue, respectively.
The second quarter 2011 gross margin of 16% of revenue, declined from 18% of revenue from the second quarter of 2010. Increased economies of scale were more than offset by unfavourable changes in product mix, specifically an 87% increase in lower margin aluminium products revenue and higher raw materials costs, resulting in lower gross margins.
The second quarter 2011 EBITDA increased by $3.4 million to 7% of revenue from 9% of revenue in 2010 due to the increase in gross profit, but this was offset by a 42% increase in SG&A due to the acquisition of KB Alloys and long-term incentive expenses of $1.6 million.
Capital expenditures were $6.2 million for the quarter, 46% more than the second quarter 2010. Significant growth capital investments made in the second quarter include $1.6 million in the Brazilian tantalum mine and $1.0 million to expand aerospace master alloy production.
Engineering Systems Division
| Q2’11 | Q2’10 | Change | |
| Revenue | $89,812 | $59,507 | 51% |
| Gross profit | 22,661 | 13,942 | 63% |
| Operating profit | 5,047 | 3,578 | 41% |
| EBITDA | 7,671 | 8,047 | (5%) |
| Capital expenditures | 2,984 | 1,301 | 129% |
The Engineering Systems Division’s second quarter 2011 revenue increased by $30.3 million, or 51%, to $89.8 million. Sales of solar silicon DSS furnaces increased 43% in the second quarter 2011 compared to the same period in 2010, accounting for 29% of revenue in the second quarter 2011. Own and Operate revenue increased by 55% to $10.8 million, more than offsetting the 28% decline to $12.4 million in revenue from remelting systems, primarily for the aerospace and specialty steel industries.
The order backlog increased 2% to $200.6 million as of June 30, 2011, from $195.9 million as of March 31, 2011. The division generated order intake of $88.6 million in the second quarter 2011, a 0.99x book to bill ratio and a 31% increase compared to the second quarter 2010. Order intake for heat treatment furnaces and nuclear sintering furnaces accounted for 45% and 15% of total order intake, respectively.
The second quarter 2011 gross margin of 25% of revenue increased from 23% of revenue in the second quarter 2010 due to increased economies of scale, lower costs in the MOX nuclear furnace business and increased capacity utilization at the Own and Operate business.
Second quarter 2011 EBITDA decreased by $0.4 million to 9% of revenue from 14% of revenue in the second quarter 2010. This was caused by a 62% increase in SG&A due to long-term incentive expenses, research and development expenses and costs associated with Mono2(TM) technology at AMG Idealcast Solar.
Capital expenditures were $3.0 million, 129% more than the second quarter of 2010. This increase in capital investments is primarily related to additional capacity for the U.S. Own and Operate facility.
Graphit Kropfmühl
| Q2’11 | Q2’10 | Change | |
| Revenue | $42,926 | $32,055 | 34% |
| Gross profit Operating profit |
8,585 4,875 |
3,198 683 |
168% 614% |
| EBITDA | 6,242 | 1,690 | 269% |
| Capital expenditures | 2,486 | 1,259 | 97% |
Graphit Kropfmühl’s second quarter 2011 revenue increased by $10.9 million, or 34%, to $42.9 million. Natural graphite revenue increased $3.3 million, or 28%, driven by an increase in prices, despite lower volumes. Silicon metal revenue increased by $7.6 million or 37%, primarily as a result of higher silicon metal prices and increased volumes of silicon by products.
The second quarter 2011 gross margin increased to 20% of revenue from 10% of revenue in the second quarter of 2010. Increased economies of scale resulting in lower per unit production costs of natural graphite and higher sales prices for silicon metal resulted in a significant increase in gross margins.
Second quarter 2011 EBITDA was $6.2 million, a 269% increase compared to the second quarter 2010. The EBITDA margin increased to 15% in the second quarter 2011, up significantly from 5% in the same period 2010. The EBITDA margin increase was attributable to the increase gross margins for silicon metal and natural graphite, slightly offset by a 51% increase in SG&A due to increases in personnel costs.
Capital expenditures increased to $2.5 million in the second quarter 2011, 97% more than the second quarter 2010. The increase in capital expenditures was a result of upgrading the electrodes at the silicon metal operation and adding milling capacity in natural graphite.
Timminco
AMG’s ownership in Timminco Limited („Timminco“) was 41.9% as of June 30, 2011. AMG accounts for its investment in Timminco via the equity accounting method. Timminco’s loss for the second quarter 2011 of $1.9 million is included in share of loss of associates on AMG’s income statement and the carrying value of AMG’s investment in Timminco of $11.4 million is listed as an asset on AMG’s balance sheet. Additional information on Timminco can be found at www.Timminco.com.
Financial Review
Tax
AMG recorded a tax expense of $7.8 million in the second quarter 2011 compared to a tax expense of $7.1 million in the second quarter 2010. Excluding share of loss of associates, for which AMG cannot recognize a tax benefit since these companies are not consolidated, AMG’s effective tax rate was 57% in the second quarter 2011. For the first half of 2011, excluding share of loss of associates, AMG’s effective tax rate is 42%.
SG&A
AMG’s SG&A expenses were $44.8 million in the second quarter 2011, compared to $29.9 million in the second quarter 2010. The $14.9 million change in SG&A expenses was primarily due to a $5.0 million increase in personnel costs, primarily at the operating level, $2.6 increase in long-term incentive expenses, $2.3 million in bad debt expense as well as the additional $1.6 SG&A expenses incurred by AMG Idealcast Solar, and KB Alloys LLC.
Currency Fluctuations
AMG transacts business in many currencies other than the US dollar, our reporting currency. As our financial statements are prepared in US dollars, fluctuations in the exchange rates between the US dollar and other currencies have an effect both on our results of operations and on the reported value of our assets and liabilities as measured in US dollars. The decline in the value of the US dollar as of June 30, 2011 compared to March 31, 2011, resulted in an increase in the assets and liabilities on the balance sheet of $13.5 million and $9.9 million, respectively. The net result of the depreciation in the value of the US dollar quarter over quarter resulted in an increase in revenue and EBITDA of $23.6 million and $3.3 million, respectively in the second quarter 2011.
Liquidity
| June 30, 2011 | December 31, 2010 | Change | |
| Total debt | $278,473 | $237,089 | 17% |
| Cash & short-term investments | 61,136 | 89,311 | (32%) |
| Net debt | 217,337 | 147,778 | 47% |
AMG had a net debt position of $217.3 million as of June 30, 2011. AMG’s net debt position increased $69.6 million since December 31, 2010 primarily due to $21.6 million of cash tax payments, $19.9 million in capital investments, the $24.3 million acquisition of KB Alloys LLC, and a $46.7 million increase in working capital due to increasing material costs, reduced by EBITDA of $57.6 million.
During the second quarter, AMG refinanced its primary credit facility and secured a $300 million credit facility composed of a Euro denominated, U.S. dollar equivalent, $100 million term loan and a $200 million revolving credit facility. This facility has a five-year term and matures in April 2016.
Cash Flow
| H1’11 | H1’10 | |||
| Net cash flows used in operations | $(12,080) | $(20,295) | ||
| Capital expenditures | (19,913) | (11,953) | ||
| Acquisitions, net of cash | (26,816) | – | ||
| Investment in associates | – | (10,322) | ||
| Cash flows used in other investing | 2,844 | 246 | ||
| Net cash flows used in investing activities | (43,885) | (22,029) | ||
| Cash flows generated from financing activities | 23,899 | 21,207 | ||
Cash flows used in operations were $12.1 million in the first half of 2011 as compared to $20.3 million in the first half of 2010. The cash flows used in operations in the first half of 2011 are a result of $21.6 million in cash tax payments as well as a $46.7 million increase in working capital and provisions, offset by $57.6 million in EBITDA. The substantial cash tax payments are partially due to the difference between IFRS percentage of completion accounting as compared to completed contract methodology for tax payments in the Engineering Systems division.
Cash used in investing activities was $43.9 million in the first half of 2011. This increase of $21.9 million from the first half of 2010 is composed of a $26.8 million increase in acquisitions, primarily for KB Alloys LLC, and an $8.0 million increase in capital investments, slightly offset by a $10.3 million decrease in cash flows for investment in associates. In Q2 2010, AMG made an investment in Timminco as part of an equity offering.
Cash generated from financing activities was $23.9 million in the first half of 2011, a $2.7 million increase from the first half of 2010. This increase was primarily attributable to $34.4 million in net draws on new and existing revolving lines of credit, offset by $10.5 million in transaction costs related to debt issuance. The draws on the revolving lines of credit were used to fund the acquisition of KB Alloys LLC and the related transaction costs.
Outlook
The Advanced Materials Division should continue to generate strong revenues, albeit at levels slightly below the second quarter 2011, for many of its products including antimony trioxide, tantalum, titanium aerospace alloys and chromium metal. In the second half of 2011, Advanced Materials‘ conversion businesses will be impacted by higher raw material prices as lower cost inventory stocks are depleted. As AMG enters the seasonally slow period in its business, due to planned summer plant shutdowns of customers‘ and certain AMG operations, AMG’s is continuing to ramp up the tantalum and antimony mining operations. Order Intake in Engineering Systems is stable but continues to be adversely impacted by the current economic environment, with solar particularly affected. Demand and pricing for Graphit Kropfmühl’s natural graphite and silicon metal products should remain strong for the balance of 2011. Management will focus on reducing working capital and lowering net debt through cash from operations in the second half of 2011. Provided the current macroeconomic environment remains stable, AMG expects to generate in excess of 25% EBITDA growth in 2011.
AMG Advanced Metallurgical Group N.V.
Condensed interim consolidated income statement
| For the three months ended June 30 | ||||
| In thousands of US Dollars | 2011 | 2010 | ||
| Unaudited | Unaudited | |||
| Continuing operations | ||||
| Revenue | 368,318 | 243,544 | ||
| Cost of sales | 299,325 | 199,054 | ||
| Gross profit | 68,993 | 44,490 | ||
| Selling, general and administrative expenses | 44,765 | 29,874 | ||
| Restructuring expense | 2,174 | – | ||
| Environmental expense | 141 | 249 | ||
| Other income, net | (874) | (346) | ||
| Operating profit | 22,787 | 14,713 | ||
| Loss on early extinguishment of debt | 3,902 | – | ||
| Finance expense | 5,013 | 4,600 | ||
| Finance income | (1,158) | (1,082) | ||
| Foreign exchange loss (gain) | 1,302 | (1,592) | ||
| Net finance costs | 9,059 | 1,926 | ||
| Share of loss of associates | 1,694 | 5,024 | ||
| Profit before income tax | 12,034 | 7,763 | ||
| Income tax expense | 7,828 | 7,126 | ||
| Profit for the period | 4,206 | 637 | ||
| Attributable to: | ||||
| Shareholders of the Company | 3,351 | 1,164 | ||
| Non-controlling interests | 855 | (527) | ||
| 4,206 | 637 | |||
| Earnings per share | ||||
| Basic earnings per share | 0.12 | 0.04 | ||
| Diluted earnings per share | 0.12 | 0.04 | ||
AMG Advanced Metallurgical Group N.V.
Condensed interim consolidated income statement
| For the six months ended June 30 | ||||
| In thousands of US Dollars | 2011 | 2010 | ||
| Unaudited | Unaudited | |||
| Continuing operations | ||||
| Revenue | 686,317 | 479,338 | ||
| Cost of sales | 557,544 | 392,264 | ||
| Gross profit | 128,773 | 87,074 | ||
| Selling, general and administrative expenses | 87,702 | 60,487 | ||
| Restructuring expense | 2,459 | 7 | ||
| Environmental expense | 246 | 506 | ||
| Other income, net | (1,827) | (427) | ||
| Operating profit | 40,193 | 26,501 | ||
| Loss on early extinguishment of debt | 3,902 | – | ||
| Finance expense | 7,018 | 10,921 | ||
| Finance income | (2,658) | (1,629) | ||
| Foreign exchange loss (gain) | 1,285 | (3,756) | ||
| Net finance costs | 9,547 | 5,536 | ||
| Share of loss of associates | 6,071 | 9,420 | ||
| Profit before income tax | 24,575 | 11,545 | ||
| Income tax expense | 12,792 | 10,993 | ||
| Profit for the period | 11,783 | 552 | ||
| Attributable to: | ||||
| Shareholders of the Company | 10,323 | 1,099 | ||
| Non-controlling interests | 1,460 | (547) | ||
| 11,783 | 552 | |||
| Earnings per share | ||||
| Basic earnings per share | 0.37 | 0.04 | ||
| Diluted earnings per share | 0.37 | 0.04 | ||
AMG Advanced Metallurgical Group N.V. |
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| Condensed interim consolidated statement of financial position In thousands of US Dollars |
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| June 30, 2011 | December 31, 2010 |
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| Unaudited | Audited | |||
| Assets | ||||
| Property, plant and equipment | 262,033 | 228,612 | ||
| Intangible assets | 33,556 | 27,002 | ||
| Investments in associates and joint ventures | 20,799 | 25,186 | ||
| Derivative financial instruments | 5,139 | 5,199 | ||
| Deferred tax assets | 26,552 | 22,107 | ||
| Restricted cash | 11,261 | 12,528 | ||
| Notes receivable | 1,144 | 322 | ||
| Other assets | 15,827 | 15,372 | ||
| Total non-current assets | 376,311 | 336,328 | ||
| Inventories | 258,198 | 207,204 | ||
| Trade and other receivables | 216,929 | 175,421 | ||
| Derivative financial instruments | 6,148 | 5,731 | ||
| Other assets | 46,998 | 41,080 | ||
| Cash and cash equivalents | 61,136 | 89,311 | ||
| Total current assets | 589,409 | 518,747 | ||
| Total assets | 965,720 | 855,075 | ||
AMG Advanced Metallurgical Group N.V. |
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| Condensed interim consolidated statement of financial position (continued) In thousands of US Dollars |
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| June 30, 2011 | December 31, 2010 |
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| Unaudited | Audited | |||
| Equity | ||||
| Issued capital | 741 | 741 | ||
| Share premium | 381,636 | 381,636 | ||
| Other reserves | 44,291 | 36,158 | ||
| Retained earnings (deficit) | (186,205) | (196,481) | ||
| Equity attributable to shareholders of the Company | 240,463 | 222,054 | ||
| Non-controlling interests | 13,888 | 11,911 | ||
| Total equity | 254,351 | 233,965 | ||
| Liabilities | ||||
| Loans and borrowings | 219,761 | 187,813 | ||
| Employee benefits | 98,238 | 88,372 | ||
| Provisions | 21,021 | 20,607 | ||
| Government grants | 602 | 642 | ||
| Other liabilities | 9,733 | 5,517 | ||
| Derivative financial instruments | 548 | 698 | ||
| Deferred tax liabilities | 33,630 | 25,436 | ||
| Total non-current liabilities | 383,533 | 329,085 | ||
| Loans and borrowings | 4,981 | 4,254 | ||
| Short term bank debt | 53,731 | 45,022 | ||
| Government grants | 190 | 175 | ||
| Other liabilities | 56,996 | 43,287 | ||
| Trade and other payables | 117,472 | 102,253 | ||
| Derivative financial instruments | 5,189 | 1,754 | ||
| Advance payments | 45,715 | 49,597 | ||
| Current taxes payable | 19,649 | 24,979 | ||
| Provisions | 23,913 | 20,704 | ||
| Total current liabilities | 327,836 | 292,025 | ||
| Total liabilities | 711,369 | 621,110 | ||
| Total equity and liabilities | 965,720 | 855,075 | ||
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 | 2011 | 2010 | |
| Unaudited | Unaudited | ||
| Cash flows used in operating activities | |||
| Profit for the period | 11,783 | 552 | |
| Adjustments to reconcile profit to net cash flows: | |||
| Non-cash: | |||
| Depreciation and amortization | 14,169 | 12,096 | |
| Restructuring expense | 2,459 | 7 | |
| Environmental expense | 246 | 506 | |
| Net finance costs | 9,547 | 5,536 | |
| Share of loss of associates | 6,071 | 9,420 | |
| Equity-settled share-based payment transactions | 1,833 | 3,081 | |
| Income tax expense | 12,791 | 10,993 | |
| Change in working capital and provisions | (46,736) | (35,719) | |
| Other | 2,529 | 2,119 | |
| Finance costs paid, net | (5,136) | (7,449) | |
| Income tax paid, net | (21,636) | (21,437) | |
| Net cash flows used in operating activities | (12,080) | (20,295) | |
| Cash flows used in investing activities | |||
| Proceeds from sale of property, plant and equipment | 49 | 439 | |
| Acquisition of property, plant and equipment and intangibles | (19,913) | (11,953) | |
| Acquisition of associates and joint ventures | – | (10,322) | |
| Acquisition of subsidiaries (net of cash acquired of $692) | (26,816) | – | |
| Change in restricted cash | 1,839 | (181) | |
| Other | 956 | (12) | |
| Net cash flows used in investing activities | (43,885) | (22,029) | |
| Cash flows from financing activities | |||
| Proceeds from the issuance of debt | 221,626 | 22,512 | |
| Payment of transaction costs related to debt issuance | (10,457) | – | |
| Repayment of long term borrowings | (187,276) | (1,420) | |
| Other | 6 | 115 | |
| Net cash flows from financing activities | 23,899 | 21,207 | |
| Net decrease in cash and cash equivalents | (32,066) | (21,117) | |
| Cash and cash equivalents at January 1 | 89,311 | 117,016 | |
| Effect of exchange rate fluctuations and consolidation changes on cash | 3,891 | (11,325) | |
| Cash and cash equivalents at June 30 | 61,136 | 84,574 |
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 two operating divisions, Advanced Materials and Engineering Systems, and owns interests in publicly-listed companies Graphit Kropfmühl AG (Deutsche Börse: GKR.DE) and Timminco Limited (TSX: „TIM“).
The Advanced Materials Division 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, 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, 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.
Graphit Kropfmühl AG is a majority controlled, publicly listed subsidiary of AMG. Based on its secure raw material sources in Africa, Asia 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.
Timminco Limited is a publicly listed affiliate of AMG. Timminco produces silicon metal for the chemical, aluminum, electronic and solar industries. Timminco also produces solar grade silicon, using its proprietary technology for purifying silicon metal, for the solar energy industry.
With over 3,000 employees, AMG operates globally with production facilities in Germany, the United Kingdom, France, Czech Republic, United States, China, Canada, Mexico, Brazil, Turkey, Poland, India and Sri Lanka and also 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 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.
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