Key Highlights
- Revenue increased 17% to $240.4 million in Q3 2010 from $205.4 million in Q3 2009; YTD 2010 revenue was $719.8 million up 13% from the same period in 2009
- EBITDA[1] increased 1% to $18.8 million in Q3 2010 from $18.6 million in Q3 2009; YTD 2010 EBITDA was $64.7 million up 14% from the same period in 2009
- EPS on a fully diluted basis improved to ($0.41) in Q3 2010 compared to Q3 2009 EPS of ($0.76); excluding Timminco, EPS improved to $0.11 in Q3 2010, up from ($0.50) in Q3 2009. YTD fully diluted EPS improved to ($0.37) from ($1.69) in the same period in 2009
- The Advanced Materials Division generated revenue of $154.9 million and EBITDA of $9.4 million in Q3 2010; YTD revenue and EBITDA was $447.4 million and $32.1 million, respectively
- The Engineering Systems Division generated revenue of $53.2 million and EBITDA of $7.4 million in Q3 2010; YTD revenue and EBITDA was $178.0 million and $27.5 million, respectively
- Graphit Kropfmühl generated revenue of $32.4 million and EBITDA of $2.0 million in Q3 2010; YTD revenue and EBITDA was $94.4 million and $5.1 million, respectively
- As of September 30, 2010 cash on hand was $90.2 million, net debt was $144.6 million; Q3 2010 free cash flow[2] was $5.4 million
[1] EBITDA is defined as earnings before interest, tax, depreciation and amortization and excludes nonrecurring items
[2] Free cash flow is defined as EBITDA less change in working capital and maintenance capital expenditures
Amsterdam, 10 November 2010 (Regulated Information) — AMG Advanced Metallurgical Group N.V. (« AMG », EURONEXT AMSTERDAM: « AMG ») reported third quarter 2010 revenue increased 17% to 240.4 million from $205.4 million in the third quarter 2009.
Net income attributable to shareholders for the third quarter 2010, excluding Timminco, was $3.0 million, or $0.11 per fully diluted share, compared to net loss of ($13.3) million, or ($0.50) per fully diluted share for the third quarter 2009. EBITDA increased 1% to $18.8 million in the third quarter 2010 from $18.6 million in the third quarter 2009.
In commenting on results, Dr. Heinz Schimmelbusch, Chairman of the Management Board and CEO, said, « Market conditions remained uncertain during the third quarter. Despite this, AMG generated growth in revenues and stable earnings in the third quarter. The Advanced Materials division’s revenue and earnings increased even though it encountered higher input prices and a less favorable product mix. The Engineering Systems’ order intake improved slightly during the quarter compared the second quarter 2010; however, it was up over 50% from the same period in 2009. Due to a low level of Engineering Systems’ order backlog at the beginning of the quarter, revenue and earnings remained low. Graphit Kropfmühl delivered modest performance during the third quarter as demand and prices remained strong for natural graphite. »
Key Figures
| In 000’s US Dollar | |||
| Q3’10 | Q3’09 | Change | |
| Revenue | $240,427 | $205,406 | 17% |
| Gross profit | 42,102 | 39,949 | 5% |
| Gross margin | 17.5% | 19.5% | |
| Operating income | 10,433 | (110) | N/A |
| Operating margin | 4.3% | (0.0%) | |
| Net Income attributable to shareholders | (11,170) |
(20,302) |
45% |
| EPS – fully diluted | (0.41) | (0.76) | 46% |
| Adjusted EPS – fully diluted[1] | 0.11 | (0.50) | N/A |
| EBITDA[2] | 18,756 | 18,602 | 1% |
| EBITDA margin | 7.8% | 9.1% |
Notes:
[1] Adjusted to exclude all Timminco results including equity losses which accounted for ($0.52) in EPS in Q3 2010
[2] EBITDA is defined as earnings before interest, tax, depreciation and amortization and excludes nonrecurring items
Operational Review
Advanced Materials Division
| Q3’10 | Q3’09 | Change | |
| Revenue | $154,888 | $110,143 | 41% |
| Gross profit Operating income |
21,999 4,491 |
15,736 (8,444) |
40% N/A |
| EBITDA | 9,424 | 5,012 | 88% |
| Capital expenditures | 5,595 | 1,907 | 193% |
The Advanced Materials division’s third quarter 2010 financial results were driven by a rebound in alloys and coatings for the aerospace and energy industries. Revenue increased by $44.7 million or 41% to $154.9 million. The increase in revenue was driven by ferrovanadium and ferronickel-molybdenum, with reference prices increasing by 18% and 20%, respectively. In addition, aluminium master alloys and antimony products were also positively impacted by increasing end market prices. While prices improved across most products, volume growth was uneven, with ferrovanadium and vanadium aluminium master alloys increasing by 32% and 165%, respectively; however volumes for antimony and ferronickel-molybdenum decreased by 5% and 44%, respectively during the third quarter 2010 compared to the third quarter 2009.
The third quarter 2010 gross margin percentage of 14% remained consistent with the 14% gross margin percentage in the third quarter 2009 as an increase in economies of scale was offset by unfavourable changes in product mix and higher input costs.
Third quarter 2010 EBITDA increased by $4.4 million, due to the increase in revenue and gross profit, which was slightly offset by a 7% increase in SG&A.
Capital expenditures were $5.6 million for the quarter, 193% more than the comparable period in 2009. The primary growth capital investments made in the third quarter involved the expansion of the ferrovanadium logistics facility and the MIBRA mine in Brazil.
Engineering Systems Division
| Q3’10 | Q3’09 | Change | |
| Revenue | $53,155 | $61,598 | (14%) |
| Gross profit Operating income |
16,927 5,128 |
20,637 7,132 |
(18%) (28%) |
| EBITDA Capital expenditures |
7,362 819 |
11,036 1,219 |
(33%) (33%) |
While order intake increased compared to the same period in the prior year, the Engineering Systems division’s current revenue continues to be impacted by the global economic slowdown. The order backlog was $147.1 million as of September 30, 2010, up 22% from $121.0 million on June 30, 2010. The division generated order intake of $66.9 million in the third quarter 2010, a 1.26x book to bill ratio and a 51% increase compared to the same period in 2009. Order intake for the solar industry improved and demand for advanced heat treatment systems for the transportation and aerospace markets remained strong compared to the same period in the prior year. The backlog consists of a diversified mix of remelting systems and induction casting systems for the titanium and specialty steel industries, solar crystallisation systems and vacuum heat treatment furnaces.
Third quarter 2010 revenue decreased by $8.4 million or 14% compared to the same quarter in 2009. The revenue decrease was primarily due to the lower order backlog level at the beginning of the quarter compared to the same period in 2009. Sales of solar silicon DSS furnaces for the photovoltaic industry decreased 44% in the third quarter 2010 compared to the same period in 2009. During the third quarter 2010, 26% of revenue was generated from sales of solar silicon and induction melting furnaces, down from 41% in the same period 2009. Revenue from remelting systems, primarily for the aerospace and specialty steel industries, decreased by 32% in the third quarter 2010 while the own and operate business increased revenue by 31%.
Gross margin was 32% of revenue in the third quarter 2010, down slightly from 34% of revenue in the same period in the prior year. The decrease in the gross margin was due to changes in product mix and lower capacity utilization.
Third quarter 2010 EBITDA was $7.4 million, a 33% decrease over the same period in 2009. The EBITDA margin decreased to 14% in the third quarter 2010 compared to 18% for the same period in 2009. The EBITDA margin decrease was primarily attributable to the lower revenue and gross margin, slightly offset by a 12% decrease in SG&A.
In the quarter ended September 30, 2010, capital expenditures were $0.8 million, 33% less than the third quarter of 2009. The decrease was a result of the focus on minimizing capital investment offset by completion of the U.S. Own and Operate facility earlier in 2010.
Graphit Kropfmühl
| Q3’10 | Q3’09 | Change | |
| Revenue | $32,384 | $33,665 | (4%) |
| Gross profit Operating income |
3,176 814 |
3,576 1,202 |
(11%) (32%) |
| EBITDA | 1,970 | 2,554 | (23%) |
| Capital expenditures | 687 | 385 | 78% |
The third quarter for Graphit Kropfmühl (« GK ») was characterized by substantially rising revenue and performance for natural graphite while the silicon metal business was adversely impacted by rising input prices and operational issues. The 25% increase in natural graphite revenue was more than offset by the 17% decrease in silicon metal revenue to result in a 4% decrease in third quarter 2010 revenue.
Gross margin declined to 10% of revenue in the third quarter 2010 from 11% in the same period in the prior year. The third quarter 2010 gross profit was adversely impacted by higher silicon metal production costs.
Third quarter 2010 EBITDA was $2.0 million, a 23% decrease compared to the third quarter 2009. The EBITDA margin decreased to 6% during the third quarter 2010 compared to 8% in the same period 2009. The overall EBITDA margin decrease was attributable to lower contract prices and volumes in silicon metal and a 7% increase in SG&A expenses, slightly offset by increased gross margin in natural graphite.
Capital expenditures increased to $0.7 million for the third quarter 2010, 78% more than the same period 2010. The increase in capital expenditures was due to expansion of the high purity natural graphite production facility to meet increased market demand.
Timminco
AMG’s ownership in Timminco was 42.5% as of September 30, 2010. AMG accounts for its investment in Timminco via the equity accounting method. Timminco’s net loss for the third quarter 2010 is included in share of loss from associates on AMG’s income statement and the carrying value of AMG’s investment in Timminco of $7.7 million is listed as an asset on AMG’s balance sheet. Subsequent to the end of the third quarter, Timminco sold 49% of its silicon metal operation to Dow Corning for $40.3 million in cash and up to an additional $10.0 million based upon hitting incentive targets. Timminco used the proceeds of this transaction to repay all of its senior bank debt. Additional information on Timminco and its third quarter 2010 financial statements can be found at www.Timminco.com.
Financial Review
Tax
AMG recorded a tax expense of $0.3 million in the quarter ended September 30, 2010 as compared to a tax expense of $5.7 million in the quarter ended September 30, 2009. For the nine months ended September 30, 2010, AMG has approximately $27.0 million of losses in associates. Since these companies are not consolidated, AMG cannot recognize the tax benefit for these losses. Excluding the losses from associates, the effective tax rate would be a normalized 40% for the nine months ended September 30. The Company is beginning to realize the benefits of the tax restructuring which it started to implement in 2010, with year-to-date savings of approximately $3 million.
Liquidity
| September 30, 2010 | December 31, 2009 | Change | |
| Total debt | 234,794 | 203,796 | 15% |
| Cash & cash equivalents | 90,213 | 117,016 | (23%) |
| Net debt | 144,581 | 86,780 | 67% |
AMG had a net debt position of $144.6 million as of September 30, 2010. AMG’s net debt position increased $57.8 million since December 31, 2009 due to $29.2 million of cash tax payments, $9.7 million investment in Timminco, $19.1 million in capital investments, a $17.3 million investment in the antimony mine in Turkey and a $38.4 million increase in working capital and provisions, reduced by EBITDA of $64.7 million.
Cash Flow
| Nine Months Ended | ||
| September ’10 | September ’09 | |
| Operating cash flows (used in) from continuing operations | (13,903) | 12,221 |
| Operating cash flows used in discontinued operations | – | (18,254) |
| Net cash flows used in operations | (13,903) | (6,033) |
| Capital expenditures | (19,054) | (20,755) |
| Acquisitions, net of cash | (17,287) | – |
| Investment in associates | (10,755) | (23,832) |
| Cash flows used in discontinued operations | – | (33,208) |
| Cash flows from other investing | 1,420 | 1,244 |
| Net cash flows used in investing activities | (45,676) | (76,551) |
| Financing cash flows from continuing operations | 36,812 | 11,523 |
| Financing cash flows from discontinued operations | – | 47,724 |
| Cash flows generated from financing activities | 36,812 | 59,247 |
Cash flows used in operations were $13.9 million for the first nine months of 2010 as compared to $6.0 million used in the same period in 2009. The cash flows used in operations for nine months ended September 30, 2010 are a result of $29.2 million in cash tax payments as well as a $38.4 million increase in working capital and provisions, offset by $64.7 million in EBITDA.
Cash used in investing activities was $45.7 million during the nine months ended September 30, 2010. This decrease of $30.9 million from 2009 primarily relates to the $1.7 million decrease in capital investments, a $13.1 million decrease in investments in associates and a $33.2 million decrease in cash flows used by Timminco, which is classified as a discontinued operation in 2009. The Company invested $17.3 million to acquire a Turkish antimony mine during the quarter.
Cash generated from financing activities for the nine months ended September 30, 2010 was $36.8 million, a $22.4 million decrease from the same period in 2009. This decrease was primarily attributable to cash flows from discontinued operations recognized in 2009 that are not applicable in 2010, offset by $25.6 million in draws on the revolving lines of credit, which were primarily used to fund the acquisition of the Turkish antimony mine.
Shareholder Matters
Safeguard International Fund, L.P. and affiliates, (‘Safeguard ») owner of 7.8 million of AMG’s common shares outstanding, has completed an orderly transition process regarding Safeguard’s shareholding in AMG. Safeguard distributed 4.7 million shares of AMG common stock to certain of its Limited Partners. The remaining Safeguard Limited Partners received the net proceeds of Safeguard’s private placement of 3.1 million shares of AMG common stock.
Outlook
The global economy continues its improvement from the recession of 2008-2009, but it will remain volatile in the near term. Due to a number of changes that we have made in our business units and the gradually recovering Aerospace, Energy, Infrastructure and Specialty Metals and Chemicals markets, we expect that AMG will produce marked improvements in 2011 financial results compared to 2010. Specifically, the acquisition of the antimony mine and smelter, cost reductions made in the aerospace master alloys and coatings products and rising prices and demand for tantalum should yield considerably better results for Advanced Materials in 2011. The recent improvement in order intake in Engineering Systems is also encouraging. We expect this trend to continue into 2011, with both order intake and revenue improving in the new year. Increases in natural graphite demand and rising silicon metal prices should also benefit Graphit Kropfmühl in 2011. The effect of the Dow transaction on AMG’s investment in Timminco and the implementation of the new tax strategies should result in a corresponding increase in the income attributable to shareholders.
AMG Advanced Metallurgical Group N.V.
Condensed interim consolidated income statement
| For the three months ended September 30 | |||||
| In thousands of US Dollars | 2010 | 2009 | |||
| Unaudited | Unaudited | ||||
| Continuing operations | |||||
| Revenue | 240,427 | 205,406 | |||
| Cost of sales | 198,325 | 165,457 | |||
| Gross profit | 42,102 | 39,949 | |||
| Selling, general and administrative expenses | 31,682 | 31,876 | |||
| Restructuring expense | – | 5,302 | |||
| Environmental expense | 257 | 4,075 | |||
| Other income, net | (270) | (1,194) | |||
| Operating profit (loss) | 10,433 | (110) | |||
| Finance expense | 4,840 | 6,109 | |||
| Finance income | (1,341) | (617) | |||
| Foreign exchange (gain) | (578) | (27) | |||
| Net finance costs | 2,921 | 5,465 | |||
| Share of loss of associates | (17,554) | (1,285) | |||
| Loss before income tax | (10,042) | (6,860) | |||
| Income tax expense | 325 | 5,694 | |||
| Loss for the period from continuing operations | (10,367) | (12,554) | |||
| Loss after tax for the period from discontinued operations | – | (14,240) | |||
| Loss for the period | (10,367) | (26,794) | |||
| Attributable to: | |||||
| Shareholders of the Company | (11,170) | (20,302) | |||
| Minority interests | 803 | (6,492) | |||
| Loss for the period | (10,367) | (26,794) | |||
| Earnings (loss) per share | |||||
| Basic earnings (loss) per share | (0.41) | (0.76) | |||
| Diluted earnings (loss) per share | (0.41) | (0.76) | |||
| Earnings (loss) per share for continuing operations | |||||
| Basic earnings (loss) per share from continuing operations | (0.41) | (0.50) | |||
| Diluted earnings (loss) per share from continuing operations | (0.41) | (0.50) | |||
AMG Advanced Metallurgical Group N.V.
Condensed interim consolidated income statement
| For the nine months ended September 30 | |||||
| In thousands of US Dollars | 2010 | 2009 | |||
| Unaudited | Unaudited | ||||
| Continuing operations | |||||
| Revenue | 719,764 | 636,059 | |||
| Cost of sales | 590,588 | 516,825 | |||
| Gross profit | 129,176 | 119,234 | |||
| Selling, general and administrative expenses | 92,169 | 94,932 | |||
| Restructuring expense | 6 | 5,696 | |||
| Environmental expense | 763 | 4,162 | |||
| Other income, net | (698) | (4,277) | |||
| Operating profit | 36,936 | 18,721 | |||
| Finance expense | 15,761 | 15,880 | |||
| Finance income | (2,970) | (2,617) | |||
| Foreign exchange (gain) | (4,334) | (176) | |||
| Net finance costs | 8,457 | 13,087 | |||
| Share of loss of associates | (26,974) | (2,685) | |||
| Profit before income tax | 1,505 | 2,949 | |||
| Income tax expense | 11,317 | 17,642 | |||
| Loss for the period from continuing operations | (9,812) | (14,693) | |||
| Loss after tax for the period from discontinued operations | (54,580) | ||||
| Loss for the period | (9,812) | (69,273) | |||
| Attributable to: | |||||
| Shareholders of the Company | (10,067) | (45,415) | |||
| Minority interests | 255 | (23,858) | |||
| Loss for the period | (9,812) | (69,273) | |||
| Earnings (loss) per share | |||||
| Basic earnings (loss) per share | (0.37) | (1.69) | |||
| Diluted earnings (loss) per share | (0.37) | (1.69) | |||
| Earnings (loss) per share for continuing operations | |||||
| Basic earnings (loss) per share from continuing operations | (0.37) | (0.65) | |||
| Diluted earnings (loss) per share from continuing operations | (0.37) | (0.65) | |||
AMG Advanced Metallurgical Group N.V.
Condensed interim consolidated statements of financial position
In thousands of US Dollars |
September 30, 2010 | December 31, 2009 | ||
| Unaudited | Audited | |||
| Assets | ||||
| Property, plant and equipment | 212,440 | 211,022 | ||
| Intangible assets | 38,924 | 28,253 | ||
| Investments in associates | 17,775 | 34,794 | ||
| Derivative financial instruments | 283 | 1,718 | ||
| Deferred tax assets | 9,480 | 10,912 | ||
| Restricted cash | 12,703 | 13,263 | ||
| Notes receivable | 252 | 5,542 | ||
| Other assets | 14,355 | 11,980 | ||
| Total non-current assets | 306,212 | 317,484 | ||
| Inventories | 202,318 | 193,378 | ||
| Trade and other receivables | 177,586 | 147,787 | ||
| Derivative financial instruments | 6,383 | 4,954 | ||
| Other assets | 42,520 | 30,359 | ||
| Cash and cash equivalents | 90,213 | 117,016 | ||
| Total current assets | 519,020 | 493,494 | ||
| Total assets | 825,232 | 810,978 | ||
| Equity | ||||
| Issued capital | 725 | 725 | ||
| Share premium | 379,518 | 379,518 | ||
| Other reserves | 33,374 | 31,284 | ||
| Retained earnings (deficit) | (208,967) | (198,897) | ||
| Equity attributable to shareholders of the Company | 204,650 | 212,630 | ||
| Minority interests | 14,777 | 15,793 | ||
| Total equity | 219,427 | 228,423 | ||
| Liabilities | ||||
| Loans and borrowings | 184,499 | 168,319 | ||
| Employee benefits | 88,500 | 91,358 | ||
| Provisions | 15,272 | 14,862 | ||
| Government grants | 515 | 669 | ||
| Other liabilities | 5,659 | 7,984 | ||
| Derivative financial instruments | 921 | 1,339 | ||
| Deferred tax liabilities | 12,529 | 26,395 | ||
| Total non-current liabilities | 307,895 | 310,926 | ||
| Loans and borrowings | 4,361 | 3,464 | ||
| Short term bank debt | 45,934 | 32,013 | ||
| Government grants | 175 | 234 | ||
| Other liabilities | 48,061 | 46,179 | ||
| Trade and other payables | 84,450 | 69,791 | ||
| Derivative financial instruments | 4,486 | 6,048 | ||
| Advance payments | 44,556 | 54,764 | ||
| Current taxes payable | 38,803 | 36,050 | ||
| Provisions | 27,084 | 23,086 | ||
| Total current liabilities | 297,910 | 271,629 | ||
| Total liabilities | 605,805 | 582,555 | ||
| Total equity and liabilities | 825,232 | 810,978 | ||
AMG Advanced Metallurgical Group N.V.
Condensed interim consolidated statement of cash flows
| For the nine months ended September 30 | |||
| In thousands of US Dollars | 2010 | 2009 | |
| Unaudited | Unaudited | ||
| Cash flows used in operating activities | |||
| Loss for the period from continuing operations | (9,812) | (14,693) | |
| Loss for the period from discontinued operations | – | (54,580) | |
| Loss for the period | (9,812) | (69,273) | |
| Adjustments to reconcile loss to net cash flows: | |||
| Non-cash: | |||
| Depreciation and amortization | 17,755 | 17,491 | |
| Restructuring expense | 6 | 5,696 | |
| Environmental expense | 763 | 4,162 | |
| Net finance costs | 8,457 | 13,087 | |
| Share of loss of associates | 26,974 | 2,685 | |
| Equity-settled share-based payment transactions | 4,911 | 10,451 | |
| Cash-settled share-based payment transactions | 187 | – | |
| Income tax expense | 11,317 | 17,642 | |
| Change in working capital and provisions | (38,425) | (35,117) | |
| Other | 2,312 | 4,420 | |
| Finance costs paid, net | (9,191) | (7,502) | |
| Income tax paid, net | (29,157) | (6,101) | |
| Cash flows from discontinued operations | – | 36,326 | |
| Net cash flows used in operating activities | (13,903) | (6,033) | |
| Cash flows used in investing activities | |||
| Proceeds from sale of property, plant and equipment | 1,046 | – | |
| Acquisition, net of cash | (17,287) | – | |
| Acquisition of property, plant and equipment and intangibles | (19,054) | (20,755) | |
| Investments in associates | (10,755) | (23,832) | |
| Change in restricted cash | 427 | 1,228 | |
| Other | (53) | 16 | |
| Cash flows used in discontinued operations | – | (33,208) | |
| Net cash flows used in investing activities | (45,676) | (76,551) | |
| Cash flows from financing activities | |||
| Net proceeds from issuance of debt | 36,636 | 11,084 | |
| Other | 176 | 439 | |
| Cash flows from discontinued operations | – | 47,724 | |
| Net cash flows from financing activities | 36,812 | 59,247 | |
| Net decrease in cash and cash equivalents | (22,767) | (23,337) | |
| Cash and cash equivalents at January 1 | 117,016 | 143,473 | |
| Effect of exchange rate fluctuations and consolidation changes on cash | (4,036) | 4,255 | |
| Cash and cash equivalents at September 30 | 90,213 | 124,391 |
About AMG
AMG creates and applies innovative metallurgical solutions to support 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, 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.
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 2,300 employees, AMG operates globally with production facilities in Germany, the United Kingdom, France, Czech Republic, the United States, Canada, Mexico, Brazil, and Sri Lanka and also has sales and customer service offices in Belgium, Russia, China 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 revenue 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. Finally, statements of fact contained herein reflect the facts as of the date of this press release.
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