Key Highlights
- Revenue was $1,158.4 million in 2013, a 5% decrease from 2012; fourth quarter 2013 revenue was $284.0 million, a 3% increase over the same period in 2012
- EBITDA ( 1 ) was $72.6 million in 2013, a 13% decrease from 2012; fourth quarter 2013 EBITDA was $10.5 million, a 45% decrease from the same period in 2012
- Loss per share on a fully diluted basis was ($1.51) in 2013; fourth quarter 2013 loss per share was ($0.12), consistent with the same period in 2012
- Cash flows from operating activities were $69.7 million in 2013; fourth quarter 2013 cash flows from operating activities were $12.4 million, compared to $32.1 million in the same period in 2012
- AMG Processing generated revenue of $568.6 million and EBITDA of $21.5 million in 2013; fourth quarter revenue and EBITDA were $132.9 million and $0.2 million, respectively
- AMG Engineering generated revenue of $260.2 million and EBITDA of $20.6 million in 2013; fourth quarter revenue and EBITDA were $67.0 million and $2.4 million, respectively
- AMG Mining generated revenue of $329.6 million and EBITDA of $30.5 million in 2013; fourth quarter revenue and EBITDA were $84.2 million $8.0 million, respectively
- As of December 31, 2013, cash on the balance sheet was $103.1 million; net debt was $160.5 million, a reduction of $33.7 million during 2013
AMSTERDAM, Netherlands, March 19, 2014 (GLOBE NEWSWIRE) -- (Regulated Information) --- AMG Advanced Metallurgical Group N.V. ("AMG", EURONEXT AMSTERDAM: "AMG") reported fourth quarter 2013 revenue of $284.0 million, a 3% increase from $275.2 million in the fourth quarter 2012.
EBITDA decreased 45% to $10.5 million in the fourth quarter 2013 from $19.2 million in the fourth quarter 2012. Net loss attributable to shareholders for the fourth quarter 2013 was $3.2 million, or ($0.12) per fully diluted share, compared to net loss of $3.3 million, or loss attributable to shareholders of ($0.12) in the fourth quarter 2012.
Dr. Heinz Schimmelbusch, Chairman of the Management Board and CEO, said, "The specialty metals industry experienced substantial price declines during the fourth quarter 2013, a continuation of the sharp decreases in the third quarter. Market price declines in the fourth quarter were most significant in chrome metal, tantalum and vanadium chemicals. We made significant management changes in AMG Superalloys and Titanium Alloys & Coatings during the quarter to adjust operations to these market conditions. We continue to make changes to improve operational performance and these activities should continue to create strong cash flows, which is our primary focus. During 2013, AMG generated the second highest level of operating cash flow in its history and reduced net debt by $33.7 million. Strategically, we are evaluating which combination of assets provide the highest returns and will enable AMG to create financial resources to obtain critical mass in critical materials."
Key Figures
| In 000's US Dollar | |||||||
| Q4 '13 | Q4 '12 | Change | FY '13 | FY '12 | Change | ||
| Revenue | $284,023 | $275,176 | 3% | $1,158,444 | $1,215,602 | (5%) | |
| Gross profit | 41,034 | 41,552 | (1%) | 177,702 | 196,423 | (10%) | |
| Gross margin | 14.4% | 15.1% | 15.3% | 16.2% | |||
| Operating (loss) profit | (4,289) | 4,348 | N/A | (26,196) | 34,782 | N/A | |
| Operating margin | (1.5%) | 1.6% | (2.3%) | 2.9% | |||
| Net (loss) income attributable to shareholders | (3,175) | (3,282) | 3% | (41,538) | 2,843 | N/A | |
| EPS- Fully diluted | ($0.12) | ($0.12) | ($1.51) | $0.10 | |||
| EBIT (1) | 2,090 | 8,932 | (77%) | 39,353 | 51,967 | (24%) | |
| EBITDA (2) | 10,516 | 19,238 | (45%) | 72,601 | 83,525 | (13%) | |
| EBITDA margin | 3.7% | 7.0% | 6.3% | 6.9% | |||
| Cash Flow from Operating Activities | 12,389 | 32,129 | (61%) | 69,707 | 65,637 | 6% | |
Note:
- EBIT is defined as earnings before interest, tax and excludes non-recurring items
- EBITDA is defined as earnings before interest, tax, depreciation and amortization and excludes non-recurring items
Operational Review
AMG Processing
| Q4 '13 | Q4 '12 | Change | FY '13 | FY '12 | Change | |
| Revenue | $132,882 | $132,447 | 0% | $568,629 | $614,031 | (7%) |
| Gross profit | 10,498 | 17,052 | (38%) | 61,149 | 86,358 | (29%) |
| Operating (loss) profit | (8,229) | 6,694 | N/A | 2,139 | 28,089 | (92%) |
| EBITDA | 167 | 9,643 | (98%) | 21,501 | 42,781 | (50%) |
| Capital expenditures | 3,400 | 8,213 | (59%) | 17,293 | 22,280 | (22%) |
AMG Processing's fourth quarter 2013 revenue increased $0.4 million, to $132.9 million. An 11% increase in AMG Superalloys revenue due to improved chrome metal volumes, despite lower market prices, was offset by a 6% decline in AMG Aluminum revenue due to lower volumes. AMG Vanadium revenue increased 10% on volume increases from the capacity expansion completed earlier in 2013; however, lower volumes and prices for aerospace alloys resulted in a 12% decline in AMG Titanium Alloys & Coatings revenue.
The fourth quarter 2013 gross margin decreased to 8% from 13% in the fourth quarter 2012, as declining metal prices significantly affected AMG Processing's margins. Specifically, an unfavorable product mix combined with lower prices resulted in an 84% decline in AMG Titanium Alloys & Coatings gross margins. Chrome products experienced a sharp decline in market prices, leading to significant margin erosion at AMG Superalloys during the quarter. These impacts more than offset a 56% increase in AMG Vanadium gross margins, which was the result of productivity improvements and increased capacity utilization.
The fourth quarter 2013 EBITDA decreased $9.5 million to 0% of revenue from 7% of revenue in the fourth quarter 2012. The EBITDA decrease was the result of the $6.6 million decline in gross profit, a $1.9 million increase in variable compensation expenses and a $0.8 million increase in professional fees related to efficiency initiatives.
Capital expenditures were $3.4 million for the fourth quarter 2013, a 59% decrease from the fourth quarter 2012. Capital investments made in the fourth quarter included $2.0 million of maintenance expenditures.
AMG Engineering
| Q4 '13 | Q4 '12 | Change | FY '13 | FY '12 | Change | ||||||||
| Revenue | $66,978 | $69,280 | (3%) | $260,200 | $273,924 | (5%) | |||||||
| Gross profit | 15,388 | 16,199 | (5%) | 62,922 | 60,788 | 4% | |||||||
| Operating (loss) profit | (609) | 134 | N/A | (10,957) | (673) | N/A | |||||||
| EBITDA | 2,379 | 7,670 | (69%) | 20,593 | 21,155 | (3%) | |||||||
| Capital expenditures | 749 | 91 | 723% | 2,106 | 5,421 | (61%) | |||||||
AMG Engineering's fourth quarter 2013 revenue decreased $2.3 million, or 3%, to $67.0 million. Revenue from turbine blade coating furnaces increased 34% to $4.8 million, the result of one significant order. This increase was offset by a 27% decline in heat treatment systems to $12.8 million.
Order backlog decreased 18% to $109.7 million at December 31, 2013 from $133.5 million at September 30, 2013. AMG Engineering generated order intake of $39.6 million in the fourth quarter 2013, a 42% decrease compared to the fourth quarter 2012, and a 0.59x book to bill ratio. Customers delayed investment decisions during the quarter due to market uncertainty and lower than anticipated end market demand.
The fourth quarter 2013 gross margin was 23%, consistent with the fourth quarter 2012. Improved profitability on certain large projects and an increased focus on cost control resulted in a consistent margin, despite the slight decline in revenue.
The fourth quarter 2013 EBITDA decreased $5.3 million, to 4% of revenue from 11% of revenue in the fourth quarter 2012. The EBITDA decrease was the result of the $0.8 million decrease in gross profit and a $2.4 million increase in SG&A compensation expenses.
Capital expenditures were $0.7 million in the fourth quarter 2013, which were primarily maintenance capital expenditures for the heat treatment services business.
AMG Mining
| Q4 '13 | Q4 '12 | Change | FY '13 | FY '12 | Change | |
| Revenue | $84,163 | $73,449 | 15% | $329,615 | $327,647 | 1% |
| Gross profit | 15,148 | 8,301 | 82% | 53,631 | 49,277 | 9% |
| Operating profit (loss) | 4,549 | (2,480) | N/A | (17,378) | 7,366 | N/A |
| EBITDA | 7,970 | 1,925 | 314% | 30,507 | 19,589 | 56% |
| Capital expenditures | 5,342 | 5,930 | (10%) | 12,626 | 20,408 | (38%) |
AMG Mining's fourth quarter 2013 revenue increased $10.7 million, or 15%, to $84.2 million. Volumes for most products increased, while prices were mixed. Prices increased 21% and 4% for AMG Mineração's tantalum and AMG Graphite products, respectively, while AMG Antimony product prices decreased 10%, compared to the fourth quarter 2012.
The fourth quarter 2013 gross margin increased to 18%, from 11% in the fourth quarter 2012. The gross margin increase was primarily the result of an increase in prices for higher volume products at AMG Mineração and improved product mix at AMG Graphite.
The fourth quarter 2013 EBITDA increased $6.0 million, to 9% of revenue from 3% of revenue in the fourth quarter 2012. The EBITDA increase was the result of $6.8 million increase in gross profit and a $0.8 million decrease in SG&A, primarily due to costs related to the squeeze-out of non-controlling interest, which were incurred in the fourth quarter 2012, offset slightly by lower depreciation expense included in the gross profit.
Capital expenditures were $5.3 million in the fourth quarter 2013, 10% less than the fourth quarter 2012. Capital expenditures were primarily composed of $3.3 million for maintenance expenditures.
Financial Review
For purposes of this release, AMG restated the December 31, 2012 statement of financial position and 2012 income statement to comply with new IFRS standards and interpretations. IAS 19 Employee Benefits (Revised 2011) (IAS 19R) and IFRIC 20 Stripping Costs in the Production Phase of a Surface Mine were effective for periods beginning after January 1, 2013 and require restatement for comparability.
Tax
AMG recorded an income tax benefit of $6.8 million in the fourth quarter 2013. The income tax benefit was the result of AMG generating income in jurisdictions in which it has tax loss carry forwards, the recognition of certain income tax benefits related to previously unrecognized tax losses, and temporary differences related to a German subsidiary that were recognized in 2013. The income tax expense in the fourth quarter 2012 was $2.0 million. AMG's income tax benefit for the full year 2013 was $4.4 million.
SG&A
AMG's fourth quarter 2013 SG&A expenses were $38.5 million, compared to $33.9 million in the fourth quarter 2012, an increase of 14%. The $4.6 million increase in SG&A expenses was primarily due to a $4.4 million increase in variable compensation expense.
Non-Recurring Items
AMG's fourth quarter 2013 operating loss of $4.3 million includes non-recurring items, which are not included in the calculation of EBITDA. These items are comprised of income and expense items that in the view of management do not arise in the normal course of business and items that due to their nature and/or size should be presented separately to enable better analysis of the results.
A summary of non-recurring items in the fourth quarter 2013 and 2012 are below:
| For the three December 2013 | months ended December 2012 | ||
| Non-recurring items included in operating (loss) profit: | |||
| Restructuring expense | $5,737 | $1,349 | |
| Asset impairment expense | 1,321 | 3,553 | |
| Total non-recurring items included in operating (loss) profit | 7,058 | 4,902 | |
AMG incurred $7.1 million of restructuring and asset impairment expense in the fourth quarter 2013, consisting of $4.8 million, $1.2 million and $1.1 million related to AMG Processing, AMG Engineering and AMG Mining, respectively. The restructuring expenses are part of the Company's process to simplify its corporate structure and ongoing cost reduction efforts.
Currency Fluctuations
AMG transacts business in many currencies other than the U.S. dollar, the Company's reporting currency. AMG's financial statements are prepared in U.S. dollars, so fluctuations in the exchange rates between the U.S. dollar and other currencies have an effect both on the results of operations and on the reported value of assets and liabilities as measured in U.S. dollars. The depreciation in the value of the U.S. dollar as of December 31, 2013 compared to September 30, 2013, resulted in an increase in the assets and liabilities on the balance sheet of $7.7 million and $5.5 million, respectively. The net result of the depreciation in the value of the U.S. dollar in the fourth quarter 2013 compared to the fourth quarter 2012, resulted in an increase in revenue and EBITDA of $7.5 million and $0.4 million, respectively.
Liquidity
| December 31, 2013 | December 31, 2012 | Change | ||
| Total debt | $263,580 | $315,844 | (17%) | |
| Cash and cash equivalents | 103,067 | 121,639 | (15%) | |
| Net debt | 160,513 | 194,205 | (17%) | |
AMG had a net debt position of $160.5 million as of December 31, 2013. In a continuing effort to right size its balance sheet and reduce finance expense, AMG used its strong cash flow from operating activities of $69.7 million and cash on hand to reduce its gross debt balance by $52.2 million. Including the $103.1 million of cash, AMG had $174.8 million of total liquidity as of December 31, 2013.
Cash Flow
| For the year ended December 31 | |||
| 2013 | 2012 | ||
| Net cash flows from operating activities | $69,707 | $65,637 | |
| Capital expenditures | (32,025) | (48,109) | |
| Cash flows from (used in) other investing activities | 3,163 | (430) | |
| Net cash flows used in investing activities | (28,862) | (48,539) | |
| Net cash flows (used in) from financing activities | (62,252) | 21,661 | |
Cash flows from operating activities were $69.7 million for the year ended December 31, 2013 compared to cash flows from operating activities of $65.6 million in the same period in 2012. Net cash flows from operating activities are comprised of $72.6 million in EBITDA and $40.2 million decrease in working capital and deferred revenue, offset by $12.1 million of cash tax payments, $18.8 million of cash interest payments, and restructuring payments of $8.3 million.
Cash flows used in investing activities were $28.9 million for the year ended December 31, 2013. The $19.7 million decrease compared to the same period in 2012 is primarily composed of a $16.1 million decrease in capital investments. This reduction in capital investments reflects management's cash control initiatives and more stringent return metrics.
Cash flows used in financing activities were $62.3 million for the year ended December 31, 2013 as the Company repaid $61.7 million of borrowings. In the same period in 2012, AMG generated $21.7 million from financing activities primarily to fund the Brazilian mine expansion and the acquisition of Graphit Kropfmühl shares.
Outlook
AMG is making progress on improving its operational performance and it is executing on the strategy to gain critical mass in critical materials. This is beginning to produce results; however, these improvements are being offset by the weak specialty metals markets. The industry is experiencing destocking in the global aerospace value chain, low demand for high performance steel, and a deceleration of growth in China. These conditions are showing signs of stabilization, however, many prices remain low, and excess capacity exists. Overall, AMG should produce significant operating cash flow in 2014, and ROCE, EBITDA and net income should improve over 2013 levels.
AMG Advanced Metallurgical Group N.V.
Condensed interim consolidated income statement
| For the three months ended December 31 | |||
| In thousands of US Dollars | 2013 | 2012 |
| Unaudited | Unaudited 2 | ||||
| Continuing operations | |||||
| Revenue | 284,023 | 275,176 | |||
| Cost of sales | 242,989 | 233,624 | |||
| Gross profit | 41,034 | 41,552 | |||
| Selling, general and administrative expenses | 38,502 | 33,868 | |||
| Restructuring expense | 5,737 | 1,349 | |||
| Asset impairment | 1,321 | 3,553 | |||
| Environmental | (211) | (1,228) | |||
| Other income, net | (26) | (338) | |||
| Operating (loss) profit | (4,289) | 4,348 | |||
| Finance income | (170) | (196) | |||
| Finance expense | 4,319 | 8,045 | |||
| Foreign exchange loss | 488 | 771 | |||
| Net finance costs | 4,637 | 8,620 | |||
| Share of (loss) profit of associates and joint ventures | (1,618) | 1,896 | |||
| Loss before income tax | (10,544) | (2,376) | |||
| Income tax (benefit) expense | (6,759) | 2,045 | |||
| Loss for the period | (3,785) | (4,421) | |||
| Attributable to: | |||||
| Shareholders of the Company | (3,175) | (3,282) | |||
| Non-controlling interests | (610) | (1,139) | |||
| Loss for the period | (3,785) | (4,421) | |||
| Loss per share | |||||
| Basic loss per share | (0.12) | (0.12) | |||
| Diluted loss per share | (0.12) | (0.12) | |||
AMG Advanced Metallurgical Group N.V.
Condensed interim consolidated income statement
| For the year ended December 31 | |||||
| In thousands of US Dollars | 2013 | 2012 | |||
| Unaudited | Unaudited 3 | ||||
| Continuing operations | |||||
| Revenue | 1,158,444 | 1,215,602 | |||
| Cost of sales | 980,742 | 1,019,179 | |||
| Gross profit | 177,702 | 196,423 | |||
| Selling, general and administrative expenses | 140,856 | 145,053 | |||
| Restructuring expense | 14,225 | 6,151 | |||
| Asset impairment expense | 51,024 | 9,891 | |||
| Environmental | (86) | 1,772 | |||
| Other income, net | (2,121) | (1,226) | |||
| Operating (loss) profit | (26,196) | 34,782 | |||
| Finance income | (810) | (1,051) | |||
| Finance expense | 21,703 | 26,256 | |||
| Foreign exchange loss | 175 | 581 | |||
| Net finance costs | 21,068 | 25,786 | |||
| Share of (loss) profit of associates and joint ventures | (2,148) | 2,353 | |||
| (Loss) profit before income tax | (49,412) | 11,349 | |||
| Income tax (benefit) expense | (4,376) | 10,828 | |||
| (Loss) profit for the year | (45,036) | 521 | |||
| Attributable to: | |||||
| Shareholders of the Company | (41,538) | 2,843 | |||
| Non-controlling interests | (3,498) | (2,322) | |||
| (Loss) profit for the year | (45,036) | 521 | |||
| (Loss) earnings per share | |||||
| Basic (loss) earnings per share | (1.51) | 0.10 | |||
| Diluted (loss) earnings per share | (1.51) | 0.10 | |||
| AMG Advanced Metallurgical Group N.V. | |||||||
| Condensed interim consolidated statement of financial position In thousands of US Dollars | |||||||
| Dec 31, 2013 | Dec 31,2012 4 | ||||||
| Unaudited | |||||||
| Assets | |||||||
| Property, plant and equipment | 259,683 | 288,269 | |||||
| Goodwill | 25,078 | 24,751 | |||||
| Intangible assets | 12,116 | 13,971 | |||||
| Investments in associates and joint ventures | 4,755 | 7,351 | |||||
| Derivative financial instruments | 271 | 527 | |||||
| Deferred tax assets | 27,003 | 35,455 | |||||
| Restricted cash | 7,967 | 11,888 | |||||
| Notes receivable | - | 227 | |||||
| Other assets | 25,519 | 22,262 | |||||
| Total non-current assets | 362,392 | 404,701 | |||||
| Inventories | 179,343 | 211,531 | |||||
| Trade and other receivables | 150,807 | 177,232 | |||||
| Derivative financial instruments | 2,177 | 3,229 | |||||
| Other assets | 34,430 | 30,438 | |||||
| Cash and cash equivalents | 103,067 | 121,639 | |||||
| Total current assets | 469,824 | 544,069 | |||||
| Total assets | 832,216 | 948,770 | |||||
| AMG Advanced Metallurgical Group N.V. | ||||||||
| Condensed interim consolidated statement of financial position (continued) In thousands of US Dollars | ||||||||
| Dec 31, 2013 Unaudited | Dec 31, 2012 5 | |||||||
| Equity | ||||||||
| Issued capital | 744 | 743 | ||||||
| Share premium | 382,518 | 382,176 | ||||||
| Other reserves | (4,605) | (9,909) | ||||||
| Retained earnings (deficit) | (246,304) | (204,565) | ||||||
| Equity attributable to shareholders of the Company | 132,353 | 168,445 | ||||||
| Non-controlling interests | 2,237 | 6,818 | ||||||
| Total equity | 134,590 | 175,263 | ||||||
| Liabilities | ||||||||
| Loans and borrowings | 223,788 | 265,553 | ||||||
| Employee benefits | 138,009 | 137,957 | ||||||
| Provisions | 30,443 | 31,852 | ||||||
| Deferred revenue | 11,776 | 2,724 | ||||||
| Government grants | 883 | 472 | ||||||
| Other liabilities | 8,425 | 6,690 | ||||||
| Derivative financial instruments | 7,702 | 11,082 | ||||||
| Deferred tax liabilities | 3,121 | 26,120 | ||||||
| Total non-current liabilities | 424,147 | 482,450 | ||||||
| Loans and borrowings | 20,873 | 20,333 | ||||||
| Short term bank debt | 18,919 | 29,958 | ||||||
| Government grants | 74 | 55 | ||||||
| Other liabilities | 54,383 | 58,934 | ||||||
| Trade and other payables | 127,381 | 125,342 | ||||||
| Derivative financial instruments | 5,298 | 3,900 | ||||||
| Advance payments | 16,341 | 26,989 | ||||||
| Deferred revenue | 5,009 | 2,533 | ||||||
| Current taxes payable | 2,329 | 8,623 | ||||||
| Employee benefits | 1,350 | - | ||||||
| Provisions | 21,522 | 14,390 | ||||||
| Total current liabilities | 273,479 | 291,057 | ||||||
| Total liabilities | 697,626 | 773,507 | ||||||
| Total equity and liabilities | 832,216 | 948,770 | ||||||
AMG Advanced Metallurgical Group N.V.
Condensed interim consolidated statement of cash flows
| For the year ended December 31 | |||
| In thousands of US Dollars | 2013 | 2012 | |
| Unaudited | Unaudited 6 | ||
| Cash flows from operating activities | |||
| (Loss) profit for the period | (45,036) | 521 | |
| Adjustments to reconcile net (loss) profit to net cash flows: | |||
| Non-cash: | |||
| Income tax (benefit) expense | (4,376) | 10,828 | |
| Depreciation and amortization | 33,248 | 31,558 | |
| Asset impairment expense | 51,024 | 9,891 | |
| Net finance costs | 21,068 | 25,786 | |
| Share of loss (profit) of associates and joint ventures | 2,148 | (2,353) | |
| (Gain) loss on sale or disposal of property, plant and equipment | (1,296) | 327 | |
| Equity-settled share-based payment transactions | 475 | 1,724 | |
| Movement in provisions, pensions and government grants | 2,427 | 8,617 | |
| Change in working capital and deferred revenue | 40,200 | 9,910 | |
| Cash flows from operating activities | 99,882 | 96,809 | |
| Finance costs paid, net | (18,046) | (18,601) | |
| Income tax paid, net | (12,129) | (12,571) | |
| Net cash flows from operating activities | 69,707 | 65,637 | |
| Cash flows used in investing activities | |||
| Proceeds from sale of property, plant and equipment | 2,515 | 332 | |
| Proceeds from sale of investment in associate | 650 | - | |
| Acquisition of subsidiaries (net of cash acquired of nil and $133) | - | (166) | |
| Acquisition of property, plant and equipment and intangibles | (32,025) | (48,109) | |
| Change in restricted cash | 3,989 | (671) | |
| Acquisition of other non-current asset investments | (4,000) | - | |
| Other | 9 | 75 | |
| Net cash flows used in investing activities | (28,862) | (48,539) | |
| Cash flows (used in) from financing activities | |||
| Proceeds from issuance of debt | 38 | 72,078 | |
| Repayment of borrowings | (61,679) | (35,126) | |
| Contributions by non-controlling interests | 392 | - | |
| Change in non-controlling interests | (1,007) | (15,291) | |
| Other | 4 | - | |
| Net cash flows (used in) from financing activities | (62,252) | 21,661 | |
| Net (decrease) increase in cash and cash equivalents | (21,407) | 38,759 | |
| Cash and cash equivalents at January 1 | 121,639 | 79,571 | |
| Effect of exchange rate fluctuations on cash held | 2,835 | 3,309 | |
| Cash and cash equivalents at December 31 | 103,067 | 121,639 |
AMG Advanced Metallurgical Group N.V.
Condensed interim consolidated income statement
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 Processing develops and produces specialty metals, alloys, and high performance materials. AMG is a significant producer of specialty metals, such as ferrovanadium, ferronickel-molybdenum, aluminum master alloys and additives, chromium metal and ferrotitanium, for Energy, Aerospace, Infrastructure and Specialty Metal and Chemicals applications. Other key products include specialty alloys for titanium and superalloys, coating materials and vanadium chemicals.
AMG Engineering designs, engineers and produces advanced vacuum furnace systems and operates vacuum heat treatment facilities, primarily for the Aerospace and Energy (including solar and nuclear) industries. Furnace systems produced by AMG include vacuum remelting, solar silicon melting and crystallization, vacuum induction melting, vacuum heat treatment and high pressure gas quenching, turbine blade coating and sintering. AMG also provides vacuum case-hardening heat treatment services on a tolling basis.
AMG Mining produces critical materials utilizing its secure raw material sources in Africa, Asia, Europe, and South America. AMG Mining produces critical materials such as high purity natural graphite, tantalum, antimony and silicon metal. These materials are of significant importance to the global economy and are available in limited supply. End markets for these materials include electronics, energy efficiency, green energy, and infrastructure.
With over 3,000 employees, AMG operates globally with production facilities in Germany, the United Kingdom, France, Czech Republic, United States, China, Mexico, Brazil, Turkey, Poland, India, and Sri Lanka and has sales and customer service offices in Belgium, Russia, and Japan ( www.amg-nv.com ).
For further information, please contact:
AMG Advanced Metallurgical Group N.V. +1 610 975 4901
Jonathan Costello
Vice President of Corporate Development and Communications
jcostello@amg-nv.com
Disclaimer
Certain statements in this press release are not historical facts and are "forward-looking." Forward-looking statements include statements concerning AMG's plans, expectations, projections, objectives, targets, goals, strategies, future events, future revenues or performance, capital expenditures, financing needs, plans and intentions relating to acquisitions, AMG's competitive strengths and weaknesses, plans or goals relating to forecasted production, reserves, financial position and future operations and development, AMG's business strategy and the trends AMG anticipates in the industries and the political and legal environment in which it operates and other information that is not historical information. When used in this press release, the words "expects," "believes," "anticipates," "plans," "may," "will," "should," and similar expressions, and the negatives thereof, are intended to identify forward looking statements. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that the predictions, forecasts, projections and other forward-looking statements will not be achieved. These forward-looking statements speak only as of the date of this press release. AMG expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement contained herein to reflect any change in AMG's expectations with regard thereto or any change in events, conditions, or circumstances on which any forward-looking statement is based.
- EBITDA is defined as earnings before interest, tax, depreciation and amortization and excludes non-recurring items
1 AMG restated the December 31, 2012 statement of financial position and 2012 income statement to comply with new IFRS standards and interpretations.
March 19 2014 http://hugin.info/138060/R/1769748/602087.pdf
HUG#1769748
