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AMG Reports Third Quarter 2012 Results

AMSTERDAM, NETHERLANDS -- (Marketwire) -- 11/14/12 --


Key Highlights

* Revenue was $296.9 million in the third quarter 2012, a 17% decrease from the same period in 2011

* EBITDA(()[1]()) was $21.6 million in the third quarter 2012, a 22% decrease from the same period in 2011

* EPS on a fully diluted basis was $0.18 in the third quarter 2012, a 38% decrease from $0.29 in same period in 2011

* The Advanced Materials Division generated revenue of $189.2 million and EBITDA of $12.1 million in the third quarter 2012

* The Engineering Systems Division generated revenue of $71.1 million and EBITDA of $5.3 million in the third quarter 2012

* Graphit Kropfmühl generated revenue of $36.5 million and EBITDA of $4.2 million in the third quarter 2012

* As of September 30, 2012, cash on the balance sheet was $111.4 million; net debt was $198.5 million

AMG Advanced Metallurgical Group N.V. ("AMG", EURONEXT AMSTERDAM: "AMG") reported third quarter 2012 revenue of $296.9 million, a 17% decrease from $356.4 million in the third quarter 2011.

EBITDA decreased 22% to $21.6 million in the third quarter 2012 from $27.7 million in the third quarter 2011. Net profit attributable to shareholders for the third quarter 2012 was $5.1 million, or $0.18 per fully diluted share, down from a net profit attributable to shareholders of $8.0 million, or $0.29 per fully diluted share, in the third quarter 2011.

Dr. Heinz Schimmelbusch, Chairman of the Management Board and CEO, said, "In this environment of slow economic activity we have reorganized our management structure with a clear focus on improving efficiencies, reducing operating costs and working capital levels and selective capital expenditures. These actions have begun to produce results. In the third quarter AMG generated $30 million of operating cash flow and reduced SG&A by 9% compared to the second quarter 2012."

Key Figures

  In 000's US Dollar

                                               Q3'12      Q3'11     Change

  Revenue                                   $296,851   $356,415      (17%)
---------------------------------------------------------------------------
  Gross profit                                47,663     58,688      (19%)

  Gross margin                                 16.1%      16.5%


---------------------------------------------------------------------------
  Operating profit                            11,199     19,565      (43%)

  Operating margin                              3.8%       5.5%



  Net profit attributable to shareholders
                                               5,064      8,034      (37%)
---------------------------------------------------------------------------


  EPS- Fully diluted                            0.18       0.29      (38%)



  EBIT ((1))                                  14,499     20,412      (29%)

  EBITDA ((2))                                21,600     27,748      (22%)

  EBITDA margin                                 7.3%       7.8%
---------------------------------------------------------------------------

Note: 1. EBIT is defined as earnings before interest, tax and excludes non-recurring Items

2. EBITDA is defined as earnings before interest, tax, depreciation and amortization and excludes non-recurring items

Operational Review

Advanced Materials Division
                                   Q3'12             Q3'11   Change
--------------------------------------------------------------------
  Revenue                       $189,161          $226,800    (17%)

  Gross profit                    26,694            29,603    (10%)

  Operating profit                 5,551             8,485    (35%)

  EBITDA                          12,097            12,254     (1%)

  Capital expenditures             7,005             6,576       7%

The Advanced Materials Division's third quarter 2012 revenue decreased $37.6 million, or 17%, to $189.2 million. The decrease in revenue was primarily the result of 33% and 22% decreases in antimony revenue and aluminum products revenue, respectively, partially offset by a 28% increase in tantalum revenue, compared to the third quarter 2011.

The third quarter 2012 gross margin improved to 14% from 13% in the third quarter 2011. The improvement in gross margin was driven by improvements in product mix for titanium master alloys, ferrovanadium and ferronickel-molybdenum and an increase in tantalum pricing.

The third quarter 2012 EBITDA was 6% of revenue, and improvement from the 5% of revenue level achieved in the third quarter 2011. The $0.2 million decrease in total EBITDA was the result of the $2.9 million decrease in gross profit slightly offset by a $2.7 million, or 12% decrease in operating expenses. This decline was the result of a reduction in personnel expenses.

Capital expenditures were $7.0 million for the third quarter 2012, 7% more than the third quarter 2011. Significant growth capital investments made in the third quarter included a $2.6 million investment in the expansion of the spent catalyst recycling facility for ferrovanadium production, and $0.7 million related to expansion of the Brazilian tantalum mine. Maintenance expenditures were $1.9 million.

Engineering Systems Division
                                 Q3'12           Q3'11      Change
-------------------------------------------------------------------
  Revenue                      $71,147         $86,280       (18%)

  Gross profit                  14,755          20,782       (29%)

  Operating profit               2,605           6,379       (59%)

  EBITDA                         5,327           9,270       (43%)

  Capital expenditures           1,262           2,569       (51%)

The Engineering Systems Division's third quarter 2012 revenue decreased $15.1 million, or 18%, to $71.1 million. Revenue from casting and sintering furnace systems increased 47% to $16.7 million and revenue from remelting furnaces, primarily for the aerospace industry, increased 34% to $15.7 million. These increases were more than offset by 92% and 51% decreases in solar silicon and nuclear furnace revenue, respectively, compared to the third quarter 2011.

Order backlog increased 8% to $162.2 million as of September 30, 2012, from $150.0 million as of June 30, 2012. The division generated order intake of $79.7 million in the third quarter 2012, which represents a 16% increase compared to the third quarter 2011 and a 1.12x book to bill ratio. Order intake for heat treatment systems accounted for 24% of total order intake.

The third quarter 2012 gross margin decreased to 21% from 24% in the third quarter 2011. Unfavorable product mix and lower revenues, resulting in a decline in the economies of scale, were the primary drivers of the decrease in gross margin.

The third quarter 2012 EBITDA decreased $3.9 million, to 7% of revenue. EBITDA declined from 11% of revenue in the third quarter 2011. The EBITDA decrease was the result of the $6.0 million decrease in gross profit slightly offset by a $2.4 million, or 16% decrease in SG&A. The SG&A decline was the result of a reduction in personnel costs and a slowdown in R&D investment due to current economic conditions.

Capital expenditures were $1.3 million, 51% less than the third quarter of 2011. Capital investments in the third quarter were primarily maintenance and expansion capital expenditures for the Heat Treatment Services business.

Graphit Kropfmühl
                           Q3'12     Q3'11   Change
----------------------------------------------------
  Revenue                $36,543   $43,335    (16%)

  Gross profit             6,214     8,303    (25%)
  Operating profit         3,043     4,701    (35%)

  EBITDA                   4,176     6,224    (33%)

  Capital expenditures     2,166     2,683    (19%)

Graphit Kropfmühl's third quarter 2012 revenue decreased $6.8 million, or 16%, to $36.5 million. Natural graphite revenue decreased $2.1 million, or 13%, primarily due to unfavorable product mix, resulting in lower average pricing, and a slight decline in volumes. Silicon metal revenue decreased $4.7 million, or 17%, as an unfavorable product mix and production issues offset an increase in volumes.

The third quarter 2012 gross margin decreased to 17% from 19% in the third quarter of 2011. The decrease in gross margin was primarily the result of the aforementioned product mix for both silicon metal and graphite.

The third quarter 2012 EBITDA declined $2.0 million to 11% of revenue. This was a decrease from 14% of revenue in the third quarter 2011. The EBITDA decrease was the result of the $2.1 million decrease in gross profit slightly offset by a $0.5 million, or 13% decrease in SG&A. The SG&A decline was the result of a reduction in personnel costs.

Capital expenditures were $2.2 million in the third quarter 2012, 19% less than the third quarter 2011. Significant capital investments during the quarter included upgrading the electric arc furnaces in the silicon metal operation.

Financial Review

Tax

AMG recorded a tax expense of $2.1 million, or a 30% effective tax rate, in the third quarter 2012, compared to a tax expense of $3.8 million, or a 30% effective tax rate, in the third quarter 2011. AMG's effective tax rate is 65% for the nine months ended September 2012 due to the reversal of previously recognized deferred tax assets in several jurisdictions, including Brazil during the second quarter. In addition, a significant portion of the restructuring and asset impairment expense in the second quarter related to entities for which a tax benefit cannot be booked. The expected full year effective tax rate is expected to improve due to German tax planning which will create a positive benefit from the squeeze-out of the minority shareholders at GK.

SG&A

AMG's third quarter 2012 SG&A expenses were $34.5 million, a 15% decrease from $40.6 million in the third quarter 2011. The $6.2 million decrease in SG&A expenses was due to lower personnel expenses and external consulting costs.

Non-Recurring Items

AMG's third quarter 2012 operating profit of $11.2 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, because of their nature and/or size, should be presented separately to enable more accurate analysis of the results. AMG incurred $2.2 million of non-recurring expense in the third quarter 2012, consisting of $1.7 million in environmental costs and $0.5 million management restructuring. Environmental costs were primarily related to our Brazilian mining operation while restructuring costs are part of AMG's commitment to cost cutting. AMG incurred $0.9 million of non-recurring income in the third quarter 2011, primarily related to a write up of acquired assets of KB Alloys.

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 September 30, 2012 compared to June 30, 2012, resulted in an increase in the assets and liabilities on the balance sheet of $20.0 million and $13.7 million, respectively. The net result of the appreciation in the value of the U.S. dollar in the third quarter 2012 compared to the third quarter 2011, resulted in a decrease in revenue and EBITDA of $21.9 million and $1.9 million, respectively.

Liquidity
                               September 30, 2012 December 31, 2011 Change
--------------------------------------------------------------------------
 Total debt                              $309,846          $268,621    15%

 Cash & short-term investments            111,386            79,571    40%
--------------------------------------------------------------------------
 Net debt                                 198,460           189,050     5%

AMG had a net debt position of $198.5 million as of September 30, 2012. AMG's net debt position increased $9.4 million since December 31, 2011 primarily due to $33.9 million in capital investments, $11.6 million of cash tax payments, $10.0 million of cash interest payments, $7.1 million in Graphit Kropfmühl share purchases, and a $12.6 million increase in working capital and provisions reduced by EBITDA of $67.1 million. Including the $111.4 million of cash, AMG had $167.3 million of total liquidity as of September 30, 2012.


Cash Flow                               For the nine months ended
                                  September 30, 2012     September 30, 2011
---------------------------------------------------------------------------


 Net cash flows from operations          $33,508                  $10,361
---------------------------------------------------------------------------
 Capital expenditures                     (33,875)                 (31,741)

 Acquisitions, net of cash                   (594)                 (24,703)

 Cash flows from (used in) other               425                  (1,569)
 investing
---------------------------------------------------------------------------
 Net cash flows used in                   (34,044)                 (58,013)
 investing activities
---------------------------------------------------------------------------
 Cash flows generated from                 32,260                   28,013
 financing activities
---------------------------------------------------------------------------

Cash flows from operations were $33.5 million in the nine months ended September 30, 2012 compared to cash flows from operations of $10.4 million in the nine months ended September 30, 2011. Cash flows from operations in the nine months ended September 30, 2012 are primarily the result of $67.1 million in EBITDA less a $12.6 million increase in working capital and provisions, $11.6 million in cash tax payments and $10.0 million in cash interest payments.

Cash used in investing activities was $34.0 million in the nine months ended September 30, 2012. The $24.0 million decrease compared to the nine months ended September 30, 2011 is composed of a $24.1 million decrease in cash used in acquisitions and a $1.5 million decrease in restricted cash for project work in the Engineering Systems Division, slightly offset by a $2.1 million increase in capital investments.

Cash from financing activities was $32.3 million in the nine months ended September 30, 2012, a $4.2 million increase from the nine months ended September 30, 2011. This increase was primarily attributable to an increase of $0.8 million in net proceeds from issuance of debt and repayment of borrowings and $10.6 million decrease in transaction costs related to debt issuance in 2011, less $7.1 million for the acquisition of 5.5%, including related costs, of Graphit Kropfmühl's outstanding common shares during the nine months ended September 2012. The increase in the credit facility during the nine months ended September 30, 2012 was used to fund the Brazilian mine expansion and the acquisition of Graphit Kropfmühl shares as well as to retire Graphit Kropfmühl's external debt.

Outlook

We expect the economic environment to remain challenging in the near term. The downturn in global economic activity currently shows no signs of abating. The Advanced Materials Division's businesses, particularly antimony and other non-aerospace businesses are being impacted by the slowdown. The Engineering Systems Division is generating consistent order intake, but at a subdued level. The completion of the GK acquisition should result in cost reductions in 2013; however, moderating industrial production is adversely affecting natural graphite demand. In this environment, our targets are to produce stable results. We expect to achieve these targets.

AMG Advanced Metallurgical Group N.V.
Condensed interim consolidated income statement
 For the three months ended September 30

 In thousands of US Dollars                     2012        2011

                                              Unaudited  Unaudited

 Continuing operations

 Revenue                                      296,851        356,415

 Cost of sales                                249,188        297,727

 Gross profit                                  47,663         58,688



 Selling, general and administrative
 expenses                                      34,462         40,613

 Restructuring and asset impairment expense       476             37

 Environmental expense                          1,712            136

 Other income, net                              (186)        (1,663)

 Operating profit                              11,199         19,565



 Finance expense                                5,270          8,583

 Finance income                                 (243)        (1,335)

 Foreign exchange income                        (699)          (757)

 Net finance costs                              4,328          6,491



 Share of profit (loss) of associates             208          (680)

 Profit before income tax                       7,079         12,394



 Income tax expense                             2,118          3,755

 Profit for the period                          4,961          8,639





 Attributable to:

   Shareholders of the Company                  5,064          8,034

   Non-controlling interests                    (103)            605

                                                4,961          8,639



 Earnings  per share

 Basic earnings per share                        0.19           0.29

 Diluted earnings per share                      0.18           0.29


AMG Advanced Metallurgical Group N.V.
Condensed interim consolidated income statement

  For the nine months ended September 30

  In thousands of US Dollars                           2012        2011

                                                     Unaudited   Unaudited

  Continuing operations

  Revenue                                            940,426     1,042,732

  Cost of sales                                      785,356       855,271

  Gross profit                                       155,070       187,461



  Selling, general and administrative expenses       111,558       128,315

  Restructuring and asset impairment expense          11,140         2,496

  Environmental expense                                3,000           382

  Other income, net                                    (888)       (3,490)

  Operating profit                                    30,260        59,758



  Finance expense                                     18,211        19,503

  Finance income                                       (855)       (3,993)

  Foreign exchange (income) loss                       (190)           528

  Net finance costs                                   17,166        16,038



  Share of profit (loss) of associates                   457       (6,751)

  Profit before income tax                            13,551        36,969



  Income tax expense                                   8,814        16,547

  Profit for the period                                4,737        20,422





  Attributable to:

      Shareholders of the Company                      5,920        18,357

      Non-controlling interests                      (1,183)         2,065

                                                       4,737        20,422



  Earnings  per share

  Basic earnings per share                              0.22          0.66

  Diluted earnings per share                            0.21          0.66












 AMG Advanced Metallurgical Group N.V.

 Condensed interim consolidated statement
 of financial position
 In thousands of US Dollars

                                                September        December
                                                30, 2012         31, 2011

                                                Unaudited         Audited

 Assets

   Property, plant and equipment                  278,146         263,586

   Goodwill                                       24,435           23,535

   Intangible assets                              16,446           14,557

   Investments in associates and joint
   ventures                                        5,341            5,085

   Derivative financial instruments                  368                1

   Deferred tax assets                            30,200           29,142

   Restricted cash                                10,917           11,074

   Notes receivable                                  127              250

   Other assets                                   18,504           17,866

 Total non-current assets                        384,484          365,096



   Inventories                                   218,622          228,887

   Trade and other receivables                   201,292          188,103

   Derivative financial instruments                2,672            3,956

   Other assets                                   47,647           35,184

   Cash and cash equivalents                     111,386           79,571

 Total current assets                            581,619          535,701

 Total assets                                    966,103          900,797


AMG Advanced Metallurgical Group N.V.

 Condensed interim consolidated statement of financial position
 (continued)
 In thousands of US Dollars


                                      September 30, 2012  December 31, 2011

                                                Unaudited      Audited

 Equity

   Issued capital                                     742               742

   Share premium                                  377,245           381,921

   Other reserves                                  19,289            14,157

   Retained earnings (deficit)                  (185,447)         (191,362)

 Equity attributable to shareholders of the
 Company                                          211,829           205,458

 Non-controlling interests                         11,062            15,160

 Total equity                                     222,891           220,618



 Liabilities

   Loans and borrowings                           266,962           210,448

   Employee benefits                               90,943            90,078

   Provisions                                      29,281            27,019

   Government grants                                  476               732

   Other liabilities                                5,949             9,276

   Derivative financial instruments                12,048             8,122

   Deferred tax liabilities                        27,942            26,434

 Total non-current liabilities                    433,601           372,109



   Loans and borrowings                             8,521            17,436

   Short term bank debt                            34,363            40,737

   Government grants                                   54                34

   Other liabilities                               58,342            51,673

   Trade and other payables                       139,247           128,493

   Derivative financial instruments                 5,255            10,661

   Advance payments                                34,297            30,204

   Current taxes payable                           13,523            14,468

   Provisions                                      16,009            14,364

 Total current liabilities                        309,611           308,070

 Total liabilities                                743,212           680,179

 Total equity and liabilities                     966,103           900,797

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                               2012      2011

                                                        Unaudited Unaudited

 Cash flows from operating activities

 Profit for the period                                      4,737    20,422

 Adjustments to reconcile profit to net cash flows:

 Non-cash:

    Depreciation and amortization                          21,252    21,504

    Restructuring expense                                   4,807     2,496

    Asset impairment expense                                6,333         -

    Environmental expense                                   3,000       382

    Net finance costs                                      17,166    16,038

    Share of (profit) loss of associates                    (457)     6,751

    Equity-settled share-based payment transactions         1,268     2,820

    Income tax expense                                      8,814    16,547

 Change in working capital and provisions                (12,572)  (53,993)

 Other                                                        809     8,764

 Finance costs paid, net                                 (10,030)   (5,478)

 Income tax paid, net                                    (11,619)  (25,892)

 Net cash flows from operating activities                  33,508    10,361



 Cash flows used in investing activities

 Proceeds from sale of property, plant and equipment          226        87

 Acquisition of property, plant and equipment and
 intangibles                                             (33,875)  (31,741)

 Acquisition of subsidiaries (net of cash acquired of
 $139 and $3,860, respectively)                             (594)  (24,703)

 Related party loans                                            -   (4,924)

 Change in restricted cash                                    144     1,604

 Other                                                         55     1,664

 Net cash flows used in investing activities             (34,044)  (58,013)



 Cash flows from financing activities

 Proceeds from the issuance of debt                        67,185   227,526

 Payment of transaction costs related to debt issuance          -  (10,592)

 Repayment of borrowings                                 (27,791) (188,931)

 Acquisition of  non-controlling interests                (7,128)         -

 Other                                                        (6)        10

 Net cash flows from financing activities                  32,260    28,013



 Net increase (decrease) in cash and cash equivalents      31,724  (19,639)

 Cash and cash equivalents at January 1                    79,571    89,311

 Effect of exchange rate fluctuations on cash                  91     1,581

 Cash and cash equivalents at September 30                111,386    71,253

About AMG

AMG creates and applies innovative metallurgical solutions to the global trend of sustainable development of natural resources and CO(2) 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.

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 and vanadium chemicals.

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.

AMG Mining AG (formerly Graphit Kropfmühl AG) produces critical materials utilizing its secure raw material sources in Africa, Asia and Europe. AMG Mining produces critical materials such as high purity natural graphite 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).

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. 1. EBITDA is defined as earnings before interest, tax, depreciation and amortization and excludes nonrecurring items

AMG Q3 2012: http://hugin.info/138060/R/1657670/536222.pdf

This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients. The owner of this announcement warrants that:

(i) the releases contained herein are protected by copyright and other applicable laws; and

(ii) they are solely responsible for the content, accuracy and originality of the information contained therein.

Source: AMG Advanced Metallurgical Group N.V. via Thomson Reuters ONE

[HUG#1657670]

For further information, please contact:
AMG Advanced Metallurgical Group N.V.
+1 610 975 4901
Jonathan Costello
Vice President of Corporate Development and Corporate Communications
Email Contact

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