Coronavirus Update
- As of today, out of over 3,000 employees we have 3 active
confirmed coronavirus cases globally. AMG has zero current COVID
hospitalization cases. AMG has not experienced any coronavirus
related fatalities, and our current cases have not resulted in a
facility closure or operational interruption. AMG continues to
implement preventive measures such as practicing social distancing,
remote working when possible, and restrictions on travel to protect
the health and safety of our employees.
Strategic Highlights
- The construction of AMG’s second ferrovanadium plant in
Zanesville, Ohio is proceeding as planned. As of December 31, 2020,
AMG has committed $206 million in construction and engineering
contracts for the project.
- AMG Brazil has entered into an Exclusive Cooperation Agreement
(“ECA”) with one of its major customers for lithium
concentrates. The ECA provides for AMG Brazil to supply
200,000 DMT over a 5-year supply term, which will be obtained from
an expansion (targeting 40,000 DMT per annum) of AMG Brazil’s
existing lithium concentrate plant. The ECA includes an
advanced payment for lithium concentrate which will fund AMG
Brazil’s investment in the expansion.
- Shell & AMG Recycling B.V. signed a memorandum of
understanding (MOU) with the Saudi Arabian Oil Company (Saudi
Aramco) to explore the feasibility of building a recycling
“Supercenter” in the Kingdom of Saudi Arabia.
- AMG published its ESG Strategic Statement which concludes with:
“AMG was founded on the principle that CO2 abatement targets would
create increased criticality for specialty materials. This
strategic focus is encapsulated in the ECO2RP products and will
continue to drive AMG’s strategy and capital investment program
across its three new reporting segments. Our strategic focus
is fully aligned with – and in support of – the EU Taxonomy
initiative on sustainability and its climate objectives.”
Financial Highlights
- EBITDA was $22.5 million in the fourth quarter of 2020, in line
with $22.8 million in the fourth quarter of 2019. In light of the
COVID impacts during the year, it is important to note however,
that this is a 59% increase over Q3 2020. COVID-19 had a negative
$12 million impact in the fourth quarter of 2020, which is
explained in more detail on page 3.
- AMG reduced SG&A by 30% in the fourth quarter of 2020 to
$26.1 million, compared to $37.2 million in the fourth quarter of
2019, due to lower personnel costs and ongoing cost reduction
initiatives. Full year 2020 SG&A declined by $25.7 million
versus 2019 due to austerity measures and reduced variable
compensation.
- AMG’s liquidity as of December 31, 2020, was $377 million, with
$207 million of unrestricted cash and $170 million of revolving
credit availability.
- The total 2020 dividend proposed is €0.20 per ordinary share,
including the interim dividend of €0.10, paid on August 13,
2020.
Amsterdam, 24 February
2021 (Regulated Information) ---
AMG Advanced Metallurgical Group N.V. (“AMG”, EURONEXT AMSTERDAM:
“AMG”) reported fourth quarter 2020 revenue of $253.5 million, a 6%
decrease from $268.6 million in the fourth quarter of 2019. EBITDA
for the fourth quarter of 2020 was $22.5 million, in line with the
fourth quarter of 2019 of $22.8 million.
Dr. Heinz Schimmelbusch, Chairman of the
Management Board and CEO, said, “Out of over 3,000 AMG employees at
33 sites in 15 countries, AMG has 3 active confirmed coronavirus
cases globally. AMG has zero current COVID hospitalization cases.
AMG’s priority continues to be the health and safety of our
employees.
“We continued to feel the impact of the
coronavirus pandemic in the fourth quarter of 2020 but began to
experience selective price stabilization in Critical Materials.
These market price improvements accelerated in early 2021,
particularly in ferrovanadium and lithium. AMG Technologies
experienced ongoing lower results associated with weakness in the
aerospace sector, however, it is important to note that AMG
Engineering’s order intake in 2020 exceeded $200 million for the
year.
“AMG’s strategic investments are all progressing
despite the challenging market environment. The construction of the
recycling plant in Zanesville, Ohio, which will essentially double
our recycling capacity for refinery residues, is proceeding as
planned, utilizing the funds from the municipal bond issue. Shell
& AMG Recycling B.V. continues to pursue refinery residue
recycling opportunities globally with a focus on the Middle East
and China including an MOU with Saudi Aramco to explore the
feasibility of building a recycling “Supercenter” in the Kingdom of
Saudi Arabia. AMG Brazil is operating at full capacity and the
spodumene expansion, known as SP1+, is underway as noted above. AMG
Lithium GmbH has invested in a solid-state battery (SSB) pilot
plant within its state-of-the-art battery materials laboratory
located in Frankfurt, Germany. In addition, the lithium hydroxide
upgrader project has commenced in Germany, and AMG’s Supervisory
Board approved moving ahead with the detailed engineering as well
as the purchase of long lead-time items and the site.”
COVID-19 Effect on AMG’s Business
EBITDA in the fourth quarter of 2020 was in line
with the same period in the prior year despite the temporary
pandemic-related interruptions to our business. However, we are
once again providing a summary of the estimated impact of the
pandemic on our operations. Our estimated COVID-19 EBITDA impact is
approximately $12 million for the fourth quarter. This figure is an
estimate of what management believes the Company’s EBITDA may have
been for the quarter if the pandemic had not occurred. It was
calculated using on a bottom-up analysis of our business units,
including management’s appraisal of the approximate decline in
revenues from lower volumes and pricing, as well as related expense
implications resulting from the impacts of the pandemic compared to
the Company’s financial plan.
AMG Critical Materials’ pandemic-related impacts
continued from the second and third quarters into the fourth, but
we saw increased volumes being sold to our customers in five of
seven of our business units, and the COVID effects were reduced
versus the level in the second and third quarters of
2020.
AMG Technologies’ pandemic-related impacts
continued to be driven by the decreased and postponed volumes from
our aerospace customers, but we also experienced difficulty
finalizing vacuum furnace orders and servicing our customers with
replacement parts due to global travel restrictions. These effects
were partially offset by an improved performance from our Heat
Treatment Services business, which experienced higher demand as a
result of the rapidly recovering automotive sector.
Key Figures
In 000’s US
dollars |
|
|
|
|
|
|
|
Q4 ‘20 |
Q4 ‘19 |
Change |
FY ‘20 |
FY ‘19 |
Change |
Revenue |
$253,476 |
$268,563 |
(6%) |
$937,116 |
$1,188,571 |
(21%) |
Gross profit |
28,103 |
30,422 |
(8%) |
112,653 |
118,290 |
(5%) |
Gross margin |
11.1% |
11.3% |
|
12.0% |
10.0% |
|
|
|
|
|
|
|
|
Operating loss |
(2,184) |
(7,012) |
69% |
(9,235) |
(25,722) |
64% |
Operating
margin |
(0.9%) |
(2.6%) |
|
(1.0%) |
(2.2%) |
|
|
|
|
|
|
|
|
Net loss
attributable to shareholders |
(2,839) |
(14,239) |
80% |
(41,692) |
(48,283) |
14% |
|
|
|
|
|
|
|
EPS - Fully
diluted |
(0.10) |
(0.50) |
80% |
(1.47) |
(1.64) |
10% |
|
|
|
|
|
|
|
EBIT
(1) |
11,059 |
11,450 |
(3%) |
23,106 |
79,415 |
(71%) |
EBITDA
(2) |
22,539 |
22,772 |
(1%) |
66,767 |
121,382 |
(45%) |
EBITDA margin |
8.9% |
8.5% |
|
7.1% |
10.2% |
|
|
|
|
|
|
|
|
Cash from operating activities |
11,358 |
55,517 |
(80%) |
19,619 |
46,573 |
(58%) |
Notes:
- EBIT is defined as earnings before interest and income taxes.
EBIT excludes restructuring, asset impairment, inventory cost
adjustments, environmental provisions, exceptional legal expenses,
and equity-settled share-based payments and includes foreign
currency gains or losses.
- EBITDA is defined as EBIT adjusted for depreciation and
amortization.
Operational Review
AMG Critical Materials
|
Q4 ‘20 |
Q4 ‘19 |
Change |
FY ‘20 |
FY ‘19 |
Change |
Revenue |
$171,396 |
$170,152 |
1% |
$575,717 |
$762,482 |
(24%) |
Gross profit |
17,758 |
8,211 |
116% |
56,342 |
19,343 |
191% |
Gross profit
before non-recurring items |
21,847 |
21,653 |
1% |
67,953 |
110,315 |
(38%) |
Operating profit
(loss) |
403 |
(11,594) |
N/A |
(9,726) |
(59,318) |
84% |
EBITDA |
16,425 |
13,061 |
26% |
41,016 |
65,401 |
(37%) |
AMG Critical Materials’ revenue in the fourth
quarter reflected a continuing weak price environment versus the
fourth quarter of 2019. Revenues increased by $1.2 million,
or 1%, to $171.4 million, driven mainly by higher sales volumes of
lithium concentrate, aluminum, antimony, graphite and silicon,
offset by lower sales volumes of ferrovanadium and lower prices in
vanadium, chrome, tantalum and spodumene.
Gross profit before non-recurring items
increased by 1% in the fourth quarter due to increased revenue.
SG&A expenses in the fourth quarter of 2020
were $13.4 million, $6.4 million lower than the fourth quarter of
2019, due to lower personnel costs, particularly variable
compensation expense, lower professional fees, as well as cost
reduction efforts across the business.
The fourth quarter 2020 EBITDA margin was 10%,
compared to 8% in the same period in the prior year, due to cost
reduction efforts as noted above.
AMG Technologies
|
Q4 ‘20 |
Q4 ‘19 |
Change |
FY ‘20 |
FY ‘19 |
Change |
Revenue |
$82,080 |
$98,411 |
(17%) |
$361,399 |
$426,089 |
(15%) |
Gross profit |
10,345 |
22,211 |
(53%) |
56,311 |
98,947 |
(43%) |
Gross profit before
non- recurring items |
13,669 |
22,209 |
(38%) |
60,500 |
103,551 |
(42%) |
Operating (loss)
profit |
(2,587) |
4,582 |
N/A |
491 |
33,596 |
(99%) |
EBITDA |
6,114 |
9,711 |
(37%) |
25,751 |
55,981 |
(54%) |
AMG Technologies' fourth quarter 2020 revenue
decreased by $16.3 million, or 17%, due to reduced aerospace
activity and volume reductions, as well as lower profitability
associated with metal price declines for the Titanium Alloys and
Coatings business. These declines were offset by higher revenue
from heat treatment services and remelting furnaces. Consequently,
fourth quarter 2020 gross profit before non-recurring items
decreased by $8.5 million, or 38%, to $13.7 million.
SG&A expenses decreased by $4.8 million, or
27%, in the fourth quarter of 2020 compared to the fourth quarter
of 2019, due to lower personnel costs, particularly variable
compensation expense, lower professional fees, as well as cost
reduction efforts across the business.
AMG Technologies’ fourth quarter EBITDA
decreased by 37% to $6.1 million from $9.7 million in the fourth
quarter of 2019 due to lower profitability related to the
challenging economic environment as outlined above.
Order backlog was $198.1 million as of December
31, 2020, a 9% decrease from $217.7 million as of September 30,
2020 and an 11% decrease from $222.6 million as of December 31,
2019. The Company signed $45.5 million in new orders during the
fourth quarter of 2020, but order intake and order backlog were
reduced by the cancellation of a $14.3 million order. The quarter
benefited from strong orders of induction melting and arc remelting
furnaces for specialty steel producers. On a full year basis,
including the cancellation, the Company signed $208.6 million in
new orders, representing a 0.83x book to bill ratio.
Financial Review
Tax
AMG recorded an income tax expense of $11.2
million in 2020 as compared to a benefit of $5.1 million in 2019.
In addition to increased profitability in certain jurisdictions,
this increased tax expense was mainly driven by a year-over-year
increase of $11.7 million in non-cash tax expense due to movements
in the Brazilian real. Movements in the Brazilian real exchange
rate impact the valuation of the Company’s net deferred tax assets.
The devaluation of the real during 2020 resulted in an additional
non-cash tax expense of $11.1 million, compared to a benefit of
$0.6 million in 2019.
AMG paid taxes of $8.6 million in 2020, compared
to tax payments of $24.6 million in 2019. As a result of the
year-over-year volatility in income and the timing of cash tax
payments, the present cash tax rate is not indicative of the
current year performance as payments in the current year are
attributable to income from prior years and not 2020. Once earnings
have stabilized, we believe that the cash tax rate is the more
meaningful metric with regards to AMG’s taxes due to the volatile
nature of the company’s deferred tax balances.
Exceptional Items
AMG’s fourth quarter 2020 and full year 2020
gross profit includes exceptional items, which are not included in
the calculation of EBITDA.
A summary of exceptional items included in gross
profit in 2020 and 2019 are below:
Exceptional items included in gross profit
|
Q4 ‘20 |
Q4 ‘19 |
Change |
FY ‘20 |
FY ‘19 |
Change |
Gross profit |
$28,103 |
$30,422 |
(8%) |
$112,653 |
$118,290 |
(5%) |
Inventory cost
adjustment |
2,160 |
12,001 |
(82%) |
6,219 |
87,792 |
(93%) |
Restructuring
expense |
4,374 |
2,442 |
79% |
5,700 |
3,265 |
75% |
Asset impairment
expense |
566 |
(1,003) |
N/A |
664 |
4,519 |
(85%) |
Strategic project
expense |
313 |
– |
N/A |
3,217 |
– |
N/A |
Gross profit excluding exceptional items |
35,516 |
43,862 |
(19%) |
128,453 |
213,866 |
(40%) |
AMG had a $2.2 million exceptional non-cash
expense during the fourth quarter of 2020 as a result of inventory
cost adjustments in our Brazilian operations, which has been
adjusted in EBITDA. The $4.4 million restructuring expense in the
fourth quarter was mainly due to headcount reductions in our AMG
Technologies and Chrome operations. The Company is in the ramp-up
phase for three significant strategic expansion projects, including
AMG Vanadium’s expansion project, the joint venture with Shell, and
the lithium expansion in Germany, which incurred project expenses
during the quarter but are not yet operational. AMG is adjusting
EBITDA for these exceptional charges.
Liquidity
|
December 31, 2020 |
December 31, 2019 |
Change |
Senior secured
debt |
$364,640 |
$366,682 |
(1%) |
Cash & equivalents |
207,366 |
226,218 |
(8%) |
Senior secured net debt |
157,274 |
140,464 |
12% |
Other debt |
19,876 |
12,144 |
64% |
Net debt excluding municipal bond |
177,150 |
152,608 |
16% |
Municipal bond
debt |
319,699 |
319,911 |
– |
Restricted cash |
208,919 |
309,581 |
(33%) |
Net
debt |
287,930 |
162,938 |
77% |
AMG had a net debt position of $287.9 million as
of December 31, 2020. This increase was mainly due to the
significant investment in growth initiatives during the quarter,
especially the vanadium expansion.
In 2020, AMG maintained a strong balance sheet
and adequate sources of liquidity. As of December 31, 2020, the
Company had $207 million in unrestricted cash and cash equivalents
and $170 million available on its revolving credit facility. As
such, AMG had $377 million of total liquidity as of December 31,
2020.
Net Finance Costs
AMG’s fourth quarter 2020 net finance costs were
$4.9 million compared to $6.1 million in the fourth quarter of
2019. This decline is mainly driven by favorable foreign exchange
movements. Additionally, AMG capitalized $3.8 million of interest
costs in the fourth quarter of 2020 compared to $2.8 million in the
prior year, driven by interest associated with the Company’s new
tax-exempt municipal bond supporting the vanadium expansion in
Ohio.
SG&A
AMG’s fourth quarter 2020 SG&A expenses were
$26.1 million compared to $37.2 million in the fourth quarter of
2019, due to continued cost reduction efforts across the business
as detailed earlier.
Full year 2020 SG&A expenses were $117.8
million, a decrease of $25.7 million, or 18%, from the prior year,
which includes a non-recurring reversal for share-based
compensation expense of $4.1 million related to share-based awards
currently not forecasted to meet the threshold to vest. This
reversal was excluded from EBITDA. SG&A expenses for 2020
included $18.7 million in professional fees versus $26.6 for 2019,
$68.0 million in personnel costs and variable compensation expense
compared to $78.0 in 2019. These decreases were partially offset by
the Lithium expansion projects in Germany.
Final Dividend Proposed
AMG intends to declare a dividend of €0.20 per
ordinary share over the financial year 2020. The interim dividend
of €0.10, paid on August 13, 2020, will be deducted from the amount
to be distributed to shareholders. The proposed final dividend per
ordinary share therefore amounts to €0.10.
A proposal to resolve upon the final dividend
distribution will be included on the agenda for the Annual General
Meeting to be held on May 6, 2021.
Outlook
We believe that AMG’s results will continue to trend positively,
and we expect to exceed $100 million EBITDA in 2021.
Segmental Realignment
The Company has changed its organizational
structure effective January 1, 2021. This change results in three
reporting segments: AMG Clean Energy Materials (“CEM”), AMG
Critical Minerals (“CMI”), and AMG Critical Materials Technologies
(“CMT”). Each of these segments address similar markets, apply
similar business models, and each segment has its own set of peers.
Most importantly, each segment has products which enable CO2
reduction, and each segment is targeting growth in its contribution
to the ECO2RP.
AMG’s pro forma segmental information for AMG
Clean Energy Materials, AMG Critical Minerals, and AMG Critical
Materials Technologies for the fourth quarter of 2020 is shown
below:
AMG Clean Energy
Materials |
|
|
|
|
|
|
|
|
|
|
|
Q1 ‘20 |
Q2 ‘20 |
Q3 ‘20 |
Q4 ‘20 |
FY ‘20 |
Revenue |
69,219 |
53,054 |
56,396 |
66,995 |
245,664 |
Gross (loss) profit |
4,307 |
1,818 |
(135) |
6,004 |
11,994 |
Operating loss |
(5,654) |
(5,481) |
(8,269) |
(5,118) |
(24,522) |
EBITDA |
(1,048) |
1,279 |
3,268 |
7,081 |
10,580 |
|
|
|
|
|
|
|
|
|
|
|
|
AMG Critical Minerals |
|
|
|
|
|
|
|
|
|
|
|
|
Q1 ‘20 |
Q2 ‘20 |
Q3 ‘20 |
Q4 ‘20 |
FY ‘20 |
Revenue |
57,760 |
47,908 |
52,167 |
55,483 |
213,318 |
Gross profit |
10,289 |
6,141 |
8,642 |
10,557 |
35,629 |
Operating profit |
4,285 |
1,194 |
3,409 |
5,279 |
14,167 |
EBITDA |
6,807 |
3,648 |
6,562 |
8,871 |
25,888 |
AMG Critical Materials
Technologies |
|
|
|
|
|
|
|
|
|
|
|
Q1 ‘20 |
Q2 ‘20 |
Q3 ‘20 |
Q4 ‘20 |
FY ‘20 |
Revenue |
151,311 |
106,648 |
89,177 |
130,998 |
478,134 |
Gross profit |
28,564 |
12,582 |
12,342 |
11,542 |
65,030 |
Operating profit (loss) |
9,695 |
(2,403) |
(3,827) |
(2,345) |
1,120 |
EBITDA |
16,570 |
2,829 |
4,313 |
6,587 |
30,299 |
Net loss to EBITDA reconciliation
|
Q4 ‘20 |
Q4 ‘19 |
FY ‘20 |
FY ‘19 |
Loss for the year |
($2,613) |
($14,083) |
($42,460) |
($48,586) |
Income tax (benefit) expense |
(4,950) |
938 |
11,184 |
(5,119) |
Net finance cost* |
5,956 |
5,920 |
23,524 |
27,626 |
Equity-settled share-based payment
transactions** |
(2,164) |
1,422 |
3,792 |
5,514 |
Restructuring expense |
4,374 |
2,442 |
5,700 |
3,265 |
Inventory cost adjustment |
2,160 |
12,001 |
6,219 |
87,792 |
Asset impairment expense |
566 |
(1,003) |
664 |
4,519 |
Environmental provision |
4,287 |
234 |
4,342 |
725 |
Exceptional legal expense |
(35) |
3,133 |
1,353 |
3,133 |
Strategic project expense |
2,529 |
– |
7,085 |
– |
Share of loss of associates |
518 |
– |
947 |
– |
Others |
431 |
446 |
756 |
546 |
EBIT |
11,059 |
11,450 |
23,106 |
79,415 |
Depreciation and amortization |
11,480 |
11,322 |
43,661 |
41,967 |
EBITDA |
22,539 |
22,772 |
66,767 |
121,382 |
*Excludes foreign exchange
(gain) loss.**Amount includes variable compensation expense which
is expected to be share-settled in 2021.
During the fourth quarter of 2020, AMG recorded non-recurring
environmental expense of $4.3 million, the majority of which was
related to the remediation of a closed site in Newfield, New
Jersey. This amount offset a $21.7 million reduction to the
underlying environmental provision due to significant progress in
remediating the site.
AMG Advanced Metallurgical Group
N.V. |
|
|
Consolidated Income Statement |
|
|
|
|
|
For the quarter ended December
31 |
|
|
In thousands of US dollars |
2020 |
2019 |
|
Unaudited |
|
Continuing
operations |
|
|
Revenue |
253,476 |
268,563 |
Cost of sales |
225,373 |
238,141 |
Gross
profit |
28,103 |
30,422 |
|
|
|
Selling, general and
administrative expenses |
26,065 |
37,209 |
|
|
|
Environmental expense |
4,287 |
234 |
Other income, net |
(65) |
(9) |
Net other operating
expense |
4,222 |
225 |
|
|
|
Operating loss |
(2,184) |
(7,012) |
|
|
|
Finance income |
(2,311) |
(1,662) |
Finance cost |
7,172 |
7,795 |
Net finance cost |
4,861 |
6,133 |
|
|
|
Share of loss of
associates |
(518) |
- |
|
|
|
Loss before income
tax |
(7,563) |
(13,145) |
|
|
|
Income tax (benefit)
expense |
(4,950) |
938 |
|
|
|
Loss for the
period |
(2,613) |
(14,083) |
|
|
|
Loss attributable to: |
|
|
Shareholders of the Company |
(2,839) |
(14,239) |
Non-controlling interests |
226 |
156 |
Loss for the
period |
(2,613) |
(14,083) |
|
|
|
Loss per share |
|
|
Basic loss per share |
(0.10) |
(0.50) |
Diluted loss per share |
(0.10) |
(0.50) |
|
|
|
AMG Advanced Metallurgical Group
N.V. |
|
|
Consolidated Income Statement |
|
|
|
|
|
For the year ended December
31 |
|
|
In thousands of US dollars |
2020 |
2019 |
|
Unaudited |
|
Continuing
operations |
|
|
Revenue |
937,116 |
1,188,571 |
Cost of sales |
824,463 |
1,070,281 |
Gross profit |
112,653 |
118,290 |
|
|
|
Selling, general and
administrative expenses |
117,780 |
143,451 |
|
|
|
Environmental expense |
4,342 |
725 |
Other income, net |
(234) |
(164) |
Net other operating
expense |
4,108 |
561 |
|
|
|
Operating loss |
(9,235) |
(25,722) |
|
|
|
Finance income |
(4,757) |
(4,728) |
Finance cost |
25,851 |
32,711 |
Net finance cost |
21,094 |
27,983 |
|
|
|
Share of loss of
associates |
(947) |
- |
|
|
|
Loss before income
tax |
(31,276) |
(53,705) |
|
|
|
Income tax expense
(benefit) |
11,184 |
(5,119) |
|
|
|
Loss for the year |
(42,460) |
(48,586) |
|
|
|
Loss attributable to: |
|
|
Shareholders of the Company |
(41,692) |
(48,283) |
Non-controlling interests |
(768) |
(303) |
Loss for the year |
(42,460) |
(48,586) |
|
|
|
Loss per share |
|
|
Basic loss per share |
(1.47) |
(1.64) |
Diluted loss per share |
(1.47) |
(1.64) |
|
|
|
|
|
|
AMG Advanced Metallurgical
Group N.V. |
|
|
Condensed Statement of
Financial Position |
|
|
|
|
|
|
|
|
In thousands of US
dollars |
December 31, 2020 Unaudited |
December 31,2019 |
Assets |
|
|
Property, plant and equipment |
551,926 |
429,993 |
Goodwill and other intangible assets |
43,207 |
41,923 |
Derivative financial instruments |
1,894 |
922 |
Other investments |
27,527 |
23,565 |
Deferred tax assets |
58,081 |
60,945 |
Restricted cash |
208,919 |
309,581 |
Other assets |
8,496 |
11,072 |
Total non-current
assets |
900,050 |
878,001 |
Inventories |
152,306 |
204,152 |
Derivative financial instruments |
5,961 |
2,693 |
Trade and other receivables |
122,369 |
119,052 |
Other assets |
44,821 |
33,720 |
Current tax assets |
5,108 |
7,980 |
Cash and cash equivalents |
207,366 |
226,218 |
Assets held for sale |
1,005 |
140 |
Total current
assets |
538,936 |
593,955 |
Total assets |
1,438,986 |
1,471,956 |
AMG Advanced
Metallurgical Group N.V. |
|
|
Consolidated Statement of
Financial Position |
|
|
(continued) |
|
|
|
|
|
|
|
|
In thousands of US
dollars |
December 31, 2020 Unaudited |
December 31,2019 |
Equity |
|
|
Issued capital |
831 |
831 |
Share premium |
489,546 |
489,546 |
Treasury shares |
(80,165) |
(83,880) |
Other reserves |
(110,593) |
(116,358) |
Retained earnings (deficit) |
(184,139) |
(129,626) |
Equity attributable to
shareholders of the Company |
115,480 |
160,513 |
|
|
|
Non-controlling interests |
25,790 |
23,893 |
Total equity |
141,270 |
184,406 |
Liabilities
Loans and borrowings |
673,262 |
669,497 |
Lease liabilities |
47,092 |
46,490 |
Employee benefits |
197,158 |
175,870 |
Provisions |
15,322 |
28,984 |
Other liabilities |
12,598 |
3,629 |
Derivative financial instruments |
4,389 |
4,289 |
Deferred tax liabilities |
5,398 |
4,300 |
Total non-current
liabilities |
955,219 |
933,059 |
Loans and borrowings |
23,392 |
21,740 |
Lease liabilities |
4,789 |
4,227 |
Short-term bank debt |
7,561 |
7,500 |
Other liabilities |
67,805 |
61,479 |
Trade and other payables |
164,999 |
157,108 |
Derivative financial instruments |
10,264 |
4,037 |
Advance payments from customers |
29,885 |
57,650 |
Current tax liability |
7,480 |
18,299 |
Provisions |
26,322 |
22,451 |
Total current
liabilities |
342,497 |
354,491 |
Total liabilities |
1,297,716 |
1,287,550 |
Total equity and
liabilities |
1,438,986 |
1,471,956 |
AMG Advanced Metallurgical Group
N.V. |
|
|
Consolidated Statement of Cash
Flows |
|
|
For the
year ended December 31 |
|
|
In thousands of US dollars |
2020 |
2019 |
|
Unaudited |
|
Cash from operating
activities |
|
|
Loss for the year |
(42,460) |
(48,586) |
Adjustments to reconcile net loss to
net cash flows: |
|
|
Non-cash: |
|
|
Income tax expense (benefit) |
11,184 |
(5,119) |
Depreciation and amortization |
43,661 |
41,967 |
Asset impairments |
664 |
4,519 |
Net finance cost |
21,094 |
27,983 |
Share of loss of associates and joint ventures |
947 |
- |
Loss (gain) on sale or disposal of property, plant and
equipment |
358 |
(69) |
Equity-settled share-based payment transactions |
1,429 |
5,514 |
Movement in provisions, pensions, and government grants |
(121) |
(8,053) |
Working capital and deferred revenue adjustments |
10,829 |
76,169 |
Cash generated from operating
activities |
47,585 |
94,325 |
Finance costs paid, net |
(19,410) |
(23,152) |
Income tax paid |
(8,556) |
(24,600) |
Net cash from operating
activities |
19,619 |
46,573 |
|
|
|
Cash used in investing
activities |
|
|
Proceeds from sale of property, plant
and equipment |
71 |
421 |
Acquisition of property, plant and
equipment and intangibles |
(123,695) |
(79,442) |
Acquisition of subsidiaries |
- |
(25,435) |
Investments in associates and joint
ventures |
(1,000) |
- |
Change in restricted cash |
100,662 |
(307,866) |
Interest received on restricted
cash |
1,120 |
2,762 |
Capitalized borrowing cost |
(15,150) |
(325) |
Other |
76 |
6 |
Net cash used in investing
activities |
(37,916) |
(409,879) |
AMG Advanced Metallurgical Group
N.V. |
|
|
Consolidated Statement of Cash
Flows |
|
|
(continued) |
|
|
For the
year ended December 31 |
|
|
In thousands of
US dollars |
2020 |
2019 |
|
Unaudited |
|
Cash (used in) from financing
activities |
|
|
Proceeds from issuance of debt |
9,190 |
325,093 |
Payment of transaction costs related to
the issuance of debt |
- |
(4,981) |
Repayment of borrowings |
(4,072) |
(3,911) |
Proceeds from issuance of common
shares |
- |
2,915 |
Net repurchase of common shares |
(638) |
(89,881) |
Dividends paid |
(9,513) |
(16,703) |
Payment of lease liabilities |
(4,738) |
(3,829) |
Contributions by non-controlling
interests |
597 |
- |
Net cash (used in) from
financing activities |
(9,174) |
208,703 |
|
|
|
Net decrease in cash and cash
equivalents |
(27,471) |
(154,603) |
|
|
|
Cash and cash equivalents at January
1 |
226,218 |
381,900 |
Effect of exchange rate fluctuations on
cash held |
8,619 |
(1,079) |
Cash and cash equivalents at
December 31 |
207,366 |
226,218 |
This press release contains inside information within the
meaning of Article 7(1) of the EU Market Abuse Regulation.
This press release contains regulated
information as defined in the Dutch Financial Markets Supervision
Act (Wet op het financieel toezicht).
About AMG
AMG is a global critical materials company at
the forefront of CO2 reduction trends. AMG produces highly
engineered specialty metals and mineral products and provides
related vacuum furnace systems and services to the transportation,
infrastructure, energy, and specialty metals & chemicals end
markets.
AMG Clean Energy Materials combines our
recycling and mining operations producing materials for
infrastructure and energy storage solutions while reducing the CO2
footprint of both suppliers and customers. Clean Energy Materials
spans the vanadium, lithium, and tantalum value chains. AMG
Critical Materials Technologies combines our leading vacuum furnace
technology line with high-purity materials serving global leaders
in the aerospace sector. AMG Critical Minerals consists of our
mineral processing operations in antimony, graphite, and silicon
metal.
With approximately 3,100 employees, AMG operates
globally with production facilities in Germany, the United Kingdom,
France, the United States, China, Mexico, Brazil, India, Sri Lanka,
and Mozambique, and has sales and customer service offices in
Russia and Japan (www.amg-nv.com).
For further information, please
contact:AMG Advanced Metallurgical Group
N.V. +1 610 975
4979Michele
Fischermfischer@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.
- Fourth Quarter & Full Year 2020 Results PR
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