AMG Advanced Metallurgical Group N.V. Reports Third Quarter 2021
Results
Coronavirus Update
- Active cases at AMG remain at a
very low level. We continue to apply all safety measures at our
disposal with the highest degree of attention in order to ensure
our employees are working in the lowest risk environment
possible.
Strategic Highlights
- The construction of AMG Vanadium’s
second spent catalyst recycling facility in Zanesville, Ohio, a
$325 million investment and AMG’s largest capital project to date,
is proceeding as planned. Commissioning starts in the first quarter
of 2022 and the plant is forecast to achieve full run rate capacity
in the fourth quarter of 2022.
- Spodumene 1+ will increase Brazil’s
spodumene production by 40,000 tons. The project is currently in
detailed engineering and commissioning is planned to start in the
second quarter of 2023.
- AMG’s Supervisory Board approved
the construction of the first module of a battery grade lithium
hydroxide upgrader in Bitterfeld, Germany in its meeting on October
27, 2021. The total expenditure of $120 million includes the
infrastructure necessary to support the next four modules.
Commissioning of the facility will commence in the third quarter of
2023.
- Shell & AMG Recycling B.V.
(SARBV) and its local partner, the United Company for Industry
(UCI), signed a memorandum of understanding with Saudi Arabian Oil
Company (Saudi Aramco) to jointly explore the feasibility of
building a recycling “Supercenter” in the Kingdom of Saudi
Arabia.
- AMG is building its first lithium
vanadium battery (“LIVA”) for industrial power management
applications. In order to manage its entrance into this market, AMG
acquired Phyr7 GmbH, Heidelberg, a specialist for artificial
intelligence-based power management solutions. The first LIVA
system will be installed in one of AMG’s German manufacturing
plants and is scheduled to be commissioned in the first quarter of
2022.
Financial Highlights
- Revenue increased by 58% to $311.9
million in the third quarter 2021 from $197.7 million in the third
quarter 2020.
- EBITDA was $33.1 million in the
third quarter of 2021, more than double the third quarter 2020
EBITDA of $14.1 million, marking the fifth straight quarter of
sequential improvement.
- Cash from operating activities was
$17.6 million in the third quarter of 2021, and $60.6 million on a
year-to-date basis, more than triple the total cash from operating
activities for full year 2020.
- AMG’s liquidity as of
September 30, 2021, was $489 million, with $319 million of
unrestricted cash and $170 million of revolving credit
availability.
Amsterdam, 27 October 2021
(Regulated Information) --- AMG Advanced
Metallurgical Group N.V. (“AMG”, EURONEXT AMSTERDAM: “AMG”)
reported third quarter 2021 revenue of $311.9 million, a 58%
increase over $197.7 million in the third quarter of 2020. EBITDA
for the third quarter of 2021 was $33.1 million, the fifth straight
quarter of sequential growth after the pandemic low point in the
second quarter of 2020.
Dr. Heinz Schimmelbusch, Chairman of the
Management Board and CEO, said, “With regard to COVID, we continue
to apply all safety measures at our disposal with the highest
degree of attention in order to ensure our employees are working in
the lowest risk environment possible.
“AMG continued to sequentially improve EBITDA in
the third quarter despite negative seasonality impacts. All of
AMG’s businesses are experiencing ongoing price increase and strong
volumes, however the operating environment has grown more
challenging, with increases in shipping times and costs and higher
energy prices affecting every business unit. AMG passes these cost
increases through to its customers where possible, and we will
continue to actively manage these cost exposures going forward.
“All segments performed well, most notably our
Clean Energy Materials segment where presently our major strategic
projects are clustered. This segment continues to deliver strong
EBITDA, which increased 44% over the second quarter of 2021, to $18
million, the sixth straight quarter of sequentially increasing
EBITDA.
“AMG’s Clean Energy Materials segment strategic
projects are proceeding as planned. Each of these projects is
oriented toward growing our production of electricity storage
materials and/or increasing our footprint in the circular economy,
and each of these projects - the second spent catalyst recycling
facility, Spodumene 1+, and the battery grade lithium hydroxide
upgrader in Germany - will significantly enhance our profitability
and contribute to meeting our long-term goals.
“Regarding our project execution capability, the
construction of AMG Vanadium’s second spent catalyst recycling
facility in Zanesville, Ohio continues to be on time and within
budget. As a reminder, we have also met the spodumene production
cost and yield in Brazil that was targeted at the time of the
project decision. In transitioning into a high growth company
through projects of this kind, execution capability is a critical
success factor.
“All of these investments are consistent with
our CO2 reduction strategy. Our Enabling CO2 Reduction Portfolio
(ECO2RP) in 2021 will substantially outperform our 2020 CO2 enabled
reduction. In addition, we are preparing comprehensive long-term
direct Scope 1 and Scope 2 CO2 reduction targets which will be
announced at the Annual General Meeting in May of 2022.”
Key Figures
In 000’s US
dollars |
|
|
Q3 ‘21 |
Q3 ‘20 |
Change |
Revenue |
$311,946 |
$197,740 |
58% |
Gross profit |
51,083 |
20,849 |
145% |
Gross margin |
16.4% |
10.5% |
|
|
|
|
|
Operating profit (loss) |
17,346 |
(8,687) |
N/A |
Operating
margin |
5.6% |
(4.4%) |
|
|
|
|
|
Net loss attributable to shareholders |
(599) |
(12,775) |
95% |
|
|
|
|
EPS - Fully
diluted |
(0.02) |
(0.45) |
96% |
|
|
|
|
EBIT (1) |
22,475 |
3,097 |
626% |
EBITDA (2) |
33,051 |
14,143 |
134% |
EBITDA margin |
10.6% |
7.2% |
|
|
|
|
|
Cash from (used in) operating activities |
17,635 |
(8,393) |
N/A |
Notes:
(1) EBIT is defined as earnings
before interest and income taxes. EBIT excludes restructuring,
asset impairment, inventory cost adjustments, environmental
provisions, exceptional legal expenses, equity-settled share-based
payments, and strategic expenses. Beginning January 1, 2021, AMG
has altered its calculation of adjusted EBIT to no longer include
the impact of foreign exchange. This alteration was made in
consideration of a change in the Company’s hedging policy and to
better align the reported adjusted EBITDA with the calculation for
our bank covenant calculations. Starting January 2021, the Company
is no longer hedging European cash pool intergroup balance sheet
exposures which will result in higher volatility in our financial
results from foreign exchange which we believe is not
representative of our operating performance. Foreign exchange loss
in the third quarter of 2021 was $2.5 million. Because of this
hedging policy change, we did not retroactively apply this change
to the prior year figures, otherwise it would have resulted in a
decrease to the prior period EBIT of $0.9
million.(2) EBITDA is defined as EBIT adjusted for
depreciation and amortization.
Operational Review
AMG Clean Energy Materials
|
Q3 ‘21 |
Q3 ‘20 |
Change |
Revenue |
$105,308 |
$56,396 |
87% |
Gross profit
(loss) |
20,120 |
(135) |
N/A |
Gross profit
before non-recurring items |
21,721 |
4,782 |
354% |
Operating
profit (loss) |
9,985 |
(8,269) |
N/A |
EBITDA |
18,029 |
3,268 |
452% |
AMG Clean Energy Materials’ revenue increased by
$48.9 million, or 87%, to $105.3 million, driven mainly by higher
sales volumes of lithium concentrate, as well as higher prices in
vanadium, tantalum, and lithium concentrate.
Gross profit before non-recurring items during
the quarter increased by $16.9 million compared to the same period
in the prior year, primarily due to the increased price
environment.
SG&A expenses in the third quarter of 2021
were $10.1 million, $2.0 million higher than the third quarter of
2020 due to higher strategic project costs and increased variable
compensation expense.
The third quarter 2021 EBITDA increased by $14.8
million, to $18.0 million from $3.3 million in the third quarter of
2020, due to the improved gross profit as noted above.
AMG Critical Minerals
|
Q3 ‘21 |
Q3 ‘20 |
Change |
Revenue |
$79,392 |
$52,167 |
52% |
Gross
profit |
10,660 |
8,642 |
23% |
Gross profit
before non-recurring items |
10,843 |
8,661 |
25% |
Operating
profit |
4,028 |
3,409 |
18% |
EBITDA |
6,509 |
6,562 |
(1%) |
AMG Critical Minerals’ revenue increased by
$27.2 million, or 52%, to $79.4 million, driven by higher sales
volumes across all three businesses, and improved antimony sales
prices.
Gross profit before non-recurring items
increased by 25% in the third quarter due to increased revenue from
each business unit. On a sequential basis, however, energy and
shipping costs were higher in the third quarter of 2021 versus the
second quarter of 2021, and were only partially passed on to
customers.
SG&A expenses in the third quarter of 2021
increased by $1.3 million, to $6.6 million, primarily due to higher
personnel costs in the current period.
The third quarter 2021 EBITDA was in line with
the same period in the prior year, due to higher personnel costs
offset by the improved gross profit as noted above.
AMG Critical Materials Technologies
|
Q3 ‘21 |
Q3 ‘20 |
Change |
Revenue |
$127,246 |
$89,177 |
43% |
Gross
profit |
20,303 |
12,342 |
65% |
Gross profit
before non-recurring items |
20,293 |
13,144 |
54% |
Operating
profit (loss) |
3,333 |
(3,827) |
N/A |
EBITDA |
8,513 |
4,313 |
97% |
AMG Critical Materials Technologies' third
quarter 2021 revenue increased by $38.1 million, or 43% compared to
the same period in 2020. This increase was due to higher sales
volumes of titanium aluminides and chrome metal, and higher chrome
pricing. Therefore, third quarter 2021 gross profit before
non-recurring items increased by $7.1 million, or 54%, to $20.3
million.
SG&A expenses increased by $0.8 million, or
5%, in the third quarter of 2021 compared to the same period in
2020, due to higher personnel costs, offset partially by lower
professional fees during the quarter.
AMG Critical Materials Technologies’ EBITDA
increased to $8.5 million during the quarter, compared to $4.3
million in the third quarter of 2020. This was primarily due to
higher profitability related to the higher sales volumes of
titanium aluminides and chrome metal as noted above.
The Company signed $27.9 million in new orders
during the third quarter of 2021, representing a 0.50x book to bill
ratio. This low ratio was driven mainly by timing and seasonality
and is expected to be compensated by higher intake in the fourth
quarter resulting in a normalized full year book to bill ratio.
Order backlog was $155.1 million as of September 30, 2021, 19%
lower than $190.6 million as of June 30, 2021, due largely to the
delayed orders noted above as well as product mix impacts. The
Company is experiencing higher volumes of smaller orders due to
diversifying outside of the aerospace market, which reduces the
period ending order backlog but does not indicate lower
profitability levels.
Financial Review
Tax
AMG recorded an income tax expense of $9.9
million in the third quarter of 2021, compared to a nominal expense
in the same period in 2020. This variance was mainly driven by
improvements in operating results coupled with movements in the
Brazilian real. The effects of the Brazilian real caused a $7.5
million non-cash deferred tax expense in the third quarter of 2021
(2020: $2.1 million expense). Movements in the Brazilian real
exchange rate impact the valuation of the Company’s net deferred
tax positions related to our operations in Brazil.
AMG paid taxes of $4.1 million in the third
quarter of 2021, compared to $10.7 million in the third quarter of
2020. The third quarter 2020 payments were primarily a result of
final tax payments in Germany related to the highly profitable 2018
tax year.
Profit (loss) for the period
AMG’s third quarter loss for the period of $0.3
million was negatively impacted by two significant non-cash items:
(1) The Brazilian real caused a $7.5 million deferred tax expense
in the third quarter of 2021. (2) Intergroup balance sheet
positions associated with our European cash pooling arrangements
incurred $1.8 million of foreign exchange expense (net of tax)
during the third quarter of 2021. Excluding these non-cash items
would have resulted in profit for the period of $9.0 million for
the quarter.
Exceptional Items
AMG’s third quarter 2021 gross profit of $51.1
million includes exceptional items, which are not included in the
calculation of EBITDA.
A summary of exceptional items included in gross
profit in the third quarters of 2021 and 2020 are below:
Exceptional items included in gross profit
|
Q3 ‘21 |
Q3 ‘20 |
Change |
Gross profit |
$51,083 |
20,849 |
145% |
Inventory cost
adjustment |
— |
4,867 |
(100%) |
Restructuring
expense |
261 |
528 |
(51%) |
Strategic
project expense |
1,095 |
343 |
219% |
Others |
418 |
— |
N/A |
Gross profit excluding exceptional items |
52,857 |
26,587 |
99% |
During the quarter, the Company incurred
expenses for expansion projects which are not yet operational. AMG
is adjusting EBITDA for these exceptional charges.
Liquidity
|
September 30, 2021 |
December 31, 2020 |
Change |
Senior secured debt |
$363,058 |
$364,640 |
— |
Cash & cash equivalents |
319,454 |
207,366 |
54% |
Senior secured net debt |
43,604 |
157,274 |
(72%) |
Other debt |
16,956 |
19,876 |
(15%) |
Net debt excluding municipal bond |
60,560 |
177,150 |
(66%) |
Municipal bond debt |
319,533 |
319,699 |
— |
Restricted cash |
114,827 |
208,919 |
(45%) |
Net debt |
265,266 |
287,930 |
(8%) |
AMG had a net debt position of $265.3 million as
of September 30, 2021. This decrease was mainly due to the
issuance of 3.1 million shares for net proceeds of $119 million in
April 2021, offset by the significant investment in growth
initiatives during the quarter, especially in our vanadium
expansion in Ohio, which reduced AMG’s restricted cash balance.
AMG continued to maintain a strong balance sheet
and adequate sources of liquidity during the third quarter. As of
September 30, 2021, the Company had $319 million in
unrestricted cash and cash equivalents and $170 million available
on its revolving credit facility. As such, AMG had $489 million of
total liquidity as of September 30, 2021.
Net Finance Costs
AMG’s third quarter 2021 net finance costs were
$7.5 million compared to $4.5 million in the third quarter of 2020.
This increase was mainly driven by higher foreign exchange losses
during the quarter.
AMG capitalized $3.8 million of interest costs
in the third quarter of 2021, in line with prior year, driven by
interest associated with the Company’s tax-exempt municipal bond
supporting the vanadium expansion in Ohio.
SG&A
AMG’s third quarter 2021 SG&A expenses were
$33.8 million compared to $29.6 million in the third quarter of
2020, with the variance driven largely by increased strategic
project and personnel costs. The prior period personnel cost had
been reduced by cost reduction efforts in response to the onset of
the pandemic.
Outlook
For 2021, we reiterate our expectation to
sequentially improve our EBITDA quarter-over-quarter for the
year.
Given the current market conditions, we expect
EBITDA to exceed $150 million for full year 2022, and we expect to
reach $50 million of quarterly run-rate EBITDA by the end of 2022,
as our vanadium expansion project concludes ramp-up.
Net loss to EBITDA reconciliation
|
Q3 ‘21 |
Q3 ‘20 |
Net loss |
($310) |
($13,644) |
Income tax
expense |
9,904 |
32 |
Net finance cost
(1) |
7,543 |
5,431 |
Equity-settled
share-based payment transactions (2) |
1,015 |
3,212 |
Restructuring
expense |
261 |
528 |
Inventory cost
adjustment |
— |
4,867 |
Strategic project
expense (3) |
3,311 |
1,995 |
Others |
751 |
676 |
EBIT |
22,475 |
3,097 |
Depreciation and amortization |
10,576 |
11,046 |
EBITDA |
33,051 |
14,143 |
(1) See note (1) to the Key Figures table.
(2) Amount includes variable compensation
expense which settled in shares in 2021.
(3) The Company is in the ramp-up phase for
several strategic expansion projects, including AMG Vanadium’s
expansion project, the joint venture with Shell, Hybrid Lithium
Vanadium Redox Flow Battery System, 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.
AMG Advanced
Metallurgical Group N.V. |
|
|
Condensed
Interim Consolidated Income Statement |
|
|
|
|
|
For
the quarter ended September
30 |
|
|
In thousands
of US dollars |
2021 |
2020 |
|
Unaudited |
Unaudited |
Continuing operations |
|
|
Revenue |
311,946 |
197,740 |
Cost of
sales |
260,863 |
176,891 |
Gross profit |
51,083 |
20,849 |
|
|
|
Selling, general and administrative expenses |
33,750 |
29,619 |
|
|
|
Other income,
net |
13 |
83 |
Net
other operating income |
13 |
83 |
|
|
|
Operating profit (loss) |
17,346 |
(8,687) |
|
|
|
Finance
income |
(357) |
(1,155) |
Finance
cost |
7,900 |
5,651 |
Net
finance cost |
7,543 |
4,496 |
|
|
|
Share
of loss of associates and joint ventures |
(209) |
(429) |
|
|
|
Profit
(loss) before income tax |
9,594 |
(13,612) |
|
|
|
Income
tax expense |
9,904 |
32 |
|
|
|
Loss
for the period |
(310) |
(13,644) |
|
|
|
Loss
attributable to: |
|
|
Shareholders of the Company |
(599) |
(12,775) |
Non-controlling interests |
289 |
(869) |
Loss
for the period |
(310) |
(13,644) |
|
|
|
Loss
per share |
|
|
Basic loss per
share |
(0.02) |
(0.45) |
Diluted loss
per share |
(0.02) |
(0.45) |
AMG Advanced
Metallurgical Group N.V. |
|
|
Condensed
Interim Consolidated Income Statement |
|
|
|
|
|
For
the nine months ended
September
30 |
|
|
In thousands
of US dollars |
2021 |
2020 |
|
Unaudited |
Unaudited |
Continuing operations |
|
|
Revenue |
874,306 |
683,640 |
Cost of
sales |
727,860 |
599,090 |
Gross profit |
146,446 |
84,550 |
|
|
|
Selling, general and administrative expenses |
100,075 |
91,715 |
|
|
|
Environmental
expense |
(11,711) |
(55) |
Other income,
net |
186 |
169 |
Net
other operating
(expense)
income |
(11,525) |
114 |
|
|
|
Operating profit (loss) |
34,846 |
(7,051) |
|
|
|
Finance
income |
(831) |
(2,446) |
Finance
cost |
21,789 |
18,679 |
Net
finance cost |
20,958 |
16,233 |
|
|
|
Share
of loss of associates and joint ventures |
(834) |
(429) |
|
|
|
Profit
(loss) before income tax |
13,054 |
(23,713) |
|
|
|
Income
tax expense |
3,414 |
16,134 |
|
|
|
Profit
(loss) for the period |
9,640 |
(39,847) |
|
|
|
Profit (loss)
attributable to: |
|
|
Shareholders of the Company |
8,066 |
(38,853) |
Non-controlling interests |
1,574 |
(994) |
Profit
(loss) for the period |
9,640 |
(39,847) |
|
|
|
Earnings (loss) per share |
|
|
Basic earnings
(loss) per share |
0.26 |
(1.37) |
Diluted
earnings (loss) per share |
0.26 |
(1.37) |
AMG
Advanced Metallurgical Group N.V. |
|
|
Condensed Interim Consolidated Statement of Financial
Position |
|
|
In thousands
of US dollars |
September 30, 2021 Unaudited |
December 31, 2020 |
Assets |
|
|
Property, plant and equipment |
657,790 |
551,926 |
Goodwill and other intangible assets |
41,845 |
43,207 |
Derivative financial instruments |
144 |
1,894 |
Other investments |
32,146 |
27,527 |
Deferred tax assets |
57,933 |
58,081 |
Restricted cash |
114,827 |
208,919 |
Other assets |
9,370 |
8,496 |
Total
non-current assets |
914,055 |
900,050 |
Inventories |
197,030 |
152,306 |
Derivative financial instruments |
4,002 |
5,961 |
Trade and other receivables |
146,721 |
122,369 |
Other assets |
64,344 |
44,821 |
Current tax assets |
6,832 |
5,108 |
Cash and cash equivalents |
319,454 |
207,366 |
Assets held for sale |
60 |
1,005 |
Total
current assets |
738,443 |
538,936 |
Total
assets |
1,652,498 |
1,438,986 |
AMG
Advanced Metallurgical Group N.V. |
|
|
Condensed Interim Consolidated Statement of Financial
Position |
|
|
(continued) |
|
|
In thousands
of US dollars |
September 30,2021 Unaudited |
December 31, 2020 |
Equity |
|
|
Issued capital |
853 |
831 |
Share premium |
553,715 |
489,546 |
Treasury shares |
(16,828) |
(80,165) |
Other reserves |
(99,292) |
(110,593) |
Retained earnings (deficit) |
(185,583) |
(184,139) |
Equity
attributable to shareholders of the Company |
252,865 |
115,480 |
|
|
|
Non-controlling interests |
27,674 |
25,790 |
Total
equity |
280,539 |
141,270 |
Liabilities Loans and borrowings |
671,133 |
673,262 |
Lease liabilities |
44,466 |
47,092 |
Employee benefits |
176,580 |
197,158 |
Provisions |
15,170 |
15,322 |
Deferred revenue |
22,798 |
4,361 |
Other liabilities |
10,427 |
8,237 |
Derivative financial instruments |
3,530 |
4,389 |
Deferred tax liabilities |
4,620 |
5,398 |
Total
non-current liabilities |
948,724 |
955,219 |
Loans and
borrowings |
23,914 |
23,392 |
Lease liabilities |
4,690 |
4,789 |
Short-term bank debt |
4,500 |
7,561 |
Deferred revenue |
17,852 |
1,623 |
Other liabilities |
76,737 |
66,182 |
Trade and other payables |
233,648 |
164,999 |
Derivative financial instruments |
4,798 |
10,264 |
Advance payments from customers |
28,673 |
29,885 |
Current tax liability |
9,185 |
7,480 |
Provisions |
19,238 |
26,322 |
Total
current liabilities |
423,235 |
342,497 |
Total
liabilities |
1,371,959 |
1,297,716 |
Total
equity and liabilities |
1,652,498 |
1,438,986 |
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 |
2021 |
2020 |
|
Unaudited |
Unaudited |
Cash
from operating activities |
|
|
Profit (loss)
for the period |
9,640 |
(39,847) |
Adjustments to
reconcile net profit (loss) to net cash flows: |
|
|
Non-cash: |
|
|
Income tax expense |
3,414 |
16,134 |
Depreciation and amortization |
32,478 |
32,181 |
Asset impairment (reversal) expense |
(864) |
98 |
Net finance cost |
20,958 |
16,233 |
Share of loss of associates and joint ventures |
834 |
429 |
(Gain) loss on sale or disposal of property, plant and
equipment |
(96) |
248 |
Equity-settled share-based payment transactions |
3,143 |
5,956 |
Movement in provisions, pensions, and government grants |
(3,267) |
(7,468) |
Working capital and deferred revenue adjustments |
17,908 |
7,813 |
Cash
generated from operating activities |
84,148 |
31,777 |
Finance costs
paid, net |
(14,960) |
(14,261) |
Income tax
paid |
(8,625) |
(9,255) |
Net
cash from operating activities |
60,563 |
8,261 |
|
|
|
Cash
used in investing activities |
|
|
Proceeds from
sale of property, plant and equipment |
1,071 |
48 |
Acquisition of
property, plant and equipment and intangibles |
(125,366) |
(77,042) |
Investments in
associates and joint ventures |
(1,000) |
(1,000) |
Change in
restricted cash |
94,092 |
68,436 |
Interest
received on restricted cash |
33 |
1,107 |
Capitalized
borrowing cost |
(15,608) |
(15,134) |
Other |
(428) |
25 |
Net
cash used in investing activities |
(47,206) |
(23,560) |
AMG Advanced
Metallurgical Group N.V. |
|
|
Condensed
Interim Consolidated Statement of Cash Flows |
|
|
(continued) |
|
|
For
the nine months ended
September
30 |
|
|
In thousands of US
dollars |
2021 |
2020 |
|
Unaudited |
Unaudited |
Cash
from (used in) financing activities |
|
|
Proceeds from
issuance of debt |
2,644 |
7,684 |
Payment of
transaction costs related to debt |
(390) |
- |
Repayment of
borrowings |
(8,047) |
(2,997) |
Net proceeds
from issuance (repurchase of) common shares |
121,569 |
(638) |
Dividends
paid |
(7,598) |
(9,513) |
Payment of
lease liabilities |
(3,939) |
(3,308) |
Contributions
by non-controlling interests |
648 |
557 |
Net
cash from (used in) financing activities |
104,887 |
(8,215) |
|
|
|
Net
increase (decrease) in cash and cash equivalents |
118,244 |
(23,514) |
|
|
|
Cash and cash
equivalents at January 1 |
207,366 |
226,218 |
Effect of
exchange rate fluctuations on cash held |
(6,156) |
3,376 |
Cash
and cash equivalents at September
30 |
319,454 |
206,080 |
This press release contains inside information
within the meaning of Article 7(1) of the EU MarketAbuse
Regulation.
This press release contains regulated
information as defined in the Dutch Financial MarketsSupervision
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 3,000 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.
- Third Quarter 2021 Earnings PR
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