AMG reports second quarter results
(Thomson Reuters ONE) -
Key Highlights
* Revenue increased 13% to $243.5 million in Q2 2010 from $214.9 million in Q2
2009; H1 2010 revenue was $479.3 million
* EBITDA[1] increased 8% to $23.9 million in Q2 2010 from $22.2 million in Q2
2009; H1 2010 EBITDA was $45.9 million
* EPS on a fully diluted basis increased to $0.04 compared to Q2 2009 EPS of
($0.36)
* The Advanced Materials Division generated revenue of $152.0 million and
EBITDA of $14.2 million in Q2 2010
* The Engineering Systems Division generated revenue of $59.5 million and
EBITDA of $8.0 million in Q2 2010
* Graphit Kropfmühl generated revenue of $32.1 million and EBITDA of $1.7
million in Q2 2010
* As of June 30, 2010 cash on hand was $84.6 million, net debt was $119.7
million; Q2 2010 free cash flow[2] was $23.8 million
[1] EBITDA is defined as earnings before interest, tax, depreciation and
amortization and excludes nonrecurring items
[2] Free cash flow is defined as EBITDA less change in working capital and
maintenance capital expenditures
Amsterdam, 11 August 2010 (Regulated Information) --- AMG Advanced Metallurgical
Group N.V. ("AMG", EURONEXT AMSTERDAM: "AMG") reported second quarter 2010
revenue increased 13% to $243.5 million from $214.9 million in the second
quarter 2009.
Net income attributable to shareholders for the second quarter 2010 was $1.2
million, or $0.04 per fully diluted share, compared to net loss of ($9.7)
million or ($0.36) per fully diluted share for the second quarter 2009. EBITDA
increased 8% to $23.9 million in the second quarter 2010 from $22.2 million in
the second quarter 2009.
In commenting on results, Dr. Heinz Schimmelbusch, Chairman of the Management
Board and CEO, said, "The stabilization that began in late 2009 has continued
through the first half of 2010. This has resulted in mixed results between our
Advanced Materials division and our Engineering Systems division. During the
second quarter 2010, most Advanced Materials' end market prices increased over
the first quarter 2010. Engineering Systems order intake did improve during the
quarter; however, the lower order backlog in the beginning of the quarter
negatively affected the operational performance. Graphit Kropfmühl has seen an
increase in demand and pricing in natural graphite, however production costs for
silicon metal also increased mitigating the overall improvement in the
business."
Key Figures
In 000's US Dollar
Q2'10 Q2'09 [3] Change
Revenue $243,545 $214,933 13%
--------------------------------------------------------------------------------
Gross profit 44,490 45,424 (2%)
Gross margin 18.3% 21.1%
--------------------------------------------------------------------------------
Operating income 14,713 12,522 17%
Operating margin 6.0% 5.8%
Net income (loss) attributable to shareholders
1,164 (9,718) N/A
--------------------------------------------------------------------------------
EPS- Fully diluted 0.04 (0.36) N/A
Adjusted EPS-Fully diluted [1] 0.20 0.07 186%
EBITDA [2] 23,902 22,202 8%
EBITDA margin 9.8% 10.3%
--------------------------------------------------------------------------------
Notes:
[1] Adjusted to exclude all Timminco results including equity losses
[2] EBITDA is defined as earnings before interest, tax, depreciation and
amortization and excludes nonrecurring items
[3] 2009 figures are restated for discontinued operations treatment of Timminco
investment
Operational Review
Advanced Materials Division
Q2'10 Q2'09 Change
-------------------------------------------------------
Revenue $151,983 $96,473 58%
Gross profit 27,350 8,412 225%
Operating income (loss) 10,452 (8,014) N/A
EBITDA 14,165 (2,008) N/A
Capital expenditures 4,247 2,170 96%
The Advanced Materials division's second quarter 2010 financial results were
driven by a rebound in alloys and coatings for the aerospace and energy
industries. Revenue increased by $55.5 million or 58% to $152.0 million.
Gross margin percentage increased from 9% of revenue in the second quarter of
2009 to 18% in the second quarter of 2010. AMG benefitted from the continued
rebound in end market product prices, particularly in ferrovanadium, from the
second quarter of 2009. The increase in revenue and margins was driven by
ferrovanadium and ferronickel-molybdenum, with reference prices increasing by
83% and over 70%, respectively. In addition, titanium master alloys, vanadium
chemicals, and coatings for aerospace and energy, and antimony products were
also positively impacted by increasing end market prices. While prices improved
across most products, volume growth was uneven, with master alloys and antimony
volumes increasing by 63% and 17%, respectively, while volumes for ferrovanadium
and ferronickel-molybdenum decreased by 28% and 44%, respectively during the
second quarter 2010 compared to the second quarter 2009.
The second quarter 2010 EBITDA increased by $16.2 million, due to the increase
in revenue and gross margin, which was slightly offset by a 4% increase in
SG&A.
Capital expenditures were $4.2 million for the quarter, 96% more than the
comparable period in 2009. The primary growth capital investment made in the
second quarter was for the expansion of the ferrovanadium logistics facility and
the MIBRA mine expansion in Brazil.
Engineering Systems Division
Q2'10 Q2'09 Change
------------------------------------------------------
Revenue $59,507 $91,179 (35%)
Gross profit 13,942 34,129 (59%)
Operating income 3,578 19,929 (82%)
EBITDA 8,047 22,511 (64%)
Capital expenditures 1,301 1,731 (25%)
The Engineering Systems division continues to be impacted by the global economic
slowdown. Order-backlog was $121 million on June 30, 2010, down 5% from $127
million on March 31, 2010. Despite these challenges, the division generated
order intake of $65 million in the second quarter 2010, a 16% increase compared
to the same period in 2009. Order intake for the solar industry continues to be
challenging, while encouraging signs were seen in the titanium - aerospace
markets. The backlog consists primarily of melting and remelting systems for
the titanium and specialty steel industries.
Second quarter 2010 revenue decreased by $31.7 million or 35% primarily because
of a $120 million decrease in the opening backlog level from the same quarter in
2009. Sales of solar silicon DSS melting furnaces for the photovoltaic industry
decreased 67% in the second quarter 2010 compared to the same period in 2009.
During the second quarter 2010, 31% of revenue was generated from sales of solar
silicon and melting furnaces, down from 61% in the same period 2009. Revenue
from remelting systems, primarily for the aerospace and specialty steel
industries, increased by 54% in the second quarter 2010.
Gross margin decreased 14% to 23% of revenue in the second quarter 2010 from the
second quarter 2009. The decrease was due to changes in product mix and
substantially lower capacity utilization. The decrease is also due to a 2009
release of a warranty provision for $4.5 million.
Second quarter 2010 EBITDA was $8.0 million, a 64% decrease over the same period
in 2009. The EBITDA margin decreased to 14% in the second quarter 2010 compared
to 25% for the same period in 2009. The EBITDA margin decrease was primarily
attributable to the lower revenue, slightly offset by a 32% decrease in SG&A.
In the quarter ended June 30, 2010, capital expenditures were $1.3 million, 25%
less than the second quarter of 2009. The division continued to focus on
minimizing capital investment during the quarter.
Graphit Kropfmühl
Q2'10 Q2'09 Change
---------------------------------------------------
Revenue $32,055 $27,281 17%
Gross profit 3,198 2,883 11%
Operating income 683 607 13%
EBITDA 1,690 1,699 (1%)
Capital expenditures 1,259 1,376 (9%)
Graphit Kropfmühl's ("GK") second quarter 2010 revenue increased by 17%
primarily due to a 56% increase in natural graphite revenue as both prices and
volumes improved over the second quarter 2009.
Gross margin decreased slightly to 10% of revenue in the second quarter 2010
from 11% of revenue in the second quarter 2009. The second quarter 2010 gross
margin was impacted by higher silicon metal production costs and lower silicon
metal contract prices.
Second quarter 2010 EBITDA was $1.7 million, essentially flat compared to the
second quarter 2009. The EBITDA margin decreased to 5% during the second
quarter 2010 compared to 6% in the same period 2009. The EBITDA margin decrease
was largely attributable to the decrease in silicon metal gross margin and a 5%
increase in SG&A.
Capital expenditures decreased to $1.3 million for the second quarter 2010, 9%
less than the same period in 2009. The decrease in capital expenditures was a
result of the completion of the expansion of the silicon metal facilities in
2009.
Timminco
AMG owned 42.5% of Timminco's common equity as of June 30, 2010. AMG accounts
for its investment in Timminco via the equity accounting method. Timminco's net
loss for the second quarter 2010 is included in share of loss from associates on
AMG's income statement and the carrying value of AMG's investment in Timminco of
$21.8 million is listed as an asset on AMG's balance sheet.
Timminco has entered into an agreement to sell 49% equity interest in Timminco's
silicon metal manufacturing facility in Bécancour, Quebec to Dow Corning
Corporation. In exchange, Bécancour Silicon Inc. ("BSI"), a 100% owned
subsidiary of Timminco, will receive net cash proceeds of $39.7 million at
closing, and up to an additional $10.0 million after closing upon the occurrence
of certain performance objectives. To complete the transaction, Dow Corning and
Timminco will form a joint venture that will consist of BSI's existing silicon
metal operations. Timminco will retain a 51% equity stake in the joint venture.
The joint venture will have the capacity to produce 47,000 mt of silicon metal
per annum, which will be split between Timminco and Dow Corning proportional to
their ownership interests. All solar grade silicon purification operations and
facilities at the Bécancour site will remain with Timminco. The transaction is
expected to close on or about September 30, 2010.
Additional information on Timminco and its second quarter 2010 financial
statements can be found at www.Timminco.com.
Financial Review
Tax
AMG recorded a tax expense of $7.1 million in the quarter ended June 30, 2010 as
compared to a tax expense of $4.0 million in the quarter ended June 30, 2009.
For the quarter ended June 30, 2010, AMG has approximately $10 million of losses
in jurisdictions where no tax benefit can be booked for net operating losses.
The Company is starting to see the benefits of the tax restructuring which it
started to implement in 2010, with year-to-date savings of approximately $3
million.
Liquidity
June 30, 2010 December 31, 2009 Change
---------------------------------------------------------------------------
Total debt 204,271 $203,796 0%
Cash & cash equivalents 84,574 117,016 (28%)
---------------------------------------------------------------------------
Net debt 119,697 86,780 38%
AMG had a net debt position of $119.7 million as of June 30, 2010. AMG's net
debt position increased $32.9 million since December 31, 2009 due to $21.4
million of cash tax payments, $9.7 million investment in Timminco, $12.0 million
in capital investments and a $35.6 million increase in working capital and
provisions, slightly offset by EBITDA of $45.9 million.
Cash Flow
H1'10 H1'09
----------------------------------------------------------------------------
Operating cash flows (used in) from continuing operations ($20,295) 274
Operating cash flows used in discontinued operations - (1,412)
----------------------------------------------------------------------------
Net cash flows used in operations ($20,295) ($1,138)
----------------------------------------------------------------------------
Capital expenditures (11,953) (17,245)
Investment in associates (10,322) (23,832)
Cash flows used in discontinued operations - (26,453)
Cash flows from other investing 246 1,152
----------------------------------------------------------------------------
Net cash flows used in investing activities (22,029) (66,378)
----------------------------------------------------------------------------
Financing cash flows from continuing operations 21,207 7,934
Financing cash flows from discontinued operations - 24,070
----------------------------------------------------------------------------
Cash flows generated from financing activities 21,207 32,004
----------------------------------------------------------------------------
Cash flows used in operations were ($20.3) million for the first half of 2010 as
compared to ($1.1) million in the same period in 2009. First half 2010 cash
flows used in operations are a result of $21.4 million in tax payments made as
well as a $35.6 million increase in working capital, offset by $45.9 million in
EBITDA.
Cash used in investing activities was $22.0 million during the first half
2010. This decrease of $44.3 million from 2009 primarily relates to the $5.3
million decrease in capital investments, a $13.5 million decrease in investments
in associates and a $26.5 million decrease in cash flows used by Timminco, which
is classified as a discontinued operation in 2009.
First half 2010 cash generated from financing activities was $21.2 million, a
decrease of $10.8 million from the same period in 2009. This decrease was most
notably attributable to cash flows from discontinued operations recognized in
2009 that are not applicable in 2010 offset by $12.9 million in draws on
revolving lines of credit.
Shareholder Matters
Further to AMG's announcement on March 17, 2010, Safeguard International Fund,
L.P., owner of 26.6% of AMG's common shares outstanding, has confirmed to AMG
that an orderly transition process regarding Safeguard's International Fund's
shareholding in AMG is expected to be completed prior to September 30, 2010.
Outlook
The market situation has improved from the recession of 2008-2009, but it still
remains volatile. The Advanced Materials division has benefitted from
rebounding prices for many specialty materials. Demand from the aerospace and
energy industries continue to improve while the global infrastructure and steel
industries have reached a plateau. New order intake in Engineering Systems is
increasing; however, this will not be reflected in revenue until 2011. AMG
expects improvement in order backlog in the second half of 2010. Graphit
Kropfmühl's end markets have also stabilized, particularly natural graphite
demand. AMG's focus on its core markets of aerospace, energy, infrastructure
and specialty metals and chemicals will drive long-term growth. In 2010, AMG
expects that its portfolio of metals based technologies, through continued
vertical integration and structural changes in its business model will produce
EBITDA slightly above 2009 levels.
AMG Advanced Metallurgical Group N.V.
Condensed interim consolidated income statement
For the three months ended June 30
In thousands of US Dollars 2010 2009
Unaudited Unaudited
Continuing operations *Restated
Revenue 243,544 214,933
Cost of sales 199,054 169,509
Gross profit 44,490 45,424
Selling, general and administrative expenses 29,874 34,017
Restructuring expense - 195
Environmental expense 249 82
Other income, net (346) (1,392)
Operating profit 14,713 12,522
Finance expense 4,600 5,231
Finance income (1,082) (1,387)
Foreign exchange (gain) loss (1,592) 948
Net finance costs 1,926 4,792
Share of loss of associates 5,024 613
Profit before income tax 7,763 7,117
Income tax expense 7,126 4,009
Profit for the period from continuing operations 637 3,108
Loss after tax for the period from discontinued
operations - (21,853)
Profit (loss) for the period 637 (18,745)
Attributable to:
Shareholders of the Company 1,164 (9,718)
Minority interests (527) (9,027)
Profit (loss) for the year 637 (18,745)
Earnings (loss) per share
Basic earnings (loss) per share 0.04 (0.36)
Diluted earnings (loss) per share 0.04 (0.36)
Earnings (loss) per share for continuing operations
Basic earnings per share from continuing operations 0.04 0.07
Diluted earnings per share from continuing operations 0.04 0.07
*The prior year comparative information in the consolidated income statement and
consolidated cash flows has been restated to reflect a change in ownership of
Timminco. See AMG's annual financial statements for more information.
AMG Advanced Metallurgical Group N.V.
Condensed interim consolidated income statement
For the six months ended June 30
In thousands of US Dollars 2010 2009
Unaudited Unaudited
Continuing operations *Restated
Revenue 479,338 430,652
Cost of sales 392,264 351,367
Gross profit 87,074 79,285
Selling, general and administrative expenses 60,487 63,056
Restructuring expense 7 393
Environmental expense 506 87
Other income, net (427) (3,083)
Operating profit 26,501 18,832
Finance expense 10,921 9,772
Finance income (1,629) (2,000)
Foreign exchange (gain) (3,756) (150)
Net finance costs 5,536 7,622
Share of loss of associates 9,420 1,400
Profit before income tax 11,545 9,810
Income tax expense 10,993 11,948
Profit (loss) for the period from continuing operations 552 (2,138)
Loss after tax for the period from discontinued operations - (40,340)
Profit (loss) for the period 552 (42,478)
Attributable to:
Shareholders of the Company 1,099 (25,112)
Minority interests (547) (17,366)
Profit (loss) for the year 552 (42,478)
Earnings (loss) per share
Basic earnings (loss) per share 0.04 (0.93)
Diluted earnings (loss) per share 0.04 (0.93)
Earnings (loss) per share for continuing operations
Basic earnings (loss) per share from continuing operations 0.04 (0.15)
Diluted earnings (loss) per share from continuing
operations 0.04 (0.15)
*The prior year comparative information in the consolidated income statement and
consolidated cash flows has been restated to reflect a change in ownership of
Timminco. See AMG's annual financial statements for more information.
AMG Advanced Metallurgical Group N.V.
Condensed interim consolidated statement of
financial position
In thousands of US Dollars
June 30, 2010 December 31, 2009
Unaudited Audited
Assets
Property, plant and equipment 196,004 211,022
Intangible assets 24,055 28,253
Investments in associates 33,880 34,794
Derivative financial instruments 138 1,718
Deferred tax assets 9,084 10,912
Restricted cash 12,267 13,263
Notes receivable 1,900 5,542
Other assets 13,022 11,980
Total non-current assets 290,350 317,484
Inventories 180,859 193,378
Trade and other receivables 173,735 147,787
Derivative financial instruments 5,564 4,954
Other assets 36,425 30,359
Cash and cash equivalents 84,574 117,016
Total current assets 481,157 493,494
Total assets 771,507 810,978
Equity
Issued capital 725 725
Share premium 379,518 379,518
Other reserves 21,752 31,284
Retained earnings (deficit) (197,797) (198,897)
Equity attributable to shareholders of the
Company 204,198 212,630
Minority interests 13,067 15,793
Total equity 217,265 228,423
Liabilities
Loans and borrowings 156,227 168,319
Employee benefits 80,347 91,358
Provisions 14,072 14,862
Government grants 498 669
Other liabilities 7,195 7,984
Derivative financial instruments 1,229 1,339
Deferred tax liabilities 9,682 26,395
Total non-current liabilities 269,250 310,926
Loans and borrowings 3,427 3,464
Short term bank debt 44,617 32,013
Government grants 171 234
Other liabilities 40,204 46,179
Trade and other payables 86,651 69,791
Derivative financial instruments 6,088 6,048
Advance payments 35,748 54,764
Current taxes payable 41,464 36,050
Provisions 26,622 23,086
Total current liabilities 284,992 271,629
Total liabilities 554,242 582,555
Total equity and liabilities 771,507 810,978
AMG Advanced Metallurgical Group N.V.
Condensed interim consolidated statement of cash flows
For the six months ended June 2010
In thousands of US Dollars 2010 2009
Unaudited Unaudited
Cash flows from (used in) operating activities
Profit (loss) for the period from continuing operations 552 (2,138)
Loss for the period from discontinued operations - (40,340)
Profit (loss) for the period 552 (42,478)
Adjustments to reconcile profit (loss) to net cash flows:
Non-cash:
Depreciation and amortization 12,096 11,369
Restructuring expense 7 393
Environmental expense 506 87
Net finance costs 5,536 7,622
Share of loss of associates 9,420 1,400
Equity-settled share-based payment transactions 3,081 7,263
Cash-settled share-based payment transactions (123) -
Income tax expense 10,993 11,948
Change in working capital and provisions (35,596) (34,663)
Other 2,119 5,857
Finance costs paid, net (7,449) (5,317)
Income tax paid, net (21,437) (3,547)
Cash flows from discontinued operations - 38,928
Net cash flows used in operating activities (20,295) (1,138)
Cash flows used in investing activities
Proceeds from sale of property, plant and equipment 439 3
Acquisition of property, plant and equipment and
intangibles (11,953) (17,245)
Investments in associates (10,322) (23,832)
Change in restricted cash (181) 1,133
Other (12) 16
Cash flows used in discontinued operations - (26,453)
Net cash flows used in investing activities (22,029) (66,378)
Cash flows from financing activities
Net proceeds from issuance of debt 21,092 8,155
Other 115 (221)
Cash flows from discontinued operations - 24,070
Net cash flows from financing activities 21,207 32,004
Net decrease in cash and cash equivalents (21,117) (35,512)
Cash and cash equivalents at January 1 117,016 143,473
Effect of exchange rate fluctuations on cash (11,325) 2,119
Cash and cash equivalents at June 30 84,574 110,080
*The prior year comparative information in the consolidated income statement and
consolidated statement of cash flows has been restated to reflect a change in
ownership of Timminco. See AMG's annual financial statements for more
information.
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. AMG consists of two operating divisions, Advanced
Materials and Engineering Systems, and owns interests in publicly-listed
companies Graphit Kropfmühl AG (Deutsche Börse: GKR.DE) and Timminco Limited
(TSX: "TIM").
The Advanced Materials Division develops and produces specialty metals, alloys
and high performance materials. AMG is a significant producer of specialty
metals, such as ferrovanadium, ferronickel-molybdenum, aluminum master alloys
and additives, chromium metal and ferrotitanium, for Energy, Aerospace,
Infrastructure and Specialty Metal and Chemicals applications. Other key
products include specialty alloys for titanium and superalloys, coating
materials, tantalum and niobium oxides, vanadium chemicals and antimony
trioxide.
The Engineering Systems Division designs, engineers and produces advanced vacuum
furnace systems and operates vacuum heat treatment facilities, primarily for the
Aerospace and Energy (including solar and nuclear) industries. Furnace systems
produced by AMG include vacuum remelting, solar silicon melting and
crystallization, vacuum induction melting, vacuum heat treatment and high
pressure gas quenching, turbine blade coating and sintering. AMG also provides
vacuum case-hardening heat treatment services on a tolling basis.
Graphit Kropfmühl AG is a majority controlled, publicly listed subsidiary of
AMG. Based on its secure raw material sources in Africa, China and Europe,
Graphit Kropfmühl is a specialist in the production of silicon metal and the
extraction, processing and refining of natural crystalline graphite for a wide
range of energy saving industrial applications.
Timminco Limited is a publicly listed affiliate of AMG. Timminco produces
silicon metal for the chemical, aluminum, electronic and solar industries.
Timminco also produces solar grade silicon, using its proprietary technology for
purifying silicon metal, for the solar energy industry.
With over 2,300 employees, AMG operates globally with production facilities in
Germany, the United Kingdom, France, Czech Republic, the United States, Canada,
Mexico, Brazil, and Sri Lanka and also has sales and customer service offices in
Belgium, Russia, China and Japan (www.amg-nv.com).
For further information please contact:
AMG Advanced Metallurgical Group N.V. +1 610 975 4901
Jonathan Costello
Vice President of Corporate Communications
jcostello(at)amg-nv.com
Disclaimer
Certain statements in this press release are not historical facts and are
"forward looking". Forward looking statements include statements concerning
AMG's plans, expectations, projections, objectives, targets, goals, strategies,
future events, future revenue or performance, capital expenditures, financing
needs, plans and intentions relating to acquisitions, AMG's competitive
strengths and weaknesses, plans or goals relating to forecasted production,
reserves, financial position and future operations and development, AMG's
business strategy and the trends AMG anticipates in the industries and the
political and legal environment in which it operates and other information that
is not historical information. When used in this press release, the words
"expects," "believes," "anticipates," "plans," "may," "will," "should," and
similar expressions, and the negatives thereof, are intended to identify forward
looking statements. By their very nature, forward looking statements involve
inherent risks and uncertainties, both general and specific, and risks exist
that the predictions, forecasts, projections and other forward looking
statements will not be achieved. These forward looking statements speak only as
of the date of this press release. AMG expressly disclaims any obligation or
undertaking to release publicly any updates or revisions to any forward looking
statement contained herein to reflect any change in AMG's expectations with
regard thereto or any change in events, conditions or circumstances on which any
forward looking statement is based. Finally, statements of fact contained
herein reflect the facts as of the date of this press release.
The full press release including tables can be downloaded from the following
link:
AMG reports second quarter results
[HUG#1436994]
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Source: AMG Advanced Metallurgical Group N.V. via Thomson Reuters ONE
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Datum: 11.08.2010 - 07:00 Uhr
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