AMG reports second quarter results
(Thomson Reuters ONE) - Key Highlights * Revenue decreased 43% from $413.0 million in Q2 2008 to $233.4 million in Q2 2009; H1 2009 revenue was $479.5 million * EBITDA[1] decreased 79% from $63.4 million in Q2 2008 to $13.0 million in Q2 2009; excluding Timminco, EBITDA was $22.2 million in Q2 2009; H1 2009 EBITDA excluding Timminco was $38.0 million * EPS on a fully diluted basis decreased to ($0.36) compared to Q2 2008 of $0.92 EPS. EPS, adjusted for non-recurring items was ($0.35) in Q2 2009 * Advanced Materials Division was particularly impacted by the global economic slowdown, generating revenue of $96.5 million and EBITDA of ($2.0) million, in Q2 2009 * Engineering Systems Division's produced solid results, generating revenue of $91.2 million and EBITDA of $22.5 million, in Q2 2009 * Timminco generated $18.4 million in revenue and EBITDA of ($9.2) million as prices and volumes declined for most products during Q2 2009 * Graphit Kropfmühl contributed revenue and EBITDA of $27.3 million and $1.7 million, respectively in Q2 2009 * As of June 30, 2009 cash on hand was $110.1 million, net debt was $139.2 million, of which $54.1 million related to Timminco; Q2 2009 free cash flow[2] was ($12.9) million, of which Timminco comprised ($4.3) million[1] EBITDA is defined as earnings before interest, tax, depreciationand amortization and excludes nonrecurring items[2] Free cash flow is defined as EBITDA less change in workingcapital and maintenance capital expendituresAmsterdam, 12 August 2009 (Regulated Information) --- AMG AdvancedMetallurgical Group N.V. ("AMG", EURONEXT AMSTERDAM: "AMG") reportedsecond quarter 2009 revenue decreased 43% to $233.4 million from$413.0 million in the second quarter 2008.Net loss attributable to shareholders for the second quarter 2009 was($9.7) million, or ($0.36) per fully diluted share, compared to netincome of $25.3 million or $0.92 per fully diluted share for thesecond quarter 2008. EBITDA declined 79% to $13.0 million in thesecond quarter 2009 from $63.4 million in the second quarter 2008.Excluding Timminco, AMG's EBITDA was $22.2 million for the secondquarter 2009.In commenting on results, Dr. Heinz Schimmelbusch, Chairman of theManagement Board and CEO, said, "The difficult operating environmentexperienced during late 2008 and early 2009 continued during thesecond quarter of 2009. During the second quarter 2009, AdvancedMaterials, volumes increased slightly over the first quarter 2009,but both volumes and prices remain significantly affected by theunprecedented slowdown in global industrial activity. EngineeringSystems backlog enabled it to deliver solid results during thequarter despite low levels of order intake. Despite some signs of abottoming of economic activity, it is still early to declare that themarkets are turning around, and AMG continues to limit capitalinvestment and is reducing costs to preserve free cash flow."He added, "AMG's majority owned subsidiary, Timminco Limited,continued to face multiple market and operating challenges during thequarter. Timminco is addressing those issues. Despite the ongoingdecline in the transportation market, Graphit Kropfmühl deliveredmarginally profitable operations through its silicon metaldivision."Key FiguresIn 000's US Dollar Q2'09 Q2'08 ChangeRevenue $233,370 $413,005 (43%)Gross profit 33,541 92,002 (64%)Gross margin 14.4% 22.3%Operating income (6,763) 40,880 (117%)Operating margin (2.9%) 9.9%Net Income attributable toshareholders (9,718) 25,273 (138%)EPS- Fully diluted (0.36) 0.92 N/AAdjusted EPS-Fully diluted[1] (0.35) 1.16 N/AEBITDA[2] 13,002 63,392 (79%)EBITDA margin 5.6% 15.3%Notes:[1] Adjusted for non-recurring, restructuring charges at Timminco[2] EBITDA is defined as earnings before interest, tax, depreciationand amortization and excludes nonrecurring itemsOperational ReviewAdvanced Materials Division Q2'09 Q2'08 ChangeRevenue $96,473 $226,452 (57%)Gross profit 8,412 46,860 (82%)Operating income (8,014) 26,859 (130%)EBITDA (2,008) 30,528 (107%)Capital expenditures 2,089 6,005 (65%)The Advanced Materials division's second quarter 2009 financialresults were impacted by continued weak demand for the majority ofits products, most notably in the steel, superalloy and titaniummarkets. Revenue decreased by $130.0 million or 57% to $96.5million.Gross margin percentage decreased from 21% of revenue in the secondquarter of 2008 to 9% in second quarter of 2009. This was caused bya sharp decline in end product prices and lower volumes, particularlyin ferrovanadium from the second quarter of 2008. The decrease inrevenue and margins was primarily caused by ferrovanadium, withreference prices decreasing by 74% and volumes declining by 5% overthe second quarter 2008. Titanium master alloys, vanadium chemicals,ferronickel-molybdenum, ferrotitanium and antimony products were alsoimpacted by falling end market prices. Even more significant werethe decreased volumes as the result of inventory destocking anddecreased global demand. Aluminium master alloys volumes decreased57% and titanium master alloys volumes declined by 68% during thesecond quarter 2009 compared to the second quarter 2008. The globalrecession continued to impact industrial production across allmarkets.The Advanced Materials division incurred $0.5 million in inventorywrite-downs related to ferrovanadium. The Division's working capitalremained relatively constant during the second quarter 2009, afterdecreasing by over $23 million since December 31, 2008. AdvancedMaterials also reduced full time equivalent (FTEs) headcount byapproximately 20% since September 30, 2008. These and other costsaving measures reduced SG&A expenses by approximately 19% from thesecond quarter 2008.The second quarter 2009 EBITDA decreased by $32.5 million to negative$2.0 million, compared to the same period in 2008. This was theresult of the decrease in revenue and gross margin, which wereslightly offset by a decline in SG&A and conversion expenses.Sequentially, second quarter 2009 EBITDA improved by $6.4 millionover the first quarter 2009 driven by cost saving measures and lowerinventory write-downs.Capital expenditures were $2.1 million for the second quarter 2009,65% less than the comparable period in 2008. The Division was onlyperforming maintenance capital investment during the quarter becauseof the cost containment measures.Engineering Systems Division Q2'09 Q2'08 ChangeRevenue $91,179 $99,219 (8%)Gross profit 34,129 30,465 12%Operating income 19,929 20,006 0%EBITDA 22,511 23,392 (4%)Capital expenditures 1,677 6,687 (75%)The Engineering Systems division continued to deliver good results inthe second quarter 2009. Order-backlog was at $223 million on June30, 2009, down 10% from $247 million on March 31, 2009. The decreasewas primarily due to a significant reduction in orders for solarfurnace systems to $4.5 million. Overall, order intake was $53.5million during the second quarter 2009, up from $29.4 in the firstquarter 2009. The backlog consists primarily of melting andremelting systems for the titanium and specialty steel industries andsolar silicon DSS furnaces.Second quarter 2009 revenue decreased by $8.0 million or 8%. Salesof solar silicon DSS melting furnaces for the photovoltaic industryincreased 64% in the second quarter 2009 compared to the same perioda year ago. During the second quarter 2009, 61% of revenue wasgenerated by sales of solar silicon and melting furnaces, up from 34%in the same period 2008. Revenue from remelting systems, primarilyfor the aerospace and specialty steel industries, decreased by 50%during the second quarter 2009.Gross margin increased 6% to 37% of revenue in the second quarter2009 from 31% of revenue in the same period in 2008. The increasewas due to changes in product mix, elimination of reserves relatedfurnace warranties, raw material price decreases and cost reductionmeasures in the vacuum furnace production process.Second quarter 2009 EBITDA was $22.5 million, a 4% decrease over thesame period in 2008. The EBITDA margin increased to 25% during thesecond quarter 2009 compared to 24% for the same period in 2008. TheEBITDA margin increase was attributable to the improvement in grossmargin and the 11% reduction in FTEs since September 30, 2008,slightly offset by an increase in R&D expense.Capital expenditures decreased to $1.7 million for the second quarter2009, 75% less than the comparable period in 2008. This decrease wasa result of the completion of the expansion of the Berlin facilityduring 2008 and the focus on minimizing capital investment during thesecond quarter 2009.Timminco Q2'09 Q2'08 ChangeRevenue $18,437 $62,710 (71%)Gross profit (11,883) 10,828 (210%)Operating loss (19,285) (8,326) (132%)EBITDA (9,200) 6,484 (242%)Capital expenditures 6,746 12,691 (47%)Timminco continued to be significnatly impacted by the globalslowdown in the solar and industrial silicon markets. Second quarter2009 revenue decreased by $44.3 million or 71% to $18.4 million overthe same period in 2008. The decrease is primarily attributable tothe sharp decline in sales volumes and prices of UMG Si and siliconmetal products. Timminco sold 34 metric tons of UMG Si during thesecond quarter 2009 at an average price of C$39/kg.Gross profit decreased to negative $11.9 million in the secondquarter 2009 due to the increased costs related to solar gradesilicon production and decreased volumes of other silicon metalproducts. The solar grade silicon production costs were relativelyhigh due to low volumes and operating inefficiencies. All threesilicon metal production furnaces were temporarily shut down duringthe quarter, with one furnace coming back on line in June resultingin lower absorption of fixed costs and lower gross margins.Timminco incurred negative EBITDA of $9.2 million during the secondquarter 2009 compared to EBITDA of $6.5 million in the second quarter2008, due to lower gross profit and higher selling, general andadministrative expenses. The increase in SG&A is primarily a resultof the increase in the non-cash stock option expense.During the quarter ended June 30, 2009, capital investment declined47% to $6.7 million from $12.7 million in the comparable period2008. Timminco deferred further capital expenditures other thanthose that were committed prior to the beginning of the quarter.Many of Timminco's customers are experiencing low revenues, aredemanding a higher quality of Timminco's UMG Si due to theavailability and favourable pricing of polysilicon on the spotmarket, and have reduced or deferred their purchases of silicon metaland solar grade silicon. Timminco has reached agreements with two ofits solar grade silicon customers, to terminate or materially reducecontracted volumes under supply contracts and to repay customeradvances, and is in negotiations with other customers to materiallyamend or terminate supply agreements which would also involverepayment of advances and reducing or eliminating contracted futurevolumes. These repayments, and the slowdown in the economicenvironment combined with substantially reduced UMG Si shipments,could continue to have a material adverse effect on Timminco'sliquidity and ongoing compliance with its debt covenants. These andthe other risks identified above create uncertainty about Timminco'sability to realize its assets and discharge its liabilities in thenormal course of business. The consolidated financial statements forthe second quarter, when filed, will not give effect to anyadjustments to recorded amounts and their classification, which couldbe necessary should Timminco be unable to continue as a going concernand therefore be required to realize its assets and discharge itsliabilities in other than the normal course of business and atamounts different than those reflected in the consolidated financialstatements.Graphit Kropfmühl Q2'09 Q2'08 [1] ChangeRevenue $27,281 $24,624 11%Gross profit 2,883 3,849 (25%)Operating income 607 2,342 (74%)EBITDA 1,699 2,988 (43%)Capital expenditures 1,376 1,952 (30%)Notes:[1] Includes results from the acquisition of Graphit Kropfmühl onApril 22, 2008Graphit Kropfmühl ("GK") was significantly impacted by the decline inglobal economic activity during the second quarter 2009. Secondquarter 2009 revenue increased by $2.7 million or 11% primarily dueto the timing of the GK acquisition in 2008. The second quarter of2009 represents three months of revenue while the second quarter of2008 only included two months of revenue. This timing difference isoffset by a decline in both silicon metal and graphite revenue.Gross margin decreased to 11% of revenue in the second quarter 2009from 16% of revenue in the period April 22 through June 30 2008. Thedecrease was due to a decline in the average selling price forsilicon metal as well as significantly reduced volumes for graphite,which is substantially impacted by the transportation industry.Second quarter 2009 EBITDA was $1.7 million, a 43% decrease comparedto the period of April 22 through June 30 2008. The EBITDA margindecreased to 6% during the second quarter 2009 compared to 12% in theperiod of April 22 through June 30 2008. The EBITDA margin decreasewas attributable to lower selling prices and volumes in both siliconand graphite.Capital expenditures decreased to $1.4 million for the second quarter2009, 30% less than the period of April 22 through June 30 2008.Financial ReviewTaxAMG recorded a tax expense of $9.4 million in the quarter ended June30, 2009 as compared to a tax expense of $14.1 million in the quarterended June 30, 2008. A tax benefit for the pre-tax losses was notbooked in the second quarter 2009 due to the losses being generatedin jurisdictions where AMG already has significant net operatinglosses.Liquidity Q2'09 Q4'08 ChangeTotal debt 249,313 $232,033 7%Cash & cash equivalents 110,080 143,473 (23%)Net debt 139,233 88,560 57%AMG had a net debt position of $139.2 million as of June 30, 2009, ofwhich $54.1 million was attributable to Timminco. The Company'sliquidity position decreased due to $33.3 million in capitalinvestments, partially offset by Timminco's equity offering whichnetted $7.9 million of external proceeds. Timminco made $15.4million in capital investments for the build out of the solar siliconproduction line during the first half of 2009.Cash Flow H1'09 H1'08Cash Flows (used in) / from Operations $(1,138) $8,250Capital expenditures (33,318) (56,504)Acquisitions, net of cash - (62,854)Other investing (9,228) 3,078Cash Flows used in Investing Activities (42,546) (116,280)Cash Flows generated from Financing 8,172 43,444ActivitiesThe significant decline in net income was largely offset by lowerinvestments in working capital and lower tax payments made during thesix months ended June 30, 2009 resulting in negative cash flows fromoperations totaling $1.1 million, down from positive operating cashflows of $8.3 million in the first six months 2008. The lower levelof cash flows from operations is primarily due to the net losses fromthe Advanced Materials Division and Timminco, and a decrease inadvanced payments of $47.1 million at the Engineering SystemsDivision offset by improvements in inventory and accounts receivablebalances of approximately $69.8 million.Cash flows used in investing activities of $42.5 million for the sixmonths ended June 30, 2009 decreased from $116.3 million in the firstsix months of 2008. This is due to the $23.2 million decrease incapital investments, primarily in Advanced Materials and EngineeringSystems, and the $62.9 million cost for the purchase of approximately79.5% of Graphit Kropfmühl in April 2008.Cash flows from financing activities were $8.2 million, a decrease of$35.3 million in the same period of 2008. This decrease wasprimarily the result of two factors, $20.0 million borrowed on thecredit facility for the acquisition of approximately 79.5% of GraphitKropfmühl in April 2008 and borrowings to fund the working capitalincreases in Advanced Materials and Timminco during 2008, offset inthe first six months 2009 by $7.9 million of proceeds from theTimminco equity offering and a net draw down from various creditfacilities.OutlookDemand continues to be low across most of AMG's end markets. Despitean increase in Engineering Systems' second quarter 2009 order intakeover the first quarter 2009, the second half of 2009 will bechallenging for that division. In Advanced Materials, the firstsigns of stabilization have appeared in recent weeks in a number ofspecialty metals, including ferrovanadium. As declines in demand andpricing have been significant during the first half of 2009, it willtake some time until markets return to pre-financial crisis levels.AMG will continue to proactively address this reality and focus oncash preservation, and maintaining a conservative balance sheetthrough reductions in capital investment and cost containmentprograms.About AMGAMG, incorporated in the Netherlands, is a global leader in theproduction of highly engineered specialty metal products and advancedvacuum furnace systems. AMG serves growing industries worldwide withits unique combination of metallurgical engineering expertise andproduction know-how. AMG is a market leader in many of its productsand systems, which are critical to the production of key componentsfor the aerospace, energy (including solar and nuclear), electronics,optics, chemicals, construction and transportation industries. AMGhas two operating divisions of businesses, Advanced Materials andEngineering Systems, and owns majority interests in publicly-listedcompanies Timminco Limited (TSX: "TIM") and Graphit Kropfmühl AG(Deutsche Börse: GKR.DE).The Advanced Materials Division develops and produces niche specialtymetals and complex metals products, many of which are used indemanding, safety-critical, high-stress environments. AMG is one ofa limited number of significant producers globally of niche specialtymetals, such as ferrovanadium, ferronickel-molybdenum, aluminummaster alloys and additives, chromium metal and ferrotitanium, usedby steel, aluminum, chemical and superalloy producers for aerospace,automotive, energy, electronics, optics, chemicals, construction andother applications. Other key products produced by AMG includespecialty alloys for titanium and superalloys, coating materials,tantalum and niobium oxides, vanadium chemicals and antimonytrioxide.The Engineering Systems Division designs, engineers and producesadvanced vacuum furnace systems and operates vacuum heat treatmentfacilities. AMG is a global leader in supplyingtechnologically-advanced vacuum furnace systems to customers in theaerospace, energy (including solar and nuclear), transportation,electronics, superalloys and specialty steel industries. Examples offurnace systems produced by AMG include vacuum remelting, solarsilicon melting and crystallization, vacuum induction melting, vacuumheat treatment and high pressure gas quenching, vacuum precisioncasting, turbine blade coating and sintering. AMG also providesvacuum case-hardening heat treatment services on a tolling basis tocustomers through facilities equipped with vacuum heat treatmentfurnaces.Timminco Limited is a majority controlled, publicly listed subsidiaryof AMG. Timminco is a leader in the production of upgradedmetallurgical silicon for the rapidly growing solar photovoltaicenergy industry. Timminco also produces silicon metal for use in abroad range of industrial applications.Graphit Kropfmühl AG is a majority controlled, publicly listedsubsidiary of AMG. Based on its secure raw material sources inAfrica, China and Europe, Graphit Kropfmühl is a specialist in theproduction of silicon metal and the extraction, processing andrefining of natural crystalline graphite for a wide range of energysaving industrial applications.AMG operates globally with production facilities in Germany, theUnited Kingdom, France, Czech Republic, the United States, Canada,Mexico, Brazil, Sri Lanka and Australia and also has sales andcustomer service offices in Belgium, Russia, China and Japan(website: www.amg-nv.com).For further information please contact:AMG Advanced Metallurgical Group N.V. +1 610 975 4901Jonathan CostelloVice President of Corporate Communicationsjcostello(at)amg-nv.comDisclaimerCertain statements in this press release are not historical facts andare "forward looking". Forward looking statements include statementsconcerning AMG's plans, expectations, projections, objectives,targets, goals, strategies, future events, future revenues orperformance, capital expenditures, financing needs, plans andintentions relating to acquisitions, AMG's competitive strengths andweaknesses, 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 theindustries and the political and legal environment in which itoperates and other information that is not historical information.When used in this press release, the words "expects," "believes,""anticipates," "plans," "may," "will," "should," and similarexpressions, and the negatives thereof, are intended to identifyforward looking statements. By their very nature, forward lookingstatements involve inherent risks and uncertainties, both general andspecific, and risks exist that the predictions, forecasts,projections and other forward looking statements will not beachieved. These forward looking statements speak only as of the dateof this press release. AMG expressly disclaims any obligation orundertaking to release publicly any updates or revisions to anyforward looking statement contained herein to reflect any change inAMG's expectations with regard thereto or any change in events,conditions or circumstances on which any forward looking statement isbased. Finally, statements of fact contained herein reflect thefacts as of the date of this press release.AMG Advanced Metallurgical Group N.V.Condensed interim consolidated statement ofincomeFor the three months ended June 30In thousands of US Dollars 2009 2008 Unaudited UnauditedContinuing operationsRevenue 233,370 413,005Cost of sales 199,829 321,003Gross profit 33,541 92,002Selling, general and administrative expenses 41,189 39,632Restructuring and asset impairment expenses 311 13,118Environmental expense 196 10Other income, net (1,392) (1,638)Operating (loss) / profit (6,763) 40,880Interest expense 6,604 5,795Interest income (1,387) (1,410)Foreign exchange (gain) loss (3,243) 203Net finance costs 1,974 4,588Share of (loss) / profit of associates (613) 617(Loss) / Profit before income tax (9,350) 36,909Income tax expense 9,395 14,112(Loss) / Profit for the year (18,745) 22,797Attributable to: Shareholders of the Company (9,718) 25,273 Minority interests (9,027) (2,476) (18,745) 22,797(Losses) / Earnings per shareBasic (losses) / earnings per share (0.36) 0.94Diluted (losses) / earnings per share (0.36) 0.92AMG Advanced Metallurgical Group N.V.Condensed interim consolidated statement of incomeFor the six months ended June 30In thousands of US Dollars 2009 2008 Unaudited UnauditedContinuing operationsRevenue 479,466 739,153Cost of sales 421,791 579,941Gross profit 57,675 159,212Selling, general and administrative expenses 77,083 72,601Restructuring and asset impairment expenses 4,090 13,245Environmental expense 307 94Other income, net (3,083) (3,016)Operating (loss) / profit (20,722) 76,288Interest expense 11,739 9,763Interest income (2,000) (3,416)Foreign exchange (gain) loss (2,817) 1,538Net finance costs 6,922 7,885Share of (loss) / profit of associates (1,400) 718(Loss) / Profit before income tax (29,044) 69,121Income tax expense 13,434 22,793(Loss) / Profit for the year (42,478) 46,328Attributable to: Shareholders of the Company (25,112) 47,782 Minority interests (17,366) (1,454) (42,478) 46,328(Losses) / Earnings per shareBasic (losses) / earnings per share (0.94) 1.78Diluted (losses) / earnings per share (0.94) 1.74AMG Advanced Metallurgical GroupN.V.Condensed interim consolidated statements of financial positionIn thousands of US Dollars June 30, 2009 December 31, 2008 Unaudited AuditedAssets Property, plant and equipment 337,770 313,470 Intangible assets 51,193 47,060 Investments in associates 14,359 15,700 Deferred tax assets 26,607 29,181 Restricted cash 13,357 15,889 Notes receivable 2,149 2,132 Derivative financial instruments 278 - Other assets 12,901 11,612Total non-current assets 458,614 435,044 Inventories 273,491 318,793 Trade and other receivables 150,251 173,422 Derivative financial instruments 3,837 6,393 Other assets 50,378 52,804 Short term investments 101 95 Cash and cash equivalents 110,080 143,473Total current assets 588,138 694,980Total assets 1,046,752 1,130,024Equity Issued capital 724 724 Share premium 379,297 379,297 Other reserves 18,843 (2,215) Retained earnings (deficit) (148,143) (123,110)Equity attributable toshareholders of the Company 250,721 254,696Minority interests 60,915 57,115Total equity 311,636 311,811Liabilities Loans and borrowings 162,631 138,990 Employee benefits 107,423 103,176 Provisions 13,007 12,841 Government grants 205 291 Other liabilities 10,297 9,245 Derivative financial instruments 5,741 3,530 Deferred tax liabilities 51,682 56,013Total non-currentliabilities 350,986 324,086 Loans and borrowings 6,547 3,021 Short term bank debt 73,314 83,566 Related party debt 6,822 6,456 Government grants 4,307 8,360 Other liabilities 44,389 53,882 Trade and other payables 117,739 156,697 Derivative financial instruments 7,261 15,419 Advance payments 46,912 94,049 Unearned revenue 21,120 35,624 Current taxes payable 27,682 14,708 Provisions 28,037 22,345Total current liabilities 384,130 494,127Total liabilities 735,116 818,213Total equity and liabilities 1,046,752 1,130,024AMG Advanced Metallurgical Group N.V.Condensed interim consolidated statement of cash flowsFor the six months ended June 2009In thousands of US Dollars 2009 2008 Unaudited UnauditedCash flows (used in) / from operatingactivities(Loss) / Profit for the period (42,478) 46,328Adjustments to reconcile profit to net cashflows:Non-cash: Depreciation and amortization 17,367 12,570 Restructuring expense 4,090 13,245 Environmental expense 307 94 Net finance costs 6,922 7,885 Share of loss / (profit) of associates 1,400 (718) Equity-settled share-based paymenttransactions 12,406 5,365 Income tax expense 13,434 22,793Change in working capital and provisions (11,798) (79,749)Other 7,064 (6,435)Interest paid, net (6,256) (3,468)Income tax paid, net (3,596) (9,660)Net cash flows (used in) / from operatingactivities (1,138) 8,250Cash flows used in investing activitiesProceeds from asset sales 3 24Acquisition of associates, net of cash - (62,854)Acquisition of property, plant and equipmentand intangibles (33,318) (56,504)Change in short-term investments (1) 14,958Related party loans 931 (3,668)Change in restricted cash 1,133 (7,716)Change in accounts payable included in capitalexpenditures (11,315) (468)Other 21 (52)Net cash flows used in investing activities (42,546) (116,280)Cash flows from financing activitiesProceeds from issuance of debt 12,674 22,402Repayment of borrowings (12,682) 20,897Capital infusion 7,908 (39)Other 272 184Net cash flows from financing activities 8,172 43,444Net (decrease) in cash and cash equivalents (35,512) (64,586)Cash and cash equivalents at January 1 143,473 172,558Effect of exchange rate fluctuations on cashheld 2,119 5,390Cash and cash equivalents at June 30 110,080 113,362The full press release including tables can be downloaded from thefollowing link:AMG reports second quarter resultshttp://hugin.info/138060/R/1334107/316557.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 12.08.2009 - 07:01 Uhr
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