AMG reports third quarter 2010 results
(Thomson Reuters ONE) -
Key Highlights
* Revenue increased 17% to $240.4 million in Q3 2010 from $205.4 million in Q3
2009; YTD 2010 revenue was $719.8 million up 13% from the same period in
2009
* EBITDA[1] increased 1% to $18.8 million in Q3 2010 from $18.6 million in Q3
2009; YTD 2010 EBITDA was $64.7 million up 14% from the same period in 2009
* EPS on a fully diluted basis improved to ($0.41) in Q3 2010 compared to Q3
2009 EPS of ($0.76); excluding Timminco, EPS improved to $0.11 in Q3 2010,
up from ($0.50) in Q3 2009. YTD fully diluted EPS improved to ($0.37) from
($1.69) in the same period in 2009
* The Advanced Materials Division generated revenue of $154.9 million and
EBITDA of $9.4 million in Q3 2010; YTD revenue and EBITDA was $447.4 million
and $32.1 million, respectively
* The Engineering Systems Division generated revenue of $53.2 million and
EBITDA of $7.4 million in Q3 2010; YTD revenue and EBITDA was $178.0 million
and $27.5 million, respectively
* Graphit Kropfmühl generated revenue of $32.4 million and EBITDA of $2.0
million in Q3 2010; YTD revenue and EBITDA was $94.4 million and $5.1
million, respectively
* As of September 30, 2010 cash on hand was $90.2 million, net debt was $144.6
million; Q3 2010 free cash flow[2] was $5.4 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, 10 November 2010 (Regulated Information) --- AMG Advanced
Metallurgical Group N.V. ("AMG", EURONEXT AMSTERDAM: "AMG") reported third
quarter 2010 revenue increased 17% to 240.4 million from $205.4 million in the
third quarter 2009.
Net income attributable to shareholders for the third quarter 2010, excluding
Timminco, was $3.0 million, or $0.11 per fully diluted share, compared to net
loss of ($13.3) million, or ($0.50) per fully diluted share for the third
quarter 2009. EBITDA increased 1% to $18.8 million in the third quarter 2010
from $18.6 million in the third quarter 2009.
In commenting on results, Dr. Heinz Schimmelbusch, Chairman of the Management
Board and CEO, said, "Market conditions remained uncertain during the third
quarter. Despite this, AMG generated growth in revenues and stable earnings in
the third quarter. The Advanced Materials division's revenue and earnings
increased even though it encountered higher input prices and a less favorable
product mix. The Engineering Systems' order intake improved slightly during the
quarter compared the second quarter 2010; however, it was up over 50% from the
same period in 2009. Due to a low level of Engineering Systems' order backlog at
the beginning of the quarter, revenue and earnings remained low. Graphit
Kropfmühl delivered modest performance during the third quarter as demand and
prices remained strong for natural graphite."
Key Figures
In 000's US Dollar
Q3'10 Q3'09 Change
Revenue $240,427 $205,406 17%
------------------------------------------------------------------------
Gross profit 42,102 39,949 5%
Gross margin 17.5% 19.5%
------------------------------------------------------------------------
Operating income 10,433 (110) N/A
Operating margin 4.3% (0.0%)
Net Income attributable to shareholders
(11,170) (20,302) 45%
------------------------------------------------------------------------
EPS - fully diluted (0.41) (0.76) 46%
Adjusted EPS - fully diluted[1] 0.11 (0.50) N/A
EBITDA[2] 18,756 18,602 1%
EBITDA margin 7.8% 9.1%
------------------------------------------------------------------------
Notes:
[1] Adjusted to exclude all Timminco results including equity losses which
accounted for ($0.52) in EPS in Q3 2010
[2] EBITDA is defined as earnings before interest, tax, depreciation and
amortization and excludes nonrecurring items
Operational Review
Advanced Materials Division
Q3'10 Q3'09 Change
-----------------------------------------------------
Revenue $154,888 $110,143 41%
Gross profit 21,999 15,736 40%
Operating income 4,491 (8,444) N/A
EBITDA 9,424 5,012 88%
Capital expenditures 5,595 1,907 193%
The Advanced Materials division's third quarter 2010 financial results were
driven by a rebound in alloys and coatings for the aerospace and energy
industries. Revenue increased by $44.7 million or 41% to $154.9 million. The
increase in revenue was driven by ferrovanadium and ferronickel-molybdenum, with
reference prices increasing by 18% and 20%, respectively. In addition,
aluminium master alloys and antimony products were also positively impacted by
increasing end market prices. While prices improved across most products,
volume growth was uneven, with ferrovanadium and vanadium aluminium master
alloys increasing by 32% and 165%, respectively; however volumes for antimony
and ferronickel-molybdenum decreased by 5% and 44%, respectively during the
third quarter 2010 compared to the third quarter 2009.
The third quarter 2010 gross margin percentage of 14% remained consistent with
the 14% gross margin percentage in the third quarter 2009 as an increase in
economies of scale was offset by unfavourable changes in product mix and higher
input costs.
Third quarter 2010 EBITDA increased by $4.4 million, due to the increase in
revenue and gross profit, which was slightly offset by a 7% increase in SG&A.
Capital expenditures were $5.6 million for the quarter, 193% more than the
comparable period in 2009. The primary growth capital investments made in the
third quarter involved the expansion of the ferrovanadium logistics facility and
the MIBRA mine in Brazil.
Engineering Systems Division
Q3'10 Q3'09 Change
---------------------------------------------------
Revenue $53,155 $61,598 (14%)
Gross profit 16,927 20,637 (18%)
Operating income 5,128 7,132 (28%)
EBITDA 7,362 11,036 (33%)
Capital expenditures 819 1,219 (33%)
While order intake increased compared to the same period in the prior year, the
Engineering Systems division's current revenue continues to be impacted by the
global economic slowdown. The order backlog was $147.1 million as of September
30, 2010, up 22% from $121.0 million on June 30, 2010. The division generated
order intake of $66.9 million in the third quarter 2010, a 1.26x book to bill
ratio and a 51% increase compared to the same period in 2009. Order intake for
the solar industry improved and demand for advanced heat treatment systems for
the transportation and aerospace markets remained strong compared to the same
period in the prior year. The backlog consists of a diversified mix of
remelting systems and induction casting systems for the titanium and specialty
steel industries, solar crystallisation systems and vacuum heat treatment
furnaces.
Third quarter 2010 revenue decreased by $8.4 million or 14% compared to the same
quarter in 2009. The revenue decrease was primarily due to the lower order
backlog level at the beginning of the quarter compared to the same period in
2009. Sales of solar silicon DSS furnaces for the photovoltaic industry
decreased 44% in the third quarter 2010 compared to the same period in 2009.
During the third quarter 2010, 26% of revenue was generated from sales of solar
silicon and induction melting furnaces, down from 41% in the same period 2009.
Revenue from remelting systems, primarily for the aerospace and specialty steel
industries, decreased by 32% in the third quarter 2010 while the own and operate
business increased revenue by 31%.
Gross margin was 32% of revenue in the third quarter 2010, down slightly from
34% of revenue in the same period in the prior year. The decrease in the gross
margin was due to changes in product mix and lower capacity utilization.
Third quarter 2010 EBITDA was $7.4 million, a 33% decrease over the same period
in 2009. The EBITDA margin decreased to 14% in the third quarter 2010 compared
to 18% for the same period in 2009. The EBITDA margin decrease was primarily
attributable to the lower revenue and gross margin, slightly offset by a 12%
decrease in SG&A.
In the quarter ended September 30, 2010, capital expenditures were $0.8 million,
33% less than the third quarter of 2009. The decrease was a result of the focus
on minimizing capital investment offset by completion of the U.S. Own and
Operate facility earlier in 2010.
Graphit Kropfmühl
Q3'10 Q3'09 Change
---------------------------------------------------
Revenue $32,384 $33,665 (4%)
Gross profit 3,176 3,576 (11%)
Operating income 814 1,202 (32%)
EBITDA 1,970 2,554 (23%)
Capital expenditures 687 385 78%
The third quarter for Graphit Kropfmühl ("GK") was characterized by
substantially rising revenue and performance for natural graphite while the
silicon metal business was adversely impacted by rising input prices and
operational issues. The 25% increase in natural graphite revenue was more than
offset by the 17% decrease in silicon metal revenue to result in a 4% decrease
in third quarter 2010 revenue.
Gross margin declined to 10% of revenue in the third quarter 2010 from 11% in
the same period in the prior year. The third quarter 2010 gross profit was
adversely impacted by higher silicon metal production costs.
Third quarter 2010 EBITDA was $2.0 million, a 23% decrease compared to the third
quarter 2009. The EBITDA margin decreased to 6% during the third quarter 2010
compared to 8% in the same period 2009. The overall EBITDA margin decrease was
attributable to lower contract prices and volumes in silicon metal and a 7%
increase in SG&A expenses, slightly offset by increased gross margin in natural
graphite.
Capital expenditures increased to $0.7 million for the third quarter 2010, 78%
more than the same period 2010. The increase in capital expenditures was due to
expansion of the high purity natural graphite production facility to meet
increased market demand.
Timminco
AMG's ownership in Timminco was 42.5% as of September 30, 2010. AMG accounts for
its investment in Timminco via the equity accounting method. Timminco's net
loss for the third 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
$7.7 million is listed as an asset on AMG's balance sheet. Subsequent to the
end of the third quarter, Timminco sold 49% of its silicon metal operation to
Dow Corning for $40.3 million in cash and up to an additional $10.0 million
based upon hitting incentive targets. Timminco used the proceeds of this
transaction to repay all of its senior bank debt. Additional information on
Timminco and its third quarter 2010 financial statements can be found at
www.Timminco.com.
Financial Review
Tax
AMG recorded a tax expense of $0.3 million in the quarter ended September
30, 2010 as compared to a tax expense of $5.7 million in the quarter ended
September 30, 2009. For the nine months ended September 30, 2010, AMG has
approximately $27.0 million of losses in associates. Since these companies are
not consolidated, AMG cannot recognize the tax benefit for these losses.
Excluding the losses from associates, the effective tax rate would be a
normalized 40% for the nine months ended September 30. The Company is beginning
to realize the benefits of the tax restructuring which it started to implement
in 2010, with year-to-date savings of approximately $3 million.
Liquidity
September 30, 2010 December 31, 2009 Change
---------------------------------------------------------------------------
Total debt 234,794 203,796 15%
Cash & cash equivalents 90,213 117,016 (23%)
---------------------------------------------------------------------------
Net debt 144,581 86,780 67%
AMG had a net debt position of $144.6 million as of September 30, 2010. AMG's
net debt position increased $57.8 million since December 31, 2009 due to $29.2
million of cash tax payments, $9.7 million investment in Timminco, $19.1 million
in capital investments, a $17.3 million investment in the antimony mine in
Turkey and a $38.4 million increase in working capital and provisions, reduced
by EBITDA of $64.7 million.
Cash Flow
Nine Months Ended
--------------------------------------------------------------------------------
September '10 September '09
--------------------------------------------------------------------------------
Operating cash flows (used in) from continuing
operations (13,903) 12,221
Operating cash flows used in discontinued operations - (18,254)
--------------------------------------------------------------------------------
Net cash flows used in operations (13,903) (6,033)
--------------------------------------------------------------------------------
Capital expenditures (19,054) (20,755)
Acquisitions, net of cash (17,287) -
Investment in associates (10,755) (23,832)
Cash flows used in discontinued operations - (33,208)
Cash flows from other investing 1,420 1,244
--------------------------------------------------------------------------------
Net cash flows used in investing activities (45,676) (76,551)
--------------------------------------------------------------------------------
Financing cash flows from continuing operations 36,812 11,523
Financing cash flows from discontinued operations - 47,724
--------------------------------------------------------------------------------
Cash flows generated from financing activities 36,812 59,247
--------------------------------------------------------------------------------
Cash flows used in operations were $13.9 million for the first nine months of
2010 as compared to $6.0 million used in the same period in 2009. The cash
flows used in operations for nine months ended September 30, 2010 are a result
of $29.2 million in cash tax payments as well as a $38.4 million increase in
working capital and provisions, offset by $64.7 million in EBITDA.
Cash used in investing activities was $45.7 million during the nine months ended
September 30, 2010. This decrease of $30.9 million from 2009 primarily relates
to the $1.7 million decrease in capital investments, a $13.1 million decrease in
investments in associates and a $33.2 million decrease in cash flows used by
Timminco, which is classified as a discontinued operation in 2009. The Company
invested $17.3 million to acquire a Turkish antimony mine during the quarter.
Cash generated from financing activities for the nine months ended September
30, 2010 was $36.8 million, a $22.4 million decrease from the same period in
2009. This decrease was primarily attributable to cash flows from discontinued
operations recognized in 2009 that are not applicable in 2010, offset by $25.6
million in draws on the revolving lines of credit, which were primarily used to
fund the acquisition of the Turkish antimony mine.
Shareholder Matters
Safeguard International Fund, L.P. and affiliates, ('Safeguard") owner of 7.8
million of AMG's common shares outstanding, has completed an orderly transition
process regarding Safeguard's shareholding in AMG. Safeguard distributed 4.7
million shares of AMG common stock to certain of its Limited Partners. The
remaining Safeguard Limited Partners received the net proceeds of Safeguard's
private placement of 3.1 million shares of AMG common stock.
Outlook
The global economy continues its improvement from the recession of 2008-2009,
but it will remain volatile in the near term. Due to a number of changes that
we have made in our business units and the gradually recovering Aerospace,
Energy, Infrastructure and Specialty Metals and Chemicals markets, we expect
that AMG will produce marked improvements in 2011 financial results compared to
2010. Specifically, the acquisition of the antimony mine and smelter, cost
reductions made in the aerospace master alloys and coatings products and rising
prices and demand for tantalum should yield considerably better results for
Advanced Materials in 2011. The recent improvement in order intake in
Engineering Systems is also encouraging. We expect this trend to continue into
2011, with both order intake and revenue improving in the new year. Increases
in natural graphite demand and rising silicon metal prices should also benefit
Graphit Kropfmühl in 2011. The effect of the Dow transaction on AMG's
investment in Timminco and the implementation of the new tax strategies should
result in a corresponding increase in the income attributable to shareholders.
AMG Advanced Metallurgical Group N.V.
Condensed interim consolidated income statement
For the three months ended September 30
In thousands of US Dollars 2010 2009
Unaudited Unaudited
Continuing operations
Revenue 240,427 205,406
Cost of sales 198,325 165,457
Gross profit 42,102 39,949
Selling, general and administrative expenses 31,682 31,876
Restructuring expense - 5,302
Environmental expense 257 4,075
Other income, net (270) (1,194)
Operating profit (loss) 10,433 (110)
Finance expense 4,840 6,109
Finance income (1,341) (617)
Foreign exchange (gain) (578) (27)
Net finance costs 2,921 5,465
Share of loss of associates (17,554) (1,285)
Loss before income tax (10,042) (6,860)
Income tax expense 325 5,694
Loss for the period from continuing operations (10,367) (12,554)
Loss after tax for the period from discontinued operations - (14,240)
Loss for the period (10,367) (26,794)
Attributable to:
Shareholders of the Company (11,170) (20,302)
Minority interests 803 (6,492)
Loss for the period (10,367) (26,794)
Earnings (loss) per share
Basic earnings (loss) per share (0.41) (0.76)
Diluted earnings (loss) per share (0.41) (0.76)
Earnings (loss) per share for continuing operations
Basic earnings (loss) per share from continuing operations (0.41) (0.50)
Diluted earnings (loss) per share from continuing
operations (0.41) (0.50)
AMG Advanced Metallurgical Group N.V.
Condensed interim consolidated income statement
For the nine months ended September 30
In thousands of US Dollars 2010 2009
Unaudited Unaudited
Continuing operations
Revenue 719,764 636,059
Cost of sales 590,588 516,825
Gross profit 129,176 119,234
Selling, general and administrative expenses 92,169 94,932
Restructuring expense 6 5,696
Environmental expense 763 4,162
Other income, net (698) (4,277)
Operating profit 36,936 18,721
Finance expense 15,761 15,880
Finance income (2,970) (2,617)
Foreign exchange (gain) (4,334) (176)
Net finance costs 8,457 13,087
Share of loss of associates (26,974) (2,685)
Profit before income tax 1,505 2,949
Income tax expense 11,317 17,642
Loss for the period from continuing operations (9,812) (14,693)
Loss after tax for the period from discontinued operations (54,580)
Loss for the period (9,812) (69,273)
Attributable to:
Shareholders of the Company (10,067) (45,415)
Minority interests 255 (23,858)
Loss for the period (9,812) (69,273)
Earnings (loss) per share
Basic earnings (loss) per share (0.37) (1.69)
Diluted earnings (loss) per share (0.37) (1.69)
Earnings (loss) per share for continuing operations
Basic earnings (loss) per share from continuing operations (0.37) (0.65)
Diluted earnings (loss) per share from continuing
operations (0.37) (0.65)
AMG Advanced Metallurgical Group N.V.
Condensed interim consolidated statements of financial position
In thousands of US Dollars September 30, 2010 December 31, 2009
Unaudited Audited
Assets
Property, plant and
equipment 212,440 211,022
Intangible assets 38,924 28,253
Investments in associates 17,775 34,794
Derivative financial
instruments 283 1,718
Deferred tax assets 9,480 10,912
Restricted cash 12,703 13,263
Notes receivable 252 5,542
Other assets 14,355 11,980
Total non-current assets 306,212 317,484
Inventories 202,318 193,378
Trade and other receivables 177,586 147,787
Derivative financial
instruments 6,383 4,954
Other assets 42,520 30,359
Cash and cash equivalents 90,213 117,016
Total current assets 519,020 493,494
Total assets 825,232 810,978
Equity
Issued capital 725 725
Share premium 379,518 379,518
Other reserves 33,374 31,284
Retained earnings (deficit) (208,967) (198,897)
Equity attributable to shareholders of the
Company 204,650 212,630
Minority interests 14,777 15,793
Total equity 219,427 228,423
Liabilities
Loans and borrowings 184,499 168,319
Employee benefits 88,500 91,358
Provisions 15,272 14,862
Government grants 515 669
Other liabilities 5,659 7,984
Derivative financial
instruments 921 1,339
Deferred tax liabilities 12,529 26,395
Total non-current liabilities 307,895 310,926
Loans and borrowings 4,361 3,464
Short term bank debt 45,934 32,013
Government grants 175 234
Other liabilities 48,061 46,179
Trade and other payables 84,450 69,791
Derivative financial
instruments 4,486 6,048
Advance payments 44,556 54,764
Current taxes payable 38,803 36,050
Provisions 27,084 23,086
Total current liabilities 297,910 271,629
Total liabilities 605,805 582,555
Total equity and liabilities 825,232 810,978
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 2010 2009
Unaudited Unaudited
Cash flows used in operating activities
Loss for the period from continuing operations (9,812) (14,693)
Loss for the period from discontinued operations - (54,580)
Loss for the period (9,812) (69,273)
Adjustments to reconcile loss to net cash flows:
Non-cash:
Depreciation and amortization 17,755 17,491
Restructuring expense 6 5,696
Environmental expense 763 4,162
Net finance costs 8,457 13,087
Share of loss of associates 26,974 2,685
Equity-settled share-based payment transactions 4,911 10,451
Cash-settled share-based payment transactions 187 -
Income tax expense 11,317 17,642
Change in working capital and provisions (38,425) (35,117)
Other 2,312 4,420
Finance costs paid, net (9,191) (7,502)
Income tax paid, net (29,157) (6,101)
Cash flows from discontinued operations - 36,326
Net cash flows used in operating activities (13,903) (6,033)
Cash flows used in investing activities
Proceeds from sale of property, plant and equipment 1,046 -
Acquisition, net of cash (17,287) -
Acquisition of property, plant and equipment and
intangibles (19,054) (20,755)
Investments in associates (10,755) (23,832)
Change in restricted cash 427 1,228
Other (53) 16
Cash flows used in discontinued operations - (33,208)
Net cash flows used in investing activities (45,676) (76,551)
Cash flows from financing activities
Net proceeds from issuance of debt 36,636 11,084
Other 176 439
Cash flows from discontinued operations - 47,724
Net cash flows from financing activities 36,812 59,247
Net decrease in cash and cash equivalents (22,767) (23,337)
Cash and cash equivalents at January 1 117,016 143,473
Effect of exchange rate fluctuations and consolidation
changes on cash (4,036) 4,255
Cash and cash equivalents at September 30 90,213 124,391
About AMG
AMG creates and applies innovative metallurgical solutions to support 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 third quarter 2010 results
[HUG#1460777]
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Source: AMG Advanced Metallurgical Group N.V. via Thomson Reuters ONE
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Datum: 10.11.2010 - 07:00 Uhr
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