Key Highlights
Revenue increased 22% and EBITDA improved 73% in the first quarter 2008 compared to the first quarter 2007
Advanced Materials division experienced robust revenue and EBITDA growth during the quarter, led primarily by improved pricing for ferrovanadium
Engineering Systems division continued its strong revenue and EBITDA growth trend as demand for solar and remelting furnaces continued at a fervent pace
Timminco's revenue and EBITDA benefitted from sales of solar silicon as its new plant commenced production and began its ramp up phase according to schedule
EPS on a fully diluted basis increased 193% from the first quarter 2007 to $0.82
AMG completed the previously announced acquisition of approximately 74% of Graphit Kropfmuehl AG in April 2008
Amsterdam, 9 May 2008 --- AMG Advanced Metallurgical Group N.V. ("AMG", EURONEXT AMSTERDAM: "AMG") today announced its first quarter 2008 results. The Company's revenue increased to $326.1 million in the quarter ended 31 March 2008 from $266.8 million in the first quarter 2007, a 22.2% increase.

Net income attributable to shareholders for the first quarter 2008 was $22.5 million, or $0.82 per fully diluted share. This represents an increase of 204% compared to net income of $7.4 million or $0.28 per fully diluted share for the first quarter 2007. EBITDA rose 73.1% to $42.6 million in the first quarter 2008 compared with $24.6 million in the first quarter 2007.

In commenting on results, Dr. Heinz Schimmelbusch, Chairman of the Management Board and CEO, said: "I am pleased to report record earnings for the first quarter 2008. We had strong performances in both our Advanced Materials and Engineering Systems businesses. Both divisions delivered significant growth due to favorable conditions in the solar, steel, titanium and superalloy end markets. AMG's majority owned subsidiary, Timminco Limited, completed the commissioning of its 3,600 metric ton per annum upgraded metallurgical silicon facility in the first quarter and the ramp up of production is progressing in line with our expectations with output and shipments to our customers increasing each month."

Key Figures
In 000's US Dollar
Q1'08 Q1'07 [1] Change
Revenue $326,148 $266,829 22.2%
Gross profit 67,210 45,103 49.0%
Gross margin 20.6% 16.9%

Operating income 35,408 20,591 72.0%
Operating margin 10.9% 7.7%

Net Income attributable to shareholders 22,509 7,398 204.3%

EPS- Fully diluted 0.82 0.28 192.9%

EBITDA [2] 42,633 24,623 73.1%

Notes:
[1] Q1 2007 revenue has been restated due to an adjustment at Timminco
[2] EBITDA is defined as earnings before interest, tax, depreciation, and amortisation and excludes non-recurring items.

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