Key Highlights
. Revenue was $270.7 million in the fourth quarter 2010, a 17% increase over the same period in 2009; full year revenue was $990.5 million, a 14% increase over 2009
. EBITDA[1] was $20.2 million in the fourth quarter 2010, a 62% increase over the same period in 2009; full year EBITDA was $84.9 million, a 23% increase over the full year 2009
. EPS on a fully diluted basis was $0.46 in the fourth quarter 2010; full year EPS, was $0.09; excluding Timminco, EPS improved to $0.10 in Q4 2010, up from $0.03 in Q4 2009; full year EPS excluding Timminco was $0.52
. The Advanced Materials Division generated revenue of $168.9 million and EBITDA of $7.7 million in Q4 2010; full year revenue and EBITDA was $616.3 million and $39.8 million, respectively
. The Engineering Systems Division generated revenue of $67.7 million and EBITDA of $10.0 million in Q4 2010; full year revenue and EBITDA was $245.7 million and $37.5 million, respectively
. Graphit Kropfmühl generated revenue of $34.2 million and EBITDA of $2.5 million in Q4 2010; full year revenue and EBITDA was $128.6 million and $7.6 million, respectively
. As of 31 December 2010, cash on the balance sheet was $89.3 million, net debt was $147.8 million

Amsterdam, 16 March 2011 (Regulated Information) --- AMG Advanced Metallurgical Group N.V. ("AMG", EURONEXT AMSTERDAM: "AMG") reported fourth quarter 2010 revenue of $270.7 million a 17% increase from $231.4 million in the fourth quarter 2009.

EBITDA increased 62% to $20.2 million in the fourth quarter 2010 from $12.4 million in the fourth quarter 2009. Net income attributable to shareholders for the fourth quarter 2010 was $12.5 million, or $0.46 per fully diluted share. Net loss attributable to shareholders for the fourth quarter 2009 was ($30.2) million, or ($1.13) per fully diluted share. Excluding AMG's share of Timminco's net income in the fourth quarter, AMG's net income attributable to shareholders for the fourth quarter 2010 was $2.4 million, or $0.10 per fully diluted share compared to $800 thousand, or $0.03 per fully diluted share in 2009.

Full year 2010 revenue increased 14% to $990.5 million, from $867.4 million in 2009. EBITDA increased 23% to $84.9 million in 2010 compared with $69.1 million in 2009. Net income attributable to shareholders for the full year 2010 was $2.4 million, or $0.09 per fully diluted share. Excluding AMG's portion of Timminco's net loss, AMG's net income attributable to shareholders for the full year 2010 was $13.9 million, or $0.52 per fully diluted share. Net loss attributable to shareholders for continuing operations for the full year 2009, excluding AMG's portion of Timminco's net loss, was ($10.6) million, or ($0.39) per fully diluted share.

Dr. Heinz Schimmelbusch, Chairman of the Management Board and CEO, commented: "2010 was a transition year. Our primary end markets of Aerospace, Energy, Infrastructure and Specialty Metals and Chemicals began to rebound from the global financial crisis. AMG's portfolio approach to specialty metals acted as a stabilizer in 2010 as the Advanced Materials division saw significant improvement in pricing and demand for its products. Although the Engineering Systems division entered 2010 with a low order backlog, the market for vacuum systems improved substantially in the second half of the year after reaching a bottom in mid-year. Graphit Kropfmühl's performance also improved in the second half of 2010, driven by the energy and specialty chemicals markets. The improvement in market conditions experienced in the second half of 2010 and our investments in tantalum, antimony and aluminium master alloys position the business for revenue and EBITDA growth in 2011."

[1] EBITDA is defined as earnings before interest, tax, depreciation and amortization and excludes nonrecurring items

Cash flows used in operations were $1.6 million during 2010 as compared to $2.1 million in 2009. The cash flows used in operations during 2010 are a result of $35.4 million in cash tax payments as well as a $45.2 million increase in working capital and provisions, offset by $84.9 million in EBITDA. The substantial cash tax payments are partially due to the difference between IFRS percentage of completion accounting as compared to completed contract methodology for tax payments.

Cash used in investing activities was $62.6 million during 2010. This decrease of $27.6 million from 2009 is composed of an $18.2 million decrease in investments in associates, primarily Timminco, and a $32.0 million decrease in cash flows used by Timminco, which was classified as a discontinued operation in 2009, slightly offset by a $7.4 million increase in capital investments and a $20.2 million increase in acquisitions. The Company invested $16.5 million to acquire a Turkish antimony mine and $3.7 million to acquire the Mono2 solar technology during 2010.

Cash generated from financing activities during 2010 was $42.4 million, a $20.3 million decrease from 2009. This decrease was primarily attributable to cash flows from discontinued operations recognized in 2009 that are not applicable in 2010, offset by $42.4 million in draws on the revolving lines of credit, which were primarily used to fund the acquisition of the Turkish antimony mine.

Outlook
AMG improved its market position for a number of materials and metals technologies used in the end markets of Aerospace, Energy, Infrastructure and Specialty Metals during 2010. These activities combined with improving markets should generate continued revenue and earnings growth in 2011. The Advanced Materials division's acquisition of the antimony mine and smelter, cost reductions made in the aerospace master alloys and coatings products, the acquisition of aluminium alloy producer KB Alloys, LLC and rising prices and demand for tantalum and aerospace master alloys should yield double digit percentage revenue growth for this division in 2011. The Engineering Systems division began 2011 with a 13% larger order backlog than it began 2010 due to improved demand in the specialty steel and solar industries. This should result in a revenue growth rate during 2011 similar to the current increase in order backlog; however, margin pressure may increase. We expect strengthening demand for natural graphite and improved pricing to result in revenue growth at Graphit Kropfmühl in 2011. The growth in revenue across all business segments combined with ongoing capital investments to improve efficiencies should result in an increased EBITDA margin in 2011.

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With over 2,600 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)

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