Key Highlights
Revenue was $1,093.9 million in 2014, a 6% decrease from 2013; fourth quarter 2014 revenue was $260.4 million, an 8% decrease from the same period in 2013
EBITDA([1]) was $85.7 million in 2014, an 18% increase over 2013; fourth quarter 2014 EBITDA was $21.9 million, a 108% increase over the same period in 2013
EPS on a fully diluted basis was $0.79 in 2014, compared to ($1.51) in 2013; fourth quarter EPS was $0.26, compared to ($0.12) in the same period in 2013
Cash flows from operating activities were $95.1 million in 2014, a 36% increase over 2013; fourth quarter 2014 cash flows from operating activities were $22.7 million, an 83% increase over the same period in 2013
Record full year free cash flow([2]) generation of $72.1 million in 2014
As of December 31, 2014, cash on the balance sheet was $108.0 million; net debt was $87.8 million, a reduction of $72.7 million, or 45%, during 2014

Amsterdam, 12 March 2015 (Regulated Information) --- AMG Advanced Metallurgical Group N.V. ("AMG", EURONEXT AMSTERDAM: "AMG") reported fourth quarter 2014 improvements in operating cash flow, EBITDA and earnings per share. Net income attributable to shareholders for the fourth quarter 2014 was $7.3 million, or $0.26 per fully diluted share, compared to a net loss of $3.2 million, or ($0.12) per fully diluted share in the fourth quarter 2013. EBITDA increased 108% to $21.9 million in the fourth quarter 2014 from $10.5 million in the fourth quarter 2013. AMG achieved these improvements despite an 8% decrease in fourth quarter 2014 revenue to $260.4 million.

Dr. Heinz Schimmelbusch, Chairman of the Management Board and CEO, said, "AMG's efforts to improve its balance sheet and create financial flexibility have been a remarkable success. AMG generated record free cash flow during 2014 and reduced net debt by $72.7 million, or 45%. This was accomplished despite subdued market conditions, by improving overall profitability, managing working capital and maintaining discipline in capital spending. In the fourth quarter, AMG Processing and AMG Mining continued to increase year over year gross margins through improved productivity, a reduced cost structure and a focus on providing higher value-added products. AMG Engineering EBITDA improved to $2.7 million in the fourth quarter, the highest quarterly performance of 2014 for the segment. Despite the improvement, AMG Engineering is still below expectations and additional measures will be taken to ensure a return to historical profitability levels."

Key Figures
In 000's US Dollar
Q4 '14 Q4 '13 Change FY '14 FY '13 Change
Revenue $260,378 $284,023 (8%) $1,093,889 $1,158,444 (6%)
Gross profit 44,918 41,034 9% 184,292 177,702 4%
Gross margin 17.3% 14.4% 16.8% 15.3%
Operating profit (loss) 3,698 (4,289) N/A 40,632 (26,196) N/A
Operating margin 1.4% (1.5%) 3.7% (2.3%)
Net income (loss) attributable to shareholders 7,310 (3,175) N/A 21,910 (41,538) N/A
EPS- Fully diluted $0.26 ($0.12) N/A $0.79 ($1.51) N/A
EBIT (1) 13,813 2,090 561% 53,238 39,353 35%
EBITDA (2) 21,858 10,516 108% 85,732 72,601 18%
EBITDA margin 8.4% 3.7% 7.8% 6.3%

Cash flows from operating activities 22,664 12,38 83% 95,114 69,707 36%

Note:
EBIT is defined as earnings before interest, tax and excludes non-recurring items
EBITDA is defined as earnings before interest, tax, depreciation and amortization and excludes non-recurring items

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http://hugin.info/138060/R/1902265/676314.pdf


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