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+12.035 %

Rendement AEX
+33.325 %

Startdatum
01-01-2009

Startwaarde portefeuille € 74082.37

Startwaarde AEX
€ 245.94


Laatste update:
29-01-2010

AMG Advanced Metallurgical Group N.V. Reports Second Quarter 2017 Results

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Overig advies 03/08/2017 07:14
Key Highlights
Revenue increased by 6% to $262.0 million in the second quarter 2017 from $248.3 million in the second quarter 2016
EBITDA(2) was $31.9 million in the second quarter 2017, a 22% increase over the same period in 2016
Operating profit increased by 19% to $22.6 million in the second quarter 2017 from $19.0 million in the second quarter 2016
Cash from operating activities on a year to date basis was $28.5 million, an increase of $8.5 million over the same period in 2016
Annualized return on capital employed increased to 23.9% in the second quarter 2017, as compared to 17.8% in the second quarter 2016

Amsterdam, 3 August 2017 (Regulated Information) --- AMG Advanced Metallurgical Group N.V. ("AMG", EURONEXT AMSTERDAM: "AMG") reported second quarter 2017 revenue of $262.0 million, a 6% increase from $248.3 million in the second quarter 2016. EBITDA for the second quarter 2017 was $31.9 million, a 22% increase from $26.0 million in the second quarter 2016. Net income attributable to shareholders slightly decreased to $13.1 million in the second quarter 2017 from $13.4 million in the second quarter 2016.

Dr. Heinz Schimmelbusch, Chairman of the Management Board and CEO, said, "We are very pleased that AMG's strong cash flow generation for the first six months of 2017 enabled the Company to end the quarter with net debt in line with the prior year end, despite substantial capital investments in the first half of 2017 in AMG's lithium project in Brazil, and titanium aluminide expansion in Germany.

AMG's lithium project continues to progress in line with our expectations and we intend to make a formal investment decision regarding our targeted expansion to 180,000 tons of lithium concentrate production capacity before the end of the year.

AMG Engineering achieved EBITDA of $8.0 million during the second quarter 2017, a 43% increase from $5.6 million in the second quarter 2016. AMG Engineering signed $76.9 million in new orders during the second quarter 2017, representing a 1.29x book to bill ratio. The Engineering segment continues to experience strong demand for turbine blade coating, powder metallurgy and plasma remelting furnaces for the aerospace market and heat treatment furnaces for the automotive market. Order backlog was $183.3 million as of June 30, 2017, an increase of 35% compared to December 31, 2016. The strong results in AMG Engineering reflect our efforts to diversify our product offerings in recent years, including the introduction of powder metallurgy and SyncroTherm in-line heat treatment furnaces.

AMG Critical Materials generated EBITDA of $23.9 million during the second quarter 2017, thanks to strong financial performance in vanadium and titanium alloys, and the recognition of $3.0 million in business interruption insurance, following the fire at the Mibra mine in Brazil.

In the second quarter of 2017, AMG generated cash from operating activities of $10.6 million, a decrease of $13.7 million over the same period in 2016. On a year to date basis, AMG generated cash from operating activities of $28.5 million in 2017, an increase of $8.5 million compared to the same period in 2016."

Key Figures
In 000's US Dollar
Q2 '17 Q2 '16 Change
Revenue $262,042 $248,349 6%
Gross profit 54,344 53,302 2%
Gross margin 20.7% 21.5%
Operating profit 22,577 18,967 19%
Operating margin 8.6% 7.6%
Net income attributable to shareholders 13,115 13,447 (2%)
EPS - Fully diluted 0.42 0.48 (13%)
EBIT (1) 24,369 18,585 31%
EBITDA (2) 31,866 26,049 22%
EBITDA margin 12.2% 10.5%
Cash from operating activities 10,633 24,315 (56%)

Note:
EBIT is defined as earnings before interest and income taxes. EBIT excludes restructuring and equity-settled share-based payments and includes foreign currency gains or losses.
EBITDA is defined as EBIT adjusted for depreciation and amortization.

Operational Review
AMG Critical Materials
Q2 '17 Q2 '16 Change
Revenue $202,625 $181,619 12%
Gross profit 37,583 * 37,953 (1%)
Operating profit 16,896 15,016 13%
EBITDA 23,883 20,485 17%

* Includes $3.6 million non-cash benefit related to reversal of previously expensed vanadium, nickel and molybdenum inventory adjustments

AMG Critical Materials' revenue in the second quarter increased by $21.0 million, or 12%, to $202.6 million, driven by improved vanadium, molybdenum, nickel, aluminum, titanium and antimony prices, and higher sales volumes of chrome, antimony, silicon, niobium and titanium products.

Gross profit in the second quarter decreased by $0.4 million, or 1%, to $37.6 million. Strong financial performance in vanadium and titanium alloys in the quarter was offset by lower gross profit in tantalum. The reduction in tantalum gross profit was driven by lower sales volumes, due to the temporary shutdown in one of AMG's two tantalum production lines, and lower sales prices, following the termination of AMG's long term supply agreement.

AMG is insured for the interruption to the tantalum business as a result of the fire, and has recorded insurance proceeds of $3.0 million during the second quarter 2017, which is included within gross profit and EBITDA.

In addition, AMG Critical Materials' gross profit was positively impacted by the partial recovery of asset impairment expenses recorded in the first quarter 2017. AMG recorded an asset impairment expense of $2.2 million in the first quarter 2017 as a result of fire damage sustained at the Mibra mine in Brazil, and subsequently recorded a $1.4 million partial recovery in the second quarter 2017, following the receipt of insurance proceeds.

Additional insurance proceeds, in respect of both business interruption and property damage, are expected to be recorded in the second half of 2017. In accordance with IFRS, AMG is recognizing the insurance proceeds as recovery amounts are finalized.

SG&A expenses in the second quarter 2017 decreased by $2.4 million, or 10%, compared to the same period in the prior year, primarily due to a reduction in share-based compensation expenses.

Second quarter 2017 EBITDA margin increased slightly to 12%, compared to 11% in the second quarter 2016.

AMG Engineering
Q2 '17 Q2 '16 Change
Revenue $59,417 $66,730 (11%)
Gross profit 16,761 15,349 9%
Operating profit 5,681 3,951 44%
EBITDA 7,983 5,564 43%

AMG Engineering signed $76.9 million in new orders during the second quarter 2017, representing a 1.29x book to bill ratio. Order backlog was $183.3 million as of June 30, 2017, an increase of 35% from December 31, 2016.

AMG Engineering's second quarter 2017 revenue decreased $7.3 million, or 11%, to $59.4 million, due to lower revenue from plasma remelting furnaces for the aerospace market and heat treatment services for the automotive market.

Second quarter 2017 gross profit increased by $1.4 million, or 9%, to $16.8 million and gross margin increased to 28% from 23%, due to a greater proportion of revenue being generated from high margin, aerospace market facing products in the quarter.

SG&A expenses decreased by $0.4 million, or 3%, compared to the prior year, primarily due to lower share-based compensation expenses.

EBITDA increased by $2.4 million to $8.0 million in the second quarter 2017, driven largely by higher gross profit and lower SG&A costs.

Financial Review
Tax
AMG recorded an income tax expense of $7.7 million in the second quarter 2017 as compared to a tax expense of $2.8 million in the same period in 2016. The lower tax expense in second quarter 2016 was primarily due to a drop in the Brazilian Real, which reduced income tax expense.

Due to the volatile nature of the Company's deferred tax balances caused by items such as the Brazil currency fluctuations, AMG focuses on cash tax payments. AMG paid taxes of $3.4 million in the second quarter 2017 as compared to tax payments of $1.8 million in the same period in 2016. For the second quarter 2017, AMG's effective cash tax rate was 16%, compared to 11% in the same period in 2016. The increase is due to higher profitability in countries where the Company does not have tax losses carried forward to reduce tax liabilities.

Non-Recurring Items
AMG's second quarter 2017 gross profit of $54.3 million includes non-recurring items, which are not included in the calculation of EBITDA.

AMG had a net debt position of $7.3 million as of June 30, 2017. Total debt increased by $8.1 million and net debt was unchanged from December 31, 2016.


Cash from operating activities decreased by $13.7 million to $10.6 million in the second quarter 2017, due to an $11.0 million increase in working capital during the quarter which was largely driven by an increase in accounts receivable.

Capital expenditures increased to $18.6 million in the second quarter 2017 compared to $7.5 million in the same period in 2016. Capital spending in the second quarter 2017 included $5.6 million of maintenance capital. The largest expansion capital projects were AMG's lithium project in Brazil, and titanium aluminide expansion in Germany.

Including the $168.9 million of cash, AMG had $350 million of total liquidity as of June 30, 2017.

Net Finance Costs
AMG's second quarter 2017 net finance costs decreased to $1.8 million from $3.3 million in the second quarter 2016, due to lower foreign exchange impacts.

SG&A
AMG's second quarter 2017 SG&A expenses were $32.0 million compared to $34.8 million in the second quarter 2016, primarily due to a decrease in share-based compensation expenses of $1.6 million and lower pension expenses of $0.3 million, as a result of pension contributions made during 2016.

Interim Dividend
AMG has announced an interim dividend of €0.14 per ordinary share in respect of the period from January 1, 2017, to June 30, 2017.

Outlook
AMG expects full year 2017 profitability to improve relative to 2016.

Amsterdam, 3 August 2017 (Regulated Information) --- AMG Advanced Metallurgical Group N.V. ("AMG", EURONEXT AMSTERDAM: "AMG") is pleased to announce an interim dividend in respect of the period from 1 January 2017 to 30 June 2017 of €0.14 per ordinary share, payable on or around 15 August 2017, to shareholders of record on 8 August 2017. The ex-dividend date will be 7 August 2017. Dutch withholding tax will be deducted from the dividend at a rate of 15%.

This press release contains inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation.

This press release contains regulated information as defined in the Dutch Financial Markets Supervision Act (Wet op het financieel toezicht).

tijd 09.25
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