Key Highlights
Revenue was $275.2 million in the fourth quarter 2012, an 11% decrease from the same period in 2011; full year revenue was $1,215.6 million, a 10% decrease from 2011

EBITDA[1] was $17.7 million in the fourth quarter 2012, a 29% decrease from the same period in 2011; full year EBITDA was $84.8 million, a 23% decrease from the full year 2011

EPS on a fully diluted basis was ($0.13) in the fourth quarter 2012 up from ($0.47) in the same period in 2011; full year EPS was $0.09

The Advanced Materials Division generated revenue of $174.0 million and EBITDA of $10.0 million in Q4 2012; full year revenue and EBITDA were $791.3 million and $50.3 million, respectively

The Engineering Systems Division generated revenue of $69.2 million and EBITDA of $7.2 million in Q4 2012; full year revenue and EBITDA were $273.8 million and $19.3 million, respectively

Graphit Kropfmühl generated revenue of $31.9 million and EBITDA of $0.5 million in Q4 2012; full year revenue and EBITDA were $150.5 million and $15.2 million, respectively

As of 31 December 2012, cash on the balance sheet was $121.6 million, net debt was $194.2 million

Amsterdam, 19 March 2013 (Regulated Information) --- AMG Advanced Metallurgical Group N.V. ("AMG", EURONEXT AMSTERDAM: "AMG") reported fourth quarter 2012 revenue of $275.2 million an 11% decrease from $308.6 million in the fourth quarter 2011.

EBITDA decreased 29% to $17.7 million in the fourth quarter 2012 from $24.8 million in the fourth quarter 2011. Net loss attributable to shareholders for the fourth quarter 2012 was $3.5 million, or ($0.13) per fully diluted share. Net loss attributable to shareholders for the fourth quarter 2011 was $13.2 million, or ($0.47) per fully diluted share.

Full year 2012 revenue decreased 10% to $1,215.6 million, from $1,351.3 million in 2011. EBITDA decreased 23% to $84.8 million in 2012 compared to $110.1 million in 2011. Net income attributable to shareholders for the full year 2012 was $2.4 million, or $0.09 per fully diluted share a 54% decrease compared to net income attributable to shareholders for the full year 2011 of $5.2 million, or $0.19 per fully diluted share.

Dr. Heinz Schimmelbusch, Chairman of the Management Board and CEO, commented: "2012 was a year of change for AMG. We simplified our corporate structure through the acquisition and merger with Graphit Kropfmühl, streamlined the Management Board, and made changes in operational management. These changes should enable AMG to react more quickly to the ongoing sluggishness in global markets. This environment particularly affected AMG in the fourth quarter of 2012 as the sharp contraction in European economy resulted in lower revenue and earnings. Despite this, AMG generated positive net cash flow during the quarter through reductions in SG&A, and increased discipline in capital investment."

Operational Review - Fourth Quarter 2012
Advanced Materials Division
Q4 '12 Q4 '11 Change
Revenue $174,049 $198,714 (12%)
Gross profit 23,415 19,201 22%
Operating profit (loss) 6,844 (10,864) N/A
EBITDA 10,015 6,026 66%
Capital expenditures 10,812 10,740 1%

The Advanced Materials Division's fourth quarter 2012 revenue decreased $24.7 million, or 12%, to $174.0 million. The decrease in revenue was primarily the result of 30%, 26% and 20% decreases in revenue from ferrovanadium, chrome and antimony, respectively, partially offset by a 61% increase in tantalum revenue, compared to the fourth quarter 2011.

The fourth quarter 2012 gross margin improved to 13% from 10% in the fourth quarter 2011. The improvement in gross margin was driven by cost improvements in aluminum master alloys and ferrovanadium and an increase in tantalum pricing.

The fourth quarter 2012 EBITDA increased $4.0 million to 6% of revenue from 3% of revenue in the fourth quarter 2011. The EBITDA increase was the result of the $4.2 million increase in gross profit and the $1.2 million decrease in personnel expenses, slightly offset by a $0.5 million decrease in the impact of foreign currency exchange.

Capital expenditures were $10.8 million for the fourth quarter 2012, a slight increase from the fourth quarter 2011. Growth capital investments made in the fourth quarter included $3.7 million for the expansion of the spent catalyst recycling facility for ferrovanadium production, $1.0 million related to expansion of the Brazilian tantalum mine and $4.4 million of maintenance capital investment.

Cash flows from operations were $65.6 million in 2012 compared to cash flows from operations of $45.0 million in 2011. The 2012 cash flows from operations are primarily the result of $84.8 million in EBITDA and a $9.9 million decrease in working capital less $18.6 million in net cash interest payments and $12.6 million in cash tax payments.

Cash used in investing activities was $48.5 million in 2012, of which $15.8 million was maintenance capital investments. The $34.2 million decrease compared to 2011 is composed of a $29.2 million decrease in acquisitions and a $3.8 million decrease in capital expenditures. In 2011, AMG acquired KB Alloys and AMG Intellifast for $29.1 million. AMG's acquisition of Graphit Kropfmühl is classified as a financing activity in 2012.

Cash generated from financing activities was $21.7 million in 2012, a $6.2 million decrease from 2011. This decrease was primarily attributable to the acquisition of 11.8% of Graphit Kropfmühl's outstanding common shares in 2012 for $15.3 million, including related costs, reduced by a $9.0 million increase in net proceeds from issuance of debt and repayment of borrowings in 2012. AMG increased the capacity of its credit facility in 2012. The proceeds of this expansion of credit were used to fund the Brazilian mine expansion and the acquisition of Graphit Kropfmühl shares as well as to retire Graphit Kropfmühl's external debt.

Outlook
AMG is implementing changes to its reporting and operational structure in 2013. Effective January 1, 2013, to better coordinate organizational responsibilities and value chains, and improve transparency, AMG has realigned its three operating units as follows: AMG Processing, AMG Mining and AMG Engineering. AMG Processing contains the "conversion" activities, i.e. purchasing and upgrading of high performance materials. AMG Mining includes AMG's mine based material value chains, i.e. tantalum, niobium, antimony, graphite and silicon. AMG Engineering contains the same operating activities as in 2012. AMG will provide segment reporting for these three entities on a go forward basis.

In this environment of slow global growth, AMG is implementing measures to improve cash flow through reductions in capital investment and improved working capital management. In 2013 AMG is targeting an increase in operating margins through SG&A cost reductions, operational realignment and more streamlined management decision-making. Despite the low growth environment, this should generate increased cash flow and EBITDA leading to a reduction in net debt in 2013.

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With over 3,200 employees, AMG operates globally with production facilities in Germany, the United Kingdom, France, Czech Republic, United States, China, Mexico, Brazil, Turkey, Poland, India and Sri Lanka and has sales and customer service offices in Belgium, Russia and Japan (www.amg-nv.com).

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