AMG Advanced Metallurgical Group N.V. Reports First Quarter 2013 Results

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Beleggingsadvies 03/05/2013 07:16
Key Highlights
. Revenue was $296.5 million in the first quarter 2013, an 8% decrease from the same period in 2012
. EBITDA([1]) was $22.2 million in the first quarter 2013, a 1% increase over the same period in 2012
EPS on a fully diluted basis was $0.09 in the first quarter 2013, a 31% decrease from the same period in 2012
- AMG Processing generated revenue of $153.1 million and EBITDA of $8.7 million in the first quarter 2013
- AMG Engineering generated revenue of $60.5 million and EBITDA of $5.6 million in the first quarter 2013
- AMG Mining generated revenue of $82.9 million and EBITDA of $7.9 million in the first quarter 2013
- As of March 31, 2013, cash on the balance sheet was $106.7 million; net debt was $200.7 million

Amsterdam, 3 May 2013 (Regulated Information) --- AMG Advanced Metallurgical Group N.V. ("AMG", EURONEXT AMSTERDAM: "AMG") reported first quarter 2013 revenue of $296.5 million, an 8% decrease from $324.0 million in the first quarter 2012.

EBITDA increased 1% to $22.2 million in the first quarter 2013 from $22.0 million in the first quarter 2012. Net income attributable to shareholders for the first quarter 2013 was $2.5 million, or $0.09 per fully diluted share, a 31% decrease compared to the first quarter 2012. Net income attributable to shareholders for the first quarter 2012 was $3.6 million, or $0.13 per fully diluted share.

Dr. Heinz Schimmelbusch, Chairman of the Management Board and CEO, said, "Business conditions remained challenging in the first quarter 2013. Revenue decreased due to the stagnant global economy; however, the decline was more than offset by cost reductions and operational improvements, resulting in a slight increase in EBITDA. In particular, AMG Mining and AMG Engineering reduced costs, generating increases in operating profit and EBITDA. AMG Processing continues to make strides to improve its cost structure and more work can be done. AMG is focusing primarily on generating cash flow."

Key Figures
In 000's US Dollar
Q1'13 Q1'12 Change
Revenue $296,478 $323,984 (8%)
Gross profit 48,258 53,437 (10%)
Gross margin 16.3% 16.5%
Operating profit 11,040 11,363 (3%)
Operating margin 3.7% 3.5%
Net profit attributable to shareholders 2,460 3,648 (33%)
EPS- Fully diluted 0.09 0.13 (31%)
EBIT (1) 13,532 14,886 (9%)
EBITDA (2) 22,232 22,002 1%
EBITDA margin 7.5% 6.8%

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

Outlook
AMG's markets, particularly for the European centric businesses, remain challenging. While AMG is addressing this low growth environment through securing long-term contracts, where possible, and focusing on cost reductions, global demand is expected to remain sluggish. AMG is making progress on reducing costs, achieving an 8% reduction in SG&A in the first quarter 2013. AMG believes that cost reductions and operational improvements will generate an increase in EBITDA and stable cash flows in 2013.

Composition of Supervisory Board
General Wesley Clark has asked the Supervisory Board of AMG to withdraw his nomination for re-appointment to the AMG Supervisory Board at AMG's 2013 Annual General Meeting. General Clark's term as a Supervisory Board member of AMG will end on May 13, 2013. The Supervisory Board of AMG wishes to thank General Clark for his six years of service to the Company.

tijd 09.20
De Midcap 528,48 +0,91 +0,17% AMG EUR 6,99 +7ct vol. 28.000



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