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AMG Advanced Metallurgical Group N.V. Reports Record Earnings for Second Quarter 2022

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AMG Advanced Metallurgical Group N.V.
AMG Advanced Metallurgical Group N.V.

Strategic Highlights

  • Construction and commissioning of the new vanadium spent catalyst recycling facility in Zanesville, Ohio is proceeding as planned. The roaster is fully operational, and the entire plant is expected to be at run-rate capacity by the end of the fourth quarter of 2022.

  • The project to expand the spodumene production in AMG Brazil is on time and on budget. The objective is to be in full production in the second half of 2023 or earlier.

  • AMG Lithium has started construction of the first European lithium refinery, and commissioning for the first module of the battery-grade lithium hydroxide upgrader will commence in the second half of 2023.

  • AMG’s first lithium vanadium battery (“LIVA”) for industrial power management applications is proceeding as planned and the objective is to be fully operational in the fourth quarter of 2022.

  • Shell & AMG Recycling B.V. (“SARBV”) and its partner, the United Company for Industry (“UCI”), have signed an agreement with Saudi Arabian Oil Company (“Aramco”). Basic engineering has begun on the first of four projects to build, own and operate a conversion plant of vanadium-containing gasification ash supplied by Aramco into vanadium oxide and vanadium electrolyte.

Financial Highlights

  • Revenue increased by 42% to $424.1 million in the second quarter of 2022 from $298.4 million in the second quarter of 2021.

  • EBITDA was $81.1 million in the second quarter of 2022, up 158% versus the second quarter 2021 EBITDA of $31.4 million, marking the highest six-month and quarterly EBITDA in AMG’s history and its eighth straight quarter of sequential improvement.

  • Annualized return on capital employed was 25.5% for the first six months of 2022, more than double the 10.0% for the same period in 2021.

  • Net income to shareholders for the second quarter of 2022 was $29.6 million, yielding 91 cents diluted earnings per share, compared to $3.6 million of net income to shareholders in the same period in the prior year and 11 cents diluted earnings per share.

  • AMG’s liquidity as of June 30, 2022, was $476 million, with $301 million of unrestricted cash and $175 million of revolving credit availability.

  • AMG declares an interim dividend of €0.30 per ordinary share, to be paid in the third quarter of 2022.

Amsterdam, 28 July 2022 (Regulated Information) --- AMG Advanced Metallurgical Group N.V. (“AMG”, EURONEXT AMSTERDAM: “AMG”) reported second quarter 2022 revenue of $424.1 million, a 42% increase versus the second quarter of 2021. EBITDA for the second quarter of 2022 was $81.1 million, a 158% increase versus the second quarter of 2021. This also marks the eighth straight quarter of sequential growth after the pandemic low point in the second quarter of 2020.

Dr. Heinz Schimmelbusch, Chairman of the Management Board and CEO, said, “AMG generated the highest quarterly EBITDA in our history in the second quarter of 2022. EBITDA for the second quarter of 2022 was $81 million, up 158% from the same period in 2021, and 48% higher than the first quarter of 2022. This outstanding result is mainly driven by our AMG Clean Energy Materials segment, where strong lithium prices lead to improved profitability in AMG Brazil, as well as by increased aerospace activity within our AMG Critical Materials Technologies segment.

“All of AMG’s strategic projects cluster in our AMG Clean Energy Materials segment and all of these projects are proceeding as planned. Each of these projects is oriented toward growing our production of electricity storage materials or increasing our footprint in the circular economy.

  1. Commissioning has started at the Zanesville, Ohio, spent catalyst recycling facility. The roasting plant has reached its design capacity and is presently undergoing the final performance test. The “melt shop” is starting its commissioning process. With this new recycling plant, AMG solidifies its position as the world leader in the recycling of refinery waste. We are pleased to announce that large scale shipments of refinery waste from overseas have started.

  2. The expansion project of AMG Brazil’s lithium concentrate production is proceeding as planned and the production is fully sold at market price via long-term contracts.

  3. AMG Lithium has begun construction of the first European lithium refinery. The first module of the battery-grade lithium hydroxide upgrader will commence commissioning in the second half of 2023.

  4. AMG’s first lithium vanadium battery (“LIVA”) for industrial power management applications has begun commissioning.

  5. SARBV and UCI recently signed agreements in the Kingdom of Saudi Arabia. The joint venture plans to execute four distinct projects under an entity currently being formed, Advanced Circular Materials Company (“ACMC”):

    1. Build, own and operate a conversion plant of vanadium-containing gasification ash into vanadium oxide and vanadium electrolyte for redox flow batteries;

    2. A spent catalyst recycling facility;

    3. A fresh catalyst R&D laboratory;

    4. Mass energy storage facilities (vanadium redox flow battery manufacturing).

Basic engineering for the first project has begun and it will lay the foundation for all other projects with the Supercenter. It will produce and sell high-purity vanadium oxide and vanadium electrolyte. This is the largest such project in the world and is under long-term market-based contracts with Aramco. The materials this project will produce are destined to feed the emerging vanadium redox flow battery market.

“We are extremely pleased to announce the accomplishments of these strategic projects along with the best quarterly results in the history of the Company.”

Key Figures

In 000’s US dollars

 

 

Q2 ‘22

Q2 ‘21

Change

Revenue

$424,094

$298,374

42%

Gross profit

102,240

48,499

111%

Gross margin

24.1%

16.3%

 

 

 

 

 

Operating profit

65,246

3,691

1,668%

Operating margin

15.4%

1.2%

 

 

 

 

 

Net income attributable to shareholders

29,631

3,566

731%

 

 

 

 

EPS - Fully diluted

0.91

0.11

727%

 

 

 

 

EBIT (1)

69,763

20,462

241%

EBITDA (2)

81,126

31,401

158%

EBITDA margin

19.1%

10.5%

 

 

 

 

 

Cash from operating activities

39,505

23,018

72%

Notes:

(1)   EBIT is defined as earnings before interest and income taxes. EBIT excludes restructuring, asset impairment, inventory cost adjustments, environmental provisions, exceptional legal expenses, equity-settled share-based payments, and strategic expenses.
(2)   EBITDA is defined as EBIT adjusted for depreciation and amortization.

Operational Review

AMG Clean Energy Materials

 

Q2 ‘22

Q2 ‘21

Change

Revenue

$159,762

$90,135

77%

Gross profit

60,821

13,822

340%

Gross profit before non-recurring items

61,654

16,122

282%

Operating profit (loss)

49,704

(7,415)

N/A

EBITDA

58,232

12,554

364%

AMG Clean Energy Materials’ revenue increased 77% compared to the second quarter of 2021, to $159.8 million, driven mainly by higher prices in vanadium, tantalum and lithium concentrates. Sales volumes were down due to shipping schedule variances from AMG Brazil and maintenance downtime at our Cambridge facility.

Gross profit before non-recurring items for the quarter increased 282% compared to the same period in the prior year, primarily due to the increased price environment.

SG&A expenses in the second quarter of 2022 were $11.1 million, $1.6 million higher than the second quarter of 2021, largely due to higher share-based and variable compensation expense.

The second quarter 2022 EBITDA increased 364%, to $58.2 million, from $12.6 million in the second quarter of 2021, due to the improved gross profit as noted above.

AMG Critical Minerals

 

Q2 ‘22

Q2 ‘21

Change

Revenue

$103,416

$76,793

35%

Gross profit

14,028

13,732

2%

Gross profit before non-recurring items

14,029

13,397

5%

Operating profit

7,086

7,009

1%

EBITDA

9,069

9,220

(2%)

AMG Critical Minerals’ revenue increased by $26.6 million, or 35%, to $103.4 million, driven by strong sales volumes of antimony and graphite as well as higher sales prices in silicon and antimony.

Gross profit before non-recurring items of $14.0 million in the second quarter was $0.6 million higher compared to the second quarter of 2021. The higher revenue was due to the improved pricing and higher sales volumes noted above and was offset by increased raw material prices as well as the ongoing rise in energy and shipping costs.

SG&A expenses in the second quarter of 2022 slightly increased by 2%, to $7.0 million, compared to the same period in 2021.

The second quarter 2022 EBITDA was consistent with the same period in the prior year despite ongoing inflationary pressures including energy and shipping cost increases.

AMG Critical Materials Technologies

 

Q2 ‘22

Q2 ‘21

Change

Revenue

$160,916

$131,446

22%

Gross profit

27,391

20,945

31%

Gross profit before non-recurring items

27,431

21,059

30%

Operating profit

8,456

4,097

106%

EBITDA

13,825

9,627

44%

AMG Critical Materials Technologies' second quarter 2022 revenue increased by $29.5 million, or 22%, compared to the same period in 2021. This improvement was due to increased titanium alloys sales, as well as higher chrome metal pricing associated with improving conditions in the aerospace sector. Second quarter 2022 gross profit before non-recurring items increased by $6.4 million, or 30%, to $27.4 million due to the higher volumes and prices.

SG&A expenses increased by $2.1 million in the second quarter of 2022 compared to the same period in 2021, mainly driven by higher share-based and variable compensation expense and higher professional fees in the current quarter.

AMG Critical Materials Technologies’ EBITDA increased to $13.8 million during the quarter, compared to $9.6 million in the second quarter of 2021. This was primarily due to higher profitability in chrome metal and titanium alloys.

AMG Engineering signed $59.8 million in new orders during the second quarter of 2022, driven by strong orders of induction furnaces, representing a 1.10x book to bill ratio. Order backlog was $181.0 million as of June 30, 2022, slightly lower than the $183.5 million as of March 31, 2022.

Financial Review

Tax

AMG recorded an income tax expense of $23.2 million in the second quarter of 2022, compared to an income tax benefit of $5.6 million in the same period in 2021. This variance was mainly driven by higher pre-tax income compared to the prior period and movements in the Brazilian real versus the US dollar. The effects of the Brazilian real caused a $3.8 million non-cash tax expense in the second quarter of 2022 compared to a $12.4 million non-cash tax benefit in the second quarter of 2021. Movements in the Brazilian real exchange rate impact the valuation of the Company’s net deferred tax positions related to our operations in Brazil.

AMG paid taxes of $9.1 million in the second quarter of 2022, compared to tax payments of $2.5 million in the second quarter of 2021.

Exceptional Items

AMG’s second quarter 2022 gross profit includes exceptional items, which are not included in the calculation of EBITDA.

A summary of exceptional items included in gross profit in the second quarters of 2022 and 2021 are below:

Exceptional items included in gross profit

 

Q2 ‘22

Q2 ‘21

Change

Gross profit

$102,240

$48,499

111%

Inventory cost adjustment

1,497

N/A

Restructuring expense

41

334

(88%)

Asset impairment reversal

(640)

N/A

Strategic project expense

833

888

(6%)

Gross profit excluding exceptional items

103,114

50,578

104%

Energy Costs

Total energy costs were $9.9 million higher in the second quarter of 2022 versus the same period in 2021 due to significant increases in gas and electricity costs during the quarter. The majority of this increase was at our silicon business in Germany, but that business benefited from fully hedged power costs. Other business units benefited from long-term electricity contracts that have no price escalation clauses, and the business units that did experience energy cost increases were able to pass through most of these increased costs to their customers.

SG&A

AMG’s second quarter 2022 SG&A expenses were $37.0 million compared to $33.2 million in the second quarter of 2021, with the variance largely driven by higher compensation expense due to higher profitability forecasted for the year and increased professional fees associated with strategic projects.

Liquidity

 

June 30, 2022

December 31, 2021

Change

Senior secured debt

$365,751

$371,897

(2%)

Cash & cash equivalents

300,758

337,877

(11%)

Senior secured net debt

64,993

34,020

91%

Other debt

22,644

24,398

(7%)

Net debt excluding municipal bond

87,637

58,418

50%

Municipal bond debt

319,363

319,476

—%

Restricted cash

42,182

93,434

(55%)

Net debt

364,818

284,460

28%

AMG had a net debt position of $364.8 million as of June 30, 2022. This increase was mainly due to the significant investment in growth initiatives during the quarter.

AMG continued to maintain a strong balance sheet and adequate sources of liquidity during the second quarter. Employee benefit liabilities decreased $55 million during the quarter to $108 million mainly due to rising discount rates. This decrease in employee benefit liabilities combined with AMG’s higher earnings have increased our equity attributable to shareholders to $357 million, a 33% increase over the year-end value.

As of June 30, 2022, the Company had $301 million in unrestricted cash and cash equivalents and $175 million available on its revolving credit facility. As such, AMG had $476 million of total liquidity as of June 30, 2022.

Net Finance Costs

AMG’s second quarter 2022 net finance costs were $12.2 million compared to $4.8 million in the second quarter of 2021. This increase was mainly driven by non-cash intergroup related foreign exchange losses of $7.5 million during the quarter.

AMG capitalized $2.1 million of interest costs in the second quarter of 2022 versus $3.8 million in the same period in 2021, driven by interest associated with the Company’s tax-exempt municipal bond supporting the vanadium expansion in Ohio. This decrease is due to a portion of the municipal bond interest costs which are no longer being capitalized due to the ramp up of production at our Zanesville facility.

Outlook

AMG continues to provide strong and consistent results despite the global economic fallout from the geopolitical turbulence in recent months. We are continuing to focus on the things we can control and are extremely pleased with the noted achievements in our strategic initiatives which will drive long-term value creation. EBITDA was $81.1 million in the second quarter of 2022, the highest quarterly EBITDA in AMG’s history. As mentioned, it was the eighth straight quarter of sequential improvement.

As the year has progressed and more information is available, AMG is increasing its EBITDA guidance for the full year 2022 to a range of between $280 million and $300 million. This range is supported by AMG’s geographic diversification and the strength of the global lithium market.

Net income to EBITDA reconciliation

 

Q2 ‘22

Q2 ‘21

Net income

$29,879

$4,272

Income tax expense (benefit)

23,156

(5,580)

Net finance cost

12,211

4,761

Equity-settled share-based payment transactions

1,372

1,194

Restructuring expense

41

334

Inventory cost adjustment

1,497

Asset impairment reversal

(640)

Environmental provision

11,651

Strategic project expense (1)

3,107

2,525

Others

(3)

448

EBIT

69,763

20,462

Depreciation and amortization

11,363

10,939

EBITDA

81,126

31,401

(1) The Company is in the initial development and ramp-up phases for several strategic expansion projects, including AMG Vanadium’s expansion project, the joint venture with Shell, Hybrid Lithium Vanadium Redox Flow Battery System, and the lithium expansion in Germany, which incurred project expenses during the quarter but are not yet operational. AMG is adjusting EBITDA for these exceptional charges.

AMG Advanced Metallurgical Group N.V.

 

 

Condensed Interim Consolidated Income Statement

 

 

For the quarter ended June 30

 

 

In thousands of US dollars

2022

2021

 

Unaudited

Unaudited

Continuing operations

 

 

Revenue

424,094

298,374

Cost of sales

(321,854)

(249,875)

Gross profit

102,240

48,499

 

 

 

Selling, general and administrative expenses

(37,034)

(33,232)

 

 

 

Environmental expense

(11,651)

Other income, net

40

75

Net other operating income (expense)

40

(11,576)

 

 

 

Operating profit

65,246

3,691

 

 

 

Finance income

2,081

264

Finance cost

(14,292)

(5,025)

Net finance cost

(12,211)

(4,761)

 

 

 

Share of loss of associates and joint ventures

(238)

 

 

 

Profit (loss) before income tax

53,035

(1,308)

 

 

 

Income tax (expense) benefit

(23,156)

5,580

 

 

 

Profit for the period

29,879

4,272

 

 

 

Profit attributable to:

 

 

Shareholders of the Company

29,631

3,566

Non-controlling interests

248

706

Profit for the period

29,879

4,272

 

 

 

Earnings per share

 

 

Basic earnings per share

0.93

0.11

Diluted earnings per share

0.91

0.11


AMG Advanced Metallurgical Group N.V.

 

 

Condensed Interim Consolidated Income Statement

 

 

For the six months ended June 30

 

 

In thousands of US dollars

2022

2021

 

Unaudited

Unaudited

Continuing operations

 

 

Revenue

827,957

562,360

Cost of sales

(650,523)

(466,997)

Gross profit

177,434

95,363

 

 

 

Selling, general and administrative expenses

(74,496)

(66,325)

 

 

 

Environmental expense

(11,711)

Other income, net

122

173

Net other operating income (expense)

122

(11,538)

 

 

 

Operating profit

103,060

17,500

 

 

 

Finance income

2,380

474

Finance cost

(23,510)

(13,889)

Net finance cost

(21,130)

(13,415)

 

 

 

Share of loss of associates and joint ventures

(500)

(625)

 

 

 

Profit before income tax

81,430

3,460

 

 

 

Income tax (expense) benefit

(21,667)

6,490

 

 

 

Profit for the period

59,763

9,950

 

 

 

Profit attributable to:

 

 

Shareholders of the Company

58,746

8,665

Non-controlling interests

1,017

1,285

Profit for the period

59,763

9,950

 

 

 

Earnings per share

 

 

Basic earnings per share

1.84

0.29

Diluted earnings per share

1.81

0.28


 


AMG Advanced Metallurgical Group N.V.

 

 

Condensed Interim Consolidated Statement of Financial Position

 

 

 

 

In thousands of US dollars

June 30,2022 Unaudited

December 31, 2021

Assets

 

 

Property, plant and equipment

739,610

693,624

Goodwill and other intangible assets

41,761

44,684

Derivative financial instruments

22,508

95

Other investments

26,707

29,830

Deferred tax assets

39,953

52,937

Restricted cash

33,682

85,023

Other assets

8,394

8,471

Total non-current assets

912,615

914,664

Inventories

263,273

218,320

Derivative financial instruments

5,854

4,056

Trade and other receivables

194,563

145,435

Other assets

80,641

65,066

Current tax assets

9,093

5,888

Restricted cash

8,500

8,411

Cash and cash equivalents

300,758

337,877

Total current assets

862,682

785,053

Total assets

1,775,297

1,699,717


AMG Advanced Metallurgical Group N.V.

 

 

Condensed Interim Consolidated Statement of Financial Position

 

(continued)

 

 

 

 

 

In thousands of US dollars

June 30,2022 Unaudited

December 31, 2021

Equity

 

 

Issued capital

853

853

Share premium

553,715

553,715

Treasury shares

(14,906)

(16,596)

Other reserves

(56,868)

(96,421)

Retained earnings (deficit)

(126,088)

(173,117)

Equity attributable to shareholders of the Company

356,706

268,434

 

 

 

Non-controlling interests

25,052

25,718

Total equity

381,758

294,152

 

 

 

Liabilities

 

 

Loans and borrowings

663,781

675,384

Lease liabilities

41,277

45,692

Employee benefits

107,827

162,628

Provisions

14,467

14,298

Deferred revenue

21,105

22,341

Other liabilities

7,116

11,098

Derivative financial instruments

818

2,064

Deferred tax liabilities

5,076

5,617

Total non-current liabilities

861,467

939,122

Loans and borrowings

31,528

27,341

Lease liabilities

4,237

4,857

Short-term bank debt

12,449

13,046

Deferred revenue

20,957

18,478

Other liabilities

83,078

80,672

Trade and other payables

283,443

252,765

Derivative financial instruments

12,518

6,010

Advance payments from customers

49,601

35,091

Current tax liability

18,318

10,586

Provisions

15,943

17,597

Total current liabilities

532,072

466,443

Total liabilities

1,393,539

1,405,565

Total equity and liabilities

1,775,297

1,699,717


AMG Advanced Metallurgical Group N.V.

 

 

Condensed Interim Consolidated Statement of Cash Flows

 

 

For the six months ended June 30

 

 

In thousands of US dollars

2022

2021

 

Unaudited

Unaudited

Cash from operating activities

 

 

Profit for the period

59,763

9,950

Adjustments to reconcile net profit to net cash flows:

 

 

Non-cash:

 

 

Income tax expense (benefit)

21,667

(6,490)

Depreciation and amortization

21,890

21,902

Asset impairment reversal

(776)

Net finance cost

21,130

13,415

Share of loss of associates and joint ventures

500

625

Loss (gain) on sale or disposal of property, plant and equipment

33

(91)

Equity-settled share-based payment transactions

2,752

2,127

Movement in provisions, pensions, and government grants

(2,917)

2,647

Working capital and deferred revenue adjustments

(63,774)

14,171

Cash generated from operating activities

61,044

57,480

Finance costs paid, net

(12,153)

(10,053)

Income tax paid

(13,040)

(4,499)

Net cash from operating activities

35,851

42,928

 

 

 

Cash used in investing activities

 

 

Proceeds from sale of property, plant and equipment

93

1,055

Acquisition of property, plant and equipment and intangibles

(82,608)

(78,606)

Investments in associates and joint ventures

(500)

(1,000)

Change in restricted cash

51,252

65,562

Interest received on restricted cash

76

25

Capitalized borrowing cost

(8,321)

(7,795)

Other

8

19

Net cash used in investing activities

(40,000)

(20,740)


AMG Advanced Metallurgical Group N.V.

 

 

Condensed Interim Consolidated Statement of Cash Flows

 

 

(continued)

 

 

For the six months ended June 30

 

 

In thousands of US dollars

2022

2021

 

Unaudited

Unaudited

Cash (used in) from financing activities

 

 

Proceeds from issuance of debt

152

2,411

Payment of transaction costs related to debt

(390)

Repayment of borrowings

(8,437)

(3,127)

Net (repurchase of) proceeds from issuance common shares

(1,523)

121,569

Dividends paid

(10,098)

(3,858)

Payment of lease liabilities

(2,588)

(2,608)

Contributions by non-controlling interests

648

Net cash (used in) from financing activities

(22,494)

114,645

 

 

 

Net (decrease) increase in cash and cash equivalents

(26,643)

136,833

 

 

 

Cash and cash equivalents at January 1

337,877

207,366

Effect of exchange rate fluctuations on cash held

(10,476)

(3,097)

Cash and cash equivalents at June 30

300,758

341,102

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).

About AMG

AMG is a global critical materials company at the forefront of CO2 reduction trends. AMG produces highly engineered specialty metals and mineral products and provides related vacuum furnace systems and services to the transportation, infrastructure, energy, and specialty metals & chemicals end markets.

AMG Clean Energy Materials segment combines AMG’s recycling and mining operations, producing materials for infrastructure and energy storage solutions while reducing the CO2 footprint of both suppliers and customers. AMG Clean Energy Materials segment spans the vanadium, lithium, and tantalum value chains. AMG Critical Materials Technologies segment combines AMG’s leading vacuum furnace technology line with high-purity materials serving global leaders in the aerospace sector. AMG Critical Minerals segment consists of AMG’s mineral processing operations in antimony, graphite, and silicon metal.

With approximately 3,300 employees, AMG operates globally with production facilities in Germany, the United Kingdom, France, the United States, China, Mexico, Brazil, India, Sri Lanka, and Mozambique, and has sales and customer service offices in Japan (www.amg-nv.com).

For further information, please contact:
AMG Advanced Metallurgical Group N.V.        +1 610 975 4979
Michele Fischer
mfischer@amg-nv.com

Disclaimer

Certain statements in this press release are not historical facts and are “forward looking.” Forward looking statements include statements concerning AMG’s plans, expectations, projections, objectives, targets, goals, strategies, future events, future revenues or performance, capital expenditures, financing needs, plans and intentions relating to acquisitions, AMG’s competitive strengths and weaknesses, plans or goals relating to forecasted production, reserves, financial position and future operations and development, AMG’s business strategy and the trends AMG anticipates in the industries and the political and legal environment in which it operates and other information that is not historical information. When used in this press release, the words “expects,” “believes,” “anticipates,” “plans,” “may,” “will,” “should,” and similar expressions, and the negatives thereof, are intended to identify forward looking statements. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that the predictions, forecasts, projections and other forward-looking statements will not be achieved. These forward-looking statements speak only as of the date of this press release. AMG expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement contained herein to reflect any change in AMG's expectations with regard thereto or any change in events, conditions, or circumstances on which any forward-looking statement is based.

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