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

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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 ‘22Q2 ‘21Change
Revenue$424,094$298,37442%
Gross profit102,24048,499        111%
Gross margin        24.1%        16.3%
Operating profit65,2463,691        1,668%
Operating margin        15.4%        1.2%
Net income attributable to shareholders29,6313,566731%
EPS - Fully diluted0.910.11        727%
EBIT (1)69,76320,462241%
EBITDA (2)81,12631,401158%
EBITDA margin        19.1%        10.5%
Cash from operating activities39,50523,018        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 ‘22Q2 ‘21Change
Revenue$159,762$90,135        77%
Gross profit60,82113,822        340%
Gross profit before non-recurring items61,65416,122        282%
Operating profit (loss)49,704(7,415)N/A
EBITDA58,23212,554        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 ‘22Q2 ‘21Change
Revenue$103,416$76,793        35%
Gross profit14,02813,732        2%
Gross profit before non-recurring items14,02913,397        5%
Operating profit7,0867,009        1%
EBITDA9,0699,220        (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 ‘22Q2 ‘21Change
Revenue$160,916$131,446        22%
Gross profit27,39120,945        31%
Gross profit before non-recurring items27,43121,059        30%
Operating profit8,4564,097        106%
EBITDA13,8259,627        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 ‘22Q2 ‘21Change
Gross profit$102,240        $48,499        111%
Inventory cost adjustment        —        1,497N/A
Restructuring expense        41        334        (88%)
Asset impairment reversal        —        (640)N/A
Strategic project expense833        888        (6%)
Gross profit excluding exceptional items103,11450,578104%

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, 2022December 31, 2021Change
Senior secured debt$365,751$371,897        (2%)
Cash & cash equivalents300,758337,877        (11%)
Senior secured net debt64,99334,02091%
Other debt22,64424,398        (7%)
Net debt excluding municipal bond87,63758,41850%
Municipal bond debt319,363319,476        —%
Restricted cash42,18293,434        (55%)
Net debt364,818284,46028%

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 ‘22Q2 ‘21
Net income$29,879$4,272
Income tax expense (benefit)23,156(5,580)
Net finance cost12,2114,761
Equity-settled share-based payment transactions1,3721,194
Restructuring expense41334
Inventory cost adjustment1,497
Asset impairment reversal(640)
Environmental provision11,651
Strategic project expense (1)3,1072,525
Others(3)448
EBIT69,76320,462
Depreciation and amortization11,36310,939
EBITDA81,12631,401

(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 dollars20222021
UnauditedUnaudited
Continuing operations
Revenue        424,094        298,374
Cost of sales        (321,854)        (249,875)
Gross profit102,24048,499
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 profit65,2463,691
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 tax53,035(1,308)
Income tax (expense) benefit(23,156)5,580
Profit for the period29,8794,272
Profit attributable to:
Shareholders of the Company        29,631        3,566
Non-controlling interests        248        706
Profit for the period29,8794,272
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 dollars20222021
UnauditedUnaudited
Continuing operations
Revenue        827,957        562,360
Cost of sales        (650,523)        (466,997)
Gross profit177,43495,363
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 profit103,06017,500
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 tax81,4303,460
Income tax (expense) benefit(21,667)6,490
Profit for the period59,7639,950
Profit attributable to:
Shareholders of the Company        58,746        8,665
Non-controlling interests        1,017        1,285
Profit for the period59,7639,950
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 dollarsJune 30,2022 UnauditedDecember 31, 2021
Assets
Property, plant and equipment739,610693,624
Goodwill and other intangible assets41,76144,684
Derivative financial instruments22,50895
Other investments26,70729,830
Deferred tax assets39,95352,937
Restricted cash33,68285,023
Other assets8,3948,471
Total non-current assets912,615914,664
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 assets862,682785,053
Total assets1,775,2971,699,717


AMG Advanced Metallurgical Group N.V.
Condensed Interim Consolidated Statement of Financial Position
(continued)
In thousands of US dollarsJune 30,2022 UnauditedDecember 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 Company356,706268,434
Non-controlling interests        25,052        25,718
Total equity381,758294,152
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 liabilities861,467939,122
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 liabilities532,072466,443
Total liabilities1,393,5391,405,565
Total equity and liabilities1,775,2971,699,717


AMG Advanced Metallurgical Group N.V.
Condensed Interim Consolidated Statement of Cash Flows
For the six months ended June 30
In thousands of US dollars20222021
UnauditedUnaudited
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 activities61,04457,480
Finance costs paid, net        (12,153)        (10,053)
Income tax paid        (13,040)        (4,499)
Net cash from operating activities35,85142,928
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 dollars20222021
UnauditedUnaudited
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 30300,758341,102

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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Aspo Plc Stock exchange release September 23, 2022 at 1 p.m. Rolf Jansson appointed acting Managing Director of Leipurin The last workday of Heli Arantola, CEO of Aspo Group subsidiary Leipurin, has been specified as September 30, 2022. As announced on Aspo’s stock exchange release on June 27, 2022, Arantola has resigned to join another company. Aspo Group’s CEO Rolf Jansson will take on the role of acting Managing Director of Leipurin from October 1, 2022. In addition, Aspo’s Vice President of Corporate Development Mikko Heikkilä takes responsibility for Leipurin’s selected strategic projects. The selection process for Leipurin’s new Managing Director is underway. Aspo Plc Rolf Jansson CEO Further information, please contact: Rolf Jansson, CEO, Aspo Plc, tel. +358 400 600 264, rolf.jansson@aspo.com Distribution: Nasdaq Helsinki Key media www.aspo.com Aspo creates value by owning and developing business operations sustainably and in the long term. Our companies aim to be market leaders

Norsk Hydro: Primærinnsider Helena Nonka selger aksjer23.9.2022 11:20:00 CEST | Pressemelding

Helena Nonka, konserndirektør for Corporate Development, har den 23. september 2022 solgt 1528 aksjer til 59,58 kroner per aksje. I mai 2022, ble Helena Nonka tildelt disse 1528 aksjene under langtidsinsentivprogrammet (LTI) som medlem av konsernledelsen. Helena Nonka har besluttet å forlate Hydro, og hennes siste dag vil være 30. september 2022. Provenyet fra salget skal tilfalle Norsk Hydro ASA. Denne opplysningen er informasjonspliktig etter verdipapirhandelloven §5-12. Investorkontakt: Line Haugetraa +47 41406376 line.haugetraa@hydro.com Mediakontakt: Halvor Molland +47 92979797 Halvor.Molland@hydro.com Vedlegg KRT 1500 Helena Nonka 2022 23 09