Model portefeuille
Rendement portefeulle
+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 Record Full Year and Fourth Quarter 2017 Results

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Algemeen advies 08/03/2018 07:08
Key Highlights
Revenue increased by 18% to $280.7 million in the fourth quarter 2017 from $237.9 million in the fourth quarter 2016
EBITDA(2) was $33.0 million in the fourth quarter 2017, a 10% increase over the same period in 2016
On a full year basis, EBITDA in 2017 increased by 25% to $125.5 million, from $100.7 million in the prior year
EPS, on a fully diluted basis, increased by 41% to $0.45 in the fourth quarter 2017 from $0.32 in the fourth quarter 2016
Record high annual net income and EPS, on a fully diluted basis, in Company history
Return on capital employed increased to 21.2% in 2017, as compared to 18.8% in 2016
Total 2017 dividend proposed of €0.28 per ordinary share, including the interim dividend of €0.14, paid on August 15, 2017

Amsterdam, 8 March 2018 (Regulated Information) --- AMG Advanced Metallurgical Group N.V. ("AMG", EURONEXT AMSTERDAM: "AMG") reported fourth quarter 2017 revenue of $280.7 million, an 18% increase from $237.9 million in the fourth quarter 2016. EBITDA for the fourth quarter 2017 was $33.0 million, a 10% increase from $30.0 million in the fourth quarter 2016. On a full year basis, EBITDA increased by 25% to $125.5 million, from $100.7 million in the prior year.

Net income attributable to shareholders increased to $14.3 million in the fourth quarter 2017 from $10.0 million in the fourth quarter 2016, and EPS, on a fully diluted basis, increased by 41% to $0.45 in the fourth quarter 2017 from $0.32 in the fourth quarter 2016. On a full year basis, net income attributable to shareholders increased by 40% to $57.0 million in 2017 from $40.6 million in 2016, and EPS, on a fully diluted basis, increased by 36% to $1.80 in 2017 from $1.32 in 2016.

Dr. Heinz Schimmelbusch, Chairman of the Management Board and CEO, said, "Very strong financial results in the fourth quarter 2017 resulted in the highest annual net income and earnings per share in the Company's history. Furthermore, an exceptionally strong order intake in AMG Engineering of $91.0 million in the fourth quarter resulted in the highest level of order backlog in over 8 years.

AMG Critical Materials generated EBITDA of $26.9 million during the fourth quarter 2017, an increase of 22% from $22.1 million in the fourth quarter of 2016, due to a combination of higher vanadium prices, improved product mix and strong sales volumes.

AMG Engineering signed $91.0 million in new orders during the fourth quarter of 2017, representing a 1.36x book to bill ratio, due to strong orders of turbine blade coating and nuclear waste treatment furnaces. Order backlog was $207.0 million as of December 31, 2017, a 53% increase from $135.5 million as of December 31, 2016. AMG Engineering achieved EBITDA of $6.1 million during the fourth quarter 2017, a decrease of $1.8 million compared to the fourth quarter of 2016, due primarily to higher SG&A costs in the quarter.

In the fourth quarter of 2017, AMG generated cash from operating activities of $33.3 million, an increase of $17.7 million, or 114%, over the same period in 2016. On a full year basis, AMG generated cash from operating activities of $78.5 million in 2017, an increase of $22.3 million, or 40%, compared to the same period in 2016.

As regards to guidance, in our annual general meeting in May 2017, we introduced our new 'Strategic Framework', and our long-term goal to increase EBITDA to $200 million or more, in 5 years or less, through the execution of a combination of well-developed, highly accretive growth projects, including AMG's entrance into the lithium market.

This statement of long term strategy has to be amended in light of what we achieved and learned in 2017, and to date in 2018. We now believe we can achieve our goals earlier than previously expected and can commit to turning the present EBITDA level into $200 million, or more, in the fiscal year ending December 31, 2020."

Key Figures
In 000's US Dollar
Q4 '17 Q4 '16 Change FY '17 FY '16 Change
Revenue $280,699 $237,874 18% $1,059,651 $971,148 9%
Gross profit 56,507 42,985 31% 214,627 186,808 15%
Gross margin 20.1% 18.1% 20.3% 19.2%
Operating profit 18,391 11,858 55% 79,752 59,868 33%
Operating margin 6.6% 5.0% 7.5% 6.2%
Net income attributable to shareholders 14,331 9,956 44% 56,965 40,558 40%
EPS - Fully diluted 0.45 0.32 41% 1.80 1.32 36%
EBIT (1) 24,629 22,180 11% 94,598 70,811 34%
EBITDA (2) 33,027 30,011 10% 125,497 100,652 25%
EBITDA margin 11.8% 12.6% 11.8% 10.4%
Cash from operating activities 33,272 15,553 114% 78,525 56,225 40%

Notes:
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
Q4 '17 Q4 '16 Change FY '17 FY '16 Change
Revenue $213,963 $165,970 29% $814,446 $701,634 16%
Gross profit 39,325 29,628 33% 149,871 129,991 15%
Gross profit before non-recurring items 40,113 31,802 26% 152,825 132,533 15%
Operating profit 14,350 9,762 47% 62,608 44,362 41%
EBITDA 26,907 22,121 22% 99,967 73,618 36%

AMG Critical Materials' revenue in the fourth quarter increased by $48.0 million, or 29%, to $214.0 million, driven by improved vanadium, aluminum, titanium master alloys, antimony, silicon and graphite prices, and higher sales volumes of chrome, titanium, antimony, and silicon products.

Gross profit before non-recurring items in the fourth quarter increased by $8.3 million, or 26%, to $40.1 million. Strong financial performances in vanadium, aluminum, titanium alloys and silicon metal in the quarter were partially offset by lower gross profit in tantalum. The reduction in tantalum gross profit was driven by lower prices during the fourth quarter 2017, compared to the same period in the prior year.

SG&A expenses in the fourth quarter 2017 increased by $3.1 million, or 16%, compared to the same period in the prior year, due to higher personnel costs and professional fees.

EBITDA increased by $4.8 million, or 22%, to $26.9 million in the fourth quarter of 2017 due to higher levels of gross profit, partially offset by an increase in SG&A expenses.

AMG Engineering
Q4 '17 Q4 '16 Change FY '17 FY '16 Change
Revenue $66,736 $71,904 (7%) $245,205 $269,514 (9%)
Gross profit 17,182 13,357 29% 64,756 56,817 14%
Gross profit before non-recurring items 17,514 16,625 5% 65,509 60,473 8%
Operating profit 4,041 2,096 93% 17,144 15,506 11%
EBITDA 6,120 7,890 (22%) 25,530 27,034 (6%)

AMG Engineering signed $91.0 million in new orders during the fourth quarter of 2017, representing a 1.36x book to bill ratio, due to strong orders of turbine blade coating and nuclear waste treatment furnaces. Order backlog was $207.0 million as of December 31, 2017, a 53% increase from $135.5 million as of December 31, 2016. On a full year basis, AMG Engineering signed $290.4 million in new orders, representing a 1.18x book to bill ratio.

AMG Engineering's fourth quarter 2017 revenue decreased by $5.2 million, or 7%, to $66.7 million, due to lower sales of remelting, vacuum induction and heat treatment furnaces, partially offset by higher sales of turbine blade coating furnaces.

Fourth quarter 2017 gross profit before non-recurring items increased by $0.9 million, or 5%, to $17.5 million, and gross margin before non-recurring items improved to 26% from 23% in the fourth quarter of 2016, due to product mix effects.

SG&A expenses increased by $1.9 million in the fourth quarter 2017 due to higher employee related expenses and research & development costs.

EBITDA decreased by $1.8 million to $6.1 million in the fourth quarter of 2017, due to higher SG&A expenses, partially offset by higher levels of gross profit before non-recurring items.

On a full year basis, EBITDA in 2017 reduced by 6% from $27.0 million in 2016 to $25.5 million. However, EBITDA in the prior year benefited from the sale of an unused production facility in Berlin during the third quarter 2016, which contributed $4.3 million in EBITDA. Excluding this benefit in 2016, EBITDA in 2017 increased by 27%, compared to the prior year.

Financial Review
Tax
AMG recorded an income tax expense of $13.9 million in 2017 as compared to $8.1 million in 2016. The increase in income tax expense was driven by higher levels of profitability in 2017, compared to the prior year.

Due to the volatile nature of the company's deferred tax balances, AMG believes that the cash tax rate is a more meaningful metric. AMG paid taxes of $10.3 million in 2017 as compared to $6.6 million in 2016. For 2017, AMG's effective cash tax rate was 14%, as compared to 13% in 2016.

Non-Recurring Items
AMG's fourth quarter 2017 and full year 2017 gross profit include non-recurring items, which are not included in the calculation of EBITDA.

Outlook and Strategy
As regards to guidance, in our annual general meeting in May 2017, we introduced our new 'Strategic Framework', and our long-term goal to increase EBITDA to $200 million or more, in 5 years or less, through the execution of a combination of well-developed, highly accretive growth projects, including AMG's entrance into the lithium market.

This statement of long term strategy has to be amended in light of what we achieved and learned in 2017, and to date in 2018. We now believe we can achieve our goals earlier than previously expected and can commit to turning the present EBITDA level into $200 million, or more, in the fiscal year ending December 31, 2020.

2018 has started very well. For the year, we expect our financial performance to show significant improvement compared to 2017, on route to this long term strategic guidance.

see and read more on
http://hugin.info/138060/R/2174463/838527.pdf

tijd 09.33
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