Model portefeuille
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+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 First Quarter 2018 Results

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Overig advies 02/05/2018 07:04
Key Highlights
Revenue increased by 20% to $308.4 million in the first quarter 2018 from $258.0 million in the first quarter 2017
EBITDA(2) was $44.5 million in the first quarter 2018, a 35% increase over the same period in 2017
Net income attributable to shareholders increased by 18% to $18.4 million in the first quarter 2018 from $15.6 million in the first quarter 2017
Cash from operating activities was $24.8 million in the first quarter 2018, an increase of $7.0 million over the same period in 2017
Strong cashflows from operating activities caused net debt to decrease by $0.9 million in the first quarter of 2018, to $9.4 million, despite capital expenditures of $22.6 million during the period
Annualized return on capital employed increased to 28.4% in the first quarter 2018, as compared to 25.5% in the first quarter 2017

Amsterdam, 2 May 2018 (Regulated Information) --- AMG Advanced Metallurgical Group N.V. ("AMG", EURONEXT AMSTERDAM: "AMG") reported first quarter 2018 revenue of $308.4 million, a 20% increase from $258.0 million in the first quarter 2017. EBITDA for the first quarter 2018 was $44.5 million, a 35% increase from $33.0 million in the first quarter 2017. Net income attributable to shareholders increased 18% to $18.4 million in the first quarter 2018 from $15.6 million in the first quarter 2017.

Dr. Heinz Schimmelbusch, Chairman of the Management Board and CEO, said, "AMG achieved a considerable improvement in profitability during the quarter, driven by improved pricing and higher sales volumes in AMG Critical Materials. In addition, continuing strong demand for our industry leading vacuum furnace solutions resulted in the highest quarterly order intake in 10 years and the highest order backlog in over 9 years.

AMG Critical Materials generated EBITDA of $37.1 million during the first quarter 2018, an increase of 44% from $25.7 million in the first quarter of 2017, thanks to strong financial performance in vanadium, silicon, titanium alloys, graphite, chrome and aluminum, driven by higher vanadium and silicon metal prices, and strong sales volumes.

AMG Engineering achieved EBITDA of $7.4 million during the first quarter 2018, a slight increase from $7.3 million in the first quarter 2017. AMG Engineering signed $104.8 million in new orders during the first quarter 2018, representing a 1.74x book to bill ratio, driven by strong orders of turbine blade coating and powder metallurgy furnaces for the aerospace market, heat treatment furnaces for the automotive market and induction heated quartz tube (IWQ) furnaces for fiber optic applications. Order backlog was $255.8 million as of March 31, 2018, an increase of 24% compared to December 31, 2017.

In the first quarter of 2018, AMG generated cash from operating activities of $24.8 million, an increase of $7.0 million compared to the same period in 2017. As a result of the strong cashflow generation, AMG's net debt decreased by $0.9 million in the first quarter of 2018, despite capital expenditures of $22.6 million during the period. In summary, the Company is operating at record levels."

Key Figures
In 000's US Dollar
Q1 '18 Q1 '17 Change
Revenue $308,448 $257,969 20%
Gross profit 70,118 52,503 34%
Gross margin 22.7% 20.4%
Operating profit 34,579 21,028 64%
Operating margin 11.2% 8.2%

Net income attributable to shareholders 18,389 15,566 18%
EPS - Fully diluted 0.58 0.50 16%
EBIT (1) 36,256 25,721 41%
EBITDA (2) 44,480 32,966 35%
EBITDA margin 14.4% 12.8%

Cash from operating activities 24,808 17,830 39%
Note:

1 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.
2 EBITDA is defined as EBIT adjusted for depreciation and amortization.

Operational Review
AMG Critical Materials
Q1 '18 Q1 '17 Change
Revenue $248,351 $194,506 28%
Gross profit 51,922 36,268 43%
Operating profit 28,979 15,610 86%
EBITDA 37,076 25,668 44%

AMG Critical Materials revenue in the first quarter increased by $53.8 million, or 28%, to $248.4 million, driven by improved vanadium, silicon metal, aluminum, antimony, graphite and titanium prices, and higher sales volumes of vanadium, aluminum, chrome, graphite, tantalum and titanium products.

Gross profit in the first quarter increased by $15.7 million, or 43%, to $51.9 million. Strong financial performance in vanadium, silicon, titanium alloys, graphite, chrome and aluminum was partially offset by lower gross profit in tantalum. The strong financial performance was driven by higher vanadium and silicon metal prices, and strong sales volumes. The reduction in tantalum gross profit was driven by lower sales prices in the first quarter of 2018, compared to the first quarter of 2017, which benefited from the recognition of an additional $6.8 million in deferred revenue, following the early cancellation of AMG Mineração's tantalum supply contract.

SG&A expenses in the first quarter 2018 increased by $2.3 million, or 11%, compared to the same period in the prior year, primarily due to foreign exchange effects related to the strengthening of the euro relative to the dollar and higher personnel costs.

First quarter 2018 EBITDA margin increased to 15%, compared to 13% in the first quarter 2017, due primarily to the improvement in vanadium and silicon metal pricing.

AMG Engineering
Q1 '18 Q1 '17 Change
Revenue $60,097 $63,463 (5%)
Gross profit 18,196 16,235 12%
Operating profit 5,600 5,418 3%
EBITDA 7,404 7,298 1%

AMG Engineering signed $104.8 million in new orders during the first quarter 2018, representing a 1.74x book to bill ratio. Order backlog was $255.8 million as of March 31, 2018, an increase of 24% from December 31, 2017. This was driven by strong sales of turbine blade coating, powder metallurgy, heat treatment and induction heated quartz tube (IWQ) furnaces for fiber optic applications.

AMG Engineering's first quarter 2018 revenue decreased $3.4 million, or 5%, to $60.1 million, primarily due to timing effects. Early stage engineering work underway on a number of large orders received in recent months resulted in lower levels of revenue in the quarter. Higher levels of revenue will be recognized on these projects as they progress into the build stage.

First quarter 2018 gross profit increased by $2.0 million, or 12%, to $18.2 million and gross margin increased to 30% from 26% in the first quarter 2017, due to favorable product mix effects.

SG&A expenses increased by $1.8 million, or 16%, compared to the prior year primarily due to foreign exchange effects related to the strengthening of the euro relative to the dollar and higher personnel costs. AMG Engineering is in the process of expanding its workforce in response to the increased level of order backlog, driven primarily by strong demand from the aerospace market.

EBITDA increased slightly by $0.1 million to $7.4 million in the first quarter 2018.

Financial Review
Tax

AMG recorded an income tax expense of $9.7 million in the first quarter 2018 as compared to a tax expense of $3.5 million in the same period in 2017. The increase in tax expense is driven by higher profitability and the full recognition of AMG's US operating loss carry forwards in 2017.

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 $2.2 million in the first quarter 2018 as compared to tax payments of $1.5 million in the same period in 2017. For the first quarter 2018, AMG's effective cash tax rate remained unchanged compared to the prior year at 8%.

Non-Recurring Items

AMG's first quarter 2018 gross profit of $70.1 million includes non-recurring items, which are not included in the calculation of EBITDA.

A summary of non-recurring items included in gross profit in the first quarters of 2018 and 2017 are below:

Non-recurring items included in gross profit
Q1 '18 Q1 '17 Change
Gross profit $70,118 $52,503 34%
Restructuring expense 189 467 (60%)
Asset impairment expense - 2,217 N/A

Gross profit before non- recurring items 70,307 55,187 27%

Gross profit before non-recurring items by reporting segment
Q1 '18 Q1 '17 Change
AMG Critical Materials $52,079 $38,885 34%
AMG Engineering 18,228 16,302 12%

Gross profit before non- recurring items 70,307 55,187 27%

Liquidity
March 31, 2018 December 31, 2017 Change
Total debt $376,751 $189,108 99%
Cash and cash equivalents ** 367,359 178,800 105%
Net debt ** 9,392 10,308 (9%)

** As a result of the refinancing of AMG's credit facility, cash of $17.1 million has been temporarily restricted and will be released during the course of 2018. Due to the nature of this balance, we have included the amount within the debt calculation disclosed above.

AMG had a net debt position of $9.4 million as of March 31, 2018. Net debt decreased by $0.9 million and total debt increased by $187.6 million from December 31, 2017.

Cash from operating activities increased by $7.0 million to $24.8 million in the first quarter 2018.

Capital expenditures increased to $22.6 million in the first quarter 2018 compared to $10.9 million in the same period in 2017. Capital spending in the first quarter 2018 included $6.9 million of maintenance capital. The largest expansion capital project was AMG's lithium project in Brazil.

AMG had $519.8 million of total liquidity as of March 31, 2018, following the successful refinancing of AMG's credit facilities during the quarter.

Net Finance Costs
AMG's first quarter 2018 net finance costs increased to $6.5 million compared to $2.0 million in the first quarter 2017. The increase was partially due to the write-off of $2.9 million of costs associated with the previous credit facility, following the refinancing exercise completed in January 2018. In addition, interest expenses associated with AMG's new, long term credit facility increased by $1.7 million, due to higher levels of gross debt and higher interest rates associated with the long term nature of the facility.

SG&A
AMG's first quarter 2018 SG&A expenses were $35.6 million compared to $31.6 million in the first quarter 2017, primarily due to foreign exchange effects related to the strengthening of the euro relative to the dollar and, to a lesser extent, higher personnel costs.

Outlook
As demonstrated in the first quarter of 2018, AMG expects full year 2018 EBITDA to improve considerably compared to the prior year.

tijd 09.16
De Midcap 783,68 +9,12 +1,18% AMG EUR 42,60 + 3,74 vol. 257.000

AMG Advanced Metallurgical Group N.V. Announces Results of the Annual General Meeting.
Amsterdam, 2 May 2018 (Regulated Information) --- AMG Advanced Metallurgical Group N.V. ("AMG", EURONEXT AMSTERDAM: "AMG") is pleased to announce that during its Annual General Meeting held in Amsterdam on May 2nd, 2018, shareholders approved all agenda items presented, including the rep-appointment of Dr. Heinz Schimmelbusch as Chief Executive Officer (CEO) and Chairman of the Management Board for an additional term of two years when his current term expires in 2019.
In addition, Dr. Donatella Ceccarelli was re-appointed as a member of the Supervisory Board for a term of 4 years beginning May 2nd, 2018.




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