AMG Advanced Metallurgical Group N.V. Reports First Quarter 2022
Results
Coronavirus Update
- We continue to apply all safety
measures at our disposal with the highest degree of attention to
ensure our employees are working in the lowest risk environment
possible. As a result, AMG has zero hospitalizations presently and
has not experienced a facility closure or operational
interruption.
Strategic Highlights
- The commissioning of AMG Vanadium’s
second spent catalyst recycling facility in Zanesville, Ohio is
proceeding as planned. We continue our ramp up phase and the plant
is forecast to achieve at run rate capacity in the fourth quarter
of 2022.
- Shell & AMG Recycling B.V.
(SARBV) continues to pursue circular refinery residue opportunities
globally.
- AMG Brazil will increase its spodumene production by 40,000
tons, bringing its production capacity to 130,000 tons per annum.
The project is proceeding as planned, construction will begin in
the third quarter of 2022; and commissioning will commence in the
second quarter of 2023.
- AMG Lithium has started
construction and will celebrate a groundbreaking ceremony at the
Bitterfeld-Wolfen Chemical Park on May 11, 2022, for the first
European lithium refinery, and commissioning for the first module
of the battery grade lithium hydroxide upgrader will commence in
the third quarter of 2023.
- AMG’s first lithium vanadium
battery (“LIVA”) for industrial power management applications is
proceeding as planned and commissioning has begun at AMG Graphite
located in Hauzenberg, Germany.
Financial Highlights
- Revenue increased by 53% to $403.9
million in the first quarter of 2022 from $264.0 million in the
first quarter of 2021.
- EBITDA was $54.8 million in the
first quarter of 2022, 93% higher than the first quarter 2021
EBITDA of $28.3 million, marking the seventh straight quarter of
sequential improvement.
- Annualized return on capital
employed was 19.8% for the first three months of 2022, more than
double the 9.4% for the same period in 2021.
- AMG’s liquidity as of
March 31, 2022, was $478 million, with $308 million of
unrestricted cash and $170 million of revolving credit
availability.
- The Company has maintained its
final 2021 declared dividend of €0.30 to be paid on May 12, 2022 to
shareholders of record on May 10, 2022.
Amsterdam, 4 May 2022
(Regulated Information) --- AMG Advanced
Metallurgical Group N.V. (“AMG”, EURONEXT AMSTERDAM: “AMG”)
reported first quarter 2022 revenue of $403.9 million, a 53%
increase over $264.0 million in the first quarter of 2021. EBITDA
for the first quarter of 2022 was $54.8 million, a 93% increase
over $28.3 million in the first quarter of 2021. This also marks
the seventh 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, “With regard to COVID, we continue
to apply all safety measures at our disposal with the highest
degree of attention to ensure our employees are working in the
lowest risk environment possible. Nothing is more important to AMG
than the safety, health, and well-being of our workers and their
families. All injuries and occupational illnesses are preventable,
and we firmly believe that there is no job worth doing in an unsafe
manner. Safety is understood across business units as our number
one priority.
“AMG continued to sequentially improve EBITDA in
the first quarter for the seventh time as prices increased and
demand remains robust throughout our portfolio. We expect this to
continue throughout the year. Our Clean Energy Materials segment
continues to deliver strong EBITDA, which more than tripled since
the first quarter of 2021, its eighth straight quarter of
sequentially increasing EBITDA. The global lithium market has
experienced very strong price increases. Ferrovanadium prices have
recovered to a level above long-term averages. We have increased
EBITDA guidance for 2022 twice since our initial guidance, and in
the outlook section of this press release we do so again today.
“AMG’s key strategic projects are all proceeding
as planned. The commissioning of the ferrovanadium plant in
Zanesville, Ohio, which will essentially double our recycling
capacity for refinery residues, is proceeding well and is expected
to be producing at run rate capacity in the fourth quarter of 2022.
Shell & AMG Recycling B.V. continues to pursue refinery residue
opportunities globally to convert refinery waste streams into
valuable products, including battery materials that will enable the
acceleration of sustainable energy transition goals. AMG Brazil is
expanding its lithium concentrate production by 40,000 tons,
bringing its production capacity to 130,000 tons per annum. The
groundbreaking for our new lithium hydroxide production facility in
Germany will take place on May 11, 2022. AMG’s first lithium
vanadium battery (“LIVA”) for industrial power management
applications has begun commissioning.”
Key Figures
In 000’s US
dollars |
|
|
Q1 ‘22 |
Q1 ‘21 |
Change |
Revenue |
$403,863 |
$263,986 |
53% |
Gross profit |
75,194 |
46,864 |
60% |
Gross margin |
18.6% |
17.8% |
|
|
|
|
|
Operating profit |
37,814 |
13,809 |
174% |
Operating
margin |
9.4% |
5.2% |
|
|
|
|
|
Net income attributable to shareholders |
29,115 |
5,099 |
471% |
|
|
|
|
EPS - Fully
diluted |
0.89 |
0.18 |
394% |
|
|
|
|
EBIT (1) |
44,233 |
17,376 |
155% |
EBITDA (2) |
54,760 |
28,339 |
93% |
EBITDA
margin |
13.6% |
10.7% |
|
|
|
|
|
Cash (used in) from operating activities |
(3,654) |
19,939 |
N/A |
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
|
Q1 ‘22 |
Q1 ‘21 |
Change |
Revenue |
$143,659 |
$70,627 |
103% |
Gross profit |
39,004 |
13,203 |
195% |
Gross profit
before non-recurring items |
41,269 |
13,383 |
208% |
Operating
profit |
28,219 |
3,605 |
683% |
EBITDA |
37,227 |
10,286 |
262% |
AMG Clean Energy Materials’ revenue more than
doubled compared to the first quarter of 2021, to $143.7 million,
driven mainly by higher prices in vanadium, tantalum and lithium
concentrates and higher volumes of lithium concentrate.
Gross profit before non-recurring items for the
quarter more than tripled compared to the same period in the prior
year, primarily due to the increased price environment.
SG&A expenses in the first quarter of 2022
were $10.8 million, $1.2 million higher than the first quarter of
2021, due to an increase in professional fees as a result of higher
strategic project costs and higher shared-based and variable
compensation expense.
The first quarter 2022 EBITDA increased by $26.9
million, to $37.2 million from $10.3 million in the first quarter
of 2021, due to the improved gross profit as noted above.
AMG Critical Minerals
|
Q1 ‘22 |
Q1 ‘21 |
Change |
Revenue |
$106,909 |
$72,916 |
47% |
Gross profit |
13,002 |
13,154 |
(1%) |
Gross profit
before non-recurring items |
13,048 |
13,071 |
—% |
Operating
profit |
5,647 |
6,560 |
(14%) |
EBITDA |
7,883 |
9,012 |
(13%) |
AMG Critical Minerals’ revenue increased by
$34.0 million, or 47%, to $106.9 million, driven by strong sales
volumes of antimony and graphite as well as higher sales prices
across all three businesses.
Gross profit before non-recurring items of $13.0
million in the first quarter was in line with the first quarter of
2021. The higher revenue was due to the improved pricing and higher
sales volumes noted above was offset by increased raw material
prices, as well as the ongoing rise in energy and shipping
costs.
SG&A expenses in the first quarter of 2022
slightly increased by $0.8 million, to $7.4 million, primarily due
to higher share-based and variable compensation expense in the
current quarter.
The first quarter 2022 EBITDA was $1.1 million
lower than the same period in the prior year, due to increased
SG&A costs.
AMG Critical Materials Technologies
|
Q1 ‘22 |
Q1 ‘21 |
Change |
Revenue |
$153,295 |
$120,443 |
27% |
Gross profit |
23,188 |
20,507 |
13% |
Gross profit
before non-recurring items |
23,283 |
20,569 |
13% |
Operating
profit |
3,948 |
3,644 |
8% |
EBITDA |
9,650 |
9,041 |
7% |
AMG Critical Materials Technologies' first
quarter 2022 revenue increased by $32.9 million, or 27%, compared
to the same period in 2021. This increase was due to increased
titanium alloys sales, as well as higher titanium alloy and chrome
metal pricing, offset by timing delays in Engineering projects.
First quarter 2022 gross profit before non-recurring items
increased by $2.7 million, or 13%, to $23.3 million due to the
higher volumes and prices.
SG&A expenses increased by $2.4 million in
the first quarter of 2022 compared to the same period in 2021,
driven by an increase in professional fees and higher share-based
and variable compensation expense in the current quarter.
AMG Critical Materials Technologies’ EBITDA
increased to $9.7 million during the quarter, compared to $9.0
million in the first quarter of 2021. This was primarily due to
higher profitability in chrome metal and titanium alloys.
The Company signed $61.1 million in new orders
during the first quarter of 2022, driven by strong orders of
remelting and heat treatment furnaces, representing a 1.09x book to
bill ratio. Order backlog was $183.5 million as of March 31, 2022,
in line with $188.2 million as of December 31, 2021.
Financial Review
Exceptional Items
AMG’s first 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 first quarters of 2022 and 2021 are below:
Exceptional items included in gross profit
|
Q1 ‘22 |
Q1 ‘21 |
Change |
Gross profit |
$75,194 |
$46,864 |
60% |
Inventory cost
adjustment |
— |
(333) |
N/A |
Restructuring
expense |
141 |
67 |
110% |
Asset impairment
reversal |
— |
(136) |
N/A |
Strategic project
expense |
2,265 |
561 |
304% |
Gross profit excluding exceptional items |
77,600 |
47,023 |
65% |
Energy Costs
AMG experienced significant increases in gas and
electricity costs in the first quarter of 2022. Total energy costs
were $11.9 million higher in the first quarter of 2022 versus the
same period in 2021. The majority of this increase was at our
silicon business in Germany, but that business benefited from fully
hedged power costs and increased silicon prices. 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 first quarter 2022 SG&A expenses were
$37.5 million compared to $33.1 million in the first quarter of
2021, with the variance driven largely by an increase in
professional fees due to higher strategic project costs and higher
shared-based and variable compensation expense. The first quarter
of 2021 personnel cost was reduced by cost reduction efforts in
response to the onset of the pandemic.
Net Finance Costs
AMG’s first quarter 2022 net finance costs were
$8.9 million compared to $8.7 million in the first quarter of 2021.
This slight increase was mainly driven by higher borrowing rates
during the quarter, which were partially offset by lower foreign
exchange losses versus the prior period.
Tax
AMG recorded an income tax benefit of $1.5
million in the first quarter of 2022, compared to $0.9 million in
the same period in 2021. This variance was mainly driven by higher
pre-tax income compared to the prior period more than offset by
movements in the Brazilian real versus the US dollar. The effects
of the Brazilian real caused a $14.7 million non-cash deferred tax
benefit in the first quarter 2022. 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 $3.9 million in the first
quarter of 2022, compared to tax payments of $2.0 million in the
first quarter of 2021.
Liquidity
|
March 31,2022 |
December 31,2021 |
Change |
Senior secured debt |
$371,323 |
$371,897 |
—% |
Cash & cash equivalents |
308,482 |
337,877 |
(9%) |
Senior secured net debt |
62,841 |
34,020 |
85% |
Other debt |
26,676 |
24,398 |
9% |
Net debt excluding municipal bond |
89,517 |
58,418 |
53% |
Municipal bond debt |
319,419 |
319,476 |
—% |
Restricted cash |
62,139 |
93,434 |
(33%) |
Net debt |
346,797 |
284,460 |
22% |
AMG had a net debt position of $346.8 million as of
March 31, 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 first quarter. As of
March 31, 2022, the Company had $308 million in unrestricted
cash and cash equivalents and $170 million available on its
revolving credit facility. As such, AMG had $478 million of total
liquidity as of March 31, 2022.
In January 2022, AMG Engineering entered into
€140 million of long-term bilateral unsecured performance-based
guarantee facility agreements. These guarantee arrangements support
expected customer advanced payments and replace the existing
guarantee arrangements.
In November 2021, AMG entered into a new $350
million 7-year senior secured term loan B facility (“term loan”)
and a $200 million 5-year senior secured revolving credit facility
(“revolver”). The total facility amount of $550 million replaced
AMG’s prior credit facility and extended the term loan maturity
from 2025 to 2028 and revolver maturity from 2023 to 2026. Further
strengthening AMG’s commitment to Environmental, Social and
Governance (ESG), annual CO2 intensity reduction targets were built
into the Revolving Credit Facility, making it a Sustainability
Linked Loan. In conjunction with this loan, AMG entered into a
5-year swap agreement through 2026, which fixed interest rates for
the entire term loan at the prevailing low interest rates in
November 2021.
Outlook
AMG was able to deliver strong results despite
the continuing impact of COVID-19 and the fallout from the
geopolitical turbulence in recent months. EBITDA was $54.8 million
in the first quarter of 2022, 93% higher than the first quarter
2021 EBITDA of $28.3 million, and 25% higher than the fourth
quarter of 2021. As mentioned, it was the seventh straight quarter
of sequential improvement and we expect this trend to continue.
In December 2021, AMG increased its 2022 EBITDA
guidance from “$150 million or more” to “$175 - $200 million.”
In February 2022, we further increased our
EBITDA guidance for the full year 2022 to “$225 million or
more.”
Given the improved market conditions within our
portfolio, especially the lithium and also the vanadium markets,
the new guidance is that 2022 EBITDA will be in the range of $260
to $290 million.
The last long-term EBITDA guidance was given in
2019, prior to the COVID period. In 2019, we said “we will reach an
EBITDA of $350 million, or more, in 5 years, or earlier.”
Being now much closer to the year 2023, and
despite the global disruption from the coronavirus and the
geopolitical turbulence, we strongly reaffirm that guidance.
As to a new long-term EBITDA guidance, we will
reach an EBITDA of $500 million, or more, in 5 years or
earlier.
Net income to EBITDA
reconciliation
|
Q1 ‘22 |
Q1 ‘21 |
Net income |
$29,884 |
$5,678 |
Income tax
benefit |
(1,489) |
(910) |
Net finance
cost |
8,919 |
8,654 |
Equity-settled
share-based payment transactions |
1,380 |
1,114 |
Restructuring
expense |
141 |
67 |
Inventory cost
adjustment |
— |
(333) |
Strategic project
expense (1) |
4,796 |
2,552 |
Share of loss of
associates |
500 |
387 |
Others |
102 |
167 |
EBIT |
44,233 |
17,376 |
Depreciation and amortization |
10,527 |
10,963 |
EBITDA |
54,760 |
28,339 |
(1) The Company is in the ramp-up phase 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 March 31 |
|
|
In thousands of
US dollars |
2022 |
2021 |
|
Unaudited |
Unaudited |
Continuing operations |
|
|
Revenue |
403,863 |
263,986 |
Cost of
sales |
(328,669) |
(217,122) |
Gross
profit |
75,194 |
46,864 |
|
|
|
Selling,
general and administrative expenses |
(37,462) |
(33,093) |
|
|
|
Other income,
net |
82 |
38 |
Net other
operating income |
82 |
38 |
|
|
|
Operating
profit |
37,814 |
13,809 |
|
|
|
Finance
income |
299 |
210 |
Finance cost |
(9,218) |
(8,864) |
Net
finance cost |
(8,919) |
(8,654) |
|
|
|
Share of
loss of associates and joint ventures |
(500) |
(387) |
|
|
|
Profit
before income tax |
28,395 |
4,768 |
|
|
|
Income
tax benefit |
1,489 |
910 |
|
|
|
Profit
for the period |
29,884 |
5,678 |
|
|
|
Profit
attributable to: |
|
|
Shareholders of
the Company |
29,115 |
5,099 |
Non-controlling
interests |
769 |
579 |
Profit
for the period |
29,884 |
5,678 |
|
|
|
Earnings
per share |
|
|
Basic earnings
per share |
0.91 |
0.18 |
Diluted earnings
per share |
0.89 |
0.18 |
AMG Advanced
Metallurgical Group N.V. |
|
|
Condensed Interim Consolidated Statement of Financial Position |
|
|
|
|
In thousands of
US dollars |
March 31,2022 Unaudited |
December 31, 2021 |
Assets |
|
|
Property, plant and equipment |
719,054 |
693,624 |
Goodwill and other intangible assets |
43,541 |
44,684 |
Derivative financial instruments |
16,772 |
95 |
Other investments |
29,212 |
29,830 |
Deferred tax assets |
67,036 |
52,937 |
Restricted cash |
53,728 |
85,023 |
Other assets |
8,754 |
8,471 |
Total
non-current assets |
938,097 |
914,664 |
Inventories |
246,037 |
218,320 |
Derivative financial instruments |
3,721 |
4,056 |
Trade and other receivables |
198,397 |
145,435 |
Other assets |
67,691 |
65,066 |
Current tax assets |
6,619 |
5,888 |
Restricted cash |
8,411 |
8,411 |
Cash and cash equivalents |
308,482 |
337,877 |
Total
current assets |
839,358 |
785,053 |
Total
assets |
1,777,455 |
1,699,717 |
AMG Advanced
Metallurgical Group N.V. |
|
|
Condensed Interim Consolidated Statement of Financial Position |
|
(continued) |
|
|
|
|
|
In thousands of
US dollars |
March 31,2022 Unaudited |
December 31, 2021 |
Equity |
|
|
Issued capital |
853 |
853 |
Share premium |
553,715 |
553,715 |
Treasury shares |
(14,919) |
(16,596) |
Other reserves |
(81,096) |
(96,421) |
Retained earnings (deficit) |
(146,466) |
(173,117) |
Equity
attributable to shareholders of the Company |
312,087 |
268,434 |
|
|
|
Non-controlling
interests |
25,268 |
25,718 |
Total
equity |
337,355 |
294,152 |
|
|
|
Liabilities |
|
|
Loans and borrowings |
665,806 |
675,384 |
Lease liabilities |
44,306 |
45,692 |
Employee benefits |
159,590 |
162,628 |
Provisions |
14,787 |
14,298 |
Deferred revenue |
21,736 |
22,341 |
Other liabilities |
9,388 |
11,098 |
Derivative financial instruments |
769 |
2,064 |
Deferred tax liabilities |
5,901 |
5,617 |
Total
non-current liabilities |
922,283 |
939,122 |
Loans and borrowings |
36,847 |
27,341 |
Lease liabilities |
4,844 |
4,857 |
Short-term bank debt |
14,765 |
13,046 |
Deferred revenue |
20,510 |
18,478 |
Other liabilities |
81,203 |
80,672 |
Trade and other payables |
266,860 |
252,765 |
Derivative financial instruments |
6,090 |
6,010 |
Advance payments from customers |
49,983 |
35,091 |
Current tax liability |
19,671 |
10,586 |
Provisions |
17,044 |
17,597 |
Total
current liabilities |
517,817 |
466,443 |
Total
liabilities |
1,440,100 |
1,405,565 |
Total
equity and liabilities |
1,777,455 |
1,699,717 |
AMG Advanced
Metallurgical Group N.V. |
|
|
Condensed Interim
Consolidated Statement of Cash Flows |
|
|
For the
quarter ended March 31 |
|
|
In thousands of
US dollars |
2022 |
2021 |
|
Unaudited |
Unaudited |
Cash
(used in) from operating activities |
|
|
Profit for the
period |
29,884 |
5,678 |
Adjustments to
reconcile net profit to net cash flows: |
|
|
Non-cash: |
|
|
Income tax benefit |
(1,489) |
(910) |
Depreciation and amortization |
10,527 |
10,963 |
Asset impairment reversal |
— |
(136) |
Net finance cost |
8,919 |
8,654 |
Share of loss of associates and joint ventures |
500 |
387 |
(Gain) loss on sale or disposal of property, plant and
equipment |
(55) |
9 |
Equity-settled share-based payment transactions |
1,380 |
1,088 |
Movement in provisions, pensions, and government grants |
(1,685) |
(3,796) |
Working capital and deferred revenue adjustments |
(41,819) |
4,748 |
Cash
generated from operating activities |
6,162 |
26,685 |
Finance costs
paid, net |
(5,917) |
(4,749) |
Income tax
paid |
(3,899) |
(1,997) |
Net cash
(used in) from operating activities |
(3,654) |
19,939 |
|
|
|
Cash used
in investing activities |
|
|
Proceeds from
sale of property, plant and equipment |
59 |
171 |
Acquisition of
property, plant and equipment and intangibles |
(43,763) |
(35,583) |
Investments in
associates and joint ventures |
(500) |
(1,000) |
Change in
restricted cash |
31,295 |
33,878 |
Interest received
on restricted cash |
9 |
15 |
Capitalized
borrowing cost |
(7,886) |
(7,722) |
Other |
8 |
13 |
Net cash
used in investing activities |
(20,778) |
(10,228) |
AMG Advanced
Metallurgical Group N.V. |
|
|
Condensed Interim
Consolidated Statement of Cash Flows |
|
|
(continued) |
|
|
For the
quarter ended March 31 |
|
|
In thousands of
US dollars |
2022 |
2021 |
|
Unaudited |
Unaudited |
Cash used
in financing activities |
|
|
Proceeds from
issuance of debt |
1,835 |
1,481 |
Payment of
transaction costs related to debt |
— |
(390) |
Repayment of
borrowings |
(1,718) |
(1,510) |
Net (repurchase
of) proceeds from issuance common shares |
(1,523) |
176 |
Payment of lease
liabilities |
(1,291) |
(1,283) |
Contributions by
non-controlling interests |
— |
244 |
Net cash
used in financing activities |
(2,697) |
(1,282) |
|
|
|
Net
(decrease) increase in cash and cash equivalents |
(27,129) |
8,429 |
|
|
|
Cash and cash
equivalents at January 1 |
337,877 |
207,366 |
Effect of
exchange rate fluctuations on cash held |
(2,266) |
(4,716) |
Cash and
cash equivalents at March
31 |
308,482 |
211,079 |
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
Russia and Japan (www.amg-nv.com).
For further information, please
contact:AMG Advanced Metallurgical Group
N.V. +1
610 975 4979Michele
Fischermfischer@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.
- First Quarter 2022 Earnings Press Release
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