Brazil
Press Release

AMG Advanced Metallurgical Group N.V. Reports Record Full Year and Fourth Quarter 2018 Results

Bnamericas Published: Thursday, February 28, 2019

(This is an abridged version of the release. For the full version click here.)

By AMG Advanced Metallurgical Group

Key Highlights

Revenue increased by 23% to $344.4 million in the fourth quarter of 2018 from $280.7 million in the fourth quarter of 2017

EBITDA(2) was $62.8 million in the fourth quarter of 2018, a 90% increase over the same period in 2017

Full year 2018 EBITDA was the highest in AMG's history, increasing by 73% to $217.1 million, from $125.5 million in the prior year

EPS, on a fully diluted basis, increased by 104% to $0.92 in the fourth quarter of 2018 from $0.45 in the fourth quarter of 2017

Full year 2018 EPS, the highest in AMG's history, increased by 65% to $2.97 per fully diluted share from $1.80 per share in 2017

Return on capital employed increased to 35.4% in 2018, as compared to 21.2% in 2017

Operating cash flow was $97.4 million in 2018, a 24% increase over 2017, enabling AMG to end the year in a net cash position

Total 2018 dividend proposed of €0.50 per ordinary share, including the interim dividend of €0.20, paid on August 14, 2018, an increase of 79% over the prior year's total dividend of €0.28

Amsterdam, 28 February 2019 (Regulated Information) ---AMG Advanced Metallurgical Group N.V. ("AMG", EURONEXT AMSTERDAM: "AMG") reported fourth quarter 2018 revenue of $344.4 million, a 23% increase from $280.7 million in the fourth quarter of 2017. EBITDA for the fourth quarter of 2018 was $62.8 million, a 90% increase from $33.0 million in the fourth quarter of 2017. On a full year basis, EBITDA increased by 73% to $217.1 million, from $125.5 million in the prior year.

Net income attributable to shareholders increased to $29.0 million in the fourth quarter of 2018 from $14.3 million in the fourth quarter of 2017. EPS, on a fully diluted basis, increased by 104% to $0.92 in the fourth quarter of 2018 from $0.45 in the fourth quarter of 2017. On a full year basis, net income attributable to shareholders increased by 66% to $94.6 million in 2018 from $57.0 million in 2017. EPS, on a fully diluted basis, increased by 65% to $2.97 in 2018 from $1.80 in 2017.

Dr. Heinz Schimmelbusch, Chairman of the Management Board and CEO, said, "Very strong financial results in the fourth quarter of 2018 resulted in the highest EBITDA and earnings per share in the Company's history.

"AMG Critical Materials generated EBITDA of $55.7 million during the fourth quarter of 2018, an increase of 107% from $26.9 million in the fourth quarter of 2017, due to a combination of higher vanadium prices, as well as improved product mix and strong sales volumes across much of the Critical Materials portfolio.

"AMG Engineering signed $315.9 million in new orders during 2018, representing a 1.22x book to bill ratio. Order backlog was $241.4 million as of December 31, 2018, a 17% increase from $207.0 million as of December 31, 2017. AMG Engineering achieved EBITDA of $7.1 million during the fourth quarter of 2018, an increase of $1.0 million compared to the fourth quarter of 2017, driven by higher profitability generated from the delivery of casting furnaces and increased after-sales services during the quarter.

"In the fourth quarter of 2018, AMG generated cash from operating activities of $50.7 million, an increase of $17.4 million, or 52%, over the same period in 2017. On a full year basis, AMG generated cash from operating activities of $97.4 million in 2018, an increase of $18.9 million, or 24%, compared to the same period in 2017."

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