Amsterdam, 26 July 2023 (Regulated Information) --- AMG Critical Materials N.V.
("AMG", EURONEXT AMSTERDAM: "AMG") reported second quarter 2023 revenue of $439
million, a 4% increase versus the second quarter of 2022. Second quarter 2023
EBITDA of $107 million was 32% higher than the second quarter of 2022.
In 000's US dollars Q2 '23 Q2 '22 Change
-------------------------------------------------------------------------------
Revenue $439,319 $424,094 4%
EBITDA ((1)) 107,453 81,126 32%
Cash from operating activities 59,975 39,505 52%
Net income attributable to
shareholders 42,763 29,631 44%
EPS - Fully diluted 1.28 0.91
Return on Capital Employed 35.7% 25.5%
(Note:)
((1) EBITDA is defined as EBIT adjusted for depreciation and amortization.)
Dr. Heinz Schimmelbusch, Chairman of the Management Board and CEO, said, "This
is the fourth straight quarter in which AMG has exceeded $100 million of EBITDA.
The $26 million, or 32%, EBITDA increase over the second quarter of 2022 was
driven largely by our Clean Energy Materials segment, specifically AMG Lithium's
Brazilian operation with an EBITDA contribution of $89 million.
AMG's liquidity as of June 30, 2023 was $586 million, with $391 million of
unrestricted cash and $195 million of revolving credit availability. The Company
will pay an interim 2023 dividend of EUR0.40 per ordinary share on or around
August 9, 2023, to shareholders of record on August 1, 2023.
AMG Engineering signed $167 million in new orders during the second quarter of
2023, driven by strong orders of remelting and induction furnaces, representing
a 2.48x book to bill ratio. AMG's order backlog of $337 million as of June
30, 2023, which is the highest in AMG's history. This is largely driven by the
US aerospace market. Our second quarter 2023 US order intake has essentially
doubled from our second quarter 2022 US order intake.
We continue to drive our lithium strategy forward and are pleased to announce
that we have signed a mandate letter with KfW IPEX-Bank GmbH and with Citi to
structure and arrange the financing for the construction of our proposed
technical-grade lithium chemical plant in Brazil. The financing structure is
expected to cover all the funding requirements and be supported by Euler Hermes
(the German Export Credit Agency representing its government) under its Untied
Loan Guarantee program for projects which deliver critical raw materials into
Germany. This proposed financing is a cornerstone of our lithium strategy to be
the premier supplier of battery-grade lithium hydroxide in Europe, and another
important step towards an independent and sustainable lithium supply chain for
Europe. In addition, this project conforms with AMG Brazil's commitment to
upgrade its operations to produce a higher value product, while significantly
contributing to reducing CO(2) emissions by lowering total volumes shipped."
Strategic Highlights
Lithium
* The lithium concentrate production expansion project in AMG Brazil is
progressing as planned.
* AMG signed a mandate letter with KfW IPEX-Bank GmbH and Citi to structure
and arrange the financing for the construction of our proposed technical-
grade lithium chemical plant in Brazil. The financing structure is expected
to cover all the funding requirements and be supported by Euler Hermes (the
German Export Credit Agency representing its government) under its Untied
Loan Guarantee program for projects which deliver critical raw materials
into Germany. This proposed financing is a cornerstone of our strategy to be
the premier supplier of battery-grade lithium hydroxide in Europe.
* AMG Lithium's hydroxide refinery in Bitterfeld, Germany, Europe's first, is
expected to start commissioning for the first 20,000-ton module expected in
the fourth quarter of 2023.
* AMG Lithium signed a non-binding memorandum of understanding ("MOU") in May
2023 with Fortum Battery Recycling Oy ("Fortum"), a Nordic clean energy
provider. Fortum's new commercial scale hydrometallurgical plant is able to
efficiently recover valuable metals from old electric vehicle lithium-ion
batteries. The lithium product recovered by Fortum will be delivered to AMG
Lithium for further processing.
Vanadium
* The new vanadium spent catalyst recycling facility in Zanesville, Ohio, is
currently running at full capacity and targeting full run rate production
for the second half of 2023.
* AMG's innovative lithium vanadium battery ("LIVA") projects for industrial
power management applications outlined at our Capital Markets Day are under
various stages of construction.
* In January 2023, AMG started building a vanadium electrolyte plant at its
subsidiary, AMG Titanium, in Nuremberg, Germany. The target capacity is
6,000 m³ vanadium electrolyte, which will serve the electricity storage
market. Production is expected to start at the end of this year.
* Shell & AMG Recycling B.V. ("SARBV") project development in the Middle East
are progressing. The Supercenter project in the Kingdom of Saudi Arabia is
completing the FEL3 feasibility study later this year.
Financial Highlights
* Revenue increased by 4% to $439 million in the second quarter of 2023 from
$424 million in the second quarter of 2022.
* EBITDA was $107 million in the second quarter of 2023, up 32% versus the
second quarter 2022 EBITDA of $81 million.
* Annualized return on capital employed was 35.7% for the first six months of
2023, compared to 25.5% for the same period in 2022.
* Cash from operations was $60 million for the second quarter of 2023,
compared to $40 million in the second quarter of 2022, driven by the high
profitability of AMG Lithium in Brazil.
* Net income attributable to shareholders for the second quarter of 2023 was
$43 million, yielding $1.28 diluted earnings per share compared to $0.91 in
the same period in 2022.
* AMG's liquidity as of June 30, 2023 was $586 million, with $391 million of
unrestricted cash and $195 million of revolving credit availability.
* AMG declares an interim dividend of EUR0.40 per ordinary share, to be paid in
the third quarter of 2023.
Key Figures
In 000's US dollars
Q2 '23 Q2 '22 Change
Revenue $439,319 $424,094 4%
-------------------------------------------------------------------------------
Gross profit 127,534 102,240 25%
Gross margin 29.0% 24.1%
-------------------------------------------------------------------------------
Operating profit 78,167 65,246 20%
Operating margin 17.8% 15.4%
Net income attributable to
shareholders 42,763 29,631 44%
-------------------------------------------------------------------------------
EPS - Fully diluted 1.28 0.91 41%
EBIT ((1)) 93,780 69,763 34%
EBITDA ((2)) 107,453 81,126 32%
EBITDA margin 24.5% 19.1%
Cash from operating activities 59,975 39,505 52%
-------------------------------------------------------------------------------
(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 and other exceptional
items, 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 '23 Q2 '22 Change
-------------------------------------------------------
Revenue $208,487 $159,762 30%
Gross profit 95,985 60,821 58%
Operating profit 74,378 49,704 50%
EBITDA 95,974 58,232 65%
AMG Clean Energy Materials' revenue increased 30% compared to the second quarter
of 2022, to $208 million, driven mainly by increased sales volumes and increased
prices in lithium concentrates.
Gross profit for the quarter increased 58% compared to the same period in the
prior year, primarily due to the higher sales volumes across the segment as well
as higher lithium pricing.
SG&A expenses in the second quarter of 2023 were higher than the same period in
2022 at $21 million, mainly driven by the increase in headcount related to the
lithium and vanadium expansion projects, as well as higher employee benefit
costs.
The second quarter 2023 EBITDA increased 65%, to $96 million, from $58 million
in the second quarter of 2022, due to the improved gross profit as noted above.
AMG Vanadium's production was negatively impacted by a defective fan provided by
a supplier at our new Zanesville facility. AMG has commenced an arbitration
claim seeking compensatory damages, which include costs incurred and lost
profitability.
During the second quarter of 2023, a total of 28,870 dry metric tons ("dmt") of
lithium concentrates was sold. The second quarter experienced increased sales
volumes due to shipping schedule variances which will negatively impact the
third quarter. The average realized sales price was $3,633/dmt CIF China for the
quarter. The average cost per ton for the quarter was $547/dmt CIF China. The
cost per ton is higher than the first quarter due to lower volumes and pricing
in tantalum concentrate in the quarter. The additional lithium concentrate
shipments and slightly higher costs in tantalum concentrate resulted in
quarterly EBITDA for AMG Brazil of $89 million.
AMG Critical Minerals
Q2 '23 Q2 '22 Change
--------------------------------------------------------
Revenue $57,271 $103,416 (45%)
Gross profit 7,806 14,028 (44%)
Operating profit 169 7,086 (98%)
EBITDA 1,532 9,069 (83%)
AMG Critical Minerals' revenue for the second quarter of 2023 decreased by 45%,
to $57 million, mainly due to lower volumes across the segment largely driven by
the silicon metal plant operating one furnace during the quarter, as discussed
in detail below. The segment also suffered from a slowdown in the European
industrial economy.
Gross profit of $8 million in the second quarter was 44% lower compared to the
second quarter of 2022, largely due to the lower volumes in the current quarter.
SG&A expenses in the second quarter of 2023 increased by 8%, to $8 million,
compared to the same period in 2022. This was largely driven by higher
professional fees in the current quarter.
The second quarter 2023 EBITDA decreased 83% compared to the same period in
2022, to $2 million, due to the lower gross profit as noted above.
AMG Silicon operated one of four furnaces throughout the second quarter and
plans to operate one furnace for the remainder of 2023. The operational
parameters of the silicon business will continue to be reviewed on an ongoing
basis. Due to the noted interruptions in silicon operations, the financial
impact of the business will be excluded from EBITDA during this period of
abnormal operations. However, AMG Silicon generated $9 million in cash flow from
operating activities during the quarter driven by the receipt of energy sales
made in the fourth quarter of 2022.
AMG Critical Materials Technologies
Q2 '23 Q2 '22 Change
---------------------------------------------------------
Revenue $173,561 $160,916 8%
Gross profit 23,743 27,391 (13%)
Operating profit 3,620 8,456 (57%)
EBITDA 9,947 13,825 (28%)
AMG Critical Materials Technologies' second quarter 2023 revenue increased by
$13 million, or 8%, compared to the same period in 2022. This improvement was
driven by strong revenues in our engineering unit, as well as higher sales
volumes of titanium alloys and chrome metal, partially offset by lower chrome
metal pricing.
SG&A expenses increased by 8% in the second quarter of 2023 compared to the same
period in 2022, due to additional personnel at AMG Engineering and AMG LIVA
corresponding to the record order backlog and business development,
respectively.
AMG Critical Materials Technologies' EBITDA was $10 million during the quarter
compared to $14 million in the same period of 2022. The decrease was primarily
due to lower chrome prices in the second quarter of 2023 partially offset by
higher profitability in Engineering and Titanium.
AMG Engineering signed $167 million in new orders during the second quarter of
2023, driven by strong orders of remelting and induction furnaces, representing
a 2.48x book to bill ratio. Order backlog was $337 million as of June 30, 2023,
the highest in AMG's history.
Financial Review
Tax
AMG recorded an income tax expense of $27 million in the second quarter of
2023, compared to $23 million in the same period in 2022. This variance was
mainly driven by higher profitability in AMG Lithium at its Brazil operation,
offset by US tax expense and movements in the Brazilian real. The effects of the
Brazilian real caused a $2 million tax benefit in the second quarter of 2023,
compared to a $4 million tax expense in the same period in 2022. Fluctuations 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 $35 million in the second quarter of 2023, compared to tax
payments of $9 million in the second quarter of 2022. The higher cash taxes in
the current quarter were a result of tax payments tracking the consistent upward
trend in Brazil results.
Exceptional Items
AMG's second quarter 2023 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 2023 and 2022 are below:
Exceptional items included in gross profit
Q2 '23 Q2 '22 Change
-------------------------------------------------------------------------------
Gross profit $127,534 $102,240 25%
Inventory cost adjustment 3,678 - N/A
Restructuring expense 626 41 1427%
Silicon's partial closure (1,011) - N/A
Strategic project (reversal) expense (55) 833 N/A
-------------------------------------------------------------------------------
Gross profit excluding exceptional
items 130,772 103,114 27%
AMG Vanadium had a $3.7 million non-cash expense during the second quarter of
2023. This is a result of inventory cost adjustments associated with declining
prices and inventory specification issues due to the acquisition and testing of
global refinery waste which has been adjusted in EBITDA.
SG&A
AMG's second quarter 2023 SG&A expenses were $49 million compared to $37 million
in the second quarter of 2022, with the increase largely attributable to higher
personnel costs driven by increased hiring in our Lithium, Engineering, and LIVA
businesses. It was also driven by a one-time pension expense of $6.7 million due
to the restructuring of executive employee benefit plans.
Liquidity
June 30, 2023 December 31, 2022 Change
-------------------------------------------------------------------------------
Senior secured debt $338,505 $348,622 (3%)
Cash & cash equivalents 391,251 346,043 13%
-------------------------------------------------------------------------------
Senior secured net (cash) debt (52,746) 2,579 N/A
-------------------------------------------------------------------------------
Other debt 14,987 14,959 -%
-------------------------------------------------------------------------------
Net (cash) debt excluding
municipal bond (37,759) 17,538 N/A
-------------------------------------------------------------------------------
Municipal bond debt 319,124 319,244 -%
Restricted cash 1,440 6,920 (79%)
-------------------------------------------------------------------------------
Net debt 279,925 329,862 (15%)
AMG ended the second quarter in a $280 million net debt position. This decrease
versus year-end 2022 was mainly due to higher cash balances from strong
operating cash flow.
AMG continued to maintain a strong balance sheet and adequate sources of
liquidity during the second quarter. As of June 30, 2023, the Company had $391
million in unrestricted cash and cash equivalents and $195 million available on
its revolving credit facility. As such, AMG had $586 million of total liquidity
as of June 30, 2023.
Net Finance Costs
AMG's second quarter 2023 net finance cost was $7 million compared to $12
million in the second quarter of 2022. This variance was mainly driven by higher
interest income earned, due to the overall increase in global interest rates,
and an increase in cash and cash equivalents balances as well as foreign
exchange losses in the prior period. Additionally, in today's rising rate
environment, AMG continues to benefit from its low-cost fixed-rate debt
facilities. AMG has an average interest rate charge across its two main debt
instruments of 5%.
Outlook
Given the global economic uncertainty and the slowdown in China, current spot
prices across AMG's critical materials portfolio are significantly below the
prices we experienced when we announced our initial guidance for 2023 in
November 2022. The price of lithium carbonate in November 2022, the date of our
$400 million EBITDA guidance, has now almost halved and our other relevant
portfolio prices are down an average of 25%.
Therefore, we have changed our full year EBITDA guidance for 2023 from
"exceeding $400 million in EBITDA" to "a range between $350 million to $380
million in EBITDA." An EBITDA in this range represents the highest EBITDA in the
history of AMG.
As previously disclosed, third quarter profitability will be negatively impacted
by lower volumes associated with the spodumene expansion project. Volumes will
recover in the fourth quarter as the project begins to ramp up.
Regarding our long-term guidance, we are extremely pleased with the advancement
of our strategic projects. We are moving forward with our lithium concentrate
expansion in Brazil. We've signed a mandate letter to fund the chemical upgrader
in Brazil, and our lithium hydroxide refinery in Bitterfeld, Germany, is under
construction, with commissioning for the first 20,000-ton module expected in the
fourth quarter of 2023.
These transformational projects in lithium, our newly complete ferrovanadium
spent catalyst recycling facility in Ohio, and the continued ramp-up in our AMG
Critical Materials Technologies segment will drive increased volumes across our
Clean Energy Materials segment and confirm our confidence in our long-term
guidance. Our long-term guidance therefore remains unchanged at an EBITDA level
of $650 million, or more, in 5 years, or earlier.
Profit for the period to adjusted EBITDA reconciliation
Q2 '23 Q2 '22
--------------------------------------------------------------------------
Profit for the period $43,573 $29,879
Income tax expense 26,552 23,156
Net finance cost 7,282 12,211
Equity-settled share-based payment transactions 1,495 1,372
Restructuring expense 626 41
Pension adjustment 6,700 -
Silicon's partial closure (362) -
Inventory cost adjustment 3,678 -
Strategic project expense ((1)) 3,476 3,107
Share of loss of associates 760 -
Others - (3)
--------------------------------------------------------------------------
EBIT 93,780 69,763
Depreciation and amortization 13,673 11,363
--------------------------------------------------------------------------
EBITDA 107,453 81,126
(Notes:)
((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 Critical Materials N.V.
Condensed Interim Consolidated Income
Statement
For the quarter ended June 30
In thousands of US dollars 2023 2022
Unaudited Unaudited
------------------------------------
Continuing operations
Revenue 439,319 424,094
Cost of sales (311,785) (321,854)
Gross profit 127,534 102,240
Selling, general and administrative
expenses (49,420) (37,034)
Other income, net 53 40
Net other operating income 53 40
Operating profit 78,167 65,246
Finance income 5,550 2,081
Finance cost (12,832) (14,292)
Net finance cost (7,282) (12,211)
Share of loss of associates and joint
ventures (760) -
Profit before income tax 70,125 53,035
Income tax expense (26,552) (23,156)
Profit for the period 43,573 29,879
Profit attributable to:
Shareholders of the Company 42,763 29,631
Non-controlling interests 810 248
Profit for the period 43,573 29,879
Earnings per share
Basic earnings per share 1.33 0.93
Diluted earnings per share 1.28 0.91
AMG Critical Materials N.V.
Condensed Interim Consolidated Income
Statement
For the six months ended June 30
In thousands of US dollars 2023 2022
Unaudited Unaudited
------------------------------------
Continuing operations
Revenue 889,909 827,957
Cost of sales (622,533) (650,523)
Gross profit 267,376 177,434
Selling, general and administrative
expenses (89,780) (74,496)
Other income, net 594 122
Net other operating income 594 122
Operating profit 178,190 103,060
Finance income 11,026 2,380
Finance cost (24,925) (23,510)
Net finance cost (13,899) (21,130)
Share of loss of associates and joint
ventures (1,792) (500)
Profit before income tax 162,499 81,430
Income tax expense (62,479) (21,667)
Profit for the period 100,020 59,763
Profit attributable to:
Shareholders of the Company 98,984 58,746
Non-controlling interests 1,036 1,017
Profit for the period 100,020 59,763
Earnings per share
Basic earnings per share 3.08 1.84
Diluted earnings per share 3.01 1.81
AMG Critical Materials N.V.
Condensed Interim Consolidated Statement of Financial
Position
In thousands of US dollars June 30, 2023 Unaudited December 31, 2022
Assets
Property, plant and equipment 851,805 797,611
Goodwill and other intangible assets 41,235 41,404
Derivative financial instruments 31,839 33,042
Equity-accounted investees 16,147 -
Other investments 31,339 29,324
Deferred tax assets 37,924 37,181
Restricted cash 381 5,875
Other assets 10,445 8,612
Total non-current assets 1,021,115 953,049
Inventories 252,435 277,311
Derivative financial instruments 2,412 3,516
Trade and other receivables 179,727 162,548
Other assets 117,828 121,834
Current tax assets 6,627 7,289
Restricted cash 1,059 1,045
Cash and cash equivalents 391,251 346,043
Total current assets 951,339 919,586
Total assets 1,972,454 1,872,635
AMG Critical Materials N.V.
Condensed Interim Consolidated Statement of Financial
Position
(continued)
In thousands of US dollars June 30, 2023 Unaudited December 31, 2022
Equity
Issued capital 853 853
Share premium 553,715 553,715
Treasury shares (10,730) (14,685)
Other reserves (39,334) (44,869)
Retained earnings (deficit) 90,543 (4,461)
Equity attributable to shareholders
of the Company 595,047 490,553
Non-controlling interests 35,185 27,296
Total equity 630,232 517,849
Liabilities
Loans and borrowings 658,722 661,270
Lease liabilities 43,912 44,224
Employee benefits 127,827 117,160
Provisions 12,969 12,361
Deferred revenue 20,000 20,000
Other liabilities 3,931 15,009
Derivative financial instruments 191 284
Deferred tax liabilities 18,515 27,269
Total non-current liabilities 886,067 897,577
Loans and borrowings 5,778 15,164
Lease liabilities 4,892 4,710
Short-term bank debt 8,116 6,391
Deferred revenue 14,533 28,277
Other liabilities 71,088 69,917
Trade and other payables 245,889 240,101
Derivative financial instruments 2,711 7,746
Advance payments from customers 51,947 51,054
Current tax liability 38,778 23,548
Provisions 12,423 10,301
Total current liabilities456,155 457,209
Total liabilities 1,342,222 1,354,786
Total equity and liabilities 1,972,454 1,872,635
AMG Critical Materials N.V.
Condensed Interim Consolidated Statement of
Cash Flows
For the six months ended June 30
In thousands of US dollars 2023 2022
Unaudited Unaudited
----------------------------------
Cash from operating activities
Profit for the period 100,020 59,763
Adjustments to reconcile net profit to net
cash flows:
Non-cash:
Income tax expense 62,479 21,667
Depreciation and amortization 26,640 21,890
Asset impairment reversal (767) -
Net finance cost 13,899 21,130
Share of loss of associates and joint
ventures 1,792 500
Loss on sale or disposal of property, plant
and equipment 35 33
Equity-settled share-based payment
transactions 2,964 2,752
Movement in provisions, pensions, and
government grants 8,104 (2,917)
Working capital and deferred revenue
adjustments(1) 3,901 (63,774)
Cash generated from operating activities 219,067 61,044
Finance costs paid, net (9,716) (12,153)
Income tax paid (55,981) (13,040)
Net cash from operating activities 153,370 35,851
Cash used in investing activities
Proceeds from sale of property, plant and
equipment 26 93
Acquisition of property, plant and equipment
and intangibles (69,291) (82,608)
Investments in associates and joint ventures (17,939) (500)
Use of restricted cash 5,480 51,252
Interest received on restricted cash 30 76
Capitalized borrowing cost paid (8,366) (8,321)
Other (1) 8
Net cash used in investing activities (90,061) (40,000)
AMG Critical Materials N.V.
Condensed Interim Consolidated Statement of
Cash Flows
(continued)
For the six months ended June 30
In thousands of US dollars 2023 2022
Unaudited Unaudited
----------------------------------
Cash used in financing activities
Proceeds from issuance of debt 2,041 152
Repayment of borrowings (12,755) (8,437)
Net repurchase of common shares (6,960) (1,523)
Dividends paid (14,087) (10,098)
Payment of lease liabilities (2,659) (2,588)
Advanced contributions 14,000 -
Net cash used in financing activities (20,420) (22,494)
Net increase (decrease) in cash and cash
equivalents 42,889 (26,643)
Cash and cash equivalents at January 1 346,043 337,877
Effect of exchange rate fluctuations on cash
held 2,319 (10,476)
Cash and cash equivalents at June 30 391,251 300,758
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's mission is to provide critical materials and related process technologies
to advance a less carbon-intensive world. To this end, AMG is focused on the
production and development of energy storage materials such as lithium,
vanadium, and tantalum. In addition, AMG's products include highly engineered
systems to reduce CO(2) in aerospace engines, as well as critical materials
addressing CO(2) reduction in a variety of other end use markets.
AMG Clean Energy Materials segment combines AMG's recycling and mining
operations, producing materials for infrastructure and energy storage solutions
while reducing the CO(2) 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 3,600 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 Critical Materials N.V. +1 610 975 4979
Michele Fischer
mfischer@amg-nv.com (mailto: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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