AMG Advanced Metallurgical Group N.V. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2014; Reports Asset Impairment Expense for the Fourth Quarter of 2014; Provides Earnings Guidance for 2015; Announces Management Changes, Effective May 7, 2015
March 12, 2015 at 02:14 am EDT
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AMG Advanced Metallurgical Group N.V. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2014. For the quarter, revenue was $260.378 million against $284.023 million a year ago. Operating profit was $3.698 million against operating loss of $4.289 million a year ago. Loss before income tax was $2.237 million against $10.544 million a year ago. Profit for the period was $7.647 million or $0.26 per diluted share against loss for the period of $3.785 million or $0.12 per diluted share a year ago. EBIT was $13.813 million against $2.090 million a year ago. EBITDA was $21.858 million against $10.516 million a year ago.
For the year, revenue was $1,093.889 million against $1,158.444 million a year ago. Operating profit was $40.632 million against operating loss of $26.196 million a year ago. Profit before income tax was $20.676 million against loss before income tax of $49.412 million a year ago. Profit for the period was $21.648 million or $0.79 per diluted share against loss for the period of $45.036 million or $1.51 per diluted share a year ago. Net cash flows from operating activities was $95.114 million against $69.707 million a year ago. Acquisition of property, plant and equipment and intangibles was $23.957 million against $32.025 million a year ago. EBIT was $53.238 million against $39.353 million a year ago. EBITDA was $85.732 million against $72.601 million a year ago. As of December 31, 2014, the company's net debt was $87.8 million, a reduction of $72.7 million, or 45%, during 2014.
For the fourth quarter of 2014, the company reported asset impairment expense of $1.867 million against $1.321 million a year ago.
For 2015, the company expects to continue to improve its return on capital employed and earnings per share in 2015.
Supervisory Board of the company appointed Mr. Norbert Quinkert as the successor of Mr. Pedro Pablo Kuczynski as chairman of the supervisory board. The appointment is effective as of the annual meeting on May 7, 2015. Mr. Kuczynski's term ends in May 2015 and he has indicated that he is not available for a new term on AMG's supervisory board. Mr. Quinkert has been a member of the supervisory board since 2007. In addition, Ms. Ute Wolf has indicated to the supervisory board that she intends to step down when her term ends in May 2015.
AMG Critical Materials N.V. specializes in the fabrication of specialty metals and vacuum furnace systems for the aerospace, electronics, optical, chemical, construction, and transportation industries. Net sales break down by family of products as follows:
- metals and advanced materials (58.6%): aluminum alloys, magnesium alloys, silicon metal, chromium metal, tantalum oxides, titanium, vanadium chemical products, aluminum powders, coatings, etc.;
- vacuum furnace systems (41.4%): injection furnaces, casting furnaces, crystallization furnaces, carburizing furnaces, etc. The group also offers vacuum heat-treating services.
Net sales are distributed geographically as follows: the Netherlands (1%), United States (27.7%), China (26%), Germany (8.6%), France (5.2%), Brazil (3.6%), United Kingdom ( 3.5%), Italy (2.9%), Japan (2.8%), Canada (2.7%), India (2.4%), Thailand (1.6%), Mexico (1.4%), Austria (1. 3%), and others (9.3%).
AMG Advanced Metallurgical Group N.V. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2014; Reports Asset Impairment Expense for the Fourth Quarter of 2014; Provides Earnings Guidance for 2015; Announces Management Changes, Effective May 7, 2015
AMG CRITICAL MATERIALS N.V. 
