Advanced Metallurgical Group (Seite 29)

[meinolf67]

Amsterdam, 9 October 2008 --- AMG Advanced Metallurgical Group N.V. ("AMG", EURONEXT AMSTERDAM: "AMG") announces that its Engineering Systems Division has acquired the remaining 50% of its nuclear joint venture, Furnaces Nuclear Applications Grenoble S.A. ("FN") for approximately EUR 3 million. FN was formerly a joint venture with a privately held French company. AMG will now consolidate these operations under the Engineering Systems Division.

Furnaces Nuclear Applications Grenoble S.A. designs and produces sintering systems for a number of nuclear applications. As previously announced, FN was recently awarded a contract with Shaw Areva MOX Services LLC for the detailed engineering of two sintering furnaces for the Shaw Areva MOX Fuel Fabrication Facility at the Savannah River Site, in Aiken, South Carolina, USA. These vacuum-type sintering systems will be used in the production of mixed oxide (MOX) uranium and plutonium nuclear fuel for light water reactors.

In addition to its sintering systems for nuclear fuels and the contract with Shaw Areva MOX Services LLC, Furnaces Nuclear Applications Grenoble S.A. has the world's leading vacuum furnace engineering team specializing in nuclear technologies. AMG intends to use FN as a platform for its further expansion into the growing nuclear energy field.

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08/12/2008
AMG earnings more than double in the second quarter
Key Highlights

* Revenue increased 48% in the second quarter 2008 compared to the second quarter 2007 (YTD Increase 35%)
* EBITDA increased 97% in the second quarter 2008 when compared to the second quarter 2007 (YTD Increase 87%)
* EPS on a fully diluted basis increased 114% compared to the second quarter 2007 to $0.92, EPS, excluding non-recurring charges, increased 170% compared to the second quarter 2007 to $1.16
* Advanced Materials and Engineering Systems experienced robust revenue and EBITDA growth during second quarter 2008, driven primarily by improved pricing in metals and alloys and continuing demand for solar silicon DSS furnaces
* Timminco's second quarter revenue and EBITDA improved by 63% and over 600% compared to the second quarter of 2007
* Timminco shipments of solar grade silicon more than doubled to 221 MT in the second quarter
* Graphit Kropfmühl contributed $24.6 million to revenue and $3.0 million to EBITDA since the completion of its acquisition on 22 April 2008


Amsterdam, 12 August 2008 --- AMG Advanced Metallurgical Group N.V. ("AMG", EURONEXT AMSTERDAM: "AMG") today announced its second quarter 2008 results. The Company's revenue increased to $413.0 million in the quarter ended 30 June 2008 from $279.0 million in the second quarter 2007, a 48% increase.

Net income attributable to shareholders for the second quarter 2008 was $25.3 million, or $0.92 per fully diluted share. Excluding AMG's 50.5% portion of the non- recurring restructuring expenses at Timminco, net income attributable to shareholders for the second quarter 2008 was $31.9 million, or $1.16 per fully diluted share. This represents an increase of 170% compared to net income of $11.8 million or $0.43 per fully diluted share for the second quarter 2007. EBITDA rose 97% to $63.4 million in the second quarter 2008 compared with $32.1 million in the second quarter 2007.

Dr. Heinz Schimmelbusch, Chairman of the Management Board and CEO, commented: "I am pleased to report record earnings for the second quarter and the first half of 2008. We had strong performances in both our Advanced Materials and Engineering Systems businesses. Both divisions increased revenue and earnings due to growth in the solar, steel and superalloy end markets. AMG's majority owned subsidiary, Timminco Limited, improved the quality and more than doubled the shipments of solar grade silicon during the second quarter as compared to the first quarter 2008, despite typical challenges associated with a ramp up of a new facility."


Key Figures

In 000's US Dollar








Q2'08

Q2'07 (1)

Change







Revenue

$413,005

$279,008

48%
Gross profit

92,002

53,078

73%
Gross margin

22.3%

19.0%









Operating income

40,879

25,133

63%
Operating margin

9.9%

9.0%









Net Income attributable to shareholders


25,273


11,758


115%







EPS- Fully diluted

0.92

0.43

114%
Adjusted EPS-Fully diluted (2)

1.16

0.43

170%







EBITDA (3)

63,392

32,142

97%
EBITDA margin

15.3%

11.5%


Notes:
(1) Q2 2007 Revenue has been restated due to an adjustment at Timminco
(2) Adjusted for non-recurring, restructuring charges at Timminco
(3) EBITDA is defined as earnings before interest, tax, depreciation and amortization and excludes nonrecurring items


Operational Review

Advanced Materials Division



Q2'08

Q2'07

Change
Revenue

$226,452

$173,416

31%
Gross profit
Operating income

46,860
26,858

30,444
13,403

54%
100%
EBITDA

30,528

16,755

82%
Capital expenditures

6,005

3,579

68%


The Advanced Materials division's second quarter 2008 financial results were driven by continued strong pricing and solid volumes in ferrovanadium, chromium and certain other key products. Revenue increased by $53.0 million or 30.6% to $226.5 million. Gross profit improved by $16.4 million or 53.9% to $46.9 million. SG&A expenses increased marginally because of additional corporate infrastructure. EBITDA increased by $13.8 million, an 82% improvement over the second quarter 2007 to $30.5 million.

Gross margins expanded from 17.6% in the second quarter of 2007 to 20.7% in second quarter of 2008. The division's secure raw material supply enabled it to increase gross margins at a faster pace than revenue. The most notable price increases over second quarter 2007 were in ferrovanadium and chromium metal, with ferrovanadium prices increasing by 88% and chromium metal prices increasing by 42%. Coating materials for thin film solar applications, vanadium chemicals and antimony products also delivered strong margins in the period. One area of pricing weakness was in ferronickel-molybdenum as London Metal Exchange nickel prices fell approximately 47% from the same period in the prior year.

Operating income for the second quarter 2008 improved 100% to $26.9 million, up from $13.4 million for the comparable period in 2007. This was primarily due to the increase in gross profit offset by a marginal increase in selling, general and administrative expenses that was attributable to a build-up in corporate infrastructure.

Capital expenditures were $6.0 million for the quarter, 67.6% higher than the comparable period in 2007, as previously announced capacity expansion initiatives in ferrovanadium, tantalum and hydropower continue to be on schedule. The division has recently approved a $2 million capacity expansion for the production of coating materials for thin film solar applications.

Engineering Systems Division



Q2'08

Q2'07

Change
Revenue

$99,219

$67,128

48%
Gross profit
Operating income

30,465
20,006

20,997
14,003

45%
43%
EBITDA
Capital expenditures

23,392
6,687

14,469
3,126

62%
114%


The Engineering Systems division continued its dynamic growth during the second quarter 2008. Order backlog of $444 million as of 30 June 2008 increased 76% compared to order backlog of $252 million as of 31 December 2007. The backlog primarily consists of solar silicon DSS furnaces and melting and remelting systems for the aerospace industry. The increase in the backlog is driven by a strong demand for solar silicon DSS furnaces.

Second quarter 2008 revenue and EBITDA increased $32.1 million, or 48%, and $8.9 million, or 62%, respectively, over the same period in 2007.

Sales in solar silicon melting and crystallization furnaces for the photovoltaic industry increased 75 % in the second quarter 2008 compared to the same period a year ago. In addition to the sales of single crucible furnaces to 18 solar customers worldwide, the division entered into a $90 million contract with a long-term customer, the largest order ever received in the Engineering Systems division's history.

Significant capacity expansion in the Berlin production facility was essential to meet the growing global demand for solar silicon DSS furnaces. As of the end of the second quarter 2008, four furnaces per week were produced, compared to one furnace per week at the end of the fourth quarter 2007. Engineering Systems expects to produce eight furnaces per week by the fourth quarter 2008 to meet customer delivery schedules. During the quarter, the Engineering Systems division also continued to improve the efficiency of its solar furnaces by optimizing the production of ingots made from solar grade silicon at its research facility in Freiberg, Germany.

Revenue from remelting systems primarily for the aerospace, electronics, and specialty steel industries remained on the strong growth trajectory as the first quarter. Geographically, sales to the Asia Pacific region and Europe drove revenue growth. Almost all product lines achieved strong margins on increased volumes.

The EBITDA margin improved to 24% during the second quarter 2008 compared to 22% for the same period in 2007. This improved margin is a result of increased sales of vacuum furnace systems based on the division's proprietary technology and increased economies of scale. The division continues to focus on reducing lead times for key product lines in order to meet customer demands while generating margins at levels slightly in excess of 2007.

During the quarter ended 30 June 2008, capital expenditures increased to $6.7 million, from $3.1 million for the second quarter of 2007. The expansion of the DSS production facility as well as the building and expansion of the Mexican Own and Operate facility were the primary causes for the increase in capital spending.

Timminco



Q2'08

Q2'07

Change
Revenue

$62,710

$38,464

63%
Gross profit
Operating loss

10,828
(8,326)

1,637
(2,273)

561%
(266)%
EBITDA

6,484

918

606%
Capital expenditures

12,691

4,793

165%


Timminco's revenue for the second quarter 2008 was $62.7 million compared with $38.5 million in the second quarter 2007, an increase of 63%. The increase is primarily attributable to the record sales of Timminco's solar grade silicon and silicon metal products. Gross profit also achieved record levels within the silicon product line due to the increased volume of solar grade silicon and higher average selling prices for silicon metal.

Silicon gross profit for the second quarter 2008 was $8.6 million or 19.3% of sales compared to a gross profit loss of $1.1 million in the second quarter of 2007. Timminco sold 221 metric tons of solar grade silicon during the second quarter 2008 at an average price of $65/kg. The main contributor to the increase in margin was the increase in sales of solar grade silicon. Included in cost of sales are $2.1 million of incremental production costs incurred in the quarter due to the continuing ramp up of the solar grade silicon facility. Magnesium gross profit for the second quarter 2008 was $2.2 million or 12.5% of sales compared to $2.1 million or 13.3% of sales in the second quarter of 2007.

Timminco had an operating loss in the quarter which is attributable to the one-time restructuring charge of $13.1 million associated with the closure of the Haley, Ontario Magnesium facility. The closure of this facility is expected to result in annual cost savings of approximately $5.0 million. Excluding this charge, operating income was $4.8 million in the second quarter of 2008 due to higher gross profit which was partially offset by increased selling, general and administrative expenses. Higher professional fees and travel related to various strategic initiatives resulted in an increase in SG&A.

In the quarter ended 30 June 2008, Timminco began the construction of an expansion to its solar grade silicon production capacity. This expansion is expected to bring the annual solar grade silicon production capacity to 14,400 metric tons. Sources of funding for this expansion include cash on hand, cash flow from operations, the Company's existing credit facilities and customer deposits. Customer deposits totalled $7.6 million in the second quarter of 2008. Continued growth in solar silicon revenues and gross margin improvement are expected for the balance of 2008.

Graphit Kropfmühl


Since
ownership
Revenue

$24,624
Gross profit
Operating income

3,849
2,342
EBITDA

2,988
Capital expenditures

1,952


Since its acquisition on 22 April 2008, Graphit Kropfmühl ("GK") has generated $24.6 million in revenue and $3.8 million in gross profit. The EBITDA margin for the Company was a healthy 12.1%. GK has spent nearly $2.0 million on projects to improve their production capabilities in both their graphite and silicon operations since the acquisition.

[meinolf67]

Jul 30, 2008 17:26 ET
AMG Subsidiary Timminco Confirms Extension of Solar Grade Silicon Supply Agreement With Q-Cells

AMSTERDAM, NETHERLANDS--(Marketwire - July 30, 2008) - AMG Advanced Metallurgical Group N.V. ("AMG", EURONEXT AMSTERDAM: "AMG") today announced that its 50.5% subsidiary Timminco Limited's ("Timminco"; TSX: TIM) existing solar grade silicon supply agreement between its wholly-owned subsidiary, Bécancour Silicon Inc. ("BSI"), and Q-Cells AG ("Q-Cells"; QCE: Frankfurt Stock Exchange) has been formally extended for 2010 through 2013, with deliveries of 6,000 metric tons per year, as anticipated in the initial announcement of the agreement on March 26, 2008. Pricing for deliveries in the years 2008 to 2010 is fixed, and for the years 2011 to 2013 will be based upon market conditions, within a fixed floor to ceiling price range. Q-Cells is the world's largest manufacturer of solar cells.

[meinolf67]

Antwort auf Beitrag Nr.: 34.570.603 von Balubine am 23.07.08 16:19:57

Dank Dir

[Balubine]

Antwort auf Beitrag Nr.: 34.568.343 von meinolf67 am 23.07.08 12:20:41

Anmerkung zum Posting vom meinolf67:

Die Shaw Areva MOX-Brennstoffherstellungs-Fabrik ist ein wichtiges Element im Programm der Vereinigten Staaten zur Beseitigung von überschüssigem Waffen-Plutonium. Die Vereinigten Staaten haben rund 34 Tonnen überschüssiges Waffen-Plutonium gelagert an regierungseigenen Standorten im ganzen Land. Shaw Areva MOX-Services LLC werden überschüssiges Waffen-Plutonium bearbeiten, Verunreinigungen entfernen, mit Uranoxid mischen und zu MOX-Brennstoff Pellets für Reaktor-Brennelemente formen. Diese Brennelemente werden benutzt um kommerzielle Atomreaktoren zu
betreiben.

Die Shaw Areva MOX-Brennstoffherstellungs-Fabrik wird nach Beginn der Produktion in der Lage sein, jährlich 3,5 Tonnen von waffenfähigem Plutonium in MOX-Brennelemente zu verwandeln.

balubine

[meinolf67]

23.07.2008 07:51
AMG jv wins engineering contract from Shaw Areva MOX Services

AMSTERDAM (Thomson Financial) - Advanced Metallurgical Group NV (News) (AMG) said Wednesday its engineering systems division's 50 percent-owned nuclear joint venture, Furnaces Nuclear Applications Grenoble, has won a contract from Shaw Areva (News) MOX Services LLC to provide engineering services on furnace systems producing mixed oxide nuclear fuels.

The company said it expects to win a second phase of the contract within 12 months, with the total value of the two contracts exceeding $30 million.

[meinolf67]

11.07.2008 07:34
AMG unit wins solar grade silicon supply contract

AMSTERDAM (Thomson Financial) - Advanced Metallurgical Group N.V. (News) said that Becancour Silicon Inc. (BSI), the wholly owned unit of its 50.5 percent-owned unit Timminco Ltd., has won a contract to supply solar grade silicon to a leading global manufacturer of wafers for the solar photovoltaic energy industry.

The agreement provides for shipments of around 1,150 metric tons of solar grade silicon through December 2009, equivalent to about 150 metric tons in 2008 and 1,000 metric tons in 2009.

Shipments are expected to begin in July.

AMG said that BSI has been shipping solar grade silicon to this customer since the beginning of 2008 on a purchase order basis.

[meinolf67]

02.07.2008 07:48
AMG enters solar furnace systems supply agreement with 1st order at $90 million

AMSTERDAM (Thomson Financial) - Advanced Metallurgical Group N.V. (News) said its Engineering Systems division has entered into a supply agreement for its solar silicon melting and crystallisation furnace systems.

Under the agreement, AMG has received the first purchase order, worth more than $90 million. It did not disclose who the customer is.

'This contract with a long-term customer is the largest order in the Engineering Systems Division's history. We continue to focus on providing high-end products to leading producers in the rapidly growing solar industry', said AMG CEO Heinz Schimmelbusch.

Cornelia Messing; [e-mail]