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DeZwarteRidder 10 maart 2017 23:58

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AMG Reports Full Year and Fourth Quarter 2016 Results and Provides Update on Lithium Project

03/09/2017

Key Highlights

Revenue increased by 8% to $237.9 million in the fourth quarter 2016 from $220.8 million in the fourth quarter 2015
EBITDA(2) was $30.0 million in the fourth quarter 2016, a 210% increase over the same period in 2015, and represents the highest quarterly EBITDA in 5 years
On a full year basis, EBITDA in 2016 increased by 33% to $100.7 million, from $75.6 million in the prior year
Full year EPS, on a fully diluted basis, increased by 230% to $1.32 in 2016 from $0.40 in 2015
Return on capital employed increased to 18.8% in 2016, as compared to 12.0% in 2015
Total 2016 dividend proposed of €0.27 per ordinary share, including the interim dividend of €0.13, paid on August 16, 2016
AMG's lithium project is progressing in-line with expectations, with production expected to commence mid-2018

Amsterdam, 9 March 2017 (Regulated Information) --- AMG Advanced Metallurgical Group N.V. ("AMG", EURONEXT AMSTERDAM: "AMG") reported fourth quarter 2016 revenue of $237.9 million, an 8% increase from $220.8 million in the fourth quarter 2015. EBITDA for the fourth quarter 2016 was $30.0 million, a 210% increase from $9.7 million in the fourth quarter 2015. Net income attributable to shareholders increased to $10.0 million in the fourth quarter 2016 from a loss of $0.3 million in the fourth quarter 2015. On a full year basis, EBITDA increased by 33% to $100.7 million, from $75.6 million in the prior year, despite an increase in AMG's Performance Share Unit ("PSU") plan costs of $4.5 million, compared to the same period in 2015, driven by AMG's strong share price performance in 2016.

Dr. Heinz Schimmelbusch, Chairman of the Management Board and CEO, said, "AMG's focus on operational excellence and price risk management resulted in very strong financial results in the fourth quarter 2016. Both AMG Critical Materials and AMG Engineering generated triple-digit percentage improvements in quarterly EBITDA compared to the same period in 2015.

AMG Critical Materials generated EBITDA of $22.1 million during the fourth quarter 2016, an increase of 214% from $7.0 million in the fourth quarter of 2015. All operating units within AMG Critical Materials performed well during the quarter, due to a combination of lower operating costs, improved product mix, strong sales volumes and improving vanadium prices. Despite improvements in select materials prices in 2016, current prices for many of our products still reside in the lowest quartile when analyzed over a 10-year timeframe.

AMG Engineering achieved EBITDA of $7.9 million during the fourth quarter 2016, an increase of 199% from $2.6 million in the fourth quarter of 2015. AMG Engineering signed $61.7 million in new orders during the fourth quarter of 2016, an increase of 29% from $48.0 million in the fourth quarter of 2015. New innovations continue to have a positive impact on the results of AMG Engineering, such as our industry leading SyncroTherm® heat treatment furnaces; powder metallurgy furnaces related to additive manufacturing; titanium remelting furnaces; and turbine blade coating plants. These innovative product offerings continue to drive a significant portion of sales and profitability for the division.

On a full year basis, AMG generated cash from operating activities of $56.2 million, a decrease of 26% from $76.3 million in 2015. The full year 2016 operating cash flows include voluntary cash contributions to the Company's pension plans of $23.1 million made during the year. This strong cash generation enabled AMG to fund a substantial investment in growth capital expenditures during 2016."

DeZwarteRidder 10 maart 2017 23:59

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Key Figures
In 000's US Dollar
Q4 '16 Q4 '15 Change FY '16 FY '15 Change
Revenue $237,874 $220,842 8% $971,148 $977,143 (1%)
Gross profit (3) 42,985 35,396 21% 186,808 156,857 19%
Gross margin 18.1% 16.0% 19.2% 16.1%

Operating profit 11,858 4,191 183% 59,868 36,163 66%
Operating margin 5.0% 1.9% 6.2% 3.7%

Profit before income tax 11,844 2,275 421% 49,667 28,568 74%

Net income (loss) attributable to shareholders 9,956 (337) N/A 40,558 11,080 266%

EPS - Fully diluted 0.32 (0.01) N/A 1.32 0.40 230%

EBIT (1) 22,180 2,043 986% 70,811 46,032 54%
EBITDA (2) 30,011 9,676 210% 100,652 75,622 33%
EBITDA margin 12.6% 4.4% 10.4% 7.7%

Cash from operating activities 15,553 33,550 (54%) 56,225 76,308 (26%)

Notes:

EBIT is defined as earnings before interest and income taxes. EBIT excludes restructuring and equity-settled share-based payments and includes foreign currency gains or losses.
EBITDA is defined as EBIT adjusted for depreciation and amortization.
Gross Profit has been restated to include restructuring expenses and asset impairment expenses, in order to take into consideration ESMA's latest recommendations.

Operational Review

AMG Critical Materials
Q4 '16 Q4 '15 Change FY '16 FY '15 Change
Revenue $165,970 $166,275 - % $701,634 $757,492 (7%)
Gross profit 29,628 * 23,348 27% **129,991 ** 109,538 19%
Gross profit before non-
recurring items 31,802 * 20,733 53% **132,533 ** 111,153 19%
Operating profit 9,762 2,559 281% 44,362 31,630 40%
EBITDA 22,121 7,039 214% 73,618 60,798 21%

* Includes $4.4 million non-cash expense related to vanadium, nickel and molybdenum inventory adjustments in the fourth quarter 2015

** FY '15 includes $6.5 million non-cash expense related to vanadium, nickel and molybdenum inventory adjustments in the full year 2015; FY '16 includes $5.1 million non-cash benefit related to reversal of previously expensed vanadium, nickel and molybdenum inventory adjustments

AMG Critical Materials fourth quarter 2016 revenue of $166.0 million was in-line with prior year. Lower quarter-over-quarter sales in AMG Silicon, AMG Aluminum and AMG Brazil, were offset by stronger sales from AMG Vanadium, AMG Titanium Alloys & Coatings, AMG Antimony and AMG Superalloys.

Gross profit before non-recurring items in the fourth quarter increased by $11.1 million, or 53%, to $31.8 million, due to strong financial performance across all AMG Critical Materials business units. AMG Vanadium gross profit improved significantly in the fourth quarter 2016, due to higher volumes and improving vanadium prices. In addition, AMG Vanadium incurred a non-cash inventory adjustment expense of $4.4 million in the prior year due to rapidly falling vanadium, nickel and molybdenum prices.

AMG Titanium Alloys & Coatings and AMG Superalloys quarterly gross profits benefited from higher sales volumes of Titanium Aluminides and Chrome Metal, respectively, compared to the prior year. AMG Brazil, AMG Graphite and AMG Antimony quarterly gross profits also improved due to a combination of lower operating costs and product mix effects. Quarterly gross profits in AMG Silicon and AMG Aluminum were in-line with the prior year.

Gross margin before non-recurring items improved to 19% from 12% in the fourth quarter of 2015 due to improved vanadium pricing, higher volumes and lower costs.

EBITDA increased by $15.1 million to $22.1 million in the fourth quarter of 2016, driven primarily by higher gross profit and lower segment specific SG&A expenses.

AMG Engineering
Q4 '16 Q4 '15 Change FY '16 FY '15 Change
Revenue $71,904 $54,567 32% $269,514 $219,651 23%
Gross profit 13,357 12,048 11% 56,817 47,319 20%
Gross profit before non-
recurring items 16,625 11,652 43% 60,473 48,807 24%
Operating profit 2,096 1,632 28% 15,506 4,533 242%
EBITDA 7,890 2,637 199% 27,034 14,824 82%

AMG Engineering signed $61.7 million in new orders during the fourth quarter of 2016, representing a 0.86x book to bill ratio. Order backlog was $135.5 million as of December 31, 2016, a 4% reduction from $140.9 million as of December 31, 2015. On a full year basis, AMG Engineering signed $273.1 million in new orders, representing a 1.01x book to bill ratio.

AMG Engineering's fourth quarter 2016 revenue increased $17.3 million, or 32%, to $71.9 million, the highest quarterly revenue in 5 years, due to strong sales of plasma remelting, induction and turbine blade coating furnaces for the aerospace market.

Fourth quarter 2016 gross profit before non-recurring items increased by $5.0 million, or 43%, to $16.6 million, due to higher revenues. Gross margin before non-recurring items improved to 23% from 21% in the fourth quarter of 2015 due to product mix effects.

EBITDA increased by $5.3 million to $7.9 million in the fourth quarter of 2016, driven by higher gross profit.

DeZwarteRidder 11 maart 2017

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Financial Review

Tax
AMG recorded an income tax expense of $8.1 million in 2016 as compared to $18.7 million in 2015. The income tax expense in 2015 was negatively impacted by the currency effect of the Brazilian Real on deferred tax balances. Due to the volatile nature of the company's deferred tax balances, AMG believes that the cash tax rate is a more meaningful metric.

AMG paid taxes of $6.6 million in 2016 as compared to $5.7 million in 2015. For 2016, AMG's effective cash tax rate was 13%, as compared to 20% in 2015.

Non-Recurring Items

AMG's fourth quarter 2016 and full year 2016 gross profit of $186.8 million includes non-recurring items, which are not included in the calculation of EBITDA.

A summary of non-recurring items in 2016 and 2015 are below:

Non-recurring items included in gross profit
Q4 '16 Q4 '15 Change FY '16 FY '15 Change
Gross profit $42,985 $35,396 21% $186,808 $156,857 19%
Restructuring expense 3,466 ($3,011) N/A 4,222 3,103 36%
Asset impairment expense 1,976 - N/A 1,976 - N/A
Gross profit before non-recurring items 48,427 32,385 50% 193,006 159,960 21%

Gross profit before non-recurring items by reporting segment
Q4 '16 Q4 '15 Change FY '16 FY '15 Change
AMG Critical Materials $31,802 $20,733 53% $132,533 $111,153 19%
AMG Engineering 16,625 11,652 43% 60,473 48,807 24%
Gross profit before non-recurring items 48,427 32,385 50% 193,006 159,960 21%

AMG Critical Materials and AMG Engineering gross profit in the fourth quarter 2016 was negatively impacted by restructuring related to cost reduction initiatives in Germany and France, respectively.

The Company decided to modify its income statement presentation in order to take into consideration ESMA's latest recommendations. This new presentation resulted in a reclassification of restructuring expenses and asset impairment expenses into expenses by function, and consequently gross profit. Accordingly, the comparative figures of the 2016 consolidated financial statements have been restated to comply with IFRS requirements.

Environmental expense
Q4 '16 Q4 '15 Change FY '16 FY '15 Change
Environmental 1,828 1,529 20% 1,873 (757) N/A
of which non-recurring 1,277 1,529 (16%) 1,277 1,529 (16%)

During the fourth quarter 2016, AMG recorded non-recurring environmental expense of $1.3 million related to its Newfield, NJ site, which are not included in the calculation of EBITDA.

Liquidity
December 31, 2016 December 31, 2015 Change
Total debt $168,080 $126,743 33%
Cash and cash equivalents 160,744 127,778 26%
Net debt (cash) 7,336 (1,035) N/A

AMG had a net debt position of $7.3 million as of December 31, 2016. Net debt increased by $8.4 million from December 31, 2015, while gross debt increased by $41.3 million, driven by the increased term loan associated with the new debt facility.

Cash from operating activities decreased to $56.2 million in 2016 from $76.3 million in 2015. As noted above, the Company made $23.1 million of discretionary pension contributions during the year. These contributions drove the decline in cash from operating activities from prior year.

Capital expenditures increased to $44.1 million in 2016 compared to $23.3 million in 2015. Capital spending in 2016 included $18.4 million of maintenance capital, compared to $13.1 million in 2015. The largest expansion capital projects in 2016 were AMG's lithium project in Brazil, Ancuabe graphite mine project in Mozambique, titanium aluminide expansion in Germany and silicon furnace upgrade in Germany.

Including the $161 million of cash, AMG had $343 million of total liquidity as of December 31, 2016.

DeZwarteRidder 11 maart 2017 00:01

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Net Finance Costs

AMG's fourth quarter 2016 net finance costs were less than $0.1 million compared to $2.3 million in the fourth quarter of 2015. The decrease was primarily due to currency gains associated with the Mozambique Metical during the quarter.

SG&A

AMG's fourth quarter 2016 SG&A expenses were $30.0 million, down 1% from the same period in the prior year.

Full year 2016 SG&A expenses were $130.8 million, a 7% increase from $122.3 million in 2015, driven by an increase in PSU plan costs of $4.5 million and an increase in personnel costs of $2.4 million.

Final Dividend Proposed

AMG intends to declare a dividend of €0.27 per ordinary share over the financial year 2016. The interim dividend of €0.13, paid on August 16, 2016, will be deducted from the amount to be distributed to shareholders. The proposed final dividend per ordinary share therefore amounts to €0.14.

The full year dividend proposed in 2016 represents an increase of 29% compared to the full year dividend paid in 2015. This increase reflects AMG's commitment to return value to shareholders.

A proposal to resolve upon the final dividend distribution will be included on the agenda for the annual general meeting to be held on May 4, 2017.

Lithium Project Update

AMG's lithium project is progressing in-line with expectations, and production is expected to commence mid-2018. Capital expenditures in the fourth quarter 2016 related to the lithium project were $5.8 million.

On March 3, 2017, AMG announced that its subsidiary AMG Mineração, Brazil, had signed a multi-year contract to supply 90,000 tons per year of lithium concentrate, for conversion into lithium chemicals, with deliveries commencing in the second half of 2018. Sales prices under the agreement are partially indexed to the published market price of lithium carbonate, subject to a contractual minimum threshold. The sales price (CIF China), determined with reference to the current published lithium carbonate market price, would exceed $800 per ton lithium concentrate.

In the second quarter 2017, AMG Mineração will finalize and publish an updated resource statement for the Mibra mine. The Company targets to double its annual lithium concentrate production capacity to 180,000 tons by end of 2019.

Outlook and Strategy

AMG is well positioned to maintain full year 2016 levels of profitability in 2017, subject to a high degree of global uncertainty.

AMG's management team is focused on delivering our highly accretive lithium project and executing our long term, transformational lithium strategy. In addition, we will continue to pursue other acquisition opportunities and organic growth projects in order to generate long term value for our shareholders.

AMG Advanced Metallurgical Group N.V.
Condensed Consolidated Income Statement

For the quarter ended December 31
In thousands of US Dollars 2016 2015
Unaudited Unaudited*
Continuing operations
Revenue 237,874 220,842
Cost of sales 194,889 185,446
Gross profit 42,985 35,396

Selling, general and administrative expenses 29,989 30,400

Environmental 1,828 1,529
Other income, net (690) (724)
Net other operating expenses 1,138 805

Operating profit 11,858 4,191

Finance income (808) (786)
Finance expense 2,861 2,219
Foreign exchange (gain) loss (2,039) 865
Net finance costs 14 2,298

Share of gain of associates and joint ventures, net of tax - 382

Profit before income tax 11,844 2,275

Income tax expense 879 4,416

Profit (loss) for the period 10,965 (2,141)

Attributable to:
Shareholders of the Company 9,956 (337)
Non-controlling interests 1,009 (1,804)
Profit (loss) for the period 10,965 (2,141)

Earnings per share
Basic earnings per share 0.35 (0.01)
Diluted earnings per share 0.32 (0.01)

*AMG modified December 31, 2015 Income Statement presentation in order to take into consideration ESMA's latest recommendations.
AMG Advanced Metallurgical Group N.V.
Condensed Consolidated Income Statement

DeZwarteRidder 11 maart 2017 00:01

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For the year ended December 31
In thousands of US Dollars 2016 2015
Unaudited Unaudited*
Continuing operations
Revenue 971,148 977,143
Cost of sales 784,340 820,286
Gross profit 186,808 156,857

Selling, general and administrative expenses 130,750 122,331

Environmental 1,873 (757)
Other income, net (5,683) (880)
Net other operating (income) expenses (3,810) (1,637)

Operating profit 59,868 36,163

Finance income (1,267) (1,328)
Finance expense 13,667 11,267
Foreign exchange gain (395) (1,712)
Net finance costs 12,005 8,227

Share of gain of associates and joint ventures, net of tax 1,804 632

Profit before income tax 49,667 28,568

Income tax expense 8,096 18,651

Profit for the year 41,571 9,917

Attributable to:
Shareholders of the Company 40,558 11,080
Non-controlling interests 1,013 (1,163)
Profit for the year 41,571 9,917

Earnings per share
Basic earnings per share 1.45 0.40
Diluted earnings per share 1.32 0.40

*AMG modified December 31, 2015 Income Statement presentation in order to take into consideration ESMA's latest recommendations.
AMG Advanced Metallurgical Group N.V.
Consolidated Statement of Financial Position

As at December 31
In thousands of US Dollars 2016
Unaudited 2015
Assets
Property, plant and equipment 226,098 215,833
Goodwill 22,729 18,676
Intangible assets 10,486 10,246
Investments in associates and joint ventures - 2,230
Derivative financial instruments 740 -
Other investments 29,930 14,000
Deferred tax assets 41,285 31,551
Restricted cash 2,526 2,527
Other assets 17,207 19,883
Total non-current assets 351,001 314,946
Inventories 143,593 126,389
Derivative financial instruments 4,007 978
Trade and other receivables 129,220 124,270
Other assets 31,598 27,648
Cash and cash equivalents 160,744 127,778
Assets held for sale 149 673
Total current assets 469,311 407,736
Total assets 820,312 722,682

AMG Advanced Metallurgical Group N.V.
Consolidated Statement of Financial Position
(continued)

As at December 31
In thousands of US Dollars 2016
Unaudited 2015
Equity
Issued capital 760 745
Share premium 389,066 382,978
Treasury shares (570) -
Other reserves (35,950) (49,500)
Retained earnings (deficit) (177,592) (205,662)
Equity attributable to shareholders of the Company 175,714 128,561

Non-controlling interests 22,073 25,006
Total equity 197,787 153,567

Liabilities
Loans and borrowings 150,959 112,217
Employee benefits 141,588 137,853
Provisions 30,854 29,617
Deferred revenue 2,822 13,539
Government grants 390 536
Other liabilities 6,484 8,821
Derivative financial instruments 887 5,642
Deferred tax liabilities 8,435 11,691
Total non-current liabilities 342,419 319,916

Loans and borrowings 9,621 3,222
Short term bank debt 7,500 11,304
Government grants 97 99
Liabilities associated with assets held for sale - 423
Other liabilities 57,431 42,872
Trade and other payables 133,328 108,019
Derivative financial instruments 4,661 8,379
Advance payments 29,404 44,184
Deferred revenue 10,198 16,124
Current taxes payable 7,065 3,093
Provisions 20,801 11,480
Total current liabilities 280,106 249,199
Total liabilities 622,525 569,115
Total equity and liabilities 820,312 722,682

DeZwarteRidder 11 maart 2017 00:02

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AMG Advanced Metallurgical Group N.V.
Condensed Consolidated Statement of Cash Flows

For the year ended December 31
In thousands of US Dollars 2016 2015
Unaudited
Cash from operating activities
Profit for the year 41,571 9,917
Adjustments to reconcile net profit to net cash flows:
Non-cash:
Income tax expense 8,096 18,651
Depreciation and amortization 29,841 29,590
Asset impairment expense 1,976 -
Net finance costs 12,005 8,227
Share of profit of associates and joint ventures (1,804) (632)
Gain on sale or disposal of property, plant and equipment (4,501) 2
Equity-settled share-based payment transactions 3,073 5,041
Movement in provisions, pensions and government grants (13,000) 1,062
Working capital and deferred revenue adjustments (7,737) 21,551
Cash generated from operating activities 69,520 93,409
Finance costs paid, net (6,707) (11,394)
Income tax paid, net (6,588) (5,707)
Net cash from operating activities 56,225 76,308

Cash used in investing activities
Proceeds from sale of property, plant and equipment 1,546 709
Proceeds from sale of subsidiaries (net of cash divested of $1,820 (2015:$1,384)) 6,512 (1,567)
Acquisition of property, plant and equipment and intangibles (44,086) (23,264)
Acquisition of subsidiaries (net of cash acquired of $35) (4,961) -
Change in restricted cash (93) 4,812
Acquisition of other non-current investments (1,000) (1,200)
Other (61) (16)
Net cash used in investing activities (42,143) (20,526)

AMG Advanced Metallurgical Group N.V.
Condensed Consolidated Statement of Cash Flows
(continued)
For the year ended December 31
In thousands of US Dollars 2016 2015
Unaudited
Cash from (used in) financing activities
Proceeds from issuance of debt 163,190 188,890
Payment of transaction costs related to debt issuance (3,978) (5,081)
Repayment of borrowings (122,607) (248,490)
Change in non-controlling interests (5,600) 38,740
Net repurchase of common stock (259) -
Dividends paid (7,558) (3,134)
Other 91 (34)
Net cash from (used in) financing activities 23,279 (29,109)

Net increase in cash and cash equivalents 37,361 26,673

Cash and cash equivalents at January 1 127,778 108,029
Effect of exchange rate fluctuations on cash held (4,395) (6,924)
Cash and cash equivalents at December 31 160,744 127,778

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 Critical Materials produces aluminum master alloys and powders, titanium alloys and coatings, ferrovanadium, natural graphite, chromium metal, antimony, tantalum, niobium and silicon metal. AMG Engineering designs, engineers, and produces advanced vacuum furnace systems and operates vacuum heat treatment facilities, primarily for the transportation and energy industries.

With approximately 3,000 employees, AMG operates globally with production facilities in Germany, the United Kingdom, France, Czech Republic, the United States, China, Mexico, Brazil and Sri Lanka, 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. +1 610 293 5804
Steve Daniels
Senior Vice President
sdaniels@amg-nv.com

DeZwarteRidder 21 maart 2017 08:52

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AMG Glossary

Alloy
A substance having metallic properties and being composed of two or more chemical elements of which at least one is a metal.

Advanced Metallurgy
The term summarizing AMG’s material science based activities including the production and development of alloys and alloying elements; the engineering, production and development of vacuum furnace systems for such materials; the engineering for, and the operation of, surface treatment systems for parts produced from alloyed materials; and the development, engineering and application of new coating technologies for metallic and non-metallic surfaces.

Antimony (Sb)
A lustrous grey metalloid mineral. AMG mines antimony ores and produces antimony trioxide and master-batches from antimony metal. AMG's antimony products are primarily used as flame retardant in pigment, plastics, and glass.

Carbon / Natural Graphite (C)
A natural polymer of carbon is a critical material with a broad number of end uses including fuel cells, lithium ion batteries, carbon brushes for electronics and heat resistant insulation.

Critical Raw Materials
A group of minerals considered as critical due to supply risks, economic importance and technology demand. The USA, Germany, UK and EU have identified 31 critical materials. AMG is active in 13 of these critical materials.

Cerium (Ce)
A rare earth element, cerium oxide is an important component of glass polishing powders and phosphors used in screens and fluorescent lamps.

Chromium Metal (Cr)
An element which is an essential raw material used in the hardening of steel alloys, superalloys, and the production of specialty steels and some aluminum alloys.

Directional Solidification System (DSS)
A furnace used for melting and crystallization of silicon chunks into silicon ingots with a proper crystal structure. Silicon ingots are used in the solar industry to produce wafers, cells and modules.

Electron Beam (EB) Furnace
A melting furnace produced by AMG that using high-energy electron beams in a vacuum environment to melt metals into a water-cooled crucible thus produce high-purity materials such as tantalum for electronics, niobium and alloys for the infrastructure industry, titanium applications for the aerospace industry, and zirconium products for the chemical industry.

Electroslag Remelting (ESR) Furnace
A consumable electrode remelting furnace produced by AMG in which an AC current is passed from an electrode through a molten slag pool to improve cleanliness and structure of alloys. Major applications for ESR furnaces include production of superalloys for the aerospace and power turbines and nickel-base alloys for the chemical industry.

Ferronickel Molybdenum (FeNiMo)
A ferroalloy of iron, nickel and molybdenum. AMG produces FeNiMo from spent catalysts. FeNiMo is a valuable additive utilized in the production of specialty stainless and carbon steels.

Ferrovanadium (FeV)
A ferroalloy of iron and vanadium, usually containing 45% to 80% vanadium. AMG produces FeV used in the production of steel to improve the strength to weight ratio.

Gamma Titanium Aluminum
A high performance material that can replace nickel super alloys up to a working temperature of 850 °C especially in aircraft engines, combustion engines and gas turbines. AMG produces gamma titanium aluminum with its proprietary technologies.

Heat Treatment (HT)
A controlled heating and cooling of metals in a vacuum environment to alter their physical and mechanical properties without changing the product shape that can help other manufacturing process and can also improve product performance by increasing strength or other desirable characteristics. AMG produces vacuum Heat Treatment furnaces and provides Heat
Treatment Services (HTS).

Impermeable Graphite-Glass Matrix (IGM)
A non-porous Graphite-Glass-Matrix material produced by AMG with proprietary technologies for embedding of high radioactive graphite wastes from nuclear power plants, thus reduce risks of contamination to the environment.

Mixed Oxide (MOX)
A nuclear fuel that contains more than one oxide of fissile material usually plutonium blended with uranium. AMG provides furnaces and engages in services for the production of MOX using recycled weapons-grade plutonium.

Master Alloy
Alloys rich in one or more desired addition elements, which is added to a metal melt to raise the percentage of a desired constituent.

Mono2TM
AMG's patented Mono2 process technologies installed on AMG's multi-crystalline silicon ingot production furnace capable of producing mono-crystalline ingots for solar PV panels.

Niobium (Nb)
An exotic alloy valued for its strength at extremely high temperatures and its ability to superconduct electricity with minimal resistance at very low temperatures. AMG primarily produces niobium oxide used as coating materials on turbine blade engines in the aerospace and energy applications.

DeZwarteRidder 21 maart 2017 08:53

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Physical Vapour Deposition (PVD)
A variety of methods to deposit thin films by condensation of a vaporized form of the desired film material onto various workpiece surfaces such as wafers.

Precision Casting Furnace
A vacuum casting furnace produced by AMG in which an alloy is inductively melted and then cast into an investment mold. The process allows the production of components with accuracy, repeatability, versatility and integrity in a variety of metals and high-performance alloys, primarily for aerospace applications.

Permanent Mounted Transducer System (PMTS)
AMG's patented Permanent Mounted Trasducer System that provides accurate measurement (+/-) 3% of bolt clamp load with ultrasonic technology, widely used in applications for the aerospace, energy, infrastructure, and transportation industries.

Silicon Metal (Si)
A semi-metal produced from reduction of quartz by carbon, in electric arc furnaces, with pre-baked or composite electrodes. AMG produces 99.3% purity chemical grade silicon metal primarily used as an alloying element for aluminum alloys for casting and extrusions or as the basic raw material for silicones produced by the chemicals industry.

Sintering
A method for making objects from powder by heating the material below its melting point until its particles adhere to each other. AMG produces sintering furnaces primarily for powder metallurgy.

Spent Catalyst Recycling
A process that converts spent catalysts from oil producers into commercial products. AMG produces ferrovanadium and related ferroalloys from spent refinery catalysts using a proprietary pyrometallurgical process.

Superalloys
Heat-resistant alloys based on such materials as nickel, iron-nickel, cobalt, or titanium that exhibit high strength and resistance to surface degradation at elevated temperatures.

Tantalite
A mineral consisting of tantalum oxide, iron and manganese that occurs with niobite or in coarse granite. AMG mines tantalite as raw materials to produce tantalum concentrate.

Tantalum (Ta)
A hard grey lustrous metallic element which is highly resistant to corrosion. AMG mines tantalum ore and produces tantalum concentrate used primarily in capacitors in electronics due to its high capacitance in small volumes, thus helping enable miniaturization of electronics.

Thermal Spraying
A coating process in which heated materials are sprayed onto a surface. The feedstock material is heated by electrical (plasma or arc) or chemical combustion flame. AMG's coating materials available for thermal spraying include metals, alloys, ceramics, plastics and composites for various industrial applications such as wear protection and corrosion protection.

Thermal Barrier Coatings (TBCs)
Advanced materials usually applied to metallic surfaces, such as gas turbine or aerospace engine parts, operating at elevated temperatures, as a form of exhaust heat management. AMG produces TBCs that allow aerospace engine parts to reach high gas inlet temperatures and enable a high energy conversion efficiency.

Thin Films
A layer of material ranging from fractions of a nanometer (monolayer) to several micrometers in thickness deposited onto a substrate or previously deposited layers. AMG produces specialty thin film materials for solar thin film cells and optical applications.

Tin (Sn)
A silvery, malleable post-transition metal, not easily oxidized in air and is used to coat other metals to prevent corrosion. AMG produces tin as a by product from tantalum mining and smelting activities.

Titanium (Ti)
Titanium and its alloys have very high strength-to-weight ratios and high resistance to corrosion. AMG produces titanium-based alloys and coating materials, and master alloys used primarily in aerospace and defense applications, as well as engineering systems for the production of titanium products.

Vacuum Arc Remelting (VAR) Furnace
A furnace produced by AMG that applies consumable-electrode remelting process, in a vacuum chamber in which heat is generated by an electric arc between the electrode and ingot. VARs are primarily used for melting of reactive metals (titanium, zirconium and their alloys) for the aerospace, chemical, and energy industries.

Vacuum Induction Melting (VIM) Furnace
A furnace produced by AMG which is used in secondary metallurgy applied for refining treatment in the liquid state and adjustment of chemical composition and temperature of a material in order to achieve the high purity and quality materials. VIMs are used to produce nickel based superalloys for turbine blades and vanes for the aerospace and industrial gas turbine industries.

Vanadium (V)
A hard, silvery gray, and ductile element, widely used in the metallurgical industry. AMG primarily recycles vanadium from secondary materials and produces ferrovanadium for the steel industry, vanadium aluminum master alloys for the aerospace industry, and vanadium oxide for the specialty chemical industry.

Umi1 1 juli 2017 12:32

0

Artikel over Tantalum-prijzen/productie met dank aan "Horizongloort"
AMG refereert trouwens ook vaak naar Roskill z'n outlook ivm grondstoffen. 80$/pound is geen superprijs gezien de historische pieken
(denk dat dit de beste plaats was om dit te plaatsen of mss aparte topic met grondstoffen AMG?)
investingnews.com/daily/resource-inve...

enkele bedenkingen ivm artikel;
"AMG Lithium’s Mibra project is expected to start producing tantalum concentrate in mid-2018."
Hoeveel jaar produceren ze daar al Ta? Soit, ze zullen hun vergissen met de 50% die stil ligt dan zeker...

Er wordt nergens gesproken over Tantalum dat gewonnen wordt door Recycling?
Umicore, Boliden & binnenkort Nyrstar recycleren E-scrap. Ik weet enkel met zekerheid dat Umicore 'Ta' kan recycleren, zij staan veruit het verste in deze technieken. Bij recycling van E-scrap ging het tot nu toe meestal over 'verouderd materiaal', maar langzaamaan zal ook nieuwer materiaal gerecycleerd worden, en daar zit meer en meer tantalum (vanwege het 'compacter maken' als ik me niet vergis) dus langs deze bron zal er ook een hoger percentage aan Ta per ton E-scrap gerecycleerd worden.

conflict minerals is idd een grote troef in de toekomst, al zal dat tijd vergen. En voorlopig lapt China dat nog z'n laars aan & net hun zitten in Afrika...
Kobalt is nog zo'n conflictgrondstof, Umicore levert dit conflictvrij & er is wel degelijk vraag van klanten, sterk nog; die willen daar extra voor betalen.

edit; prijs is hier wel dollar/kg
www.infomine.com/investment/metal-pri...

DeZwarteRidder 1 juli 2017 14:40

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enkele bedenkingen ivm artikel;
"AMG Lithium’s Mibra project is expected to start producing tantalum concentrate in mid-2018."
Hoeveel jaar produceren ze daar al Ta? Soit, ze zullen hun vergissen met de 50% die stil ligt dan zeker..

Ze bedoelen: AMG Lithium’s Mibra project is expected to start producing lithium concentrate in mid-2018.

Umi1 1 juli 2017 15:08

0

quote:
DeZwarteRidder schreef op 1 juli 2017 14:40:
enkele bedenkingen ivm artikel;
"AMG Lithium’s Mibra project is expected to start producing tantalum concentrate in mid-2018."
Hoeveel jaar produceren ze daar al Ta? Soit, ze zullen hun vergissen met de 50% die stil ligt dan zeker..

Ze bedoelen: AMG Lithium’s Mibra project is expected to start producing lithium concentrate in mid-2018.

thx, nu zie ik het ook, had die 2018 zelf als 2017 gelezen :)

DeZwarteRidder 2 november 2017 08:18

0

AMG Advanced Metallurgical Group N.V. Reports Third Quarter 2017 Results

Key Highlights

Revenue increased by 5% to $258.9 million in the third quarter 2017 from $247.5 million in the third quarter 2016

EBITDA(2) was $27.6 million in the third quarter 2017, an increase of $4.2 million, or 18%, over the same period in 2016

Operating profit increased by 10% to $17.8 million in the third quarter 2017 from $16.1 million in the third quarter 2016

Net income attributable to shareholders increased by 169% to $14.0 million in the third quarter 2017 from $5.2 million in the third quarter 2016

EPS, on a fully diluted basis, was $0.44 in the third quarter 2017, an increase of $0.26, or 144%, over the same period in 2016

Cash from operating activities on a year to date basis was $45.3 million, an increase of $4.6 million, or 11%, over the same period in 2016

Annualized return on capital employed increased to 21.5% in the third quarter 2017, as compared to 18.0% in the third quarter 2016
AMG has mandated Outotec OYJ, Finland, to complete engineering work for a second lithium concentrate plant at the Mibra mine in Brazil

Amsterdam, 2 November 2017 (Regulated Information) --- AMG Advanced Metallurgical Group N.V. ("AMG", EURONEXT AMSTERDAM: "AMG") reported third quarter 2017 EBITDA of $27.6 million, an 18% increase from $23.4 million in the third quarter 2016. Revenue increased to $258.9 million in the third quarter 2017, an increase of $11.4 million, or 5%, from the third quarter 2016. Net income attributable to shareholders for the third quarter 2017 was $14.0 million, a 169% increase from $5.2 million in the third quarter 2016.

Dr. Heinz Schimmelbusch, Chairman of the Management Board and CEO, said, "AMG's third quarter 2017 performance was once again strong across all of our key financial and operational metrics, driven primarily by improved pricing and volume in our Critical Materials business. On a year to date basis, net income attributable to shareholders has increased by $12.0 million, or 39%, to $42.6 million, resulting in a 29% year to date improvement in EPS, on a fully diluted basis.

I am pleased to announce that during the quarter, we further advanced our work on the first lithium concentrate plant at the Mibra mine in Brazil, in accordance with our EPC contract development schedule with Outotec OYJ, Finland. Furthermore, as announced today, we have signed a contract with Outotec to complete engineering work for a second lithium concentrate plant at the Mibra mine in Brazil. The annual design capacity of the second lithium concentrate plant will be 90,000 tons, leading to a combined annual production capacity of 180,000 tons. We expect to make a final investment decision for the second plant in December 2017 and reach full operating capacity by the end of 2019.

AMG Critical Materials generated EBITDA of $23.5 million during the third quarter 2017, thanks to strong financial performance in vanadium and titanium alloys, and the recognition of $4.6 million in business interruption insurance, following the fire at the Mibra mine in Brazil.

AMG Engineering's EBITDA of $4.1 million in the third quarter 2017 was down compared to the third quarter 2016, mainly due to the $4.3 million gain on the sale of an unused production facility recognized in the prior year.

In the third quarter of 2017, AMG generated cash from operating activities of $16.8 million, a decrease of $3.9 million, or 19%, over the same period in 2016. On a year to date basis, AMG generated cash from operating activities of $45.3 million in 2017, an increase of $4.6 million, or 11%, compared to the same period in 2016."

DeZwarteRidder 2 november 2017 08:19

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AMG Critical Materials' revenue in the third quarter increased by $25.9 million, or 15%, to $203.4 million, driven by improved vanadium, aluminum, titanium, antimony, chrome and graphite prices, and higher sales volumes of vanadium, chrome, antimony, and titanium products.

Gross profit in the third quarter increased by $4.8 million, or 15%, to $36.7 million. Strong financial performance in vanadium and titanium alloys in the quarter was partially offset by lower gross profit in tantalum, aluminum and antimony. The reduction in tantalum gross profit was driven by lower sales volumes due to the fire damage sustained at the Mibra mine in Brazil in the first quarter of 2017, and lower sales prices.

AMG is insured for the interruption to the tantalum business and has recorded insurance proceeds of $4.6 million during the third quarter 2017, which is included within gross profit and EBITDA.

Additional insurance proceeds, in respect of both business interruption and property damage, are expected to be recorded in the fourth quarter 2017. In accordance with IFRS, AMG is recognizing the insurance proceeds as recovery amounts are finalized.

SG&A expenses in the third quarter 2017 decreased by $1.8 million, or 8%, compared to the same period in the prior year, primarily due to a reduction in share-based compensation expenses.

Third quarter 2017 EBITDA margin increased to 12%, compared to 8% in the third quarter 2016.

AMG Engineering
Q3 '17 Q3 '16 Change
Revenue $55,589 $70,036 (21%)
Gross profit 14,578 14,367 1%
Operating profit 2,004 7,004 (71%)
EBITDA 4,129 8,936 (54%)

AMG Engineering signed $40.5 million in new orders during the third quarter 2017, representing a 0.73x book to bill ratio. Order backlog was $175.9 million as of September 30, 2017, an increase of $40.4 million, or 30%, from December 31, 2016. Order intake in the third quarter was adversely impacted by the timing of a number of large orders which are expected to be finalized in the near term.

AMG Engineering's third quarter 2017 revenue decreased $14.4 million, or 21%, to $55.6 million. Revenue in the quarter was adversely impacted due to a high proportion of early stage, large contracts in the engineering division which increase quarterly volatility. We do not expect any significant impact on revenue or earnings on an annualized basis as a result of the higher proportion of large contracts within the order backlog.

Third quarter 2017 gross profit increased slightly by $0.2 million, or 1%, to $14.6 million, and gross margin increased to 26% from 21%, due to a greater proportion of revenue being generated from high margin, aerospace market facing products in the quarter.

SG&A expenses increased by $0.9 million, or 8%, compared to the third quarter 2016, primarily due to higher employee related expenses and research & development costs, offset by lower share-based compensation expenses.

EBITDA decreased by $4.8 million to $4.1 million in the third quarter 2017. The year over year reduction was primarily due to the recognition of a $4.3 million gain on the sale of an unused production facility in Berlin in the third quarter of 2016.

DeZwarteRidder 2 november 2017 08:20

1

Financial Review

Tax

AMG recorded an income tax expense of $1.7 million in the third quarter 2017 as compared to a tax expense of $4.1 million in the same period in 2016. The lower tax expense in the third quarter 2017 was primarily due to a drop in the Brazilian Real, which reduced income tax expense.

Due to the volatile nature of the Company's deferred tax balances caused by items such as the Brazil currency fluctuations, AMG focuses on cash tax payments. AMG paid taxes of $3.2 million in the third quarter 2017 as compared to tax payments of $1.1 million in the same period in 2016. For the third quarter 2017, AMG's effective cash tax rate was 21%, compared to 12% in the same period in 2016. The increase is due to higher profitability in countries where the Company does not have tax losses carried forward to reduce tax liabilities.

Non-Recurring Items

AMG's third quarter 2017 gross profit of $51.3 million includes non-recurring items, which are not included in the calculation of EBITDA.

A summary of non-recurring items included in gross profit in the third quarters of 2017 and 2016 are below:

Non-recurring items included in gross profit
Q3 '17 Q3 '16 Change
Gross profit $51,273 $46,298 11%
Restructuring expense 353 234 51%
Asset impairment (reversal) expense (101) - N/A
Gross profit before non-
recurring items 51,525 46,532 11%

Gross profit before non-recurring items by reporting segment
Q3 '17 Q3 '16 Change
AMG Critical Materials $36,873 $32,025 15%
AMG Engineering 14,652 14,507 1%
Gross profit before non-
recurring items 51,525 46,532 11%

As noted in AMG's 2016 financial statements, the Company modified its income statement presentation in order to take into consideration ESMA's latest recommendations. This resulted in the reclassification of restructuring expenses and asset impairment expenses into expenses by function, and consequently gross profit.

Liquidity
September 30, 2017 December 31, 2016 Change
Total debt $187,217 $168,080 11%
Cash and cash equivalents 171,789 160,744 7%
Net debt 15,428 7,336 110%

AMG had a net debt position of $15.4 million as of September 30, 2017. Total debt increased by $19.1 million and net debt increased $8.1 million from December 31, 2016, as we borrowed in Brazil for our first spodumene plant.

Cash from operating activities decreased by $3.9 million, or 19%, to $16.8 million in the third quarter 2017, due to an increase in working capital during the quarter which was largely driven by an increase in accounts receivable related to increases in price and volume in AMG Critical Materials.

Capital expenditures increased to $23.2 million in the third quarter 2017 compared to $8.3 million in the same period in 2016. Capital spending in the third quarter 2017 included $9.2 million of maintenance capital. The largest expansion capital projects were the lithium project in Brazil, and the titanium aluminide expansion in Germany.

Including the $171.8 million of cash, AMG had $338 million of total liquidity as of September 30, 2017.

Net Finance Costs

AMG's third quarter 2017 net finance costs decreased to $2.3 million from $6.8 million in the third quarter 2016, due to significant finance costs recognized in the third quarter of 2016 as a result of refinancing the credit facility.

SG&A

AMG's third quarter 2017 SG&A expenses were $33.8 million compared to $34.7 million in the third quarter 2016, primarily due to a decrease in share-based compensation expenses of $4.3 million, partially offset by higher employee related expenses of $2.8 million.

Outlook

AMG expects full year 2017 EBITDA to improve by 10%, or more, relative to 2016.

In 2018, AMG expects to continue its strong financial performance and improve profitability relative to 2017.

Forecast2006 2 november 2017 08:24

0

AMG profiteert van prijsstijgingen

Gepubliceerd op 2 nov 2017 om 07:25 | Reacties: 2

AMG (01 nov)

41,215 0,000 (0,00%)

AMSTERDAM (AFN) - Advanced Metallurgical Group (AMG) heeft het derde kwartaal van het jaar afgesloten met fors meer winst op een hogere omzet. Het bedrijf profiteerde vooral van prijsstijgingen voor zijn producten, terwijl ook de volumes in de lift zaten.

De opbrengsten van de producent van specialistische metalen bedroegen 259 miljoen dollar, wat 5 procent meer is dan in dezelfde periode vorig jaar. Het bedrijfsresultaat (ebitda) ging daarbij met 18 procent omhoog naar 27,6 miljoen dollar. Onder de streep bleef 14 miljoen dollar over. Dat was fors meer dan de 5,2 miljoen dollar een jaar eerder.

Umi1 2 maart 2018 16:07

3

Ik ga dit draadje gebruiken om mijn 'verwachtingen' bij te houden (jaarlijks), als niemand daar een probleem mee heeft... Voor de rest aub geen reacties hierop & enkel de cijfers zodat het hier 'zakelijk' blijft. Kwestie van dit makkelijk terug te vinden & geen duizend maanddraadjes te moeten doorzoeken. Als er dan weer paniek is kan ik hier weer ff tot rust komen :)

- Voor 2017 verwacht ik een FCF van $ 70M. Maar het is de toekomst die telt toch?

- Voor 2018 komt hierbij hoger volume TiAl, 40 k ton spodumene (afwachten hoe ramp up verloopt, dus conservatief), Ancuabe productie over een volledig jaar ipv. half
mogelijke (zeer grote) plus =hogere FeV prijzen (over heel het jaar?);
Voor die 40k ton spodumene reken ik een lagere winstmarge van 500$/ton vanwege ramp up (= conservatief). De hogere prijzen van FeV reken ik niet door over heel 2018.
Dus na taxes draagt dit zo'n 14M bij aan de FCF! heel conservatief tellen we 15M voor dit alles.
dus in 2018 zou de FCF op 85M kunnen uitkomen.
Als we dan conservatief rekenen aan een FCF rendement van 6,66% is AMG € 35,8 waard!

- Voor 2019 komt de volledige 90k spodumene in productie. We blijven conservatief rekenen aan 700$/ton voor spodumene aan 200$/ton totale verwerkingskost (incl. transport). Dus 500$/ton winstmarge. FCF van de lithium business = $ 31,5M (na taxes). Dus 17,5M meer dan in 2018. Voor de overige business rekenen we geen groei (we zijn conservatief remember)
85M + 17,5M = 102,5M
Als we dan conservatief rekenen aan een FCF rendement van 6,66% is AMG € 43 waard!

- voor 2020... nu komt het...
Extra 90k ton spodumene + 30% extra capaciteit Vanadium.
volgens Morgan Stanley gaan de prijzen zakken... Dus gaan we daar ook maar van uit...
1ste 90k ton blijft aan 700$/ton, 2de 90k rekenen we zeer conservatief aan 550$/ton. (gemiddelde prijs van 625$/ton.)
Voor Vanadium gaan we uit van het base scnenario van ING (dus prijzen die zakken naar normale niveaus). extra Ebitda van $ 12,5M. Meeste bedrijven hebben een conversie van 65% Ebitda naar FCF. Dus ik reken aan een FCF van $ 8M voor FeV.
dus 90k aan (550-200) 350$/ton winstmarge = 22M extra.
22+8= 30M extra bovenop de 102,5M uit 2019. = $ 132,5M FCF
Als we dan conservatief rekenen aan een FCF rendement van 6,66% is AMG € 55,7 waard!

Indien AMG beslist downstream Lithium te produceren (de verwachting). Dan zal in een eerste fase 90k omgezet worden tot 13k LCE. Morgan Stanley verwacht een prijs van 7300 $/ton in 2021.
AMG denkt te kunne produceren aan +- 4000$/ton. We nemen 4300 (makkelijk+conservatief).
Dus ipv 22M FCF uit spodumene zou AMG dan 27,3M FCF halen uit de downstream activiteiten. Dus 'maar' 5M meer.
Ik herhaal dit is in geval van het 'doem-scenario' van Morgan Stanley.
Als we dan conservatief rekenen aan een FCF rendement van 6,66% is AMG € 58 waard!

wrap up;
ik ben conservatief geweest in de berekeningen & in het bepalen van de faire waarde. AMG met z'n LT contracten & niche producten & groei verdient een hoger rendement dan 6,66% naar mijn mening.
Als je een fair rendement van 5,55% neemt, verhoogt de faire waarde voor 2021 al tot € 70...
& dan nog is de onderliggende vrije cashflow conservatief berekend!

conclusie; AMG is zwaar ondergewaardeerd!

als we niet overdreven conservatief zijn, maar realistisch & zonder extra groei...
FCF 2018 = $ 95M --> Fair value = 40 à 48 euro
FCF 2019 = $ 114M --> FV = 48 à 57,5 euro
FCF 2020 = $ 150M --> FV = 63 à 76 euro
FCF 2021 (indien de helft LCE) = $ 165M -> € 69 à 83 euro.

[verwijderd] 2 maart 2018 16:14

0

ik hou wel van zo'n conservatieve benadering Bedankt Umi1

[verwijderd] 2 maart 2018 16:15

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kunnen we met de koersdaling v vandaag goed gebruiken.

[verwijderd] 2 maart 2018 16:16

0

sorry, maar toch een waarderende reactie

DeZwarteRidder 6 maart 2018 11:04

1

Agenda 2018:

Mar 8, 2018 Full Year 2017 Financial Results
Mar 21, 2018 AMG Files 2017 Financial Statements with AFM
May 2, 2018 Q1 2018 Financial Results
May 2, 2018 Annual General Meeting, 13:00 CEST – Amsterdam, The Netherlands
MAY 16, 2018 ABN AMRO MID-CAP CONFERENCE – NEW YORK, NY
MAY 17, 2018 ABN AMRO MID-CAP CONFERENCE – BOSTON, MA
Aug 2, 2018 Q2 2018 Financial Results
SEP 5-6, 2018 ING BENELUX CONFERENCE – LONDON, UK
Nov 1, 2018 Q3 2018 Financial Results
DEC 13, 2018 ING BENELUX CONFERENCE – NEW YORK, NY

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