For the quarter, Alembic Pharma reported sales growth of 23.1% yoy to Rs 463.4 cr, marginally below expectations. EBITDA margins improved by ~285 bps yoy to 19.6%, on the back of lower raw material cost. Hold for a target of Rs359.
Pepsi trucks using hydrogen on demand fuel systemsHabibur Rahman
Dynamic Fuel Systems Inc. , based in Canada, provides a transportable hydrogen generator retrofit targeted for use in the heavy tractor trailer industry. The Pepsi Bottling Group s new hydrogen-injected trucks are equipped with Dynamic s Jetstar, an onboard portable hydrogen generator that injects small amounts of hydrogen into the air intake as a combustion stimulant. The process is designed to reduce nitrogen oxides and hydrocarbon emissions, resulting in more power and better fuel economy.
SAVE FUEL ON A TRUCK USING HYDROGEN TECHNOLOGYHabibur Rahman
HydraGen™ is a portable, safe and reliable aftermarket unit that produces hydrogen and
oxygen on demand and is designed for on-road applications with Class 6-8 engines.
HydraGen™ is designed to provide increased fuel economy, increased torque, lower
emissions and extend engine oil life.
HydraGen™ uses distilled water as its source of these gases and comes with a large
reservoir which is contained in the cab of the tractor. With an automatic on-demand
solenoid, our unit tops up its own tanks as water is used for the production of hydrogen.
The rest of the HydraGen™ system is housed in a strong, light weight aluminum cabinet
mounted to the outside of the vehicle and is designed for all weather operations.
The complete system runs directly from the vehicles power system providing for high
electrical efficiency and shuts off when the truck key is off. As well, HydraGen™ has
an independent on-off switch on the housing unit should isolation be necessary and is
protected by a 30 amp fuse.
For the quarter, Alembic Pharma reported sales growth of 23.1% yoy to Rs 463.4 cr, marginally below expectations. EBITDA margins improved by ~285 bps yoy to 19.6%, on the back of lower raw material cost. Hold for a target of Rs359.
Pepsi trucks using hydrogen on demand fuel systemsHabibur Rahman
Dynamic Fuel Systems Inc. , based in Canada, provides a transportable hydrogen generator retrofit targeted for use in the heavy tractor trailer industry. The Pepsi Bottling Group s new hydrogen-injected trucks are equipped with Dynamic s Jetstar, an onboard portable hydrogen generator that injects small amounts of hydrogen into the air intake as a combustion stimulant. The process is designed to reduce nitrogen oxides and hydrocarbon emissions, resulting in more power and better fuel economy.
SAVE FUEL ON A TRUCK USING HYDROGEN TECHNOLOGYHabibur Rahman
HydraGen™ is a portable, safe and reliable aftermarket unit that produces hydrogen and
oxygen on demand and is designed for on-road applications with Class 6-8 engines.
HydraGen™ is designed to provide increased fuel economy, increased torque, lower
emissions and extend engine oil life.
HydraGen™ uses distilled water as its source of these gases and comes with a large
reservoir which is contained in the cab of the tractor. With an automatic on-demand
solenoid, our unit tops up its own tanks as water is used for the production of hydrogen.
The rest of the HydraGen™ system is housed in a strong, light weight aluminum cabinet
mounted to the outside of the vehicle and is designed for all weather operations.
The complete system runs directly from the vehicles power system providing for high
electrical efficiency and shuts off when the truck key is off. As well, HydraGen™ has
an independent on-off switch on the housing unit should isolation be necessary and is
protected by a 30 amp fuse.
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
how can I sell my pi coins for cash in a pi APPDOT TECH
You can't sell your pi coins in the pi network app. because it is not listed yet on any exchange.
The only way you can sell is by trading your pi coins with an investor (a person looking forward to hold massive amounts of pi coins before mainnet launch) .
You don't need to meet the investor directly all the trades are done with a pi vendor/merchant (a person that buys the pi coins from miners and resell it to investors)
I Will leave The telegram contact of my personal pi vendor, if you are finding a legitimate one.
@Pi_vendor_247
#pi network
#pi coins
#money
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
NO1 Uk Divorce problem uk all amil baba in karachi,lahore,pakistan talaq ka m...Amil Baba Dawood bangali
Contact with Dawood Bhai Just call on +92322-6382012 and we'll help you. We'll solve all your problems within 12 to 24 hours and with 101% guarantee and with astrology systematic. If you want to take any personal or professional advice then also you can call us on +92322-6382012 , ONLINE LOVE PROBLEM & Other all types of Daily Life Problem's.Then CALL or WHATSAPP us on +92322-6382012 and Get all these problems solutions here by Amil Baba DAWOOD BANGALI
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how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
Resume
• Real GDP growth slowed down due to problems with access to electricity caused by the destruction of manoeuvrable electricity generation by Russian drones and missiles.
• Exports and imports continued growing due to better logistics through the Ukrainian sea corridor and road. Polish farmers and drivers stopped blocking borders at the end of April.
• In April, both the Tax and Customs Services over-executed the revenue plan. Moreover, the NBU transferred twice the planned profit to the budget.
• The European side approved the Ukraine Plan, which the government adopted to determine indicators for the Ukraine Facility. That approval will allow Ukraine to receive a EUR 1.9 bn loan from the EU in May. At the same time, the EU provided Ukraine with a EUR 1.5 bn loan in April, as the government fulfilled five indicators under the Ukraine Plan.
• The USA has finally approved an aid package for Ukraine, which includes USD 7.8 bn of budget support; however, the conditions and timing of the assistance are still unknown.
• As in March, annual consumer inflation amounted to 3.2% yoy in April.
• At the April monetary policy meeting, the NBU again reduced the key policy rate from 14.5% to 13.5% per annum.
• Over the past four weeks, the hryvnia exchange rate has stabilized in the UAH 39-40 per USD range.
Latino Buying Power - May 2024 Presentation for Latino CaucusDanay Escanaverino
Unlock the potential of Latino Buying Power with this in-depth SlideShare presentation. Explore how the Latino consumer market is transforming the American economy, driven by their significant buying power, entrepreneurial contributions, and growing influence across various sectors.
**Key Sections Covered:**
1. **Economic Impact:** Understand the profound economic impact of Latino consumers on the U.S. economy. Discover how their increasing purchasing power is fueling growth in key industries and contributing to national economic prosperity.
2. **Buying Power:** Dive into detailed analyses of Latino buying power, including its growth trends, key drivers, and projections for the future. Learn how this influential group’s spending habits are shaping market dynamics and creating opportunities for businesses.
3. **Entrepreneurial Contributions:** Explore the entrepreneurial spirit within the Latino community. Examine how Latino-owned businesses are thriving and contributing to job creation, innovation, and economic diversification.
4. **Workforce Statistics:** Gain insights into the role of Latino workers in the American labor market. Review statistics on employment rates, occupational distribution, and the economic contributions of Latino professionals across various industries.
5. **Media Consumption:** Understand the media consumption habits of Latino audiences. Discover their preferences for digital platforms, television, radio, and social media. Learn how these consumption patterns are influencing advertising strategies and media content.
6. **Education:** Examine the educational achievements and challenges within the Latino community. Review statistics on enrollment, graduation rates, and fields of study. Understand the implications of education on economic mobility and workforce readiness.
7. **Home Ownership:** Explore trends in Latino home ownership. Understand the factors driving home buying decisions, the challenges faced by Latino homeowners, and the impact of home ownership on community stability and economic growth.
This SlideShare provides valuable insights for marketers, business owners, policymakers, and anyone interested in the economic influence of the Latino community. By understanding the various facets of Latino buying power, you can effectively engage with this dynamic and growing market segment.
Equip yourself with the knowledge to leverage Latino buying power, tap into their entrepreneurial spirit, and connect with their unique cultural and consumer preferences. Drive your business success by embracing the economic potential of Latino consumers.
**Keywords:** Latino buying power, economic impact, entrepreneurial contributions, workforce statistics, media consumption, education, home ownership, Latino market, Hispanic buying power, Latino purchasing power.
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
2. 2
THIS DOCUMENT IS STRICTLY CONFIDENTIAL AND IS BEING PROVIDED TO YOU SOLELY FOR YOUR INFORMATION BY AMG
ADVANCED METALLURGICAL GROUP N.V. (THE “COMPANY”) AND MAY NOT BE REPRODUCED IN ANY FORM OR FURTHER
DISTRIBUTED TO ANY OTHER PERSON OR PUBLISHED, IN WHOLE OR IN PART, FOR ANY PURPOSE. FAILURE TO COMPLY
WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF APPLICABLE SECURITIES LAWS.
This presentation does not constitute or form part of, and should not be construed as, an offer to sell or issue or the solicitation of an offer to
buy or acquire securities of the Company or any of its subsidiaries nor should it or any part of it, nor the fact of its distribution, form the basis
of, or be relied on in connection with, any contract or commitment whatsoever.
This presentation has been prepared by, and is the sole responsibility of, the Company. This document, any presentation made in conjunction
herewith and any accompanying materials are for information only and are not a prospectus, offering circular or admission document. This
presentation does not form a part of, and should not be construed as, an offer, invitation or solicitation to subscribe for or purchase, or
dispose of any of the securities of the companies mentioned in this presentation. These materials do not constitute an offer of securities for
sale in the United States or an invitation or an offer to the public or form of application to subscribe for securities. Neither this presentation nor
anything contained herein shall form the basis of, or be relied on in connection with, any offer or commitment whatsoever. The information
contained in this presentation has not been independently verified. No representation or warranty, express or implied, is made as to, and no
reliance should be placed on, the fairness, accuracy or completeness of the information or the opinions contained herein. The Company and
its advisors are under no obligation to update or keep current the information contained in this presentation. To the extent allowed by law,
none of the Company or its affiliates, advisors or representatives accept any liability whatsoever (in negligence or otherwise) for any loss
howsoever arising from any use of this presentation or its contents or otherwise arising in connection with the presentation.
Certain statements in this presentation constitute forward-looking statements, including statements regarding the Company's financial
position, business strategy, plans and objectives of management for future operations. These statements, which contain the words "believe,”
“expect,” “anticipate,” “intends,” “estimate,” “forecast,” “project,” “will,” “may,” “should” and similar expressions, reflect the beliefs and
expectations of the management board of directors of the Company and are subject to risks and uncertainties that may cause actual results
to differ materially. These risks and uncertainties include, among other factors, the achievement of the anticipated levels of profitability,
growth, cost and synergy of the Company’s recent acquisitions, the timely development and acceptance of new products, the impact of
competitive pricing, the ability to obtain necessary regulatory approvals, and the impact of general business and global economic conditions.
These and other factors could adversely affect the outcome and financial effects of the plans and events described herein.
Neither the Company, nor any of its respective agents, employees or advisors intend or have any duty or obligation to supplement, amend,
update or revise any of the forward-looking statements contained in this presentation.
The information and opinions contained in this document are provided as at the date of this presentation and are subject to change without
notice.
This document has not been approved by any competent regulatory or supervisory authority.
Cautionary Note
4. 4
Overview
Metals & alloys
Coating materials
Capital equipment & service
for high purity materials
Critical raw materials
Concentrates
AMG Processing AMG EngineeringAMG Mining
AMG’s conversion and
recycling based businesses
AMG’s vacuum systems and
services business
Integrated AMG’s mine
based businesses
5. 5
AMG Processing
Aluminum grain refiners
and master alloys for high
performance materials in
aerospace, automotive and
infrastructure applications
Value Proposition
Ferrovanadium for high
strength, low alloy steels
for infrastructure;
ferronickel-molybdenum for
stainless steel
Titanium master alloys for
high performance, light
weight aerospace engine
and frame, and coating
materials for aerospace
turbines
Major ApplicationsKey Products
AMG Processing – conversion and recycling operations
Chrome metal for
stainless steel, electrical
resistance wire, and
superalloys
6. 6
AMG Mining
Antimony trioxide and master
batches for flame retardant on
electronics, paints, and
plastics
Value Proposition
Conflict-free tantalum
concentrate for tantalum
capacitors used on portable
electronics
Natural graphite for building
insulation materials, energy
storage, li-ion batteries for
electrical vehicle, and
lubricants
Silicon metal for aluminum
production and solar panel
materials
Major ApplicationsKey Products
AMG Mining – mine based value chains
Tantalum and niobium
superalloys for aerospace
engines and industrial gas
turbines
7. 7
AMG Engineering
Vacuum melting and re-
melting furnaces for high-
performance titanium, steel
and alloys, and purification
of rare metals and alloys
Value Proposition
Vacuum heat treatment
furnaces and services for
high-performance materials
of aerospace and
automotive applications
Vacuum coating furnace for
aerospace turbine blade
coatings
Vacuum sintering and
annealing furnaces for
nuclear fuel productions
Major ApplicationsKey Products
AMG Engineering – vacuum systems and services
8. 8
Strategy - The Complexity Issue
■ Quality of Strategy
■ Ability to generate
cash over the long run
■ Ease of Assessment
■ Effort required to
estimate future
performance
Measurement of Strategy
- - - -- - - -
-$2.1 -$1.6
$45.0
$65.6
$69.7
2009 2010 2011 2012 2013
EngineeringMaterial
96.0
MOLYBDENUM
FeV
Heat Treatment Services
(HTS)
Vacuum
Furnaces
( in USD millions)
Cash Flow from Operations
9. 9
Strategy
AMG’s is building critical mass in materials where it possesses
a significant market position and potential for long-term
growth exceeding global GDP.
Process Results
Strengthen AMG’s Balance
Sheet
Reduce debt
Evaluate assets that are
non-core
Identify possible
transactions
Deepen focus on high
value added critical
materials
Reduced complexity
More focused business on
critical materials with long-
term growth potential
above global GDP
Lower net debt to EBITDA
Increase Shareholder
Value
10. 10
Strategy - Industry Consolidation
AMG acquired KB Alloys in February 2011 for approximately $23.5 million
Compared to pre-acquisition:
SG&A down 12%
EBITDA up 130%
Working capital down 60%
3 Year payback on investment
Primary
Aluminum
Aluminum
Alloys
Grain Refiners
& Master
Alloys
AMG
(#1)
KB Alloys
(#2)
KBM
(Netherlands)
Aleastur
(Spain)
World leader in
aluminum master alloys
and grain refiners
Bauxite
11. 11
■ FTEs down approximately 8% from May 2013
■ Right-sizing AMG Superalloys and AMG Ti Alloys & Coatings
■ Reduced FTEs approximately 10%
■ Adjusting production levels to current market conditions
■ Increasing volumes at AMG Vanadium via the recently
completed capacity expansion
■ Reducing raw material costs at AMG Antimony through a
materials recycling program
■ Utilizing new raw material optical sorting process to reduce
impurities and correspondingly reduce energy consumption at
AMG Silicon
■ Consolidating production of graphite dispersions in one
production location at AMG Graphite
Operations
12. 12
Operations
AMG is improving operational performance and cash flow
Objectives Progress Update
■ Quarter over Quarter (QoQ) SG&A reduced by 3%, or $1.0M
■ Target to reduce SG&A expenses by 3% in FY 2014
Reduce SG&A
■ QoQ Gross Margin 16.9%, up 0.6%
■ Restructuring activities implemented for underperforming units
Improve Gross
Margin
Increase
Operating
Cash Flow and
Improve ROCE
■ Q1’14 Cash flow from Operations $5.7M, up $5.0M QoQ
■ Q1’14 CAPEX reduced 36% QoQ
■ Only investing in the highest returning strategic projects and
required maintenance expenditures
Reduce Gross
and Net Debt
■ Gross Debt reduced by $4.8M, compared to Dec. 31, 2013
■ Improving cash management activities to reduce gross debt and
interest expenses in 2014
17. 17
Capital Base
■ Net debt: $160.9M
■ A further $4.8M reduction on gross
debt in Q1 2014, after a $52.2M
reduction in 2013
■ Continuing effort to right size balance
sheet and reduce finance expense
■ Debt to capitalization: 0.65x
■ Net Debt to LTM EBITDA: 2.28x
■ Revolver availability: $75.0M
■ Total liquidity: $172.9M
■ AMG’s primary debt facility is a $370M
term loan and revolving credit facility
■ 5 year term – until 2016
■ Currently in compliance with all debt
covenants
■ Q1 2014 Cash Flows from Operations:
$5.7M, up $5.0M, or 751%, QoQ
$79.6
$121.6
$103.1 $97.9
$268.6
$315.8
$263.6 $258.8
$189.0 $194.2
$160.5 $160.9
2011 2012 2013 March 31, 2014
Cash
Debt
Net Debt
( in USD millions)
Cash and Debt
Cash Flow from Operations
$0.7
$5.7
Q1 2013 YTD Q1 2014 YTD
( in USD millions)
19. 19
End Markets
Infrastructure + 18%
vs. Q1’13
Improved volumes from the
FeV capacity expansion
Q1 2014 YTD: $274.9
Revenue Gross Profit
Q1 2014 YTD: $46.4
( in USD millions) ( in USD millions)
Aerospace
37.7%
Infrastructure
15.5%
Energy
18.8%
Specialty Metals
& Chemicals
28.0%
Aerospace
40.3%
Energy
20.1%
Specialty Metals
& Chemicals
19.9%
Infrastructure
19.7%
Infrastructure + 123%
vs. Q1’13
Improved FeV prices and
volumes
20. 20
■ Q1’14 revenue down 5% versus Q1’13
■ AMG Vanadium revenue up 12%
■ Improved volumes from the
capacity expansion completed
■ AMG Titanium Alloys & Coatings
revenue down 24%
■ Lower prices and volumes
■ Q1’14 gross margin 13% of revenue,
consistent with Q1’13
■ AMG Vanadium gross margin
increased 200% compared to Q1’13
■ AMG Superalloys gross margin down
34% due to lower market prices
■ Q1’14 EBITDA margin 6% of revenue,
consistent with Q1’13
■ SG&A reduced by $1.7M
■ Q1’14 CAPEX $2.3M, reduced by 65%
■ $1.9M for maintenance
$153.1
$145.1
$8.7
$9.4
$1.0
$6.0
$11.0
$16.0
$-
$20.0
$40.0
$60.0
$80.0
$100.0
$120.0
$140.0
$160.0
$180.0
Q1'13 Q1'14
Revenue EBITDA
AMG Processing
Financial Summary
- -
$6.6
$2.3
Q1'13 Q1'14
Capital Expenditure
( in USD millions)
( in USD millions)
21. 21
$82.9 $81.0
$7.9
$9.1
$-
$5.0
$10.0
$15.0
$20.0
$-
$10.0
$20.0
$30.0
$40.0
$50.0
$60.0
$70.0
$80.0
$90.0
$100.0
Q1'13 Q1'14
Revenue EBITDA
Q1’14 revenue down 2% versus Q1’13
Volumes: Antimony and Graphite up
while Tantalum and Silicon Metal down
Prices: Graphite and Silicon Metal
consistent while Antimony down 10%
Q1’14 gross margin 18% of revenue, up
from 16% in Q1’13
Increase in Antimony and Graphite
volumes and improved product mix
Q1’14 EBITDA 11% of revenue, up from
10% in Q1’13
■ Gross profit increased by $1.7M and
SG&A decreased by $0.5M
■ Q1’14 CAPEX $3.2M
$2.0M for silicon metal furnace
efficiency upgrade
$0.5M for maintenance
AMG Mining
Financial Summary
Capital Expenditure
( in USD millions)
( in USD millions)
$2.2
$3.2
Q1'13 Q1'14
22. 22
$60.5
$48.8
$5.6
$1.5
$-
$5.0
$10.0
$-
$10.0
$20.0
$30.0
$40.0
$50.0
$60.0
$70.0
Q1'13 Q1'14
Revenue EBITDA
Q1’14 revenue down 19% QoQ
Impacted by the low level of order
backlog at the beginning of Q1’14
Heat treatment furnaces up 38%
Casting & sintering furnaces down 62%
Remelting furnaces down 54%
Q1’14 gross margin 26% of revenue,
consistent with Q1’13
Favourable impact from the 2013 cost
reduction and increases in higher
margin service revenues
Increased pricing pressure
Q1’14 EBITDA 3% of revenue, down from
9% in Q1’13
Q1’14 order intake up 141% versus Q1’13
Order backlog increased to $135.8M
1.53x book to bill ratio
AMG Engineering
Financial Summary
$30.9
$76.4
$48.4
$39.6
$74.5
Q1'13 Q2'13 Q3'13 Q4'13 Q1'14
Order Intake
( in USD millions)
( in USD millions)
24. 24
Metals Market – 2013 & 2014 YTD Prices
-18%
-14%
-10%
-2%
-6%
-33%
-11% -10%
-13%
-19% -19%
34%
30%
9% 8%
8%
3% 3%
0% 0% 0% -1%
0
20
40
60
80
100
120
140
160
180
Ni Mo FeV Si Metal Nb Ta Al Ti
Sponge
Graphite Sb Cr
2013 Price Trend (12/31/2013 vs. 12/31/2012)
2014 YTD Price Trend (5/1/2014 vs. 12/31/2013)
25. 25
Outlook
AMG should produce significant operating cash flow in 2014, and ROCE
and EBITDA should improve over 2013 levels
AMG announces Q2 2014 financial results on August 6, 2014
Si, G and Sb are
performing well
Ta & Nb market
continues to be
depressed
Making additional
operational
improvements to reduce
costs
Metal prices are
discontinuing their
down trend
Inventory minimized to
manage price risk
Increased capacity,
improved prices, and
higher demand driving
AMG V
Aerospace market
destocking continues
Q2 order intake
expected to be the same
order of magnitude as
Q1, but visibility is
limited
Majority of revenue and
earnings in the H2 ‘14
due to low order backlog
in early 2014
Reducing costs and
increasing recurring
service revenues
AMG Processing AMG EngineeringAMG Mining
27. 27
Consolidated Balance Sheet
Balance Sheet ($’000) Actual
As of
31-December-13 31-March-14
Unaudited
Fixed assets 259,683 254,683
Goodwill and intangibles 37,194 36,519
Other non-current assets 65,515 66,955
Inventories 179,343 178,111
Receivables 150,807 171,728
Other current assets 36,607 33,259
Cash 103,067 97,866
TOTAL ASSETS 832,216 839,121
TOTAL EQUITY 134,590 139,422
Long-term debt 223,788 223,528
Pension liabilities 138,009 138,124
Other long-term liabilities 62,350 62,548
Current debt 39,792 35,241
Accounts payable 127,381 130,547
Advance payments 16,341 19,526
Accruals 54,383 60,225
Other current liabilities 35,582 29,960
TOTAL LIABILITIES 697,626 699,699
TOTAL LIABILITIES & EQUITY 832,216 839,121
28. 28
Consolidated Income Statement
Income Statement ($’000) Actual
For the three months ended
31-March-13
Unaudited
31-March-14
Unaudited
Revenue 296,478 274,852
Cost of sales 248,220 228,500
Gross profit 48,258 46,352
Selling, general & admin. 36,017 35,036
Asset impairment & restructuring 1,336 758
Environmental 33 -
Other income, net (168) (253)
Operating profit (loss) 11,040 10,811
Net finance costs 4,655 4,287
Share of profit (loss) of associates (712) 105
Profit before income taxes 5,673 6,629
Income tax (benefit) expense 3,712 3,274
Profit for the period 1,961 3,355
Shareholders of the Company 2,460 3,919
Non-controlling interest (499) (564)
Adjusted EBITDA 22,200 20,068
29. 29
Consolidated Statement of Cash Flows
Cash Flow Statement ($’000) Actual
For the three months ended
31-March-13
Unaudited
31-March-14
Unaudited
EBITDA 22,200 20,068
+/- Change in working capital and deferred revenue (9,242) (7,198)
-Interest paid, net (2,192) (888)
Other operating cash flow (3,745) (4,982)
Cash flows from operations before taxes 7,021 7,000
Income tax paid (6,356) (1,341)
Total cash flows from operations 665 5,659
Capital expenditures (9,124) (5,851)
Other investing activities 29 118
Cash flows (used in) investing activities (9,095) (5,733)
Cash flows from (used in) financing activities (4,163) (5,138)
Net decrease in cash (12,593) (5,212)
Beginning cash 121,639 103,067
Effects of exchange rates on cash (2,349) 11
Ending cash 106,697 97,866