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AMG subsidiary Graphit Kropfmühl announces results of its Annual General Meeting


June 16, 2011 - London

Amsterdam, 16 June 2011 --- AMG Advanced Metallurgical Group N.V.'s, ("AMG", EURONEXT AMSTERDAM: "AMG") 88.0% owned subsidiary, Graphit Kropfmühl AG, ("GK") held its Annual General Meeting in Munich on 15 June.  Approximately 70 shareholders and guests attended the Annual General Meeting in the Munich Conference Centre of the Hanns Seidel Foundation.

 

In its presentation of the annual financial statements, the Management Board reported a successful 2010 fiscal year.Supported by the economic upturn, Graphit Kropfmühl delivered improved results in the year 2010.  The demand for GK's products increased in its primary markets and application fields.  Turnover and earnings targets were exceeded in both the silicon metal and natural graphite segments.  The consolidated turnover increased from €84.6 million in 2009 to €96.9 million in 2010.  As a result, the consolidated EBIT for the year 2010 increased to €2.8 million from €1.0 million in 2009.

 

This positive business development also continued during the first quarter of 2011.  Compared to the first quarter of 2010, the first quarter of 2011 saw a 42.9 % jump in turnover to €30.9 million.  EBIT in the first quarter of 2011 amounted to €3.9 million.

 

Based on the excellent development of turnover and earnings in the first quarter of 2011, the current course of business, and the forecasts for the remaining fiscal year 2011, the Management Board of Graphit Kropfmühl - as already reported - raised its turnover forecast for the total year 2011 to more than €110 million.

 

Provided that the future overall economic development remains stable, the Management Board of Graphit Kropfmühl expects that earnings will develop in accordance with the forecast increase in turnover.

 

The Management Board also disclosed natural graphite raw material projects.  The Management Board indicated that the exploration projects in Mozambique are proceeding according to plan.  A decision regarding the feasibility and financing alternatives of the projects is planned for the second half of 2011.

 

The Annual General Meeting approved all of the items on the agenda that were put to the vote with approval of more than 99% of the voting shares.  The Annual General Meeting resolved to approve the actions of the Management Board and Supervisory Board members, and elected the auditor for fiscal year 2011.

 

Dr. Heinz Schimmelbusch, Chairman of the Supervisory Board of Graphit Kropfmühl, spoke of the strong development of the high purity natural graphite products that compliment the high-quality silicon-metal products, which have purities of 99.5% and higher.

 

At its Supervisory Board Meeting on 15 June 2011, the Supervisory Board of Graphit Kropfmühl resolved to renew the Management Board contract of Mr. Hans-Detlef Antel for another three years.

 

 

 

About AMG

AMG creates and applies innovative metallurgical solutions to the global trend of sustainable development of natural resources and CO2 reduction.AMG produces highly engineered specialty metal products and advanced vacuum furnace systems for the Energy, Aerospace, Infrastructure and Specialty Metals and Chemicals end markets.AMG consists of two operating divisions, Advanced Materials and Engineering Systems, and owns interests in publicly-listed companies Graphit Kropfmühl AG (Deutsche Börse: GKR.DE) and Timminco Limited (TSX: "TIM").

The Advanced Materials Division develops and produces specialty metals, alloys and high performance materials. AMG is a significant producer of specialty metals, such as ferrovanadium, ferronickel-molybdenum, aluminum master alloys and additives, chromium metal and ferrotitanium, for Energy, Aerospace, Infrastructure and Specialty Metal and Chemicals applications.Other key products include specialty alloys for titanium and superalloys, coating materials, tantalum and niobium oxides, vanadium chemicals and antimony trioxide.

The Engineering Systems Division designs, engineers and produces advanced vacuum furnace systems and operates vacuum heat treatment facilities, primarily for the Aerospace and Energy (including solar and nuclear) industries.Furnace systems produced by AMG include vacuum remelting, solar silicon melting and crystallization, vacuum induction melting, vacuum heat treatment and high pressure gas quenching, turbine blade coating and sintering.AMG also provides vacuum case-hardening heat treatment services on a tolling basis.

Graphit Kropfmühl AG is a majority controlled, publicly listed subsidiary of AMG.Based on its secure raw material sources in Africa, Asia and Europe, Graphit Kropfmühl is a specialist in the production of silicon metal and the extraction, processing and refining of natural crystalline graphite for a wide range of energy saving industrial applications.

Timminco Limited is a publicly listed affiliate of AMG. Timminco produces silicon metal for the chemical, aluminum, electronic and solar industries.Timminco also produces solar grade silicon, using its proprietary technology for purifying silicon metal, for the solar energy industry.

With over 2,600 employees, AMG operates globally with production facilities in Germany, the United Kingdom, France, Czech Republic, United States, China, Canada, Mexico, Brazil, Turkey, Poland, India and Sri Lanka and also has sales and customer service offices in Belgium, Russia and Japan (www.amg-nv.com).    

 

For further information please contact:
AMG Advanced Metallurgical Group N.V.    +1 610 975 4901
Jonathan Costello
Vice President of Corporate Communications
jcostello@amg-nv.com 

 

Disclaimer

 

Certain statements in this press release are not historical facts and are "forward looking."Forward looking statements include statements concerning AMG's plans, expectations, projections, objectives, targets, goals, strategies, future events, future revenues or performance, capital expenditures, financing needs, plans and intentions relating to acquisitions, AMG's competitive strengths and weaknesses, plans or goals relating to forecasted production, reserves, financial position and future operations and development, AMG's business strategy and the trends AMG anticipates in the industries and the political and legal environment in which it operates and other information that is not historical information.When used in this press release, the words "expects," "believes," "anticipates," "plans," "may," "will," "should," and similar expressions, and the negatives thereof, are intended to identify forward looking statements.By their very nature, forward looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that the predictions, forecasts, projections and other forward looking statements will not be achieved.These forward looking statements speak only as of the date of this press release.AMG expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward looking statement contained herein to reflect any change in AMG's expectations with regard thereto or any change in events, conditions, or circumstances on which any forward looking statement is based.

 

 

AMG subsidiary Graphit Kropfmühl announces results of its Annual General Meeting




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Source: AMG Advanced Metallurgical Group N.V. via Thomson Reuters ONE

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