3e kwartaalcijfers highlights:
• The Company will change its organizational structure effective January 1, 2021. This change will result in three reporting segments: AMG Clean Energy Materials (“CEM”), AMG Critical Materials Technologies (“CMT”) and AMG Critical Minerals (“CMI”).
• The construction of AMG’s second ferrovanadium plant in Zanesville, Ohio is proceeding as planned. As of September 30, 2020, AMG has committed $184 million in construction and engineering contracts for the project.
• AMG continued basic engineering for its lithium hydroxide refinery project in Sachsen-Anhalt, Germany and a final investment decision is presently expected in early 2021.
• Shell & AMG Recycling B.V. signed a memorandum of understanding (MOU) with Shandong Yulong Petrochemical Co., Ltd. to enter into exclusive arrangements to evaluate the potential for construction and operation of a spent catalyst recycling facility in Yantai, China.
• AMG Engineering’s order intake in the first 9 months of 2020 was $177 million, a 5% increase from $169 million in the first 9 months of 2019.
• AMG’s liquidity as of September 30, 2020, was $376 million, with $206 million of unrestricted cash and $170 million of revolving credit availability.
• EBITDA was $14.1 million in the third quarter of 2020, a 42% decrease from $24.4 million in the third quarter of 2019. COVID-19 had a negative $23 million impact in the third quarter of 2020 which is explained in more detail on page 3.
• AMG reduced SG&A by 16% in the third quarter of 2020 to $29.6 million, compared to $35.1 million in the third quarter of 2019, due to lower personnel costs and ongoing cost reduction initiatives.
• Cash from operating activities on a year to date basis was $8.3 million, an increase of $17.2 million over the same period in 2019.