schreef:
Encouraged by the financial performance in the first 6 months of 2018, AMG expects full year 2018 EBITDA to improve by between 40%-50% compared to the prior year.[/quote]
komende van 30à45%.
-FCF (excl. WCR) valt lager uit dan Q1, maar nog steeds sterk.
$ 33M vs. $ 35,6M in Q1
Maar de financieringskost in Q2 is $ 1,5M hoger dan in Q1 & taxes vallen $ 4,74M hoger uit. Mcapex is $ 0,1M lager.
Dus met de zelfde vergelijkingsbasis zou men $ 6,14M hoger uitkomen dan in Q1, dat zou dan $ 39,1M geweest zijn.
Dus onderliggend wel zeer sterke cashflows & die zouden in Q3 nog hoger moeten zijn (gezien spotprijs van FeV verder gestegen is naar 39,5 $/lb )
Hogere taxes dus zijn wss wel blijvend gezien de hoge winsten; gelukkig heeft AMG Vanadium nog veel tax assets om de taxes te drukken de komende kwartalen :)
- Werkkapitaal gaat serieus de hoogte in in H1 (- € 58,6M) & dat heeft invloed op de nettoschuld die daardoor stijgt naar $ 34,8M. Hogere grondstofprijzen (-> inventories) zijn daar oa schuldig aan, alsook wss de ramp up van Lithium in Brazil.
- Maintenance capex blijft vrij hoog, met 6,8M tijdens Q2. 13,7M over H1.
- Over de vooruitgang van "Spodumene 1" wordt weinig verteld.
Phase I - Lithium Concentrate Plant 1: AMG’s first lithium concentrate plant commenced production in May 2018 and the ramp-up continues on schedule, in line with the timetable set out in our EPC contract with Outotec.
Phase II - Lithium Concentrate Plant 2: Detailed engineering work on AMG’s second lithium concentrate plant, in combination with the expansion of the Mibra mine, is progressing towards completion and we are working hard to finalize an EPC contract for the delivery of that second plant. Negotiations are ongoing, and we expect to finalize the contract before the end of September 2018. Once completed, and as announced previously, total annual production capacity from AMG’s Mibra mine will increase to 180,000 tons of lithium concentrate and 600,000 lbs of tantalum concentrate. AMG expects to complete the expansion by the end of 2019.
Phase III - Lithium Carbonate: Intensive project development activities for the downstream lithium chemical plant are proceeding. We expect to communicate the specifics of our strategy later in September.[/quote]
- Engineering valt tegen; Omzet & gross profit stijgen lichtjes, maar Ebitda valt fors terug. Orderboek blijft wel zeer stevig & groeit weer met 3% aan. Ebitda marge zakt naar 8,8% (normaal boven de 12% dacht ik) Men spreekt over verhoogde SG&A costs, maar die waren even groot in Q1...
[quote]AMG Engineering is in the process of expanding its workforce in response to the increased level of order backlog, driven primarily by strong demand from the aerospace market. EBITDA decreased by $2.5 million to $5.5 million in the second quarter of 2018 due to higher SG&A expenses, increased currency impacts, and lower gross profit generated from the heat treatment services division.
- Silicon ook minder vanwege;
[quote]reduction in gross profit in silicon metal was driven by lower volumes, as a result of unplanned furnace maintenance during the quarter, as well as an accrual for the repayment of a subsidy granted by the German government in 2012-13.