AMG Advanced Metallurgical Group N.V. Reports Third Quarter 2013 Results

AMSTERDAM, Netherlands, Nov. 8, 2013 (GLOBE NEWSWIRE) --
Key Highlights  * Revenue was $286.4 million in the third quarter 2013, a 4% decrease from the    same period in 2012  * EBITDA(()[1]()) was $17.7 million in the third quarter 2013, an 11% decrease    from the same period in 2012  * EPS on a fully diluted basis was $0.05 in the third quarter 2013 compared to    $0.18 in the same period in 2012  * Cash flows from operating activities were $24.7 million in the third quarter    2013, compared to $30.4 million in the same period in 2012  * AMG Processing generated revenue of $138.1 million and EBITDA of $4.6    million in the third quarter 2013  * AMG Engineering generated revenue of $66.1 million and EBITDA of $4.2    million in the third quarter 2013  * AMG Mining generated revenue of $82.3 million and EBITDA of $8.9 million in    the third quarter 2013  * As of September 30, 2013, cash on the balance sheet was $116.3 million; net    debt was $163.6 million, a reduction of $16.4 million during the third    quarter 2013Amsterdam,    8 November   2013 (Regulated   Information)   ---   AMG   AdvancedMetallurgical  Group  N.V.  ("AMG",  EURONEXT  AMSTERDAM:  "AMG") reported thirdquarter 2013 revenue of $286.4 million, a 4% decrease from $296.9 million in thethird quarter 2012.EBITDA  decreased  11% to  $17.7  million  in  the third quarter 2013 from $19.8million  in the third quarter 2012.  Net income attributable to shareholders forthe  third  quarter  2013 was  $1.4  million,  or $0.05 per fully diluted share,compared to net income of $5.0 million, or earnings attributable to shareholdersof $0.18 in the third quarter 2012.Dr.  Heinz Schimmelbusch, Chairman  of the Management  Board and CEO, said, "Thespecialty  metals industry  experienced double  digit price  declines during thethird  quarter 2013.  These declines, from  already low 2012 market price levelswere most significant in chrome metal, antimony, and vanadium.  We have begun tosee  the benefits  of restructuring  efforts in  AMG Engineering and AMG Mining. Management's comprehensive actions resulted in strong cash flows from operatingactivities  and a significant reduction in net  debt.  As a result of low pricesand  lower  capacity  utilization,  we  are  implementing  fixed  cost reductionmeasures  at  AMG  Processing  to  right  size  the  business for current marketconditions.  Strategically, we are focusing on the core strengths of our productportfolio and streamlining activities."Key FiguresIn 000's US Dollar                                          Q3 '13             Q3 '12  ChangeRevenue                                 $286,415           $296,851    (4%)----------------------------------------------------------------------------Gross profit                              39,792             47,537   (16%)Gross margin                               13.9%              16.0%----------------------------------------------------------------------------Operating profit                           7,275             11,124   (35%)Operating margin                            2.5%               3.7%Net income attributable to                 1,407              5,006   (72%)shareholders----------------------------------------------------------------------------EPS- Fully diluted                          0.05               0.18   (72%)EBIT ((1))                                 9,623             12,714   (24%)EBITDA ((2))                              17,701             19,814   (11%)EBITDA margin                               6.2%               6.7%Cash flows from operating activities      24,687             30,374   (19%)----------------------------------------------------------------------------Note: 1. EBIT is defined as earnings before interest, tax and excludes non-recurring    items 2. EBITDA is defined as earnings before interest, tax, depreciation and    amortization and excludes non-recurring itemsOperational ReviewAMG Processing                          Q3 '13     Q3 '12   Change----------------------------------------------------- Revenue                $138,068   $146,886     (6%) Gross profit             13,008     19,451    (33%) Operating profit            814      5,000    (84%) EBITDA                    4,629      9,086    (49%) Capital expenditures      3,074      5,309    (42%)AMG  Processing's third quarter  2013 revenue decreased $8.8  million, or 6%, to$138.1 million.  AMG Aluminum revenue increased 2% compared to the third quarter2012, despite  slightly lower aluminum  prices.  This improvement  was more thanoffset  by significant  price declines  in vanadium  and titanium  alloys, whichresulted  in  28% and  6% decreases  in  AMG  Vanadium and AMG Titanium Alloys &Coatings revenue, respectively.The  third  quarter  2013 gross  margin  decreased  to  9% from 13% in the thirdquarter  2012, as declining metal prices significantly affected AMG Processing'smargins.   Specifically, an unfavorable product mix resulted in a 71% decline inAMG  Superalloys  gross  margins.   In  addition,  significant declines in solarcoatings  and titanium alloy  revenue resulted in  a 38% decline in AMG TitaniumAlloys  & Coatings gross margins.  These impacts more than offset a 79% increasein  AMG Aluminum gross margins,  which was the result  of the rationalization oflower margin products and productivity improvements.The third quarter 2013 EBITDA decreased $4.5 million to 3% of revenue from 6% ofrevenue  in the third quarter  2012.  The EBITDA decrease was  the result of the$6.4  million decline in gross profit offset  by a $2.0 million decrease in SG&Apersonnel expenses.Capital  expenditures  were  $3.1  million  for  the  third quarter 2013, a 42%decrease  from the  third quarter  2012.  Capital investments  made in the thirdquarter included $2.2 million of maintenance expenditures.AMG Engineering                         Q3 '13    Q3 '12   Change--------------------------------------------------- Revenue                $66,093   $71,209     (7%) Gross profit            13,979    14,813     (6%) Operating profit           475     3,213    (85%) EBITDA                   4,179     5,787    (28%) Capital expenditures       487     1,345    (64%)AMG  Engineering's third quarter 2013 revenue  decreased $5.1 million, or 7%, to$66.1  million.  Revenue from nuclear furnaces increased 55% to $7.8 million andturbine blade coating furnace revenue increased 843% to $7.2 million, the resultof  one significant  order.  These  increases were  mitigated by  a 51% and 32%decrease   in   revenue   from   sintering   furnaces  and  remelting  furnaces,respectively, compared to the third quarter 2012.Order  backlog decreased 8% to $133.5  million at September 30, 2013 from $145.2million  at  June  30, 2013.  AMG  Engineering  generated  order intake of $48.4million  in the third quarter 2013, a 39% decrease compared to the third quarter2012 and  a  0.73x book  to  bill  ratio.   Remelting  furnaces were the largestportion of the order intake, accounting for 28% of the total.The  third quarter 2013 gross margin was  21%, consistent with the third quarter2012.  Improved  profitability on certain large  projects and an increased focuson cost control resulted in a consistent margin, despite the decline in revenue.The  third quarter 2013 EBITDA decreased $1.6 million, to 6% of revenue from 8%of revenue in the third quarter 2012.  The EBITDA decrease was the result of the$0.8  million decrease in  gross profit and  the $0.6 million  increase in SG&A. The  increase in SG&A was  the result of incentive  compensation related to theincrease in the AMG share price.Capital  expenditures were $0.5 million in the third quarter 2013, 64% less thanthe third quarter 2012.  Capital investments in the third quarter were primarilymaintenance capital expenditures for the heat treatment services business.AMG Mining                         Q3 '13    Q3 '12   Change--------------------------------------------------- Revenue                $82,254   $78,756       4% Gross profit            12,805    13,273     (4%) Operating profit         5,986     2,911     106% EBITDA                   8,893     4,941      80% Capital expenditures     2,754     3,778    (27%)AMG  Mining's third quarter 2013 revenue increased $3.5 million, or 4%, to $82.3million.   Volumes for most products increased, while prices were mixed.  Pricesincreased  12% and 5% for  AMG Mineração's  tantalum and  AMG Graphite products,respectively,  while AMG Antimony and AMG  Silicon product prices decreased 11%and 9%, respectively, compared to the third quarter 2012.The  third quarter  2013 gross margin  decreased to  16%, from 17% in  the thirdquarter  2012.  The  gross  margin  decrease  was  primarily the result of loweraverage prices for the higher volume products at AMG Silicon and AMG Antimony.The third quarter 2013 EBITDA increased $4.0 million, to 11% of revenue from 6%of  revenue in the  third quarter 2012.  The  EBITDA increase was  the result of$1.5  million  and  $0.5  million  decreases  in environmental expenses and SG&Aprofessional  fees, respectively,  and a  $1.5 million  increase in other incomefrom  the sale  of land.   These improvements  were slightly  offset by the $0.5million decrease in gross profit.Capital  expenditures were $2.8 million in the third quarter 2013, 27% less thanthe  third quarter 2012.  Capital  expenditures were primarily  composed of $1.0million  for a  silicon metal  furnace efficiency  upgrade and  $1.1 million formaintenance expenditures.Financial ReviewFor  purposes of this  release, AMG restated  the December 31, 2012 statement offinancial  position and 2012 income statement to  comply with new IFRS standardsand  interpretations.   IAS  19 Employee  Benefits  (Revised 2011) (IAS 19R) andIFRIC  20 Stripping  Costs  in  the  Production  Phase  of  a  Surface Mine wereeffective  for periods  beginning after  January 1, 2013 and require restatementfor comparability.TaxAMG  recorded an income tax expense of $0.5 million in the third quarter 2013 ora  28% effective tax rate.  The income tax expense in the third quarter 2012 was$2.1 million, or a 30% effective tax rate.  The third quarter 2013 effective taxrate  was consistent  with AMG's  long-term tax  rate expectations of 30-35% perannum.SG&AAMG's  third quarter  2013 SG&A expenses  were $32.3  million, compared to $34.4million  in the third quarter 2012, a decrease of 6%.  The $2.1 million decreasein  SG&A  expenses  was  primarily  due  to  a $2.3 million decrease in variablecompensation expense.Non-Recurring ItemsAMG's  third quarter  2013 $7.3 million  operating profit includes non-recurringitems,  which are not  included in the  calculation of EBITDA.   These items arecomprised  of income and expense  items, that in the  view of management, do notarise  in the normal course of business  and items that, because of their natureand/or  size, should  be presented  separately to  enable better analysis of theresults.A summary of non-recurring items in the third quarter 2013 and 2012 are below:                                 For the three months ended                                    September                     September                                        2013                            2012----------------------------------------------------------------------------Non-recurring items included in operating profit:Restructuring expense                                 $1,753            $476----------------------------------------------------------------------------Total non-recurring items included in operating        1,753             476profit----------------------------------------------------------------------------AMG  incurred $1.8  million of  non-recurring restructuring  items in  the thirdquarter  2013, consisting primarily of $1.3 million  and $0.3 million related toAMG Engineering and AMG Mining restructuring, respectively.  These restructuringexpenses  are  part  of  the  Company's  ongoing  cost reduction efforts and theprocess to simplify the corporate structure.Currency FluctuationsAMG  transacts  business  in  many  currencies  other  than the U.S. dollar, theCompany's  reporting currency.  AMG's financial  statements are prepared in U.S.dollars, so fluctuations in the exchange rates between the U.S. dollar and othercurrencies  have an effect both on the results of operations and on the reportedvalue  of assets and liabilities as  measured in U.S. dollars.  The depreciationin  the  value  of  the  U.S.  dollar  as of September 30, 2013 compared to June30, 2013, resulted  in an increase in the  assets and liabilities on the balancesheet  of $20.9 million and $14.6 million,  respectively.  The net result of thedepreciation  in the value of the U.S. dollar in the third quarter 2013 comparedto the third quarter 2012, resulted in an increase in revenue and EBITDA of $9.3million and $0.8 million, respectively.Liquidity                              September 30, 2013   December 31, 2012                                                                       Change------------------------------------------------------------------------------ Total debt                             $279,894            $315,844    (11%) Cash and cash equivalents               116,278             121,639     (4%)------------------------------------------------------------------------------ Net debt                                163,616             194,205    (16%)AMG  had a net debt position of  $163.6 million as of September 30, 2013.  AMG'snet  debt position decreased $30.6 million since December 31, 2012 primarily dueto  $62.1 million of EBITDA and a  $27.4 million decrease in working capital anddeferred revenue.  These cash generation activities were offset by $22.5 millionin capital investments, $11.5 million of cash tax payments, $11.3 million of netcash  interest payments, and restructuring costs  and pension payments in excessof  expense of  $7.0 million.   Including the  $116.3 million  of cash,  AMG had$190.0 million of total liquidity as of September 30, 2013.Cash Flow                                                  For the nine months ended                                                        September 30                                                   2013                     2012--------------------------------------------------------------------------------Net cash flows from operating activities       $57,318                  $33,508--------------------------------------------------------------------------------Capital expenditures                           (22,534)                 (33,875)Cash flows from (used in) other investing           436                    (169)activities--------------------------------------------------------------------------------Net cash flows used in investing activities   (22,098)                  (34,044)--------------------------------------------------------------------------------Net cash flows (used in) from financing        (42,596)                   32,260activities--------------------------------------------------------------------------------Cash  flows from  operating activities  were $57.3  million for  the nine monthsended  September 30, 2013 compared  to cash  flows from  operating activities of$33.5  million  in  the  same  period  in  2012.  Net  cash flows from operatingactivities  are comprised of $62.1 million  in EBITDA and $27.4 million decreasein  working capital  and deferred  revenue, slightly  offset by $11.5 million incash tax payments and $11.3 million in cash interest payments.Cash  flows used in investing activities were  $22.1 million for the nine monthsended  September  30, 2013.  The  $11.9  million  decrease  compared to the sameperiod  in 2012 is  primarily composed  of an  $11.3 million decrease in capitalinvestments.   This reduction in capital  investments reflects management's cashcontrol initiatives and more stringent return metrics.Cash  flows used in financing activities were  $42.6 million for the nine monthsended  September 30, 2013 as the Company repaid $42.6 million of borrowings.  Inthe  same period in 2012, AMG generated  $32.3 million from financing activitiesprimarily  to fund the  Brazilian mine expansion  and the acquisition of GraphitKropfmühl shares. OutlookThe specialty metals markets continue to be weak, specifically due to destockingin  the global aerospace value chain,  continued stagnation for high performancesteel,  and slowing growth in China.   These conditions are affecting prices andvolumes  for many of AMG's products.   AMG has rationalized production levels inAMG Mining and AMG Engineering and is currently implementing plans to reduce thefixed  cost structure and decrease capital  expenditures in AMG Processing.  AMGexpects  that it  will generate  positive operating  cash flow during the fourthquarter.   Overall, AMG's full year 2013 EBITDA will decline compared to 2012.AMG Advanced Metallurgical Group N.V.Condensed interim consolidated income statement For the three months ended September 30 In thousands of US Dollars                          2013             2012                                              Unaudited             Unaudited[2]Continuing operationsRevenue                                         286,415                  296,851Cost of sales                                   246,623                  249,314Gross profit                                     39,792                   47,537Selling, general and administrativeexpenses                                         32,343                   34,411Restructuring expense                             1,753                      476Environmental expense                                48                    1,712Other income, net                               (1,627)                    (186)Operating profit                                  7,275                   11,124Finance expense                                   6,347                    5,270Finance income                                    (324)                    (243)Foreign exchange gain                             (358)                    (699)Net finance costs                                 5,665                    4,328Share of profit of associates                        26                      208Profit before income tax                          1,636                    7,004Income tax expense                                  459                    2,101Profit for the period                             1,177                    4,903Attributable to:  Shareholders of the Company                     1,407                    5,006  Non-controlling interests                       (230)                    (103)Profit for the period                             1,177                    4,903Earnings per shareBasic earnings per share                           0.05                     0.18Diluted earnings per share                         0.05                     0.18AMG Advanced Metallurgical Group N.V.Condensed interim consolidated income statement For the nine months ended September 30 In thousands of US Dollars                              2013              2012                                                  Unaudited Unaudited[3]Continuing operationsRevenue                                             874,421      940,426Cost of sales                                       737,753      785,555Gross profit                                        136,668      154,871Selling, general and administrativeexpenses                                            102,354      111,185Asset impairment expense                             49,703        6,333Restructuring expense                                 8,488        4,807Environmental expense                                   125        3,000Other income, net                                   (2,095)        (888)Operating (loss) profit                            (21,907)       30,434Finance expense                                      17,384       18,211Finance income                                        (640)        (855)Foreign exchange gain                                 (313)        (190)Net finance costs                                    16,431       17,166Share of (loss) profit of associates                  (530)          457(Loss) profit before income tax                    (38,868)       13,725Income tax expense                                    2,383        8,782(Loss) profit for the period                       (41,251)        4,943Attributable to:  Shareholders of the Company                      (38,363)        6,126  Non-controlling interests                         (2,888)      (1,183)(Loss) profit for the period                       (41,251)        4,943(Loss) earnings per shareBasic (loss) earnings per share                      (1.39)         0.22Diluted (loss) earnings per share                    (1.39)         0.22AMG Advanced Metallurgical Group N.V.Condensed interim consolidatedstatement of financial positionIn thousands of US Dollars                                             Sept                                           30, 2013             Dec 31,2012[4]                                           UnauditedAssets  Property, plant and equipment               258,211                    288,269  Goodwill                                     25,080                     24,751  Intangible assets                            11,459                     13,971  Investments in associates and joint  ventures                                      6,313                      7,351  Derivative financial instruments                200                        527  Deferred tax assets                          37,064                     35,455  Restricted cash                               9,944                     11,888  Notes receivable                                251                        227  Other assets                                 24,406                     22,262Total non-current assets                      372,928                    404,701  Inventories                                 185,569                    211,531  Trade and other receivables                 161,310                    177,232  Derivative financial instruments              4,196                      3,229  Other assets                                 32,300                     30,438  Cash and cash equivalents                   116,278                    121,639Total current assets                          499,653                    544,069Total assets                                  872,581                    948,770  AMG Advanced Metallurgical Group N.V.  Condensed interim consolidated statement of  financial position (continued)  In thousands of US Dollars                                                                           Dec                                                   Sept 30, 2013   31, 2012[5]                                                       UnauditedEquity  Issued capital                                              743       743  Share premium                                           382,176   382,176  Other reserves                                          (5,540)  (10,190)  Retained earnings (deficit)                           (241,022) (204,284)Equity attributable to shareholders of the Company        136,357   168,445Non-controlling interests                                   3,615     6,818Total equity                                              139,972   175,263Liabilities  Loans and borrowings                                    244,658   265,553  Employee benefits                                       132,981   137,957  Provisions                                               31,754    31,852  Deferred revenue                                         13,572     2,724  Government grants                                           903       472  Other liabilities                                         6,299     6,690  Derivative financial  instruments                                               9,082    11,082  Deferred tax liabilities                                 22,547    26,120Total non-current liabilities                             461,796   482,450  Loans and borrowings                                     14,797    20,333  Short term bank debt                                     20,439    29,958  Government grants                                            56        55  Other liabilities                                        53,562    58,934  Trade and other payables                                123,272   125,342  Derivative financial  instruments                                               5,588     3,900  Advance payments                                         26,878    26,989  Deferred revenue                                          5,251     2,533  Current taxes payable                                     2,076     8,623  Provisions                                               18,894    14,390Total current liabilities                                 270,813   291,057Total liabilities                                         732,609   773,507Total equity and liabilities                              872,581   948,770AMG Advanced Metallurgical Group N.V.Condensed interim consolidated statement of cash flowsFor the nine months ended September 30In thousands of US Dollars                                     2013       2012                                                          Unaudited Unaudited[6]Cash flows from operating activities(Loss) profit for the period                               (41,251)        4,943Adjustments to reconcile net (loss) profit to netcash flows:Non-cash:   Income tax expense                                         2,383        8,782   Depreciation and amortization                             24,822       21,252   Asset impairment expense                                  49,703        6,333   Net finance costs                                         16,431       17,166   Share of loss (profit) of associates and jointventures                                                        530        (457)   (Gain) loss on sale or disposal of property, plantand equipment                                               (1,429)          210   Equity-settled share-based payment transactions              666        1,268   Movement in provisions, pensions and governmentgrants                                                          969        6,433Change in working capital and deferred revenue               27,369     (10,773)                                                         -----------------------Cash flows from operating activities                         80,193       55,157Finance costs paid, net                                    (11,331)     (10,030)Income tax paid, net                                       (11,544)     (11,619)                                                         -----------------------Net cash flows from operating activities                     57,318       33,508Cash flows used in investing activitiesProceeds from sale of property, plant and equipment           1,821          226Proceeds from sale of investment in associate                   650            -Acquisition of property, plant and equipment andintangibles                                                (22,534)     (33,875)Acquisition of subsidiaries (net of cash acquired of$139)                                                             -        (594)Acquisition of other non-current asset investments          (4,000)            -Change in restricted cash                                     1,952          144Other                                                            13           55                                                         -----------------------Net cash flows used in investing activities                (22,098)     (34,044)Cash flows (used in) from financing activitiesProceeds from issuance of debt                                   38       67,185Repayment of borrowings                                    (42,572)     (27,791)Change in non-controlling interests                            (69)      (7,128)Other                                                             7          (6)                                                         -----------------------Net cash flows (used in) from financing activities         (42,596)       32,260Net (decrease) increase in cash and cash equivalents        (7,376)       31,724Cash and cash equivalents at January 1                      121,639       79,571Effect of exchange rate fluctuations on cash held             2,015           91Cash and cash equivalents at September 30                   116,278      111,386About AMGAMG  creates and applies innovative metallurgical  solutions to the global trendof  sustainable  development  of  natural  resources  and  CO(2) reduction.  AMGproduces  highly engineered specialty metal products and advanced vacuum furnacesystems  for  the  Energy,  Aerospace,  Infrastructure, and Specialty Metals andChemicals end markets.AMG  Processing  develops  and  produces  specialty  metals,  alloys,  and  highperformance  materials.  AMG is a significant producer of specialty metals, suchas  ferrovanadium, ferronickel-molybdenum, aluminum master alloys and additives,chromium  metal  and  ferrotitanium,  for  Energy, Aerospace, Infrastructure andSpecialty   Metal  and  Chemicals  applications.   Other  key  products  includespecialty  alloys for titanium  and superalloys, coating  materials and vanadiumchemicals.AMG  Engineering designs, engineers and produces advanced vacuum furnace systemsand  operates vacuum heat treatment facilities,  primarily for the Aerospace andEnergy  (including solar and  nuclear) industries.  Furnace  systems produced byAMG  include vacuum remelting, solar silicon melting and crystallization, vacuuminduction  melting,  vacuum  heat  treatment  and  high  pressure gas quenching,turbine  blade coating and  sintering.  AMG also  provides vacuum case-hardeningheat treatment services on a tolling basis.AMG Mining produces critical materials utilizing its secure raw material sourcesin  Africa,  Asia,  Europe,  and  South  America.   AMG Mining produces criticalmaterials  such as high purity natural  graphite, tantalum, antimony and siliconmetal.   These materials are of significant importance to the global economy andare  available  in  limited  supply.   End  markets  for these materials includeelectronics, energy efficiency, green energy, and infrastructure.With  over 3,000 employees, AMG operates  globally with production facilities inGermany,  the  United  Kingdom,  France,  Czech  Republic, United States, China,Mexico,  Brazil, Turkey, Poland, India, and Sri Lanka and has sales and customerservice offices in Belgium, Russia, and Japan (www.amg-nv.com).For further information, please contact:AMG Advanced Metallurgical Group N.V.   +1 610 975 4901Jonathan CostelloVice President of Corporate Development and Communicationsjcostello@amg-nv.comDisclaimerCertain  statements  in  this  press  release  are  not historical facts and are"forward-looking."   Forward-looking  statements  include  statements concerningAMG's  plans, expectations, projections, objectives, targets, goals, strategies,future  events, future revenues or  performance, capital expenditures, financingneeds,   plans  and  intentions  relating  to  acquisitions,  AMG's  competitivestrengths  and  weaknesses,  plans  or  goals relating to forecasted production,reserves,  financial  position  and  future  operations  and  development, AMG'sbusiness  strategy  and  the  trends  AMG  anticipates in the industries and thepolitical  and legal environment in which it operates and other information thatis  not  historical  information.   When  used  in this press release, the words"expects,"  "believes,"  "anticipates,"  "plans,"  "may,"  "will," "should," andsimilar expressions, and the negatives thereof, are intended to identify forwardlooking  statements.  By  their very  nature, forward-looking statements involveinherent  risks and  uncertainties, both  general and  specific, and risks existthat   the   predictions,   forecasts,  projections  and  other  forward-lookingstatements will not be achieved.  These forward-looking statements speak only asof  the date of this  press release.  AMG expressly  disclaims any obligation orundertaking  to release publicly any updates or revisions to any forward-lookingstatement  contained herein  to reflect  any change  in AMG's  expectations withregard  thereto or any  change in events,  conditions, or circumstances on whichany forward-looking statement is based. 1. EBITDA is defined as earnings before interest, tax, depreciation and    amortization and excludes non-recurring items[2]1 AMG restated the December 31, 2012 statement of financial position and2012 income statement to comply with new IFRS standards and interpretations.[3] AMG restated the December 31, 2012 statement of financial position and 2012income statement to comply with new IFRS standards and interpretations.[4] AMG restated the December 31, 2012 statement of financial position and 2012income statement to comply with new IFRS standards and interpretations.[5] AMG restated the December 31, 2012 statement of financial position and 2012income statement to comply with new IFRS standards and interpretations.[6] AMG restated the December 31, 2012 statement of financial position and 2012income statement to comply with new IFRS standards and interpretations.8 November 2013: http://hugin.info/138060/R/1741629/585212.pdf[HUG#1741629]

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