A member of AMG Advanced Metallurgical Group, N.V.

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AMG Reports Full Year and Fourth Quarter 2016 Results and Provides Update on Lithium Project
09 March 2017

Key Highlights

  • Revenue increased by 8% to $237.9 million in the fourth quarter 2016 from $220.8 million in the fourth quarter 2015
  • EBITDA(2) was $30.0 million in the fourth quarter 2016, a 210% increase over the same period in 2015, and represents the highest quarterly EBITDA in 5 years
  • On a full year basis, EBITDA in 2016 increased by 33% to $100.7 million, from $75.6 million in the prior year
  • Full year EPS, on a fully diluted basis, increased by 230% to $1.32 in 2016 from $0.40 in 2015
  • Return on capital employed increased to 18.8% in 2016, as compared to 12.0% in 2015
  • Total 2016 dividend proposed of €0.27 per ordinary share, including the interim dividend of €0.13, paid on August 16, 2016
  • AMG's lithium project is progressing in-line with expectations, with production expected to commence mid-2018

 

 

Amsterdam, 9 March 2017 (Regulated Information) --- AMG Advanced Metallurgical Group N.V. ("AMG", EURONEXT AMSTERDAM: "AMG") reported fourth quarter 2016 revenue of $237.9 million, an 8% increase from $220.8 million in the fourth quarter 2015. EBITDA for the fourth quarter 2016 was $30.0 million, a 210% increase from $9.7 million in the fourth quarter 2015. Net income attributable to shareholders increased to $10.0 million in the fourth quarter 2016 from a loss of $0.3 million in the fourth quarter 2015. On a full year basis, EBITDA increased by 33% to $100.7 million, from $75.6 million in the prior year, despite an increase in AMG's Performance Share Unit ("PSU") plan costs of $4.5 million, compared to the same period in 2015, driven by AMG's strong share price performance in 2016.

 

Dr. Heinz Schimmelbusch, Chairman of the Management Board and CEO, said, "AMG's focus on operational excellence and price risk management resulted in very strong financial results in the fourth quarter 2016. Both AMG Critical Materials and AMG Engineering generated triple-digit percentage improvements in quarterly EBITDA compared to the same period in 2015.

 

AMG Critical Materials generated EBITDA of $22.1 million during the fourth quarter 2016, an increase of 214% from $7.0 million in the fourth quarter of 2015. All operating units within AMG Critical Materials performed well during the quarter, due to a combination of lower operating costs, improved product mix, strong sales volumes and improving vanadium prices. Despite improvements in select materials prices in 2016, current prices for many of our products still reside in the lowest quartile when analyzed over a 10-year timeframe.

 

AMG Engineering achieved EBITDA of $7.9 million during the fourth quarter 2016, an increase of 199% from $2.6 million in the fourth quarter of 2015. AMG Engineering signed $61.7 million in new orders during the fourth quarter of 2016, an increase of 29% from $48.0 million in the fourth quarter of 2015. New innovations continue to have a positive impact on the results of AMG Engineering, such as our industry leading SyncroTherm® heat treatment furnaces; powder metallurgy furnaces related to additive manufacturing; titanium remelting furnaces; and turbine blade coating plants. These innovative product offerings continue to drive a significant portion of sales and profitability for the division.

 

On a full year basis, AMG generated cash from operating activities of $56.2 million, a decrease of 26% from $76.3 million in 2015. The full year 2016 operating cash flows include voluntary cash contributions to the Company's pension plans of $23.1 million made during the year. This strong cash generation enabled AMG to fund a substantial investment in growth capital expenditures during 2016."

 

 

Key Figures

 

In 000's US Dollar

 

 

 

 

 

 

 

Q4 '16

Q4 '15

Change

FY '16

FY '15

Change

Revenue

$237,874

$220,842

8%

$971,148

$977,143

(1%)

Gross profit (3)

42,985

35,396

21%

186,808

156,857

19%

Gross margin

18.1%

16.0%

 

19.2%

16.1%

 

 

 

 

 

 

 

 

Operating profit

11,858

4,191

183%

59,868

36,163

66%

Operating margin

5.0%

1.9%

 

6.2%

3.7%

 

 

 

 

 

 

 

 

Profit before income tax

11,844

2,275

421%

49,667

28,568

74%

 

 

 

 

 

 

 

Net income (loss) attributable to shareholders

9,956

(337)

N/A

40,558

11,080

266%

 

 

 

 

 

 

 

EPS - Fully diluted

0.32

(0.01)

N/A

1.32

0.40

230%

 

 

 

 

 

 

 

EBIT (1)

22,180

2,043

986%

70,811

46,032

54%

EBITDA (2) 

30,011

9,676

210%

100,652

75,622

33%

EBITDA margin

12.6%

4.4%

 

10.4%

7.7%

 

 

 

 

 

 

 

 

Cash from operating activities

15,553

33,550

(54%)

56,225

76,308

(26%)

Notes: 

1.      EBIT is defined as earnings before interest and income taxes. EBIT excludes restructuring and equity-settled share-based payments and includes foreign currency gains or losses.

2.      EBITDA is defined as EBIT adjusted for depreciation and amortization.

3.      Gross Profit has been restated to include restructuring expenses and asset impairment expenses, in order to take into consideration ESMA's latest recommendations.

 

Operational Review

 

AMG Critical Materials

 

Q4 '16

Q4 '15

Change

FY '16

FY '15

Change

Revenue

$165,970

$166,275

- %

$701,634

$757,492

(7%)

Gross profit

 29,628

 * 23,348

27%

 **129,991

** 109,538

19%

Gross profit before non-

  recurring items

31,802

 * 20,733

53%

 **132,533

** 111,153

19%

Operating profit

9,762

2,559

281%

44,362

31,630

40%

EBITDA

22,121

7,039

214%

73,618

60,798

21%

 

 

 

 

 

* Includes $4.4 million non-cash expense related to vanadium, nickel and molybdenum inventory adjustments in the fourth quarter 2015

 

** FY '15 includes $6.5 million non-cash expense related to vanadium, nickel and molybdenum inventory adjustments in the full year 2015; FY '16 includes $5.1 million non-cash benefit related to reversal of previously expensed vanadium, nickel and molybdenum inventory adjustments

 

 

AMG Critical Materials fourth quarter 2016 revenue of $166.0 million was in-line with prior year. Lower quarter-over-quarter sales in AMG Silicon, AMG Aluminum and AMG Brazil, were offset by stronger sales from AMG Vanadium, AMG Titanium Alloys & Coatings, AMG Antimony and AMG Superalloys.

 

Gross profit before non-recurring items in the fourth quarter increased by $11.1 million, or 53%, to $31.8 million, due to strong financial performance across all AMG Critical Materials business units. AMG Vanadium gross profit improved significantly in the fourth quarter 2016, due to higher volumes and improving vanadium prices. In addition, AMG Vanadium incurred a non-cash inventory adjustment expense of $4.4 million in the prior year due to rapidly falling vanadium, nickel and molybdenum prices.

 

AMG Titanium Alloys & Coatings and AMG Superalloys quarterly gross profits benefited from higher sales volumes of Titanium Aluminides and Chrome Metal, respectively, compared to the prior year. AMG Brazil, AMG Graphite and AMG Antimony quarterly gross profits also improved due to a combination of lower operating costs and product mix effects. Quarterly gross profits in AMG Silicon and AMG Aluminum were in-line with the prior year.

 

Gross margin before non-recurring items improved to 19% from 12% in the fourth quarter of 2015 due to improved vanadium pricing, higher volumes and lower costs.

 

EBITDA increased by $15.1 million to $22.1 million in the fourth quarter of 2016, driven primarily by higher gross profit and lower segment specific SG&A expenses.

 

 

AMG Engineering

 

Q4 '16

Q4 '15

Change

FY '16

FY '15

Change

Revenue

$71,904

$54,567

32%

$269,514

$219,651

23%

Gross profit

13,357

12,048

11%

56,817

47,319

20%

Gross profit before non-

  recurring items

16,625

11,652

43%

60,473

48,807

24%

Operating profit

2,096

1,632

28%

15,506

4,533

242%

EBITDA

7,890

2,637

199%

27,034

14,824

82%

 

AMG Engineering signed $61.7 million in new orders during the fourth quarter of 2016, representing a 0.86x book to bill ratio. Order backlog was $135.5 million as of December 31, 2016, a 4% reduction from $140.9 million as of December 31, 2015. On a full year basis, AMG Engineering signed $273.1 million in new orders, representing a 1.01x book to bill ratio.

 

AMG Engineering's fourth quarter 2016 revenue increased $17.3 million, or 32%, to $71.9 million, the highest quarterly revenue in 5 years, due to strong sales of plasma remelting, induction and turbine blade coating furnaces for the aerospace market.

 

Fourth quarter 2016 gross profit before non-recurring items increased by $5.0 million, or 43%, to $16.6 million, due to higher revenues. Gross margin before non-recurring items improved to 23% from 21% in the fourth quarter of 2015 due to product mix effects.

 

EBITDA increased by $5.3 million to $7.9 million in the fourth quarter of 2016, driven by higher gross profit.

 

 

Financial Review

 

Tax

 

AMG recorded an income tax expense of $8.1 million in 2016 as compared to $18.7 million in 2015. The income tax expense in 2015 was negatively impacted by the currency effect of the Brazilian Real on deferred tax balances. Due to the volatile nature of the company's deferred tax balances, AMG believes that the cash tax rate is a more meaningful metric.

 

AMG paid taxes of $6.6 million in 2016 as compared to $5.7 million in 2015. For 2016, AMG's effective cash tax rate was 13%, as compared to 20% in 2015.

 

Non-Recurring Items

 

AMG's fourth quarter 2016 and full year 2016 gross profit of $186.8 million includes non-recurring items, which are not included in the calculation of EBITDA.

 

A summary of non-recurring items in 2016 and 2015 are below:

 

Non-recurring items included in gross profit

 

 

Q4 '16

Q4 '15

Change

FY '16

FY '15

Change

Gross profit

$42,985

$35,396

21%

$186,808

$156,857

19%

Restructuring expense

3,466

($3,011)

N/A

4,222

3,103

36%

Asset impairment expense

1,976

-

N/A

1,976

-

N/A

Gross profit before non-recurring items

48,427

32,385

50%

193,006

159,960

21%

 

Gross profit before non-recurring items by reporting segment

 

 

Q4 '16

Q4 '15

Change

FY '16

FY '15

Change

AMG Critical Materials

$31,802

$20,733

53%

$132,533

$111,153

19%

AMG Engineering

16,625

11,652

43%

60,473

48,807

24%

Gross profit before non-recurring items

48,427

32,385

50%

193,006

159,960

21%

 

AMG Critical Materials and AMG Engineering gross profit in the fourth quarter 2016 was negatively impacted by restructuring related to cost reduction initiatives in Germany and France, respectively.

 

The Company decided to modify its income statement presentation in order to take into consideration ESMA's latest recommendations. This new presentation resulted in a reclassification of restructuring expenses and asset impairment expenses into expenses by function, and consequently gross profit. Accordingly, the comparative figures of the 2016 consolidated financial statements have been restated to comply with IFRS requirements.

 

Environmental expense

 

 

Q4 '16

Q4 '15

Change

FY '16

FY '15

Change

Environmental

1,828

1,529

20%

1,873

(757)

N/A

of which non-recurring

1,277

1,529

(16%)

1,277

1,529

(16%)

 

During the fourth quarter 2016, AMG recorded non-recurring environmental expense of $1.3 million related to its Newfield, NJ site, which are not included in the calculation of EBITDA.

 

Liquidity

 

December 31, 2016

December 31, 2015

Change

Total debt

$168,080

$126,743

33%

Cash and cash equivalents

160,744

127,778

26%

Net debt (cash)

7,336

(1,035)

N/A

 

AMG had a net debt position of $7.3 million as of December 31, 2016. Net debt increased by $8.4 million from December 31, 2015, while gross debt increased by $41.3 million, driven by the increased term loan associated with the new debt facility.

 

Cash from operating activities decreased to $56.2 million in 2016 from $76.3 million in 2015. As noted above, the Company made $23.1 million of discretionary pension contributions during the year. These contributions drove the decline in cash from operating activities from prior year.

 

Capital expenditures increased to $44.1 million in 2016 compared to $23.3 million in 2015. Capital spending in 2016 included $18.4 million of maintenance capital, compared to $13.1 million in 2015. The largest expansion capital projects in 2016 were AMG's lithium project in Brazil, Ancuabe graphite mine project in Mozambique, titanium aluminide expansion in Germany and silicon furnace upgrade in Germany.

 

Including the $161 million of cash, AMG had $343 million of total liquidity as of December 31, 2016.

 

Net Finance Costs

 

AMG's fourth quarter 2016 net finance costs were less than $0.1 million compared to $2.3 million in the fourth quarter of 2015. The decrease was primarily due to currency gains associated with the Mozambique Metical during the quarter.

 

SG&A

 

AMG's fourth quarter 2016 SG&A expenses were $30.0 million, down 1% from the same period in the prior year.

 

Full year 2016 SG&A expenses were $130.8 million, a 7% increase from $122.3 million in 2015, driven by an increase in PSU plan costs of $4.5 million and an increase in personnel costs of $2.4 million.

 

Final Dividend Proposed

 

AMG intends to declare a dividend of €0.27 per ordinary share over the financial year 2016. The interim dividend of €0.13, paid on August 16, 2016, will be deducted from the amount to be distributed to shareholders. The proposed final dividend per ordinary share therefore amounts to €0.14.

 

The full year dividend proposed in 2016 represents an increase of 29% compared to the full year dividend paid in 2015. This increase reflects AMG's commitment to return value to shareholders.

 

A proposal to resolve upon the final dividend distribution will be included on the agenda for the annual general meeting to be held on May 4, 2017.

 

Lithium Project Update

 

AMG's lithium project is progressing in-line with expectations, and production is expected to commence mid-2018. Capital expenditures in the fourth quarter 2016 related to the lithium project were $5.8 million.

 

On March 3, 2017, AMG announced that its subsidiary AMG Mineração, Brazil, had signed a multi-year contract to supply 90,000 tons per year of lithium concentrate, for conversion into lithium chemicals, with deliveries commencing in the second half of 2018. Sales prices under the agreement are partially indexed to the published market price of lithium carbonate, subject to a contractual minimum threshold. The sales price (CIF China), determined with reference to the current published lithium carbonate market price, would exceed $800 per ton lithium concentrate.

 

In the second quarter 2017, AMG Mineração will finalize and publish an updated resource statement for the Mibra mine. The Company targets to double its annual lithium concentrate production capacity to 180,000 tons by end of 2019.

 

Outlook and Strategy

 

AMG is well positioned to maintain full year 2016 levels of profitability in 2017, subject to a high degree of global uncertainty.

 

AMG's management team is focused on delivering our highly accretive lithium project and executing our long term, transformational lithium strategy. In addition, we will continue to pursue other acquisition opportunities and organic growth projects in order to generate long term value for our shareholders.

 

 

AMG Advanced Metallurgical Group N.V.

 

 

Condensed Consolidated Income Statement

 

 

 

 

 

For the quarter ended December 31

 

 

In thousands of US Dollars

2016

2015

 

Unaudited

Unaudited*

Continuing operations

 

 

Revenue

237,874

220,842

Cost of sales

194,889

185,446

Gross profit

42,985

35,396

 

 

 

Selling, general and administrative expenses

29,989

30,400

 

 

 

Environmental

1,828

1,529

Other income, net

(690)

(724)

Net other operating expenses

1,138

805

 

 

 

Operating profit

11,858

4,191

 

 

 

Finance income

(808)

(786)

Finance expense

2,861

2,219

Foreign exchange (gain) loss

(2,039)

865

Net finance costs

14

2,298

 

 

 

Share of gain of associates and joint ventures, net of tax

-

382

 

 

 

Profit before income tax

11,844

2,275

 

 

 

Income tax expense 

879

4,416

 

 

 

Profit (loss) for the period

10,965

(2,141)

 

 

 

Attributable to:

 

 

Shareholders of the Company

9,956

(337)

Non-controlling interests

1,009

(1,804)

Profit (loss) for the period

10,965

(2,141)

 

 

 

Earnings per share

 

 

Basic earnings per share

0.35

(0.01)

Diluted earnings per share

0.32

(0.01)

 

*AMG modified December 31, 2015 Income Statement presentation in order to take into consideration ESMA's latest recommendations.

AMG Advanced Metallurgical Group N.V.

 

 

Condensed Consolidated Income Statement

 

 

 

 

 

For the year ended December 31

 

 

In thousands of US Dollars

2016

2015

 

Unaudited

Unaudited*

Continuing operations

 

 

Revenue

971,148

977,143

Cost of sales

784,340

820,286

Gross profit

186,808

156,857

 

 

 

Selling, general and administrative expenses

130,750

122,331

 

 

 

Environmental

1,873

(757)

Other income, net

(5,683)

(880)

Net other operating (income) expenses

(3,810)

(1,637)

 

 

 

Operating profit

59,868

36,163

 

 

 

Finance income

(1,267)

(1,328)

Finance expense

13,667

11,267

Foreign exchange gain

(395)

(1,712)

Net finance costs

12,005

8,227

 

 

 

Share of gain of associates and joint ventures, net of tax

1,804

632

 

 

 

Profit before income tax

49,667

28,568

 

 

 

Income tax expense 

8,096

18,651

 

 

 

Profit for the year

41,571

9,917

 

 

 

Attributable to:

 

 

Shareholders of the Company

40,558

11,080

Non-controlling interests

1,013

(1,163)

Profit for the year

41,571

9,917

 

 

 

Earnings per share

 

 

Basic earnings per share

1.45

0.40

Diluted earnings per share

1.32

0.40

 

*AMG modified December 31, 2015 Income Statement presentation in order to take into consideration ESMA's latest recommendations.

 

 

 

AMG Advanced Metallurgical Group N.V.

 

 

Consolidated Statement of Financial Position 

 

 

 

 

 

As at December 31

 

 

In thousands of US Dollars   

2016

Unaudited

2015

Assets

 

 

Property, plant and equipment

226,098

215,833

Goodwill

22,729

18,676

Intangible assets

10,486

10,246

Investments in associates and joint ventures

-

2,230

Derivative financial instruments

740

-

Other investments

29,930

14,000

Deferred tax assets

41,285

31,551

Restricted cash

2,526

2,527

Other assets

17,207

19,883

Total non-current assets

351,001

314,946

Inventories

143,593

126,389

Derivative financial instruments

4,007

978

Trade and other receivables

129,220

124,270

Other assets

31,598

27,648

Cash and cash equivalents

160,744

127,778

Assets held for sale

149

673

Total current assets

469,311

407,736

Total assets

820,312

722,682

 

 

 

 

AMG Advanced Metallurgical Group N.V.

 

 

Consolidated Statement of Financial Position 

 

 

(continued)

 

 

 

 

 

As at December 31

 

 

In thousands of US Dollars   

2016

Unaudited

2015

Equity

 

 

Issued capital

760

745

Share premium

389,066

382,978

Treasury shares

(570)

-

Other reserves

(35,950)

(49,500)

Retained earnings (deficit)

(177,592)

(205,662)

Equity attributable to shareholders of the Company

175,714

128,561

 

 

 

Non-controlling interests

22,073

25,006

Total equity

197,787

153,567

 

 

 

Liabilities

 

 

Loans and borrowings

150,959

112,217

Employee benefits

141,588

137,853

Provisions

30,854

29,617

Deferred revenue

2,822

13,539

Government grants

390

536

Other liabilities

6,484

8,821

Derivative financial instruments

887

5,642

Deferred tax liabilities

8,435

11,691

Total non-current liabilities

342,419

319,916

 

 

 

Loans and borrowings

9,621

3,222

Short term bank debt

7,500

11,304

Government grants

97

99

Liabilities associated with assets held for sale

-

423

Other liabilities

57,431

42,872

Trade and other payables

133,328

108,019

Derivative financial instruments

4,661

8,379

Advance payments

29,404

44,184

Deferred revenue

10,198

16,124

Current taxes payable

7,065

3,093

Provisions

20,801

11,480

Total current liabilities

280,106

249,199

Total liabilities

622,525

569,115

Total equity and liabilities

820,312

722,682

 

 

AMG Advanced Metallurgical Group N.V.

 

 

Condensed Consolidated Statement of Cash Flows

 

 

 

For the year ended December 31

 

 

In thousands of US Dollars

2016

2015

 

Unaudited

 

Cash from operating activities

 

 

Profit for the year

41,571

9,917

Adjustments to reconcile net profit to net cash flows:

 

 

Non-cash:

 

 

Income tax expense

8,096

18,651

Depreciation and amortization

29,841

29,590

Asset impairment expense

1,976

-

Net finance costs

12,005

8,227

Share of profit of associates and joint ventures

(1,804)

(632)

Gain on sale or disposal of property, plant and equipment

(4,501)

2

Equity-settled share-based payment transactions

3,073

5,041

Movement in provisions, pensions and government grants

(13,000)

1,062

Working capital and deferred revenue adjustments

(7,737)

21,551

Cash generated from operating activities

69,520

93,409

Finance costs paid, net

(6,707)

(11,394)

Income tax paid, net

(6,588)

(5,707)

Net cash from operating activities

56,225

76,308

 

 

 

Cash used in investing activities

 

 

Proceeds from sale of property, plant and equipment

1,546

709

Proceeds from sale of subsidiaries (net of cash divested of $1,820 (2015:$1,384))

6,512

(1,567)

Acquisition of property, plant and equipment and intangibles

(44,086)

(23,264)

Acquisition of subsidiaries (net of cash acquired of $35)

(4,961)

-

Change in restricted cash

(93)

4,812

Acquisition of other non-current investments

(1,000)

(1,200)

Other

(61)

(16)

Net cash used in investing activities

(42,143)

(20,526)

 

 

 

AMG Advanced Metallurgical Group N.V.

 

 

Condensed Consolidated Statement of Cash Flows

 

 

(continued)

 

 

For the year ended December 31

 

 

In thousands of US Dollars

2016

2015

 

Unaudited

 

Cash from (used in) financing activities

 

 

Proceeds from issuance of debt

163,190

188,890

Payment of transaction costs related to debt issuance

(3,978)

(5,081)

Repayment of borrowings

(122,607)

(248,490)

Change in non-controlling interests

(5,600)

38,740

Net repurchase of common stock

(259)

-

Dividends paid

(7,558)

(3,134)

Other

91

(34)

Net cash from (used in) financing activities

23,279

(29,109)

 

 

 

Net increase in cash and cash equivalents

37,361

26,673

 

 

 

Cash and cash equivalents at January 1

127,778

108,029

Effect of exchange rate fluctuations on cash held

(4,395)

(6,924)

Cash and cash equivalents at December 31

160,744

127,778

 

This press release contains inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation.

 

This press release contains regulated information as defined in the Dutch Financial Markets Supervision Act (Wet op het financieel toezicht).

 

About AMG

AMG is a global critical materials company at the forefront of CO2 reduction trends. AMG produces highly engineered specialty metals and mineral products and provides related vacuum furnace systems and services to the transportation, infrastructure, energy, and specialty metals & chemicals end markets.

AMG Critical Materials produces aluminum master alloys and powders, titanium alloys and coatings, ferrovanadium, natural graphite, chromium metal, antimony, tantalum, niobium and silicon metal. AMG Engineering designs, engineers, and produces advanced vacuum furnace systems and operates vacuum heat treatment facilities, primarily for the transportation and energy industries.

With approximately 3,000 employees, AMG operates globally with production facilities in Germany, the United Kingdom, France, Czech Republic, the United States, China, Mexico, Brazil and Sri Lanka, and has sales and customer service offices in Russia and Japan (www.amg-nv.com).  

For further information, please contact:

AMG Advanced Metallurgical Group N.V.         +1 610 293 5804

Steve Daniels

Senior Vice President

sdaniels(at)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.

   

Fourth Quarter 2016 PR FINAL