SOURCE: AMG Advanced Metallurgical Group N.V.

November 12, 2008 01:13 ET

AMG Reports Strong Third Quarter in Face of Challenging Economic Conditions

AMSTERDAM, NETHERLANDS--(Marketwire - November 12, 2008) -


Key Highlights

  * Revenue increased 49% in the third quarter 2008 compared to the
    third quarter 2007; year to date increase 40%
  * EBITDA increased 121% in the third quarter 2008 when compared to
    the third quarter 2007; year to date increase 99%
  * EPS on a fully diluted basis increased to $0.75 compared to the
    third quarter 2007 to ($0.94), EPS, excluding non-recurring
    charges, increased to $1.19
  * Advanced Materials' third quarter revenue and EBITDA improved by
    17% and 120% compared to the third quarter of 2007
  * Engineering Systems' third quarter revenue and EBITDA improved by
    70% and 54% compared to the third quarter of 2007
  * Timminco's third quarter revenue increased by 56% to $66.6
    million and EBITDA increased to $7.4 million in the third quarter
    of 2007
  * Graphit Kropfmühl contributed $36.4 million to revenue and $4.1
    million to EBITDA during Q3 2008
  * Strong balance sheet; cash on hand of $154.2 million, net debt of
    $79.6 million with no significant debt maturities until 2012;
    $114.8 million year to date free cash flow [1]

[1] Free cash flow is defined as EBITDA less change in working capital and maintenance capital expenditures


Amsterdam, 12 November 2008 --- AMG Advanced Metallurgical Group N.V. ("AMG", EURONEXT AMSTERDAM: "AMG") reported third quarter 2008 revenue increased to $437.6 million in the quarter ended 30 September 2008, from $292.9 million in the third quarter 2007, a 49% increase.

Net income attributable to shareholders for the third quarter 2008 was $20.8 million, or $0.75 per fully diluted share. Excluding the non-recurring asset impairment expenses at AMG's 50.4% owned subsidiary, Timminco, and non-recurring acquisition purchase accounting at Graphit Kropfmühl, net income attributable to shareholders for the third quarter 2008 was $32.8 million, or $1.19 per fully diluted share. Adjusted net income was $9.4 million or $0.35 per fully diluted share for the third quarter 2007. EBITDA rose 121% to $71.1 million in the third quarter 2008 compared with $32.1 million in the third quarter 2007.

Dr. Heinz Schimmelbusch, Chairman of the Management Board and CEO, commented: "I am pleased to report our best quarter to date. Both the Advanced Materials and Engineering Systems divisions increased revenue and earnings driven by the solar, energy and superalloy end markets. AMG's majority owned subsidiary, Timminco Limited, continued to increase production of the solar grade silicon ramp up during the third quarter, shipping 300 metric tonnes, a 36% improvement over the second quarter 2008. Through AMG's diversified business model, conservative balance sheet and significant cash position, AMG is well positioned to endure the economic fallout from the global credit crisis. Demand and pricing for some of our major products are clearly being impacted by the growing uncertainties in the global economy. We are responding to these uncertainties by adjusting production levels on some of our products and increasing our cost containment measures. AMG is focused on protecting free cash flow in 2009."


Key Figures


In 000's US Dollar
                                       Q3'08         Q3'07 [1] Change

Revenue                             $437,561          $292,897    49%
Gross profit                          94,601            49,585    91%
Gross margin                           21.6%             16.9%

Operating income                      47,665            23,902    99%
Operating margin                       10.9%              8.2%

Net Income attributable to            20,769          (25,630)
shareholders

EPS- Fully diluted                      0.75            (0.94)
Adjusted EPS-Fully diluted  [2]         1.19              0.35

EBIT [2]                              52,805            27,818    90%
EBITDA [2] [3]                        71,118            32,119   121%
EBITDA margin                          16.3%             11.0%


Notes:
[1] Q3 2007 Revenue has been restated due to an adjustment at
Timminco
[2]  In 2008, adjusted for non-recurring, restructuring and
impairment charges at Timminco and non-recurring purchase accounting
at GK.  In Q3 2007 adjusted for debt extinguishment
[3] EBITDA is defined as earnings before interest, tax, depreciation
and amortization and excludes nonrecurring items



Operational Review

Advanced Materials Division


                                  Q3'08    Q3'07 Change
Revenue                        $199,396 $170,981    17%
Gross profit                     42,702   23,426    82%
Operating income                 22,621    6,701   238%
EBITDA                           25,427   11,560   120%
Capital expenditures              7,643    5,684    34%

The Advanced Materials division's third quarter 2008 financial results were driven by continued strong pricing and solid volumes in ferrovanadium and certain other key products. Revenue increased by $28.4 million or 17% to $199.4 million. Gross profit improved by $19.3 million or 82% to $42.7 million. As a percentage of sales, SG&A expenses decreased despite additional corporate infrastructure. EBITDA increased by $13.9 million, a 120% improvement over the third quarter 2007 to $25.4 million.

Gross margins expanded from 14% in the third quarter of 2007 to 21% in third quarter of 2008. The division's secure raw material supply, particularly in ferrovanadium, enabled it to increase gross margins at a faster pace than revenue. The increase in revenue and margins was primarily driven by ferrovanadium, with reference prices increasing by 68% and volumes by 6% over third quarter 2007. Coating materials for thin film solar applications, vanadium chemicals and antimony products also delivered strong margins in the period. Ferronickel-molybdenum and chromium metal suffered significant declines in volumes during the quarter as weakness in the stainless and specialty steel markets impacted demand.

Operating income for the third quarter 2008 improved 238% to $22.6 million, up from $6.7 million for the comparable period in 2007. This was primarily due to the increase in gross profit offset by a marginal increase in selling, general and administrative expenses that was attributable to a build-up in corporate infrastructure.

Capital expenditures were $7.6 million for the quarter, 34% higher than the comparable period in 2007, as previously announced capacity expansion initiatives in ferrovanadium, tantalum and hydropower continued during the quarter.


Engineering Systems Division


                                Q3'08   Q3'07 Change
Revenue                      $135,155 $79,350    70%
Gross profit                   44,326  24,207    83%
Operating income               30,836  19,781    56%
EBITDA                         34,241  22,202    54%
Capital expenditures            4,392   1,775   147%


The Engineering Systems division continued its dynamic growth during the third quarter 2008. Order backlog of $393 (EUR 279) million as of 30 September 2008 increased 56% compared to order backlog of $252 million as of 31 December 2007. The backlog consists primarily of solar silicon DSS furnaces and melting and remelting systems for the materials industry. Adjusting for the decrease in the value of the Euro, in which most contracts are denominated, vis-a-vis the U.S. Dollar, the backlog at 30 September is consistent as compared to 30 June 2008 backlog of EUR 282 million.

Third quarter 2008 revenue and EBITDA increased $55.8 million, or 70%, and $12.0 million, or 54%, respectively, over the same period in 2007.

Sales of solar silicon melting and crystallization furnaces for the photovoltaic industry increased 147% in the third quarter 2008 compared to the same period a year ago. Significant capacity expansion in the Berlin production facility was essential to meet the growing global demand for solar silicon DSS furnaces. As of the end of the third quarter 2008, 6 furnaces per week were produced, compared to one furnace per week at the end of the fourth quarter 2007.

Revenue from remelting systems primarily for the aerospace, materials, and specialty steel industries remained on a similar steady growth trajectory as during the second quarter. Geographically, sales to the Asia Pacific region and Europe accounted for a majority of total revenues. Almost all product lines achieved strong margins on increased volumes.

The EBITDA margin decreased to 25% during the third quarter 2008 compared to 28% for the same period in 2007. Excluding a onetime gain in the third quarter of 2007, EBITDA margin increased from 22% in the third quarter 2007 to 25% in the third quarter 2008. The one-time $5 million gain recorded during the third quarter 2007 related to the grants earned in connection with the acquisition of the Berlin production facility. The EBITDA margin increased due to economies of scale resulting from additional sales of DSS vacuum furnace systems. The division continues to proactively address the market changes and is adjusting production capacity to reflect those changes.

In the quarter ended 30 September 2008, capital expenditures increased to $4.4 million from $1.8 million for the third quarter of 2007. This increase was a result of the expansion of the Berlin facility.


Timminco


                          Q3'08   Q3'07 Change
Revenue                 $66,579 $42,566    56%
Gross profit             11,796   1,952   504%
Operating income (loss)   2,055 (2,580)    N/A
EBITDA                    7,393 (1,643)    N/A
Capital expenditures     24,997   7,446   236%


Timminco's revenue for the third quarter 2008 was $66.6 million compared with $42.6 million in the third quarter 2007, an increase of 56%. The increase is primarily attributable to the record sales of Timminco's solar grade silicon and silicon metal products. Gross profit also achieved record levels within the silicon product line due to the increased volume of solar grade silicon and higher average selling prices for silicon metal.

Silicon gross profit for the third quarter 2008 was $8.6 million or 17% of sales compared to a gross profit of $0.2 million in the third quarter of 2007. Timminco sold 300 metric tons of solar grade silicon during the third quarter 2008 at an average price of $53kg. The main contributor to the increase in margin was the 36% increase in solar grade silicon volumes and a decrease of the unit production costs of solar grade silicon to $30. Magnesium gross profit for the third quarter 2008 was $3.2 million or 18.7% of sales compared to $1.8 million or 11% of sales in the third quarter of 2007.

Timminco had operating income in the quarter of $2.1 million compared to ($2.6) million loss in the third quarter 2007, due to higher gross profit which was partially offset by increased selling, general and administrative expenses. Higher professional fees and travel related to various strategic initiatives resulted in an increase in SG&A.

During the quarter ended 30 September 2008, Timminco continued the expansion of its solar grade silicon production capacity. This expansion is expected to bring the installed annual solar grade silicon production capacity to 14,400 metric tons, although the ramp up of this capacity will continue for six to twelve months after installation. Capital expenditures increased to $25.0 million for the quarter from $7.4 million in the same period 2007, as the previously announced solar grade silicon capacity expansion continued during the quarter. Sources of funding for this expansion include cash flow from operations, the Company's existing credit facilities, customer deposits and cash on hand. Customer deposits totalled $30.1 million in the third quarter of 2008. Continued growth in solar silicon revenues and gross margin improvement are expected for the balance of 2008.

Graphit Kropfmühl

                       Q3'08
Revenue              $36,431
Gross profit*        (4,223)
Operating income*    (7,847)
EBITDA                 4,057
Capital expenditures   1,727

* Gross profit and operating income include purchase accounting adjustments in the amount of $10.2 million and $11.0 million, respectively.

Graphit Kropfmühl ("GK") generated $36.4 million in revenue and $4.2 million in gross losses during the quarter ended 30 September 2008. The gross loss was caused by the $10.2 million in purchase accounting related to the acquisition of GK by AMG. Excluding these charges, GK generated $3.2 million in operating income. The EBITDA for the quarter was $4.1 million or 11% of revenue, reflecting the higher average selling prices for silicon metal sales than in the second quarter 2008. GK spent $1.7 million in capital expenditures during the quarter, primarily to begin a project that will expand the production capacity of the silicon metal operations from 30,000 tonnes to 31,000 tonnes.


Financial Review


Liquidity

                                 Q3'08    Q4'07               Change
Total debt                    $233,797 $140,782                (66)%
Cash & short-term investments  154,162  187,891                (18)%
Net debt (cash)                 79,635 (47,109)               (269)%

AMG had a net debt position of $79.6 million as of 30 September 2008. The increase in the Company's net debt is primarily a result of the acquisition of Graphit Kropfmühl, which used $62.9 million of cash and included the assumption of $27.3 million of debt. In addition, Timminco's year-to-date $48.3 million investment in a solar grade silicon expansion and an increased investment in working capital across all segments of the business also impacted liquidity. AMG's term debt and revolving credit facility do not mature until August 2012.


Cash
Flow

                                         Nine months ended
                               30 September  2008   30 September 2007

Cash flows from operations                $76,038             $65,840
Capital expenditures                     (95,262)            (33,079)
Acquisitions, net of cash                (66,484)            (49,321)
Cash flows from other                       2,991               4,927
investing
Cash flows used in investing            (158,755)            (77,473)
activities
Cash flows generated from                  73,124             186,419
(used in) financing activities
Effect of exchange rates on               (8,803)              14,789
cash held
Net (decrease) increase in               (18,396)             189,575
cash and cash equivalents


Cash flows from operations were $76.0 million in the year-to-date period ended 30 September 2008 as compared to $65.8 million for the comparable period in 2007. Year to date 2008 cash flows from operations were up slightly year over year, as a result of an $88.3 million increase in EBITDA which was offset by an $88.4 million increase in working capital, as compared to the same period in 2007. The working capital increase is the result of higher raw material prices and inventory volumes for the Advanced Materials division's products, increased work in process inventory of solar silicon DSS furnaces in the Engineering Systems division and a build-up of silicon metal inventory at Timminco to support the ramp-up of solar silicon production.

Cash used in investing activities was $158.8 million for the nine months ended 30 September 2008. This increase of $81.3 million over the comparable period in 2007 is primarily related to two items; $48.3 million in costs related to the expansion of the solar silicon production facility at Timminco and $62.9 million for the purchase of approximately 79.5% of Graphit Kropfmühl.

Cash from financing activities was $73.1 million, a decrease of $113.3 million from the same period in 2007. This decrease was primarily the result of two factors, $287.1 million generated from the AMG initial public offering in 2007, offset by the net repayment of $183.6 million debt as compared to the 2008 borrowings on the credit facility for the acquisition of approximately 79.5% of Graphit Kropfmühl and borrowings to fund the working capital increases in Advanced Materials and Timminco.


Outlook

Despite the challenging economic conditions, AMG remains positive on long term growth prospects for the core markets of solar, fuel economy, nuclear and recycling that it serves. In the near term, however, AMG is taking cost containment steps, delaying non-essential capital projects and focusing on reducing working capital to maximize profitability and free cash flow through the current economic downturn and uncertain global markets. The impact of the current volatile economic situation makes visibility for 2009 difficult at this point; however AMG expects to substantially exceed its full year 2008 EBITDA target of 65% growth over 2007.



AMG Advanced Metallurgical Group N.V.
Interim consolidated balance sheet at 30
September 2008
In thousands of US Dollars
                                             30 September 31 December
                                             2008         2007
                                             Unaudited    Audited
Property, plant and equipment                297,807      155,763
Intangible assets                            69,863       50,291
Investments in associates                    9,646        15,145
Derivative financial instruments             176          194
Deferred tax assets                          31,449       34,537
Restricted cash                              17,816       14,582
Notes receivable                             7,397        7,068
Other assets                                 10,074       5,087
Total non-current assets                     444,228      282,667
Inventories                                  330,997      186,410
Trade and other receivables                  235,055      187,243
Derivative financial instruments             8,948        3,582
Prepayments and other current assets         66,197       48,754
Short term investments                       -            15,333
Cash and cash equivalents                    154,162      172,558
Total current assets                         795,359      613,880
Total assets                                 1,239,587    896,547
Equity
Issued capital                               724          722
Share premium                                379,325      392,304
Other reserves                               (40)         (9,923)
Retained earnings (deficit)                  (69,007)     (137,439)
Equity attributable to shareholders of the   311,002      245,664
Company

Minority interests                           67,430       64,133

Total equity                                 378,432      309,797
Liabilities
Loans and borrowin gs                        157,296      115,726
Employee benefits                            119,014      102,809
Provisions                                   13,356       12,011
Government grants                            2,408        8,585
Other liabilities                            8,780        9,087
Derivative financial instruments             148          77
Deferred tax liabilities                     57,380       32,112
Total non-current liabilities                358,382      280,407
Loans and borrowings                         6,481        1,102
Short-term bank debt                         63,147       16,202
Related party debt                           6,873        7,752
Government grants                            8,457        7,927
Other liabilities                            54,264       42,356
Trade and other payables                     186,333      126,827
Derivative financial instruments             7,182        4,994
Advance payments                             100,312      74,731
Unearned revenue                             37,512       -
Current taxes payable                        15,589       11,496
Provisions                                   16,623       12,956
Total current liabilities                    502,773      306,343
Total liabilities                            861,155      586,750
Total equity and liabilities                 1,239,587    896,547






AMG Advanced Metallurgical Group N.V.
Interim consolidated income statement for the nine months ended 30
September 2008

For the nine months ended 30 September
In thousands of US Dollars                   2008          2007
                                             Unaudited Unaudited
Continuing operations
Revenue                                      1,176,714     838,734
Cost of sales                                922,901       690,968
Gross profit                                 253,813       147,766

Selling, general and administrative expenses 116,998       85,306
Restructuring expense                        13,912        51
Asset impairment expense                     3,65 2        -
Environmental expense                        197           244
Other expenses                               46            312
Other income                                 (4,944)       (7,773)
Operating profit                             123,952       69,626

Loss on early extinguishment of debt         -             35,069
Interest expense                             15,920        23,929
Interest income                              (5,027)       (4,983)
Foreign exchange loss (gain)                 3,643         (2,748)
Net finance costs                            14,536        51,267

Share of loss of associates                  (10,999)      (1,963)
Profit before income tax                     98,417        16,396

Income tax expense                           36,767        22,854
Profit (loss) for the period                 61,650        (6,458)

Attributable to:
Shareholders of the Company                  68,548        (6,473)
Minority interests                           (6,898)       15
                                             61,650        (6,458)

Earnings per share
Basic earnings (loss) per share              2.56          (0.24)
Diluted earnings (loss) per share            2.49          (0.24)






AMG Advanced Metallurgical Group N.V.
Interim consolidated income statement for the three months ended 30
September 2008

For the three months ended 30 September
In thousands of US Dollars                 2008          2007
                                           Unaudited Unaudited
Continuing operations
Revenue                                    437,561       292,897
Cost of sales                              342,960       243,312
Gross profit                               94,601        49,585

Selling, general and administrative        44,397        31,900
expenses
Restructuring expense                      666           21
Asset impairment expense                   3,652         -
Environmental expense                      104           42
Other expenses                             -             25
Other income                               (1,883)       (6,305)
Operating profit                           47,665        23,902

Loss on early extinguishment of debt       -             35,069
Interest expense                           6,156         6,003
Interest income                            (1,611)       (2,954)
Foreign exchange loss (gain)               2,105         (1,217)
Net finance costs                          6,650         36,901

Share of loss of associates                (11,717)      (877)
Profit (loss) before income tax            29,298        (13,876)

Income tax expense                         13,974        11,215
Profit (loss) for the period               15,324        (25,091)

Attributable to:
Shareholders of the Company                20,769        (25,630)
Minority interests                         (5,445)       539
                                           15,324        (25,091)

Earnings per share
Basic earnings (loss) per share            0.77          (0.96)
Diluted earnings (loss) per share          0.75          (0.94)






AMG Advanced Metallurgical Group N.V.
Interim condensed consolidated cash flow statement for the nine
months ended 30 September

For the nine months ended 30 September
In thousands of US Dollars                        2008      2007
                                                  Unaudited Unaudited
Cash flows from operating activities
Profit (loss) for the period                      61,650    (6,458)
Adjustments to reconcile profit (loss) to net
cash flows:
Non-cash
Depreciation and amortization                     30,884    13,579
Restructuring expense                             13,912    51
Asset impairment expense                          3,652     -
Environmental expense                             197       124
Net finance costs                                 14,536    51,267
Share of loss of associates                       10,999    1,96 3
Equity-settled share-based payment transactions   8,189     2,635
Income tax expense                                36,767    22,854
Change in working capital                         (71,376)  17,014
Other                                             (11,351)  (12,488)
Interest paid, net                                (4,707)   (15,080)
Income tax paid                                   (17,582)  (9,621)
Cash received from dividends                      268       -
Net cash flows from operating activities          76,038    65,840

Cash flows used in investing activities
Proceeds from sale of property, plant and         469       730
equipment
Acquisitions of property, plant and equipment and (95,262)  (33,079)
intangibles
Acquisitions, net of cash                         (66,484)  (49,321)
Related party loans                               (5,848)   (26)
Change in short-term investments                  14,884    -
Change in restricted cash                         (3,866)   -
Other                                             (2,648)   4,223
Net cash flows used in investing activities       (158,755) (77,473)

Cash flows from financing activities
Proceeds from issuance of debt                    79,951    91,470
Repayment of borrowings                           (7,140)   (275,083)
Issuance of shares and related transaction costs  -         264,005
Capital infusion                                  -         106,076
Other                                             313       (49)
Net cash flows from financing activities          73,124    186,419

Net (decrease) increase in cash and cash          (9,593)   174,786
equivalents
Cash and cash equivalents at 1 January            172,558   54,610
Effect of exchange rate fluctuations on cash held (8,803)   14,789
Cash and cash equival ents at 30 September        154,162   244,185


About AMG

AMG, incorporated in the Netherlands, is a global leader in the production of highly engineered specialty metal products and advanced vacuum furnace systems. AMG serves growing industries worldwide with its unique combination of metallurgical engineering expertise and production know-how. AMG is a market leader in many of its products and systems, which are critical to the production of key components for the aerospace, energy (including solar and nuclear), electronics, optics, chemicals, construction and transportation industries. AMG has two operating divisions of businesses, Advanced Materials and Engineering Systems, and owns majority interests in publicly-listed companies Timminco Limited (TSX: "TIM") and Graphit Kropfmühl AG (Deutsche Börse: GKR.DE).

The Advanced Materials Division develops and produces niche specialty metals and complex metals products, many of which are used in demanding, safety-critical, high-stress environments. AMG is one of a limited number of significant producers globally of niche specialty metals, such as ferrovanadium, ferronickel-molybdenum, aluminium master alloys and additives, chromium metal and ferrotitanium, used by steel, aluminium, chemical and superalloy producers for aerospace, automotive, energy, electronics, optics, chemicals, construction and other applications. Other key products produced by AMG 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. AMG is a global leader in supplying technologically-advanced vacuum furnace systems to customers in the aerospace, energy (including solar and nuclear), transportation, electronics, superalloys and specialty steel industries. Examples of furnace systems produced by AMG include vacuum remelting, solar silicon melting and crystallization, vacuum induction melting, vacuum heat treatment and high pressure gas quenching, vacuum precision casting, turbine blade coating and sintering. AMG also provides vacuum case-hardening heat treatment services on a tolling basis to customers through facilities equipped with vacuum heat treatment furnaces.

Timminco Limited is a majority controlled, publicly listed subsidiary of AMG. Timminco is a leader in the production of upgraded metallurgical silicon for the rapidly growing solar photovoltaic energy industry. Timminco also produces silicon metal and magnesium products for use in a broad range of industrial applications.

Graphit Kropfmühl AG is a majority controlled, publicly listed subsidiary of AMG. Based on its secure raw material sources in Africa, China 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.

AMG operates globally with production facilities in Germany, the United Kingdom, France, Czech Republic, the United States, Canada, Mexico, Brazil, Sri Lanka and Australia and also has sales and customer service offices in Belgium, Russia, China and Japan (website: www.amg-nv.com).


For further information please contact:

AMG Advanced Metallurgical Group N.V.   +1 610 975 4901
Jonathan Costello
Director 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.

The full press release including tables can be downloaded from the following link: AMG Reports Strong Third Quarter in Face of Challenging Economic Conditions (http://hugin.info/138060/R/1268929/280385.pdf)

AMG Reports Strong Third Quarter in Face of Challenging Economic Conditions: http://hugin.info/138060/R/1268929/280385.pdf

This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.



Copyright © Hugin AS 2008. All rights reserved.

Contact Information