Alpen schreef op 24 oktober 2022 17:10:
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Ik heb de Q2 2022 conference call nog eens nageluisterd. Met name de laatste vraag van ING gaat over het "unlocken" van de waarde van de lithium business en uitbreiding.
Uit: Q2 2022 conference call, 54:00.
ING analyst - Stijn Demeester:
A last question from my end is sort of the desire to unlock the value of the lithium business.
The IPO and potential minority stake sale has been sort of delayed, but could you update us here on what the ambition is and perhaps give some timetable on when do you expect to realise that ambition to [unlock?] the value for the lithium business because right now, if you look at the business value of AMG versus lithium peers, there is quite a large discount, so input here would be helpful.H. SCHIMMELBUSCH:
Rest assured that we are aware of that discrepancy. We had a supervisory board meeting today.
We debated that subject as we always do, because it's the number 1 subject we debate.
We have made a decision to now complete the process, including audits, for forming a new AMG Lithium which will be the parent company of all entities which presently are involved in lithium in AMG upstream into Brasil, and downstream into Germany.
And will also be the parent company of the acquisitions and cooperations which are underway in the resource sector of the lithium industry.
Of course our mining development successes continuing into now the expansion of the resource phase in Brasil have attracted - predictably so - the attention of resource owners who are in negotiations and cooperative structures with us to jointly develop those resources which would then be an elegant way of complementing Brasil as a supplier and we are then going into a longer term scenario, a 5 year plan, in which we then can comfortably say how many modules will be resourced by this additional project.
Now, this of course is a value-creation process. And the separation of "Lithium" will take some time.
Mr. Connor, what do you think is the timing of the completion of AMG Lithium as a separate legal entity in audit number 4?
It will be completed this year. In the supervisory board we have indicated that end of december, this Lithium company will be separated.
That has implications for segmentation because we will publish those results as a next step and the financial results then - once when we are audited - that will lead to much more information to the market of how that works.
We, of course, continue to be in all sorts of discussion as regards to interested parties.-------------------------------------------
Vrij vertaald IMO:
1) Met "de lithium sector" in Brazilië vinden er gesprekken plaats betreffende aankoop van claims en samenwerking met grondeigenaren.
2) Vanaf 2023 wordt AMG Lithium als zelfstandige juridische entiteit voor 100% verantwoordelijk voor Lithium gerelateerde acquisities en samenwerkingen, en alle Lithium gerelateerde activiteiten in Brazilië en Duitsland.
3) Vanaf 2023 zal de financiële rapportage van AMG Lithium volledig en uitsluitend op "Lithium activiteiten" zijn gericht. Hierdoor kan eenvoudiger met peers worden vergeleken. De werkelijke waarde van AMG Lithium komt boven drijven waardoor de "discrepancy", waar Schimmelbusch het over heeft, afneemt.
Oftewel de waarde van AMG Lithium zal hierdoor vervolgens meer in lijn komen te liggen met de peers.
En spoedig (vóór einde jaar) zal er dus gaan worden gecommuniceerd over hoe de zelfstandige juridische entiteit van AMG Lithium er uit komt te zien.