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Annual Report 2008 - AMG Advanced Metallurgical Group NV

Annual Report 2008 - AMG Advanced Metallurgical Group NV

Graphit Kropfmühl AG

Graphit Kropfmühl AG $87.9M Revenue $7.6M EBITDA Revenue by market 2008 GK’s results are not included in AMG’s financial statements for 2007 and include only eight months in 2008, reflecting the date that AMG’s acquisition took place. GK had excellent results in 2008, generating $7.6 million of EBITDA on $87.9 million of revenue in the eight months. Like the results of AMG’s Advanced Materials Division, demand for GK’s products fell rapidly in the fourth quarter although EBITDA remained positive. GK’s recent capital improvements will help reduce costs in 2009 but, nevertheless, current economic conditions present a challenge. Metallurgical Silicon AMG added to its silicon metal production capacity by acquiring control of GK. Together with Timminco’s 50,000 mt capacity, GK’s production of over 30,000 mt makes AMG one of the world’s largest producers of silicon metal. Like Timminco, GK has a favorable geographic location – its plant in Pocking, Germany, is close to most of its customers. The silicon metal division’s revenue for 2008 was $58.9 million for the eight month period. GK’s products go to the solar market as well as the chemical and aluminum industries. GK is investing in a more efficient transformer and a closed electrode system which will enable GK to increase production by up to 10% while reducing energy consumption. GK is taking steps to insure a base level of profitability and liquidity even if prices of silicon metal decrease. GK’s metallurgical silicon division also produces a by-product of amorphous silicon dioxide under the brand name RW-Füller. Graphite GK’s graphite division refines natural graphite into high quality graphite with purities up to 99.99% carbon. GK has a worldwide production and sales network with mining, processing and application expertise. GK owns mines, processing plants and extraction rights in Asia and Africa with refining and processing plants in Germany, the Czech Republic and China. The graphite business had revenue of $29.0 million in the eight month period. After a strong start in 2008, the graphite business was impacted by the worldwide economic slowdown during the fourth quarter. 26 Report of the Management Board | Business Review: Graphit Kropfmühl AG

AMG’S majority-owned subsidiary, Graphit Kropfmühl AG, is a producer of silicon metal and natural graphite. NATURAL GRAPHITE Natural graphite’s heat resistance, electrical and heat conductivity and resistance to chemicals enable it to be used in state-of-the-art batteries, in refractories for the steel industry and as a component in lubricants. GK’s vertically integrated position in the graphite value chain, from mining to sales, has enabled it to develop high-purity graphite custom solutions. Several of these serve as heat insulation in building materials, making a significant contribution to the environment. Due to the downturn in the transportation markets, GK transitioned its focus to industrial energy efficiency applications. GK constructed a new facility in Germany with an annual capacity of approximately 1,500 mt of fine-milled graphite and employing a new, energy-efficient processing technology. Operations began in the third quarter of 2008. The business was affected by the steep rise of raw material prices for grades of graphite not produced by its mines. As a response to the increasing cost situation, in the third quarter of 2008 GK transferred production from its Great Britain facility to the lower cost Czech Republic plant. Outlook Key achievements AMG acquired 79.5% of GK’s publicly-listed stock in 2008. Attained revenue for 2008 of $87.9 million for the eight months GK was controlled by AMG. EBITDA was $7.6 million for the eight months in 2008 that AMG controlled GK Expanded silicon metal production capacity and built a high efficiency milling facility to reduce costs in graphite production. GK is expanding its production capacity of silicon metal by approximately 10% to 33,000 mt per annum. This expansion is expected to be complete by the end of the second quarter of 2009. The graphite division expects to strengthen its network in 2009 through cooperation with AMG using mutual infrastructure and resources to take advantage of long term growth forecasts for natural graphite. Report of the Management Board | Business Review: Graphit Kropfmühl AG 27

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