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Annual Report 2008 - AMG Advanced Metallurgical Group NV

Annual Report 2008 - AMG Advanced Metallurgical Group NV

$58.3 million in the

$58.3 million in the year ended December 31, 2007. The largest portion of investment in 2008 was at Timminco where they continued to expand their production capability for UMSi. Expenditures for major expansion projects in the year ended December 31, 2008 included: • $76.9 million for new equipment and expansion of solar-grade silicon metal production • $7.2 million for the expansion of production at the Company’s Berlin facility • $12.1 million for machinery and equipment at the Company’s new Own & Operate facility in Mexico • $2.9 million for engineering for the planned expansion of the Company’s spent catalyst roasting capacity • $9.3 million for the expansion of tantalum production in Brazil • $2.3 million for the expansion of the hydropower plant that services the Company’s operation in Brazil The remaining capital expenditures of $47.6 million related to other smaller expansion projects as well as maintenance capital. Cash provided by financing activities was $79.6 million in the year ended December 31, 2008 as compared to $123.4 million in the year ended December 31, 2007. Timminco borrowed $42.0 million on its credit facility in order to finance its expansion and working capital. Short term credit facilities of $10.7 million were also utilized within Advanced Materials to fund capital projects and working capital. The cash provided by financing activities was significantly lower than the cash generated from the initial public offering and the debt refinancing that were completed in the year ended December 31, 2007. Outlook Given the current economic environment it is not feasible to provide a reliable outlook for 2009. Advanced Materials will have a particularly challenging year, with specialty metals prices and demand continuing to decline. Engineering Systems enters the year with a strong backlog, which should help mitigate some effects of the current economic situation. Timminco is reviewing its growth plans in the face of significantly decreased demand for silicon metal and pricing and demand for solar grade silicon. GK’s end markets are also affected by the material decreases in demand and it anticipates full year 2009 revenues and earnings to be below 2008 levels. Despite the challenging economic conditions, AMG remains positive on long-term growth prospects for its core markets of solar, recycling, fuel efficiency and nuclear. 74 Financial Review

Financial Statements Consolidated Statements Consolidated Income Statement 76 Consolidated Balance Sheet 77 Consolidated Statement of Changes in Equity 78 Consolidated Statement of Cash Flows 79 Notes to the Consolidated Financial Statements 1. Reporting Entity 80 2. Basis of Preparation 82 3. Significant Accounting Policies 84 4. Segment Reporting 96 5. Acquisitions of Associates 98 6. Revenue 101 7. Other Income 101 8. Personnel Expenses 102 9. Finance Income and Expense 102 10. Income Tax 102 11. Exceptional Items 104 12. Property, Plant and Equipment 105 13. Intangible Assets 107 14. Associates 110 15. Inventories 112 16. Trade and Other Receivables 112 17. Other Assets 113 18. Short Term Investments 113 19. Restricted Cash 113 20. Cash and Cash Equivalents 113 21. Capital and Reserves 113 22. Earnings Per Share 116 23. Loans and Borrowings 116 24. Related Party Debt 118 25. Short Term Bank Debt 119 26. Employee Benefits 119 27. Share-based Payments 125 28. Provisions 127 29. Government Grants 129 30. Unearned Revenue 130 31. Other Liabilities 130 32. Trade and Other Payables 130 33. Financial Risk Management Objectives and Policies 131 34. Financial Instruments 135 35. Leases 137 36. Capital Commitments 138 37. Contingencies 138 38. Related Parties 139 39. Subsequent Events 142 Other Information 151 Auditors’ Report 152 Shareholder Information 153

PDF 3.89 MB - AMG Advanced Metallurgical Group NV
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