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Annual Report 2008 - AMG Advanced Metallurgical Group NV

Annual Report 2008 - AMG Advanced Metallurgical Group NV

Consolidated Statement

Consolidated Statement of Changes in Equity In thousands of US Dollars Equity attributable to shareholders of the parent Issued Share Other Retained Minority Total capital premium reserves deficit Total interests equity (Note 21) (Note 21) Balance at January 1, 2007 59 129,986 (15,313) (148,840) (34,108) 10,367 (23,741) Foreign currency translation – – 1,697 – 1,697 (369) 1,328 Loss on cash flow hedges, net of tax – – (264) – (264) – (264) Net income recognized directly in equity – – 1,433 – 1,433 (369) 1,064 Profit (loss) for the year – – - 11,704 11,704 (3,602) 8,102 Total recognized income and expense for the year – – 1,433 11,704 13,137 (3,971) 9,166 Issuance of shares for contribution in kind 406 (26,576) – (26,170) – (26,170) Issuance of shares in initial public offering 257 286,830 – – 287,087 – 287,087 Transaction costs deducted from initial public offering proceeds – (8,526) – – (8,526) – (8,526) Issuance of shares to directors – 140 – – 140 – 140 Convertible debt at subsidiary – 1,329 – – 1,329 1,308 2,637 Valuation of convertible debt – (902) – – (902) (882) (1,784) Accretion of convertible debt – 528 – – 528 518 1,046 Issuance of shares by subsidiary – 9,245 – – 9,245 55,845 65,090 Share-based payment activity at subsidiary – – – – – 1,062 1,062 Equity-settled share-based payments – – 3,957 – 3,957 – 3,957 Acquisition of minority interest – – – – – 202 202 Other – 250 – (303) (53) (316) (369) Balance at December 31, 2007 722 392,304 (9,923) (137,439) 245,664 64,133 309,797 Balance at January 1, 2008 722 392,304 (9,923) (137,439) 245,664 64,133 309,797 Foreign currency translation – – (12,037) – (12,037) (11,541) (23,578) Loss on cash flow hedges, net of tax – – (12,958) – (12,958) – (12,958) Net income recognized directly in equity – – (24,995) – (24,995) (11,541) (36,536) Profit (loss) for the year – – – 14,453 14,453 (11,895) 2,558 Total recognized income and expense for the year – – (24,995) 14,453 (10,542) (23,436) (33,978) Issuance of shares for exercise of share-based payments 2 3,006 (1,151) – 1,857 – 1,857 Accretion of convertible debt – (84) – – (84) (83) (167) Share-based payment activity at subsidiary – – 1,311 – 1,311 1,626 2,937 Equity-settled share-based payments 16,720 – 16,720 – 16,720 Acquisition of minority interest – – – – 14,875 14,875 Other – (15,929) 15,823 (124) (230) – (230) Balance at December 31, 2008 724 379,297 (2,215) (123,110) 254,696 57,115 311,811 (1) Note 21 The notes are an integral part of these consolidated financial statements. 78 Consolidated Statement of Changes in Equity

Consolidated Statement of Cash Flows For the year ended December 31 Note 2008 2007 In thousands of US Dollars Cash flows from operating activities Profit for the period 2,558 8,102 Adjustments to reconcile profit to net cash flows: Non-cash: Depreciation and amortization 12, 13 31,320 18,663 Amortization of purchase accounting adjustment to inventory 8,178 – Restructuring expense/(income) 28 5,129 (241) Asset impairment loss 12, 13, 38 51,775 – Environmental expense 28 5,233 2,107 Net finance costs 9 20,138 52,146 Share of loss of associates 14 10,584 3,213 (Gain)/Loss on sale or disposal of property, plant and equipment 12 (896) 93 Equity-settled share-based payment transactions 27 20,063 4,207 Income tax expense 10 41,939 20,708 Working capital adjustments Change in inventories (130,573) (11,545) Change in trade and other receivables 35,909 (50,099) Change in prepayments (10,068) (10,938) Change in trade payables, provisions, and other liabilities 69,259 67,280 Change in government grants 29 (8,184) 15,503 Other 3,656 (12,952) Interest paid 9 (16,059) (26,792) Interest received 9 6,551 13,300 Income tax paid, net 10 (23,159) (18,255) Net cash flows from operating activities 123,353 74,500 Cash flows used in investing activities Proceeds from sale of property, plant and equipment 12 1,268 768 Acquisition of associates 5 (10,432) (9,162) Acquisition of subsidiaries (net of cash acquired of $1,671) 5 (69,993) – Acquisition of property, plant and equipment and intangibles 12, 13 (158,290) (58,259) Related party loans 24 (4,149) (4,475) Repayment of loan from related party – 4,456 Change in short term investments 18 14,198 (15,333) Change in restricted cash 19 (286) (14,054) Other 6,994 3,200 Net cash flows used in investing activities (220,690) (92,859) Cash flows from financing activities Proceeds from issuance of debt 23, 25 86,244 105,316 Payment of debt transaction costs 23 – (8,830) Prepayment penalties related to refinancing 23 – (23,186) Repayment of borrowings 23, 24, 25 (7,850) (284,018) Proceeds from the issuance of shares 21 241 342,607 Payment of transaction costs related to issuance of shares 21 – (8,526) Other 939 62 Net cash flows from financing activities 79,574 123,425 Net increase in cash and cash equivalents (17,763) 105,066 Cash and cash equivalents at January 1 172,558 54,610 Effect of exchange rate fluctuations on cash held (11,322) 12,882 Cash and cash equivalents at December 31 20 143,473 172,558 The notes are an integral part of these consolidated financial statements. Consolidated Statement of Cash Flows 79

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