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Annual Report 2008 - AMG Advanced Metallurgical Group NV

Annual Report 2008 - AMG Advanced Metallurgical Group NV

• IAS 40 Investment

• IAS 40 Investment Property’s revised the scope such that property under construction or development for future use as an investment property is classified as investment property. If the fair value cannot be reliably determined, the investment under construction will be measured at cost until such time as fair value can be determined or construction is complete. Also, it revised the conditions for a voluntary change in accounting policy to be consistent with IAS 8 and clarified that the carrying amount of investment property held under lease is the valuation obtained increased by any recognized liability. • IAS 41 Agriculture removed: the reference to the use of a pre-tax discount rate to determine fair value; and the prohibition to take into account cash flows resulting from any additional transformations when estimating fair value. It also replaced the term ‘pointof sale costs’ with ‘costs to sell.’ 4. Segment reporting For management purposes, the Company is organized under four separate operating segments: Advanced Materials, Engineering Systems, Timminco and Graphit Kropfmühl. Advanced Materials produces specialty metals, alloys and chemicals and has major production facilities in the UK, US, Germany, Brazil, and France. The Engineering Systems division provides specialty engineering service and has major production facilities that are located in Germany, France and North America. Timminco is primarily a silicon manufacturing company with major operating plants primarily in North America. Advanced Materials, Engineering Systems and Timminco represented the three operating segments reported for the year ended December 31, 2007. During 2008, AMG acquired 79.52% of Graphit Kropfmühl AG (“GK”). The remainder of GK is publicly traded in Germany. Due to the management reporting structure and its product offerings, Graphit Kropfmühl is treated as a separate segment, the fourth operating segment within AMG. GK produces specialty graphite and silicon metal and is located mainly in Germany and parts of Asia and Africa. The management reporting format is determined by operating segments as the operating results for each segment are organized and managed separately according to the nature of the products and services provided. Each segment represents a strategic business unit that offers different products and serves different markets. Advanced Materials – This division manufactures and sells high-quality specialty metals, alloys and metallic chemicals which are essential to the production of highperformance aluminum and titanium alloys, superalloys, steel and certain non-metallic materials for various applications in the construction, medical, aerospace, energy, transportation, petrochemical processing and telecommunications industries. Engineering Systems – This division is the leading global supplier of processes and services in the field of vacuum process technology. Core specialties of the Engineering Systems division are the development of processes and the design of plants, which are made to concept by partners in the supplier industry. This division serves a demanding group of international customers with its branches in North America, Japan and Britain, and more than 70 representative offices around the world. Timminco Limited (“Timminco”) – This division’s operations are primarily in Bécancour, Quebec. Its production consists of two major items: silicon metal including solar grade silicon which improves conductivity, provides corrosion resistance and increases harness for the electronic, solar-photovoltaic, chemical and aluminum industries; and magnesium alloys that provide corrosion protection and weight reduction to durable and leisure goods and to construction. Timminco is a publicly traded company on the Toronto Stock Exchange. Graphit Kropfmühl (“GK”) – This division’s operations are mainly in Germany with its own secured and controlled raw material resources for graphite in Asia, Africa 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. GK manufactures metallurgical silicon, which is used either in the chemical industry as a basic element for silicone chemistry, microelectronics, and solar energy, or as an alloying metal in aluminum foundries. GK’s graphite products are most noted for their electric and thermal conductivity, lubrication properties, high resistance to temperature and oxidation. Graphit Kropfmühl AG is a majority controlled, publicly listed subsidiary in Germany. Within Advanced Materials, five operating units are aggregated to create the reportable segment. Engineering Systems, Timminco and GK each have two operating units and within each group, those two operating units are aggregated to create one reportable segment. AMG Headquarters costs and assets are allocated sixty percent to Advanced Materials and forty percent to Engineering Systems in 2008 and 2007 based on an estimation of services provided to the segments. Transfer prices between operating segments are on an arm’s length basis in a manner similar to transactions with third parties. 96 Notes to the Consolidated Financial Statements

Advanced Engineering Other and Year ended December 31, 2008 Materials Systems Timminco GK Eliminations Total Revenue Revenue from external customers 756,726 435,462 237,824 87,932 1,517,944 Intersegment revenue 448 2,383 671 – (3,502) Total revenue 757,174 437,845 238,495 87,932 (3,502) 1,517,944 Segment Results Operating Profit 49,293 83,495 (3,650) (53,919) 75,219 Interest income 10,623 10,898 1,369 306 (15,413) 7,783 Interest expense 13,097 17,742 1,514 4,650 (15,413) 21,590 Share of (loss) profit of associates 544 3 (11,131) – – (10,584) Profit (loss) before income tax 44,213 74,596 (16,184) (58,128) 44,497 Income tax expense (benefit) 16,750 32,270 4,978 (12,059) – 41,939 Profit for period 27,463 42,326 (21,162) (46,069) 2,558 Balance Sheet Segment assets 542,682 423,289 247,943 99,060 (198,650) 1,114,324 Investment in associates 8,422 7,278 – – – 15,700 Total assets 551,104 430,567 247,943 99,060 (198,650) 1,130,024 Segment liabilities 246,220 374,741 141,990 115,550 (198,650) 679,851 Employee benefits 44,480 28,522 18,244 11,930 – 103,176 Provisions 9,255 16,908 6,477 2,546 – 35,186 Total liabilities 299,955 420,171 166,711 130,026 (198,650) 818,213 Other Information Capital expenditures for expansion – Tangible Assets 24,432 26,671 76,903 5,214 – 133,220 Capital expenditures for maintenance – Tangible Assets 7,335 2,303 12,958 1,726 – 24,322 Capital expenditures – Intangible Assets – 674 – 74 – 748 Intangible assets acquired – 1,277 – 16,874 – 18,151 Depreciation and Amortization 11,572 6,704 6,443 6,601 – 31,320 Asset impairments – 1,073 4,656 46,046 – 51,775 Advanced Engineering Other and Year Ended December 31, 2007 Materials Systems Timminco Eliminations Total Revenue Revenue from external customers 688,039 312,147 155,473 – 1,155,659 Intersegment revenue – 284 – (284) – Total revenue 688,039 312,431 155,473 (284) 1,155,659 Segment Result Operating Profit 35,877 62,227 (13,935) – 84,169 Interest income 4,947 8,068 – (6,061) 6,954 Interest expense 24,129 7,444 2,511 (6,061) 28,023 Share of (loss) profit of associates 323 18 (3,554) – (3,213) Profit (loss) before income tax (16,215) 62,553 (17,528) – 28,810 Goodwill adjustment relating to deferred tax asset 1,386 1,386 Income tax expense (benefit) 4,923 19,380 (4,981) – 19,322 Profit for period (21,138) 43,173 (13,933) – 8,102 Balance Sheet Segment assets 532,236 407,415 178,343 (232,733) 885,261 Investment in associates 1,852 2,633 6,801 – 11,286 Total assets 534,088 410,048 185,144 (232,733) 896,547 Segment liabilities 245,795 401,791 44,121 (232,733) 458,974 Employee benefits 56,426 28,507 17,876 – 102,809 Provisions 7,607 13,568 3,792 – 24,967 Total liabilities 309,828 443,866 65,789 (232,733) 586,750 Other Information Capital expenditures – Tangible Assets 16,441 12,798 27,312 – 56,551 Capital expenditures – Intangible Assets – 605 1,103 – 1,708 Intangible assets acquired – 454 – – 454 Depreciation and Amortization 11,112 4,407 3,114 – 18,663 * Graphit Kropfmühl was acquired in April 2008 and therefore there are no comparable numbers as of December 31, 2007. Notes to the Consolidated Financial Statements 97

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