C Si Ni Cr V Ti Ta Sc Li Sr Zr Fe Cu Zn Sn B Al Ce U Mn Mo Nb Sb

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32. Financial instruments Fair values Set out below is a comparison by category of the carrying amounts and fair values of all of the Company’s financial instruments that are presented in the financial statements: 2010 2009 Note Carrying amount Fair value Carrying amount Fair value Current financial assets Derivatives in effective hedges 32 5,390 5,390 4,403 4,403 Financial assets at fair value through profit or loss 32 341 341 551 551 Investments in equity securities 15 887 887 970 970 Trade and other receivables 17 175,421 175,421 147,787 147,787 Cash and cash equivalents 20 89,311 89,311 117,016 117,016 Total Non-current financial assets 271,350 271,350 270,727 270,727 Embedded derivative 32 5,113 5,113 1,718 1,718 Derivatives in effective hedges 32 86 86 – – Notes receivable 32 322 322 5,542 5,542 Restricted cash 19 12,528 12,528 13,263 13,263 Total Current financial liabilities 18,049 18,049 20,523 20,523 Derivatives in effective hedges Financial current liabilities at fair value through 32 839 839 4,683 4,683 profit or loss 32 915 915 1,365 1,365 Fixed rate loans and borrowings 23 4,254 4,254 3,464 3,464 Short term bank debt 24 45,022 45,022 32,013 32,013 Trade and other payables 30 102,253 102,253 69,791 69,791 Total Non-current financial liabilities 153,283 153,283 111,316 111,316 Derivatives in effective hedges Financial non-current liabilities at fair value through 32 698 698 965 965 profit or loss 32 – – 374 374 Fixed rate loans and borrowings 23 122,240 118,681 129,496 127,632 Floating rate loans and borrowings 23 65,573 65,573 38,823 38,823 Total 188,511 184,952 169,658 167,794 The fair value of the financial assets and liabilities are included at the amount at which the instrument could be exchanged in a current transaction between willing parties. The following methods and assumptions were used to estimate the fair values. • Short term assets and liabilities approximate their carrying amounts largely due to the short term maturities of these instruments. • The calculation of fair value for derivative financial instruments depends on the type of instruments: Derivative interest rate contracts are estimated by discounting expected future cash flows using current market interest rates and yield curves over the remaining term of the instrument; Derivative currency and commodity contracts are based on quoted forward exchange rates and commodity prices respectively. 128 Notes to Consolidated Financial Statements • Floating rate loans and borrowings and notes receivable maintain a floating interest rate and therefore approximate fair value. • The fair value of fixed rate loans and borrowings are estimated by discounting future cash flows using rates currently available for debt. • The fair value of embedded derivatives is estimated using an option pricing model. The embedded derivative represents a conversion feature in a note from an associate. See note 36 for details. The Company made a strategic investment in a growthbased company in Iceland in 2008. This investment cannot be reliably measured at fair value and are therefore accounted for using a cost basis. At December 31, 2010, this investment was $887 (2009: $970) and is included in other non-current assets in the statement of financial position.
Fair value hierarchy The Company uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique: Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities Assets measured at fair value Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly Level 3: techniques which use inputs which have a significant effect on the recorded fair value that are not based on observable market data As of December 31, 2010, the Company held the following financial instruments measured at fair value: December 31, 2010 Level 1 Level 2 Level 3 Financial assets Forward contracts – hedged 5,642 – 5,642 – Forward contracts – non-hedged 175 – 175 – Embedded derivative 5,113 – 5,113 – Liabilities measured at fair value December 31, 2010 Level 1 Level 2 Level 3 Financial liabilities Forward contracts – hedged 941 – 941 – Forward contracts – non-hedged 419 – 419 – Interest rate swaps 1,092 – 1,092 – As of December 31, 2009, the Company held the following financial instruments measured at fair value: Assets measured at fair value December 31, 2009 Level 1 Level 2 Level 3 Financial assets Forward contracts – hedged 4,403 – 4,403 – Forward contracts – non-hedged 551 – 551 – Embedded derivative 1,718 – 1,718 – Liabilities measured at fair value December 31, 2009 Level 1 Level 2 Level 3 Financial assets Forward contracts – hedged 1,242 – 1,242 – Forward contracts – non-hedged 1,365 – 1,365 – Embedded derivative 4,780 – 4,780 – During the years ended December 31, 2010 and 2009, there were no transfers between Level 1 and Level 2 fair value measurements, and no transfers into or out of Level 3 fair value measurements. Notes to Consolidated Financial Statements 129
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Li 6.9 LITHIUM Sc 45.0 Ti 47.9 Sr Z
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Silicon Metal—used for solar ener
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ADVANCED MATERIALS AMG produces hig
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It is a strategic objective of AMG
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We continue to focus on products an
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Supply Risk Critical Raw Materials
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carbon steel electronics superalloy
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Silicon Metal—used in the product
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N Nickel & Molybdenum- used in high
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Chromium —alloy used to produce s
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Sb Antimony—added to plastics as
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Dr. Schimmelbusch was appointed Chi
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The Advanced Materials Division’s
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Outlook Regional Breakdown Antimony
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Although the market environment for
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value proposition to ESD’s market
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Graphit Kropfmühl Graphit Kropfmü
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Risk Management and Internal Contro
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Senior Leverage covenant to 3.00x.
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Management Board Statement of Respo
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Male/US and Peru Date of birth: Oct
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Supervisory Board discussed the ris
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The Selection and Appointment Commi
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AMG OPTION PLAN (ALL CURRENCy AMOUN
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adjustment is not needed. The Super
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Sustainable Development AMG FACILIT
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association or collective bargainin
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Greenhouse Gas Emissions (thousands
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Global Reporting Initiative AMG sup
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Corporate Governance General AMG Ad
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the Management Board has a conflict
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Other than the above-mentioned agre
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Financial Review Year ended Decembe
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In thousands of US Dollars Period e
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Financial Statements Financial Stat
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Consolidated Statement of Comprehen
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Consolidated Statement of Changes i
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Notes to the Consolidated Financial
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Percentage held (directly or indire
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Page 81 and 82: All financial information is presen
Page 83 and 84: (d) Derecognition of financial asse
Page 85 and 86: (ii) Intangible assets The fair val
Page 87 and 88: joint venture is impaired. If this
Page 89 and 90: the subsidiaries have a 100% intere
Page 91 and 92: The carrying amount of deferred tax
Page 93 and 94: 4. Segment reporting For management
Page 95 and 96: Year ended December 31, 2009 Revenu
Page 97 and 98: Acquisition of mine in Turkey On Au
Page 99 and 100: 10. Finance income and expense 2010
Page 101 and 102: Deferred tax assets and liabilities
Page 103 and 104: 13. Property, plant and equipment C
Page 105 and 106: 14. Intangible assets Cost Goodwill
Page 107 and 108: (3) ALD’s value in use was determ
Page 109 and 110: For the entities which are joint ve
Page 111 and 112: 19. Restricted cash Restricted cash
Page 113 and 114: number of shares is then compared w
Page 115 and 116: subsidiaries with respect to the re
Page 117 and 118: Assumptions regarding future mortal
Page 119 and 120: Movement in fair value of plan asse
Page 121 and 122: At December 31, 2009, the number of
Page 123 and 124: as responsible for the clean-up ass
Page 125 and 126: 29. Other liabilities Other liabili
Page 127 and 128: Interest on financial instruments c
Page 129: Change in price Effect on profit be
Page 133 and 134: The open foreign exchange forward s
Page 135 and 136: 34. Capital commitments The Company
Page 137 and 138: The compensation of the management
Page 139 and 140: Loans and Receivables On December 1
Page 141 and 142: AMG Advanced Metallurgical Group, N
Page 143 and 144: 3. Intangible assets Intangible ass
Page 145 and 146: 7. Receivables from associates and
Page 147 and 148: The following is the calculation of
Page 149 and 150: Other Information Article 25 and 26
Page 151 and 152: Shareholder Information Supervisory
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C Si Ni Cr V Ti Ta Sc Li Sr Zr Fe Cu Zn Sn B Al Ce U Mn Mo Nb Sb

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