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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and a portion was related to furnaces manufactured by another AMG subsidiary. This purchase was made concurrent with the signing of a Memorandum of Understanding and Joint Development Agreement between Timminco and one of the Company’s Canadian subsidiaries, AMG Conversion Ltd. (“AMGC”). AMGC was established as a producer of solar grade ingots and bricks to be sold to the solar wafer market. AMGC utilizes the equipment purchased from Timminco to manufacture ingots and bricks both for Timminco’s and its own use. Timminco’s employees are used in the production process. Each party receives a tolling fee based on the cost of contributions to the process, plus an agreed upon fixed margin on such costs. During 2010, $1,113 (2009: $1,169) was invoiced to Timminco with respect to these services. AMGC has a net receivable of $341 due from Timminco as of December 31, 2010 (2009: $442). On September 15, 2009 and October 12, 2009, AMGC purchased inventory from Timminco in the amount of $5,927 for use in its crystallization facility. A lower of cost or net realizable value reserve in the amount of $3,420 was established against this inventory during the year ended December 31, 2010. Timminco purchased spare parts from on of the Company’s subsidiaries during the year ended December 31, 2009. These sales amounted to $624. Additional silicon inventory transfers were made between Timminco and various subsidiaries of the Company. The net amount of these transfers was $111. These transfers were not booked as sales since the inventory has been or will be shipped back to the originating party at cost. Finally, the Company billed Timminco for government regulatory fees in Germany in the amount of $102. In the year ended December 31, 2010, Dr. Schimmelbusch received cash compensation from Timminco in his role as Chief Executive Officer in the amount of $437 (2009: $117). Dr. Schimmelbusch also received directors compensation in 2010 from Timminco in the form of deferred share units in the amount of $206 (2009: $197). During the first four months of 2009, the Company and Timminco shared the remuneration cost of John Fenger, who was appointed Chief Operating Officer of Timminco on April 20, 2009. AMG paid $17 of his compensation costs during 2009. There were several other small transactions between the Company and Timminco, mainly recharging Timminco for costs incurred on their behalf. A receivable of $11 was recorded as of December 31, 2009 related to these transactions. 138 Notes to Consolidated Financial Statements Other Transactions The Company shares office space in the United States with Safeguard. In 2009, an allocation of Safeguard’s costs related to the office and the utilities was paid. Certain amounts related to travel and entertainment and the salaries of certain employees were cross-charged to the Company by Safeguard. During the years ended December 31, 2010 and 2009, the Company was billed $29 and $330 by Safeguard for travel and entertainment of its Chief Executive Officer and its portion of costs related to the building. Amounts due to Safeguard at December 31, 2010 and 2009 were $1 and $18, respectively. In October, 2009, the Company made a payment of $31 to Allied Carbon Credit for research performed on the emission reduction potential of a magnesium plant in Norway. Allied Carbon Credit is 80% owned by Allied Resource Corporation, whose Chairman is the Chief Executive Officer of the Company. Over the course of the year ended December 31, 2010, the Company paid $173 to Safeguard International Management GmbH (“SIM GmbH”) for management services. The service agreement with SIM GmbH requires the Company to pay for the use of SIM GmbH’s office and administrative services in its Frankfurt location. SIM GmbH is a wholly owned subsidiary of Safeguard International Fund whose managing director is also the Company’s Chief Executive Officer. In December 2009, the Company made a payment of $191 to SIM GmbH for similar services received in 2009. The Company also leases space in Frankfurt, Germany from a partnership, in which the Company’s Chief Executive Officer has an interest. Rent paid for this office space was $89 during the year ended December 31, 2010. All outstanding balances with these related parties are priced on an arm’s length basis. None of the balances are secured. 37. Subsequent events On February 18, 2011, the Company acquired 100% of the LLC interests of KB Alloys, LLC (“KB”) from CHS Capital LLC for $24,305 in cash, $23,500 related to purchase price and $805 in additional costs and escrow. KB is the North American market leader in the production of aluminum master alloys and grain refiners. The combination of KB with AMG’s aluminum master alloys businesses establishes AMG as the world’s largest producer of master alloys for the aluminum industry. This acquisition expands AMG’s cost-effective product offering while assuring security of supply for customers.
AMG Advanced Metallurgical Group, N.V. Parent Company Statement of Financial Position (After profit appropriation) As at December 31 In thousands of US Dollars Assets Note 2010 2009 Property, plant and equipment, net 2 677 735 Intangible assets, net 3 207 294 Investments in subsidiaries 4 153,328 147,417 Investment in associates 4 17,706 19,460 Loans due from subsidiaries 4 108,589 117,638 Investment in equity securities 5 887 970 Deposit 6 84 66 Notes receivable 7 2,321 3,094 Derivative financial instrument 14 5,113 1,718 Total non-current assets 288,912 291,392 Trade and related party receivables 7 19,273 11,626 Notes receivable 7 2,750 5,362 Loans due from subsidiaries 4 96,116 93,397 Derivative financial instruments 14 67 527 Prepayments 8 510 495 Cash and cash equivalents 9 3,320 4,243 Total current assets 122,036 115,650 Total assets Equity 410,948 407,042 Issued capital 10 741 725 Share premium 10 381,636 379,518 Foreign currency translation reserve 10 (8,215) (5,659) Other reserves 10 44,373 36,943 Retained earnings (deficit) 10 (196,481) (198,897) Total equity attributable to shareholders of the Company Provisions 222,054 212,630 Provision for negative participation Liabilities 4 113,851 143,794 Long-term debt 11 69,000 39,000 Total non-current liabilities 69,000 39,000 Taxes and premium 135 71 Trade and other payables 12 5,882 6,534 Amounts due to subsidiaries 13 26 4,707 Derivative financial instruments 14 – 306 Current taxes payable – – Total current liabilities 6,043 11,618 Total liabilities 75,043 50,618 Total equity, provisions and liabilities The notes are an integral part of these financial statements. 410,948 407,042 AMG Advanced Metallurgical Group, N.V. Parent Company Income Statement For the year ended December 31 In thousands of US Dollars 2010 2009 Income (loss) from subsidiaries, after taxes 22,205 (29,715) Other income and expenses, net (19,791) (45,927) Net income (loss) The notes are an integral part of these financial statements. 2,414 (75,642) Parent Company Financial Statements 139
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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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Measurement of the recoverable amou
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All financial information is presen
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(d) Derecognition of financial asse
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(ii) Intangible assets The fair val
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joint venture is impaired. If this
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Page 113 and 114: number of shares is then compared w
Page 115 and 116: subsidiaries with respect to the re
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Page 131 and 132: Fair value hierarchy The Company us
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: Loans and Receivables On December 1
Page 143 and 144: 3. Intangible assets Intangible ass
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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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