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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H 1.0 HYDROGEN Li 6.9 LITHIUM Na 23.0 SODIUM K 39.1 POTASSIUM Rb 85.5 RUBIDIUM Cs 132.9 CAESIUM Fr 223.0 FRANCIUM Advanced Materials Division Be 9.0 B 10.8 C 12.0 N 14.0 O 16.0 F 19.0 Ne 20.2 BERYLLIUM BORON CARBON NITROGEN OXYGEN FLORINE NEON Mg 24.3 Al 27.0 Si 28.1 P 31.0 S 32.1 Cl 35.5 Ar 40.0 MAGNESIUM ALUMINUM SILICON PHOSPHORUS SULFUR CHLORINE ARGON Ca Sc Ti V Cr Mn Fe Co Ni Cu Zn Ga Ge As Se Br Kr 40.1 45.0 47.9 50.9 52.0 54.9 55.9 58.9 58.7 63.5 65.4 69.7 72.6 74.9 79.0 79.9 83.8 CALCIUM SCANDIUM TITANIUM VANADIUM CHROMIUM MANGANESE IRON COBALT NICKEL COPPER ZINC GALLIUM GERMANIUM ARSENIC SELENIUM BROMINE KRYPTON Sr 87.6 Y 88.9 Zr 91.2 Nb Mo Tc 92.9 95.9 99 Ru 101.0 Rh 102.9 Pd 106.4 Ag 107.9 Cd 112.4 In 114.8 Sn 118.7 Sb Te 121.8 127.6 I 126.9 Xe 131.3 STRONTIUM YITRIUM ZIRCONIUM NIOBIUM MOLYBDENUM TECHNETIUM RUTHENIUM RHODIUM PALLADIUM SILVER CADMIUM INDIUM TIN ANTIMONY TELLURIUM IODINE XENON Ba 137.4 57-71 Hf 178.5 Ta 181.0 W 183.9 Re 186.2 Os 190.2 Ir 192.2 Pt 195.1 Au 197.0 Hg 200.6 Tl 204.4 Pb 207.2 Bi 209.0 Po 210.0 At 210.0 Rn 222.0 BARIUM HAFNIUM TANTALUM TUNGSTEN RHENIUM OSMIUM IRIDIUM PLATINUM GOLD MERCURY THALLIUM LEAD BISMUTH POLONIUM ASTATINE RADON Ra 226.0 89-103 Rf 88.9 Db 262 Sg 263 Bh 264 Hs 265 Mt 266 Ds 269 Rg 272 277 Uut Uuq UupUuh 284 289 288 292 RADIUM RUTHERFORDLIUM DUBNIUM SEABORGIUM BOHRIUM HASSIUM MEITNERIUM DARMSTADTIUM ROENTGENIUM UNUNBIUM UNUNTRIUM UNUNQUADIUM La 138.9 LANTHANUM Ac 132.9 ACTINIUM Ce 140.1 CERIUM Pr 140.9 Nd 144.2 PRASEODYMIUM NEODYMIUM Th Pa 232.0 231.0 THORIUM PROTACTINIUM U 238.0 URANIUM Pm 147.0 PROMETHIUM Np 237.0 NEPTUNIUM Sm 150.4 SAMARIUM Pu 242.0 PLUTONIUM Eu 152.0 EUROPIUM Am 243.0 AMERICIUM Gd 157.3 GADOLINIUM Cm 247.0 CURIUM Tb 158.9 TERBIUM Bk 247.0 BERKELIUM Dy 162.5 DYSPROSIUM Cf 251.0 CALIFORNIUM Ho 164.9 HOLMIUM Es 254.0 EINSTEINIUM 22 Report of the Management Board | Business Review: Advanced Materials Division UNUNPENTIUM UNUNHEXIUM Er 167.3 ERBIUM Fm 253.0 FERMIUM Tm 168.9 THALLIUM Md 256.0 MENDELEVIUM Yb 173.0 YTTERBIUM No 254.0 NOBELIUM He 4.0 HELIUM Lu 175.0 LUTETIUM Lr 257.0 LAWRENCIUM Related Elements Master Alloy Production
The Advanced Materials Division’s financial performance rebounded strongly from the recession of late 2008 and a very weak 2009. 2010 revenue increased by 44% to $616.3 million, gross margins increased by 98% to $94.7 million and EBITDA increased from break even in 2009 to $39.8 million. SG&A increased by 4% from 2009, and was flat compared to 2008. The division invested in product innovation, positioning our businesses more profitably in the value chain, securing strategic sources of raw materials and, in some cases, industry consolidation during 2010 and early 2011. A key indicator of the strength of our business is gross margin return on working capital investment. This improved to 71%, from a depressed 42% in 2009, as gross margins and working capital turns both increased. This metric combines our pricing and sourcing power, operating efficiency and effective use of working capital. These significantly improved results across all of the division’s major business segments over 2009 are a reflection of the initiative and commitment of our people as the cost reductions and productivity improvements made in 2008 and 2009 resulted in increased financial leverage as the business environment improved. The division also executed a number of the strategic projects which we expect will position us for higher base level financial performance and, in some cases, reduce the volatility of earnings. End Markets The Advanced Materials Division produces and supplies specialty metals, alloys, chemicals, coatings, powders and ceramic materials that are used in high performance environments. The majority of these materials are the basis of critical components used in aerospace, infrastructure, energy and specialty metal and chemical applications. We use management estimates and consistent assumptions in making the following segmental end market comments. Aerospace AMD produces a multitude of critical metals and alloys for titanium and super alloy customers in the aerospace market. AMD’s master alloys are used in the titanium and super alloy industries as alloying elements to improve mechanical properties such as anti-corrosion and high temperature heat resistance. There are a very limited number of companies, globally, with the certification to supply these materials for aerospace applications. AMD’s 2010 sales to this segment increased from $84.1 million to $105.1 million and margins improved by Advanced Materials 429.1 616.3 09 10 Revenue 47.9 94.7 09 10 - 09 10 Gross Profit EBITDA 39.8 Accomplishments Acquired antimony mining rights and metal smelter in Turkey Acquired aluminum master alloy producer KB Alloys (1Q2011), with production facilities in North America and China Expanded spent catalyst handling capacity and diversification of spent catalyst sourcing in North America Signed long-term sales contracts for tantalum concentrate in early 2011 Completed lithium mineral (spodumene) pilot plant in Brazil— moving to feasibility study Acquired established commercial operation in India Report of the Management Board | Business Review: Advanced Materials Division 23
Page 1 and 2: Li 6.9 LITHIUM Sc 45.0 Ti 47.9 Sr Z
Page 3 and 4: Silicon Metal—used for solar ener
Page 5 and 6: ADVANCED MATERIALS AMG produces hig
Page 7 and 8: It is a strategic objective of AMG
Page 9 and 10: We continue to focus on products an
Page 11 and 12: Supply Risk Critical Raw Materials
Page 13 and 14: carbon steel electronics superalloy
Page 15 and 16: Silicon Metal—used in the product
Page 17 and 18: N Nickel & Molybdenum- used in high
Page 19 and 20: Chromium —alloy used to produce s
Page 21 and 22: Sb Antimony—added to plastics as
Page 23: Dr. Schimmelbusch was appointed Chi
Page 27 and 28: Outlook Regional Breakdown Antimony
Page 29 and 30: Although the market environment for
Page 31 and 32: value proposition to ESD’s market
Page 33 and 34: Graphit Kropfmühl Graphit Kropfmü
Page 35 and 36: Risk Management and Internal Contro
Page 37 and 38: Senior Leverage covenant to 3.00x.
Page 39 and 40: Management Board Statement of Respo
Page 41 and 42: Male/US and Peru Date of birth: Oct
Page 43 and 44: Supervisory Board discussed the ris
Page 45 and 46: The Selection and Appointment Commi
Page 47 and 48: AMG OPTION PLAN (ALL CURRENCy AMOUN
Page 49 and 50: adjustment is not needed. The Super
Page 51 and 52: Sustainable Development AMG FACILIT
Page 53 and 54: association or collective bargainin
Page 55 and 56: Greenhouse Gas Emissions (thousands
Page 57 and 58: Global Reporting Initiative AMG sup
Page 59 and 60: Corporate Governance General AMG Ad
Page 61 and 62: the Management Board has a conflict
Page 63 and 64: Other than the above-mentioned agre
Page 65 and 66: Financial Review Year ended Decembe
Page 67 and 68: In thousands of US Dollars Period e
Page 69 and 70: Financial Statements Financial Stat
Page 71 and 72: Consolidated Statement of Comprehen
Page 73 and 74: Consolidated Statement of Changes i
Page 75 and 76:
Notes to the Consolidated Financial
Page 77 and 78:
Percentage held (directly or indire
Page 79 and 80:
Measurement of the recoverable amou
Page 81 and 82:
All financial information is presen
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(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
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For the entities which are joint ve
Page 111 and 112:
19. Restricted cash Restricted cash
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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
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Movement in fair value of plan asse
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At December 31, 2009, the number of
Page 123 and 124:
as responsible for the clean-up ass
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29. Other liabilities Other liabili
Page 127 and 128:
Interest on financial instruments c
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Change in price Effect on profit be
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
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The compensation of the management
Page 139 and 140:
Loans and Receivables On December 1
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AMG Advanced Metallurgical Group, N
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3. Intangible assets Intangible ass
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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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