C Si Ni Cr V Ti Ta Sc Li Sr Zr Fe Cu Zn Sn B Al Ce U Mn Mo Nb Sb
C Si Ni Cr V Ti Ta Sc Li Sr Zr Fe Cu Zn Sn B Al Ce U Mn Mo Nb Sb
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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Graphit Kropfmühl<br />
Graphit Kropfmühl (“GK”) is a majority controlled, publicly listed (Deutsche<br />
Börse: GKR.DE) specialist in the production of silicon metal and the extraction,<br />
processing and refining of natural crystalline graphite for a wide range of energy<br />
saving industrial applications. GK's revenue and EBITDA increased during 2010<br />
as global markets for silicon metal and natural graphite improved. GK’s 2010<br />
revenue increased by 9%, from 2009, to $128.6 million in 2010. GK generated<br />
$7.6 million in EBITDA during 2010, an increase of 21% from 2009.<br />
<strong>Si</strong>licon Metal<br />
GK produces 30,000 metric tons of metallurgical grade silicon metal and a<br />
byproduct of amorphous silicon dioxide from its facility in Germany. GK’s silicon<br />
metal products are used in the solar, chemical and aluminum industries. In<br />
2010, GK generated $84.4 million in revenue from silicon products. Demand<br />
increased across all end markets during the year.<br />
Natural Graphite<br />
GK’s graphite division extracts and refines natural graphite into high quality<br />
graphite with purities up to 99.99% carbon. GK’s high purity natural graphite<br />
products are used in the infrastructure industry for their heat resistance and in<br />
the chemical and transportation industries for their electrical conductivity. In<br />
2010 GK generated $44.2 million in revenue from natural graphite.<br />
Share Ownership<br />
During 2010, AMG acquired an additional 8.5% of GK’s common shares from a<br />
block of institutional investors in exchange for 2.1% of AMG’s common shares. The<br />
acquisition of the GK shares raised AMG’s ownership in GK to 88.0% as of December<br />
2010 and it is consistent with AMG’s goal to simplify its corporate structure.<br />
Outlook<br />
Graphit Kropfmühl expects strengthening demand for natural graphite and<br />
improved pricing for both natural graphite and silicon metal to result in revenue<br />
growth in 2011 as the global recovery for industrial specialty metals and<br />
chemicals continues.<br />
Graphit Kropfmühl<br />
117.8<br />
128.6<br />
09 10<br />
Revenue<br />
11.9<br />
Regional<br />
Breakdown<br />
13.7<br />
09 10<br />
6.3<br />
7.6<br />
09 10<br />
Gross Profit EBITDA<br />
$116.9M Europe<br />
$6.1M Asia<br />
$3.5M ROW<br />
$1.8M North America<br />
$0.3M South America<br />
Report of the Management Board | Publicly <strong>Li</strong>sted Investments 31
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