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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Consolidated Statement of Cash Flows For the year ended December 31 Note 2010 2009 In thousands of US Dollars Cash flows used in operating activities Income (loss) for the period from continuing operations 2,148 (43,852) Loss for the period from discontinued operations 6 – (54,378) Income (loss) for the period Adjustments to reconcile income (loss) to net cash flows: Non-cash: 2,148 (98,230) Depreciation and amortization 13, 14 25,009 23,758 Restructuring expense 27 423 7,782 Asset impairment expense 13 602 1,718 Environmental expense 27 6,421 3,998 Net finance costs 10 10,499 17,250 Share of loss of associates and joint ventures 15 19,405 31,958 Loss on sale or disposal of property, plant and equipment 13 262 6,253 Equity-settled share-based payment transactions 26 6,362 13,729 Cash-settled share-based payment transactions 26 1,964 3,605 Income tax expense Working capital adjustments 11 11,207 15,205 Change in inventories (23,774) 45,338 Change in trade and other receivables (40,033) (564) Change in prepayments (12,248) 12,490 Change in trade payables, provisions, and other liabilities 35,488 (97,919) Change in government grants 28 (17) (7,783) Other 3,936 5,934 Interest paid 10 (15,334) (15,289) Interest received 10 1,496 2,468 Income tax paid, net 11 (35,439) (9,711) Cash flows from discontinued operations 6 – 35,919 Net cash flows used in operating activities Cash flows used in investing activities (1,623) (2,091) Proceeds from sale of property, plant and equipment 13 983 129 Asset acquisitions 5 (20,154) – Acquisition of property, plant and equipment and intangibles 13, 14 (32,973) (25,532) Related party loans 36 264 (5,262) Investments in/acquisition of associates 15 (10,765) (28,943) Change in restricted cash 19 151 1,410 Other (78) 56 Cash flows used in discontinued operations 6 – (32,039) Net cash flows used in investing activities Cash flows from financing activities (62,572) (90,181) Proceeds from issuance of debt 23, 24 45,546 30,175 Repayment of borrowings 23, 24 (3,432) (15,785) Other 238 670 Cash flows from discontinued operations 6 – 47,578 Net cash flows from financing activities 42,352 62,638 Net decrease in cash and cash equivalents (21,843) (29,634) Cash and cash equivalents at January 1 117,016 143,473 Effect of exchange rate fluctuations on cash held (5,862) 3,177 Cash and cash equivalents at December 31 20 89,311 117,016 The notes are an integral part of these consolidated financial statements. 72 Consolidated Statement of Cash Flows
Notes to the Consolidated Financial Statements 1. Reporting entity The consolidated financial statements of AMG Advanced Metallurgical Group N.V. (herein referred to as “ the Company”, “AMG NV” or “AMG”) for the year ended December 31, 2010 were authorized for issuance in accordance with a resolution of the Supervisory Board on March 31, 2011. AMG is domiciled in the Netherlands. The address of the Company’s registered office is WTC Amsterdam, Toren C, Strawinskylaan 1343, 1077 XX Amsterdam. The consolidated financial statements of the Company as at and for the year ended December 31, 2010 comprise the Company and the companies that comprise its subsidiaries (together referred to as the “Group”) and the Company’s interest in associates and jointly controlled entities. AMG was incorporated in the Netherlands as a public limited liability company on November 21, 2006. In July 2007, the Company completed an initial public offering (“IPO”) of 9,333,409 shares, which are listed on Euronext, Amsterdam the Netherlands. AMG is organized under three reportable segments: Advanced Materials, Engineering Systems and Graphit Kropfmühl. The subsidiaries that make up these three operating segments are primarily located in Europe, North America and South America. The Advanced Materials segment manufactures and sells high-quality specialty metals, alloys and metallic chemicals which are essential to the production of high-performance aluminum and titanium alloys, superalloys, steel and certain non-metallic materials for various applications in the Energy, Aerospace, Infrastructure, Specialty Metals and Chemicals end markets (see note 4). The Engineering Systems segment designs, engineers and produces advanced vacuum furnace systems and operates vacuum heat treatment facilities. It sells vacuum furnace systems to customers in the aerospace, energy (including solar and nuclear), transportation, electronics, superalloys and specialty steel industries. This segment also provides vacuum heat processing on a tolling basis to customers through its “Own & Operate” facilities equipped with vacuum heat treatment furnaces. The Graphit Kropfmühl segment manufactures silicon metal which is used in the Energy and Specialty Metals and Chemicals end markets. It also specializes in the extraction, processing and refining of natural crystalline graphite for a wide range of energy saving industrial applications. Timminco was deconsolidated as of September 28, 2009, when the Company’s ownership went from 50.8% to 47.9%. Timminco primarily produces silicon metal, including solar grade silicon, which improves conductivity, provides corrosion resistance and increases harness for the electronic, solar-photovoltaic, chemical and aluminum industries. Timminco’s activity prior to the loss of control is recognized as discontinued operations in the comparable periods in the income statement and statement of cash flows. See note 6. These financial statements represent the consolidated financial statements of the Company. These consolidated financial statements as of December 31, 2010 present the consolidated financial position, results of operations and cash flows of the Company and its subsidiaries. The parent company financial statements are prepared in accordance with part 9, Book 2, article 362.8 of the Netherlands Civil Code. In accordance with part 9, Book 2, article 402 of the Netherlands Civil Code, the parent company income statement has been condensed. Notes to Consolidated Financial Statements 73
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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
Page 23 and 24: Dr. Schimmelbusch was appointed Chi
Page 25 and 26: The Advanced Materials Division’s
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: Consolidated Statement of Changes i
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
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
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29. Other liabilities Other liabili
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Interest on financial instruments c
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Change in price Effect on profit be
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Fair value hierarchy The Company us
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The open foreign exchange forward s
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34. Capital commitments The Company
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The compensation of the management
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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
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The following is the calculation of
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Other Information Article 25 and 26
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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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