AnnuAl RepoRt 2010

8
hIghlIghts 2010
reFInIng dIvIsIon
contInued success and
Further expansIon
The Refining Division has continued
its success in 2010. The increase in
net sales, 6.4 % up on the previous
year, is mainly attributed to high gold
price and increase of complex scrap
volume. The impact of a weakening
US Dollar exchange rate was compensated
by high metal prices. With
strong financing capability we could
capture all of the favorable market
conditions and make optimum use of
our refining processes.
Our refineries in Switzerland, USA and
Hong Kong had strong activity in gold
and silver refining throughout the year.
This has compensated the increasing,
but still weak, PGM refining activity.
The newly established evaluation
platforms in Singapore, Columbia and
Spain allowed us to acquire new refin-
ing customers and to increase market
share. New revenue streams have
been added to the Refining Division by
integrating the alloy business from the
former Watches and Jewelry Division.
In early 2011, the Company became
the first precious metals refiner, and
only the fourth company, to obtain
Responsible Jewellery Council (“RJC”)
Member Certification. The RJC’s
Certification System verifies compliance
with strict ethical, human rights,
social and environmental standards.
The RJC Member Certification System
is unmatched in any other industry for
the quality and breadth of its scope
and standards as well as the integrity
and transparency of its developmental
process. The integrity of the RJC
depends on Members being audited
by accredited, independent third party
auditors and becoming certified within
the deadlines set by the RJC Member
Certification System.
advanced coatIngs dIvIsIon
bacK to growth
In 2010, the Advanced Coatings
Division was able to achieve one of
its best results ever thanks to strong
market recovery in the Electronics
segment, and achieved sales 22.2 %
above 2009.
The strong demand from the
Photovoltaic and Conductive adhesive
segments lead our US business to
achieve sales 43.0 % above the previous
year. An expansion of production
capacities for silver powders and
flakes is ongoing and should be finalized
in 2011.
In Asia, where the financial crisis had
less impact, the sales growth over
the previous year reached 15.0 %.
Following qualification by customers
the powders and flakes manufactured
by our plant in Suzhou are now sold
in China, and we expect strong growth
in 2011 for these products serving the
Electronics markets.
On February 17, 2011, Metalor and
NE ChemCat (NECC) of Japan signed
an agreement for the Company to
acquire NECC’s Coatings Division in
Asia. The deal is expected to complete
during the first half of 2011 once
all conditions precedent and the