AnnuAl RepoRt 2011

8
hIghlIghts 2011
reFInIng dIvIsIon
contInued success and
Further expansIon
The Refining Division continued its
success in 2011. Even with a weak
US Dollar exchange rate, consolidated
Net Sales in Swiss Francs increased
by 18.3 % from the previous year. This
increase is mainly attributed to high
volumes of complex gold and silver
scrap, due to dynamic and volatile
market conditions. Strong financing
capability allows us to benefit from
favorable market conditions and make
optimum use of refining processes.
Refineries in Switzerland, the USA
and Hong Kong have processed high
volumes of gold and silver scraps.
PGM refining volume increased slightly
from the previous year. Demand for
bullion products was strong, particularly
in Asia. Revenue from alloy products
increased substantially from 2010
due to the quick recovery of the Swiss
watch industry. Major capital investment
projects are progressing at all
refining sites. These investments will
further increase operational efficiency
and ensure Metalor’s leading position
in refining technologies.
.
advanced coatIngs dIvIsIon
stronger presence
In asIa and the usa
In 2011, the Advanced Coatings
Division was able to achieve its bestever
results, thanks to positive business
development and the acquisition
of the Coatings activities of the
Japanese company NECC in March
2011. Overall the Division achieved
Net Sales over 50 % higher than in
2010, with an operating result 66.8 %
higher than the previous year.
After strong activity in the Electronics
markets of Asia and USA up to July,
we experienced a slowdown in all segments
that impacted our performance
in the second half of the year. On the
other hand, general industry and decorative
segments in Europe performed
well through the year, supported by
the buoyant activity of the luxury
watch industry in Switzerland.
The acquisition in December 2011 of
the silver powders and flakes activities
of Henkel in the USA will reinforce our
manufacturing capabilities and presence
in the photovoltaic segment in
2012.