STEELMET ROMANIA S.A. FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2009 PREPARED IN ACCORDANCE WITH THE MINISTRY OF FINANCE ORDER NO. 1752/2005

STEELMET ROMANIA S.A. Financial Statements for the year ended 31 December 2009 (all amounts are expressed in RON unless otherwise stated) Summary Page Administrators report 3-4 Auditors report 5-7 Balance sheet 8-11 Income statement 12-13 Cash flow statement 14 Statement of changes in equity 15 Notes to the financial statements 16-36 Annex 1 to the financial statements

STEELMET ROMANIA S.A. Financial Statements for the year ended 31 December 2009 (all amounts are expressed in RON unless otherwise stated) 3

STEELMET ROMANIA S.A. Financial Statements for the year ended 31 December 2009 (all amounts are expressed in RON unless otherwise stated) 4

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STEELMET ROMANIA S.A. BALANCE SHEET (all amounts are expressed in RON unless otherwise stated) Row 31.12.2009 31.12.2008 A. Non current assets I. Intangible assets 1. Set-up costs (acc. 201-2801) 01 - - 2. Development costs (acc. 203-2803-2903) 02 - - 3. Concessions, patents, licenses, trade marks and similar rights and other intangible assets (acc. 205+208-2805-2808-2905-2908) 03 17.951 17.323 4. Goodwill (acc. 2071-2807-2907) 04 - - 5. Advances and intangible assets in progress (acc. 233+234-2933) 05 - - Total: (Row. 01 to 05) 06 17.951 17.323 II. Tangible assets 1. Land and buildings (acc. 211+212-2811-2812-2911-2912) 07 1.669.556 1.775.685 2. Technical equipment & machinery (acc. 213-2813-2913) 08 377.495 435.891 3. Other equipment & furniture (acc. 214-2814- 2914) 09 77.681 90.598 4. Advances and tangible assets in progress (acc. 231+232-2913) 10 62.071 - Total: (Row. 07 to 10) 11 2.186.803 2.302.174 III. Investments 1. Controlling interests in Group companies (acc. 261-2961) 12 - - 2. Intercompany receivables (acc. 2671+2672-2964) 13 - - 3. Controlling interests (acc. 263-2962) 14 - - 4. Receivables from controlling interests (acc. 2673+2674-2965) 15 - - 5. Securities (acc. 265-2963) 16 - - 6. Other long term investments (acc. 2675+2676+2678+2679-2966-2968) 17 - - Total: (Row.12 to 17) 18 - - Non current assets - total (row. 06+11+18) 19 2.204.754 2.319.497 B. Current Assets I. Inventories 1. Raw materials and consumables (acc. 301+302+303+/-308+351+358+381+/-388-391-392-3951-3958-398) 20 9.729 7.311 2. Work in progress (acc. 331+332+341+/-348-393- 3941-3952) 21 - - 3. Finished goods and merchandises (acc. 345+346+/-348+354+356+357+361+/-368+371+/- 378-3945-3946-3953-3954-3955-3956-3957-396-397- 4428) 22 12.893.389 16.350.348 4. Advances for inventory acquisition (acc. 4091) 23 - Total: (Row. 20 to 23) 24 12.903.118 16.357.659 8

STEELMET ROMANIA S.A. BALANCE SHEET (continued) (all amounts are expressed in RON unless otherwise stated) Row 31.12.2009 31.12.2008 II. Receivables 1. Trade receivables (acc. 2675+2676+2678+2679-2966-2968+4092+411+413+418-491) 25 11.936.000 20.492.897 2. Intra-group receivables (acc. 451-495) 26 120.736 25.456 3. Receivables from controlling interests (acc. 453-495) 27 - - 4. Other receivables (acc. 425+4282+431+437+4382+441+4424+4428+444+445 +446++447+4482+4582+461+473-496+5187) 28 270.475 256.383 5. Capital account receivables (acc. 456-495) 29 - - Total: (Row. 25 to 29) 30 12.327.211 20.774.736 III. Short term investments - - 1. Controlling interests within the Group (short term) (acc 501-591) 31 - - 2. Other financial investments (acc. 505+506+508-595-596-598+5113+5114) 32 - - Total (Row. 31+32) 33 - - IV. Cash and cash equivalents (acc.5112+512+531+532+541+542) 34 4.017.595 7.745.907 Current Assets Total (row. 24+30+33+34) 35 29.247.924 44.878.302 C. Prepaid expenses (acc. 471) 36 42.204 115.367 D. Short term liabilities 1. Debenture loans (acc. 161+1681-169) 37 - - 2. Amounts due to crediting institutions (acc. 1621+1622+1624+1625+1627+1682+5191+5192+ 5198) 38 - - 3. Advances payments from customers (acc 419) 39 39.432 33.969 4. Trade payables (acc. 401+404+408) 40 98.375 141.860 5. Trade notes payables (acc.403+405) 41 - - 6. Intra- group payables (acc.1661+1685+2691+451) 42 13.137.022 29.042.761 7. Payables related to controlling interests (acc. 1663+1686+2692+453) 43 - - 8. Other payables, including fiscal debts social security (acc. 1623+1626+167+1687+2693+421+423+424+426+427 +4281+431+437+4381+441+4423+4428+444+446+ 447+4481+455+456+457+4581+462+473+509+5186 +5193+5194+5195+5196+5197) 44 617.862 1.324.694 Total : (Row. 39 to 44) 45 13.892.691 30.543.284 E. Current Assets net (row 35+36-45-62) 46 15.397.437 14.450.385 F. Total assets less current liabilities 47 17.602.191 16.769.882 (row. 19+46-61) 9

STEELMET ROMANIA S.A. BALANCE SHEET (continued) (all amounts are expressed in RON unless otherwise stated) Row 31.12.2009 31.12.2008 G. Long term liabilities 1. Debenture loans (acc. 161+1681-169) 48 - - 2. Amounts due to crediting institutions (1621+1622+1624+1625+1627+1682+5191+5192+ 5198) 49 - - 3. Advances payments from customers (acc.419) 50 - - 4. Trade suppliers (acc. 401+404+408) 51 - - 5. Trade notes payables (acc. 403+405) 52 - - 6. Intra-group payables (1661+1685+2691+451) 53 - - 7. Amounts due with regard to controlling interests (acc. 1663+1686+2692+453) 54 - - 8. Other payables (including debts to the budget state and social security budget) (acc. 1623+1626+167+1687+2693+421+423+424+426+427 +4281+431+437+4381+441+4423+4428+444+446+ +447+4481+455+456+457+4581+462+473+509+5186 +5193+5194+5195+5196+5197) 55 - - Total : (Row. 48 to 55) 56 - - H. Provision for risks and charges 1. Provisions for pensions and other related obligations (acc. 1515) 57 - - 2. Provisions for taxes (acc. 1516) 58 - - 3. Other provisions (acc. 1511+1512+1513+1514+ 1518) 59 - - Total provisions (Row. 57 to 59) 60 - - I. Deferred revenues - investments subsidies (acc. 131+132+133+134+138) 61 - - - deferred revenues (acc. 472) 62 - - Total (row. 61+62) 63 - - J. Capital and reserves I. Capital 1. Subscribed and paid capital (acc. 1012) 64 4.989.600 4.989.600 2. Subscribed and unpaid capital (acc. 1011) 65 - - 3. The patrimony of the Regia (acc. 1015) 66 - - Total (row. 64 to 66) 67 4.989.600 4.989.600 II. Share premium (acc. 104) 68 - - III. Revaluation reserves (acc. 105) 69 - - IV. Reserves 1. Legal reserves (acc. 1061) 70 879.547 827.029 2. Reserves for own shares (acc 1063) 71 - - 3. Statutory or contractual reserves (acc. 1065) 72-4. Other reserves (acc. 1068) 73 181.672 181.672 Total (row. 70 to 73) 74 1.061.219 1.008.701 Own shares (acc. 109) 75 - - Gains related to share equity instruments (ct. 141) 76 - - Losses related to share equity instruments (ct. 149) 77 - - 10

STEELMET ROMANIA S.A. BALANCE SHEET (continued) (all amounts are expressed in RON unless otherwise stated) Row 31.12.2009 31.12.2008 V. Retained earnings ------- Balance C (acc. 117) 78 10.771.581 7.570.486 ------- Balance D (acc. 117) 79 - - VI. Current year result ------- Balance C (acc. 121) 80 832.309 3.398.668 ------- Balance D (acc. 121) 81 - - Profit appropriation 82 52.518 197.573 Own equity Total (row 67+68+69+74+75-76+77+78-79+80-81-82) 83 17.602.191 16.769.882 Public equity (acc. 1016) 84 - - Equity Total (row 83+84) 85 17.602.191 16.769.882 Approved as at 24 March 2010 by: Petros Michas Administrator Andreea Bati Chief Accountant 11

STEELMET ROMANIA S.A. INCOME STATEMENT (all amounts are expressed in RON unless otherwise stated) Row 2009 2008 1. Turnover (row. 02 to 05) 1 66.078.207 137.200.094 Sale of manufactured goods / services (acc. 701+702+703+704+705+706+708) 2 51.546 505 Sale of purchased goods (acc. 707) 3 66.026.661 137.199.589 Revenues from interest, recorded by leasing companies (acc. 766) 4 - - Revenues from grants related to turnover (acc. 7411) 5 - - 2. Change in inventory (acc. 711) ------- Balance C 6 - - ------- Balance D 7 - - 3. Revenues from production capitalized (acc.721+722) 8 - - 4. Other operating income (acc 7417+758) 9 200.273 191.634 OPERATING INCOME TOTAL (row 01+06-07+08+09) 10 66.278.480 137.391.728 5. a) Raw materials and consumables costs (acc. 601+602-7412) 11 153.792 161.042 Other material costs (603+604+606+608) 12 8.434 15.287 b) Other operating expenses (electricity, gas and water) (acc. 605-7413) 13 36.128 37.457 c) Cost of sales purchased goods (acc. 607) 14 58.716.575 125.377.931 6. Salaries costs (row 16+17) 15 1.647.510 1.694.984 a) Salaries (acc.641+642-7414) 16 1.300.180 1.339.456 b) Social security costs (acc.645-7415) 17 347.330 355.528 7. a) Adjustment to intangible and tangible assets (row 19-20) 18 255.790 272.008 a.1) Depreciation (acc. 6811+6813) 19 255.790 272.008 a.2) Revenues (acc. 7813) 20 - - 7.b) Impairment of current assets (row 22-23) 21 560.218 - b.1) Expenses (acc 654+6814) 22 560.218 538.619 b.2) Revenues (acc 754+7814) 23-538.619 8. Other operating expenses (row 25 to 28) 24 3.992.778 4.604.836 8.1. External services (acc. 611+612+613+614+621+622+623+624+625+626+627+ 628-7416) 25 3.945.199 4.480.187 8.2. Taxes and related expenses (acc. 635) 26 10.781 17.961 8.3 Expenditure for penalties, donations and ceased assets ) (acc. 658) 27 36.798 106.688 Interest expenses, recorded by leasing companies (acc.666) 28 - - Provisions for risks and charges (row 30-31) 29 - - Expenses (acc. 6812) 30 - - Revenues (acc. 7812 31 - - OPERATING EXPENSES TOTAL (row 11 to 15+18+21+24+29) 32 65.371.225 132.163.545 OPERATING RESULT Profit (row 10-32) 33 907.255 5.228.183 Loss (row 32-10) 34 - - 12

STEELMET ROMANIA S.A. INCOME STATEMENT (continued) (all amounts are expressed in RON unless otherwise stated) Row 2009 2008 9. Income from investments in other companies (acc. 7611+7613) 35 - - - out of which, income from related parties 36 - - 10. Income from other investments or long term receivables (acc. 763) 37 - - - out of which, income from related parties 38 - - 11. Interest income (acc 766) 39 86.004 161.023 - out of which, income from related parties 40 - - Other financial revenues (acc. 762+764+765+767+768) 41 2.520.647 3.660.944 FINANCIAL INCOME TOTAL (row 35+37+39+41) 42 2.606.651 3.821.967 12. Impairment of non-current and current investments 43 - - - Expenses (acc 686) 44 - - - Revenues (acc. 786) 45 - - 13. Interest expense (acc 666-7418) 46 44.687 1.485 - out of which, expense with related parties 47 - - Other financial expenses (acc. 663+664+665+667+668) 48 2.418.865 5.097.201 FINANCIAL EXPENSES TOTAL (row 43+46+48) 49 2.463.552 5.098.686 FINANCIAL RESULT Profit (row 42-49) 50 143.099 - Loss (row 49-42) 51-1.276.719 14. RESULT FROM OPERATIONS AND FINANCIAL ACTIVITIES - Profit (row 10+42-32-49) 52 1.050.354 3.951.464 - Loss (row 32+49-10-42) 53 - - 15. Extraordinary income (acc. 771) 54 - - 16. Extraordinary expenses (acc. 671) 55 - - 17. RESULT FROM EXTRAORDINARY ACTIVITY - Profit (row 54-55) 56 - - - Loss (row 55-54) 57 - - TOTAL INCOME (row 10+42+54) 58 68.885.131 141.213.695 TOTAL EXPENSES (row 32+49+55) 59 67.834.777 137.262.231 NET RESULT BEFORE TAX - Profit (row 58-59) 60 1.050.354 3.951.464 - Loss (row 59-58) 61 - - 18. INCOME TAX EXPENSE (acc. 691) 62 218.045 552.796 19. Other taxes not included above (acc. 698) 63 - - 20. NET RESULT: - Profit (row 60-61-62-63) 64 832.309 3.398.668 - Loss (row 61+62+63-60) 65 - Approved as at 24 March 2010 by: Petros Michas Administrator Andreea Bati Chief Accountant 13

STEELMET ROMANIA S.A. CASH FLOW STATEMENT (all amounts are expressed in RON unless otherwise stated) 2009 2008 Cash flows from operating activities Profit for the year before taxation 1.050.354 3.951.464 Adjustments for: Depreciation and amortisation 255.790 272.008 Profit on disposals of non-current assets - (8.652) Impairment of receivables / Losses on bad debts 560.218 538.619 Write-back of the impairment of receivables - (538.619) Interest expense 44.687 1.485 Interest income (86.004) (161.023) Unrealised exchange differences receivables 253 (5.361) Unrealised exchange differences payables (143.346) 1.505.657 Unrealised exchange differences leasing - - Operating profit before working capital changes 1.681.952 5.555.578 Increase in inventories 3.454.541 (178.844) Increase in debtors and related parties 6.909.863 (2.666.101) Increase in creditors and related parties (15.451.206) 4.252.034 Cash generated from operations (3.404.850) 6.962.667 Interest paid (44.687) (1.485) Taxation paid (233.076) (582.402) Net cash from / (used in) operating activities (3.682.613) 6.378.780 Cash flows from investing activities Interest received 86.004 161.023 Purchases of fixed assets (131.703) (116.141) Net cash from / (used) in investing activities (45.699) 44.882 Cash flows from financing activities Sale of fixed assets - 26.689 Proceeds from bank loans 28.985.714 - Repayment of bank loans (28.985.714) - Payments of finance lease liabilities - (44.361) Net cash used in financing activities - (17.672) Net increase in cash and cash equivalents (3.728.312) 6.405.990 Cash and cash equivalents at the beginning of the year 7.745.907 1.339.917 Cash and cash equivalents at the end of the year 4.017.595 7.745.907 Approved as at 24 March 2010 by: Petros Michas Administrator Andreea Bati Chief Accountant 14

STEELMET ROMANIA S.A. STATEMENT OF CHANGES IN EQUITY (all amounts are expressed in RON unless otherwise stated) Share capital Legal Reserve Other reserves Reatined earnings TOTAL Balance as of 31 December 2007 4.989.600 629.456 181.672 7.570.486 13.371.214 Net profit for the year - - - 3.398.668 3.398.668 Distribution to legal reserves - 197.573 - (197.573) - Balance as of 31 December 2008 4.989.600 827.029 181.672 10.771.581 16.769.882 Share capital Legal Reserve Other reserves Reatined earnings TOTAL Balance as of 31 December 2008 4.989.600 827.029 181.672 10.771.581 16.769.882 Net profit for the year - - - 832.309 832.309 Distribution to legal reserves - 52.518 - (52.518) - Balance as of 31 December 2009 4.989.600 879.547 181.672 11.551.372 17.602.191 Approved as at 24 March 2010 by: Petros Michas Administrator Andreea Bati Chief Accountant 15

STEELMET ROMANIA S.A. Notes to the Financial Statements for the year ended 31 December 2009 (all amounts are expressed in RON unless otherwise stated) NOTE 1: Non current assets Balance as at Additions Disposals Balance as at 1-Jan-09 Out of which: 31-Dec-09 Write offs (col.5=1+2-3) COST A B 1 2 3 4 5 Intangibles Set-up and development costs 1 - - - X - Other intangibles 2 62.877 10.660 - X 73.537 Advances and intangible assets in progress 3 - - - X - TOTAL (row 01 to 03) 4 62.877 10.660 - X 73.537 Tangible Assets Land 5 340.740 - - X 340.740 Buildings 6 1.998.164 - - - 1.998.165 Technical equipment and machinery 7 1.036.003 59.791 893 893 1.099.781 Other equipment and furniture 8 207.521 8.526 5.772 5.772 205.394 Prepayments and tangible assets in progress 9-62.071 - X 62.071 TOTAL (row 05 to 09) 10 3.582.428 130.388 6.665 6.665 3.706.151 Investments 11 - - - - - Non current assets - TOTAL (row 04+10+11) 12 3.645.305 141.048 6.665 6.665 3.779.688 16

STEELMET ROMANIA S.A. Notes to the Financial Statements for the year ended 31 December 2009 (all amounts are expressed in RON unless otherwise stated) NOTE 1: Non current assets (continued) Balance as at Depreciation Charge Accumulated depreciation Balance as at 1-Jan-09 2009 of disposals 31-Dec-09 A B 6 7 8 9 ACCUMULATED DEPRECIATION Intangibles Set-up and development costs 13 - - - - Other intangibles 14 45.554 10.032-55.586 TOTAL (row 13 to 14) 15 45.554 10.032-55.586 Tangible Assets Land 16 130.436 34.170-164.606 Buildings 17 432.783 71.960-504.743 Technical equipment and machinery 18 604.993 118.187 894 722.286 Other equipment and furniture 19 112.042 21.442 5.771 127.713 TOTAL (row 16 to 19) 20 1.280.254 245.759 6.665 1.519.348 Accumulated depreciation - TOTAL (row 15+20) 21 1.325.808 255.791 6.665 1.574.934 NET NON CURRENT ASSETS (row 12-21) 22 2.319.497 - - 2.204.754 17

STEELMET ROMANIA S.A. Notes to the Financial Statements for the year ended 31 December 2009 (all amounts are expressed in RON unless otherwise stated) NOTE 1: Non current assets (continued) As at 31 December 2009, no pledges or warranties were placed on the non-current assets of the Company. NOTE 2: Provisions for risk and charges No provisions for risk and charges have been recognised as at 31 December 2009. NOTE 3: Profit Appropriation Destination Amount Net profit to be distributed: 832.309 - legal reserve 52.518 Undistributed profit 779.791 NOTE 4: Operating result analysis 2009 2008 1. TURNOVER 66.078.207 137.200.094 2. Cost of goods sold and of services rendered 59.109.580 125.965.547 (3+4+5) 3. Direct expenses 59.109.580 125.965.547 4. Expenses related to auxiliary operations - - 5. Production overheads - - 6. Gross margin (1-2) 6.968.627 11.234.547 7. Sales and distribution expenses 1.754.441 1.960.639 8. General and administration expenses 3.910.188 4.130.671 9. Other operating income / (expenses) net (396.743) 84.946 10. Operating result (6-7-8+9) 907.255 5.228.183 18

STEELMET ROMANIA S.A. Notes to the Financial Statements for the year ended 31 December 2009 (all amounts are expressed in RON unless otherwise stated) NOTE 5: Receivables and payables Receivables Balance as at 31 December 2009 Less than 1 year LIQUIDITY Above 1 year Trade receivables 12.291.739 12.291.739 - Trade receivables from group companies (see Note 14) 120.736 120.736 - Accrued receivables 46.941 46.941 - Accrued receivables from group companies (see Note 14) - - - Impairment of receivables (563.020) (563.020) - Advances to suppliers 141.509 141.509 - Income tax receivable (see Note 13) 266.640 266.640 - Sundry debtors 22.666 22.666-12.327.211 12.327.211 - Balance as at 31 December 2008 Less than 1 year LIQUIDITY Above 1 year Trade receivables 19.490.180 19.490.180 - Trade receivables from group companies (see Note 14) 25.456 25.456 - Accrued receivables 744.212 744.212 - Accrued receivables from group companies (see Note 14) - - - Impairment of receivables (2.803) (2.803) - Advances to suppliers 242.475 242.475 - Income tax receivable (see Note 13) 251.609 251.609 - Sundry debtors 23.607 23.607-20.774.736 20.774.736-19

STEELMET ROMANIA S.A. Notes to the Financial Statements for the year ended 31 December 2009 (all amounts are expressed in RON unless otherwise stated) NOTE 5: Receivables and payables (continued) Liabilities Balance as at 31 December 2009 Less than 1 year DUE IN 1-5 years Above 5 years Trade payables 31.888 31.888 - - Trade payables to group companies (see Note 14) 13.135.316 13.135.316 - - Accrued payables 66.487 66.487 - - Accrued payables to group companies (see Note 14) 1.706 1.706 - - Advances from clients 39.432 39.432 - - Salaries 14.688 14.688 - - Social security fund 52.280 52.280 - - Health fund 8.672 8.672 - - Unemployment fund 2.087 2.087 - - Other taxes related to salaries 23.763 23.763 - - VAT payable 505.695 505.695 - - Sundry creditors 10.677 10.677 - - 13.892.691 13.892.691 - - Balance as at 31 December 2008 Less than 1 year DUE IN 1-5 years Above 5 years Trade payables 38.783 38.783 - - Trade payables to group companies (see Note 14) 29.018.841 29.018.841 - - Accrued payables 103.076 103.076 - - Accrued payables to group companies (see Note 14) 23.920 23.920 - - Advances from clients 33.969 33.969 - - Salaries 49.851 49.851 - - Social security fund 44.384 44.384 - - Health fund 18.685 18.685 - - Unemployment fund 2.016 2.016 - - Other taxes related to salaries 25.181 25.181 - - VAT payable 1.179.458 1.179.458 - - Sundry creditors 5.120 5.120 - - 30.543.284 30.543.284 - - 20

STEELMET ROMANIA S.A. Notes to the Financial Statements for the year ended 31 December 2009 (all amounts are expressed in RON unless otherwise stated) NOTE 6: Accounting principles, policies and methods a) Basis of preparation of financial statements These financial statements have been prepared in accordance with Minister of Finance Order no. 1752/2005 ( MOF 1752/2005 ), modified and completed by Order no. 2374/2008 issued by the Ministry of Economy and Finances. MOF 1752/2005, with all further changes, requires that the financial statements should be prepared in accordance with: Accounting Law 82/1991 (republished) Disclosure requirements specified by MOF 1752/2005, with all further changes The source accounting records on which these financial statements are based are maintained in Romanian lei ( RON ). b) Foreign currency translations and balances Transactions arising in foreign currencies (primarily euro ( EUR )) are translated into RON at the rate of exchange of the date of the transaction. Assets and liabilities denominated in foreign currencies at the balance sheet date are translated into RON at the period-end rates of exchange. The resulting foreign currency exchange gains and losses are recognised in the statement of income, as part of financial income or expense. At 31 December 2009 the closing exchange rates used for translating foreign currencies balances were EUR 1 = RON 4,2282, USD 1 = RON 2,9361 and at 31 December 2008 they were EUR 1 = RON 3,9852, USD 1 = RON 2,8342. The exchange rates used by the company are those published by the Romanian National Bank. c) Intangible assets Intangible assets are recognised according to the provisions of MFO 1752/2005 and are amortised over the period of the useful life of the asset. Intangible assets acquired separately from the business are capitalised at cost. Intangible assets excluding development costs, created within the business are not capitalised and expenditure is charged against profits or losses in the year in which it is incurred. d) Property plant and equipment There was no revaluation of the fixed assets carried on since the beginning of the activity. The property, plant and equipment are stated at cost less accumulated depreciation. The cost price of property, plant and equipment comprises of the purchase price, including import duties and non-refundable purchase taxes and directly attributable costs of bringing the asset to its present location and condition. 21

STEELMET ROMANIA S.A. Notes to the Financial Statements for the year ended 31 December 2009 (all amounts are expressed in RON unless otherwise stated) NOTE 6: Accounting principles, policies and methods (continued) Depreciation is calculated on a straight-line basis over the whole useful lives of assets, as follows: Category Years Software 3 Technological equipments 5-15 Vehicles 5 Office equipment 3-15 The assets residual values and useful lives are reviewed, and adjusted if appropriate, at each balance sheet date. Where the carrying amount of an asset is greater than its estimated recoverable amount, the asset is written down immediately to its recoverable amount. Expenditure for repairs and maintenance of property, plant and equipment is charged to the income statement of the year in which it is incurred. The cost of major renovations and other subsequent expenditure are included in the carrying amount of the asset when it is probable that future economic benefits in excess of the originally assessed standard of performance of the existing asset will flow to the Company. Major renovations are depreciated over the remaining useful life of the related asset. Gains and losses on disposal of property, plant and equipment are determined by comparing proceeds with carrying amount and are included in profit from operations. There were no borrowing costs capitalized in the value of the assets since the beginning of the activity. Impairment of assets Assets that have an indefinite useful life are not subject to amortisation and are tested annually for impairment. Assets that are subject to depreciation or amortisation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset s fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash generating units). 22

STEELMET ROMANIA S.A. Notes to the Financial Statements for the year ended 31 December 2009 (all amounts are expressed in RON unless otherwise stated) NOTE 6: Accounting principles, policies and methods (continued) e) Inventories Beginning with 1 January 2009 the Company has changed its valuation method from FIFO to WAC. Inventories are stated at the lower of cost and net realisable value. Cost includes all costs incurred in bringing each product to its present location and conditions. Net realisable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and costs necessary to make the sale. Where applicable, a provision is done for obsolete, slow moving or scraped inventories. f) Trade receivables Trade receivables are carried at original invoice amount less impairment of these receivables. An impairment of trade receivables is established when there is objective evidence that the Company will not be able to collect amounts due according to the original terms of receivables. The amount of the impairment is the difference between the carrying amount and the recoverable amount. The amount of the impairment is recognised in the income statement. g) Cash and cash equivalents Cash and cash equivalents comprise cash in hand, cash advances and short term deposits with an original maturity of three months or less. h) Trade payables Trade and other liabilities are carried at cost that is the fair value of the consideration to be paid in the future for the goods and services received, whether or not invoiced to the Company. i) Borrowings Borrowings are recorded initially at the proceeds received, net of transaction costs incurred. Borrowings are subsequently stated at amortised cost. Any differences between the proceeds (net of transaction costs) and the redemption value is recognised in the income statement over the period of the borrowings using the effective interest method. j) Leased assets Where assets are financed by leasing arrangements that give rights approximating to ownership (finance leases), the assets are treated as if they were purchased outright. The amount capitalised is the present value of the minimum lease payments payable during the lease term. The corresponding leasing commitments are shown as obligations under finance leases. Depreciation on the relevant assets is charged to the income statement. Lease payments are analysed between capital and interest components so that the interest element of the payment is charged to the income statement over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. The capital part reduces the amount payable to the lessor. 23

STEELMET ROMANIA S.A. Notes to the Financial Statements for the year ended 31 December 2009 (all amounts are expressed in RON unless otherwise stated) NOTE 6: Accounting principles, policies and methods (continued) k) Provisions Provisions are recognized when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Where the Company expects a provision to be reimbursed, the reimbursement is recognised as a separate asset but only if it is virtually certain. l) Employee benefits Within the current activity, the company makes payments to the Romanian state for the benefit of their employees. All the company employees are included in the Pension Plan of the Romanian State. The company operates no other pension scheme or post-pensioning benefits plan and, as a consequence, there is no obligation regarding pensions. Moreover, the company has no obligation in supplying additional benefits to its former or present employees. m) Share capital Ordinary shares are classified as equity. n) Reserves The company has legal reserves and other reserves represented by the difference due to the restatement of the share capital as of 31 December 2000. o) Non-current liabilities Non current liabilities represent amounts that are due more than twelve months from the balance sheet date. p) Revenues Revenue is recognized in the accounting periods in which the services / goods are rendered / dispatched. r) Finance costs Interest expense and other borrowing costs are charged to the income statement as incurred with the exception on finance costs relating to development projects which are transferred to development cost until the date of completion. 24

STEELMET ROMANIA S.A. Notes to the Financial Statements for the year ended 31 December 2009 (all amounts are expressed in RON unless otherwise stated) NOTE 6: Accounting principles, policies and methods (continued) s) Taxation Current tax liabilities and assets for the current and prior periods are measured at the amount expected to be paid to or recovered from the taxation authorities, using the tax rates and laws that have been enacted, or substantively enacted, by the balance sheet date. Deferred tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. Currently enacted tax rates are used in the determination of deferred tax. Deferred tax assets are recognised to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when the deferred taxes relate to the same fiscal authority. t) Subsequent events Post year end events that provide additional information about the Company s position at the balance sheet date or those that indicate the going concern assumption is not appropriate (adjusting events), are reflected in the accompanying financial statements. Post year end events that are not adjusting events are disclosed in the notes when material. u) Contingencies Contingent liabilities are not recognised in the accompanying financial statements. They are disclosed unless the possibility of an outflow of resources embodying economic benefits is remote. v) Related parties Parties are considered related when one party either through ownership, contractual rights, family relationship or otherwise, has the ability to directly or indirectly control, or significantly influence the other party. w) Comparative figures The financial statements will be presented as comparable with the ones presented in the prior period. If the comparability can not be assured, the figures from the prior period will be restated, and the adjustments will be presented in the financial statements. 25

STEELMET ROMANIA S.A. Notes to the Financial Statements for the year ended 31 December 2009 (all amounts are expressed in RON unless otherwise stated) NOTE 7: Shares and debentures The share capital of the Company as at 31 December 2009 is RON 4.989.600, representing 118.800 common shares with a nominal value of RON 42 each. The share capital was fully paid. Shareholders structure is presented in the table below : ELVAL S.A. 40,00% HALCOR S.A. 40,00% ETEM S.A. LIGHT METALS COMPANY 20,00% TOTAL 100,00% NOTE 8: Information regarding employees, administrators and management During the year ended 31 December 2009 the management of the company was provided by Mr. Petros Michas, as administrator and general manager, together with the other members of the Board of Administrators: Konstantinos Laios Avram Meyir Markos Kallergis Ioannidis Efkleidis Michas Petros - President of the Board of Administrators - Administrator - Administrator - Administrator - Administrator and General Manager The level of remuneration of the general manager was established by the Board of Administrators. The Company has no pension obligations to former administrators or managers as of 31 December 2009. No advances (except of the treasury advances) or loans were made to administrators or managers during the year ended 31 December 2009. As at 31 December 2009 there were no outstanding treasury advances given to the general manager. As of 31 December 2009 there were no guarantees or other future obligations made by the Company in relation to administrators or managers. The amounts representing gross salaries and related taxes for the year 2009 are as follows: Explanation 2009 2008 Average number of employees during the year total 32 34 Average number of employees during the year management 4 4 Average number of employees during the year employees 28 30 26

STEELMET ROMANIA S.A. Notes to the Financial Statements for the year ended 31 December 2009 (all amounts are expressed in RON unless otherwise stated) NOTE 8: Information regarding employees, administrators and management (continued) Management 2009 2008 Salary expense for the year 133.126 127.687 Expenses with taxes related to salaries for the year 36.676 35.322 Employees Salary expense for the year 1.167.054 1.211.769 Expenses with taxes related to salaries for the year 310.654 320.206 Total Salary expense for the year 1.300.180 1.339.456 Expenses with taxes related to salaries for the year 347.330 355.528 NOTE 9: Analysis of main financial ratios PROFITABILITY AND RETURN ON EQUITY 2009 2008 Return on capital employed Profit before interest and taxation (A) 1.095.041 3.952.949 Capital employed (B) 17.602.191 16.769.882 A/B 6,22% 23,57% Return on equity Net profit (A) 832.309 3.398.668 Equity (B) 17.602.191 16.769.882 A/B 4,73% 20,27% Operating result ratio Gross profit from sales (A) 7.361.632 11.822.163 Turnover (B) 66.078.207 137.200.094 A/B 11,14% 8,62% Operating result ratio Profit from operation (A) 907.255 5.228.183 Operating revenues (B) 66.278.480 137.391.728 A/B 1,37% 3,81% Net profit ratio Net profit (A) 832.309 3.398.668 Total income (B) 68.885.131 141.213.695 A/B 1,21% 2,41% Fixed assets turnover Turnover (A) 66.078.207 137.200.094 Fixed assets (B) 2.204.754 2.319.497 A/B 29,97 59,15 Total assets turnover Turnover (A) 66.078.207 137.200.094 Total assets (B) 31.494.882 47.313.166 A/B 2,10 2,90 27

STEELMET ROMANIA S.A. Notes to the Financial Statements for the year ended 31 December 2009 (all amounts are expressed in RON unless otherwise stated) NOTE 9: Analysis of main financial ratios (continued) DEBT 2009 2008 Debt ratio Total liabilities (A) 13.892.691 30.543.284 Total assets (B) 31.494.882 47.313.166 A/B 44,11% 64,56% Gearing Total long term debts (A) - - Total assets less current liabilities (B) 17.602.192 16.769.882 A/B - - Interest cover Profit before interest and taxation (A) 1.095.041 3.952.949 Interest expense (B) 44.687 1.485 A/B- times 24,50 2.661,92 LIQUIDITY AND WORKING CAPITAL 2009 2008 Current ratio Current assets (A) 29.290.128 44.993.669 Current liabilities (B) 13.892.691 30.543.284 (A/B) 2,11 1,47 Quick ratio Current assets (A) 29.290.128 44.993.669 Inventories (B) 12.903.118 16.357.659 Current liabilities (C) 13.892.691 30.543.284 (A-B)/C 1,18 0,94 Accounts receivable collection period Trade receivables (A) 11.936.000 20.492.897 Turnover (B) 66.078.207 137.200.094 (A/B)*365- days 66 55 Inventory turnover period Inventories (A) 12.893.389 16.350.348 Cost of goods sold (B) 58.716.575 125.377.931 (A/B)*365- days 80 48 Accounts payable payment period Trade payable (A) 13.114.662 29.159.165 Cost of raw materials and consumables/ cost of services/ cost of goods sold (B) 62.860.128 130.071.904 (A/B)*365- days 76 82 28

STEELMET ROMANIA S.A. Notes to the Financial Statements for the year ended 31 December 2009 (all amounts are expressed in RON unless otherwise stated) NOTE 10: Other information a) General information The company Steelmet Romania S.A. was incorporated on March 2000. The company is registered at the Registry of Commerce Office under the number J40/2207/07.03.2000 with the fiscal code RO 12750898. The company s premises are at no. 42 Drumul intre Tarlale Street, 3 rd district, Bucharest. The company s main object of activity is the sale of the metal products used in constructions into the Romanian market. The main suppliers for the goods bought for sales are the companies from the group (see Note 14). Until 31 December 2004 the financial statements of the Company were verified by the censors in accordance with the Companies Law no.31/1990 that has stipulated the fact that the financial statements should have been verified by censors or audited by independent financial auditors. b) Audit fees The contractual costs regarding the audit fees, for the financial statements as at 31 of December 2009, prepared in accordance with MFO No. 1752/2005 and for the ones prepared in accordance with IFRS, are in the amount of EUR 15.500, equivalent of 65.537 RON at the closing exchange rate. NOTE 11: Cash and cash equivalents Cash and cash equivalents comprise the following amounts: 31 Decembrie 2009 31 Decembrie 2008 Cheques 3.774.306 5.158.555 Bank accounts in RON 183.544 2.542.451 Bank accounts in foreign currencies 57.967 40.709 Petty cash in RON 1.778 4.192 Cash advances - - Total cash and cash equivalents 4.017.595 7.745.907 29

STEELMET ROMANIA S.A. Notes to the Financial Statements for the year ended 31 December 2009 (all amounts are expressed in RON unless otherwise stated) NOTE 12: Obligations under operating lease The minimum lease payments are analysed as follows: 31 December 2009 31 December 2008 Liabilities from operational leasing activities Up to 1 year 18.680 98.869 Between 1 and 5 years 23.140 166.099 More than 5 years - - Total 41.820 264.968 The value of the operational leasing expenses is presented below: 31 December 2009 31 December 2008 The rent expenses 105.682 91.364 Total 105.682 91.364 NOTE 13: Tax on profit The expenses with the tax on profit comprise the followings: 31 December 2009 31 December 2008 Current tax on profit 218.045 552.796 Deferred profit tax - - Total expenses with the tax on profit 218.045 552.796 30

STEELMET ROMANIA S.A. Notes to the Financial Statements for the year ended 31 December 2009 (all amounts are expressed in RON unless otherwise stated) NOTE 13: Tax on profit (continued) The reconciliation between accounting profit, current tax on profit and the current liability for tax on profit is shown below: 31 Decembrie 2009 31 Decembrie 2008 Operating profit 907.255 5.228.183 Profit from the financial activity 143.099 (1.276.719) Accounting result - profit 1.050.354 3.951.464 Taxable losses carried forward - - Deduction of taxable income and legal reserves (52.518) (197.573) Adding the non deductible expenses 594.692 163.586 Taxable profit 1.592.528 3.917.477 Current tax on profit expenses (2009 = 16%, 2008=16%) 254.804 626.796 Profit tax payable as at the beginning of the year (251.609) (222.003) Donations (36.759) (74.000) Paid during the year (233.076) (582.402) Profit tax payable as at the end of the year (266.640) (251.609) NOTE 14: Related parties The Company is a part of the Viohalco Group of companies. The ultimate controlling party is Viohalco Hellenic Copper and Aluminium Industry S.A. from Greece. These financial statements are the individual financial statements of the Company and not the financial statements of the group. There is no need of consolidated financial statements, as the company has no subsidiaries or investments in associates. The related parties of Steelmet Romania S.A. as at 31 December 2009 are: 31

STEELMET ROMANIA S.A. Notes to the Financial Statements for the year ended 31 December 2009 (all amounts are expressed in RON unless otherwise stated) NOTE 14: Related parties (continued) No. Name Country of Type of relation origin 1 Halcor S.A. Grecia actionar si parte a grupului Viohalco 2 Elval Hellenic Aluminium Industry S.A. Grecia actionar si parte a grupului Viohalco 3 Etem S.A. Grecia actionar si parte a grupului Viohalco 4 Steelmet Ltd. Cipru parte a grupului Viohalco 5 Icme Ecab S.A. Romania parte a grupului Viohalco 6 Viexal Ltd. Grecia parte a grupului Viohalco 7 Sofia Med S.A. Bulgaria parte a grupului Viohalco 8 Steelmet S.A. Sofia Bulgaria parte a grupului Viohalco 9 Etem Systems S.R.L. Romania parte a grupului Viohalco 10 Symetal S.A. Grecia parte a grupului Viohalco 11 Etalbond S.A. Grecia parte a grupului Viohalco Balances and transactions between related parties are presented in the tables below: AMOUNTS DUE FROM RELATED PARTIES: 31 Decembrie 2009 31 Decembrie 2008 Elval Hellenic Aluminium Industry S.A. 41.712 - Etem Systems S.R.L. 18.796 25.456 Etalbond S.A. 47.796 - Icme Ecab S.A. 2.910 - Steelmet S.A. Sofia 9.522 - Total 120.736 25.456 32

STEELMET ROMANIA S.A. Notes to the Financial Statements for the year ended 31 December 2009 (all amounts are expressed in RON unless otherwise stated) NOTE 14: Related parties (continued) AMOUNTS DUE TO RELATED PARTIES: 31 Decembrie 2009 31 Decembrie 2008 Elval Hellenic Aluminium Industry S.A. 1.172.054 7.527.139 Etem S.A. 35.970 2.106.045 Etem Systems S.R.L. 15.941 - Etalbond S.A. 632.521 - Halcor S.A. 8.889.989 12.175.791 Icme Ecab S.A. 32.509 116.751 Sofia Med S.A. 1.747.388 4.910.792 Steelmet S.A. Sofia 481.406 1.917.495 Steelmet Ltd. 30.347 62.641 Symetal S.A. 97.117 225.380 Viexal Ltd. 1.780 725 Total 13.137.022 29.042.761 SERVICES RENDERED: 2009 2008 Elval Hellenic Aluminium Industry S.A. 41.712 - Etalbond S.A. 47.796 - Halcor S.A. - 53.340 Etem S.A. - 91.185 Steelmet S.A. Sofia 9.571 - Total 99.078 144.525 SERVICES RECEIVED: 2009 2008 Icme Ecab S.A. 1.078.079 994.211 Steelmet Ltd. 1.581.886 2.069.973 Elval Hellenic Aluminium Industry S.A. 145.881 215.982 Viexal Ltd. 11.051 11.145 Total 2.816.897 3.291.311 33

STEELMET ROMANIA S.A. Notes to the Financial Statements for the year ended 31 December 2009 (all amounts are expressed in RON unless otherwise stated) NOTE 14: Related parties (continued) SALES OF FIXED ASSETS: 2009 2008 Icme Ecab S.A. 471 2.389 Total 471 2.389 SALES OF GOODS (STOCKS): 2009 2008 Etem Systems S.R.L. 70.628 297.641 Icme Ecab S.A. 3.934 5.162 Etil S.A. - 655.842 Total 74.562 958.645 PURCHASES OF GOODS (STOCKS): 2009 2008 Elval Hellenic Aluminium Industry S.A. 3.119.335 26.955.336 Etem S.A. 2.081.333 11.437.607 Etem Systems S.R.L. 30.548 34.331 Etalbond S.A. 1.655.055 64.643.074 Halcor S.A. 34.075.360 - Sofia Med S.A. 8.482.876 15.447.023 Steelmet S.A. Sofia 4.870.803 7.375.357 Symetal S.A. 901.814 760.929 Total 55.217.125 126.653.657 The amounts representing balances in foreign currencies as at the year end were calculated using the closing exchange rates for the year 2009 and 2008, except of the balances in local currency. The transactions are presented at their historical values, as recorded in the accounting. 34

STEELMET ROMANIA S.A. Notes to the Financial Statements for the year ended 31 December 2009 (all amounts are expressed in RON unless otherwise stated) NOTE 15: Financial risk management (1) Financial risk factors The Company is exposed to market price risk, interest rate risk, credit risk, liquidity risk and currency risk arising from the financial instruments it holds. The risk management policies employed by the Company to manage these risks are discussed below: (1.1) Market price risk Market price risk is the risk that the value of financial instruments will fluctuate as a result of changes in market prices. The Company's available for sale financial assets and financial assets at fair value through profit or loss are susceptible to market price risk arising from uncertainties about future prices of the investments. The Company's market price risk is managed through diversification of the investment portfolio. (1.2) Interest rate risk Interest rate risk is the risk that the value of financial instruments will fluctuate due to changes in market interest rates. The Company's income and operating cash flows are substantially independent of changes in market interest rates as the Company has no significant interest bearing assets. The Company is not exposed to interest rate risk since it does not have loans. The management of Company monitors interest rate fluctuations in a continuous manner and acts in consequence. (1.3) Credit risk Credit risk arises when a failure by counter parties to discharge their obligations could reduce the amount of future cash inflows from financial assets on hand at the balance sheet date. The Company has no significant concentration of credit risk. The Company has policies in place to ensure that sales of products and services are made to customers with an appropriate credit history and monitors on a continuous basis the ageing profile of its receivables. Cash balances are held with high credit quality financial institutions and the Company has policies to limit the amount of credit exposure to any financial institution. (1.4) Liquidity risk Liquidity risk is the risk that arises when the maturity of assets and liabilities does not match. An unmatched position potentially enhances profitability, but can also increase the risk of losses. The Company has procedures with the object of minimising such losses such as maintaining sufficient cash and other highly liquid current assets and by having available an adequate amount of committed credit facilities. (1.5) Currency risk Currency risk is the risk that the value of financial instruments will fluctuate due to changes in foreign exchange rates. Currency risk arises when future commercial transactions and recognised assets and liabilities are denominated in a currency that is not the Company's measurement currency. The Company is exposed to foreign exchange risk arising from various currency exposures primarily with respect to the Euro and the US Dollar. The Company's management monitors the exchange rate fluctuations on a continuous basis and acts accordingly. 35

STEELMET ROMANIA S.A. Notes to the Financial Statements for the year ended 31 December 2009 (all amounts are expressed in RON unless otherwise stated) NOTE 15: Financial risk management (continued) (1.6) Price risk Price risk is the risk of a financial instrument to fluctuate as a result of the changes in the market, even if these changes are caused by specific factors of individual financial instruments, caused by the issuer, or factors which affect all the financial instruments present on the market. (2) Fair value estimation The fair values of the Company's financial assets and liabilities approximate their carrying amounts at the balance sheet date. NOTE 16: Critical accounting estimates and professional judgements Estimates and professional judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will be, by definition, seldom equal to the actual results. NOTE 17: Contingencies and commitments The Company had no contingencies, capital or other commitments as at the end of the year 2009. NOTE 18: Taxation and legal environment in Romania The legislation and fiscal environment in Romania change frequently and are subject to different interpretations by various Ministries of the Government. Consequently, in case of a tax audit, the Company s judgment regarding legal and fiscal matters may not correspond to that of the Romanian tax authorities. Although the Company s management believes that it has adequately provided for tax liabilities, the risk remains that tax authorities could have different interpretation of legal and tax matters and the effect on the accompanying financial statements could be significant. NOTE 19: Post balance sheet events As at the date of the financial statements the company did not collect any amount due from RAAL S.A. Bistrita, as it was stated in the agreed schedule of payments. Elval Hellenic Aluminium Industry S.A. has assumed its full financial support in the case when the company will not recover the amounts receivable from the above mentioned client. Therefore, any negative potential impact related to the above matter might not affect the individual accounts of Steelmet Romania S.A.. However, the above matter might affect the consolidated accounts of the group. Except as presented above, there are no other material post balance sheet events, which have a bearing on the understanding of the financial statements for the year ended 31 December 2009. 36

ΒΙΟΜΗΧΑΝΙΑ ΜΟΡΦΟΠΟΙΗΣΗΣ ΑΛΟΥΜΙΝΙΟΥ AΡ.Μ.Α.Ε. 9699/12/β/86/52 ΥΠΟΥΡΓΕΙΟ ΑΝΑΠΤΥΞΗΣ Α.Φ.Μ. 094102876 - Δ.Ο.Υ. ΧΑΛΚΙΔΑΣ Ετήσιες Οικονομικές Καταστάσεις (Εταιρικές και Ενοποιημένες) σύμφωνα με τα Διεθνή Πρότυπα Χρηματοοικονομικής Πληροφόρησης («ΔΠΧΠ») της 31ης Δεκεμβρίου 2009 Ο Πρόεδρος Δ.Σ. Ο Εντεταλμένος Σύμβουλος Ένας Σύμβουλος Ο Οικονομικός Διευθυντής ΝΙΚΟΛΑΟΣ Μ. ΠΑΣΣΑΣ Ν. ΒΑΣΙΛΕΙΟΣ Α. ΙΩΑΝΝΗΣ Γ. ΑΛΕΞΑΚΗΣ ΓΕΩΡΓΙΟΣ ΑΠΟΣΤΟΛΟΥ ΚΟΥΣΕΡΗΣ Α.Δ.Τ. Σ 281217 Α.Δ.Τ. Φ 020251 Α.Δ.Τ. Τ 306057 Α.Δ.Τ. ΑΕ 989845 Α.Μ. 2098 Α ΤΑΞΗΣ ΒΙΟΜΑΛ Α.Ε. ΒΙΟΜΗΧΑΝΙΑ ΜΟΡΦΟΠΟΙΗΣΗΣ ΑΛΟΥΜΙΝΙΟΥ Α.Ε. ΑΡ.Μ.Α.Ε. 9699 / 12 / Β / 86 / 52 Βατώντας Ν. Αρτάκης 34 600

ΒΙΟΜΗΧΑΝΙΑ ΜΟΡΦΟΠΟΙΗΣΗΣ ΑΛΟΥΜΙΝΙΟΥ Περιεχόμενα Σελίδα Ι. ΙΣΟΛΟΓΙΣΜΟΙ ΤΗΣ 31ης ΔΕΚΕΜΒΡΙΟΥ 2009 3 ΙΙ. ΚΑΤΑΣΤΑΣΕΙΣ ΛΟΓΑΡΙΑΣΜΟΥ ΑΠΟΤΕΛΕΣΜΑΤΩΝ 4 ΙΙΙ. ΚΑΤΑΣΤΑΣΕΙΣ ΜΕΤΑΒΟΛΩΝ ΙΔΙΩΝ ΚΕΦΑΛΑΙΩΝ 5 ΙV. ΚΑΤΑΣΤΑΣΕΙΣ ΤΑΜΕΙΑΚΩΝ ΡΟΩΝ 6 V. ΣΗΜΕΙΩΣΕΙΣ ΕΠΙ ΤΩΝ ΟΙΚΟΝΟΜΙΚΩΝ ΚΑΤΑΣΤΑΣΕΩΝ 7 1. ΓΕΝΙΚΕΣ ΠΛΗΡΟΦΟΡΙΕΣ 7 2. ΣΥΝΟΨΗ ΣΗΜΑΝΤΙΚΩΝ ΛΟΓΙΣΤΙΚΩΝ ΑΡΧΩΝ 7 2.1 Πλαίσιο κατάρτισης των οικονομικών καταστάσεων 7 2.2 Συναλλαγματικές μετατροπές 8 2.3 Ενσώματα πάγια περιουσιακά στοιχεία 8 2.4 Άϋλα περιουσιακά στοιχεία 9 2.5 Απομείωση αξίας περιουσιακών στοιχείων 9 2.6 Αποθέματα 10 2.7 Εμπορικές και λοιπές βραχυπρόθεσμες απαιτήσεις 10 2.8 Ταμειακά διαθέσιμα και ισοδύναμα 10 2.9 Μετοχικό κεφάλαιο 10 2.10. Δανεισμός 10 2.11. Φορολογία 11 2.12. Παροχές στο προσωπικό 11 2.13. Επιχορηγήσεις 12 2.14. Προβλέψεις 12 2.15. Αναγνώριση εσόδων 13 2.16. Πληροφόριση κατά τομέα 13 2.17. Κέρδη / (ζημιές) ανά μετοχή 14 2.18. Διανομή μερισμάτων 14 2.19. Νέα πρότυπα και Διερμηνείες 14 3. ΔΙΑΧΕΙΡΙΣΗ ΧΡΗΜΑΤΟΟΙΚΟΝΟΜΙΚΟΥ ΚΙΝΔΥΝΟΥ 22 3.1. Παράγοντες χρηματοοικονομικού κινδύνου 22 4. Σημαντικές λογιστικές εκτιμήσεις και κρίσεις της Διοικήσεως 23 4.1 ΠΛΗΡΟΦΟΡΗΣΗ ΚΑΤΑ ΤΟΜΕΑ 25 5. ΕΝΣΩΜΑΤΑ ΠΑΓΙΑ ΠΕΡΙΟΥΣΙΑΚΑ ΣΤΟΙΧΕΙΑ 28 6. ΑΥΛΑ ΠΕΡΙΟΥΣΙΑΚΑ ΣΤΟΙΧΕΙΑ 29 7. ΑΝΑΒΑΛΛΟΜΕΝΗ ΦΟΡΟΛΟΓΙΑ 30 8. ΑΠΟΘΕΜΑΤΑ 32 9. ΑΠΑΙΤΗΣΕΙΣ 33 10. ΤΑΜΕΙΑΚΑ ΔΙΑΘΕΣΙΜΑ ΚΑΙ ΤΑΜΕΙΑΚΑ ΙΣΟΔΥΝΑΜΑ 34 11. ΜΕΤΟΧΙΚΟ ΚΕΦΑΛΑΙΟ 35 12. ΑΠΟΘΕΜΑΤΙΚΑ 36 13. ΔΑΝΕΙΣΜΟΣ 37 14. ΥΠΟΧΡΕΩΣΕΙΣ ΠΑΡΟΧΩΝ ΠΡΟΣΩΠΙΚΟΥ ΛΟΓΩ ΕΞΟΔΟΥ ΑΠΟ ΤΗΝ ΥΠΗΡΕΣΙΑ 38 15. ΕΠΙΧΟΡΗΓΗΣΕΙΣ 39 16. ΠΡΟΜΗΘΕΥΤΕΣ ΚΑΙ ΛΟΙΠΕΣ ΥΠΟΧΡΕΩΣΕΙΣ 40 17. ΕΞΟΔΑ ΑΝΑ ΚΑΤΗΓΟΡΙΑ 41 18. ΠΑΡΟΧΕΣ ΣΕ ΕΡΓΑΖΟΜΕΝΟΥΣ 42 19. ΧΡΗΜΑΤΟΟΙΚΟΝΟΜΙΚΟ ΚΟΣΤΟΣ 43 20. ΦΟΡΟΣ ΕΙΣΟΔΗΜΑΤΟΣ 44 21. ΛΕΙΤΟΥΡΓΙΚΑ ΕΣΟΔΑ / ΕΞΟΔΑ (ΚΑΘΑΡΑ) 45 22. ΤΑΜΕΙΑΚΕΣ ΡΟΕΣ ΑΠΟ ΛΕΙΤΟΥΡΓΙΚΕΣ ΔΡΑΣΤΗΡΙΟΤΗΤΕΣ 46 ΕΤΗΣΙΕΣ ΟΙΚΟΝΟΜΙΚΕΣ ΚΑΤΑΣΤΑΣΕΙΣ 31/12/2009 1