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Report for the unaudited six months ended 30 June 2011

Neuchâtel, 27 July 2011 - For the six months ended 30 June 2011 the Metalor Technologies International SA group (“Metalor”, the “Group”) achieved Net Sales of CHF190.8 million (June 2010: CHF167.9 million), up 13.7% on the same period last year. High precious metals prices provided an undeniable boost to performance, however, with the exception of Electrotechnics division, this was largely offset by the strength of the Swiss franc compared to key trading currencies US Dollar, Euro and Sterling. The first half was strong for both the Refining and Electrotechnics divisions whose Net Sales were up 12.7% and 10.8% respectively, while Advanced Coatings, which benefitted from the acquisition of the coatings business of NE Chemcat in Asia, delivered 36.3% growth on the previous year, despite a slight decline of 0.2% on a like for like basis.

EBIT was CHF51.3 million, up 71.6% versus the CHF 29.9 million of the previous year, with all three divisions contributing to this growth as Gross Margins were increased while Selling, Legal and General expenses remained flat versus 2010.

Net Profit was CHF53.2 million (2010: CHF 32.7 million) and included, within Non Operating Items, gains of CHF19.8 million from completion of the disposal program of certain reserves of platinum group metals.

  • The Refining Division performed strongly, allowing the division’s Net Sales to reach CHF63.7 million (2010: CHF56.5 million), up 12.7%. The strength of the Swiss franc largely offset the direct benefit of high metal prices. Nevertheless, indirectly metal price levels and volatility drove sustained activity levels. Refining division’s EBIT margin was excellent as the sales performance could be leveraged into EBIT through careful metal management and cost control both in production and

  • Advanced Coatings Division year to date Net Sales were 36.3% higher than last year at CHF55.9 million (2010: CHF41.0 million). On 1 April, the division completed the acquisition of the coatings business in Asia of NE Chemcat Corporation, adding a direct presence in Japan and Korea. On a like for like basis Net Sales were 0.2% lower than last year mainly due to the impact of the strong Swiss franc on the Americas business but this was offset by good performance in Europe while Asia was flat versus last year due. In Asia growing global economic uncertainty and the Japanese earthquake had an impact on electronics sector production throughout the region. None of Metalor’s direct activities or customers were impacted by the earthquake.

  • Electrotechnics Division continued to experience the benefits of very high silver prices, and Net Sales increased from to CHF72.6 million (2010: CHF65.5 million), up 10.8%. However, towards the end of the half year strong demand levels noted earlier in the year showed clear signs of calming. The Americas activities acquired in January 2010 continued to grow in both Net Sales and contribution to EBIT. The combination of very strong metal margins and carefully controlled manufacturing and administration costs allowed the division to increase EBIT to 20.5% of Net Sales, a 210.4% increase on the prior year period.

Strong trading combined with high precious metals prices put strong pressure on the Group’s working capital, and in particular trade receivables which increased CHF69.2million to CHF214.1 million, although there was no deterioration in any of the divisions’ days sales outstanding ratios. Inventory fell from CHF85.0 million to CHF69.2 million including the impact of platinum group metal sales of CHF30.1 million at book value (and CHF51.2 million cash inflow), while trade payables remained steady. In view of high copper prices the Electrotechnics division could achieve significant purchasing savings by providing its suppliers with copper on a pool account basis, and at 30 June 2011 had a CHF3.3 million copper position within inventory. The acquisition of the NE Chemcat coatings business cost CHF61.6 million of which some 80% was funded by 5 year term debt from a small club of the Group’s existing banking partners.

Cash and equivalents less short-term borrowings plus net pending hedges were CHF69.2 million (30 June 2010: CHF140.2 million). This decrease reflected cash consumed by operations and acquisitions offset by cash generated from strategic metal sales.

We continue to actively pursue opportunities to grow the business, both organically and through acquisition.

Scott Morrison

Daniel Templeman

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