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2 We provide innovative industrial solutions by developing and transforming natural resources into value creating products The S&B Group started in Greece in 1934, with two mining companies: Bauxites Parnasse S.A. and Silver & Baryte Ores Mining Company S.A. S&B Industrial Minerals S.A., the parent company of the S&B Group, was formed after the merger of the above two companies in 1996 and adopted its new name and corporate identity in S&B Industrial Minerals S.A. is listed in the Athens Exchange since Building on a history of continuous development and through significant acquisitions, expansions and new projects, S&B today has become a multinational group of more than 40 companies, the S&B Group, with extensive operations in 23 countries in 5 continents. From these places, products are being supplied to customers in 69 countries around the globe. Utilizing the multiple properties of industrial minerals and through its portfolio of minerals reserves, the S&B Group of companies converts natural resources into high quality customized value adding industrial solutions for a wide range of applications.

3 contents 2 Financial Summary 4 Global Presence 6 Product Divisions 8 Management Report 14 Bentonite 18 Perlite 20 Bauxite 26 Commercial Activities 27 Corporate Governance 33 Consolidated Financial Statements 22 Stollberg 24 Otavi

4 S&B is organized in product Divisions across the various legal entities of the Group: Bentonite Perlite Bauxite Stollberg Otavi These Divisions are responsible for driving forward S&B s market-based approach to business and for building comprehensive Market-to-Mine chains that improve efficiency and add value to customers in 15 different industrial sectors. All Divisions hold top rank positions in the markets they serve, with their more than 2,000 customized solutions, both in Europe and worldwide. No1 bentonite producer in the E.U. No2 bentonite producer in the world No1 supplier of graded perlite worldwide 2007 S&B Consolidated Sales by Activity

5 No1 bauxite producer in the E.U. No1 producer of casting fluxes worldwide more than 2,000 customized industrial solutions

6 Financial Summary TOTAL GROUP PROFIT & LOSS FIGURES (EUR 000s) Sales 535, , , ,215 EBITDA 1 72,096 66,129 62,063 55,009 Operating Profit 45,444 40,238 34,690 32,273 Profit before Taxes 37,451 34,204 37,382 28,153 Net Profit 26,676 23,538 25,147 17,098 Net Profit (after Tax & Minorities) 25,668 22,096 23,960 16,396 BALANCE SHEET FIGURES (EUR 000s) Long Term Assets 331, , , ,352 Net Working Capital 141, , ,169 86,993 Provisions & other long term Liabilities 52,224 47,546 46,408 47,487 Equity 210, , , ,427 Net Debt 210, , , ,431 Year-End No of Shares 30,876,660 30,651,335 30,381,770 30,154,130 Weighted Average No of Shares 30,705,062 30,447,476 29,956,139 29,460,579 DATA PER SHARE 2 (in EUR) EBITDA per Share Earnings per Share (EPS after Tax & Minorities) Cash Earnings per Share (CEPS) Distribution per Share - Nominal Net Book Value per Share (NBVPS) RATIOS EBITDA Margin 13.5% 14.5% 14.8% 14.7% Operating Margin 8.5% 8.8% 8.3% 8.7% Net Profit Margin 4.8% 4.8% 5.7% 4.4% Trade Working Capital / Sales 26.5% 24.0% 24.6% 23.3% Net Debt / EBITDA Net Debt / Equity Return on Equity % 12.0% 13.7% 11.7% S&B Industrial Minerals S.A. Notes: 1: EBITDA: Profit before income tax, depreciation, financial and investment results 2: Based on the weighted average number of shares - except for nominal dividend per share 3: Cash Earnings per Share (CEPS) = [Net Group Profit (after Tax & Minorities) + Depreciation&Amortisation] / Weighted Average No of Shares 4: The Distribution for the fiscal year 2004 includes dividend of Euro 0.06 and Euro 0.18 from Capital Decrease 5: Return on Equity (ROE) = Net Group Profit (after Tax & Minorities) / Shareholders Equity 2

7 Financial Summary Global Presence Product Divisions Management Report Bentonite Perlite Bauxite Stollberg Otavi Commercial Activities Corporate Governance Consolidated Financial Statements CONTINUING OPERATIONS , ,615 65,704 60,085 39,754 34,876 Evolution of Key Figures Continuing Operations 32,290 29,000 22,954 19,808 23,085 19, , , ,477 94,669 51,258 46, , , , ,141 30,876,660 30,651,335 30,705,062 30,447, Non-recurring 14.6% 16% 8.9% 9.3% 5.1% 5.2% 26.2% 25.3% % 11.0% Non-recurring Annual Report

8 Global Presence Countries of operations & sales Countries of sales 26 mines 50 plants & processing units 29 distribution centers S&B mines S&B plants & processing units S&B distribution centers S&B Industrial Minerals S.A Bentonite Perlite Bauxite Stollberg Otavi Acquired in

9 in 23 countries and 5 continents sales in 69 countries 2,140 employees Countries of presence Countries of sales Personnel headcount Non-continuing operations Non-continuing operations Annual Report

10 Product Divisions Bentonite Perlite leading innovations expanding markets Foundry Pelletizing Civil engineering Oil Drilling Pet litter Specialties Building Materials Construction Horticulture Cryogenics Filter Aids Industrial Applications S&B Industrial Minerals S.A. Bentonite is a plastic clay generated from the in situ alteration of volcanic ash, consisting predominantly of montmorillonite. It acquired its name from Fort Benton of the State of Montana in the U.S.A. where it was first discovered and extracted. Bentonite presents strong colloidal properties and increases its volume several times when coming into contact with water, creating a gelatinous and viscous substance. The special properties of bentonite (swelling, water absorption, viscosity, thixotropy) make it a very valuable clay for a wide range of uses and applications. Perlite is a natural volcanic glassy material, formed by rapidly cooled lava trapping water within its mass. This phenomenon gives perlite its most important physical property, the ability to expand at temperatures of C. White mass of tiny, glass-sealed bubbles is formed when sudden controlled heating causes perlite to expand as a result of the trapped water being evaporated. Its volume increases 10 to 20 times and its bulk density decreases accordingly, giving perlite excellent thermal and acoustic insulation properties, particularly in lightweight aggregates. 6

11 Financial Summary Global Presence Product Divisions Management Report Bentonite Perlite Bauxite Stollberg Otavi Commercial Activities Corporate Governance Consolidated Financial Statements Bauxite Stollberg Otavi specialty class engineered solutions building new chains Alumina Iron / Steel Making Aluminous Cements Portland Cements Abrasives Mineral Fibers Continuous Casting Fluxes Covering Compounds Metallurgical Active Slags Refractory Glass Ceramics Metallurgy Bauxite is the primary raw material for the production of aluminium, while it also has several other specialty applications. S&B leases and owns bauxite mines in the Parnassos and Giona mountain regions in central Greece. Its bauxite reserves are of diasporic and boehmitic nature. From the standpoint of chemical composition, bauxite contains mainly alumina (more than 55%). It also contains other oxides such as those of silicon, iron, titanium and calcium. S&B also controls the bauxite reserves of Sardinia, which are of boehmitic type and represent a complementary product to Greek bauxite. The casting fluxes of the Stollberg Division are a range of specialized and high value adding products utilized for the facilitation of the continuous casting process in steel casting. They are available as granules or as powders. They are applied to the mould during the continuous casting process of steel making. This method of pouring steel into a near to net-shape like slabs, blooms and billets represents the most efficient way to produce innovative and high-grade steel products. The Otavi Division is processing and trading a variety of specialty minerals such as wollastonite under the Otavi brand, from its own sources or from its partners worldwide, serving the glass, ceramics, refractory and metallurgy markets. Otavi is also acting as a window of opportunity for S&B by developing new businesses on a Market-to-Mine basis. O- tavi strives to be a reliable provider of solutions to its customers by developing profitable and sustainable supply chains in specialty industrial minerals and new geographical areas. Annual Report

12 Management Report million total Group sales 45.4 million total Group operating profit 26.7 million total Group net profit 0.84 total Group earnings per share S&B Industrial Minerals S.A. 8

13 Financial Summary Global Presence Product Divisions Management Report Bentonite Perlite Bauxite Stollberg Otavi Commercial Activities Corporate Governance Consolidated Financial Statements 2007was a strong year for S&B Industrial Minerals, in line with our expectations. Our mineral-based businesses had solid organic growth in a robust market setting. We were able to strengthen our competitive position in most mineral segments, with a combination of acquisitions and expansionary investments. In addition, in 2007, we initiated work on many opportunities that we continue to address in 2008, with a streamlined organization focused on our natural resource-based Purpose and Mission. Total consolidated sales and net profits after taxes and minorities reached record levels growing, versus the previous year, by 17.5%, to million, and by 16.2% to 25.7 million respectively. Earnings per share stood at 0.84, higher by 15.2%, while the return on equity (ROE) was 12.7% versus 12% in Effective year-end, the commercial activity of MOTODYNAMICS S.A., representing 16% of Group sales and 10% of net profits after minorities, was carved-out through the distribution to S&B s shareholders Since the adoption of IFRS in 2004, the Continuing Operations have demonstrated steady growth in consolidated sales of 14.4% per annum, and have delivered a 22.8% growth per annum in net profits after minority rights. It is significant to note that net debt levels are not materially different at the start and end of this four-year period. We are determined to continue our growth track and we will continue to streamline our portfolio to focus on our natural resources based businesses. At the core of our operations are the Industrial Minerals activities, which represent 94.3% of the Continuing Operations. Their 2007 sales revenues were million and net profits after minorities 23.4 million, reflecting increases of 19.1% and 19.7% respectively. This robust growth in industrial minerals, in both top and bottom lines, is significant given the volatile environment in which we operate, characterized by the doubling of sea freights, the continuous weakening of the dollar and rising energy costs. The drivers behind this growth include: million continuing operations sales 39.8 million continuing operations operating profit 23 million continuing operations net profit 0.75 continuing operations earnings per share of 2,806,969 Motodynamics shares (out of the total of 2,936,540 shares held by the Group) with a ratio of 1 Motodynamics share for every 11 S&B shares. After this carve-out, Motodynamics can continue to develop its commercial activities throughout the Balkan region, pursuing its own investment strategy and business model, while S&B focuses on its natural resources based businesses. For the Continuing Operations of S&B, (excluding Motodynamics) sales rose to million (a 19.8% increase versus 2006), while net profits after taxes and minority rights amounted to 23.1 million, up by 18.4% versus Organic top line growth of 10.2%, with a combination of pricing improvements, productivity increases and optimizations of our product mix. The acquisition of 50% share of CEBO, effective May 1, which contributed about 18 million in sales and 2 million in profits before taxes. The proportional consolidation of accounts of the continuous casting fluxes (Stollberg Samil) Chinese and Korean joint ventures (previously consolidated with the equity method), which added another 10.7 million in sales. Annual Report

14 2007: Expanding our Opportunities Solid Financial Performance Enhanced Market Positions Acquisitions Completed with rapid integration, particularly in Bentonite Geothermal Energy effort Launching Motodynamics Carve-out Organizational Restructuring increase of 17.5% in total Group sales increase of 12.9% in total Group operating profit increase of 13.3% in total Group net profit increase of 15.2% in total Group earnings per share S&B Industrial Minerals S.A. 10

15 Financial Summary Global Presence Product Divisions Management Report Bentonite Perlite Bauxite Stollberg Otavi Commercial Activities Corporate Governance Consolidated Financial Statements In Bentonite, healthy organic growth of 11% was achieved in all markets. With the addition of CEBO s sales (since May), revenue increased by 26.9% to 173 million. The acquisition of 50% stake in CEBO International B.V., a leader in mineral-based products (mainly bentonite and barite), as well as chemical products and services for the oil and gas industry in the North Sea, allows the Bentonite Division to enter in the growing drilling market and to further improve its leading position in other industrial markets in Europe. In October 2007, the acquisition of the bentonite and lustrous carbon processing activities of Hill & Griffith, provides S&B with a complete production and logistics network in the industrial heartland of the U.S.A. Combined with S&B s proprietary binders for casting applications, S&B has a strong base for further expanding its customer base in the American foundries. Moreover, two more links in the market-to-mine chain of the specialty and rapidly growing white bentonite applications are added, through the acquisition (from OMYA) of a downstream processing plant in Neuss, Germany, along with the decision to construct a plant in Morocco, for initial processing of white bentonite, from the reserves developed in this country by S&B. In Bauxite, sales increased by 12.3% to 48.6 million. Several auspicious developments allow us to set our bauxite operations on a course of dynamic growth. The long-awaited decision of the Council of State was issued in July, ratifying the grant of environmental permits by the Government to our company. This allows the reactivation of the Fokis mines in a rational and productive manner, free of the suspensions that have hampered operations in recent years. The recovery process is expected to last through In 2007, S&B also obtained control of an underground mine in Sardinia and temporary operating permits, which we expect to convert into full, long-term permits in Furthermore, at the end of the year, a preliminary agreement was signed, with all basic terms agreed, for the supply of 1.1 million tons of Greek bauxite annually, and for a total of 10 years, to a new alumina-aluminium project under development by Western Way, in the Jijan province of Saudi Arabia. Stollberg s Continuous Casting Fluxes sales grew by 25.7% reaching 87.4 million. Robust organic growth of the steel business 19.8% in continuing operations sales increase of 14% in continuing operations operating profit increase of 15.9% in continuing operations net profit increase of 17.2% in continuing operations earnings per share In Perlite, sales grew modestly by 3.2% reaching 76.3 million. The North American perlite business continues to be affected by the downturn in the American housing sector, the weak dollar and the volatile ocean freights rates. Despite the adverse trends we remain committed to North America and we have concluded our first downstream contract with expanded perlite. In the European markets, our shares were solidified particularly in the construction and building materials applications. Along with the booming energy markets the cryogenics segment had a very strong year. In expanded perlite, our development continues, especially in Spain. worldwide and the full consolidation, for the first time, of this Division s joint venture Stollberg Samil subsidiaries in China and S. Korea made this possible. Stollberg continues to capitalize on its strategically located production network worldwide, and has benefited from the growth of the emerging regions of the CIS and China. In response to continuously rising demand, production capacity, particularly for the granulated materials, was significantly increased, with a new spray dryer coming on stream mid-year at the Oberhausen plant in Germany, while major investments were also decided for doubling the capacity of the China plant, to further strengthen the Division s position, quality and image in this rapidly developing region. Annual Report

16 Our Vision We will be one of the leading industrial minerals companies in the world by the year 2010 in enterprise value. The key to our future is the energy, the talent and the creativity of the entire S&B team. Together we learn from our customers, anticipate their future needs and will provide innovative industrial solutions in existing and new specialty markets. As we grow our team, we will embrace new colleagues and live our values fully. Compound annual growth rates for the decade Continuing Operations SALES 15.5% EBITDA 13.2% EPS 14.9% S&B Industrial Minerals S.A. 12

17 Financial Summary Global Presence Product Divisions Management Report Bentonite Perlite Bauxite Stollberg Otavi Commercial Activities Corporate Governance Consolidated Financial Statements OTAVI Specialty Minerals had a sales increase of 17.7%, up to 37.5 million, with emphasis on the glass, ceramics and metallurgy markets. Otavi s reliability as a quality provider of specialty minerals, such as wollastonite, spodumene and alumina-containing materials was further enhanced, allowing this Division to penetrate the ceramics, refractories, metallurgy and foundry markets. In November 2007, we signed a Memorandum of Understanding (MoU) with the Public Power Corporation (PPC) Renewables S.A., with the ultimate goal to jointly explore, operate and utilize the geothermal field of Milos. The final decision regarding the realization of this project will be taken after the preparation of a long-term business plan, as provided for in the MoU, and its presentation and acceptance by the local and national authorities. This first step on Milos, represents a new and potentially major opportunity for the Group in Greece and abroad to develop a natural resource based business activity, building on our core competence of geological knowledge and our long history of cooperation with local communities. In pursuing our business goals, we remain firmly committed to our Values which encompass the principles of Sustainable Development and Corporate Social Responsibility. Our deep-rooted belief is that it is through responsible business practices in all three pillars economy, environment, society that we can best deliver long-term value to our shareholders. This philosophy is practiced through a number of policies and initiatives which are covered in our separate Social Report has started with macro-economic uncertainty, characterized by the credit crisis affecting many financial institutions, turmoil in the capital markets and recessionary prospects for the United States. Despite this uncertainty, we believe that the current year offers many opportunities for continued profitable growth of our Group s activities worldwide. Demand for minerals remains strong but, at the same time, inflationary challenges are increasing. We will combine our strong positions in the markets we serve, with our efforts to counteract inflationary pressures, through improvements in productivity and value-in-use of our products, to continue improving our profitability dividend per share 41.5% dividend payout ratio on continuing operations profits At year-end, we announced a major realignment in most general management positions along with the creation of a new business Division, that of Geothermal Energy, which have been in effect since the beginning of the current year. Quickly after the start of the year, most Divisions were restructured with more lean and robust structures. All these realignments, aside from providing development opportunities for the executive team, enable our Group to focus even more effectively on our natural resources growth strategy and goals. As we focus on our natural resources purpose we believe that our collective effort and commitment will lead to further opportunities for expansion and profitable growth for our Company. Ulysses P. Kyriacopoulos Chairman of the Board Efthimios O. Vidalis Chief Executive Officer Annual Report

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19 Bentonite Moving Ahead in 2007 Acquisition of the 50% stake of CEBO International B.V., with a leading position in the high value-added minerals-based products and services market for the oil and gas drilling industry in the North Sea. Acquisition of the bentonite and lustrous carbon activities of The Hill & Griffith Company in the U.S.A., comprising four blending plants in central U.S.A. that produce proprietary bentonite-based sand binders for the U.S. foundry industry. Acquisition, from OMYA GmbH, of a bentonite processing facility situated in Neuss, Germany, to be dedicated to the production of high value-added white bentonite products of fine and superfine quality for special applications. Decision to construct a bentonite processing plant in the Nador region of Morocco, intended for the initial processing of white bentonite coming from the new S&B Trebia mine in Morocco. Launch of the second generation of ENVIBOND at GIFA 2007, a product that achieves optimal casting quality in foundries, combined with a cleaner working environment due to reduced organic emissions. 173 million sales 26.9% increase in sales No 1 bentonite producer in the E.U. No 2 bentonite producer in the world Annual Report

20 Countries of operations & sales Countries of sales 42 mines & plants in 14 countries more than 1,000 products to 53 countries S&B Industrial Minerals S.A. 16

21 Financial Summary Global Presence Product Divisions Management Report Bentonite Perlite Bauxite Stollberg Otavi Commercial Activities Corporate Governance Consolidated Financial Statements During 2007 sales revenues of the Bentonite Division were increased by 26.9%, reaching a new record of 173 million, as a result of robust organic growth in all markets and the incorporation (since May) of CEBO s sales. Also, special emphasis was placed on the geographical expansion of the Division s mineral reserves and processing facilities network, specifically in Europe, Africa and North America. In the foundry market, sales revenues increased by 18.9%. This growth is mainly attributed to the buoyant market in Germany and the successful promotion of value-added products, but also to the volume growth in Eastern European and the East Mediterranean countries. In a continuous effort to develop innovative product solutions, the Bentonite Division introduced the second generation of the ENVIBOND product in The new product s main target and advantage is the significant reduction of harmful organic emissions in foundries, while obtaining the highest casting quality possible. S&B s global bentonite presence was further reinforced by the acquisition of the Hill & Griffith activity in North America, comprising the design and production in four blending plants of proprietary, bentonite-based sand binders used in the U.S. foundries for casting applications. The four blending plants are located in Cincinnati and Burbank OH, Cicero IL and Birmingham AL, and have a yearly production capacity of 150,000 tons. This move has been followed by the acquisition of a calcium-bentonite mine and processing facility in Aberdeen MS, in Southeastern U.S.A., which strengthens the Division s presence in this country and reinforces the strategy for global expansion of its mineral reserves and processing network. Sales to the iron-ore pelletizing and drilling applications had a good year, despite the competitive pressures from the strengthening of the euro versus the USD and the sharply increased freight rates. The main reasons are the successful solicitation of new customers in BRIC countries, the growth in the oil and gas drilling activity, as well as the increased demand for improved-quality pellets from the steel industry. S&B s presence in the oil & gas drilling market was strengthened through the acquisition of 50% share in CEBO International B.V., which operates a production facility in IJmuiden in the Netherlands and a logistics network serving the oil and gas industry in the North Sea. This acquisition has also enhanced S&B s leading position in other industrial markets for bentonite-based products, such as iron-ore pelletizing, civil engineering and pet litter absorbents. In 2007, sales in civil & environmental engineering were marked by an increased market share in the Western European tunnelling business, through customized project solutions including technical consulting and materials trading. A similar trend was observed in the growing market of drilling and special foundations in Eastern Europe, due to superior value proposition in terms of product performance and logistics from the plants in Hungary and Bulgaria. In the pet litter market, the Bentonite Division increased its sales revenue, while intensifying efforts on product innovation jointly with a major supplier in the top-quality market segment. The specialty products segment experienced another year of strong growth. A major driver has been the global paper industry and the supply of bentonite for special applications in the chemical industry. The acquisition of a bentonite processing plant situated in the Neuss port, on the river Rhine in Germany, with an annual production capacity of 50,000 tons, enhances S&B s capacity to fulfil present and future market demand for fine and superfine white bentonite products for special applications. Moreover, this acquisition is combined with the decision to construct a bentonite processing plant in the Nador region of Morocco, intended for the initial processing of white bentonite coming from the new Trebia mine, which is being developed in Morocco by S&B. Looking Ahead The main target forward will be to exploit the synergies and build up on the opportunities presented by the newly-expanded network of the Division s operations and competencies. Further penetration across existing and emerging markets, applications and geographical segments will continue to be the focus of the Bentonite Division, also in anticipation of stronger competitive pressures, higher transportation costs and adverse economic conditions. Annual Report

22 Perlite S&B Industrial Minerals S.A. Countries of operations & sales Countries of sales Moving Ahead in 2007 Focus on the development of a new generation of value-added products in response to sophisticated end market needs particularly in the construction industry. First contract for the supply of expanded perlite signed in North America, in line with S&B s strategy for growing downstream in this region million sales No 1 supplier of graded perlite worldwide 37 mines, plants distribution centres in 13 countries providing 109 products to 30 countries 18

23 Financial Summary Global Presence Product Divisions Management Report Bentonite Perlite Bauxite Stollberg Otavi Commercial Activities Corporate Governance Consolidated Financial Statements In 2007 the Perlite Division sales increased by 3.2%, reaching 76.3 million. Furthermore, 2007 was a pioneering year for the development of new innovative products and applications for perlite, which are expected to start bearing fruits within The Europe / Mediterranean business unit reported an increased market share for this region, with sales mainly directed towards the building and construction sector. This was achieved by leveraging logistic synergies and creating supply-chain advantages in serving new clients. The increasing demand for high added-value products for construction applications is and will continue to be the driving force for further product developments in this region. Furthermore, this business unit, through close monitoring of the booming cryogenic market, participated in various large scale projects, leading to a quadrupling of sales in this market. As a result, the share of the cryogenics segment in the total perlite turnover, from a mere 0.5% in 2006 went up to 2.3% in This upward trend is expected to continue in the coming years as well. The overall performance of the North America business unit was affected by the sharply increased sea freights, the continuous weakening of the USD and the slowdown of the U.S. economy, particularly with regard to the construction market. Nevertheless, this business unit secured the first perlite mining rights in North America and also concluded the first downstream contract for expanded perlite in this geographic region. Capitalizing on downstream opportunities will be the main focus for the current year in this region. The Far East business unit focused on improving production yield and on a more balanced product mix towards high-value grades. It achieved successful introduction of a new product to Asian foundries and developed new key accounts for specific applications. Tailor-made products for selected rapidly growing segments will be the main target for the coming years in this region. The Expanded Perlite business unit recorded once more a dynamic year, particularly with regard to the Spanish horticultural and construction market, where market shares increased significantly. Strong growth was also achieved in Bulgaria. In Greece, expanded perlite sales were affected by the slowdown in the Greek construction sector. However, the Greek construction market still remains the largest consumer for the various expanded perlite construction products distributed through the subsidiary company ISOCON. Looking Ahead Long-term success will be secured by focusing and investing in resources that will lead to sustainable value creation, through product development and tailored solutions for the core segments served, as well as for new applications. Annual Report

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