TERNIUM S.A.
Notes to the Consolidated Financial Statements (contd.)
14. Investments in associated companies
2010
AS OF December 31,
2009
At the beginning of the year
Translation adjustment
6,577
(53)
5,585 (118)
Acquisitions
302
–
Dividends received from associated companies
(302)
–
Equity in earnings of associated companies
1,688
At the end of the year
8,212
1,110
6,577
The principal associated companies, all of which are unlisted, are:
Country of incorporation
Company
Lomond Holdings BV. (1) Netherlands
Value at December 31,
Voting rights at December 31,
2010
2009
2010
6,635
2009
50.00%
50.00%
Finma S.A.I.F. (2)
Argentina
33.33%
33.33%
1,200
5,440 1,058
Techinst S.A.
Argentina
33.33%
–
126
–
Arhsa S.A. (2)
Argentina
33.33%
–
176
–
Compañía Afianzadora de Empresas Siderúrgicas S.G.R. (3)
Argentina
38.89%
38.89%
75
79
(2)
8,212
6,577
(1) Holding Company. Indirectly through the participation in Ternium Treasury Services S.A. since August 9, 2010. Prior to this date, the participation was held by Ternium Procurement S.A. (2) Consulting and financial services. Indirectly through the participation in Siderar. (3) Granting of guarantees to participating partners to facilitate or permit access to credits for purchase of national raw material. Indirectly through the participation in Siderar. In process of liquidation.
81. Annual Report 2010