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June 2, 2004

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The consolidated annual financial statements have been prepared in ... Cash is shown net of bank overdraft. 205. 1 653 (616) (486) 25. 781. 0. 500. 1 000. 1 500 ... – PowerPoint PPT presentation

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Title: June 2, 2004


1
MMC Norilsk Nickel Group Audited Consolidated
Annual Financial Statements 31 December 2003
June 2, 2004
2
Basis of presentation
  • The consolidated annual financial statements have
    been prepared in compliance with with
    International Financial Reporting Standards
    (IFRS) and audited by Deloitte Touche in
    accordance with ISA
  • The presentation currency - the United States of
    America Dollar

3
Consolidated income statement
4
Consolidated balance sheet
5
Consolidated cash flow statement
(In millions of US dollars)
2 000
(616)
1 500
603
(464)
1 653
(486)
1 000
25
(625)
788
500
781
(97)
205
205
0
Cash at the
Cash flow
Cash flow
Cash flow
Effects of
Net cash
beginning of
from operating
from investing
from financing
inflation
at the end of the year
the year
activity
activity
activity
- 2002 data
- Cash is shown net of bank overdraft
6
Metal prices for joint products
Cu
US dollars per ton (Cu) US dollars per ounce
(Pt, Pd, Au)
Ni
US dollars per tonne (Ni)
Pt
Au
Pd
1 July 2002
1 July 2001
1 January 2001
1 July 2003
1 January 2002
1 January 2003
1 January 2004
Source Bloomberg LME LPPM
7
Revenues
Sales volume (In
millions of US dollars)
-29
68
5 196
4 382
3 094
2001
2002
2003
54
38
55
Nickel
23
19
16
Copper
6
12
30
Palladium
13
10
12
Platinum
4
7
Gold
1
8
Sales volumes
(In millions of US dollars)
TO BE UPDATED
Platinum
Gold
Copper
Nickel
Palladium
Including domestic sales
68
131
-
-
113
60
47
1
27
-
133
171
1
3
356
9
Sales by region
Sales volume (In
millions of US dollars)
2002
2003
Russia
Russia
13
Others
10
1
Others
0
North America
9
North America
100 5 196
100 3 094
Asia
13
Europe
8
62
Europe
Asia
72
12
10
Physical volumes sales
Nickel sales (Tons
in thousand)
Copper sales (Tons
in thousand)
Gold sales (In
ths ounces)
70 from inventories
Norimet export sales
Norimet export sales
Domestic sales
Domestic sales
11
Cash operating cost
12
Cash cost per unit
Production cost of Nickel
(In US dollars per ton)
Production cost of Copper
(In US dollars per ton)
Production cost of gold
(In US dollars per ounce)
13
Social Costs
Social costs (In millions of US dollars)
300
-42
252
200
-11
146
100
131
0
2001
2002
2003
Note () Social costs include expenses on
maintenance of social sphere facilities and
donations
14
Change in working capital
(In millions of US dollars)
-13
-19
-39
-50
23
14
NOTE 2002 data includes consolidation of last
two months results of ZAO Polyus 2003 data
includes consolidation of last two quarters
results of Stillwater Mining Company and full
year results of ZAO Polyus
15
Debt structure
(In millions of US dollars)
Long-term borrowings
Current portion of long-term borrowings
Short-term borrowings
NOTE 2002 data includes consolidation of last
two months results of ZAO Polyus 2003 data
includes consolidation of last two quarters
results of Stillwater Mining Company and full
year results of ZAO Polyus


16
Capital expenditure in 2003
(In millions of US dollars)
2002
2003
NOTE 2002 data includes consolidation of last
two months results of ZAO Polyus 2003 data
includes consolidation of last two quarters
results of Stillwater Mining Company and full
year results of ZAO Polyus
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