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As Of Filer Filing For·On·As Docs:Size Issuer Agent 2/23/04 Pechiney 6-K 2/23/04 1:263K Design Media/FA |
Document/Exhibit Description Pages Size 1: 6-K Report of a Foreign Private Issuer HTML 136K
| PECHINEY Press Release Q1 2004 |
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16
or 15d-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
Report on Form 6-K dated
February 23, 2004
Commission File No. 1-14110
7, Place du Chancelier Adenauer
75218 Paris Cedex 16
France
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
Form 20-F: [X] Form 40-F: [ ]
Indicate by check mark if the
registrant is submitting the Form 6-K in paper
as permitted by Regulation S-T Rule 101(b)(1):
Yes:[ ] No: [X]
Indicate by check mark if the registrant
is submitting the Form 6-K in paper
as permitted by Regulation S-T Rule 101(b)(7):
Yes:[ ] No: [X]
Indicate by check mark whether the registrant by furnishing the information contained in this form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes:[ ] No: [X]
If “Yes” is marked, indicate below the file number assigned to the registrant in connection with
Rule 12g3-2(b): 82- __________
PRESS RELEASE
Friday, February 20, 2004
Pechiney announces earnings from operations in the fourth quarter of 2003 of € 66 million, down € 5 million from the fourth quarter of 2002, and up € 8 million from the third quarter of 2003. Net result for the fourth quarter was a loss of € 443 million as a result principally of impairment charges and other one-off charges. The 2003 full year earnings from operations stands at € 262 million, down € 145 million (or 36%) from 2002, essentially due to the weakness in the U.S. dollar. The 2003 net result is a loss of € 508 million compared to a loss of € 50 million a year earlier.
2003 Highlights
Earnings from operations:
Net result:
The 2003 negative result is due to long-lived asset writedowns, other income (expense) and restructuring expense for a total of € 743 million, out of which € 525 million with no impact on cash flow. These charges reflect mostly the impact of the use of new economic assumptions in particular with regard to currency forecasts, the write down of the capitalized costs of the AP50 Coega project, and the potential capital loss associated with planned divestitures.
Statement of income (French GAAP)
| Millions of euros |
2002
|
2003
|
Millions of euros | Q4 2002 | Q3 2003 | Q4 2003 | |||||
| Net sales | 11,909 | 10,651 | Net sales | 2,678 | 2,555 | 2,650 | |||||
| Earnings from operations | 407 | 262 | Earnings from operations | 71 | 58 | 66 | |||||
| Restructuring expense and long- | (145) | (550) | Restructuring expense and long- | (85) | (68) | (422) | |||||
| lived asset writedowns | lived asset writedowns | ||||||||||
| Other (expense) income | (98) | (149) | Other (expense) income | (41) | (47) | (86) | |||||
| Income (loss) from operations | 164 | (437) | Income from operations | (55) | (57) | (442) | |||||
| excluding goodwill amortization | excluding goodwill amortization | ||||||||||
| Financial expense, net | (49) | (47) | Financial expense, net | (11) | (13) | (10) | |||||
| Income tax expense | (39) | 8 | Income tax expense | 39 | 18 | 5 | |||||
| Equity affiliates | 3 | 13 | Equity affiliates | (1) | 3 | 5 | |||||
| Minority interests | 0 | 27 | Minority interests | 3 | (1) | 31 | |||||
| Net Income before goodwill | 79 | (436) | Net Income before goodwill | (25) | (50) | (411) | |||||
| Goodwill amortisation | (31) | (28) | Goodwill amortisation | (7) | (7) | (7) | |||||
| except. Goodwill amortisation | (98) | (44) | except. Goodwill amortisation | (50) | (19) | (25) | |||||
| Net income | (50) | (508) | Net income | (82) | (76) | (443) | |||||
| Net Income Per share "A" (€) | (0.66) | (6.48) | Net Income Per share "A" (€) | (1.06) | (0.97) | (5.56) |
| Principal indicators | ||||
| 2002 | 2003 | |||
| Average euro/U.S. dollar | 0.94 | 1.13 | ||
| Realised € /$ (Primary Al.) | 0.93 | 1.11 | ||
| LME average price ($/t) | 1,365 | 1,428 | ||
| Average realized price ($/t) | 1,358 | 1,395 | ||
| Q4 | Q4 | |||
| 2002 | 2003 | |||
| Average euro/U.S. dollar | 1.00 | 1.19 | ||
| Realised € /$ (Primary Al.) | 0.98 | 1.16 | ||
| LME average price ($/t) | 1,359 | 1,521 | ||
| Average realized price ($/t) | 1,334 | 1,430 | ||
| Net Sales (Millions of euros) | Earnings from Operations (Millions of euros) |
 |
 |
Recent developments – 2003 fourth quarter and beginning of 2004
Main trends in 2003
Pechiney Continuous Improvement System in 2003
To cumulated benefits, gross of inflation, of € 228 million reported at the end of September 2003, € 21 million can be added for the fourth quarter of 2003 (the rate of inflation used to compute Continuous Improvement benefits was updated during the third quarter; this amount therefore includes a € 2.3 million adjustment to first half benefits). Cumulated benefits since January 1, 2002, thus total € 249 million.
Cumulated Continuous Improvement Benefits at the end of December 2003
Market environment
In the primary aluminum market, the average price of aluminum on the LME increased by 4.6% during the year, from 1,365 U.S.$/metric ton in 2002 to 1,428 U.S.$/metric ton in 2003. In particular, it rose significantly during the fourth quarter — from 1,359 U.S.$/metric ton in the fourth quarter of 2002 (and from 1,421 U.S.$/metric ton in the third quarter of 2003) to 1,521 U.S.$/metric ton in the fourth quarter of 2003, representing an increase of 12%. The U.S. dollar declined vis-à-vis other currencies, in particular vis-à-vis the euro. The average price of aluminum on the LME in euros decreased from 1,452 €/metric ton in 2002 to 1,264 €/metric ton in 2003, and from 1,359 €/metric ton in the fourth quarter of 2002 to 1,278 €/metric ton in the fourth quarter of 2003.
In aluminum conversion markets, European activities benefited from a sharp upturn in shipments to the aerospace industry, and consumer markets (can stock, aluminum rolled products for automotive applications) remained robust. Conversely, there was no increase in demand in the most cyclical end markets (linked to investment, construction). In the United States, most of the aluminum conversion markets remained lackluster, in particular standard rolled products, transport (still at the low end of the cycle) and industry.
In packaging, except for certain food markets in the United States that showed some signs of recovery at the end of the year, the markets remained generally sluggish. The beauty and deluxe market, which was especially depressed in volume in both the United States and Europe except for personal care items, showed no signs of recovery in 2003.
Segment breakdown – Fourth quarter 2003
For the Group as a whole, earnings from operations in the fourth quarter of 2003 declined slightly (down € 5 million) from the fourth quarter of 2002, and increased by € 8 million from the third quarter of 2003. After 5 successive declining quarters, this stabilization is mainly linked to the recovery on the LME, which offset the depreciation of the dollar more than in previous quarters, as well as to satisfying operating performance.
Primary Aluminum (Aluminum Metal, Bauxite –Alumina and Ferroalloys)
The sector’s good performance in terms of sales volume and the increase in the price of aluminum on the LME were masked by the persistent negative impact of the depreciation of the U.S. dollar vis-à-vis the euro.
At € 44 million, earnings from operations in the fourth quarter of 2003 stopped the decline that started mid-2002, which was linked to the depreciation of the U.S. dollar: this result is up € 11 million from the third quarter of 2003. In this respect, the year on year fourth quarter decline, at € 6 million, compares favorably with the € 120 million decline accumulated for the first three quarters of 2003.
The decline in earnings from operations from the fourth quarter of 2002 was mainly linked to the continued depreciation of the U.S. dollar vis-à-vis the euro. The euro/dollar parity realized worsened, from 0.98 in the fourth quarter of 2002 to 1.16 in the fourth quarter of 2003. The options owned by Pechiney had a limited impact on the results of the sector. On the other hand, the rise in the average price of aluminum realized on the LME - from 1,334 U.S.$/metric ton in the fourth quarter of 2002 to 1,430 U.S.$/metric ton in the fourth quarter of 2003, had a significant positive impact but only partially offset the negative impact of the euro/dollar parity.
During the quarter, the sector reported good operating performance at its plants, in particular in terms of volume, including the PNL smelter in the Netherlands, which sharply increased its sales volume since the weather related incident that occurred in the fourth quarter of 2002. It benefited from an insurance reimbursement linked to this incident. The sector continued to be affected by a strong increase in energy costs.
Aluminum Conversion
Good operating performance in Europe, further reduction of losses in the United States and enhanced cost control through the Pechiney Continuous Improvement System.
The Aluminum Conversion result in the fourth quarter of 2003 confirms the good performance recorded in the last quarters: earnings from operations, which totaled € 10 million, is close to that of the third quarter of 2003, and up € 10 million from the fourth quarter of 2002. This reflected again the good performance of the year 2003, which improved both in Europe and in the United States compared with 2002.
Earnings from operations reported by European activities stood at € 18 million in the fourth quarter of 2003 versus € 15 million in the same period in 2002.
In the aerospace business, favorable margins did offset a limited slowdown in sales volume from a high fourth quarter in 2002. Meanwhile, the strong improvement in delivery performance at Issoire contributed to an increase in orders of 13.7% between the fourth quarter of 2002 and 2003.
Sales volume in the beverage can and automotive markets remained satisfactory during the fourth quarter and started to recover for extruded products. Declines were noted in casting alloys, while foil and strip was affected by weaker pricing.
In the United States (Ravenswood, Vernon and Aluminium Lithium), the operating loss totaled € 8 million in the fourth quarter, a major improvement over the € 15 million loss reported in the fourth quarter of 2002. American activities benefited from enhanced cost control linked to the restructuring plan launched at the end of 2002 in Ravenswood, West Virginia. Similarly to other quarters, this plant continued to benefit from a favorable mix effect, which stemmed from the planned rebalancing of its product portfolio. American activities also benefited from the reorganization of the Aluminum Lithium business.
Packaging
Decline in sales volume and elimination of the price/cost raw materials squeeze
In Packaging, earnings from operations totaled € 18 million, down € 6 million from the fourth quarter of 2002 and € 5 million from the previous quarter.
During the fourth quarter, the sector continued to be affected by a drop in sales volume in laminated tubes in the United States and, to a lesser degree, in the make-up and promotional segments. The improved product mix in flexible packaging in the United States enabled to more than offset the decrease in sales volume in this market. The price/cost raw material squeeze, strongly negative during the first half of the year, almost disappeared in the fourth quarter, baring in mind that it had already been considerably reduced during the third quarter.
The acquisitions realized during the year 2003 (Envaril, Danaflex, Novacel, APS) had a slightly favorable impact during the fourth quarter but were masked by the adverse impact from the declining euro/dollar parity.
International Trade
In International Trade, earnings from operations totaled € 19 million in the fourth quarter of 2003, down slightly from the € 20 million achieved in the fourth quarter of 2002. Good performances in alumina, aluminum and copper trading enabled to offset the negative impact of the euro/dollar parity.
Segment breakdown – Year 2003
The Group’s earnings from operations fell by € 145 million, from € 407 million in 2002 to € 262 million in 2003. This decrease is essentially linked to Primary Aluminum, which declined by € 126 million between 2002 and 2003 mainly because of the depreciation of the dollar and the increase in energy cost. The increase in the average realized price of aluminum on the LME and the good performance of Aluminum Conversion enabled to partially offset these negative impacts, whereas Packaging recorded a decline in its results.
Primary Aluminum (Aluminum Metal, Bauxite – Alumina and Ferroalloys)
Unfavorable trend in external factors (weakness of the U.S. dollar vis-à-vis the euro and rise in energy costs) could not be offset by the good operating performance of the plants and the slight rise in aluminum price on the LME
At € 156 million, earnings from operations for the year 2003 were down € 126 million from 2002.
This decline was mainly linked to the depreciation of the U.S. dollar vis-à-vis the euro. The euro/dollar parity realized fell by 16.4% in 2003 versus 2002, from 0.93 to 1.11. The slight rise in the average price of aluminum on the LME realized by Pechiney, which climbed from 1,358 U.S.$/metric ton in 2002 to 1,395 U.S.$/metric ton in 2003, only offset the negative impact of the euro/dollar parity to a very limited extent.
In 2003, the sector reported satisfactory operating performance at its plants, with a significant increase in production volumes, except for the PNL smelter in the Netherlands, which was particularly affected by energy costs overruns. Meanwhile, the whole sector was impacted by higher energy costs in 2003.
Aluminum Conversion
Good performance of European activities and reduction of losses in the United States
Earnings from operations in the Aluminum Conversion sector totaled € 49 million in 2003, compared with € 13 million in 2002.
Earnings from operations reported by European activities stood at € 81 million in 2003 versus € 66 million in 2002.
European aerospace activities, whose earnings from operations increased by 63.5% between 2002 and 2003, benefited from the upturn in shipments to this sector after the end of inventory depletion which had occurred in 2002, and from the first shipments for the new Airbus 380 aircraft.
While sales volume in the beverage can, automotive and foil and strip markets was satisfactory in 2003, and started to recover in extruded products towards the end of the year, casting alloys volumes remained weak.
In the United States (Ravenswood, Vernon and Aluminium Lithium), the operating loss totaled € 32 million in 2003, a major improvement over the € 53 million loss reported in 2002. American activities benefited from enhanced cost control linked to the restructuring plan launched at the end of 2002 at the Ravenswood plant in West Virginia, together with the reorganization of the Aluminum Lithium business.
Packaging
Decline in sales volume, negative price/cost raw materials squeeze and depreciation of the U.S. dollar vis-à-vis the euro only partially offset by improved cost control
In Packaging, earnings from operations totaled € 93 million in 2003, down € 36 million from 2002.
The sector was affected, in comparison with 2002, by a worsening of external factors, notably the rise in the price of plastic resins causing a negative price/cost raw materials squeeze and the depreciation of the U.S. dollar vis-à-vis the euro. It was also impacted by a strong decrease in sales volume in laminated tubes in the United States, while other segments were not showing any significant upturn following the market deterioration of 2002. The impact of these factors on earnings from operations was partially offset by improved cost control, in particular in plastic packaging and in beauty, and by the acquisitions realized during the year 2003 (mainly Envaril, Danaflex, Novacel, APS).
International Trade
In International Trade, earnings from operations totaled € 61 million in 2003, down € 12 million from a record year in 2002.
The division was strongly impacted by the depreciation of the U.S. dollar vis-à-vis the euro, which was partially offset by the good performance in alumina, aluminum and copper trading.
Other statement of income items
In 2003, restructuring expense, long-lived asset writedowns and other income (expense) represented a charge of € 699 million, compared to € 243 million in 2002. In the fourth quarter of 2003, it totaled € 508 million, versus € 126 million in the same period of 2002. These charges reflect mostly the impact of the use of new economic assumptions in particular with regard to currency forecasts, the write down of the capitalized costs of the AP50 Coega project and the potential capital loss associated with planned divestitures.
In 2003, the loss from operations totaled € 437 million, compared with an income from operations of € 164 million in 2002. In the fourth quarter of 2003, the loss represented € 442 million versus € 55 million in the fourth quarter of 2002. This increased loss is linked to the strong increase in restructuring expense and other expense in the fourth quarter of 2003.
Net financial expense
totaled € 47 million in 2003, slightly down from € 49 million in 2002.
It totaled € 10 million
in the fourth quarter of 2003, versus € 11
million in the fourth quarter of 2002.
Current and deferred income taxes represented an income of € 8 million in 2003, versus a charge of € 39 million in 2002. This difference reflects mainly the difference in pre-tax income (loss) between 2002 and 2003.
Minority interests represented an income of € 27 million in 2003 (€ 31 million in the fourth quarter), compared with zero in 2002 (€ 3 million in the fourth quarter of 2002).
Amortization of goodwill
A charge of € 72 million was recorded in 2003 (out of which € 32 million in the fourth quarter), versus € 129 million in 2002 (€ 57 million in the fourth quarter). It includes exceptional goodwill amortization for a total amount of € 44 million in 2003 (€ 25 million in the fourth quarter), and € 28 million for the recurring goodwill amortization in French GAAP.
Cash flow
The cash flow generated by operations totaled € 448 million for 2003 to be compared with € 629 million in 2002. Net of investments and divestitures, including notably the purchase of 65% of Aluminium Dunkerque for € 248 million excluding the consolidation of the debt, the Group’s financing needs stood at € 365 million, before the payment of dividends in the amount of € 110 million.
Financial structure
As of December 31, 2003, net indebtedness totaled € 1,913 million, up € 476 million from December 31, 2002. Compared with shareholders' equity and minority interests of € 2,561 million, the debt-to-equity ratio was 0.75, compared with 0.45 as of December 31, 2002.
Pursuant to article 7 of the COB Rule book no. 2002-04, this press release was disclosed to the French Autorité des marches financiers before its release.
Certain statements in this press release that describe Pechiney’s intentions, expectations or projections may constitute forward-looking statements. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Pechiney’s actual results, performance or achievement to be materially different from its intentions, expectations or projections. The forward-looking statements in this press release speak only as of its date and Pechiney undertakes no obligation to update or revise any forward-looking statement to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
PECHINEY
Consolidated Statement of Income
French GAAP| (in millions of euros) | 2002 | 2003 | |||
| Net sales | 11,909 | 10,651 | |||
| Other operating revenues | 144 | 161 | |||
| Cost of goods sold (excluding depreciation) | (10,611) | (9,498) | |||
| Selling, general and administrative expense | (610) | (586) | |||
| Research and development expense | (90) | (93) | |||
| Amortisation (excluding goodwill) | (335) | (373) | |||
| Earnings from operations | 407 | 262 | |||
| Restructuring expense and Long-lived assets writedowns | (145) | (550) | |||
| Other (expense) income | (98) | (149) | |||
| Income from operations | 164 | (437) | |||
| Financial expense, net | (49) | (47) | |||
| Income before income taxes | 115 | (484) | |||
| Income tax benefit (expense) | (39) | 8 | |||
| Income from consolidated companies | 76 | (476) | |||
| Equity in net earnings of affiliates | 3 | 13 | |||
| Minority interests | 0 | 27 | |||
| Net Income before goodwill | 79 | (436) | |||
| Goodwill amortisation | (31) | (28) | |||
| Exceptional Goodwill amortisation | (98) | (44) | |||
| Net Income | (50) | (508) | |||
| Net Income per share "A" (€) (*) | (0.66) | (6.48) | |||
Consolidated Statement of Cash Flow
| (in millions of euros) | 2002 | 2003 | ||
| Resources from Operations |
740
|
496 | ||
| Change in working capital requirements |
168
|
80 | ||
| Utilisation of provisions and other |
(279)
|
(128) | ||
| Cash provided by Operations |
629
|
448 | ||
| Capital expenditures |
(479)
|
(498) | ||
| Financial investments |
(63)
|
(370) | ||
| Divestitures and other |
5
|
55 | ||
| Net Cash-flow |
92
|
(365) | ||
| Dividends paid |
(122)
|
(110) | ||
| Purchase of treasury shares |
(40)
|
(1) | ||
| Increase in capital |
(**)36
|
29 | ||
| Contribution of treasury shares to Alcan’s offer |
-
|
75 | ||
| Increase (decrease) in Cash |
(34)
|
(372) | ||
PECHINEY
Consolidated Statement of Income
| French GAAP | ||||||||||||||||||||
| 2002 | 2003 | |||||||||||||||||||
| (in millions of euros) | Q1 |
Q1
|
Q2 | Q3 | Q4 | Q1 | Q2 | Q3 |
Q4
|
|||||||||||
|
(restated)*
|
||||||||||||||||||||
| Net sales | 2,814 |
2,814
|
3,397 | 3,020 | 2,678 | 2,820 | 2,626 | 2,555 | 2,650 | |||||||||||
| Other operating revenues | 30 |
30
|
41 | 35 | 38 | 30 | 51 | 41 | 39 | |||||||||||
| Cost of goods sold (excluding depreciation) | (2,473) | (2,473) | (3,042) | (2,717) | (2,379) | (2,513) | (2,344) | (2,280) | (2,361) | |||||||||||
| Selling, general and administrative expense | (153) |
(153)
|
(152) | (142) | (163) | (148) | (144) | (144) | (150) | |||||||||||
| Research and development expense | (24) |
(24)
|
(20) | (22) | (24) | (24) | (24) | (21) | (24) | |||||||||||
| Amortisation (excluding goodwill) | (90) |
(90)
|
(87) | (79) | (79) | (94) | (98) | (93) | (88) | |||||||||||
| Earnings from operations | 104 |
104
|
137 | 95 | 71 | 71 | 67 | 58 | 66 | |||||||||||
| Restructuring expense and Long-lived | (10) |
(10)
|
(43) | (7) | (85) | (50) | (10) | (68) | (422) | |||||||||||
| assets writedowns | ||||||||||||||||||||
| Other (expense) income | (6) |
(11)
|
(11) | (40) | (41) | (9) | (7) | (47) |
(86)
|
|||||||||||
| Income from operations | 88 |
83
|
83 | 48 | (55) | 12 | 50 | (57) | (442) | |||||||||||
| Financial expense, net | (11) |
(11)
|
(11) | (16) | (11) | (11) | (13) | (13) | (10) | |||||||||||
| Income before income taxes | 77 |
72
|
72 | 32 | (66) | 1 | 37 | (70) | (452) | |||||||||||
| Income tax benefit (expense) | (28) |
(28)
|
(31) | (19) | 39 | 5 | (20) | 18 | 5 | |||||||||||
| Income from consolidated companies | 49 |
44
|
41 | 13 | (27) | 6 | 17 | (52) | (447) | |||||||||||
| Equity in net earnings of affiliates | 1 |
1
|
3 | 0 | (1) | 2 | 3 | 3 | 5 | |||||||||||
| Minority interests | (4) |
(4)
|
4 | (3) | 3 | (2) | (1) | (1) | 31 | |||||||||||
| Net Income before goodwill | 46 |
41
|
48 | 10 | (25) | 6 | 19 | (50) | (411) | |||||||||||
| Goodwill amortisation | (9) |
(9)
|
(8) | (8) | (7) | (7) | (7) | (7) | (7) | |||||||||||
| Exceptional Goodwill amortisation | - |
-
|
(31) | (16) | (50) | - | - | (19) | (25) | |||||||||||
| Net Income | 37 |
32
|
9 | (14) | (82) | (1) | 12 | (76) |
(443)
|
|||||||||||
Earnings from operations (new organization)
| 2002 |
2003
|
|||||||||||||||||
| Q1 | Q2 | Q3 | Q4 | Q1 |
Q2
|
Q3 |
Q4
|
|||||||||||
| Primary Aluminium | 69 | 93 | 70 | 50 | 42 |
37
|
33 | 44 | ||||||||||
| Aluminium Conversion | 4 | 9 | 0 | 0 | 15 |
14
|
10 | 10 | ||||||||||
| Packaging | 33 | 40 | 32 | 24 | 26 |
26
|
23 | 18 | ||||||||||
| International Trade | 19 | 18 | 16 | 20 | 14 |
14
|
14 | 19 | ||||||||||
| Holdings | (21) | (23) | (23) | (23) | (26) |
(24)
|
(22) | (25) | ||||||||||
| Total | 104 | 137 | 95 | 71 | 71 |
67
|
58 | 66 | ||||||||||
| Depreciation | (90) | (87) | (79) | (79) | (94) |
(98)
|
(93) | (88) | ||||||||||
| Consolidated primary Aluminium Prod.(kt) | 215 | 219 | 221 | 222 | 217 |
210
|
212 |
218
|
||||||||||
| Average realised LME price ($/t)(*) | 1,354 | 1,385 | 1,360 | 1,334 | 1,368 |
1,390
|
1.394 | 1,430 | ||||||||||
| Realised € /$ – Primary Aluminium | 0.88 | 0.90 | 0.95 | 0.98 | 1.04 |
1.11
|
1.13 | 1.16 | ||||||||||
| Average euro/U.S. dollar | 0.88 | 0.92 | 0.98 | 1.00 | 1.07 |
1.14
|
1.12 |
1.19
|
||||||||||
Consolidated Balance Sheet
| French GAAP | |||||
| (in millions of euros) |
As of 31/12/2002
|
As of 31/12/2003
|
|||
| ASSETS | |||||
| Long-term assets | |||||
| Property, plant and equipment, net | 2,832 | 2,971 | |||
| Goodwill, net | 637 | 525 | |||
| Other intangible assets, net | 163 | 184 | |||
| Investments in equity affiliates | 285 | 190 | |||
| Long-term investments | 139 | 95 | |||
| Deferred income taxes | 505 | 577 | |||
| Other long-term assets | 279 | 263 | |||
| 4,840 | 4,805 | ||||
| Current assets | |||||
| Inventories, net | 1,525 | 1,523 | |||
| Accounts receivable – Trade | 1,281 | 1,451 | |||
| Deferred income taxes | 51 | 42 | |||
| Prepaid expenses | 72 | 65 | |||
| Other receivables | 29 | 53 | |||
| Marketable securities | 153 | 63 | |||
| Cash | 283 | 204 | |||
| 3,394 | 3,401 | ||||
| Total assets | 8,234 | 8,206 | |||
| LIABILITIES AND SHAREHOLDERS' EQUITY | |||||
| Shareholder's equity | |||||
| Capital stock | |||||
| - Common shares "A" | 1,242 | 1,273 | |||
| - Preferred shares "B" | 16 | - | |||
| Treasury shares | (180) | (51) | |||
| Share premium | 790 | 806 | |||
| Retained earnings | 1,297 | 747 | |||
| Cumulative translation adjustment | (151) | (331) | |||
| 3,014 | 2,444 | ||||
| Minority interests | 149 | 117 | |||
| Long-term liabilities | |||||
| Deferred income taxes | 195 | 218 | |||
| Other long-term liabilities | 1,142 | 1,141 | |||
| 1,337 | 1,359 | ||||
| Long-term debt | 1,465 | 1,382 | |||
| Current liabilities | |||||
| Accounts payable – Trade | 1,456 | 1,631 | |||
| Accrued liabilities | 376 | 422 | |||
| Other payables | 8 | 17 | |||
| Current portion of long-term debt | 39 | 160 | |||
| Short-term bank loans | 390 | 674 | |||
| 2,269 | 2,904 | ||||
| Total liabilities and shareholders' equity | 8,234 | 8,206 | |||
| Net Debt | 1,437 | 1,913 | |||
| Shareholder's equity + Minority interests | 3,163 | 2,561 | |||
| Gearing | 0.45 | 0.75 | |||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, Pechiney has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Date: February 23, 2004 | PECHINEY
By: /s/ OLIVIER MALLET Name: Olivier MALLET Title: Chief Financial Officer |
| This ‘6-K’ Filing | Date | Other Filings | ||
|---|---|---|---|---|
 | ||||
| Filed on / For Period End: | 2/23/04 | |||
| 2/20/04 | ||||
| 12/31/03 | ||||
| 10/24/03 | 20-F/A, 6-K | |||
| 12/31/02 | ||||
| 1/1/02 | ||||
| List all Filings | ||||