print version 

Find company
Home About the ProjectContact usFor the Clients
Enter code or ISIN
 
alpha / industry search

Issuers' Corner
Press Releases
Annual Reports Library

Financial Statements
SEC & FFMS Filings
Corporate Presentations
GM Materials
Issues Documents
Corporate Governance Materials
Russian Company Guide
Company Profiles
Corporate Calendar
Markets Corner
Consensus Estimates
Media Corner
News Line


Get updates



Home  Issuers' Corner  Press Releases REGISTER LOG IN

Press Releases

company search
all press releases
all Norilsk Nickel MMC press releases

Norilsk Nickel MMC

February 3, 2004

MMC Norilsk Nickel announced today that its consolidated revenue and operating profits for the year ended 31 December 2003 will be materially lower than market expectations

CONTACT: Sergey Polikarpov

Norilsk Nickel

+7 095 785 1090

MMC Norilsk Nickel announced today that its consolidated revenue and operating profits for the year ended 31 December 2003 will be materially lower than market expectations.

The Company indicated that there are two main reasons for the revenue and operating profits being materially below market expectations.

Firstly, nickel sales revenue, and, correspondingly, operating profit, will be lower than market expectations because nickel sales were not evenly distributed throughout the year. Nickel stock levels were reduced by approximately 70,000 tons during 2003. The majority of this stock reduction was priced in the first quarter of 2003, when prices were lower than the average LME price for the year. The effect of this uneven distribution of nickel sales is that the average price achieved on these sales for the year is lower than the general market average.

Secondly, it is possible that the Company's subsidiary “Stillwater Mining Company” may write down the accounting book value of certain of its mining assets and reduce its ore reserves, if the palladium price remains at its current low level. As reflected in this subsidiary's 10 Q submission to the Securities and Exchange Commission in October 2003, the amount of this write down may be material. This subsidiary is in the process of determining whether such a write down is required, and the quantum of this potential write down, if any. The Company may incur a loss in its income statement for 2003 in connection with the possible write down of the book value of certain mining assets of Stillwater Mining Company; such loss, if any, will have no impact on the Company's cash flow statement.

In addition, the Company indicated that it expects to reflect a loss from LME activities in its consolidated income statement for 2003. The amount of such loss is not expected to exceed USD 50 million.

 

 

 

Search by industry

Agriculture, Foresty and Fishing | Chemicals | Engineering | Ferrous Metals | Financial, Insurance & Real Estate | Food & Kindred Products | General Construction | Information Technology | Media & Publishing | Non-Ferrous Metals | Oil & Gas | Pharmaceuticals | Power Industry | Precious Metals and Diamonds | Telecommunications | Transportation | Wholesale & Retail Trade

Search by alpha index

A B C D F G H I K L M N O P R S T U V W X Z


Site Map
© RUSTOCKS.com
Privacy Statement | Disclaimer