2000 financial results in accordance with international accounting standards
Download
1 / 14

2000 Financial Results - PowerPoint PPT Presentation


  • 309 Views
  • Updated On :

2000 Financial Results in accordance with International Accounting Standards Principles of Reconciliation The IAS financials results have been prepared based on the Russian Accounting Standards financial reports Currency of reporting – Russian rouble (RuR)

loader
I am the owner, or an agent authorized to act on behalf of the owner, of the copyrighted work described.
capcha
Download Presentation

PowerPoint Slideshow about '2000 Financial Results ' - niveditha


An Image/Link below is provided (as is) to download presentation

Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author.While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server.


- - - - - - - - - - - - - - - - - - - - - - - - - - E N D - - - - - - - - - - - - - - - - - - - - - - - - - -
Presentation Transcript
2000 financial results in accordance with international accounting standards l.jpg

2000 Financial Results in accordance with International Accounting Standards


Slide2 l.jpg

Principles of Reconciliation

  • The IAS financials results have been prepared based on the Russian Accounting Standards financial reports

  • Currency of reporting – Russian rouble(RuR)

  • Accounting in a hyperinflation environment - IAS 29

    • Inflation over the last 3 years was close to 100%

    • The population prefers to keep its savings in a foreign currency

    • Payments by credit are priced at levels compensating for the purchasing power loss over the term of the credit

    • average annual inflation indexin 2000: 1,088

  • IAS review has been prepared by KPMG auditors


Income statement l.jpg
Income Statement

-RuR millions -2000 1999 Change

Sales 152 989 94 142 +63%

International sales 136 335 89 071 +53%

Domestic sales 16 654 5 071 +228%

Cost of goods sold and SG&A 77 572 48 251 +61%

Operating profit 67 109 35 972 +87%

Profit tax 12 967 23% 15 915

Net income 40 089 17 249 +132%


Slide4 l.jpg

Revenues (RuR millions)

+63%

1999

2000

Note: 2000 changes are in brackets


Financial performance l.jpg
Financial Performance

Gross Profit Margin

EBIT Margin

Net Income Margin

1998

1999

2000

1998

1999

2000

1998

1999

2000


Slide6 l.jpg

Cost of Goods Sold

  • Operations:

    • Production growth and inflation:

      • Growth of costs of purchased materials

      • Growth of costs of electricity and fuel

      • Increase in costs of servicing machines and equipment

      • Growth in salaries

  • Norimet consolidation:

    • Resulted in third party sales and third party purchases, amortization of goodwill and a revaluation of Norimet inventories to the cost of purchase. This revaluation was due to the difference in accounting of Norilsk Nickel and Norimet. Norilsk Nickel accounts for its inventories at the cost of purchase, while Norimet was accounting stockpiles of metals at current market prices.


Financial performance7 l.jpg
Financial Performance

Return on Assets

Return on Shareholders’ Equity

EPS

32.1%

22.4%

20.7%

15.3%

12.3%

7.5%

188 RuR

91 RuR

0.56 RuR

1998

1999

2000

1998

1999

2000

1998

1999

1999

2000


Key balance sheet items l.jpg
Key Balance Sheet Items

- RuR millions -20001999

Cash and cash equivalents16 8868 818

Property, plant and equipment 81 318 70 225

Inventories34 307 25 709

Shareholders Equity, 125 07277 103

as % of balance sheet 64,4% 55,0%

Credits and loans29 217 16 557


Key balance sheet items9 l.jpg
Key Balance Sheet Items

  • Operations:

    • Growth in cash(byRuR 8 billion)

    • Growth in inventories (RuR 8,6 billion ) due to increase in purchased materials byRuR 9,4 billion

    • Growth in accounts receivable (RuR 13,5 billion) due to increase in VAT receivables from the state (RuR 6,3 billion)

    • Growth in accounts payable (RuR 0,8 billion)

  • Norimet Consolidation:

    • Increase in credits and loans by RuR 8,3 billion

    • Increase in intangibles byRuR 5,5 billion (goodwill)

    • Increase in inventories by RuR 7,1 billion

    • Increase in accounts payable (RuR 0,6 billion) and accounts receivable (RuR 13,2 billion)


Cash flows l.jpg
Cash Flows

- RuRmillions -

(5 002)

19 044

10 984

(24 046)

(4 917)

7 585

9 211

8 069

15 901

(3 399)

14 213

7 078

8 069

(1 143)

(507)

7 078

FinancingsActivities

Capital Assets Revaluation

Net increase in cash and cash equivalents

Operating Activities

Investing Activities

1999

2000


Cash flows continued l.jpg
Cash Flows (continued)

  • Operating Activities:

    • Payback of tax arrearsfor the previous years (RuR 6,9 billion)

    • Norimet consolidation: the calculation of the change in inventories, receivables and payables of the Group reflects the acquisition of Norimet

  • Investing Activities:

    • Capital expenditures totaled RuR 18,0 billion, by 280% more than in 1999

    • The main targets for capital expenditures werethe following mines: «Oktyabrsk», «Kaula-Kotselvaara» and «Taimyrsk», Talnakh concentratorand Pelyatinskoyegas condensate mineral deposit

    • Acquisition of a stake in the Novolipetsk metallurgical plant (RuR 6,2 billion)


Capital expenditures l.jpg
Capital Expenditures

- RuR billions -

Capital Expenditures (RAS*)

9.8

* Russian Accounting Standards


Capital expenditures continued l.jpg
Capital Expenditures (continued)

- RuR billions -

Capital Expenditures (RAS)

9.8

-revaluation of inventories, construction-in-progress and other

7.2

- inflation

1.0

Capital Expenditures (IAS)

18.0


Prospects l.jpg
Prospects

  • Review of interim IAS 6 month and 9 month 2001 financials

  • Review of IAS 2001 financials

  • Audit of IAS financials starting 2002

  • Restatement of interim (quarterly) financial reports starting 2002 and review of half-year results


ad