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MMC Norilsk Nickel Group Audited Consolidated Annual Financial Statements 31 December 2003. June 2, 2004. Basis of presentation.

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June 2

MMC Norilsk Nickel Group

Audited Consolidated Annual

Financial Statements 31 December 2003

June 2, 2004


Basis of presentation
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




Consolidated cash flow statement
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


Metal prices for joint products
Metal prices for joint products

Nickel (Ni)

Copper (Cu)

Platinum (Pt)

Palladium (Pd)

Gold (Au)

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


Revenues
Revenues

Sales volume(In millions of US dollars)

+68%

-29%

5 196

4 382

3 094

2001

2002

2003

38%

54%

55%

Nickel

23%

16%

19%

Copper

6%

12%

30%

Palladium

13%

10%

12%

Platinum

4%

7%

Gold

1%


Sales volumes
Sales volumes

(In millions of US dollars)

TO BE UPDATED

Nickel

Copper

Palladium

Platinum

Gold

Including domestic sales

60

68

133

47

131

171

1

-

1

-

-

3

27

113

356


Sales by region
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%


Physical volumes sales

1500

1200

966

900

600

301

300

0

2002

2003

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



Cash cost per unit
Cash cost per unit

Polar Division

Polar Division

Polar Division

Polar Division

Kola Division

Kola Division

Kola Division

ZAO Polyus

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)


Social costs
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


Change in working capital
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


June 2

Debt structure

(In millions of US dollars)

Current portion of long-term borrowings

Short-term borrowings

Long-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


June 2

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