-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, JO8rXB/dBUVnKVNcW5T5l92U3WPBsHpLoGMAKEap0Cndyk6n/1gGiAh96akN/50U HSg8rX9SaMe+jJW0NoyojA== 0000947871-03-001694.txt : 20030724 0000947871-03-001694.hdr.sgml : 20030724 20030723123858 ACCESSION NUMBER: 0000947871-03-001694 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20030723 FILED AS OF DATE: 20030723 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PECHINEY CENTRAL INDEX KEY: 0001003467 STANDARD INDUSTRIAL CLASSIFICATION: PRIMARY PRODUCTION OF ALUMINUM [3334] IRS NUMBER: 000000000 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-14110 FILM NUMBER: 03797800 BUSINESS ADDRESS: STREET 1: 10 PLACE DES VOSGES STREET 2: LADEFENSE 5 CITY: COURBEVOIE STATE: I0 ZIP: 92400 BUSINESS PHONE: 3123993000 6-K 1 f6k_072303.txt FORM 6-K 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 July 23, 2003 Commission File No. 1-14110 PECHINEY (Name of Registrant) 7, Place du Chancelier Adenauer 75218 Paris Cedex 16 France (Address of Principal Executive Offices) 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- __________ Enclosure: Press release dated July 23, 2003, announcing second quarter results for 2003. PRESS RELEASE [GRAPHIC OMITTED] July 23, 2003 Second Quarter Results 2003 (Provisional and none audited results. Definitive results will be approved by the Board on July 28. and will be published on July 29. at 7:30 AM) For the second quarter of 2003, Pechiney announces earnings from operations of (euro)67 million, down slightly from the (euro)71 million in the previous quarter. Net income in the second quarter totals (euro)12 million, after a net loss of (euro)1 million in the first quarter of the year. Highlights The main trends in the Group's earnings from operations were as follows. o As in previous quarters, the Primary Aluminum sector, which reported earnings from operations of (euro)37 million, down from (euro)42 million, was affected by the depreciation of the US dollar. The (euro)/$ parity realized was 1.11 in the second quarter, compared with 1.04 in the first quarter and 0.90 in the second quarter of 2002. The recent stabilization of the US dollar observed in the markets is a positive factor for Pechiney as it is for all aluminum producers with reference to their production capacities outside the dollar zone. o In the second quarter, the Aluminum Conversion sector confirmed the recovery reported in the previous quarter, with earnings from operations of (euro)14 million, versus (euro)15 million in the first quarter and (euro)9 million in the second quarter of 2002. Sales volume remained satisfactory particularly in aerospace in Europe, after the inventory depletion observed in 2002, and as additional orders for the A380 are only beginning their upward trend. o At (euro)26 million, the Packaging sector reported earnings from operations identical to the first quarter. Boosted by good performances in controllable costs reductions, this result was achieved in spite of the fact that the cost of the plastic resins used in flexible packaging reached a high point during the quarter before starting to slide downwards, reflecting the decline in the price of oil. Pechiney actively continued to implement its strategy during the second quarter with: o New gains generated by the Pechiney Continuous Improvement System, totaling the cumulated sum of (euro)181 million since January 1, 2002; o Two major acquisitions: that of the 65% equity interest held by the financial partners in the Aluminium Dunkerque smelter (effective as of December 30, 2003), which will increase the Group's attributable aluminum capacity by 17%, and the acquisition of Novacel, the Mexican leader in specialty flexible packaging, a transaction that is expected to be finalized during the summer.
Statement of income (French GAAP) Million of euros H1 2002 H1 2003 Million of euros Q2 2002 Q1 2003* Q2 2003 - ----------------------------------------------------- ---------------------------------------------------------------- Net sales 6,211 5,446 Net sales 3,397 2,820 2,626 Earnings from operations 241 138 Earnings from operations 137 71 67 Restructuring expense, other (70) (76) Restructuring expense, other (expense) income (expense) income (54) (59) (17) Financial expense, net (22) (24) Financial expense, net (11) (11) (13) Income tax expense (59) (15) Income tax expense (31) 5 (20) Equity affiliates 4 5 Equity affiliates 3 2 3 Minority interests 0 (3) Minority interests 4 (2) (1) Net Income before goodwill 94 25 Net Income before goodwill 48 6 19 Goodwill amortisation (17) (14) Goodwill amortisation (8) (7) (7) except. Goodwill amortisation (31) - except. Goodwill amortisation (31) - - Net income 46 11 Net income 9 (1) 12 Net Income Per share "A" ((euro)) 0.57 0.14 Net Income Per share "A" ((euro)) 0.11 (0.02) 0.15 - ----------------------------------------------------- ---------------------------------------------------------------- Adjusted Net Income ** 123 60 Adjusted Net Income ** 74 37 23 Adj. Net inc. / share** bef. GW 1.78 0.95 Adj. Net inc. / share** bef. GW 1.04 0.56 0.39 Adj. net income per share** 1.56 0.77 Adj. net income per share** 0.94 0.47 0.30
(*) The accounting standard SFAS 143 "Accounting for Asset Retirement Obligations" was adopted during the second quarter of 2003, effective January 1, 2003. This change, which affects essentially the Primary Aluminum sector, resulted in a decrease of Earnings from Operations for the first quarter of 2003 by (euro)1 million and an improvement of net income for the first quarter of 2003 by (euro) 1 million. (**) Published net income per share as adjusted to exclude the impact, after taxes, of restructuring expense, other (expense) income and other non-recurring items. Pechiney believes that presenting net income is an additional measure of performance that investors can use to compare net income between reporting periods.
Net Sales Earnings from operations Principal indicators (***) - ------------------------------------------------ ------------------------ ------------------------------------------------ Millions of euros Q2 Q1 Q2 Q2 ***Q1 Q2 Q2 Q1 Q2 2002 2003 2003 2002 2003 2003 2002 2003 2003 - ------------------------------------------------ ------------------------ ------------------------------------------------ Primary Aluminium 488 473 460 93 42 37 Average euro/U.S.$ 0.92 1.07 1.14 Aluminium Conversion 703 659 618 9 15 14 Realised(euro)/$ 0.90 1.04 1.11 Packaging 614 559 549 40 26 26 LME average price ($/t) 1,377 1,392 1,380 International Trade 1,592 1,129 999 18 14 14 Average realized price 1,385 1,368 1,390 Central Costs - - - (23) (26) (24) ($/t) - ------------------------------------------------ ------------------------ Total 3,397 2,820 2,626 137 71 67 (***) Restated for the application of FAS 143.
Pursuant to article 7 of the COB Rule book no. 2002-04, this press release was disclosed to the Commission des Operations de Bourse before its release. Pechiney is an international group listed on the Paris and New York stock exchanges. Its three core businesses are primary aluminum, aluminium conversion and packaging. Pechiney achieved sales of (euro)11.9 billion in 2002. It employs 34,000 employees. ************* Certain statements in this press release that describe Pechiney's intentions, expectations or projections may constitute forwardlooking 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.
Investor Relations Contact: Press Contacts: Charles L. Ranunkel: Tel: 33 1 56 28 25 07 Chrystele Ivins: Tel: 33 1 56 28 24 18 Fax 33 1 56 28 33 38 chrystele.ivins@pechiney.com PECHINEY 7, place du Chancelier Adenauer Stephan Giraud: Tel: 33 1 56 28 24 19 75116 Paris stephan.giraud@pechiney.com e-mail: Pechiney-IR-Team@pechiney.com Internet: http://www.pechiney.com
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: July 23, 2003 PECHINEY By: /s/ OLIVIER MALLET ------------------ Name: Olivier MALLET Title: Chief Financial Officer -----END PRIVACY-ENHANCED MESSAGE-----