-----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, GNhp7MlTHAdzpLhWUP4xU4ADHQkNfiaIqn5bxhrJHdBIAFgv3qF7uNG1p25GVi+Q DTyhrOsf83IQmrs0gAxQRQ== 0000950123-97-009622.txt : 19971126 0000950123-97-009622.hdr.sgml : 19971126 ACCESSION NUMBER: 0000950123-97-009622 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19970930 FILED AS OF DATE: 19971114 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: ALCAN ALUMINIUM LTD /NEW CENTRAL INDEX KEY: 0000004285 STANDARD INDUSTRIAL CLASSIFICATION: 3334 IRS NUMBER: 000000000 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 001-03677 FILM NUMBER: 97719970 BUSINESS ADDRESS: STREET 1: 1188 SHERBROOKE ST WEST CITY: MONTREAL QUEBEC CANA STATE: A8 BUSINESS PHONE: 5148488000 10-Q 1 FORM 10-Q / ALCAN ALUMINUM LIMITED 1 ================================================================================ SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 1997 Commission file number 1-3677 ALCAN ALUMINIUM LIMITED (Exact name of registrant as specified in its charter) CANADA Inapplicable (State or Other Jurisdiction of (I.R.S. Employer Identification No.) Incorporation or Organization)
1188 SHERBROOKE STREET WEST, MONTREAL, QUEBEC, CANADA H3A 3G2 (Address of Principal Executive Offices and Postal Code) (514) 848-8000 (Registrant's Telephone Number, including Area Code) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [X], No [ ] At September 30, 1997, the registrant had 227,199,377 shares of common stock (without nominal or par value) outstanding. ================================================================================ 2 PART I -- FINANCIAL INFORMATION In this report, all dollar amounts are stated in U.S. Dollars and all quantities in metric tons, or tonnes, unless indicated otherwise. A tonne is 1,000 kilograms, or 2,204.6 pounds. The word "Company" refers to Alcan Aluminium Limited and, where applicable, one or more consolidated subsidiaries. ITEM 1. FINANCIAL STATEMENTS ALCAN ALUMINIUM LIMITED INTERIM CONSOLIDATED STATEMENT OF INCOME (unaudited)
Periods ended September 30 ---------------------------------------------- Third quarter Nine months -------------------- -------------------- 1997 1996 1997 1996 ------ ------ ------ ------ (in millions of US$, except per share amounts) REVENUES Sales and operating revenues.................... $1,949 $1,859 $5,830 $5,814 Other income.................................... 16 22 63 54 ------ ------ ------ ------ 1,965 1,881 5,893 5,868 ------ ------ ------ ------ COSTS AND EXPENSES Cost of sales and operating expenses............ 1,504 1,460 4,506 4,489 Depreciation.................................... 106 108 323 326 Selling, administrative and general expenses.... 106 99 324 310 Research and development expenses............... 16 16 50 51 Interest........................................ 26 31 77 99 Other expenses.................................. 11 8 40 55 ------ ------ ------ ------ 1,769 1,722 5,320 5,330 ------ ------ ------ ------ Income before income taxes and other items........ 196 159 573 538 Income taxes (note 2)............................. 78 57 195 200 ------ ------ ------ ------ Income before other items......................... 118 102 378 338 Equity loss....................................... (36) (1) (34) -- Minority interests................................ (2) -- (5) -- ------ ------ ------ ------ NET INCOME........................................ $ 80 $ 101 $ 339 $ 338 Dividends on preference shares.................... 2 4 7 14 ------ ------ ------ ------ NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS.... $ 78 $ 97 $ 332 $ 324 ====== ====== ====== ====== NET INCOME PER COMMON SHARE (NOTE 3).............. $ 0.34 $ 0.43 $ 1.46 $ 1.43 ====== ====== ====== ====== DIVIDENDS PER COMMON SHARE........................ $ 0.15 $ 0.15 $ 0.45 $ 0.45 ====== ====== ====== ======
2 3 ALCAN ALUMINIUM LIMITED INTERIM CONSOLIDATED STATEMENT OF INCOME (unaudited)
Nine months ended September 30 -------------------- 1997 1996 ------ ------ (in millions of US$) RETAINED EARNINGS -- BEGINNING OF PERIOD................................. $3,217 $2,959 Net income............................................................... 339 338 Dividends -- Common...................................................... 103 102 -- Preference.................................................. 7 14 ------ ------ RETAINED EARNINGS -- END OF PERIOD....................................... $3,446 $3,181 ====== ======
3 4 ALCAN ALUMINIUM LIMITED INTERIM CONSOLIDATED BALANCE SHEET (unaudited for 1997)
SEPTEMBER 30 December 31 1997 1996 ----------- ----------- (in millions of US$) ASSETS CURRENT ASSETS Cash and time deposits.................................................... $ 621 $ 546 Receivables............................................................... 1,421 1,262 Inventories -- Aluminum................................................... 785 736 -- Raw materials.............................................. 331 325 -- Other supplies............................................. 249 244 ------- ------- 1,365 1,305 ------- ------- Total current assets........................................................ 3,407 3,113 ------- ------- Deferred charges and other assets........................................... 385 314 Investments................................................................. 374 428 Property, plant and equipment Cost...................................................................... 11,524 11,517 Accumulated depreciation.................................................. 6,187 6,047 ------- ------- 5,337 5,470 ------- ------- TOTAL ASSETS................................................................ $ 9,503 $ 9,325 ======= =======
SEPTEMBER 30 December 31 1997 1996 ------------ ----------- (in millions of US$, except per common share amounts) LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES Payables................................................................ $ 1,106 $ 1,008 Short-term borrowings................................................... 249 178 Income and other taxes.................................................. 80 98 Debt maturing within one year........................................... 37 19 ------- ------- 1,472 1,303 ------- ------- Debt not maturing within one year......................................... 1,250 1,319 Deferred credits and other liabilities.................................... 730 770 Deferred income taxes..................................................... 993 996 Minority Interests........................................................ 56 73 SHAREHOLDERS' EQUITY Redeemable non-retractable preference shares............................ 203 203 Common shareholders' equity Common shares........................................................ 1,248 1,235 Retained earnings.................................................... 3,446 3,217 Deferred translation adjustments..................................... 105 209 ------- ------- 4,799 4,661 ------- ------- Total shareholders' equity................................................ 5,002 4,864 ------- ------- TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY................................ $ 9,503 $ 9,325 ======= ======= COMMON SHAREHOLDERS' EQUITY PER COMMON SHARE.............................. $ 21.12 $ 20.57 ======= ======= RATIO OF TOTAL BORROWINGS TO EQUITY....................................... 23:77 23:77 ======= =======
4 5 ALCAN ALUMINIUM LIMITED INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS (unaudited)
Nine months ended September 30 ------------------ 1997 1996 ----- ----- (in millions of US$) OPERATING ACTIVITIES Net income.............................................................. $ 339 $ 338 Adjustments to determine cash from operating activities: Depreciation......................................................... 323 326 Deferred income taxes................................................ 16 (6) Equity loss -- net of dividends...................................... 40 9 Change in operating working capital.................................. (243) 49 Change in deferred charges, other assets, deferred credits and other liabilities -- net.................................................. (69) 1 Gain on sales of businesses -- net................................... (13) (5) Other -- net......................................................... 27 (21) ----- ----- CASH FROM OPERATING ACTIVITIES............................................ 420 691 FINANCING ACTIVITIES New debt................................................................ 39 49 Debt repayments......................................................... (39) (454) ----- ----- -- (405) Short-term borrowings -- net............................................ 95 (35) Common shares issued.................................................... 13 9 Redemption of preferred shares.......................................... -- (150) Dividends -- Alcan shareholders (including preference).................. (110) (116) -- Minority interests......................................... (2) -- ----- ----- CASH USED FOR FINANCING ACTIVITIES........................................ (4) (697) INVESTMENT ACTIVITIES Property, plant and equipment........................................... (372) (277) Net proceeds from disposal of businesses and other assets............... 49 608 ----- ----- CASH FROM (USED FOR) INVESTMENT ACTIVITIES................................ (323) 331 Effect of exchange rate changes on cash and time deposits................. (7) (1) ----- ----- INCREASE IN CASH AND TIME DEPOSITS........................................ 86 324 Cash of companies deconsolidated.......................................... (11) -- Cash and time deposits -- beginning of period............................. 546 66 ----- ----- Cash and time deposits -- end of period................................... $ 621 $ 390 ===== =====
5 6 ALCAN ALUMINIUM LIMITED INFORMATION BY PRODUCT SECTOR (unaudited)
Periods ended September 30 ----------------------------------------------------------- Sales and Operating Revenues Operating ----------------------------------------- Income Intersector Third parties ------------------- ----------------- ------------- 1997 1996 1997 1996 1997 1996 ------- ------- ------ ------ ---- ---- (in millions of US$) THIRD QUARTER Raw materials and chemicals............. $ 131 $ 126 $ 140 $ 122 $ 46 $ 31 Primary metal........................... 381 397 366 367 137 113 Fabricated products..................... -- -- 1,440 1,362 85 26 Intersector and other items............. (512) (523) 3 8 (20) 47 ------- ------- ------ ------ ----- ----- $ -- $ -- $1,949 $1,859 $248 $217 ======= ======= ====== ====== ===== ===== Reconciliation to net income Equity loss........................... (36) (1) Corporate offices..................... (28) (27) Interest.............................. (26) (31) Income taxes.......................... (78) (57) ----- ----- NET INCOME............................ $ 80 $101 ===== =====
Period ended September 30 ----------------------------------------------------------- Sales and Operating Revenues Operating ---------------------------------------- Income Intersector Third parties ------------------- ----------------- ------------- 1997 1996 1997 1996 1997 1996 ------- ------- ------ ------ ---- ---- (in millions of US$) NINE MONTHS Raw materials and chemicals............. $ 375 $ 387 $ 386 $ 397 $ 85 $ 88 Primary metal........................... 1,150 1,327 1,122 1,109 439 415 Fabricated products..................... -- -- 4,311 4,292 244 124 Intersector and other items............. (1,525) (1,714) 11 16 (34) 92 ------- ------- ------ ------ ----- ----- $ -- $ -- $5,830 $5,814 $734 $719 ======= ======= ====== ====== ===== ===== Reconciliation to net income Equity loss........................... (34) -- Corporate offices..................... (89) (82) Interest.............................. (77) (99) Income taxes.......................... (195) (200) ----- ----- NET INCOME............................ $339 $338 ===== =====
6 7 ALCAN ALUMINIUM LIMITED NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 1997 (UNAUDITED) 1. DIFFERENCES BETWEEN CANADIAN AND UNITED STATES GENERALLY ACCEPTED ACCOUNTING PRINCIPLES (GAAP) Differences relate principally to accounting for deferred income taxes and foreign currency translation.
RECONCILIATION OF CANADIAN AND U.S. GAAP 1997 1996 ------------------- ------------------- As U.S. As U.S. Reported GAAP Reported GAAP -------- ------ -------- ------ (in millions of US$, except per share amounts) Net income First quarter...................................... $ 143 $ 142 $ 125 $ 120 Second quarter..................................... 116 141 112 118 Third quarter...................................... 80 90 101 111 ------ ------ ------ ------ Nine months........................................ $ 339 $ 373 $ 338 $ 349 ------ ------ ------ ------ Net income attributable to common shareholders..... $ 332 $ 366 $ 324 $ 335 ------ ------ ------ ------ Net income per common share........................ $ 1.46 $ 1.61 $ 1.43 $ 1.48 ------ ------ ------ ------ Deferred income taxes -- September 30.............. $ 993 $ 718 $ 961 $ 721 ------ ------ ------ ------ Retained earnings -- September 30.................. $3,446 $3,783 $3,181 $3,485 ------ ------ ------ ------ Deferred translation adjustments -- September 30... $ 105 $ 36 $ 231 $ 162 ====== ====== ====== ======
2. INCOME TAXES
Third Quarter Nine months ------------------- ------------------- 1997 1996 1997 1996 ------ ----- ------ ----- Current............................................ $ 56 $ 81 $ 179 $ 206 Deferred........................................... 22 (24) 16 (6) ------ ----- ------ ----- $ 78 $ 57 $ 195 $ 200 ====== ===== ====== =====
The composite of the applicable statutory corporate income tax rates in Canada is 40.3% (40.1% for 1996). The difference between income taxes calculated at the composite rate and the amounts shown as reported is attributable to prior years' tax adjustments and investment and other allowances. In 1996, the difference is attributable to investment and other allowances and tax exempt items partially offset by exchange. 3. NET INCOME PER COMMON SHARE Net income per common share is based on the average number of shares outstanding during the period (third quarter 1997: 227.1 million; 1996: 226.2 million; nine months 1997: 227.0 million; 1996: 226.1 million). As at September 30, 1997, there were 227,199,377 common shares outstanding. 4. SUPPLEMENTARY INFORMATION STATEMENT OF CASH FLOWS
Third quarter Nine months ----------- ------------- 1997 1996 1997 1996 --- --- ---- ---- Interest paid................................................. $28 $37 $ 78 $109 Income taxes paid............................................. 22 47 152 188 --- --- ---- ----
7 8 SUMMARIZED FINANCIAL INFORMATION The following is summarized consolidated financial information for Alcan Aluminum Corporation, a wholly-owned subsidiary in the United States.
Third quarter Nine months ------------- ----------------- 1997 1996 1997 1996 ---- ---- ------ ------ RESULTS OF OPERATIONS Revenues..................................................... $948 $850 $2,767 $2,578 Costs and expenses........................................... 882 825 2,619 2,463 ---- ---- ------ ------ Income before income taxes................................... 66 25 148 115 Income taxes................................................. 26 10 58 45 ---- ---- ------ ------ Net income................................................... $ 40 $ 15 $ 90 $ 70 ==== ==== ====== ======
SEPTEMBER 30 December 31 1997 1996 ------------ ----------- FINANCIAL POSITION Current assets......................................................... $ 832 $ 868 Current liabilities.................................................... 414 578 ----- ----- Working capital........................................................ 418 290 Property, plant and equipment -- net................................... 742 756 Other liabilities -- net............................................... (210) (186) ----- ----- 950 860 Debt not maturing within one year...................................... 105 105 ----- ----- Net assets............................................................. $ 845 $ 755 ===== =====
In the above figures, inventories have been valued principally by the last-in, first-out (LIFO) method. In the Company's consolidated financial statements, the average cost method is used. 5. CONTINGENT LIABILITY In July 1997, the Company received a notice of reassessment from the Canadian federal tax authorities seeking additional taxes of $22 in respect of 1988, as well as interest of $38. Although the Company is contesting the reassessment, it has paid the amounts claimed by the authorities in order to stop the potential accumulation of further interest. Most of the additional taxes claimed relate to transfer pricing issues and, if these additional taxes are finally held to be payable in Canada, the Company believes that the major portion would be recoverable in other countries. However, any interest on additional taxes ultimately held to be payable in Canada would not be recoverable in other countries. It is expected that a notice of reassessment related to l989 will also be received before the end of the year. The Company does not currently expect any significant impact from reassessments for years subsequent to 1989. Any necessary adjustments to the tax provisions of prior years will be reflected in the Company's results if it is determined that existing provisions are inadequate. In the opinion of management, all adjustments necessary for a fair presentation of interim period results have been included in the financial statements. These interim results are not necessarily indicative of results for the full year. ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. RESULTS OF OPERATIONS
Second Third quarter Nine months quarter ----------------- ----------------- ------- 1997 1996 1997 1996 1997 ------ ------ ------ ------ ------- (US$ millions, except per share amounts) Highlights Sales and operating revenues.................... $1,949 $1,859 $5,830 $5,814 $2,011 Net income...................................... 80 101 339 338 116 Net income per common share..................... 0.34 0.43 1.46 1.43 0.50
8 9 The Company reports consolidated net income of US$80 million, after a special charge of $30 million, for the quarter ended September 30, 1997, compared to $101 million for the corresponding period of 1996. After preference share dividends, net income per common share for the quarter is 34 cents compared to 43 cents a year earlier. On an operating basis, net income per common share in the quarter was 47 cents compared to 50 cents in the second quarter and 39 cents a year earlier. The special charge relates to Alcan's share of construction contract losses and restructuring provisions at Nippon Light Metal Company, Ltd. (45.6%-owned by Alcan). In the third quarter of 1996, there was a net non-recurring gain of $8 million after tax, principally resulting from the sale of a business in Brazil. Demand continues to be strong in Europe and South America. However, the very competitive environment in Europe is holding down prices for fabricated products. Business conditions in Japan and Southeast Asia remain weak.
Third Second quarter Nine months quarter ------------- ------------- ------- VOLUMES 1997 1996 1997 1996 1997 ----- ----- ----- ----- ------- (thousands of tonnes) Shipments Ingot products*............................................. 215 212 643 609 216 Fabricated products......................................... 436 374 1,295 1,159 448 Fabrication of customer-owned metal........................... 70 70 210 196 73 ------ ------ ------ ------ ------ Total volume.................................................. 721 656 2,148 1,964 737 ====== ====== ====== ====== ====== Ingot product realizations (US$ per tonne).................... 1,733 1,595 1,733 1,688 1,770 Fabricated product realizations (US$ per tonne)............... 2,950 3,282 2,970 3,337 2,990
*includes primary and secondary ingot and scrap Sales and operating revenues for the third quarter of 1997 were 3% down on the second quarter but 5% ahead of the comparable period of 1996. Higher volumes compared to the year-ago quarter were offset by lower fabricated product price realizations. Total fabricated products volumes, which include products fabricated from customer-owned metal, were 506 thousand tonnes (kt) in the third quarter, some 3% lower than in the previous quarter, reflecting seasonally slower demand. Fabricated products volumes were up 14% on the third quarter of 1996. Fabricated product realizations were lower than in the second quarter, largely due to further weakening of European currencies against the dollar. Compared to the year-ago quarter, currency movements were more than offset by reduced costs resulting in an improvement in fabricated products margins. PRODUCT SECTOR REVIEW The Company reports selected information by major product sector, viewed on a stand-alone basis. Transactions between product sectors are conducted on an arm's length basis and reflect market-related prices. Thus, profit on all alumina produced by the Company, whether sold to third parties or used in the Company's smelters, is included in the raw materials and chemicals sector. Similarly, income from primary metal operations is mainly profit on metal produced by the Company, whether sold to third parties or used in the Company's fabricating operations. Income from fabricated product businesses represents only the fabricating profit on rolled products and downstream businesses. 9 10
Third Second quarter Nine months quarter ------------- ----------- -------- 1997 1996 1997 1996 1997 ---- ---- ---- ---- ---- (US$ millions) Operating income Raw materials and chemicals............................ 46 31 85 88 31 Primary metal.......................................... 137 113 439 415 136 Fabricated products.................................... 85 26 244 124 94 Intersector and other items............................ (20) 47 (34) 92 (19) --- --- --- --- --- 248 217 734 719 242 Equity loss............................................ (36) (1) (34) -- (1) Corporate offices........................................ (28) (27) (89) (82) (27) Interest................................................. (26) (31) (77) (99) (26) Income taxes............................................. (78) (57) (195) (200) (72) --- --- --- --- --- Net income............................................... 80 101 339 338 116 === === === === ===
Operating profits from raw materials and chemicals operations showed a further improvement in the third quarter due to higher volume and reduced costs. Results from primary operations were little changed from the second quarter but show a 21% improvement over the third quarter of 1996 reflecting higher prices. Operating income from fabricated products was slightly down on the second quarter due to seasonally lower volumes, but continues to show a year-on-year improvement reflecting improved margins due to cost reductions and higher capacity utilization. "Intersector and other items" includes the deferral or realization of profits on intersector sales of metal. Realizations of such deferred profits were substantial in 1996 due to falling ingot prices at that time. In the first nine months of 1997 profits on intersector sales were deferred due to higher prevailing ingot prices. Equity loss for the quarter includes a loss of $37 million from NLM. Of this, $30 million is a special charge relating to construction contract losses and business rationalization costs. GEOGRAPHIC REVIEW
Third Second quarter Nine months quarter ------------- ------------- ------- 1997 1996 1997 1996 1997 ---- ---- ---- ---- ------- (US$ millions) Net income (Loss) Canada................................................. 58 42 189 147 46 United States.......................................... 41 8 107 56 40 South America.......................................... 3 16 22 36 5 Europe................................................. 6 2 33 17 15 Asia and Pacific....................................... (27) 6 (7) 21 7 Other (including eliminations)......................... (1) 27 (5) 61 3 --- --- --- --- --- Net income............................................. 80 101 339 338 116 === === === === ===
In Canada, net income improved over the second quarter largely due to improved results from primary metal operations. In the United States, results were similar to the second quarter and remain substantially ahead of the year-ago quarter primarily due to improved rolled products volumes and margins. Net income from South America was lower than the year-ago quarter which included an after-tax gain of $13 million from the sale of a business. In Europe, net income was lower than in the second quarter due mainly to seasonally lower fabricated products volumes. Results in 1997 include relining expenses relating to an idle smelter potline. 10 11 In the Asia and Pacific region, the downturn in economic activity, particularly in the building and construction industry, has adversely affected results that include the special charge mentioned above. The "Other" category includes a charge for the deferral of unrealized profits on inter-regional sales of ingot whereas in the year-ago quarter this result was favourable as previously deferred profits were recognized. LIQUIDITY AND CAPITAL RESOURCES OPERATING ACTIVITIES Cash generated from operating activities during the first nine months of 1997 was $420 million, down from $691 million in the comparable period of 1996 primarily due to an increase in operating working capital which resulted principally from higher sales volumes. FINANCING ACTIVITIES Cash used for financing activities in the first nine months of 1997 was $4 million compared to $697 million in the comparable period of 1996. In the 1996 period, the Company prepaid $367 million of debentures incurring an after-tax charge of $12 million and redeemed $150 million of preference shares. The debt:equity ratio at September 30 was unchanged from June at 23:77 versus 24:76 a year ago. The ratio at the end of the third quarter improves to 16:84 when adjusted to reflect surplus cash. Total debt at September 30, 1997, was $1,536 million versus $1,517 million at the same date last year. At the end of the third quarter of 1997, the Company had cash and time deposits of $621 million. INVESTMENT ACTIVITIES Capital expenditures during the first nine months of 1997 were $372 million, compared to $277 million a year earlier. Significant investment decisions reached so far in 1997 include a $350 million expansion of sheet rolling capacity in Brazil and the $130 million development of a bauxite mine in Australia. Both investments are scheduled for completion in 1999. Through the first nine months of 1997, net proceeds from disposals of businesses and other assets were $49 million, compared to $608 million a year earlier, most of which was generated by the sale of downstream businesses in the United Kingdom and on the sale of Alcan's investment in Toyo Aluminium K.K. in Japan. CONTINGENT LIABILITY In July 1997, the Company received a notice of reassessment from the Canadian federal tax authorities seeking additional taxes. This is discussed in Note 5 to the Interim Consolidated Financial Statements in Item 1 of Part I of this report. PART II -- OTHER INFORMATION ITEMS 1. THROUGH 5. The registrant has nothing to report under these items. 11 12 ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K. (a) Exhibits (27) Financial Data Schedule. (99) Cautionary statement for purposes of the "Safe Harbor" provisions of the Private Securities Litigation Reform Act of 1995. (Filed herewith.) (b) Reports on Form 8-K None were filed in the quarter ended September 30, 1997. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. ALCAN ALUMINIUM LIMITED Dated: November 14, 1997 By: /s/ Denis G. O'Brien ----------------------------- Denis G. O'Brien Controller (Chief Accounting Officer and a Duly Authorized Officer) 12 13 EXHIBIT INDEX Exhibit Number Description (27) Financial Data Schedule. (99) Cautionary statement for purposes of the "Safe Harbor" provisions of the Private Securities Litigation Reform Act of 1995. 13 EX-99 2 CAUTIONARY STATEMENT 1 EXHIBIT 99: CAUTIONARY STATEMENT FOR PURPOSES OF THE "SAFE HARBOR" PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 Written or oral statements made by Alcan or its representatives, including statements set forth in Alcan's Form 10-Q for the quarter ended September 30, 1997, which describe the Company's or management's objectives, projections, estimates, expectations or predictions of the future may be "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995, which can be identified by the use of forward-looking terminology such as "believes," "expects," "may," "will," "should," "estimates," "anticipates" or the negative thereof or other variations thereon. The Company cautions that, by their nature, forward-looking statements involve risk and uncertainty and that the Company's actual results could differ materially from those expressed or implied in such forward-looking statements or could affect the extent to which a particular projection is realized. Important factors which could cause the Company's actual performance to differ materially from projections or expectations included in forward-looking statements include global aluminum supply and demand conditions, aluminum ingot prices and changes in other raw materials' costs and availability, cyclical demand and pricing within the principal markets for the Company's products, changes in government regulations, particularly those affecting environmental, health or safety compliance, economic developments and other factors within the countries in which the Company operates or sells its products and other factors relating to the Company's ongoing operations including, but not limited to, litigation, labour negotiations and fiscal regimes. Copies of the Company's filings may be obtained by contacting the Company or the United States Securities and Exchange Commission. EX-27 3 FINANCIAL DATA SCHEDULE
5 1,000,000 9-MOS DEC-31-1997 JAN-01-1997 SEP-30-1997 621 0 1,421 0 1,365 3,407 11,524 6,187 9,503 1,472 1,250 0 203 1,248 3,551 9,503 5,830 5,893 4,506 4,506 323 0 77 573 195 339 0 0 0 339 1.46 1.46
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