Alcan Continues to Review South Africa Project -- Writes Down by Euro 45 Million.Business Editors PARIS--(BUSINESS WIRE)--Jan. 19, 2004 Alcan Inc. today announced that, following its on-going review of Pechiney assets, an impairment Impairment 1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. charge of EUR EUR In currencies, this is the abbreviation for the Euro. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 45 million will be recorded for the costs incurred by the Coega smelter project in South Africa South Africa, Afrikaans Suid-Afrika, officially Republic of South Africa, republic (2005 est. pop. 44,344,000), 471,442 sq mi (1,221,037 sq km), S Africa. up to September 30, 2003. Project costs incurred subsequent to September 30, 2003 will be charged to income. This impairment will not affect Alcan's reported earnings and it will be recorded as a charge in Pechiney's 2003 statutory financial statements. Alcan will continue to review Pechiney's current investments and multi-annual business plans on the basis of assumptions currently used by Alcan. As part of this process, it will evaluate its continuing interest in Aluminium de Grece Aluminium de Grece was founded in 1960 and established its plant at Agios Nikolaos in Beotia, on the north coast of the Gulf of Corinth. The site combines proximity to the large bauxite deposits of Beotia and Phokida and sea transportation facilities, with unobtrusive integration SA (AdG), where it has concerns regarding the supply of electrical power to the AdG smelter, as described by AdG in its press release dated 16 January 2004. No decision has been made on any of Pechiney's current investments. The Company will announce in due course any decision taken in relation to this review. Pursuant to article 7 of the COB Rule book no. 2002-04, this press release was disclosed to the French Autorite des marches financiers before its release. Certain statements in this press release that describe Pechiney's intentions, expectations or projections may constitute forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . 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 CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or after the date hereof here·of adv. Of this. hereof Adverb Formal or law of or concerning this Adv. 1. hereof - of or concerning this; "the twigs hereof are physic" or to reflect the occurrence of unanticipated events. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion