Novolipetsk Steel2004年年度报告.pdf

1、2004ANNUAL REPORTNOVOLIPETSK STEELNLMKANNUAL REPORT 2004For many decades now weve been working with steelAnd know everything about it All its types and characteristics,Properties and capabilities.But,apart from the professional expertise,We have our own,special attachment:You cant help loving someth

2、ingYouve worked with for so long.Behind the numbers,charts and diagramsA living,almost soulful nature makes itself felt:Robustness and reliabilitySturdiness and flexibilityStrength and confidenceNeither the present,nor future world Is conceivable without such attributes.3NLMKANNUAL REPORT 20044NLMKA

3、NNUAL REPORT 2004Chairmans Message 07NLMKs profile 09NLMKs objectives and strategy 11 Major results of 2004 13Most important events of the year 15Procurement and sales 19 Overview of metals market 19 Sales of NLMKs metals products 24 Raw materials and procurement 31Financial potential 33 Financial r

4、esults 33 Financial position 35 Value-based management 40 Risk management 41Production potential 45 Production of metal products 45 Certification of products 48 Technical upgrading and repairs 49Social policy 51 Environmental protection 51 Personnel policy 52 Social responsibility 54Corporate govern

5、ance 57 Principles of corporate governance 57 Corporate governance bodies 57 Management structure 63 Subsidiaries and associates 64Share capital 67 Information about share capital,numbers of shares,share issues 67 Major shareholders 67 Information about share prices 67 Dividends 69Suggestions on pro

6、fit allocation 71Consolidated financial statements 73 Managements opinion on the group consolidated financial statements 74 Report of independent auditors 75 Consolidated balance sheets 76 Consolidated statements of income 77 Consolidated statements of cash flows 78 Consolidated statements of stockh