ADVFN Logo ADVFN

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for default Register for Free to get streaming real-time quotes, interactive charts, live options flow, and more.

BB32 San Uk Grp.perp

0.00
0.00 (0.00%)
Name Symbol Market Type
San Uk Grp.perp LSE:BB32 London Bond
  Price Change % Change Price Bid Price Offer Price High Price Low Price Open Price Traded Last Trade
  0.00 0.00% 0 -

Interim Results

16/05/2002 8:00am

UK Regulatory


RNS Number:9895V
Alcan Inc
15 May 2002


                       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 March 31, 2002
                         Commission file number 1-3677

                                   ALCAN INC.
             (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 O No ____

At March 31, 2002, the registrant had 321,104,209 shares of common stock
(without nominal or par value) outstanding.


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 Inc. and, where
applicable, one or more consolidated subsidiaries.

Item 1.     Financial Statements

                                 ALCAN INC.


INTERIM CONSOLIDATED STATEMENT OF INCOME
(unaudited)

Three months ended March 31
(in millions of US$, except per share amounts)              2002                               2001
                                                                                         (Restated - note 2)
                             
Sales and operating revenues                          $ 2,937                                      $ 3,270
Costs and expenses
     Cost of sales and operating expenses               2,331                                        2,577
     Depreciation and amortization                      205                                          196
     Selling, administrative and general expenses       139                                          133
     Research and development expenses                  28                                           33
     Interest (note 11)                                 50                                           55
     Restructuring, impairment and other special
          charges (note 5)                              14                                           -
     Other (income) expenses - net (notes 2 and 9)      7                                            68
                                                                                                
                                                        2,774                                        3,062

Income before income taxes and other items              163                                          208
Income taxes (note 7)                                   78                                           58
Income before other items                               85                                           150
Equity income                                           1                                            2
Minority interests                                      -                                            1
                                                                                                     1
Net income before amortization of goodwill            $ 86                                         $ 153
Amortization of goodwill (note 2)                       -                                            18
Net income                                            $ 86                                         $ 135                
Dividends on preference shares                          1                                            2

Net income
     attributable to common shareholders              $ 85                                         $ 133

Net income per common share before                    $ 0.26                                       $ 0.48
     amortization of goodwill - basic    
                                                         
Amortization of goodwill per common share               -                                            0.06

Net income per common share - basic (note 3)          $ 0.26                                       $ 0.42
Net income per common share - diluted (note 3)        $ 0.26                                       $ 0.41
Dividends per common share                            $ 0.15                                       $ 0.15


The accompanying notes are an integral part of the interim financial statements.


                                                      ALCAN INC.

INTERIM CONSOLIDATED STATEMENT OF RETAINED EARNINGS

(unaudited)

                                                                            2002                          2001

Three months ended March 31 (in millions of US$)

Retained earnings - beginning of period

     As previously reported                                              $  4,095                   $     4,290
                                                                           
     Accounting change (note 2)                                            (21)                           (18)
                                                                           
     As restated                                                            4,074                          4,272
                                                                           
Net income                                                                  86                             135

Dividends     -     Common                                                 (48)                           (48)
              -     Preference                                             (1)                            (2)

Retained earnings - end of period                                        $  4,111                   $      4,357
                                                                                                

The accompanying notes are an integral part of the interim financial statements.


                                                       ALCAN INC.


INTERIM CONSOLIDATED BALANCE SHEET

(unaudited for 2002)
                                                                          March 31, 2002            December 31, 2001
(in millions of US$)
ASSETS                                                                                           (Restated - note 2)

Current assets
     Cash and time deposits                                                $     96                   $    119

     Trade receivables (net of allowances of $54 in 2002 and
          $52 in 2001)                                                          1,301                      1,216
     Other receivables                                                          435                        532

     Inventories     -     Aluminum operating segments
               .     Aluminum                                                   870                        875
               .     Raw materials                                              377                        413
               .     Other supplies                                             271                        269
                                                                                1,518                      1,557
               -     Packaging operating segment                                393                        393
                                                                                1,911                      1,950

Total current assets                                                            3,743                      3,817

Deferred charges and other assets                                               744                        716

Property, plant and equipment
     Cost (excluding Construction work in progress)                             16,189                     16,225
     Construction work in progress                                              611                        613
     Accumulated depreciation                                                   (7,228)                    (7,136)
                                                                                9,572                      9,702

Intangible assets, net of accumulated amortization of
     $33 in 2002 and $27 in 2001                                                293                        298
Goodwill                                                                        2,930                      2,925
Total assets                                                               $    17,282               $     17,458

The accompanying notes are an integral part of the interim financial statements.



                                      ALCAN INC.


INTERIM CONSOLIDATED BALANCE SHEET (cont'd)

(unaudited for 2002)

                                                                          March 31, 2002            December 31, 2001
(in millions of US$, except per share amounts)
                                                                                                 (Restated - note 2)

LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities
     Payables and accrued liabilities                                      $    2,229                $     2,328
     Short-term borrowings                                                      410                        555
     Debt maturing within one year (note 9)                                     516                        652
                                                                                3,155                      3,535

Debt not maturing within one year (note 9)                                      3,005                      2,884
Deferred credits and other liabilities                                          1,161                      1,131
Deferred income taxes                                                           1,004                      1,006
Minority interests                                                              129                        132

Shareholders' equity
     Redeemable non-retractable preference shares                               160                        160
     Common shareholders' equity
          Common shares                                                         4,693                      4,687
          Retained earnings                                                     4,111                      4,074
          Deferred translation adjustments                                     (136)                      (151)

                                                                                8,668                      8,610

                                                                                8,828                      8,770


Commitments and contingencies (note 10)
Total liabilities and shareholders' equity                                 $    17,282               $     17,458


The accompanying notes are an integral part of the interim financial statements.



                                                       ALCAN INC.


INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS

(unaudited)


Three months ended March 31
(in millions of US$)                                         2002                               2001
Operating activities                                                                        (Restated - note 2)

     Net income                                          $   86                              $  135

     Adjustments to determine cash from
          operating activities:
     Depreciation and amortization                           205                                196
     Amortization of goodwill                                 -                                 18
     Deferred income taxes                                    3                                (27)
     Asset impairment provisions                              -                                 90
     Equity income - net of dividends                         (1)                              (2)
     Change in operating working capital
          Change in receivables                               6                                (53)
          Change in inventories                               32                               (90)
          Change in payables                                 (92)                               5
                                                             (54)                              (138)
     Change in deferred charges, other assets,
          deferred credits and other liabilities - net        24                               (111)
     Other - net                                             (5)                               (5)
Cash from operating activities                            $   258                           $   156



The accompanying notes are an integral part of the interim financial statements.



                                                       ALCAN INC.

INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS (cont'd)

(unaudited)
Three months ended March 31
(in millions of US$)                                            2002                           2001
Financing activities
     New debt                                                $    131                      $  1,235
     Debt repayments                                             (171)                         (990)
                                                                 (40)                           245
     Short-term borrowings - net                                 (127)                          251
     Common shares issued                                        6                              13
     Dividends     - Alcan shareholders
          (including preference)                                 (49)                           (50)
          - Minority interests                                   (1)                            -
     Cash from (used for) financing activities                   (211)                          459

Investment activities
     Property, plant and equipment                               (107)                          (244)
     Business acquisitions                                       -                              (379)
     Net proceeds from disposal of businesses,
          investments and other assets                           36                             -
     Cash used for investment activities                         (71)                           (623)
     Effect of exchange rate changes on cash and
          time deposits                                          1                              (8)

     Decrease in cash and time deposits                          (23)                           (16)
     Cash and time deposits - beginning of period                 119                            261
     Cash and time deposits - end of period                   $    96                        $   245



The accompanying notes are an integral part of the interim financial statements.



                                                         ALCAN INC.

                                   NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS

                                                     March 31, 2002

                                                      (Unaudited)

                                     (in millions of US$, except per share amounts)

1.     ACCOUNTING POLICIES


The unaudited interim consolidated financial statements are based upon
accounting policies and methods of their application consistent with those used
and described in our annual financial statements, except for the accounting
changes described in note 2. The interim financial statements do not include all
of the financial statement disclosures included in its annual financial
statements prepared in accordance with Canadian generally accepted accounting
principles (GAAP) and therefore should be read in conjunction with the most
recent annual financial statements.



2.     ACCOUNTING CHANGES

Goodwill and Other Intangible Assets

On January 1, 2002, the Company adopted the new recommendations of the Canadian
Institute of Chartered Accountants (CICA) concerning goodwill and other
intangible assets. Under this standard, goodwill and other intangible assets
with an indefinite life are no longer amortized but are carried at the lower of
carrying value and fair value. Goodwill and other intangible assets with an
indefinite life are to be tested for impairment on an annual basis.

The Company is conducting a review to determine whether, at January 1, 2002,
there is impairment in the remaining unamortized goodwill balance and the review
is expected to be completed in the second quarter of 2002. Any impairment
identified will be charged to opening retained earnings in 2002. Any further
impairment arising subsequent to January 1, 2002, will be taken as a charge
against income. As a result of the new standard, the Company no longer amortizes
goodwill. In the first quarter of 2001, the amount of goodwill amortization was
$18.

Business Combinations

As of January 1, 2002, the Company has adopted the new recommendations of the
CICA for business combinations. All business combinations are now required to be
accounted for under the purchase method.

Deferred Foreign Exchange Translation Gains and Losses

As of January 1, 2002, the Company no longer amortizes the exchange gains and
losses arising on the translation of long-term foreign currency denominated
monetary assets and liabilities that have a fixed or ascertainable life
extending beyond the end of the following fiscal year. These exchange gains and
losses are now absorbed in income immediately.

This standard has been applied retroactively and consequently, prior years'
financial statements have been restated. At December 31, 2001, Retained earnings
have been decreased by $21 (2000: $18) and Deferred charges and other assets
were reduced by $21 (2000: $18). In the first quarter of 2002, an exchange loss
of $2 (2001: $2), on the translation of long-term foreign currency denominated
assets and liabilities, has been included in Other (income) expenses - net. The
transfer of an unamortized exchange loss of $21 (2000: $18) to Retained earnings
from Deferred charges and other assets pertains to the long-term foreign
currency denominated assets and liabilities that existed at each year-end.


2.     ACCOUNTING CHANGES (cont'd)

Stock-based Compensation

On January 1, 2002, the Company adopted the new recommendations of the CICA
relating to the measurement of stock options and other stock-based compensation.
This standard applies to awards granted after January 1, 2002 and is applied
prospectively. Also, this standard encourages but does not require that the fair
value method be used for transactions with employees. The method used by the
Company is consistent with these new requirements; therefore, the Company is
continuing to account for stock options granted to employees in the same manner
as previously done. The Company will continue to provide the required
disclosures in connection with the fair value method in its annual financial
statements. Stock compensation arrangements that can be settled in cash result
in the recognition of compensation expense. If the Company had elected to
recognize compensation expense for the options using the fair value method
prescribed by this accounting standard, there would have been no impact on net
income and net income per common share (basic and diluted) for the quarter ended
March 31, 2002.

      Hedging Relationships

Beginning in 2003, the Company will adopt the new CICA accounting guideline,
which establishes certain conditions for when hedge accounting may be applied.
The Company is studying the new guideline but has not yet determined its impact.


3.     NET INCOME PER COMMON SHARE

Net income per common share is based on the average number of shares outstanding
during the period (first quarter 2002 : 321.0 million; 2001 : 318.2 million). As
at March 31, 2002, there were 321,104,209 (2001 : 318,451,344) common shares
outstanding. The following table outlines the calculation of basic and diluted
net income per common share.

                                                                                                     First Quarter
                                                                                                  2002           2001
     Numerator for basic and diluted net income per

     Common share:
          Net income attributable to common
               Shareholders (restated for 2001)                                                $    85        $  133

     Denominator:
          Denominator for basic net income per
               common share - weighted average of
          outstanding shares (in millions)                                                          321          318

     Effect of dilutive stock options (in millions)                                                 2            2

     Denominator for diluted net income per
          Common share - adjusted weighted average                                                  323          320
          of outstanding shares (in millions)
     Net income per common share - basic                                                       $    0.26      $  0.42
     Net income per common share - diluted                                                     $    0.26      $  0.41


4.     RECONCILIATION OF CANADIAN AND U.S. GAAP


Differences relate to accounting for foreign currency translation, derivatives,
post-retirement benefits and "available for sale" securities.

In 2001, the Company adopted the Financial Accounting Standards Board (FASB)
Statements 133 and 138. These standards require that all derivatives be recorded
in the financial statements and valued at market. However, the Company has
elected not to adopt the FASB's optional hedge accounting provisions.
Accordingly, for U.S. GAAP reporting purposes only, unrealized gains and losses
resulting from the valuation of derivatives at market value are recognized in
net income as the gains and losses arise and not concurrently with the
recognition of the transactions being hedged. In its primary Canadian GAAP
financial statements, the Company continues to recognize the gains and losses on
derivative contracts in income concurrently with the recognition of the
transactions being hedged. Upon initial adoption of the FASB standards in the
first quarter of 2001, the cumulative effect of the accounting change resulted
in a decrease in net income of $12.

On January 1, 2002, the Company adopted FASB Statement 141, "Business
Combinations", and FASB Statement 142, "Goodwill and Other Intangible Assets".
Both statements are the same as recently issued Canadian accounting standards
except that any goodwill impairment identified as at January 1, 2002 will be
charged to income as a cumulative effect of accounting change. See note 2,
Accounting Changes, for a description of the impact on the Company.

Beginning in 2002, the Company adopted FASB Statement 144, "Accounting for
Impairment or Disposal of Long-lived Assets". This statement amends previous
accounting and disclosure requirements for impairments and disposals of long-
lived assets. The provisions of this new standard are generally to be applied
prospectively.

FASB has recently issued Statement 143, "Accounting for Asset Retirement
Obligations", which will be effective for the Company's fiscal year beginning on
January 1, 2003. The Company is studying this new standard but has not yet
determined its impact.


4.     RECONCILIATION OF CANADIAN AND U.S. GAAP (cont'd)

     Reconciliation of Canadian and U.S. GAAP
                                                                                 First Quarter
                                                                2002                      2001 (restated)
                                                                     $ per Common                 $ per Common
                                                                           Share            $          Share
                                                                 $
                                                                (basic & diluted)                (basic & diluted)

     Net income - as reported                                    86                         135
     Differences due to:
          Valuation of                                           67                         (49)
                   derivatives
     Net income from continuing
          operations before                                      153                        86
          cumulative effect
          of accounting change
          - U.S. GAAP
     Cumulative effect on prior                                  -                          (12)
          years of
          accounting change
     Net income - U.S. GAAP                                      153                        74
     Net income attributable to                                  85       0.26              133             0.42*
          common shareholders - as
          reported
     Net income attributable to common
          shareholders from continuing
          operations before                                      152      0.47              84              0.26
          cumulative                                                            
          effect of accounting
          change - U.S. GAAP
     Net income attributable to                                  152      0.47              72              0.22
          common shareholders - U.S. GAAP

     *     Diluted net income per common share is $0.41

                                                                            First Quarter
     As at March 31                                          2002                                   2001
                                                 As reported        U.S. GAAP           As reported        U.S. GAAP
                                                     ($)               ($)                  ($)               ($)
                                                                                        (restated)

     Other receivables                           435               456                       460              460       
     Deferred charges and other assets           744               751                       747              759
                                                                                             
     Intangible assets,
          net of accumulated amortization        293               311                       314              314
     Payables                                    2,229             2,229                     2,380            2,465
                                                 
     Deferred credits and other
          liabilities                            1,161             1,394                     823              823
     Deferred income taxes                       1,004             939                       1,146            1,120
     Retained earnings                           4,111             4,174                     4,357            4,348
                                                 
     Deferred translation adjustments           (136)              (192)                     (161)            (217)     
                                                             
                                                                                          First Quarter 
      Comprehensive income (loss)                                                         2002            2001    

      Net income                                                                          $ 153           $ 74    
      Net change in unrealized deferred translation adjustments                               8           (141)   
      Net change in market value of available-for-sale securities                             4             (1)     
      Comprehensive income (loss)                                                         $ 165           $ (68)  

                                                                                          First Quarter           

      Accumulated other comprehensive loss                                                2002            2001    
      Accumulated other comprehensive loss - beginning of year                            $ (347)         $ (61)  
      Change in unrealized deferred translation adjustments                                    8           (141)   
      Deferred translation adjustments realized in net income                                  7              -       
      Change in excess of market value over book value of available-for-sale securities        4             (1)     
      Accumulated other comprehensive loss - March 31                                     $ (328)         $ (203) 


As at March 31, 2002, Accumulated other comprehensive loss is comprised of
deferred translation adjustments of $(192), minimum pension liability of $(148)
and unrealized gain on "available for sale" securities of $12.
                                                                                                                      
5.   RESTRUCTURING, IMPAIRMENT AND OTHER SPECIAL CHARGES                                                              
  
Restructuring, Impairment and Other Special Charges of $657 pre-tax, which were
recorded in the fourth quarter of     2001, included restructuring and asset
impairment charges of $411 and other special charges of $246.                 

Restructuring and asset impairment charges                                      

In the fourth quarter of 2001, the Company recorded charges of $411 pre-tax in 
Restructuring, impairment and other special charges as a result of a 
restructuring program aimed at safeguarding its competitiveness. The aim of the 
restructuring program was twofold: to make the businesses more competitive in 
the face of the current economic difficulties; and to put them in the best 
position to meet future industry needs. These aims will be achieved through cost 
reduction measures, exiting from non-core products and the consolidation of 
certain operations and will result in a series of plant sales, closures and 
divestments throughout the organization. The charges associated with this 
program consist of severance costs of $112 related to workforce reductions of 
approximately 2,200 employees, impairment of long-lived assets of $269 and other 
exit costs related to the shutdown of facilities of $30.                                 
                                                                           
The workforce reductions, which consist principally of manufacturing employees 
from all segments of the Company's worldwide operations, are comprised of:                                              
                              
  . 500 employees - Primary Metal (principally Canada)                                                                
  . 200 employees - Rolled Products, Americas and Asia                                                                
  . 400 employees - Rolled Products, Europe (U.K. and Switzerland)                                                    
  . 800 employees - Packaging (U.K., Canada, U.S. and other areas)                                                    
  . 300 employees - Other operating segments                                                                          

As at March 31, 2002, approximately 1,000 of the 2,200 employees had been 
terminated, consisting of approximately 400 employees in the fourth quarter of 
2001 and 600 employees in the first quarter of 2002.                         

In the first quarter of 2002, the Company recorded charges of $14 pre-tax in 
Restructuring, impairment and other special charges related to the restructuring 
program. The charges consisted of impairment for long-lived assets of  
$9 related to the exit from non-core products at its Borgofranco plant in Italy 
(part of Rolled Products, Europe) and a loss of $5 on the sale of the Company's 
extrusion operations in Thailand arising principally from the realization of 
deferred translation losses.                                                                         

The total impairment charge of $278 consisted of a charge of $269 in 2001 and a 
charge of $9 in the first quarter of 2002 and related principally to buildings, 
machinery and equipment and some previously capitalized project costs. The 
charge consisted of $187 related to assets to be held and used and $91 for 
assets held for disposal.     
  
The impairment charge for assets to be held and used consisted of $5 for 
Bauxite, Alumina and Specialty Chemicals;  $22 for Primary Metal; $14 for 
Rolled Products, Americas and Asia; $79 for Rolled Products, Europe; $3 for          
Engineered Products; $43 for Packaging; and $21 for Other. In the context of the 
Company's objective of value maximization, a detailed business portfolio review 
was undertaken to identify high cost operations, excess capacity and non-core 
products. The impairment charge for assets held and used arose as a result of 
negative projected cash flows and recurring losses. The charges principally 
related to the cold mill at the Rogerstone plant in the U.K.  (Rolled Products, 
Europe); the foil facilities at Glasgow, U.K. (Packaging); and the engineered 
cast products plant in Quebec (Primary Metal). An impairment provision was 
recorded to the extent that the net recoverable amount, which approximates fair 
value based on discounted cash flows, was below the net book value.                         

5. RESTRUCTURING, IMPAIRMENT AND OTHER SPECIAL CHARGES (cont'd) 

                                                                                                                      
The impairment charge for assets held for disposal consisted of $40 for Bauxite,
Alumina and Specialty Chemicals;    $8 for Rolled Products, Americas and Asia;
$31 for Rolled Products, Europe; and $12 for Packaging. In the context    of the
Company's objective of value maximization, a detailed business portfolio review
was undertaken to identify  high cost operations, excess capacity and non-core
products. The charges principally related to the specialty chemicals
plant at Burntisland, U.K. (Bauxite, Alumina and Specialty Chemicals); the
extrusion operations in  Malaysia and Thailand (Rolled Products, Americas
and Asia); certain rolled products and recycling operations at the  Pieve and
Borgofranco plants in Italy (Rolled Products, Europe); and the Pharmatech rubber
stopper and aluminum  seals operations in the U.S. (Packaging). An impairment 
provision was recorded to bring the net book value to net realizable value. 
These assets are expected to be disposed of by the end of 2002. The assets 
held for disposal had: 

- sales and operating revenues of $200 in 2001 (Bauxite, Alumina and Specialty
Chemicals - $40; Rolled Products, Americas and Asia - $30; Packaging - $130)
and $50 in the first quarter of 2002 (Bauxite, Alumina and Specialty     
Chemicals - $10; Rolled Products, Americas and Asia - $10; Packaging - $30).    
                                   
- net operating losses of $(20) in 2001 (Bauxite, Alumina and Specialty
Chemicals - $(10); Packaging - $(10)) and  $(3) in the first quarter of 2002
(Bauxite, Alumina and Specialty Chemicals - $(2); Packaging $(1)).              
 

- assets of $220 at December 2001 (Bauxite, Alumina and Specialty Chemicals -
$20; Rolled Products, Americas and  Asia - $20; Rolled Products, Europe -
$100; Packaging - $80) and $200 at March 2002 (Bauxite, Alumina and Specialty 
Chemicals - $20; Rolled Products, Americas and Asia - $10; Rolled Products,
Europe - $90; Packaging - $80).         

- liabilities of $130 at December 2001 (Bauxite, Alumina and Specialty Chemicals
- $20; Rolled Products, Americas  and Asia - $10; Rolled Products, Europe -
$30; Packaging - $70) and $130 at March 2002 (Bauxite, Alumina and        
Specialty Chemicals - $10; Rolled Products, Americas and Asia - $10; Rolled
Products, Europe - $40; Packaging - $70).                                  
                                                                            
The restructuring program is expected to be completed in 2002, with the
exception of the shutdown of the cold mill   at the Rogerstone plant in the U.K.
in early 2003 and the closure of facilities at Glasgow, U.K. in mid-2003 as     
scheduled per the Company's plans. The closure plans include the orderly
shutdown of facilities after existing customer requirements have been
satisfied and in some situations, the transfer of production operations to other
facilities. Of the reserve balance at March 31, 2002 of $119, approximately
$20 will be paid out in 2003.              

                                                                                                                      
5. RESTRUCTURING, IMPAIRMENT AND OTHER SPECIAL CHARGES (cont'd)                                                     

Other Special Charges                                                                                               

In 2001, the Company increased its environmental reserves by $246 pre-tax to
cover treatment costs of $150 for   stored spent potlining (SPL) in Quebec
and British Columbia, Canada, as well as to cover remediation costs of $96   
relating to red mud disposal and other sites in Canada and the United Kingdom.
The charges were recorded on the income statement in Restructuring,
impairment and other special charges and on the balance sheet, in Deferred      
credits and other liabilities ($235) and in Payables and accrued liabilities
($11).                                 

SPL, which is a waste material generated by the smelting process, needs to be
treated in a safe and economically sound manner. The Company's objectives
have been to find the best alternative to stockpiling SPL and various        
technical studies were carried out to identify treatment alternatives that are
economically viable. Following these  studies, which were completed in 2001, and
in accordance with local laws and regulations, the Company intends to    
initiate a treatment program of all stored SPL. The liability of $150 reflected
the Company's best estimate of the  cost to treat the stored SPL in Quebec and
to have the SPL in British Columbia treated by a third party. The        
amounts will be paid over the next twenty years.                                
                                   
The liability of $96 relating to red mud and other disposal sites reflected the
Company's best estimate of the cost  of rehabilitation. Red mud is the normal
residue associated with extracting alumina from bauxite. The charge        
represents the cost to fill and seal the sites.                                 
                                   
The reserve balance and related cash payments for the restructuring and asset
impairment charges consisted of:
                                                                                                   
                                                         Severance   Impairment      Other   Total 
                                                         Costs       of Long-lived                 
                                                                     Assets                        
                     2001:                                                                         

                     Charges                             112         269             30      411   
                     Cash payments                       (7)         -               (7)     (14)  
                     Non-cash charges                    -           (269)           -       (269) 
                     Reserve balance as at December 31   105         -               23      128   

                     2002:                                                                         

                     Charges                             -           9               5       14    
                     Cash payments                       (9)         -               -       (9)   
                     Non-cash charges                    -           (9)             (5)     (14)  
                     Reserve balance as at March 31      96          -               23      119   
 

                                                                                                                      
6. INTERIM INFORMATION BY OPERATING SEGMENT                                                                         

The following presents selected information by operating segment, viewed on a
stand-alone basis. Effective January   1, 2002, a new operating management
structure was put in place comprised of six operating segments. The six         
operating segments are Bauxite, Alumina and Specialty Chemicals; Primary Metal;
Rolled Products, Americas and Asia;  Rolled Products, Europe; Engineered
Products; and Packaging. Prior to 2002, there were four operating segments:     
Primary Metal; Aluminum Fabrication, Americas and Asia; Aluminum Fabrication,
Europe; and Packaging. Comparative  information has been restated to conform
to the 2002 organizational structure. Transactions between operating       
segments are conducted on an arm's-length basis and reflect market prices. Thus,
earnings from the Primary Metal  group is mainly profit on metal produced by
the Company, whether sold to third parties or used in the Company's      Rolled
Products, Engineered Products and Packaging groups. Earnings from the Rolled
Products, Engineered Products  and Packaging groups represent only the
fabricating profit on rolled, engineered and packaging products. The        
accounting principles used to prepare the information by operating segment are
the same as those used to prepare  the consolidated financial statements of
the Company except that the pension costs for the operating segments are   
based on the normal current service cost with all actuarial gains, losses and
other adjustments being included in  Intersegment and other. Some corporate
office and certain other costs have been allocated to the respective         
operating segments. The operating segments are described below.                 
                                   

Bauxite, Alumina and Specialty Chemicals                                        
                                   
This segment consists of a network of bauxite mines/deposits in five countries
and alumina refineries in four countries, which supplies the primary
metal operations and third-party sales of alumina and specialty chemicals.    

Primary Metal                                                                   
                                   
This segment produces primary aluminum in seven countries. The alumina is
sourced primarily from the Bauxite, Alumina and Specialty Chemicals
segment and the ingot produced is used by the Company's fabricating businesses
as  well as sold to third-parties. The segment produces value-added products
in the form of sheet ingot, extrusion  billet, wire bar and foundry ingot
for end-use markets in consumer goods, transportation, building and construction
and other industrial applications.                                              
                                   
Rolled Products, Americas and Asia                                              
                                   
This segment, which has an extensive network of 17 rolled products facilities in
North and South America and Asia,   manufactures sheet and light-gauge products,
including can stock, automotive sheet and industrial products. In  addition
the segment has a well-established used beverage can recycling capability in
North and South America.      

Rolled Products, Europe                                                                                             


This segment has nine rolled products plants and serves a number of European
markets with advanced value-added       sheet products, including automotive
sheet, lithographic sheet, industrial sheet, can sheet and foil stock.         

Engineered Products                                                             

This segment develops, manufactures and sells value-added engineered products
for a variety of applications, including extrusions, composites, systems
and components for mass transportation and automotive applications and    
electrical cables.                                                              
                                   

Packaging                                                                       
                                   

This segment has 84 plants in 15 countries and is focused on serving specific
end-use markets: food, pharmaceutical, tobacco, cosmetics and some technical 
applications.                                                 

Intersegment and other                                                          
                                   
This classification includes the deferral or realization of profits on
intersegment sales of aluminum as well as other non-operating items.        
                                                                                
6. INTERIM INFORMATION BY OPERATING SEGMENT (cont'd)
Three months ended March 31
(in millions of US$)

                                   
Sales and operating revenues - intersegment                               First Quarter         
                                                                        2002            2001  

Bauxite, Alumina and Specialty Chemicals                                $ 187           $ 182 
Primary Metal                                                             540             620   
Rolled Products, Americas and Asia                                        48              49    
Rolled Products, Europe                                                   70              112   
Engineered Products                                                       6               15    
Packaging                                                                 5               17    
Intersegment and other                                                   (856)           (995) 
                                                                        $ -             $ -   
 
                                                                                               
Sales and operating revenues - third parties                                First Quarter           
                                                                       2002            2001    

Bauxite, Alumina and Specialty Chemicals                             $ 101           $ 140   
Primary Metal                                                          561             576     
Rolled Products, Americas and Asia                                     782             873     
Rolled Products, Europe                                                411             495     
Engineered Products                                                    398             439     
Packaging                                                              674             741     
Other                                                                  10              6       
                                                                     $ 2,937         $ 3,270 
 
                                      
                      EBITDA                                                First Quarter         
                                                                            2002            2001  
                      Bauxite, Alumina and Specialty Chemicals              $ 64            $ 100 
                      Primary Metal                                         214             249   
                      Rolled Products, Americas and Asia                    92              86    
                      Rolled Products, Europe                               30              38    
                      Engineered Products                                   27              34    
                      Packaging                                             76              86    
                      EBITDA from operating segments                        503             593   
                      Depreciation and amortization                         (205)           (196) 
                      Restructuring, impairment and other special charges   (14)            -     
                      Intersegment and other                                (46)            (118) 
                      Corporate office                                      (24)            (14)  
                      Interest                                              (50)            (55)  
                      Income taxes                                          (78)            (58)  
                      Minority interests                                    -               1     
                      Net income before amortization of goodwill            $ 86            $ 153 
                      Net income after amortization of goodwill             $ 86            $ 135 
 
 

 
7. INCOME TAXES                                                                 First Quarter

                                                                       
                                                                            2002             2001 
                      Current                                              $  75             $ 85 
                      Deferred                                                 3             (27) 
                                                                             $ 78            $ 58 

The composite of the applicable statutory corporate income tax rates in Canada
is 39.4% (40.1% for 2001). In 2002, the difference between income taxes
calculated at the Canadian composite rate and the amounts shown as reported is
primarily attributable to exchange and the impact of potential future tax
benefits that were not recognized since their realization is not likely. In
2001, the difference is primarily attributable to the currency revaluation of
deferred income taxes and exchange.

8. SUPPLEMENTARY INFORMATION

                                                                                       
                                  Statement of Cash Flows         First Quarter        
                                                                  2002            2001 

                                  Interest paid                   $ 57            $ 63 
                                  Income taxes paid (recovered)   $ (47)          $ 33 

9. LONG TERM DEBT

On January 15, 2002, the Company redeemed all of its outstanding 8 7/8% $150
debentures due on January 15, 2022. The redemption was at a price of 104.15%. A
loss of $6 is recorded in Other (income) expenses - net in the first quarter of
2002.

The new debt of $131 in the first quarter of 2002 principally relates to an
increase in commercial paper borrowings.
                                                                                                                      

10. COMMITMENTS AND CONTINGENCIES                                                                                   

In 1997, as part of the claim settlement arrangements related to the British
Columbia Government's cancellation of   the Kemano Completion Project, Alcan
obtained the right to transfer a portion of a power supply contract with BC    
Hydro to a third party. Alcan sold the right to supply this portion to Enron
Power Marketing Inc. (EPMI), a subsidiary of Enron Corporation (Enron) for cash
consideration. In order to obtain the consent of BC Hydro to this   sale, Alcan
was required to retain residual liability for EPMI's obligations arising from
the supply contract, including in the event that EPMI became unable to perform.
This contingent liability is subject to a maximum aggregate amount of
$100, with mitigation and subrogation rights. On December 2, 2001, EPMI and
Enron filed for protection under Chapter 11 of the U.S. Bankruptcy Code. Powerex
Corp., the BC Hydro affiliate which now holds the rights to the power supply
contract, maintains that it has terminated the power supply contract and as
result has filed a claim for $100 against Enron on March 15, 2002 as a necessary
step prior to making the same claim against the Company. Enron did not
respond to that claim and the Company received, on March 22, 2002, a demand for
payment in the amount of $100 from Powerex Corp. The Company is unable to
estimate reasonably the amount of the contingent loss which might arise in
respect of this matter and intends to contest the claim on substantive and
procedural grounds as well as by reason of inadequate mitigation efforts.
In any event, the Company is of the view that any     residual liabilities,
which it may have as a result of its assignment of the power supply agreement to
EPMI in 1997  would relate to the supply of power and not be in the form of a
financial obligation.                               


10. COMMITMENTS AND CONTINGENCIES (cont'd) 

Alcan, in the course of its operations, is subject to environmental and other
claims, lawsuits and contingencies.    The Company has environmental
contingencies relating to approximately 30 existing and former Alcan sites and  
third-party sites. Accruals have been made in specific instances where it
is probable that liabilities will be  incurred and where such liabilities
can be reasonably estimated.                                                    

Although it is possible that liabilities may arise in other instances for which
no accruals have been made, the Company does not believe that such an
outcome will significantly impair its operations or have a material adverse   
effect on its financial position.                                               
                                   

11. CAPITALIZATION OF INTEREST COSTS                                            
                                   

Total interest costs in the first quarter were $50 (2001: $75) of which nil
(2001: $20) was capitalized.            



12 PRIOR PERIOD AMOUNTS                                                         
                                   

Certain prior period amounts have been reclassified to conform with the 2002
presentation.                          



13. SUBSEQUENT EVENT                                                            
                                   

On April 24, 2002, the Company announced that it had completed the acquisition
of the Societe generale de financement's (SGF) 20% interest in the
Aluminerie Alouette consortium at a cost of approximately $165, subject to  
post-closing adjustments.                                                       
                                   

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.  The Company reports first quarter consolidated net income,
excluding non-recurring items and foreign currency translation effects, of
US$107 million (US$0.33 per share) compared to US$163 million (US$0.51 per
share) in the first quarter of 2001 and US$74 million (US$0.22 per share) in the
fourth quarter of 2001. Including non-recurring items and foreign currency
translation effects, net income for the quarter was US$86 million(US$0.26 per 
share) compared to net income of US$135 million (US$0.42 per share) in the first
quarter of 2001 and a net loss of US$356 million (US$1.12 per share) in the
previous quarter which included significant special charges. The operating
performance reflected good progress on implementing the restructuring program
announced in October 2001, as well as on achieving merger-related synergies. The
Company expects to meet targets set for these programs even though business
conditions, while improving, continue to be challenging. Late in the quarter,
the Company began to see strengthening order books and lengthening lead-times in
some markets. In addition, financial discipline has resulted in declining
inventory levels and capital expenditures which were well below depreciation
charges. The Company also capitalized on profitable growth opportunities, in
line with its value maximization initiative, as demonstrated by its acquisition

of a 20% stake in the Alouette smelter.

The results for the first quarter of 2002 included a net non-recurring after-tax 
charge of US$7 million (US$0.02 per share) which related mainly to the 
restructuring program announced on October 17, 2001. The current quarter also
included a US$14 million loss (US$0.05 per share) for foreign currency translation 
ffects. Non-operating after-tax charges, net of foreign currency translation 
effects, were US$28 million (US$0.09  per share) in the year-ago quarter

and US$430 million (US$1.34 per share) in the fourth quarter of 2001.
 
Consolidated Review 
                                                                                                                   
                                                                                              FIRST       FOURTH  
                                                                                              QUARTER     QUARTER 
      (US$ millions, unless otherwise noted)                                             2002      2001    2001    
      Sales & operating revenues                                                         2,937     3,270   3,037   
      Shipments (thousands of tonnes)                                                                              
      Ingot products1                                                                    315       296     427     
      Rolled products                                                                    497       519     451     
      Conversion of customer-owned metal                                                 75        91      82      
      Aluminum used in engineered products & packaging                                   126       186     101     
      Total aluminum volume                                                              1,013     1,092   1,061   
      Ingot product realizations (US$ per tonne)                                         1,497     1,676   1,483   
      Rolled product realizations (US$ per tonne)2                                       2,250     2,444   2,298   
      Average London Metal Exchange 3-month price (US$ per tonne)                        1,395     1,562   1,337   
      Net income excluding non-recurring items and foreign exchange translation          107       163     74      
      Non-recurring items                                                                (7)       (70)    (446)   
      Foreign exchange translation                                                       (14)      42      16      
      Net income (loss) including non-recurring items and foreign exchange translation   86        135     (356)   
      Economic Value Added (EVA(R) )                                                     (198)     (48)    (199)   

1 Includes primary and secondary ingot and scrap, as well as shipments resulting 
  from metal trading activities  

2 Excluding conversion of customer owned metal  

(R) EVA is a registered trademark of Stern, Stewart & Company and represents the 
difference between the return on capital and the cost of using that capital over 
the same period 

Sales and operating revenues for the quarter decreased compared to the year-ago 
quarter, due mainly to lower shipments and price realizations. As compared to 
the previous quarter, the higher shipments of rolled products and higher ingot 
product prices were offset by lower ingot product shipments and rolled products 
realizations.

Total aluminum volume was 1,013 thousand tonnes (kt) in the quarter, compared to
1,092 kt a year earlier and to 1,061 kt in the preceding quarter. Year over
year, the additional volume from the new smelter in Alma, Quebec was more than
offset by a reduction in metal purchased for resale. As compared to the previous
quarter, the decrease in volume was mainly due to inventory movements. Ingot
product realizations of US$1,497 per tonne fell by 11% from the year-ago quarter
in line with an 11% decrease in the London Metal Exchange (LME) price. 
Compared to the previous quarter, ingot product realizations increased by 1% 
versus a 4% increase in the LME price. Rolled product realizations of US$2,250 
per tonne were 8% lower than the year-ago quarter and 2% below the previous
quarter.

For the quarter, the net income of US$86 million compares to a net income of
US$135 million in the year-ago quarter and to a net loss of US$356 million in
the previous quarter. The US$49 million decrease, as compared to the year-ago
quarter, was primarily due to lower ingot realizations, partially compensated by
improvements from the Company's restructuring and merger-related synergies
programs. As compared to the previous quarter, the US$442 million increase was
mostly due to the non-recurring charges of US$446 million recorded in the fourth
quarter of 2001, improved earnings from operations and lower interest expense.

In 2002, the Company adopted new accounting standards dealing with goodwill. As
a result of this change in accounting, goodwill is no longer being amortized. 
This had a positive impact of US$18 million (US$0.06 per share) on net income in 
the first quarter.

Segment Review  

                                                                                                    
                                                                                FIRST      FOURTH  
                                                                               QUARTER     QUARTER 
                    (US$ millions)                                        2002      2001     2001    
                    EBITDA                                                                          
                    Bauxite, Alumina and Specialty Chemicals              64        100     55      
                    Primary Metal                                         214       249     150     
                    Rolled Products, Americas and Asia                    92        86      57      
                    Rolled Products, Europe                               30        38      (3)     
                    Engineered Products                                   27        34      16      
                    Packaging                                             76        86      88      
                    EBITDA from operating segments                        503       593     363     
                    Depreciation & amortization                           (205)     (196)   (216)   
                    Restructuring, impairment and other special charges   (14)      -       (657)   
                    Intersegment and other                                (46)      (118)   68      
                    Corporate office                                      (24)      (14)    (26)    
                    Interest                                              (50)      (55)    (64)    
                    Income taxes                                          (78)      (58)    184     
                    Minority interests                                    -         1       10      
                    Net income (loss) before goodwill amortization        86        153     (338)   
                    Net income (loss) after goodwill amortization         86        135     (356)   
Segments 

First quarter earnings before interest, taxes, depreciation and amortization
(EBITDA) for Bauxite, Alumina and Specialty Chemicals was 36% lower than in the
previous year. This was mainly due to lower selling prices for alumina, as well
as the absence in the current quarter of the Jamaican bauxite and alumina
operations sold in the second quarter of 2001. Compared to the preceding
quarter, EBITDA increased by 16%, as a result of lower alumina production costs
and a gain on the sale of three company-owned ships. For Primary Metal, EBITDA
of US$214 million decreased by 14% compared to the year-ago quarter, due mainly
to lower selling prices for aluminum, which was partially offset by lower 
production costs and decreased startup expenses at the Alma smelter. Compared to 
the preceding quarter, EBITDA was 43% higher due mainly to lower startup costs at the
Alma smelter and an increase in selling prices.

EBITDA for Rolled Products, Americas and Asia, at US$92 million, was 7% higher
than in the previous year, as cost reductions more than offset volume decreases
in North and South America. Compared to the preceding quarter, EBITDA increased
by 61%, due to lower costs in North America and Asia, higher volumes in North
America and in Asia, as well as the time lag in passing the change in metal
prices to certain customers. 

For Rolled Products, Europe, EBITDA, at US$30 million was US$8 million lower
than in the previous year, mainly due to lower volumes. Compared to the fourth
quarter of 2001, EBITDA increased by US$33 million, due mainly to higher
shipments and lower production costs. 

EBITDA for Engineered Products of US$27 million was US$7 million lower than in 
the previous year, mainly as a result of weaker economic conditions in Europe. 
Compared to the fourth quarter of 2001, EBITDA increased by US$11 million,
due to improvements in extruded products, composites and mass transportation markets.

The Packaging group's EBITDA, at US$76 million, decreased by US$10 million
compared to the first quarter of the previous year, reflecting a decrease in
volume and lower prices resulting from weaker economic conditions. EBITDA was
US$12 million lower than in the previous quarter, partly due to declining prices
in a continuing weak economic environment. 

The Company considers EBITDA to be a key financial performance measure used by 
management for the six operating segments. The Company believes that EBITDA 
provides a measure of operating results that is unaffected by the
financing and accounting effects of acquisitions and differences in capital 
structures among otherwise comparable companies. EBITDA is not a substitute for 
net income, cash flows and other measures of financial performance as
defined by generally accepted accounting principles, and may be defined
differently by other companies. Depreciation and amortization of US$205 million
was 5% higher than the year-ago quarter largely due to the Alma smelter which
reached full capacity during the fourth quarter of 2001. As compared to the
previous quarter, depreciation and amortization was 5% lower, partly due to the
asset write-downs recorded in the fourth quarter of last year. The
"Restructuring, impairment and other special charges" consisted of provisions
for a portion of the restructuring program announced in the fourth quarter 
of 2001.

"Intersegment and other" includes the deferral or realization of profits on
intersegment sales of aluminum as well as other non-operating items. The first
quarter included the deferral of profits on internally-transferred metal as
aluminum prices increased during the quarter.

The Company's effective tax rate was 40% in the first quarter, excluding the
effects of non-recurring items and foreign currency translation. 

Liquidity and Capital Resources 
Operating Activities 

Cash generated from operating activities during the first three months of 2002
was US$258 million compared to US$156 million in the comparable period of 2001.
The increase is explained mainly by a smaller increase in operating working
capital of US$84 million for the first quarter of 2002, as compared to the first
quarter of 2001.  

Financing Activities 

Cash from (used for) financing activities in the first three months of 2002 was
US$(211) million compared to US$459 million in the same period in 2001. During
the first quarter of this year, total net debt decreased by US$167 million,
including the redemption of all of the Company's outstanding 8.875% US$150
million debentures due on January 15, 2022. 

The debt:equity ratio at March 31, 2002 was 31:69, compared to 32:68 at the end 
of last year and 35:65 at the end of the first quarter of 2001.

Interest expense, at US$50 million, decreased by US$5 million compared to the
previous year reflecting lower interest rates and debt levels, which was
partially offset by the fact that no interest was capitalized during the current
quarter in relation to the new smelter in Alma, Quebec. Interest expense was
US$14 million lower than in the previous quarter, reflecting lower interest
rates and debt levels. 

Investment Activities 

Capital expenditures during the first three months of 2002 were US$107 million
compared to US$244 million a year earlier. Capital expenditures were lower
principally due to the completion of the Alma smelter, which reached full
operation on September 30, 2001. 

During the first quarter of 2002, the Company received US$36 million as net
proceeds from the disposal of businesses, investments and other assets,
including the sale of three company-owned ships and the sale of businesses which
were announced in the fourth quarter of 2001 following a detailed portfolio
review. 

On April 24, 2002, the Company announced that it had completed the previously
announced acquisition of the Societe Generale de Financement's (SGF) 20 percent
interest in the Aluminerie Alouette consortium. Alouette is a first-class
aluminum smelter located in Sept-Iles, Quebec with an annual capacity of 243,000
tonnes with a significant low-cost expansion potential. 

Currency Hedging of Australian Dollar  

At March 31, 2002, the Company has hedged AUD $852 million of its future
Australian dollar commitments in respect of its increased Australian dollar
exposure, through forward exchange contracts and options maturing over the next
two years.

Cautionary Statement 

Readers are cautioned that forward looking statements contained in this
Management's Discussion and Analysis should be read in conjunction with
'Cautionary Statements  for Purposes of the Safe Harbor Provisions of the
Private Securities Litigation  Reform Act of 1995' at Exhibit No. 99.


PART II. OTHER INFORMATION 
 
Items 1. through 5. 
The registrant has nothing to report under these items.
 
Item 6. Exhibits and Reports on Form 8-K 

(a) Exhibits

(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

No reports were filed during the quarter ended 31 March 2002.

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 INC.

Dated:15 May 2002 By: /s/ Richard Genest

Richard Genest

Vice President and Controller

(A Duly Authorized Officer)


                                   EXHIBIT INDEX 

Exhibit

Number Description

(99) Cautionary statement for purposes of the "Safe Harbor" provisions of the
Private Securities Litigation Reform Act of 1995. (Filed herewith.)

EXHIBIT NO. 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 March 31, 2002,
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 actions or 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 raw materials costs and availability, changes in the
relative values of various currencies, 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, relationships with and financial and operating conditions
of customers and suppliers, the effect of integrating acquired businesses and
the ability to attain expected benefits, 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. 

The Company undertakes no obligation to publicly update any forward-looking
statement, whether as a result of new information, future events or otherwise.

Copies of the Company's filings may be obtained at no cost by contacting the 
Company c/o the Corporate Secretary (514-848-8000) or the United States 
Securities and Exchange Commission at http://www.sec.gov.





                      This information is provided by RNS
            The company news service from the London Stock Exchange

1 Year San Uk Grp.perp Chart

1 Year San Uk Grp.perp Chart

1 Month San Uk Grp.perp Chart

1 Month San Uk Grp.perp Chart

Your Recent History

Delayed Upgrade Clock