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140 2005 NORILSK NICKEL • ANNUAL REPORT •NORILSK NICKEL • ANNUAL REPORT •2005141MINING AND METALLURGICAL COMPANY NORILSK NICKELNOTES TO THE CONSOLIDATED ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2005(US dollars million)MINING AND METALLURGICAL COMPANY NORILSK NICKELNOTES TO THE CONSOLIDATED ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2005(US dollars million)5. SEGMENTAL INFORMATIONFinancial information relating to the Group's consolidated segments is as follows:2005 Corporate Taimyr Kola Severo- Subtotaland penin- penin- Eniseysk Russian Northother sula sula and Bodaibo 1 Federation America Europe Total2004 Corporate Taimyr Kola Severo- Subtotaland penin- penin- Eniseysk Russian Northother sula sula and Bodaibo 1 Federation America Europe TotalMetal sales – 6,063 642 – 6,705 434 30 7,169Third party transactions – 988 130 – 1,118 434 5,617 7,169Intra-segment transactions – 5,075 512 – 5,587 – (5,587) –Operating (loss)/profit (231) 3,059 288 – 3,116 (32) 192 3,276Interest income 27 1 5 – 33 5 5 43Finance costs 23 18 3 – 44 12 39 95(Loss)/profit before taxation (249) 2,961 284 – 2,996 (29) 149 3,116Significant non-cash itemsAmortisation and depreciation 9 429 70 – 508 5 16 529Other non-cash expenses (2) 117 (21) – 94 – 1 95Capital expenditures 58 488 67 – 613 18 1 632Carrying amount of assets/liabilitiesProperty, plant and equipment,including construction-in-progress 182 5,787 661 – 6,630 475 40 7,145Investments in associates 95 – – – 95 – – 95Net operating assets (151) 1,078 151 1,952 3,030 184 745 3,959Total assets 1,525 7,417 890 3,298 13,130 739 861 14,730Total liabilities 727 1,216 156 473 2,572 236 525 3,333Metal sales – 5,610 472 – 6,082 447 62 6,591Third party transactions – 1,140 116 – 1,256 447 4,888 6,591Intra-segment transactions – 4,470 356 – 4,826 – (4,826) –Operating (loss)/profit (172) 2,471 184 – 2,483 25 158 2,666Interest income 29 4 – – 33 2 2 37Finance costs 31 6 1 – 38 18 11 67(Loss)/profit before taxation (351) 2,518 182 – 2,349 9 149 2,507Significant non-cash itemsAmortisation and depreciation 7 414 65 – 486 16 3 505Other non-cash expenses 84 153 20 – 257 3 – 260Capital expenditures 32 430 57 – 519 21 49 589Carrying amount of assets/liabilitiesProperty, plant and equipment,including construction-in-progress 189 5,863 660 616 7,328 475 49 7,852Investments in associates 130 – 23 9 162 – – 162Net operating assets 650 1,073 120 96 1,939 153 488 2,580Total assets 2,919 7,626 892 782 12,219 775 638 13,632Total liabilities 591 1,266 158 174 2,189 239 561 2,989CONSOLIDATED ANNUAL FINANCIAL STATEMENTS OF MMCNORILSK NICKEL FOR THE YEAR ENDED 31 DECEMBER 200513Average number of employees 10,161 57,552 16,636 10,033 94,382 1,591 220 96,193Average number of employees 9,180 63,045 17,086 9,703 99,014 1,575 197 100,7861 The operations attributable to this segment are presented as discontinued in the Group's consolidated income statement. Assets and liabilities related to discontinuedoperation are presented in the consolidated balance sheet as at 31 December 20005 as assets and liabilities of a disposal group. Refer also to note 4.1 The operations attributable to this segment are presented as discontinued in the Group's consolidated income statement. Refer also to note 4.
1422005NORILSK NICKEL • ANNUAL REPORT •NORILSK NICKEL • ANNUAL REPORT •2005143MINING AND METALLURGICAL COMPANY NORILSK NICKELNOTES TO THE CONSOLIDATED ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2005(US dollars million)MINING AND METALLURGICAL COMPANY NORILSK NICKELNOTES TO THE CONSOLIDATED ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2005(US dollars million)6. METAL SALES2005 Total Nickel Copper Palladium Platinum <strong>Gold</strong>By originRussian FederationTaimyr Peninsula 6,063 3,143 1,527 654 672 67Kola Peninsula 642 506 117 5 11 3United States of America 434 – – 253 181 –Europe 30 25 – 2 – 37,169 3,674 1,644 914 864 73By destinationEurope 4,529 2,555 1,228 282 414 50Russian Federation 649 135 416 – 76 22Asia 925 657 – 176 91 1North America 1,066 327 – 456 283 –20047,169 3,674 1,644 914 864 73By originRussian FederationTaimyr Peninsula 5,610 3,152 1,220 686 505 47Kola Peninsula 472 412 45 1 10 4United States of America 447 – – 280 167 –Europe 62 – – 38 24 –6,591 3,564 1,265 1,005 706 51By destinationEurope 4,100 2,646 906 266 273 9Russian Federation 623 215 356 1 10 41Asia 750 429 – 210 110 1North America 1,118 274 3 528 313 –6,591 3,564 1,265 1,005 706 517. COST OF METAL SALES2005 2004Cash operating costs 2,480 2,275On-mine and concentrating costs(refer to note 8) 1,121 939Smelting costs (refer to note 9) 623 564Treatment and refining costs(refer to note 10) 366 325Other costs (refer to note 11) 370 447Amortisation and depreciation ofoperating assets (refer to note 12) 428 422Decrease in metal inventories 86 241Total 2,994 2,9388. ON-MINE AND CONCENTRATING COSTSLabour 467 433Consumables and spares 387 266Repairs and maintenance 93 80Insurance 46 55Utilities 34 32Tailing pile maintenance and relocation 24 17Sundry on-mine and concentrating costs 70 56Total (refer to note 7) 1,121 9399. SMELTING COSTSLabour 178 171Consumables and spares 169 111Non-ferrous scrap metals purchased 85 98Platinum group scrap metals purchased 82 77Insurance 41 40Utilities 32 30Repairs and maintenance 21 29Sundry smelting costs 15 811. OTHER COSTS2005 2004Tax on mining and pollution levies 119 115Transportation 117 97Cost of refined metalspurchased from third parties 87 211Other 47 24Total (refer to note 7) 370 44712. AMORTISATION ANDDEPRECIATION OF OPERATING ASSETSMining and concentrating 269 268Smelting 120 113Treatment and refining 39 41Total (refer to note 7) 428 42213. SELLING, GENERALAND ADMINISTRATIVE EXPENSESExport customs duties 301 291Salaries 194 178Taxes other than mining and income taxes 68 74Advertising 58 49Transportation expenses 36 34Legal and audit services 29 23Consulting services 27 34Depreciation 17 10External research and development 14 32Insurance 12 9Commission paid 10 14Repairs and maintenance 9 11Bank charges 9 12Other 57 50Total 841 821CONSOLIDATED ANNUAL FINANCIAL STATEMENTS OF MMCNORILSK NICKEL FOR THE YEAR ENDED 31 DECEMBER 200513Total (refer to note 7) 623 56410. TREATMENT AND REFINING COSTSLabour 126 121Consumables and spares 123 96Platinum group metals toll refining cost 66 55Utilities 17 17Insurance 14 15Repairs and maintenance 11 12Sundry treatment and refining costs 9 9Total (refer to note 7) 366 325
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