SUAL Group today announces that 2003 revenue, including its share of revenue from associates and joint ventures, amounted to USD 1.7 billion. In 2002, revenue was USD 1.3 billion.

The annual increase in revenue reflects higher prices received for primary aluminium, the Group's main source of income, and revenue related to the Group's joint venture with SevZapProm, entered into at the end of 2002.

Total assets as of 31 December 2003 amounted to USD 2.1 billion, compared to USD 1.8 billion as of 31 December 2002. The increase in assets was driven by capital expenditure (USD 125 million in 2003) and the strengthening of the Russian rouble against the US dollar.

SUAL Group has delivered to its shareholders its third set of audited consolidated financial statements, prepared in accordance with International Accounting Standards (IAS).

Commenting, Chris Norval, the Group's Chief Executive, said:

«2003 saw the Group make good progress in its operating activities, helped by investment in new capacity, for example at Ural Aluminium, and a first full year contribution from the SevZapProm assets. SUAL Group also strengthened its management team, with several key appointments.

«The Group continues to improve its financial reporting processes and systems. The fact that we have produced our third set of IAS audited annual results by the middle of April is tangible result of our work, which puts us in a strong position to pursue our strategic financing and development goals.»