** **

**Responsibility for the Annual Report**Alcan's management isresponsible for the preparation, integrity and fair presentation of thefinancial statements and other information in the Annual Report. The financialstatements have been prepared in accordance with accounting principlesgenerally accepted in the United States of America and include, whereappropriate, estimates based on the best judgment of management. Areconciliation with Canadian generally accepted accounting principles is alsopresented. Financial and operating data elsewhere in the Annual Report areconsistent with that contained in the accompanying financial statements.

Alcan's policy is tomaintain systems of internal accounting, administrative and disclosure controlsof high quality consistent with reasonable cost. Such systems are designed toprovide reasonable assurance that the financial information is accurate andreliable and that Company assets are adequately accounted for and safeguarded.The Board of Directors oversees the Company's systems of internal accounting,administrative and disclosure controls through its Audit Committee, which iscomprised of directors who are not employees. The Audit Committee meets regularlywith representatives of the shareholders' independent auditors and management,including internal audit staff, to satisfy themselves that Alcan's policy isbeing followed. In addition, a Disclosure Committee of management has beenestablished to manage disclosure of corporate information and oversee thefunctioning of the Company's disclosure controls and procedures.

The Audit Committee hasrecommended the appointment of PricewaterhouseCoopers LLP as the independentauditors, subject to approval by the shareholders.

The financial statementshave been reviewed by the Audit Committee and, together with the other requiredinformation in this Annual Report, approved by the Board of Directors. Inaddition, the financial statements have been audited by PricewaterhouseCoopersLLP, whose report is provided below.

((Signature))TravisEngen, President and Chief Executive Officer 

((Signature))GeofferyE. Merszei, Executive Vice-President and Chief Financial Officer March 16,2005 

**Management's Report on InternalControl over Financial Reporting**

Management ofAlcan is responsible for establishing and maintaining adequate internal controlover financial reporting. Alcan's internal control over financial reporting is aprocess designed under the supervision of Alcan's principal executive andprincipal financial officers to provide reasonable assurance regarding thereliability of financial reporting and the preparation of the Company'sfinancial statements for external reporting purposes in accordance withaccounting principles generally accepted in the United States of America.

As of December 31, 2004, management conducted an assessment of theeffectiveness of the Company's internal control over financial reporting basedon the criteria established in *Internal Control - Integrated Framework*issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).This assessment identified one control deficiency in the Company's internalcontrol over financial reporting that constitutes a material weakness, asdefined by the Public Company Accounting Oversight Board's Auditing Standard No.2, that existed as of December 31, 2004.  The deficiency in question wasthat the Company's methodology for allocating goodwill resulted in an excessallocation of goodwill to one reporting unit consisting of certain fabricatingbusinesses acquired in the Pechiney Combination and for which the Companyproperly determined goodwill to be impaired in the fourth quarter of 2004. The excess allocation of goodwill to the reporting unit resulted in anoverstatement of the fourth quarter 2004 goodwill impairment charge of which$109 million related to this material weakness.  The appropriatecorrections were made prior to the completion of the financial statements andresulted in an increase to the Company's net income for the year and for thefourth quarter of 2004, but did not have any effect on previously filedfinancial statements.  Because of the existence of the deficiency inquestion at year-end, management has concluded that the Company's internalcontrol over financial reporting was ineffective as of December 31, 2004.

Management'sassessment of the effectiveness of the Company's internal control over financialreporting as of December 31, 2004 has been audited by PricewaterhouseCoopers LLP,an independent registered public accounting firm, as stated in their reportappearing below, which expresses an unqualified opinion on management'sassessment and, due to the control deficiency described above, an adverseopinion with respect to the effectiveness of the Company's internal control overfinancial reporting as of December 31, 2004.

**Remediation ofthe Deficiency**

The deficiency inquestion was corrected by making appropriate changes to the Company's documentedaccounting policies and procedures for allocating goodwill to reporting unitsacquired in a business combination.

## OECD Guidelines

The Organization for Economic Cooperation and Development(OECD), which consists of 30 industrialized countries including Canada, has established guidelines setting out an acceptable framework of reciprocal rightsand responsibilities between multinational enterprises and host governments.Alcan supports and complies with the OECD guidelines and has a *Worldwide Code of Employee andBusiness Conduct*, which is consistent with them.

 

1

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**Independent Auditors' Report**

To the Shareholders of Alcan Inc.

We have audited the accompanyingconsolidated balance sheets of Alcan Inc. (the "Company") as at December 31,2004, 2003 and 2002 and the related consolidated statements of income,shareholders' equity and cash flows for each of the years in the three-yearperiod ended December 31, 2004. We have also audited the effectiveness of theCompany's internal control over financial reporting as at December 31, 2004,based on the criteria established in *Internal Control - Integrated Framework*issued by the Committee of Sponsoring Organizations of the Treadway Commission("COSO") and management's assessment thereof, included in the accompanyingManagement's Report on Internal Control over Financial Reporting.  TheCompany's management is responsible for these financial statements, formaintaining effective internal control over financial reporting and for itsassessment of the effectiveness of internal control over financial reporting.Our responsibility is to express an opinion on these financial statements, anopinion on management's assessment and an opinion on the effectiveness of theCompany's internal control over financial reporting based on our audits.

A company's internal control overfinancial reporting is a process designed to provide reasonable assuranceregarding the reliability of financial reporting and the preparation offinancial statements for external purposes in accordance with generally acceptedaccounting principles. A company's internal control over financial reportingincludes those policies and procedures that (1) pertain to the maintenance ofrecords that, in reasonable detail, accurately and fairly reflect thetransactions and dispositions of the assets of the company; (2) providereasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally acceptedaccounting principles, and that receipts and expenditures of the company arebeing made only in accordance with authorizations of management and directors ofthe company; and (3) provide reasonable assurance regarding prevention or timelydetection of unauthorized acquisition, use, or disposition of the company'sassets that could have a material effect on the financial statements.

We conducted our audits of the Company'sfinancial statements in accordance with Canadian generally accepted auditingstandards and the standards of the Public Company Accounting Oversight Board(United States). Those standards require that we plan and perform an audit toobtain reasonable assurance about whether the financial statements are free ofmaterial misstatement. An audit of financial statements includes examining, on atest basis, evidence supporting the amounts and disclosures in the financialstatements. A financial statement audit also includes assessing the accountingprinciples used and significant estimates made by management, and evaluating theoverall financial statement presentation. We conducted our audit of theeffectiveness of the Company's internal control over financial reporting andmanagement's assessment thereof in accordance with the standards of the PublicCompany Accounting Oversight Board (United States). Those standards require thatwe plan and perform the audit to obtain reasonable assurance about whethereffective internal control over financial reporting was maintained in allmaterial respects. Our audit included obtaining an understanding of internalcontrol over financial reporting, evaluating management's assessment, testingand evaluating the design and operating effectiveness of internal control andperforming such other procedures as we considered necessary in thecircumstances. We believe that our audits provide a reasonable basis for ouropinions.

A material weakness is a controldeficiency, or combination of control deficiencies, that results in more than aremote likelihood that a material misstatement of the annual or interimfinancial statements will not be prevented or detected. The following materialweakness has been identified and included in management's assessment. Thedeficiency in question was that the Company's methodology for allocatinggoodwill resulted in an excess allocation of goodwill to one reporting unitconsisting of certain fabricating businesses acquired in the PechineyCombination and for which the Company properly determined goodwill to beimpaired in the fourth quarter of 2004.  The excess allocation of goodwillto the reporting unit resulted in an overstatement of the fourth quarter 2004goodwill impairment charge.  The appropriate corrections were made prior tothe completion of the financial statements and resulted in an increase to theCompany's net income for the year and for the fourth quarter of 2004, but didnot have any effect on previously filed financial statements.  Such acontrol deficiency, if not remediated, could result in a material misstatementto the financial statements that would not be prevented or detected.  Thismaterial weakness was considered in determining the nature, timing, and extentof audit tests applied in our audit of the 2004 consolidated financialstatements, and our opinion regarding the effectiveness of the Company'sinternal control over financial reporting does not affect our opinion on thoseconsolidated financial statements.

In our opinion, the consolidated financialstatements referred to above present fairly, in all material respects, thefinancial position of the Company as at December 31, 2004, 2003 and 2002 and theresults of its operations and its cash flows for each of the years in the threeyear period ended December 31, 2004 in accordance with accounting principlesgenerally accepted in the United States of America. Also, in our opinion,management's assessment that the Company did not maintain effective internalcontrol over financial reporting as of December 31, 2004, is fairly stated, inall material respects, based on criteria established in Internal Control -Integrated Framework issued by the COSO. Also, in our opinion, because of theeffect of the material weakness described above on the achievement of theobjectives of the control criteria, the Company has not maintained effectiveinternal control over financial reporting as of December 31, 2004, based oncriteria established in Internal Control - Integrated Framework issued by theCOSO.

Because of its inherent limitations,internal control over financial reporting may not prevent or detectmisstatements. Also, projections of any evaluation of effectiveness to futureperiods are subject to the risk that controls may become inadequate because ofchanges in conditions, or that the degree of compliance with the policies orprocedures may deteriorate.

((Signature))

PricewaterhouseCoopers LLPChartered AccountantsMontreal, Quebec

March 16, 2005

 

 

2

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**Independent Auditors' Report**(cont'd)

**Comments by Auditor on Canada-U.S.Reporting Differences**

In the United States, reporting standardsfor auditors require the addition of an explanatory paragraph (following theopinion paragraph) when there is a change in accounting principles that has amaterial effect on the comparability of the company's financial statements, suchas the changes described in Note 4 to the financial statements. Although weconducted our audit in accordance with both Canadian generally accepted auditingstandards and standards of the Public Company Accounting Oversight Board (UnitedStates), our report to the Shareholders of Alcan Inc. dated March 16, 2005, withrespect to the financial statements, is expressed in accordance with Canadianreporting standards which do not permit a reference to such a change inaccounting principles in the auditors' report when the change is properlyaccounted for and adequately disclosed in the financial statements.

* *

((Signature))

PricewaterhouseCoopers LLPMontreal, QuebecMarch 16, 2005

 

 

 

 

 

3

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**AlcanInc.**

** **

**CONSOLIDATEDSTATEMENT OF INCOME**Year endedDecember 31(in millions ofUS$, except per share amounts)

| ** **                                                        | **2004  ** | 2003   | 2002   |
|-------------------------------------------------------------------|----------------------|------------------|------------------|
| ** **                                                        |                      |                  |                  |
| **Sales and operating revenues**                                  | **24,885 **     | 13,850      | 12,483      |
| ** **                                                        | ** **           |                  |                  |
| **Costs and expenses**                                            | ** **           |                  |                  |
| Cost of sales and operating expenses,  excluding depreciation and | ** **           |                  |                  |
| amortization  noted below                                         | **20,203 **     | 11,171      | 10,032      |
| Depreciation and amortization (NOTE 9)                            | **1,337 **      | 862         | 772         |
| Selling, administrative and general expenses                      | **1,612 **      | 758         | 580         |
| Research and development expenses                                 | **239 **        | 190         | 115         |
| Interest                                                          | **346 **        | 212         | 198         |
| Goodwill impairment (NOTE 9)                                      | **154 **        | 28          | -           |
| Other expenses (income) - net (NOTE 16)                           | **406 **        | 131         | 119         |
|                                                                   | **24,297 **     | 13,352      | 11,816      |
| Income from continuing operations before income  taxes and        | ** **           |                  |                  |
| other items                                                       | **588 **        | 498         | 667         |
| Income taxes (NOTE 11)                                            | **375 **        | 258         | 287         |
| Income from continuing operations before other items              | **213 **        | 240         | 380         |
| Equity income (NOTE 12)                                           | **54 **         | 38          | 44          |
| Minority interests                                                | **(15)**             | (16)             | (3)              |
| Income from continuing operations                                 | **252 **        | 262         | 421              |
| Income (Loss) from discontinued operations (NOTE 5)               | **6 **          | (159)            | (21)             |
| Income before cumulative effect of accounting  changes            | **258 **        | 103         | 400         |
| Cumulative effect of accounting changes, net of  income           | ** **           |                  |                  |
| taxes of nil ($17 in 2003 and nil in 2002) (NOTES 4 AND 9)        | **- **          | (39)             | (748)            |
| **Net income (Loss)**                                             | **258 **        | 64          | (348)            |
| Dividends on preference shares                                    | **6 **          | 7           | 5           |
| **Net income (Loss) attributable to  common shareholders**        | **252 **        | 57          | (353)            |
| **Earnings (Loss) per share**(NOTE 6)                             | ** **           |                  | ** **       |
| Basic and Diluted                                                 | ** **           |                  |                  |
| Income from continuing operations                                 | **0.67 **       | 0.79        | 1.29        |
| Income (Loss) from discontinued operations                        | **0.02 **       | (0.49)           | (0.07)           |
| Cumulative effect of accounting changes                           | **-  **    | (0.12)           | (2.32)           |
| **Net income (Loss) per common share  - basic and diluted**       | **0.69 **       | 0.18        | (1.10)           |
| **Dividends per common share**                                    | **0.60 **       | 0.60        | 0.60        |

*The accompanying notes are an integralpart of the financial statements.*

* *

4

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** AlcanInc.**

**CONSOLIDATED BALANCE SHEET**

As atDecember 31(in millions of US$, except where indicated)

| ** **                                                                 | **2004  ** | 2003   | 2002   |
|----------------------------------------------------------------------------|----------------------|------------------|------------------|
| **ASSETS**                                                                 |                      |                  |                  |
| **Current assets**                                                         |                      |                  |                  |
| Cash and time deposits                                                     | **184 **        | 686         | 97          |
| Trade receivables (net of allowances of $99 in 2004,  $92 in 2003,         | ** **           |                  |                  |
| and $56 in 2002) (NOTES  14 AND 15)                                   | **3,232 **      | 2,937       | 1,390       |
| Other receivables                                                          | **936 **        | 686         | 676         |
| Deferred income taxes (NOTE 11)                                            | **214 **        | 49          | -           |
| Inventories (NOTE 17)                                                      | **4,029 **      | 3,663       | 1,862       |
| Current assets held for sale (NOTE 5)                                      | **817 **        | 1,093       | 116         |
| **Total  current assets**                                                  | **9,412 **      | 9,114       | 4,141       |
| Deferred  charges and other assets (NOTE 18)                               | **2,877 **      | 1,563       | 1,178       |
| Deferred income taxes (NOTE 11)                                            | **870 **        | 892         | 189         |
| Property,  plant and equipment (NOTE 19)                                   | ** **           |                  |                  |
|  Cost  (excluding construction work in progress)                      | **21,922 **     | 22,030      | 16,238      |
|  Construction work in progress                                        | **816 **        | 637         | 516         |
|  Accumulated  depreciation                                            | **(9,445)**          | (8,509)          | (7,319)          |
|                                                                            | **13,293 **     | 14,158      | 9,435       |
| Intangible assets, net of accumulated amortization  of  $172 in 2004, | ** **           |                  |                  |
| $86 in 2003, and $52  in 2002 (NOTE 9)                                     | **1,230 **      | 1,160       | 452         |
| Goodwill (NOTE 9)                                                          | **5,496 **      | 4,686       | 2,136       |
| Long-term assets held for sale (NOTE 5)                                    | **163 **        | 375         | 230         |
| **Total assets**                                                           | **33,341 **     | 31,948      | 17,761      |

** **

 

5

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**AlcanInc.**

**CONSOLIDATEDBALANCE SHEET**(cont'd)

As atDecember 31(in millions of US$, except where indicated)

| ** **                                                                    | **2004  ** | 2003   | 2002   |
|-------------------------------------------------------------------------------|----------------------|------------------|------------------|
| **LIABILITIES AND SHAREHOLDERS' EQUITY**                                      |                      |                  |                  |
| **Current liabilities**                                                       |                      |                  |                  |
| Payables and accrued liabilities                                              | **5,464 **      | 4,846       | 2,483       |
| Short-term borrowings                                                         | **2,486 **      | 1,764       | 378         |
| Debt maturing within one year (NOTE 23)                                       | **569 **        | 341         | 249         |
| Deferred income taxes (NOTE 11)                                               | **23 **         | 81          | -           |
| Current liabilities of operations held for sale (NOTE 5)                      | **714 **        | 559         | 69          |
| **Total current liabilities**                                                 | **9,256 **      | 7,591       | 3,179       |
| Debt not maturing within one year (NOTES 23 AND 29)                           | **6,345 **      | 7,437       | 3,120       |
| Deferred credits and other liabilities (NOTE 22)                              | **4,975 **      | 4,306       | 1,996       |
| Deferred income taxes (NOTE 11)                                               | **1,543 **      | 1,696       | 1,010       |
| Long-term liabilities of operations held for sale (NOTE 5)                    | **260 **        | 238         | 14          |
| Minority interests                                                            | **236 **        | 403         | 150         |
| ** **                                                                    | ** **           |                  |                  |
| **Shareholders' equity**                                                      | ** **           |                  |                  |
| Redeemable non-retractable preference shares (NOTE 24):                       | ** **           |                  |                  |
| Series C: stated value $106, issuable in series,  unlimited; number of        | ** **           |                  |                  |
| shares authorized and outstanding 5,700,000                                   | **106 **        | 106         | 106         |
| Series E: stated value $54, issuable in series,  unlimited; number of         | ** **           |                  |                  |
| shares authorized and outstanding 3,000,000                                   | **54 **         | 54          | 54          |
| Common shareholders' equity                                                   | ** **           |                  |                  |
| Common shares, unlimited number of shares  authorized, outstanding            | ** **           |                  |                  |
| (in thousands): 369,930 in 2004; 365,181 in 2003;  321,470 in 2002 (NOTE  25) | **6,670 **      | 6,461       | 4,731       |
| Additional paid-in capital  (NOTES 8 AND 26)                             | **112 **        | 128         | 42          |
| Retained earnings (NOTE 27)                                                   | **3,362 **      | 3,331       | 3,467       |
| Common shares held by a subsidiary (NOTE 25)                                  | **(35)**             | (56)             | -           |
| Accumulated other comprehensive  income (loss)                                | **457 **        | 253         | (108)            |
|                                                                               | **10,566 **     | 10,117      | 8,132       |
|                                                                               | **10,726 **     | 10,277      | 8,292       |
| Commitments and contingencies (NOTE 28)                                       | ** **           |                  |                  |
| **Total liabilities and shareholders' equity**                                | **33,341 **     | 31,948      | 17,761      |

*Theaccompanying notes are an integral part of the financial statements.*

Approved by the Board:

((Signature))Travis Engen, Director((Signature))L. Denis Desautels, Director

 

 

6

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**AlcanInc.**

** **

**CONSOLIDATED STATEMENT OF CASH FLOWS**

Year ended December 31(in millions of US$)

| ** **                                                            | **2004  ** | 2003   | 2002   |
|-----------------------------------------------------------------------|----------------------|------------------|------------------|
| **OPERATING ACTIVITIES**                                              |                      |                  |                  |
| Net income (Loss)                                                     | **258 **        | 64          | (348)            |
| Loss (Income) from discontinued  operations                           | **(6)**              | 159         | 21          |
| Income (Loss) from continuing  operations                             | **252 **        | 223         | (327)            |
| Adjustments to determine cash  from operating activities:             | ** **           |                  |                  |
| Cumulative effect of accounting  changes                              | **- **          | 39          | 748         |
| Depreciation and amortization                                         | **1,337 **      | 862         | 772         |
| Deferred income taxes                                                 | **45 **         | (2)              | 91          |
| Equity income, net of dividends                                       | **(16)**             | (11)             | (18)             |
| Asset impairment provisions                                           | **98 **         | 36          | 33          |
| Goodwill impairment                                                   | **154 **        | 28          | -           |
| Stock option compensation                                             | **11 **         | 13          | 11          |
| Write-off of acquired in-process  research and development            | **- **          | 50          | -           |
| Loss (Gain) on sales of businesses  and investment - net              | **(47)**             | (44)             | 9           |
| Change in operating working capital                                   | ** **           |                  |                  |
| Change in  receivables                                           | **(435)**            | 339         | 73          |
| Change in inventories                                                 | **24 **         | 69          | 86          |
| Change in payables and accrued  liabilities                           | **233 **        | 61          | (112)            |
| Change in  deferred charges, other assets, deferred credits           | ** **           |                  |                  |
| and other liabilities - net                                           | **27 **         | 101         | 171         |
| Other - net                                                           | **79 **         | 37          | (18)             |
| Cash from operating activities in  continuing operations              | **1,762 **      | 1,801       | 1,519       |
| Cash from operating activities in  discontinued operations            | **110 **        | 11          | 15          |
| **Cash from  operating activities**                                   | **1,872 **      | 1,812       | 1,534       |
| **FINANCING  ACTIVITIES**                                             | ** **           |                  |                  |
| Proceeds from issuance of new  debt                                   | **1,768 **      | 3,638       | 816         |
| Debt repayments                                                       | **(1,615)**          | (593)            | (1,093)          |
| Short-term borrowings - net                                           | **(543)**            | 577         | (209)            |
| Common shares issued *                                                | **100**** **    | 42          | 16          |
| Dividends                                                             | ** **           |                  |                  |
| - Alcan shareholders (including  preference)                          | **(227)**            | (200)            | (197)            |
| - Minority interests                                                  | **(13)**             | (11)             | (6)              |
| Other                                                                 | **(11)**             | -           | -           |
| Cash from (used for) financing  activities in continuing operations   | **(541)**            | 3,453       | (673)            |
| Cash from (used for) financing  activities in discontinued operations | **(35)**             | (29)             | 2           |
| **Cash from  (used for)  financing activities**                  | **(576)**            | 3,424       | (671)            |

** Excludes thenon-cash impact of common shares issued in exchange for Pechiney securities. See note 8*-*Acquisition of Pechiney.*

*Theaccompanying notes are an integral part of the financial statements.*

7

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**AlcanInc.**

**CONSOLIDATED STATEMENT OF CASH FLOWS**(cont'd)

Year ended December 31(in millions of US$)

| ** **                                                                                | **2004  ** | 2003   | 2002   |
|-------------------------------------------------------------------------------------------|----------------------|------------------|------------------|
| **INVESTMENT  ACTIVITIES**                                                                |                      |                  |                  |
| Purchase of property, plant and  equipment                                                | **(1,289)**          | (838)            | (627)            |
| Business acquisitions, net of  cash and time deposits acquired (NOTES 8 AND 20)           | **(466)**            | (3,819)          | (346)            |
| Net proceeds from disposal of  businesses, investments and other assets                   | **35 **         | 63          | 113         |
| Other                                                                                     | **(8)**              | -           | -           |
| Cash used for investment  activities in continuing operations                             | **(1,728)**          | (4,594)          | (860)            |
| Cash from (used for) investment  activities in discontinued operations                    | **(22)**             | 17          | (19)             |
| **Cash used for  investment activities**                                                  | **(1,750)**          | (4,577)          | (879)            |
| Effect of exchange rate changes  on cash and time deposits                                | **16 **         | 21          | 10          |
| **Increase  (Decrease) in cash and time deposits**                                        | **(438)**            | 680         | (6)              |
| Cash and time deposits ─ beginning of  year                                         | **778 **        | 98          | 104         |
| Cash and time  deposits ─  end of year in continuing operations                | **184 **        | 686         | 97          |
| Cash and time deposits ─  end of year	in current assets held for sale (NOTE 5) | **156 **        | 92          | 1           |
| Cash and time deposits ─  end of year                                          | **340 **        | 778         | 98          |

*The accompanying notes are an integral part of the financialstatements.*

 

 

 

 

 

8

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**Alcan Inc.**

**CONSOLIDATEDSTATEMENT OF SHAREHOLDERS' EQUITY**

Year ended December 31(in millions of US$)

|                                                 | ** **

** **

**Comprehen-sive Income** | **Preference  Shares - Series C and E** | ****

**Common Shares** | ** **

**Additional  Paid-In Capital** | ****

**Retained  Earnings** | **Common Shares  Held by a Subsidiary** | **Accumulated  Other Comprehensive Income (Loss)**                     | ** **

**Total  Shareholders' Equity** |
|-------------------------------------------------|---------------------------------------------------|-----------------------------------------|-------------------------|---------------------------------------------|------------------------------|-----------------------------------------|------------------------------------------------------------------------|---------------------------------------------|
| **Balance at end of 2001**                      |                                                   | 160                                     | 4,713                   | 33                                     | 4,012                   | -                                       | (348)                                                                  | 8,570                                  |
| Loss - 2002                                     | (348)                                             |                                         |                         |                                             | (348)                        |                                         |                                                                        | (348)                                       |
| Other comprehensive income:                     |                                                   |                                         |                         |                                             |                              |                                         |                                                                        |                                             |
| Net change in deferred translation              |                                                   |                                         |                         |                                             |                              |                                         |                                                                        |                                             |
| adjustments                                     | 413                                          |                                         |                         |                                             |                              |                                         |                                                                        |                                             |
| Net change in excess of market value            |                                                   |                                         |                         |                                             |                              |                                         |                                                                        |                                             |
| over book value of  "available-for-   |                                                   |                                         |                         |                                             |                              |                                         |                                                                        |                                             |
| sale" securities                           | 8                                            |                                         |                         |                                             |                              |                                         |                                                                        |                                             |
| Reclassification to net income                  | (10)                                              |                                         |                         |                                             |                              |                                         |                                                                        |                                             |
| Net change in minimum pension liability         |                                                   |                                         |                         |                                             |                              |                                         |                                                                        |                                             |
| - net of taxes of $81                           | (171)                                             |                                         |                         |                                             |                              |                                         |            240  | 240                                    |
| Comprehensive loss                              | (108)                                             |                                         |                         |                                             |                              |                                         |                                                                        |                                             |
| Dividends:                                      |                                                   |                                         |                         |                                             |                              |                                         |                                                                        |                                             |
| Preference                                      |                                                   |                                         |                         |                                             | (5)                          |                                         |                                                                        | (5)                                         |
| Common                                          |                                                   |                                         |                         |                                             | (192)                        |                                         |                                                                        | (192)                                       |
| Stock option expense                            |                                                   |                                         |                         | 11                                     |                              |                                         |                                                                        | 11                                     |
| Exercise of stock options                       |                                                   |                                         | 2                       | (2)                                         |                              |                                         |                                                                        | -                                      |
| Common shares issued for cash:                  |                                                   |                                         |                         |                                             |                              |                                         |                                                                        |                                             |
| Executive share option plan                     |                                                   |                                         | 7                       |                                             |                              |                                         |                                                                        | 7                                      |
| Dividend reinvestment and share                 |                                                   |                                         |                         |                                             |                              |                                         |                                                                        |                                             |
| purchase plans                                  |                                                   |                                         | 9                       |                                             |                              |                                         |                                                                        | 9                                      |
| **Balance at end of 2002**                      |                                                   | 160                                     | 4,731                   | 42                                     | 3,467                   | -                                       | (108) a                                                                | 8,292                                  |
| Net income  - 2003                         | 64                                           |                                         |                         |                                             | 64                      |                                         |                                                                        | 64                                     |
| Other comprehensive income:                     |                                                   |                                         |                         |                                             |                              |                                         |                                                                        |                                             |
| Net change in deferred translation              |                                                   |                                         |                         |                                             |                              |                                         |                                                                        |                                             |
| adjustments                                     | 404                                          |                                         |                         |                                             |                              |                                         |                                                                        |                                             |
| Net change in excess of market value            |                                                   |                                         |                         |                                             |                              |                                         |                                                                        |                                             |
| over book value of  "available-for-   |                                                   |                                         |                         |                                             |                              |                                         |                                                                        |                                             |
| sale" securities                           | 8                                            |                                         |                         |                                             |                              |                                         |                                                                        |                                             |
| Reclassification to net income                  | (8)                                               |                                         |                         |                                             |                              |                                         |                                                                        |                                             |
| Net change in minimum pension liability  - |                                                   |                                         |                         |                                             |                              |                                         |                                                                        |                                             |
| net of taxes of $8                              | (31)                                              |                                         |                         |                                             |                              |                                         |                                                                        |                                             |
| Net change in unrealized gains and              |                                                   |                                         |                         |                                             |                              |                                         |                                                                        |                                             |
| losses on derivatives, net of taxes             |                                                   |                                         |                         |                                             |                              |                                         |                                                                        |                                             |
| of $5:                                          |                                                   |                                         |                         |                                             |                              |                                         |                                                                        |                                             |
| Net change from periodic                        |                                                   |                                         |                         |                                             |                              |                                         |                                                                        |                                             |
| revaluations                                    | (12)                                              |                                         |                         |                                             |                              |                                         | 361                                                               | 361                                    |
| Comprehensive income                            | 425                                          |                                         |                         |                                             |                              |                                         |                                                                        |                                             |
| Dividends:                                      |                                                   |                                         |                         |                                             |                              |                                         |                                                                        |                                             |
| Preference                                      |                                                   |                                         |                         |                                             | (7)                          |                                         |                                                                        | (7)                                         |
| Common                                          |                                                   |                                         |                         |                                             | (193)                        |                                         |                                                                        | (193)                                       |
| Stock option expense                            |                                                   |                                         |                         | 13                                     |                              |                                         |                                                                        | 13                                     |
| Exercise of stock options                       |                                                   |                                         | 7                       | (7)                                         |                              |                                         |                                                                        | -                                      |
| Cost of Pechiney options                        |                                                   |                                         |                         | 80                                     |                              |                                         |                                                                        | 80                                     |
| Common shares held by a subsidiary              |                                                   |                                         |                         |                                             |                              | (56)                                    |                                                                        | (56)                                        |
| Common shares issued for cash:                  |                                                   |                                         |                         |                                             |                              |                                         |                                                                        |                                             |
| Executive share option plan                     |                                                   |                                         | 22                      |                                             |                              |                                         |                                                                        | 22                                     |
| Dividend reinvestment and share                 |                                                   |                                         |                         |                                             |                              |                                         |                                                                        |                                             |
| purchase plans                                  |                                                   |                                         | 20                      |                                             |                              |                                         |                                                                        | 20                                     |
| Common shares issued in exchange                |                                                   |                                         |                         |                                             |                              |                                         |                                                                        |                                             |
| for tendered Pechiney securities                |                                                   |                                         | 1,681                   |                                             |                              |                                         |                                                                        | 1,681                                  |
| **Balance at end of 2003**                      |                                                   | 160                                     | 6,461                   | 128                                    | 3,331                   | (56)                                    | 253 b                                                             | 10,277                                 |

9

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**AlcanInc.**

**CONSOLIDATEDSTATEMENT OF SHAREHOLDERS' EQUITY (cont'd)**

Year ended December 31(in millions of US$)

|                                                 | **  **

**Comprehen-	sive Income** | **Preference  Shares - Series C and E** | ****

**Common Shares** | ** **

**Additional  Paid-In Capital** | ****

**Retained  Earnings** | **Common Shares  Held by a Subsidiary** | **Accumulated  Other Comprehensive Income (Loss)** | ** **

**Total  Shareholders' Equity** |
|-------------------------------------------------|----------------------------------------------|-----------------------------------------|-------------------------|---------------------------------------------|------------------------------|-----------------------------------------|----------------------------------------------------|---------------------------------------------|
| Net income  - 2004                         | **258 **                                | ** **                              | ** **              | ** **                                  | **258**                      | ** **                              | ** **                                         | **258**                                     |
| Other comprehensive income:                     | ** **                                   | ** **                              | ** **              | ** **                                  | ** **                   | ** **                              | ** **                                         | ** **                                  |
| Net change in deferred translation              | ** **                                   | ** **                              | ** **              | ** **                                  | ** **                   | ** **                              | ** **                                         | ** **                                  |
| adjustments                                     | **454 **                                | ** **                              | ** **              | ** **                                  | ** **                   | ** **                              | ** **                                         | ** **                                  |
| Net change in excess of market value            | ** **                                   | ** **                              | ** **              | ** **                                  | ** **                   | ** **                              | ** **                                         | ** **                                  |
| over book value of  "available-for-   | ** **                                   | ** **                              | ** **              | ** **                                  | ** **                   | ** **                              | ** **                                         | ** **                                  |
| sale" securities                           | **2 **                                  | ** **                              | ** **              | ** **                                  | ** **                   | ** **                              | ** **                                         | ** **                                  |
| Reclassification to net income                  | **- **                                  | ** **                              | ** **              | ** **                                  | ** **                   | ** **                              | ** **                                         | ** **                                  |
| Net change in minimum pension liability  - | ** **                                   | ** **                              | ** **              | ** **                                  | ** **                   | ** **                              | ** **                                         | ** **                                  |
| net of taxes of $82                             | **(200)**                                    | ** **                              | ** **              | ** **                                  | ** **                   | ** **                              | ** **                                         | ** **                                  |
| Net change in unrealized gains and              | ** **                                   | ** **                              | ** **              | ** **                                  | ** **                   | ** **                              | ** **                                         | ** **                                  |
| losses on derivatives, net of taxes             | ** **                                   | ** **                              | ** **              | ** **                                  | ** **                   | ** **                              | ** **                                         | ** **                                  |
| of $24:                                         | ** **                                   | ** **                              | ** **              | ** **                                  | ** **                   | ** **                              | ** **                                         | ** **                                  |
| Net change from periodic                        | ** **                                   | ** **                              | ** **              | ** **                                  | ** **                   | ** **                              | ** **                                         | ** **                                  |
| revaluations                                    | **(65)**                                     | ** **                              | ** **              | ** **                                  | ** **                   | ** **                              | ** **                                         | ** **                                  |
| Net amount reclassified to income               | **13 **                                 | ** **                              | ** **              | ** **                                  | ** **                   | ** **                              | **204**                                            | **204 **                               |
| Comprehensive income                            | **462 **                                | ** **                              | ** **              | ** **                                  | ** **                   | ** **                              | ** **                                         | ** **                                  |
| Dividends:                                      | ** **                                   | ** **                              | ** **              | ** **                                  | ** **                   | ** **                              | ** **                                         | ** **                                  |
| Preference                                      | ** **                                   | ** **                              | ** **              | ** **                                  | **(6)**                      | ** **                              | ** **                                         | **(6)**                                     |
| Common                                          | ** **                                   | ** **                              | ** **              | ** **                                  | **(221)**                    | ** **                              | ** **                                         | **(221)**                                   |
| Stock option expense                            | ** **                                   | ** **                              | ** **              | **11 **                                | ** **                   | ** **                              | ** **                                         | **11 **                                |
| Exercise of stock options                       | ** **                                   | ** **                              | **27**                  | **(27)**                                    | ** **                   | ** **                              | ** **                                         | **- **                                 |
| Common shares held by a subsidiary              | ** **                                   | ** **                              | ** **              | ** **                                  | ** **                   | **21 **                            | ** **                                         | **21 **                                |
| Common shares issued for cash:                  | ** **                                   | ** **                              | ** **              | ** **                                  | ** **                   | ** **                              | ** **                                         | ** **                                  |
| Executive share option plan                     | ** **                                   | ** **                              | **60**                  | ** **                                  | ** **                   | ** **                              | ** **                                         | **60 **                                |
| Dividend reinvestment and share                 | ** **                                   | ** **                              | ** **              | ** **                                  | ** **                   | ** **                              | ** **                                         | ** **                                  |
| purchase plans                                  | ** **                                   | ** **                              | **28**                  | ** **                                  | ** **                   | ** **                              | ** **                                         | **28 **                                |
| Liquidity  Agreement                            | ** **                                   | ** **                              | **12**                  | ** **                                  | ** **                   | ** **                              | ** **                                         | **12 **                                |
| Common shares issued in exchange                | ** **                                   | ** **                              | ** **              | ** **                                  | ** **                   | ** **                              | ** **                                         | ** **                                  |
| for tendered Pechiney securities                | ** **                                   | ** **                              | **82**                  | ** **                                  | ** **                   | ** **                              | ** **                                         | **82 **                                |
| **Balance at end of 2004**                      | ** **                                   | **160**                                 | **6,670**               | **112 **                               | **3,362 **              | **(35)**                                | **457 c**                                          | **10,726 **                            |

* *

a.     Comprised of deferred translationadjustments of $205, unrealized gain on "available-for-sale" securities of $6,and minimum pension liability of  ($319).

b.    Comprised of deferred translationadjustments of $609, unrealized gain on "available-for-sale" securities of $6,minimum pension liability of ($350) and unrealized loss on derivatives of($12).

c.     Comprised of deferred translationadjustments of $1,063, unrealized gain on "available-for-sale" securities of $8,minimum pension liability of ($550) and unrealized loss on derivatives of ($64).

*The accompanying notes are an integral part of thefinancial statements.*

 

 

 

 

10

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**AlcanInc.**

**NOTES TOCONSOLIDATED FINANCIAL STATEMENTS**(in millions of US$, except where indicated)

**1.         NATUREOF OPERATIONS**

Alcan is engaged, together with its subsidiaries,joint ventures and related companies, in a variety of aspects of the aluminumand packaging businesses on an international scale. Its operations include themining and processing of bauxite, the basic aluminum ore; the refining ofbauxite into smelter-grade and specialty alumina; the generation of electricpower for use in smelting aluminum; the smelting of aluminum from alumina; therecycling of used and scrap aluminum; the fabrication of aluminum, aluminumalloys and non-aluminum materials into semi-fabricated and finished products;the producing and converting of specialty packaging and packaging products formany industries including the food, pharmaceutical, cosmetic and healthsectors; the distribution and marketing of aluminum, non-aluminum and packagingproducts; and, in connection with its aluminum operations, the licensing ofalumina and aluminum production technology and related equipment.

As at December 31, 2004, Alcan,together with its subsidiaries, joint ventures and related companies, hadbauxite holdings in six countries, produced alumina in six countries, smelted primaryaluminum in 13 countries, operated rolled products plants in 12 countries, hadengineered products plants in 11 countries, had packaging facilities in 27countries and had sales outlets and maintained warehouse inventories in thelarger markets of the world. Alcan also operated a global transportationnetwork that included the operation of bulk cargo vessels, port facilities andfreight trains.

**Pechiney - Basis ofPresentation**As described in note 8 -Acquisition of Pechiney, Alcan acquired Pechiney on December 15, 2003. Pechineyrefers to Pechiney, a French *société anonyme*, and, where applicable, itsconsolidated subsidiaries. The balance sheet of Pechiney is included in theconsolidated financial statements commencing on December 31, 2003, and thestatements of income and cash flows of Pechiney have been included in theconsolidated financial statements beginning January 1, 2004.

**Spin-off of Rolled Products Businesses - Basis ofPresentation**On January 6, 2005, Alcan completed the spin-off of NovelisInc. (Novelis), as described in note 7 - Spin-off of Rolled ProductsBusinesses.  Prior to the spin-off, these businesses were owned by Alcan. Subsequent to the spin-off, Alcan's rolled products operations will comprisefive facilities in four countries.  Four of these facilities will be part ofthe Engineered Products operating segment, and one of these facilities will bea shared facility between the Engineered Products and the Packaging operatingsegments.

The balance sheets, statements of income and cash flows ofthe businesses transferred to Novelis are included in Alcan's consolidatedfinancial statements for all periods presented.  Alcan's consolidated financialstatements for all periods subsequent to December 31, 2004 will not include thebalance sheets, statements of income and cash flows of the businessestransferred to Novelis.  See note 7 - Spin-off of Rolled Products Businessesfor Alcan's unaudited pro forma condensed consolidated financial information,giving effect to the spin-off of Novelis.  

**2.         CHANGEIN REPORTING GENERALLY ACCEPTED ACCOUNTING PRINCIPLES**

Alcan hashistorically prepared and filed its financial statements in accordance withCanadian generally accepted accounting principles (GAAP) with a reconciliationto United States (U.S.) GAAP.  On January 1, 2004, the Company adopted U.S.GAAP as its primary reporting standard for presentation of its consolidatedfinancial statements. Historical consolidated financial statements wererestated in accordance with the guidance provided under U.S. GAAP. Note 35 - Differencesbetween United States and Canadian Generally Accepted Accounting Principles(GAAP) provides an explanation and reconciliation of differences between U.S. and Canadian GAAP. 

The Companyadopted U.S. GAAP to enhance its communication with its shareholders, improvecomparability of financial information with its competitors and peer group, andpromote a common financial language within Alcan. 

 

 

11

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**AlcanInc.**

**NOTES TOCONSOLIDATED FINANCIAL STATEMENTS**(in millions of US$, except where indicated)

**3.          SUMMARY OF SIGNIFICANTACCOUNTING POLICIES**

**Use ofEstimates**

Thepreparation of financial statements in conformity with U.S. GAAP requiresmanagement to make certain estimates and assumptions.  These may affect thereported amounts of assets and liabilities and the disclosure of contingentassets and liabilities at the date of the financial statements.  They may alsoaffect the reported amounts of revenues and expenses during the reportingperiod.  Actual results could differ from those estimates.

**Business Combinations**

All business combinations areaccounted for using the purchase method.  Under the purchase method, assets andliabilities of the acquired entity are recorded at fair value.  The excess ofthe purchase price over the fair value of the assets and liabilities acquiredis recorded as goodwill.

**Principles of Consolidation**

Theconsolidated financial statements include the accounts of subsidiaries that arecontrolled by Alcan, all of which are majority owned, as well as a variableinterest entity, in which the Company is the primary beneficiary.  Investmentsin entities over which Alcan has significant influence are accounted for usingthe equity method.  Under the equity method, Alcan's investment is increased ordecreased by Alcan's share of the undistributed net income or loss and deferredtranslation adjustments since acquisition.  Investments in joint ventures overwhich Alcan has an undivided interest in the assets and liabilities areconsolidated to the extent of Alcan's ownership or participation in the assetsand liabilities.  All other investments in joint ventures are accounted for usingthe equity method.  Investments for which there is an active market availableare accounted for as available-for-sale.  Other investments are accounted forusing the cost method.  Under the cost method, dividends received are recordedas income.

Intercompanybalances and transactions, including profits in inventories, are eliminated inthe consolidated financial statements. 

**Foreign Currency**

The assets and liabilitiesof foreign operations, whose functional currency is other than the U.S. dollar(located principally in Europe and Asia), are translated into U.S. dollars atthe year-end exchange rates.  Revenues and expenses are translated at averageexchange rates for the year.  Differences arising from exchange rate changesare included in the Deferred translation adjustments (DTA) component ofAccumulated other comprehensive income. If there is a reduction in theCompany's ownership in a foreign operation, the relevant portion of DTA isrecognized in Other expenses (income) - net. All other operations, includingmost of those in Canada, have the U.S. dollar as the functional currency.  Forthese operations, monetary items denominated in currencies other than the U.S.dollar are translated at year-end exchange rates and translation gains andlosses are included in income.  Non-monetary items are translated at historicalrates.

TheCompany has entered into foreign currency contracts and options to hedge certainfuture, identifiable foreign currency revenue and operating cost exposures. All such contracts are reported at fair value on the Consolidated Balance Sheet. For contracts qualifying and designated as cash flow hedges, the effectiveportion of the changes in fair value is recorded in Other comprehensive incomeand reclassified to Sales and operatingrevenues, Cost of sales and operating expenses, or Depreciation andamortization, as applicable, concurrently with the recognition of the itembeing hedged.  The portion of the change in the contract's fair value that isnot effective at offsetting the hedged exposure is recorded in Other expenses(income) - net.  For contracts qualifying as fair value hedges, changes in fairvalue are recorded in the statement of income together with the changes in thefair value of the hedged item.  For contracts not qualifying as hedges, changesin fair value are recorded in Other expenses (income) - net.

Foreigncurrency forward contracts and swaps are also used to hedge certain foreigncurrency denominated debt and intercompany foreign currency denominated loans. Changes in the fair value of these contracts are recorded in Other expenses(income) - net concurrently with thechanges in the fair value of the foreign currency denominated debt andintercompany foreign currency denominated loans being hedged.  

The Company has entered into forward exchangecontracts to hedge certain foreign currency denominated net equityinvestments.  All such contracts are reported at fair value on the ConsolidatedBalance Sheet.  Changes in fair value are reported in the DTA component ofAccumulated other comprehensive income concurrently with translation exchangegains and losses related to the equity being hedged.  If there is a reductionin the Company's ownership in a foreign operation, the relevant portion of DTAis recognized in Other expenses (income) - net.

 

 

12

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**AlcanInc.**

**NOTES TOCONSOLIDATED FINANCIAL STATEMENTS**(in millions of US$, except where indicated)

**3.           SUMMARYOF SIGNIFICANT ACCOUNTING POLICIES**(cont'd)

**Revenue Recognition**

Revenue from product sales, net oftrade discounts and allowances, is recognized once delivery has occurredprovided that persuasive evidence of an arrangement exists, the price is fixedor determinable, and collectibility is reasonably assured.  Delivery isconsidered to have occurred when title and risk of loss have transferred to thecustomer.  Revenue from services is recognized as services are rendered andaccepted by the customer.

The Company reports trading revenues and costs for aluminumcontracts on a net basis in Sales and operating revenues rather than on a grossbasis.  This applies only to those third-party metal sales contracts sourcedfrom third parties.  This accounting treatment reduced Sales and operatingrevenues by $1,193, Cost of sales and operating expenses by $1,182, and Otherexpenses (income) ─ net by $11, for the year ended December 31, 2004.

**Shipping and Handling Costs**

Amountscharged to customers related to shipping and handling are included in Sales andoperating revenues, and related shipping and handling costs are recorded inCost of sales and operating expenses.

**CommodityContracts and Options**

Generally, all of theforward metal contracts and options serve to hedge certain future identifiablealuminum price exposures.  For these contracts, the fair values of thederivatives are recorded on the Consolidated Balance Sheet.  For contractsqualifying as cash flow hedges, the effective portions of the changes in fairvalue are recorded in Other comprehensive income and are reclassified, togetherwith related hedging costs, to Sales and operating revenues or Cost of salesand operating expenses, concurrently with the recognition of the underlyingitem being hedged or in the period that the derivatives no longer qualify ascash flow hedges.

All oil, natural gas and electricity futures contracts,swaps and options are recorded at fair value on the balance sheet.  For contractsqualifying as cash flow hedges, the effective portions of the changes in thefair value are recorded in Other comprehensive income and are reclassified tothe statement of income concurrently with the recognition of the underlyingitem being hedged or in the period that the derivatives no longer qualify ascash flow hedges.  For contracts not qualifying for hedge accounting, changesin fair value are recorded in Other expenses (income) - net.   

Physical aluminum purchaseand sales contracts with third parties and related aluminum forward contractsare considered to be derivatives held for trading purposes and are recorded atfair value on the balance sheet.  Changes in fair value are recorded on a netbasis in Sales and operating revenues.

In circumstanceswhere the Company's  purchase or sales contracts for a commodity containderivative characteristics, these contracts, excluding those considered to bederivatives held for trading purposes, are generally not recorded at fair valueas they involve quantities that are expected to be used or sold in the normalcourse of business over a reasonable period oftime.

**Interest Rate Swaps**

The Companyenters into interest rate swap agreements to manage its exposure  tofluctuations in interest rates on its long-term debt.  These swaps aremarked-to-market in the financial statements and all changes in fair value arerecorded in Other expenses (income) - net.

**Inventories**

Inventoriesare stated at cost (determined for the most part on the monthly average cost method)or net realizable value, whichever is lower.  Cost includes material, labourand manufacturing overhead costs.

**Capitalization of Interest Costs**

The Companycapitalizes interest costs associated with the financing of major capitalexpenditures up to the time the asset is ready for its intended use.  

 

 

13

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**AlcanInc.**

**NOTES TOCONSOLIDATED FINANCIAL STATEMENTS**(in millions of US$, except where indicated)

**3.        SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont'd)**

**Sale of Receivables**

When theCompany sells certain receivables, it retains servicing rights and provideslimited recourse, which constitute retained interests in the sold receivables. No servicing asset or liability is recognized in the financial statements asthe fees received by the Company reflect the fair value of the cost ofservicing these receivables.  The related purchase discount is included inOther expenses (income) - net.

**Property, Plant and Equipment**

Property,plant and equipment is recorded at cost. Additions, improvements and majorrenewals are capitalized; normal maintenance and repair costs are expensed.  Depreciation is calculated on the straight-line method using rates based on theestimated useful lives of the respective assets.  The principal rates rangefrom 2% to 10% for buildings and structures, 1% to 4% for power assets and 3%to 20% for chemical, smelter and fabricating assets. Gains or losses from thesale of assets are included in Other expenses (income) - net.  

**Impairment or Disposal of Long-LivedAssets**

The Company reviews its long-lived assetsand amortizable intangible assets for impairment whenever events or changes incircumstances indicate that the carrying amount of a long-lived asset may not berecoverable.  An impairment loss is recognized when the carrying amount ofthe assets exceeds the future undiscounted cash flows expected from the asset. Any impairment loss is measured as the amount by which the carrying amount exceeds the fairvalue.  Such evaluations for impairment are significantly impacted by estimatesof future prices for the Company's product, capital needs, economic trends inthe market and other factors.  Quoted market values are used whenever availableto estimate fair value.  When quoted market values are unavailable, the fairvalue of the long-lived asset is generally based on estimates of discountedexpected net cash flows.  Assets to be disposed of by sale are reflected at thelower of their carrying amount or fair value less cost to sell and are notdepreciated while classified as held for sale.

**Goodwill**

Goodwill is tested for impairmenton an annual basis at the reporting unit level and is also tested forimpairment when events occur or circumstances change that would more likelythan not reduce the fair value of a reporting unit below the carrying value.  Fairvalue is determined using discounted cash flows.

**IntangibleAssets**

Intangibleassets are primarily trademarks and patented and non-patented technology,purchase contracts and customer contracts all of which have finite lives. Intangible assets are recorded at cost less accumulated amortization and areamortized over their useful life, which is generally 15 years, using thestraight-line method of amortization. 

**LegalClaims**

Accruals forlegal claims are made when it is probable that liabilities will be incurred andwhere such liabilities can be reasonably estimated.

**Environmental Costs and Liabilities**

Environmental costs for legal obligations associated with the retirementof a tangible long-lived asset that result from its acquisition, construction,development or normal operation are recognized at their fair values when incurredand a corresponding asset retirement cost is added to the carrying amount ofthe related asset.  In subsequent periods, the carrying amount of the liabilityis adjusted to reflect the passage of time and any changes in the timing oramount of the underlying future cash flows.  The asset retirement cost isamortized to expense over the asset's useful life.

Environmentalcosts that are not legal asset retirement obligations are expensed orcapitalized, as appropriate.  Environmental expenditures of a capital naturethat extend the life, increase the capacity or improve the safety of an assetor that mitigate or prevent environmental contamination that has yet to occurare included in Property, plant and equipment and are depreciated generallyover the remaining useful life of the underlying asset.  Expenditures relatingto existing conditions caused by past operations, and which do not contributeto future revenues, are expensed when probable and estimable and are normallyincluded in Cost of sales and operating expenses except for large, unusualamounts, which are included in Other expenses (income) - net.  Recoveriesrelating to environmental liabilities are recorded when received.

14

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**AlcanInc.**

**NOTES TOCONSOLIDATED FINANCIAL STATEMENTS**(in millions of US$, except where indicated)

**3.         SUMMARYOF SIGNIFICANT ACCOUNTING POLICIES**(cont'd)

**Pensions and Post-RetirementBenefits**

Using appropriateactuarial methods and assumptions, the Company's defined benefit pension plansare accounted for in accordance with the Financial Accounting Standards Board(FASB) Statement of Financial Accounting Standards (SFAS) No. 87, Employers'Accounting for Pensions.  Other post-retirement benefits are accounted for inaccordance with SFAS No. 106, Employers' Accounting for Postretirement BenefitsOther Than Pensions.  Pension and post-retirement benefit obligations are actuariallycalculated using management's best estimates and based on expected serviceperiod, salary increases and retirement ages of employees.  Pension andpost-retirement benefit expense includes the actuarially computed cost ofbenefits earned during the current service period, the interest cost on accruedobligations, the expected return on plan assets based on fair market value andthe straight-line amortization of net actuarial gains and losses andadjustments due to plan amendments.  All net actuarial gains and losses areamortized over the expected average remaining service life of the employees.

**StockOptions and Other Stock-Based Compensation**

The Company accounts for its stock options granted under the shareoption plan using the fair value provisions of SFAS No. 123, Accounting forStock-Based Compensation.  Under the fair value method, stock-basedcompensation expense is recognized in the statement of income over theapplicable vesting period.  When stock options are exercised, the considerationpaid by employees, together with the applicable amount in additional paid-incapital, is credited to common shares.  Other stock-based compensationarrangements, that can be settled in cash and are based on the change in thecommon share price during the period, are recognized in income over the vestingperiod of awards.  Stock-based compensation expense is recorded in Selling,administrative and general expenses in the statement of income.

**Income Taxes**

Income taxesare accounted for under the liability method. Under the liability method,deferred tax assets and liabilities are recognized for the estimated future taxconsequences attributable to temporary differences between the financialstatement carrying amounts of existing assets and liabilities and theirrespective tax bases.

This methodalso requires the recognition of future tax benefits such as net operating losscarryforwards, to the extent that realization of such benefits is more likelythan not.  Deferred tax assets and liabilities are measured using enacted taxrates expected to apply to taxable income in the years in which those temporarydifferences are expected to be recovered or settled.  The effect on deferredtax assets and liabilities of a change in tax rates is recognized in income inthe period that includes the enactment date.

**Cash and Time Deposits**

All timedeposits have original maturities of 90 days or less and qualify as cashequivalents.

**Allowance For Doubtful Accounts**

Theallowance for doubtful accounts reflects management's best estimate of probablelosses inherent in the trade receivables balance.  Management determines theallowance based on known doubtful accounts, historical experience, and othercurrently available evidence. 

**Guarantees**

The Companyfollows the recognition and measurement provisions of the FASB InterpretationNo. (FIN) 45, Guarantor's Accounting and Disclosure Requirements forGuarantees, Including Indirect Guarantees of Indebtedness of Others.  Theprovisions are applied on a prospective basis to guarantees issued or modifiedafter December 31, 2002.  Under FIN 45, guarantees issued after December 31,2002, are recorded as a liability equal to the fair value of the obligation atthe inception of the guarantee. See note 28 - Commitments and Contingencies.

15

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**AlcanInc.**

**NOTES TOCONSOLIDATED FINANCIAL STATEMENTS**(in millions of US$, except where indicated)

**3.           SUMMARYOF SIGNIFICANT ACCOUNTING POLICIES**(cont'd)

**RecentlyIssued Accounting Standards**

**Share-Based Payment**

In December 2004, the FASB issued SFAS No. 123 (Revised2004), Share-Based Payment (SFAS No. 123(R)), which is a revision to SFAS No.123, Accounting for Stock-Based Compensation.  SFAS No. 123(R) requires allshare-based payments to employees, including grants of employee stock options,to be recognized in the financial statements based on their fair values.  SFASNo. 123(R) is effective July 1, 2005.  The Company adopted the fair-value basedmethod of accounting for share-based payments effective January 1, 2004 usingthe retroactive restatement method described in SFAS No. 148, Accounting forStock-Based Compensation - Transition and Disclosure.  Currently, the Companyuses the Black-Scholes formula to estimate the value of stock options grantedto employees and expects to continue to use this acceptable option valuationmodel.  The Company does not anticipate that the adoption of SFAS No. 123 (R)will have a material impact on its results of operations or its financialposition.

**Inventory Costs**

In November 2004, the FASB issuedSFAS No. 151, Inventory Costs - an amendment to ARB No. 43, Chapter 4.  This statement amends the guidance inAccounting Research Bulletin (ARB) No. 43 , Chapter 4, "Inventory Pricing", toclarify the accounting for abnormal amounts of idle facility expense, freight,handling costs, and wasted material (spoilage).  ARB 43 previously stated thatthese expenses may be so abnormal as to require treatment as current periodcharges.   SFAS No. 151 requires that those items be recognized ascurrent-period charges regardless of whether they meet the criterion of  "soabnormal".  In addition, SFAS No. 151 requires that allocation of fixedproduction overheads to the costs of conversion be based on the normal capacityof the production facilities.  Prospective application of this statement isrequired beginning January 1, 2006.  The Company does not expect its financialstatements to be significantly impacted by this statement.

**Exchangesof Nonmonetary Assets**

In December 2004, the FASB issuedSFAS No. 153, Exchanges of Nonmonetary Assets - an amendment of APB Opinion No.29.  This statement amends Opinion 29 to eliminate the exception fornonmonetary exchanges of similar productive assets and replaces it with ageneral exception for exchanges of nonmonetary assets that do not havecommercial substance. A nonmonetary exchange has commercial substance if thefuture cash flows of the entity are expected to change significantly as aresult of the exchange.  Prospective application of this statement is requiredbeginning January 1, 2006.  The Company does not expect its financialstatements to be significantly impacted by this statement.

 

 

 

 

16

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**AlcanInc.**

**NOTES TOCONSOLIDATED FINANCIAL STATEMENTS**(in millions of US$, except where indicated)

**4.            ACCOUNTINGCHANGES**

**Consolidation ofVariable Interest Entities**

Effective January 1, 2004, theCompany adopted the provisions of FIN 46(R), Consolidation of Variable InterestEntities.  In 2004, the Company determined that it is theprimary beneficiary of Logan Aluminum Inc. (Logan), a variable interestentity.  As a result, the consolidated balance sheet includes the assets andliabilities of Logan.  Logan manages a tolling arrangement for Alcan and anunrelated party.

At the date of adoption of FIN 46(R), assets of $38 and liabilities of $38related to Logan that were previously not recorded on the consolidated balancesheet have been recorded by the Company. Prior periods were not restated.  TheCompany's investment, plus any unfunded pension liability, related to Logan totaled approximately $37, representing the Company'smaximum exposure to loss. Creditors of Logan do not have recourse to thegeneral credit of the Company as a result of including it in the Company'sfinancial statements.

**StockOptions and Other Stock-Based Compensation**

EffectiveJanuary 1, 2004, the Company adopted the fair value recognition provisions ofSFAS No. 123, Accounting for Stock-Based Compensation using the retroactiverestatement method as described in SFAS No. 148, Accounting for Stock-BasedCompensation - Transition and Disclosure.  Beginning January 1, 1999, allperiods have been restated to reflect compensation cost as if the fair valuemethod had been applied for awards issued after January 1, 1995.

The impactof the adoption of the fair value method of accounting for stock-basedcompensation is an increase in stock-based compensation expense of $11 for theyear ended December 31, 2004 (2003: $13; 2002: $11).  The impact on theconsolidated balance sheet as at January 1, 2002 was an increase in additionalpaid-in capital of $33, an increase in common shares of $25, and a decrease inretained earnings of $58.  The earnings per common share impact of the adoptionof the fair value method of accounting for stock-based compensation is areduction of $0.03 per share for the year ended December 31, 2004 (2003: $0.04;2002: $0.03).  

**AssetRetirement Obligations**

On January1, 2003, the Company retroactively adopted SFAS No. 143, Accounting for AssetRetirement Obligations.  Under SFAS No. 143, the Company recognized additionalliabilities, at fair value, of approximately $107 as at January 1, 2003, forexisting legal asset retirement obligations. Such liabilities are adjusted foraccretion costs and revisions in estimated cash flows.  The related assetretirement costs are capitalized as increases to the carrying amount ofthe associated long-lived assets and accumulated depreciation on thesecapitalized costs is recognized.  These liabilities consist primarily ofenvironmental remediation costs, resulting from normal operations, associatedwith certain bauxite residue disposal sites at its alumina refineries and thedisposal of certain of its spent potlining associated with smelter facilities. An after-tax charge of $39 for thecumulative effect of accounting change was recorded as a result of the newstandard, relating primarily to costs for spent potlining disposal for potscurrently in operation.  As at January 1, 2003, Property, plant and equipment -cost has been increased by $140, Property, plant and equipment - accumulateddepreciation has been increased by $90, Deferred credits and other liabilitieshave been increased by $107, and Deferred income taxes have been reduced by$18.  Net income for the year ended December 31, 2002 would not have beenmaterially different if this standard had been adopted effective January 1,2002.  For the year ended December 31, 2003, net income was reduced by $1 dueto the adoption of the standard.

# Goodwill andOther Intangible Assets

On January 1, 2002, the Companyadopted SFAS No. 142, Goodwill and Other Intangible Assets. Under thisstandard, goodwill and other intangible assets with an indefinite life are nolonger amortized but are carried at the lower of carrying value and fair value.Goodwill and other intangible assets with an indefinite life are tested forimpairment on an annual basis. 

Goodwill is tested for impairmentusing a two-step test. Under the first step, the fair value of a reportingunit, based upon discounted cash flows, is compared to its net carrying amount.If the fair value is greater than the carrying amount, no impairment is deemedto exist. However, if the fair value is less than the carrying amount, a secondtest must be performed whereby the fair value of the reporting unit's goodwillmust be estimated to determine if it is less than its carrying amount. Fairvalue of goodwill is estimated in the same way as goodwill is determined at thedate of acquisition in a business combination, that is, the excess of the fairvalue of the reporting unit over the fair value of the identifiable net assetsof the reporting unit.

An impairment of $748 (including $8relating to assets held for sale) was identified in the goodwill balance as atJanuary 1, 2002, and was charged to income as a cumulative effect of accountingchange in 2002 upon adoption of the new accounting standard. Any furtherimpairment arising subsequent to January 1, 2002, is taken as a charge againstincome. As a result of the new standard, the Company no longer amortizesgoodwill. 

 

 

17

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**AlcanInc.**

**NOTES TOCONSOLIDATED FINANCIAL STATEMENTS**(in millions of US$, except where indicated)

**4.          ACCOUNTINGCHANGES (cont'd)**

# Impairment orDisposal of Long-Lived Assets

In 2002, the Company adopted SFAS No. 144, Accounting for the Impairmentor Disposal of Long-Lived Assets.  Under this standard, an impairment loss is recognizedwhen the carrying amount of a long-lived asset held for use is not recoverableand exceeds its fair value. No impairment charges were recorded upon adoptionof this new standard.  Impairment charges recorded during 2003 are described innote 5 - Discontinued Operations and Assets Held for Sale, note 10 -Restructuring Programs and note 16 - Other Expenses (Income) - Net.  

Under this standard, a long-lived asset to be disposed of by sale ismeasured at the lower of its carrying amount or fair value less cost to sell,and is not depreciated while classified as held for sale.  Assets andliabilities classified as held for sale are reported as assets held for saleand liabilities of operations held for sale on the balance sheet.  A long-livedasset to be disposed of other than by sale, such as by abandonment, before theend of its previously estimated useful life, is classified as held for useuntil it is disposed of and depreciation estimates revised to reflect the useof the asset over its shortened useful life.   Also, the standard requires thatthe results of operations of a component of an enterprise, that has beendisposed of either by sale or abandonment or is classified as held for sale, bereported as discontinued operations if the operations and cash flows of thecomponent have been, or will be, eliminated from the ongoing operations as aresult of the disposal transaction and the Company will not have anysignificant continuing involvement in the operations of the component after thedisposal transaction.  A component of an enterprise comprises operations andcash flows that can be clearly distinguished, operationally and for financialreporting purposes, from the rest of the enterprise.  Disposal activitiesrelating to long-lived assets are described in note 5 - Discontinued Operationsand Assets Held for Sale.

In December 2004, the Company adopted the provisions ofEmerging Issues Task Force (EITF) 03-13, Applying the Conditions in Paragraph42 of FASB Statement No. 144 in Determining Whether to Report DiscontinuedOperations, on which the EITF reached a consensus in November 2004.  Based onthe provisions of the EITF, the Company determined that it had significantcontinuing involvement in the operations of Novelis, the rolled products businessspun-off on January 6, 2005, as described in note 7 - Spin-off of RolledProducts Businesses, due to the existence of significant contracts between theCompany and Novelis.  As a result, Novelis did not meet the criteria forclassification as discontinued operations.

# Derivatives

On July 1, 2003, the Company adoptedSFAS No. 149, Amendment of Statement 133 on Derivative Instruments and HedgingActivities.  This standard amends and clarifies financial accounting andreporting for derivatives and for hedging activities under SFAS No. 133,Accounting for Derivative Instruments and Hedging Activities.  This standardhas no impact on the Company's financial statements.

**CostsAssociated with Exit or Disposal Activities**

On January1, 2003, the Company prospectively adopted SFAS No. 146, Accounting for CostsAssociated with Exit or Disposal Activities.  This standard requires that aliability associated with an exit or disposal activity be recognized when theliability is incurred rather than at the date of the Company's commitment to anexit plan.

**Accountingfor Certain Financial Instruments with Characteristics of Both Liabilities andEquity**

On July 1,2003, the Company adopted SFAS No. 150, Accounting for Certain FinancialInstruments with Characteristics of Both Liabilities and Equity.  This standardrequires that certain financial instruments embodying an obligation to transferassets or to issue equity securities be classified as liabilities. Thisstandard has no impact on the Company's financial statements.

**Guarantees**

On January1, 2003, the Company adopted the recognition and measurement provisions of FIN45, Guarantor's Accounting and Disclosure Requirements for Guarantees,Including Indirect Guarantees of Indebtedness of Others.  The provisions are appliedon a prospective basis to guarantees issued or modified after December 31,2002.

As atDecember 31, 2002, the Company had guaranteed the repayment of approximately $3of indebtedness by third parties.  Alcan believes that none of these guaranteesis likely to be invoked.  Under FIN 45, guarantees issued after December 31,2002, are recorded as a liability equal to the fair value of the obligation atthe inception of the guarantee. See note 28 - Commitments and Contingencies.

18

----

**AlcanInc.**

**NOTES TOCONSOLIDATED FINANCIAL STATEMENTS**(in millions of US$, except where indicated) 

**5.         DISCONTINUED OPERATIONS AND ASSETSHELD FOR SALE**

**Bauxite and Alumina and Primary Metal**On December 29, 2004, the Company announced that, followingan extensive evaluation of the Company's operations subsequent to the Pechineyacquisition, it had entered into a binding agreement for the sale of itscontrolling interest in Aluminium de Grèce S.A. (AdG), as well as thetransfer ofcertain related contracts, to Mytilineos Holdings S.A. of Greece.  TheCompany has classified this business in discontinued operations and assets heldfor sale during the fourth quarter of 2004. The Company owns approximately 13million shares in AdG, representing a 60.2% equity interest.  Under the termsof this agreement, Mytilineos Holdings and certain affiliated companies acquire from the Company a 53% equity position in AdG.  The balance of theCompany's interest in AdG, some 7.2%, may be sold by the Company to MytilineosHoldings one year after closing pursuant to a three-month put option at a priceequivalent to the selling price of the shares.  Subsequently, MytilineosHoldings will have a call option for six months to purchase the remaininginterest, at a price equivalent to the selling price of the shares.  Thetransaction was completed on March 15, 2005.

**Primary Metal**On December 30, 2004, the Company announced that it hadreached agreement on the principal terms of a sale of PechineyÉlectrométallurgie (PEM) to Ferroatlántica, S.L., Spain's leading feroalloysand independent electrical power producer.  The Company has classified thisbusiness in discontinued operations and assets held for sale during the fourthquarter of 2004.  The Company's decision to sell this business was based on anextensive evaluation of the Company's operations subsequent to the Pechineyacquisition and is consistent with the Company's strategy of divesting non-coreactivities. The transaction, which will be ultimately subject to relevantregulatory authorities' approvals, is expected to be completed in the secondquarter of 2005. 

**Engineered Products**In December 2003, the Company classified indiscontinued operations its extrusions operations in Milan, Italy. These operations had been classified as held and used until their sale in December 2003.

In the first quarter of 2004, the Companycommitted to a plan to sell certain non-strategic assets that are not part ofits core operations.  The assets are used to supply castings and components tothe automotive industry.  The Company is actively pursuing potentialpurchasers.  These assets are classified as held for sale and are included indiscontinued operations. 

Following a detailed assessment subsequent to the Pechineyacquisition, the Company began restructuring efforts at certain European sitesin the fourth quarter of 2004.  As a result of this restructuring, the Companycommitted to a plan to sell two high purity businesses in France.  The Company is actively pursuing potential purchasers and expects the sales to be completedby the end of 2005.  These businesses have been classified in discontinued operationsand assets held for sale during the fourth quarter of 2004.

Also in thefourth quarter of 2004, the Company committed to a plan to sell its servicecentres in France that are not part of its core operations.  The Company isactively pursuing potential purchasers. These assets are classified as held forsale and included in discontinued operations.

On December 31,2003, the Company classified the aluminum rolling mill in Ravenswood, West Virginia (Ravenswood), as held for sale. Ravenswood was included in the acquisition ofPechiney.  As describedin note 7 - Spin-Off of Rolled Products Businesses, the Company is no longerrequired to divest Ravenswood.  Accordingly, Ravenswood has been reclassifiedinto continuing operations and assets held and used in December 2004, with reclassificationof the balance sheet as at December 31, 2003.  The reclassification did nothave a significant impact on Income from continuing operations for the yearended December 31, 2004.

**Packaging**In the second quarter of 2003, the Company committed to aplan to sell certain non-strategic operations (Fibrenyle, Boxal Group, andSuner Cartons), as the businesses are not part of its core operations. Thesebusinesses were classified as held for sale and were included in discontinuedoperations. In the fourth quarter of 2003, the Company recorded the sale ofFibrenyle, in the U.K., for proceeds of $29.  In thesecond quarter of 2004, the Company recorded the sale of the Boxal Group andSuner Cartons, for proceeds of $6 and $19, respectively. The Boxal Groupcomprises three manufacturing facilities in France, the Netherlands and Switzerland as well as a sales office in Germany.  Suner Cartons comprises afacility in Spain.  As at June 30, 2004, the Company had sold all of the assetsof the non-strategic packaging businesses previously classified as held forsale in the second quarter of 2003.

 

19

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**AlcanInc.**

**NOTES TOCONSOLIDATED FINANCIAL STATEMENTS**(in millions of US$, except where indicated)

**5.         DISCONTINUED OPERATIONS AND ASSETSHELD FOR SALE (cont'd)**

**Other**In the second quarter of 2004, the Companyclassified in discontinued operations its copper and ores and concentratestrading businesses.  In the fourth quarter of 2004, the Company sold certainassets of its ores and concentrates trading division to its current managementteam, and sold the assets of its zinc and lead metal trading business toTrafigura Ltd., an independent commodity trading company.

Fair values fordiscontinued operations were determined based on either discounted cash flowsor expected selling price.  Certain financial information has been reclassifiedin the prior periods to present these businesses as discontinued operations onthe statement of income, as assets held for sale and liabilities of operationsheld for sale on the balance sheet and as cash flows from (used for)discontinued operations on the statement of cash flows. 

Animpairment charge of $6 for the year ended December 31, 2004 (2003: $159; 2002:$9), was recorded in discontinued operations to reduce the carrying values ofthese businesses to estimated fair values less costs to sell. 

Selectedfinancial information for the businesses included in discontinued operations isreported below:

| Year  ended December 31                     | **2004 **  | 2003  | 2002  |
|---------------------------------------------|-----------------|------------|------------|
| Sales                                       | **1,482 ** | 337   | 320   |
| Income  (Loss) from operations              | **18 **    | (6)        | (12)       |
| Gain  (Loss) on disposal - net              | **27 **    | (8)        | -     |
| Asset  impairment provisions                | **(6)**         | (159)      | (9)        |
| Pre-tax  income (loss)                      | **39 **    | (173)      | (21)       |
| Income  taxes recovered (expense)           | **(33)**        | 14    | -     |
| Income  (Loss) from discontinued operations | **6 **     | (159)      | (21)       |

The majorclasses of Assets held for sale and Liabilities of operations held for sale areas follows: 

|                                                     | **2004**   | 2003  | 2002 |
|-----------------------------------------------------|------------|-------|------|
| Current  assets held for sale:                      | ** ** |       |      |
| Cash and time deposits                              | **156**    | 92    | 1    |
| Trade receivables                                   | **323**    | 384   | 58   |
| Other receivables                                   | **40**     | 155   | 12   |
| Deferred income taxes                               | **2**      | 4     | -    |
| Inventories                                         | **296**    | 458   | 45   |
|                                                     | **817**    | 1,093 | 116  |
| Long-term  assets held for sale:                    | ** ** |       |      |
| Deferred charges and other assets                   | **21**     | 30    | 4    |
| Deferred income taxes                               | **6**      | 65    | -    |
| Property, plant and equipment, net                  | **86**     | 200   | 159  |
| Intangible assets, net                              | **50**     | 58    | 14   |
| Goodwill, net                                       | **-**      | 22    | 53   |
|                                                     | **163**    | 375   | 230  |
| Current  liabilities of operations held for sale:   | ** ** |       |      |
| Payables and accrued liabilities                    | **709**    | 558   | 65   |
| Short-term borrowings                               | **5**      | 1     | 4    |
|                                                     | **714**    | 559   | 69   |
| Long-term  liabilities of operations held for sale: | ** ** |       |      |
| Deferred credits and other  liabilities             | **121**    | 108   | 2    |
| Deferred income taxes                               | **4**      | 14    | 12   |
| Minority interests                                  | **135**    | 116   | -    |
|                                                     | **260**    | 238   | 14   |

 

20

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**AlcanInc.**

**NOTES TOCONSOLIDATED FINANCIAL STATEMENTS**(in millions of US$, except where indicated)

**6.        EARNINGS PER SHARE - BASIC AND DILUTED**

Basic anddiluted earnings per share are based on the weighted average number of sharesoutstanding during the year.  The treasury stock method for calculating thedilutive impact of stock options is used.  The following table outlines thecalculation of basic and diluted earnings per share on income from continuingoperations.

| ** **                                                             | **2004 ** | 2003  | 2002  |
|------------------------------------------------------------------------|----------------|------------|------------|
| **Numerator:**                                                         | ** **     |            |            |
| Income from continuing operations                                      | **252 **  | 262   | 421   |
| Less: dividends on preference shares                                   | **(6)**        | (7)        | (5)        |
| Income from  continuing operations attributable to common shareholders | **246 **  | 255   | 416   |
| **Denominator (number of common shares  in millions):**                | ** **     |            |            |
| Weighted average of outstanding  shares                                | **368 **  | 322   | 321   |
| Effect of dilutive stock  options                                      | **2 **    | -     | 1     |
| Adjusted weighted average of  outstanding shares                       | **370 **  | 322   | 322   |
| **Earnings per common share - basic and diluted (in US$)**             | **0.67 ** | 0.79  | 1.29  |

Options topurchase 3,656,500 common shares (2003: 3,443,855; 2002: 1,146,500) at aweighted average grant price of CAN$58.94 per share (2003: CAN$54.32; 2002:CAN$60.16) were outstanding during the year but were not included in thecomputation of diluted earnings per share because the options' exercise pricewas greater than the average price of the common shares. 

As atDecember 31, 2004, there are 369,930,252 common shares outstanding (2003:365,181,101; 2002: 321,470,298).

As described in note 1 -Nature of Operations, the results of operations of Pechiney are not included inthe 2003 statement of income. The common shares issued in December 2003 as partof the Pechiney acquisition are excluded from the weighted average ofoutstanding shares in 2003.

**7.       SPIN-OFF OF ROLLED PRODUCTS BUSINESSES**

On January 6, 2005, Alcan completedthe spin-off of Novelis to its shareholders. Alcan shareholders received oneNovelis common share for every five Alcan common shares held.   Novelisconsists of substantially all of the aluminum rolled products businesses heldby Alcan prior to its 2003 acquisition of Pechiney, together with some ofAlcan's alumina and primary metal-related businesses in Brazil, which are fully integrated with the rolled products operations there, as well as four formerPechiney rolling facilities in Europe.  The spin-off, which was approved byboth the shareholders and Board of Directors of Alcan, completed the plannedstrategic spin-off that was initially announced on May 18, 2004.  Additionally, the spin-off of Novelis satisfied certain regulatory requirementsassociated with the acquisition of Pechiney (see note 8 - Acquisition ofPechiney and note 28 - Commitments and Contingencies), including therequirement to divest either of the Neuf-Brisach rolling facilities or theAluNorf/Göttingen/Nachterstedt rolling facilities and allows Alcan to retainRavenswood.

**Agreementsbetween Alcan and Novelis**

Novelis has entered into variousagreements with Alcan for the use of transitional and technical services, thesupply of Alcan's metal and alumina, the licensing of certain of Alcan's patents,trademarks and other intellectual property rights, and the use of certainbuildings, machinery and equipment, technology and employees at certainfacilities retained by Alcan, but required in Novelis' business.

Certain of the agreements betweenAlcan and Novelis described above indicate that Alcan will have significantcash flows with, and significant continuing involvement in, the operations ofNovelis subsequent to the spin-off.  As a result of the significant continuinginvolvement and the significant cash flows with Novelis, the spin-off did notmeet the criteria for classification as a discontinued operation, as describedin note 4 − Accounting Changes − Impairment or Disposal of Long-Lived Assets.

The following tables set forth the unaudited pro formacondensed consolidated information of the Company as at, and for the year ended,December 31, 2004, giving effect to the spin-off of Novelis as at January 1,2004 for the statement of income and as at December 31, 2004 for the balancesheet.  The unaudited pro forma condensed consolidated information is forillustrative and informational purposes only and is not intended to represent orbe indicative of what Alcan's financial condition or results of operations wouldhave been had the transactions described below occurred on the dates indicated. The unaudited pro forma condensed consolidated information also is notnecessarily indicative of Alcan's future financial condition or results ofoperations.

** **

21

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**AlcanInc.**

**NOTES TOCONSOLIDATED FINANCIAL STATEMENTS**(in millions of US$, except where indicated)

**7.       SPIN-OFF OF ROLLED PRODUCTS BUSINESSES**(cont'd)

**UnauditedPro Forma Condensed Consolidated Balance SheetAs atDecember 31, 2004**

| ** **                                         | **Alcan** | **Removal  of Novelis   ** | **Pro  Forma  Adjustments** | ** ** | **Alcan Pro Forma    ** |
|----------------------------------------------------|-----------|-------------------------------------------|----------------------------------|------------|--------------------------------------------------|
| **ASSETS**                                         |           |                                           |                                  |            |                                                  |
| **Current assets**                                 |           |                                           |                                  |            |                                                  |
| Cash and time deposits                             | 184       | (31)                                      | -                           |            | 153                                              |
| Receivables, net                                   | 4,168     | (1,761)                                   | 1,637                       | (c)        | 3,795                                            |
|                                                    |           |                                           | (312)                            | (g)        |                                                  |
|                                                    |           |                                           | 58                          | (j)        |                                                  |
|                                                    |           |                                           | 5                           | (k)        |                                                  |
| Deferred income taxes                              | 214       | -                                    | -                           |            | 214                                              |
| Inventories                                        | 4,029     | (1,226)                                   | 143                         | (a)        | 2,946                                            |
| Current assets held for sale                       | 817       | -                                    | -                           |            | 817                                              |
| **Total current assets**                           | 9,412     | (3,018)                                   | 1,531                            |            | 7,925                                            |
| Deferred charges, other assets and  long-term      |           |                                           |                                  |            |                                                  |
| receivables from related  parties                  | 2,877     | (297)                                     | 2,599                       | (c)        | 2,658                                            |
|                                                    |           |                                           | (2,597)                          | (g)        |                                                  |
|                                                    |           |                                           | 76                          | (k)        |                                                  |
| Deferred income taxes                              | 870       | -                                    | -                           |            | 870                                              |
| Property, plant and equipment, net                 | 13,293    | (2,348)                                   | -                           |            | 10,945                                           |
| Intangible assets, net                             | 1,230     | (35)                                      | -                           |            | 1,195                                            |
| Goodwill                                           | 5,496     | (256)                                     | -                           |            | 5,240                                            |
| Long-term assets held for sale                     | 163       | -                                    | -                           |            | 163                                              |
| **Total assets**                                   | 33,341    | (5,954)                                   | 1,609                       |            | 28,996                                           |
| **LIABILITIES AND SHAREHOLDERS'  EQUITY**          |           |                                           |                                  |            |                                                  |
| **Current liabilities**                            |           |                                           |                                  |            |                                                  |
| Payables and accrued liabilities                   | 5,464     | (1,260)                                   | 1,247                       | (c)        | 4,783                                            |
|                                                    |           |                                           | (426)                            | (g)        |                                                  |
|                                                    |           |                                           | (242)                            | (j)        |                                                  |
| Short-term borrowings                              | 2,486     | (541)                                     | 392                         | (c)        | 614                                              |
|                                                    |           |                                           | (1,723)                          | (h)        |                                                  |
| Debt maturing within one year                      | 569       | (1)                                       | -                           |            | 568                                              |
| Deferred income taxes                              | 23        | -                                    | -                           |            | 23                                               |
| Current liabilities of operations  held for sale   | 714       | -                                    | -                           |            | 714                                              |
| **Total current liabilities**                      | 9,256     | (1,802)                                   | (752)                            |            | 6,702                                            |
| Debt not maturing within one year                  | 6,345     | (2,736)                                   | 2,597                       | (c)        | 5,746                                            |
|                                                    |           |                                           | (10)                             | (g)        |                                                  |
|                                                    |           |                                           | (750)                            | (h)        |                                                  |
|                                                    |           |                                           | 300                         | (j)        |                                                  |
| Deferred credits and other  liabilities            | 4,975     | (472)                                     | 17                          | (k)        | 4,520                                            |
| Deferred income taxes                              | 1,543     | (249)                                     | 49                          | (a)        | 1,343                                            |
| Long-term liabilities of operations  held for sale | 260       | -                                    | -                           |            | 260                                              |
| Minority interests                                 | 236       | (140)                                     | -                           |            | 96                                               |

 

22

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**AlcanInc.**

**NOTES TOCONSOLIDATED FINANCIAL STATEMENTS**(in millions of US$, except where indicated)

**7.       SPIN-OFF OF ROLLED PRODUCTS BUSINESSES**(cont'd)

**UnauditedPro Forma Condensed Consolidated Balance SheetAs atDecember 31, 2004**

| ** **                                      | **Alcan**    | **Removal  of Novelis   ** | **Pro  Forma  Adjustments** | ** ** | **Alcan Pro Forma   ** |
|-------------------------------------------------|--------------|-------------------------------------------|----------------------------------|------------|--------------------------------------------|
| **Shareholders' equity**                        |              |                                           |                                  |            |                                            |
| Redeemable non-retractable  preference shares   | 160     | -                                    | -                           |            | 160                                   |
| Common shareholders' equity                     |              |                                           |                                  |            |                                            |
| Common shares                                   | 6,670   | -                                    | -                           |            | 6,670                                 |
| Additional paid-in capital                      | 112     | -                                    | -                           |            | 112                                   |
| Retained earnings                               | 3,362   | (467)                                     | 94                          | (a)        | 3,053                                 |
|                                                 |              |                                           | (2,473)                          | (g)        |                                            |
|                                                 |              |                                           | 2,473                       | (h)        |                                            |
|                                                 |              |                                           | 64                          | (k)        |                                            |
| Common shares held by a subsidiary              | (35)         | -                                    | -                           |            | (35)                                       |
| Accumulated other comprehensive  income         | 457     | (88)                                      | -                           |            | 369                                   |
| **Total liabilities and shareholders'  equity** | 33,341  | (5,954)                                   | 1,609                       |            | 28,996                                |

 

 

 

23

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**AlcanInc.**

**NOTES TOCONSOLIDATED FINANCIAL STATEMENTS**(in millions of US$, except where indicated)

**7.      SPIN-OFFOF ROLLED PRODUCTS BUSINESSES**(cont'd)

**UnauditedPro Forma Condensed Consolidated Statement of IncomeFor the yearended December 31, 2004**

| ** **                                                 | **Alcan**    | **Removal of Novelis   ** | **Pro Forma  Adjustments** | ** ** | **Alcan Pro Forma    ** |
|------------------------------------------------------------|--------------|------------------------------------------|---------------------------------|------------|---------------------------------------------|
|                                                            |              |                                          |                                 |            |                                             |
| **Sales and  operating revenues**                          | 24,885  | (7,755)                                  | 2,409                      | (b)        | 19,539                                 |
|                                                       |              |                                          |                                 |            |                                             |
| **Costs and expenses**                                     |              |                                          |                                 |            |                                             |
| Cost of sales and  operating expenses                      | 20,203  | (6,856)                                  | (67)                            | (a)        | 15,689                                 |
|                                                       |              |                                          | 2,409                      | (b)        |                                             |
| Depreciation and  amortization                             | 1,337   | (246)                                    | -                          |            | 1,091                                  |
| Selling, administrative  and general expenses              | 1,612   | (268)                                    | 30                         | (f)        | 1,374                                  |
| Research and development  expenses                         | 239     | (58)                                     | 38                         | (e)        | 219                                    |
| Interest                                                   | 346     | (74)                                     | 37                         | (d)        | 289                                    |
|                                                       |              |                                          | (25)                            | (h)        |                                             |
|                                                       |              |                                          | 5                          | (j)        |                                             |
| Goodwill impairment                                        | 154     | -                                   | -                          |            | 154                                    |
| Other expenses (income)  - net                             | 406     | (28)                                     | (26)                            | (d)        | 309                                    |
|                                                            |              |                                          | (38)                            | (e)        |                                             |
|                                                            |              |                                          | 4                          | (f)        |                                             |
|                                                            |              |                                          | (2)                             | (k)        |                                             |
|                                                            |              |                                          | (7)                             | (j)        |                                             |
|                                                            | 24,297  | (7,530)                                  | 2,358                      |            | 19,125                                 |
| Income from  continuing operations before                  |              |                                          |                                 |            |                                             |
| income taxes  and other items                              | 588     | (225)                                    | 51                         |            | 414                                    |
| Income taxes                                               | 375     | (166)                                    | 17                         | (l)        | 226                                    |
| Income from  continuing operations before other items      | 213     | (59)                                     | 34                         |            | 188                                    |
| Equity income                                              | 54      | (6)                                      | -                          |            | 48                                     |
| Minority interests                                         | (15)         | 10                                  | -                          |            | (5)                                         |
| Income from continuing  operations                         | 252     | (55)                                     | 34                         |            | 231                                    |
| Income from discontinued  operations                       | 6       | -                                   | -                          |            | 6                                      |
| **Net income**                                             | 258     | (55)                                     | 34                         |            | 237                                    |
| Dividends on preference  shares                            | 6       | -                                   | -                          |            | 6                                      |
| **Net  income attributable to common shareholders**        | 252     | (55)                                     | 34                         |            | 231                                    |
| **Earnings per share**                                     |              |                                          |                                 |            |                                             |
| Income from continuing  operations per common share-       |              |                                          |                                 |            |                                             |
| basic and  diluted (in US$)                                | 0.67    | (0.15)                                   | 0.09                       |            | 0.61                                   |
| Net income per common  share - basic and diluted 	(in US$) | 0.69    | (0.15)                                   | 0.09                       |            | 0.63                                   |
| Average  number of shares used in calculating earnings     |              |                                          |                                 |            |                                             |
| per share - basic (in  millions)                           |              |                                          |                                 |            | 368                                    |
| Average number of shares  used in calculating earnings     |              |                                          |                                 |            |                                             |
| per share -  diluted (in millions)                         |              |                                          |                                 |            | 370                                    |

 

24

----

**AlcanInc.**

**NOTES TOCONSOLIDATED FINANCIAL STATEMENTS**(in millions of US$, except where indicated)

**7.         SPIN-OFFOF ROLLED PRODUCTS BUSINESSES**(cont'd)

The unauditedpro forma condensed consolidated financial statements also include thefollowing pro forma adjustments: 

| (a) | Adjustmentsto reflect the release of deferred profits held in inventory and the relatedtax effects.  These adjustments arise due to the change in relationship between Alcan and Novelis subsequent to the spin-off.  Prior to the spin-off, allprofits on sales of inventory between Alcan and Novelis were deferred on thebalance sheet until the inventory was sold to a third party.  Subsequent to thespin-off, Alcan and Novelis are not considered affiliated and any sales betweenAlcan and Novelis are considered third party.                                                                                                                                                                                       |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (b) | Adjustments to reflectthe sales and cost of sales between Alcan and Novelis.  These adjustmentsarise due to the change in relationship between Alcan and Novelis subsequent to the spin-off.  Prior to the spin-off, all sales and cost of salesbetween Alcan and Novelis were eliminated upon consolidation in Alcan'sfinancial statements.  Subsequent to the spin-off, all sales and cost of salesbetween Alcan and Novelis are considered third party and are not eliminated.                                                                                                                                                                                                                                             |
| (c) | Adjustmentsto reflect the receivables, payables, and debt between Alcan and Novelis. These adjustments arise due to the change in relationship between Alcan andNovelis subsequent to the spin-off. Prior to the spin-off, all receivables andpayables between Alcan and Novelis were eliminated upon consolidation inAlcan's financial statements.  Subsequent to the spin-off, receivables andpayables between Alcan and Novelis are considered third party and are noteliminated.                                                                                                                                                                                                                                               |
| (d) | Adjustmentsto reflect the interest expense and income on loans payable and receivablebetween Alcan and Novelis. These adjustments arise due to the change inrelationship between Alcan and Novelis subsequent to the spin-off. Prior to thespin-off, all interest expense and income on loans payable and receivablebetween Alcan and Novelis were eliminated upon consolidation in Alcan'sfinancial statements.  Subsequent to the spin-off, interest expense and income areadjusted to reflect the settlement of the intercompany loans receivable andpayable between Alcan and Novelis.                                                                                                                                              |
| (e) | Adjustmentsto reflect the research and development and other services rendered between Alcan and Novelis. These adjustments arise due to the change in relationshipbetween Alcan and Novelis subsequent to the spin-off. Prior to the spin-off,all revenues and expenses related to these services rendered were eliminatedupon consolidation in Alcan's financial statements.  Subsequent to the spin-off,these revenues and expenses are considered third party and are not eliminated.                                                                                                                                                                                                                                               |
| (f) | Adjustmentsto record the general corporate expenses allocated to Novelis.  As theseexpenses will continue to be incurred by Alcan subsequent to the spin-off, theyare included in Alcan's pro forma condensed consolidated statements of income.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| (g) | Representsthe settlement of intercompany loans receivable and payable between Alcan andNovelis.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| (h) | Representsthe proceeds from Novelis of $2,473, which have been used to reduce Alcan'scommercial paper and bank loans included in Short-term borrowings and in Debtnot maturing within one year. As a result of this reduction in debt, interest expensehas been reduced by $25 in Alcan's pro forma condensed consolidated incomestatement for the year ended December 31, 2004.                                                                                                                                                                                                                                                                                                                                                             |
| (i) | InOctober 2003, Alcan entered into a derivative financial instrument that wasdesignated as a hedge of Alcan's net investment in certain foreign subsidiarycompanies.  With the spin-off of Novelis, the amount of the net investment inthose foreign subsidiaries is less than the notional amount of the derivativeinstrument, until December 15, 2003 when Alcan acquired Pechiney.  The changein fair value of the derivative instrument for 2003 amounted to a $32 loss andis reported in Accumulated other comprehensive income.  No adjustment has beenmade in this pro forma financial information related to this transaction, as itwould not have a recurring impact on Alcan's consolidated results ofoperations.   |
| (j) | Underan agreement effective December 18, 2001, on an ongoing basis, the Company soldto a third party an undivided interest in certain trade receivables, withlimited recourse, for maximum cash proceeds of $300 with the maximum creditexposure to the Company held in reserve by the third party. The Company actedas a service agent and administers the collection of the receivables sold.  Asat December 31, 2004, the Company sold trade receivables of $345, of which $242 were allocated to Novelis, with $45 held in reserve by the third party.  Subsequentto the spin-off, this program was discontinued.                                                                                     |

25

----

**AlcanInc.**

**NOTES TOCONSOLIDATED FINANCIAL STATEMENTS**(in millions of US$, except where indicated)

**7.           SPIN-OFF OFROLLED PRODUCTS BUSINESSES**(cont'd)

| (k)    | Adjustmentto reflect a lease to Novelis of the Sierre North Building and the machineryand equipment located in the Sierre North Building (including the hot and coldmills) for a term of 15 years, renewable at Novelis' option for an additionalfive-year period, at an annual base rent of $5. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                             |
| (l)    | Representsthe tax effect of pro forma adjustments at the statutory rate of 34%.                                                                                                                                                                                                                  |

**8.**        **  ACQUISITION OF PECHINEY**

During theinitial offer period, which closed on November 24, 2003, 77,950,776 Pechineyshares, 1,598 Pechiney bonus allocation rights and 7,722,915 Pechiney OCEANEswere tendered, representing 92.21% of Pechiney share capital and 93.55% ofPechiney voting rights, on a fully diluted basis. Pechiney shares, Pechineybonus allocation rights, Pechiney OCEANEs and Pechiney American DepositaryShares (ADS) are collectively hereby referred to as Pechiney securities. OnDecember 15, 2003, the Company acquired the Pechiney securities tendered duringthe initial offer and as consideration, issued 42,413,105 common shares(including 1,417,910 shares to Pechiney) valued at $39.63 per share and paid$3,544 in cash. Accordingly, Pechiney became a subsidiary of the Company onDecember 15, 2003. In addition, the Company assumed from Pechiney total debt of$2,130 (short-term borrowings, debt maturing within one year, and debt notmaturing within one year). The value of $39.63 per share represents the averageclosing market price for an Alcan common share for a reasonable period of timebefore and after November 17, 2003, the date at which the number of Alcancommon shares to be issued and the amount of cash consideration for eachPechiney share became fixed.  

The offerwas re-opened from December 9 to 23, 2003. During the re-opened offer,3,826,638 Pechiney shares, 19 Pechiney bonus allocation rights and 149,072Pechiney OCEANEs were tendered. As more than 95% of the capital and votingrights of Pechiney were tendered (on a fully diluted basis) during the initialand re-opened offers, the Company paid to the holders of Pechiney securitieswho tendered during the initial offer, additional consideration of $100 onJanuary 19, 2004. This additional consideration was recorded in 2003 as itbecame payable on December 23, 2003, the date the re-opened offer closed.

On January15, 2004, the Company acquired the Pechiney securities tendered in there-opened offer and as consideration, issued 2,082,075 common shares (including691,669 shares to Pechiney) valued at $39.63 per share and paid $158 in cashincluding $5 as payment of additional consideration for holders of Pechineysecurities who tendered during the re-opened offer. The additional ownershipacquired through this re-opened offer was accounted for in the first quarter of2004 when the Company settled the purchase price and obtained legal title ofthe Pechiney securities tendered during the re-opened offer.  

Thewithdrawal offer of Alcan, made in accordance with French securitiesregulations, as a required step to acquire all remaining Pechiney equitysecurities, was opened from January 23 to February 5, 2004. It was followed onFebruary 6, 2004, by a compulsory acquisition by which Alcan became the ownerof the remaining Pechiney equity securities it did not already own. On January23, 2004, Alcan paid $109, which was accounted for in the first quarter of2004, representing the aggregate consideration for the withdrawal offer andcompulsory acquisition (without taking into account the Pechiney shares thatcould have resulted from exercise of Pechiney options between January 23 andFebruary 5, 2004), for distribution in accordance with the provisions of Frenchsecurities regulations. On February 6, 2004, the Company paid $7, which wasaccounted for in the first quarter of 2004, in order to complete theacquisition of the Pechiney shares that were issued between January 23 andFebruary 5, 2004, upon the exercise of Pechiney options. On February 6, 2004,Pechiney became a wholly-owned subsidiary of the Company.  

Pechiney'sthree core businesses were primary aluminum, aluminum conversion and packaging.The transaction enables Alcan to build upon its position as one of the world'sleading aluminum and packaging companies and to benefit from the combinedentity's enhanced scale, financial strength and technological resources as wellas its increased capacity to serve customers worldwide. The combined entitybenefits from a larger and more diversified low-cost global position in primaryaluminum production with opportunities for profitable growth, an advancedaluminum fabricating business with facilities around the world and a leadingposition in flexible packaging.

Theacquisition was accounted for using the purchase method. The balance sheet ofPechiney is included in the consolidated financial statements commencing onDecember 31, 2003, and the results of operations and cash flows of Pechineyhave been included in the consolidated financial statements beginning January1, 2004. Given the magnitude of the acquisition of Pechiney and due to the factthat the transaction was completed at the end of 2003, a tentative purchaseprice allocation was performed at December 31, 2003 and the final valuation wascompleted in 2004.  The revisions resulted in an increase in goodwill of $881.Goodwill of $642 has been allocated to the equity-accounted entities, which areincluded in Deferred charges and other assets.

26

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**AlcanInc.**

**NOTES TOCONSOLIDATED FINANCIAL STATEMENTS**(in millions of US$, except where indicated)

**8.**        **ACQUISITION OF PECHINEY**(cont'd)

The divestitures requiredfor regulatory reasons as a result of the Pechiney acquisition are described innote 28 - Commitments and Contingencies.

| ** **                                                                                                                                | Final Purchase 	Price Allocation | Tentative Purchase Price Allocation |
|-------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------|------------------------------------------|
| **Fair  value of net assets acquired at date of acquisition**                                                                             |                                  | ** **                               |
| Trade  receivables                                                                                                                        | **1,479**                        | 1,475                                    |
| Other  receivables                                                                                                                        | **117**                          | 110                                      |
| Deferred  income taxes - current                                                                                      | **42**                           | 49                                       |
| Inventories                                                                                                                               | **1,597**                        | 1,575                                    |
| Current  assets held for sale                                                                                                             | **956**                          | 992                                      |
| Deferred  charges and other assets(1)                                                                                                     | **1,131**                        | 357                                      |
| Deferred  income taxes - non-current                                                                                                      | **699**                          | 677                                      |
| Property,  plant and equipment                                                                                                            | **2,847**                        | 4,139                                    |
| Intangible  assets                                                                                                                        | **730**                          | 601                                      |
| Goodwill (2)                                                                                                                              | **3,164**                        | 2,283                                    |
| Long-term  assets held for sale                                                                                                           | **125**                          | 317                                      |
| Total  assets                                                                                          | **12,887**                       | 12,575                                   |
| Payables  and accrued liabilities                                                                                     | **2,190**                        | 1,993                                    |
| Short-term  borrowings                                                                                                                    | **849**                          | 849                                      |
| Debt  maturing within one year                                                                                                            | **200**                          | 202                                      |
| Deferred  income taxes - current                                                                                      | **95**                           | 81                                       |
| Current  liabilities of operations held for sale                                                                                          | **510**                          | 500                                      |
| Debt not  maturing within one year                   | **1,006**                        | 1,004                                    |
| Deferred  credits and other liabilities                                                                                                   | **1,893**                        | 1,673                                    |
| Deferred  income taxes - non-current                                                                                                      | **423**                          | 618                                      |
| Long-term  liabilities of operations held for sale                                                                                        | **232**                          | 229                                      |
| Minority  interests                                                                                                                       | **31**                           | 259                                      |
| **Fair value of net assets acquired  at date of acquisition - net of cash and time deposits acquired**                               | **5,458**                        | 5,167                                    |

(1)  Includes $642 of goodwill allocatedto equity-accounted entities.(2)  See note 9 - Goodwill and IntangibleAssets

The goodwillis generally not deductible for tax purposes.

The differences between the tentative and final purchase priceallocations are principally due to the completion of the final valuation of theproperty, plant and equipment and intangible assets; the recording ofliabilities for costs to exit certain operations of Pechiney and liabilitiesfor employee termination benefits and environmental liabilities; the purchaseof the remaining common shares of Pechiney in 2004; and the fair value adjustmentsrelating to equity-accounted entities.

Of the $730 ofacquired intangible assets, $50 was assigned to in-process research anddevelopment assets that were written off at the date of acquisition.  Thiswrite-off was included in Research and development expenses.  The balance ofthe acquired intangible assets are amortized over 13.5 years.

| **Acquisition  Cost**                                                            | ** ** |
|----------------------------------------------------------------------------------|------------|
| Issuance of common shares on  December 15, 2003 (40,995,195* common              | ** ** |
| shares without nominal or par value; average market value  of $39.63 per         | ** ** |
| share)                                                                           | **1,625**  |
| Issuance  of common shares on January 15, 2004 (1,390,406 ** common              | ** ** |
| shares without nominal or par value; average market value                        | ** ** |
| of $39.63 per share)                                                             | **55**     |
| Cash paid  in 2003 of $3,544 net of cash and time deposits acquired of $243      | **3,301**  |
| Additional  consideration for initial offer, re-offer and compulsory acquisition | ** ** |
| paid in 2004                                                                     | **318**    |
| Cost of  Pechiney options                                                   | **80**     |
| Transaction  costs                                                               | **79**     |
| Total  acquisition cost - net of cash and time deposits acquired                 | **5,458**  |

*    Represents the issuance of42,413,105 common shares net of 1,417,910 shares held by Pechiney.**  Represents the issuance of2,082,075 common shares net of 691,669 common shares held by Pechiney.

27

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**AlcanInc.**

**NOTES TOCONSOLIDATED FINANCIAL STATEMENTS**(in millions of US$, except where indicated)

**8.         ACQUISITIONOF PECHINEY**(cont'd)

**Unauditedsupplemental pro forma information** (in millions of US$, except per share amounts)

Thefollowing unaudited pro forma information for 2003 and 2002 presents a summaryof consolidated results of operations of the Company and Pechiney as if thecombination had occurred on January 1, 2002. These pro forma results have beenprepared for comparative purposes only.

|                                                         | 2003                                                               | 2002                                                               |
|---------------------------------------------------------|--------------------------------------------------------------------|--------------------------------------------------------------------|
|                                                         | (UNAUDITED)                                                        | (UNAUDITED)                                                        |
| Sales and  operating revenues                           | 20,435           | 18,224           |
| Net income  (Loss)                                      | (35)                  | 183              |
| Net income  (Loss) per common share - basic and diluted | (0.10)                | 0.51             |

**9.       GOODWILLAND INTANGIBLE ASSETS**

**Goodwill**

The changesin the carrying amount of goodwill for the year ended December 31, 2004, are asfollows:

|                                 | **BALANCE  AS AT  JANUARY 1, 2004**     | ** **

**DISPOSALS**              | ** **

**ADDITIONS**           | **DEFERRED TRANSLATION ADJUSTMENTS**        | ** **

**ADJUSTMENTS***                  | ** **

**IMPAIRMENT LOSSES**         | ** BALANCE 	AS AT    DECEMBER 31, 2004** |
|---------------------------------|-----------------------------------------|----------------------------------------|-------------------------------------|---------------------------------------------|-----------------------------------------------|-------------------------------------------|--------------------------------------------------------------|
| Bauxite and  Alumina            | **558     **   | **-     **    | **-     ** | **-      **   | **559      **   | **-     **       | **1,117     **                      |
| Primary Metal                   | **534     **   | **-     **    | **4     ** | **24      **  | **947      **   | **-     **       | **1,509     **                      |
| Rolled Products Europe          | **-     **     | **-     **    | **-     ** | **8      **   | **331      **   | **-     **       | **339     **                        |
| Engineered Products             | **183     **   | **-     **    | **-     ** | **9      **   | **369      **   | **(154)     **   | **407     **                        |
| Packaging                       | **1,301     ** | **-     **    | **4     ** | **59      **  | **1,597      ** | **-     **       | **2,961     **                      |
| Pechiney                        | **2,283     ** | **-     **    | **-     ** | **-      **   | **(2,283)     **     | **-     **       | **-     **                          |
| Goodwill  excluding amount      | ** **                              | ** **                             | **     **  | **   **                      | **     **            | ** **                                | ** **                                                   |
| included in Long-term assets    | ** **                              | ** **                             | ** **                          | ** **                                  | ** **                                    | ** **                                | ** **                                                   |
| held for sale                   | **4,859     ** | **-     **    | **8     ** | **100      ** | **1,520      ** | **(154)     **   | **6,333     **                      |
| Goodwill included in equity-    | ** **                              | **   **                 | ** **                          | ** **                                  | ** **                                    | **      **  | **  **                                             |
| accounted entities              | **173     **   | **-     **    | **4     ** | **19      **  | **641      **   | **-      ** | **837     **                        |
| Goodwill  excluding amount      | ** **                              | ** **                             | ** **                          | ** **                                  | ** **                                    | ** **                                | ** **                                                   |
| included in equity-accounted    | ** **                              | ** **                             | ** **                          | ** **                                  | ** **                                    | ** **                                | ** **                                                   |
| entities and Long-term assets   | ** **                              | ** **                             | ** **                          | **      **    | ** **                                    | ** **                                | ** **                                                   |
| held for sale                   | **4,686     ** | **-     **    | **4     ** | **81      **  | **879      **   | **(154)     **   | **5,496     **                      |
| Goodwill  included in Long-term | ** **                              | ** **                             | ** **                          | ** **                                  | ** **                                    | **    **              | ** **                                                   |
| assets held  for sale           | **22     **    | **(19)     ** | **-     ** | **(1)     **       | **(2)     **         | **-     **       | **-     **                          |
|                                 | **4,708     ** | **(19)     ** | **4     ** | **80      **  | **877      **   | **(154)     **   | **5,496     **                      |

* In 2004, adjustments areprincipally changes to the tentative purchase price allocation related to thePechiney acquisition.

28

----

**AlcanInc.**

**NOTES TOCONSOLIDATED FINANCIAL STATEMENTS**(in millions of US$, except where indicated)

**9.             GOODWILL ANDINTANGIBLE ASSETS**(cont'd)

The changesin the carrying amount of goodwill for the year endedDecember 31, 2003, are as follows:

|                            | BALANCE  AS AT  JANUARY 1, 2003                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           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| Bauxite and  Alumina       | 546                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | -     | 2,283     | -        | -       | -        | 2,283                                |
| Goodwill  excluding amount |     included in Long-term assets	

held for sale

2,303    

-    

2,397    

162     

25     

(28)    

4,859    

Goodwill  included in equity- 

accounted entities

167    

-    

-    

6     

-      

-     

173    

Goodwill  excluding amount 

included in equity-accounted	

entities and Long-term assets	

held for sale

2,136    

-    

2,397    

156     

25     

(28)    

4,686    

Goodwill included in Long-term

assets held for sale

53    

(11)    

-    

(1)    

(19)    

-    

22    

2,189    

(11)    

2,397    

155     

6     

(28)    

4,708    

The changesin the carrying amount of goodwill for the year endedDecember 31, 2002, are as follows:

BALANCE  AS AT  JANUARY 1, 2002

DISPOSALS

ADDITIONS

DEFERRED TRANSLATION ADJUSTMENTS

ADJUSTMENTS

IMPAIRMENT 	LOSSES

 BALANCE 	AS AT    DECEMBER 31, 2002

Bauxite and  Alumina 

543    

-    

-    

-    

3     

-    

546    

Primary Metal

426    

-    

33    

49    

3     

-    

511    

Rolled Products Europe

163    

-    

-    

-    

-     

(163)    

-    

Engineered Products

466    

-    

2    

19    

(5)    

(321)    

161    

Packaging 

1,255    

-    

-    

94    

(8)    

(256)    

1,085    

Other

21    

-    

-    

-     

(21)    

-    

-    

Goodwill  excluding amount 

    included in Long-term assets	

held for sale

2,874    

-    

35    

162     

(28)     

(740)    

2,303    

Goodwill  included in equity- 

accounted entities

128    

-    

-    

39     

-      

-     

167    

Goodwill  excluding amount 

included in equity-accounted	

entities and Long-term assets	

held for sale

2,746    

-    

35    

123    

(28)    

(740)    

2,136    

Goodwill  included in Long-term

assets held  for sale

51    

-    

-    

9    

1     

(8)    

53    

2,797    

-    

35    

132    

(27)    

(748)    

2,189    

In 2004, anincrease in goodwill of $1,523 relating to the Pechiney acquisition wasrecorded in adjustments.  Of this amount, $642 was allocated toequity-accounted entities.  The increase in goodwill of $1,523 relates to adecrease in the fair value of the net assets acquired and results from thefinal purchase price allocation being completed in December 2004.  See note 8 -Acquisition of Pechiney.  Also included in 2004 in adjustments, a reduction ingoodwill of $12 (2003: $7; 2002: $28) was recorded principally relating to adecrease in the valuation allowance related to future income tax assetsacquired in the combination with algroup, but which were not recognized at thedate of the business combination because, at the time, it was unlikely theywould be recovered. 

29

**AlcanInc.**

**NOTES TOCONSOLIDATED FINANCIAL STATEMENTS**(in millions of US$, except where indicated)

**9.**       **GOODWILL AND INTANGIBLE ASSETS**(cont'd)

As a resultof the annual test, conducted as at October 31, 2004, to determine whether, asat that date, there was an impairment in the carrying amount of goodwill, animpairment loss of $154 relating to several fabricating facilities in theEngineered Products group, mainly in Europe, was recognized as a charge toincome in 2004.  The impairment loss arose as a result of the strongappreciation of the euro since the date of acquisition in December 2003 and areassessment of plan assumptions resulting from a change in business conditionsfrom the date of acquisition to October 31, 2004.  The fair value of allreporting units was determined using discounted future cash flows.   For theyear ended December 31, 2003, an impairment loss of $28 related to theextrusions business in the Engineered Products group in Europe was recognizedas a charge to income. 

Inaccordance with SFAS No. 142, the Company completed an initial review todetermine whether, at January 1, 2002, there was impairment in the goodwillbalance.  As a result of this review, an impairment loss of $748 (including $8relating to long-term assets held for sale) was recognized in income in 2002 asa cumulative effect of accounting change.  The adjustment reflected the declinein end-market conditions in the period from the algroup merger in October 2000to January 1, 2002.  The fair value of all reporting units was determined usingdiscounted future cash flows.  The annual test was also completed in 2002 andno further impairment was identified.  

**IntangibleAssets with Finite Lives**

GROSS CARRYING AMOUNT      

   ACCUMULATED AMORTIZATION

 

NET BOOK VALUE

**     DECEMBER 31, 2004**

Trademarks

**218          **

**53           **

**165          **

Patented  and non-patented technology

**537          **

**89           **

**448          **

Purchase  contracts

**355          **

**21           **

**334          **

Customer  contracts

**39          **

**9           **

**30          **

Prior  service costs included in pensions

**253          **

**-           **

**253          **

**1,402          **

**172           **

**1,230          **

     DECEMBER 31, 2003

Trademarks

178          

33           

145          

Patented  and non-patented technology

497          

51           

446          

Purchase  contracts

233          

2           

231          

Customer  contracts

115          

-           

115          

Prior  service costs included in pensions

223          

-           

223          

** **

1,246          

86           

1,160          

                  	

                            DECEMBER 31, 2002

Trademarks

134          

20           

114          

Patented  and non-patented technology

208          

31           

177          

Purchase  contracts

20          

1           

19          

Prior  service costs included in pensions

142          

-           

142          

504          

52           

452          

Theaggregate amortization expense for the year ended December 31, 2004, was $79 (2003:$26; 2002: $23).  The estimated amortization expense for the five succeedingfiscal years is approximately $87 per year.  In 2004, the Company acquiredintangible assets of nil (2003: $721; 2002: $20).  These assets are comprisedof trademarks of nil (2003: $27; 2002: nil), patented and non-patentedtechnology of nil (2003: $313; 2002: nil), purchase contracts of nil (2003: $266;2002: $20), and customer contracts of nil (2003: $115; 2002: nil).  In 2004,the intangible assets were increased by $71 relating to the finalization of thePechiney purchase price allocation.

 

 

30

**AlcanInc.**

**NOTES TOCONSOLIDATED FINANCIAL STATEMENTS**(in millions of US$, except where indicated)

**10.      RESTRUCTURINGPROGRAMS**
2004Restructuring Activities
In line with the Company's objectiveof value maximization, the Company undertook various restructuring initiativesin 2004.

**Pechiney**

In 2004, the Company recordedliabilities of $193 for restructuring costs in connection with the exit ofcertain operations of Pechiney, and these costs were recorded in the allocationof the purchase price.  See note 8 - Acquisition of Pechiney.  These costsrelate principally to severance costs of $121 related to the involuntarytermination of Pechiney employees in France (Primary Metal, EngineeredProducts, Packaging and Other), as well as other severance costs of $54,principally comprising $21 relating to a plant closure in Spain (Packaging),$17 relating to a planned plant closure in Flemalle, Belgium (Rolled Products Europe),$5 relating to a  plant closure in Garbagnate, Italy (Packaging), and $1relating to the downsizing of a plant in Kolin in the Czech Republic(Packaging).  

**Other 2004 restructuring activities**

The Company incurred restructuringcharges of $19 relating to the consolidation of its U.K. aluminum sheet rollingactivities in Rogerstone, Wales, in order to improve competitiveness throughbetter capacity utilization and economies of scale.  Production ceased at the rolling millin Falkirk, Scotland (Rolled Products Europe) in December 2004 and the facilityis expected to close during the first quarter of 2005.  The charges include $6 ofseverance costs, $8 of asset impairment charges, $2 of pension costs, $2 ofdecommissioning and environmental costs and $1 of other charges.  No furthercharges are expected to be incurred in relation to this restructuring activity.

The Company incurred restructuringcharges of $7 relating to the closure of two corporate offices in the U.K. and Germany (Other).  The charges include $4 related to severance costs and $3 related to leaseexit costs and costs to consolidate facilities. The Company expects to incur $4of additional charges in 2005 relating principally to additional lease exit costs. 

In November 2004, the Companyannounced the downsizing of its Alcan Mass Transportation Systems business unitin Zurich, Switzerland (Engineered Products) as a result of changing marketconditions and business realities.  In 2004, the Company incurred restructuringcharges of $5 consisting of $4 of asset impairment charges, and $1 of othercharges.  The Company expects to incur $3 of additional restructuring chargesin 2005 relating principally to severance costs.  In addition, the Engineered Productsgroup incurred restructuring charges of $9 relating to both the closure of acomposites facility in the U.S., and process reengineering at certainfacilities in Switzerland and Germany.  These charges consist of severancecosts of $6, asset impairment charges of $2 and other costs of $1.  The Companyexpects to incur $4 of additional severance charges in 2005.

In 2004, the Company incurred restructuring charges of $21relating to the closure of certain non-strategic packaging facilities locatedin the United States and France.  These charges consist of severance costs of $11,asset impairment charges of $8 and other charges of $2.  The Company expects toincur additional charges of $1 in relation to these plant closures.  Inaddition, the Company recorded $18 of restructuring charges relating to exitactivities at certain packaging facilities located primarily in Europe.  These charges comprise $12 of severance costs, $3 of asset impairment charges and$3 of other costs.  No further charges are expected to be incurred inconnection with these activities.   

In early 2004, the Company permanently halted production atits JonquièreSöderberg primary aluminum facility in Saguenay, Quebec (Primary Metal).  As aresult, the Company recorded charges of $14 in 2004 comprising $5 of severancecosts, $5 of asset impairment charges, and $4 of other costs.  The Companyexpects to incur an additional $12 in 2005 relating to severance anddismantling costs.

**Other Pre-2004 RestructuringActivities**

Included in the provision balance asat December 31, 2003, are $62 of liabilities related to Pechiney restructuringactivities initiated before its acquisition by Alcan, and $24 of severance andother exit costs at certain packaging operations in Europe (Packaging), certaincable operations in the U.S. (Engineered Products), and a corporate office inthe U.K. (Other).

**2001 Restructuring Program**

In 2001, the Company implemented arestructuring program aimed at safeguarding its competitiveness, resulting in aseries of plant sales, closures and divestments throughout the organization. Inthe context of the Company's objective of value maximization, a detailedbusiness portfolio review was undertaken in 2001 to identify high costoperations, excess capacity and non-core products.  Impairment charges arose asa result of negative projected cash flows and recurring losses. These chargesrelated principally to buildings, machinery and equipment and some previouslycapitalized project costs. This program was essentially completed in 2003.  

 

 

31

**AlcanInc.**

**NOTES TOCONSOLIDATED FINANCIAL STATEMENTS**(in millions of US$, except where indicated)

**10.      RESTRUCTURINGPROGRAMS (cont'd)**

In 2004, the Company recorded chargesrelated to the 2001 restructuring program of $7, pre-tax, relating principallyto the closure of facilities in the U.K. (Bauxite and Alumina) and the closureof cable operations in Canada and the United States (Engineered Products), andrecorded recoveries of $14 relating principally to the sale of assets relatedto the closure of facilities in Glasgow, U.K. (Rolled Products Europe) andother recoveries related to the closure of facilities in the U.K. (Bauxite andAlumina). 

The scheduleprovided below shows details of the provision balances and related cashpayments for the significant restructuring activities:

** **

** **

**As at December 31, 2004**

****

**SEVERANCE COSTS    **

** **

**ASSET         IMPAIRMENT PROVISIONS***

** **

** **

**OTHER**

****

**TOTAL**

Provision balance as at December  31, 2003

**86      **

**-        **

**46      **

**132      **

** **

** **

** **

** **

** **

**2004:**

** **

** **

** **

** **

**Charges recorded in the statement of**

** **

** **

** **

** **

**Income, net**

**44      **

**30      **

**13      **

**87      **

**Charges recorded in the allocation of the**

** **

** **

** **

** **

**Pechiney purchase price**

**175      **

**-       **

**18      **

**193      **

**Cash payments**

**(99)     **

**-       **

**(33)     **

**(132)     **

**Non-cash (charges) recoveries**

**-      **

**(30)     **

**8      **

**(22)     **

**Provision balance as at December 31, 2004**

**206      **

**-       **

**52      **

**258      **

* Fair valueof assets was determined using discounted future cash flows.

The scheduleprovided below shows details of the charges by operating segment:

**Charges(recoveries) recorded in the statement of income in Other expenses (income)**-**net**

** **

**Year  ended December 31, 2004**

** **

**SEVERANCE COSTS     **

**ASSET         IMPAIRMENT PROVISIONS**

** **

**OTHER**

** **

**TOTAL**

**Bauxite and Alumina**

**-     **

**-     **

**(3)     **

**(3)     **

**Primary  Metal**

**4     **

**5     **

**5      **

**14      **

**Rolled  Products Europe**

**6     **

**8     **

**(1)     **

**13      **

**Engineered  Products**

**7     **

**6     **

**4      **

**17      **

**Packaging**

**23     **

**11     **

**5      **

**39      **

**Other**

**4     **

**-     **

**3      **

**7      **

**Total**

**44     **

**30     **

**13      **

**87      **

**Charges formingpart of the allocation of the Pechiney purchase price** 

** **

**Year  ended December 31, 2004**

**SEVERANCE 	COSTS    **

** **

**OTHER**

** **

**TOTAL**

**Primary  Metal**

**50    **

**2     **

**52     **

**Rolled  Products Europe**

**17     **

**2     **

**19     **

**Engineered  Products**

**12     **

**6     **

**18     **

**Packaging**

**42     **

**5     **

**47     **

**Other**

**54     **

**3     **

**57     **

**Total**

**175     **

**18     **

**193     **

 

32

**AlcanInc.**

**NOTES TOCONSOLIDATED FINANCIAL STATEMENTS**(in millions of US$, except where indicated)

**11.          INCOME TAXES**

** **

**2004 **

2003 

2002 

**Income (Loss)  from continuing operations before income taxes****and other  items**

Canada

**(144)**

(201)

(25)

Other countries

**732 **

699 

692 

**588 **

498 

667 

**Current income taxes**

** **

** **

Canada

**9 **

18 

(8)

Other countries

**321 **

242 

204 

**330 **

260 

196 

**Deferred income taxes**

Canada

**89 **

120 

75 

Other countries

**(44)**

(122)

16 

**45 **

(2)

91 

**Income tax provision**

**375 **

258 

287 

Thecomposite of the applicable statutory corporate income tax rates in Canada is 32% (2003: 39%; 2002: 39%).

Effective January 1, 2004, thegeneral and manufacturing and processing tax rates in Canada are equivalent.  Prior to 2004, the effect of the reduced tax rate on manufacturing andprocessing activities in Canada was disclosed as a deduction from the generaltax rate.

Thefollowing is a reconciliation of income taxes calculated at the above compositestatutory rates with the income tax provision:

**2004 **

2003 

2002 

Income taxes  at the composite statutory rate

**189 **

195 

260 

Differences attributable to:

** **

Tax benefits  from changes in Australian tax legislation

**(23)**

(74)

- 

Exchange  translation items

**89 **

96 

37 

Exchange revaluation of deferred  income taxes

**44 **

112 

16 

Effect of tax rate changes on deferred income taxes

**(9)**

(1)

- 

Unrecorded tax benefits  - net

**81 **

1 

18 

Investment and  other allowances

**(22)**

(35)

(18)

Goodwill  impairment 

**50 **

11 

- 

Large  corporations tax

**10 **

7 

7 

Withholding  taxes

**34 **

6 

5 

Reduced rate  or tax exempt items

**(25)**

(11)

(11)

Foreign tax  rate differences

**(40)**

(43)

(30)

Prior years'  tax adjustments

**(23)**

(18)

(7)

Other - net

**20 **

12 

10 

**Income tax provision**

**375 **

258 

287 

 

33

**AlcanInc.**

**NOTES TOCONSOLIDATED FINANCIAL STATEMENTS**(in millions of US$, except where indicated)

**11.          INCOME TAXES (cont'd)**

At December31, the principal items included in Deferred income taxes are:

**2004 **

2003 

2002 

**Liabilities**

** **

Property, plant, equipment and  intangibles

**1,765 **

2,118 

1,301 

Inventory valuation

**75 **

131 

66 

Other - net

**113 **

122 

81 

**1,953 **

2,371 

1,448 

**Assets**

** **

Tax benefit carryovers

**1,505 **

1,429 

361 

Accounting provisions not currently  deductible for tax

**1,496 **

1,255 

511 

** **

**3,001 **

2,684 

872 

**Valuation  allowance (amounts not likely to be recovered)**

**1,530 **

1,149 

245 
   
**1,471 **

1,535 

627 

**Net deferred income tax liability**

**482 **

836 

821 
** **         
**Amounts recognized  in the Consolidated Balance Sheet consist of:**

** **

** **

** **

Deferred income tax  asset - current

**(214)**

(49)

- 

Deferred income tax  asset - non-current

**(870)**

(892)

(189)

Deferred income tax liability -  current

**23 **

81 

- 

Deferred income tax liability -  non-current

**1,543 **

1,696 

1,010 

**Net deferred income tax liability**

**482 **

836 

821 

Based on rates of exchange at December 31, 2004, taxbenefits of approximately $1,290 relating to prior and current years' operatinglosses and $60 of benefits related to capital losses and tax credits carriedforward will be recognized when it is more likely than not that such benefitswill be realized. These amounts are included in the valuation allowance above.Approximately $8 of these potential tax benefits expire in 2005.

Thevaluation allowance relates principally to loss carryforward benefits and taxcredits where realization is not likely.  The majority of the allowance relatesto loss carryforwards of French companies with no expiry date, but which aresubject to limitations to their use such that it is unlikely that they will be usedagainst taxable income.  In the event that the valuation allowance related tothese loss carryforwards was reversed, approximately $1,052 of the allowancewould be allocated to reduce goodwill.  In 2004, $13 (2003: $5; 2002: $11) ofthe valuation allowance was reversed when it became more likely than not thatbenefits would be realized. Of that amount, $12 (2003: $4; 2002: $5) reducedgoodwill since it related to future income tax assets acquired in businesscombinations, but which were not recognized at the date of the businesscombinations.

 

34

**AlcanInc.**

**NOTES TOCONSOLIDATED FINANCIAL STATEMENTS**(in millions of US$, except where indicated)

**12.          INVESTMENTIN UNCONSOLIDATED AFFILIATES**

AtDecember 31, 2004, investments accounted for using the equity method and theownership held by Alcan include principally: 

Sor-NorgeAluminium AS (50%); Aluminium Norf GmbH (50%); Consortium Strojmetal A.S. KameniceAlcan Singen GmbH (50%); Rhenaroll S.A. (50%); Halco (Mining) Inc. (45%); Queensland AluminaLimited (41%); Alcan Propack Chengdu Co. Ltd. (26%); Mineração Rio Do NorteS.A. (13%); Petrocoque S.A. - Indústria E Comércio (25%); Pechiney ReynoldsQuebec Inc. (50%); Alucam - Compagnie Camerounaise de l'Aluminium (46.67%);Socatral - Société Camerounaise de Transformation de l'Aluminium (29.96%);Airlessystems (50%); Alcan Ningxia Aluminium Company Limited (50%); EuronorcaPartners (50%).

Theactivities of the Company's major equity-accounted investments include theprocurement and processing of bauxite in Australia, Brazil and Guinea, smelting operations in Norway, Cameroon, Canada, and China, aluminum rolling operations in Germany and Cameroon, as well as packaging operations in France and China, and engineered productsoperations in the Czech Republic.

As described in note 4 - Accounting Changes - Consolidationof Variable Interest Entities, beginning in 2004, the Company consolidated, underthe provisions of FIN 46, the financial statements of Logan, in which it holdsa 40% interest.  Prior to 2004, the Company's investment in Logan was accountedfor using the equity method.

A summary ofthe combined financial information for these equity-accounted companies is setforth below.

**Summaryof Combined Financial Position**

** **

**2004 **

2003

2002

Current assets

**1,091 **

881

485

Non-current assets

**3,628 **

2,381

2,323

**Total assets**

**4,719 **

3,262

2,808

Current liabilities

**1,122 **

981

1,068

Non-current liabilities

**1,052 **

791

494

**Total liabilities**

**2,174 **

1,772

1,562

**Net assets**

**2,545 **

1,490

1,246

**Alcan's equity in net assets**

**1,737***

724

545

*Includes$642 of goodwill arising from the Pechiney acquisition.  See note 8 -Acquisition of Pechiney.

**Summaryof Combined Operations**

** **

**2004 **

2003

2002

Revenues

**1,954 **

1,122

1,347

Costs and expenses

**1,648 **

885

1,081

Income taxes

**114 **

59

70

**Net income**

**192 **

178

196

**Alcan's share of net income  as reported in equity income**

**54 **

38

44

 

 

35

**AlcanInc.**

**NOTES TOCONSOLIDATED FINANCIAL STATEMENTS**(in millions of US$, except where indicated)

**13.      RELATEDPARTY TRANSACTIONS**

Alcan hastransactions with certain investees accounted for under the equity method,generally with respect to the purchase of inventory in the ordinary course ofbusiness.  The activities of the major equity-accounted investees are the procurementand processing of bauxite in Australia, Brazil and Guinea, smelting operationsin Norway, Cameroon, Canada and China, aluminum rolling operations in Germany and Cameroon, as well as packaging operations in France and China, and engineered productsoperations in the Czech Republic.  These transactions are reflected in theconsolidated financial statements as follows:

** **

**2004 **

2003 

2002 

Year ended December 31:

** **
   
** **

Sales and operating revenues

**95 **

42 

40 

Cost of sales and operating  expenses

**249 **

39 

38 

Other expenses (income) - net

**(1)**

(2)

(8)
   
** **

As at December 31:

** **
   
** **

Trade receivables

**184 **

142 

152 

Deferred charges and other assets

**28 **

- 

- 

Payables and accrued liabilities

**122 **

56 

35 

Short-term borrowings

**34 **

- 

- 

* *

As atDecember 31, 2003, the Company had entered into exchange contracts with anunconsolidated affiliate with a notional amount of $28.  These contractsmatured in 2004.

**14.      ALLOWANCEFOR DOUBTFUL ACCOUNTS**

The allowance for doubtful accountsreflects management's best estimate of probable losses inherent in the tradereceivables balance.  Management determines the allowance based on knownuncollectable accounts, historical experience, and other currently availableevidence.  Activity in the allowance for doubtful accounts is as follows:

                                     

YEAR

BALANCE	AT	BEGINNING	OF  YEAR

ADDITIONS	CHARGED  TO	COSTS  &	EXPENSES

ACQUISITIONS

RECOVERIES

WRITE-	OFFS

DIVESTMENTS

EXCHANGE

BALANCE	AT END  OF	YEAR

**2004**

**92**

**27**

**-**

**(7)**

**(17)**

**- **

**4 **

**99**

2003

56

12

31

- 

(7)

- 

- 

92

2002

50

20

-

- 

(9)

(4)

(1)

56

 

36

**AlcanInc.**

**NOTES TOCONSOLIDATED FINANCIAL STATEMENTS**(in millions of US$, except where indicated)

**15.               SALES OFRECEIVABLES**

Under an agreement effective December18, 2001, on an ongoing basis, the Company sells to a third party an undividedinterest in certain trade receivables, with limited recourse, for maximum cashproceeds of $300 with the maximum credit exposure to the Company held inreserve by the third party. This amount is recorded in Other receivables (2003and 2002: Deferred charges and other assets). Net proceeds were used in 2001 torepay commercial paper borrowings. The Company acts as a service agent andadministers the collection of the receivables sold.  As at December 31, 2004,the Company sold trade receivables of $345 (2003: $336; 2002: $341), with $45(2003: $43; 2002: $44) held in reserve by the third party.  In January 2005, asa result of the spin-off of Novelis, this program was discontinued. 

The Company has also entered into otherprograms with certain financial institutions to sell third party receivables. Under one program, the Company entered into agreements to sell up to $129 (€ 95million) (2003: $211 (€ 168 million)) of selected receivables without recourse. As at December 31, 2004, the Company sold trade receivables of $129 (€ 95million) (2003: $143 (€ 114 million)) under this program. Under another program,the Company entered into an agreement to sell third party receivables of $61(2003: $61).  As at December 31, 2004, the Company sold trade receivablesunder this program of $59 (2003: nil) with $6 (2003: nil) held in reserve by athird party. 

**16.               OTHEREXPENSES (INCOME) - NET**

Otherexpenses (income) - net comprise the following elements:

**2004 **

2003 

2002 

Restructuring and other costs (recoveries), net

**105 **

(2)

65 

Asset  impairment provisions

**99 **

36 

4 

Gain on disposal of businesses and investment - net (NOTE 20)

**(49)**

(14)

(36)

Provisions for legal claims (NOTE 28)

**8 **

1 

113 

Environmental provisions

**20 **

29 

2 

Interest revenue

**-**** **

(19)

(17)

Pechiney integration

**38 **

- 

- 

Exchange losses

**61 **

116 

51 

Derivatives (gains) losses

**36 **

(30)

(60)

Other

**88 **

14 

(3)

**406 **

131 

119 

The 2004 restructuring costs of $105consist principally of $71 of charges included in note 10 - RestructuringPrograms.  The balance relates principally toseverance costs.

The 2004 asset impairment provisionsconsist principally of $30 of charges included in note 10 - RestructuringPrograms and $65 related to the impairment of certain rolling assets in Italy (Rolled Products Europe) and arose as a result of negative projected cash flows. Fair values were determined based on either discounted cash flows or sellingprice.

The 2003 restructuringcosts (recoveries) of ($2) consist principally of $36 of employee severance costs and otherexit costs at flexible packaging operations in Europe (Packaging) and closurecosts for certain cable operations in the U.S. (Engineered Products) offset byrecoveries of $38 related to the 2001 restructuring program.  The recoveriesare primarily due to the reversal of an excess severance provision and gains onthe sales of assets.  

The 2003 asset impairmentprovisions of $36 consist principally of $14 for the closure of the Söderbergprimary aluminum facility in Jonquière, Quebec (Primary Metal), $7 for flexiblepackaging operations in Europe and $7 for a converting facility in Charlotte,North Carolina (Packaging). The impairment charges arose as a result ofnegative projected cash flows and related principally to buildings, machineryand equipment. Fair values were determined based on either discounted cashflows or selling price.

 

 

37

**AlcanInc.**

**NOTES TOCONSOLIDATED FINANCIAL STATEMENTS**(in millions of US$, except where indicated)

**17.          INVENTORIES**

**2004**

2003

2002

**Aluminum  operating segments**

   Aluminum

**1,873**

1,887

905

   Raw  materials

**731**

486

359

   Other  supplies

**575**

467

309

**3,179**

2,840

1,573

**Packaging  operating segment**

   Raw  materials and other supplies

**347**

317

97

   Work in  progress

**147**

143

41

   Finished  goods

**356**

363

151

**850**

823

289

**4,029**

3,663

1,862

**18.          DEFERRED CHARGES ANDOTHER ASSETS**

Deferredcharges and other assets comprise the following elements:

**2004**

2003

2002

Prepaid pension costs (NOTE 32)

**197**

210

314

Income taxes recoverable

**-**

31

-

Marketable securities

**52**

51

37

Prepaid mining expenses

**49**

51

53

Debt financing costs

**43**

47

21

Investments *

**1,794**

808

579

Reserve for receivables sold (NOTE 15)

**-**

43

30

Amount receivable on currency swap of debt

**62**

16

-

Long-term notes and other receivables

**595**

164

104

Other

**85**

142

40

**2,877**

1,563

1,178

*** Investments**

** **

Companies accounted	for under the equity method (NOTE 12)

**1,737**

724

545

Available-for-sale securities	

**57**

84

34

**1,794**

808

579

**19.          PROPERTY, PLANT ANDEQUIPMENT**

**2004**

2003

2002

**Cost  (excluding Construction work in progress)**

   Land and  property rights

**686**

506

346

   Buildings

**3,904**

3,836

2,998

   Machinery  and equipment

**17,332**

17,688

12,894

**21,922**

22,030

16,238

Accumulateddepreciation relates primarily to Buildings and Machinery and equipment. 

 

38

**AlcanInc.**

**NOTES TOCONSOLIDATED FINANCIAL STATEMENTS**(in millions of US$, except where indicated)

**20.          SALES AND ACQUISITIONSOF BUSINESSES AND INVESTMENTS**

**2004***Asia and Other Pacific*On March 10, 2004, the Company announced that it had securedthe necessary regulatory and government approvals to move forward with itspreviously announced definitive joint venture agreement, signed in October2003, with the Qingtongxia Aluminium Group Company Limited and the NingxiaElectric Power Development and Investment Co. Ltd.  Under the agreement, Alcan invested$110 as at December 31, 2004 for a 50% participation and for a secure powersupply in an existing 150-kilotonne (kt) modern pre-bake smelter located in theNingxia autonomous region in the People's Republic of China.  The agreement provides for the joint venture to obtain long-term access to dedicated poweron competitive terms sufficient to meet the energy requirements of thesmelter.  The joint venture also gives Alcan a substantial operating role andthe option to acquire, through additional investment, up to 80% of a new 250-ktpotline, already under construction.  The investment is accounted for using theequity method.

*Other Europe*In 2004, the Company recorded in Other expenses (income) -net a gain of $46 due to the dilution of its ownership interest in Aluminium& Chemie Rotterdam B.V. (Primary Metal). 

*All other*On June 29, 2004, the Company announced that Alcan officialsand a South African delegation are continuing to examine the bestvalue-creating alternatives offered by the aluminum smelter project originallyproposed by Pechiney in Coega, South Africa.  On November 18, 2004, the Companyannounced that it will conduct a new feasibility study for the construction ofa new aluminum smelter with the South African Government and IndustrialDevelopment Corporation.  

On November 24, 2004, the Company announced that it hadsigned a protocol of negotiation with Alcoa World Alumina LLC (Alcoa) and theGovernment of the Republic of Guinea (the Government) for the development of a1.5-million tonne per year  (Mt/y) alumina refinery in the West Africannation.  This protocol sets out the items and framework for the aluminarefinery project, which will be negotiated with the Government during theupcoming months as part of the Memorandum of Understanding between the parties,announced in May, 2004.

Subsequent to a Memorandum of Understanding in June 2004, onFebruary 23, 2005, the Company announced the signing of a Shareholders' Agreementwith Oman Oil Company S.A.O.C. (OOC) and the Abu Dhabi Water and ElectricityAuthority (ADWEA) for a 20% equity interest in the development of a proposed 325-ktper year (kt/y) aluminum smelter project in Sohar, Oman.  The Company has theoption of acquiring up to 60% of a planned second potline for an additional 330kt/y of aluminum.  The agreement provides that the Company would license its AP35smelter technology and take a leading role in the construction and operation ofthe smelter.  Subject to successful completion of the project agreements andfinancing arrangements, construction is expected to commence in the second halfof 2005 and result in the first metal production by 2008.

**2003***Asia and Other Pacific*In the second quarter of2003, the Company sold its remaining investment in Nippon Light Metal Company,Ltd. (NLM) for sales proceeds of $22, resulting in a gain of $34 including therealization of deferred translation gains of $15. In the third quarter of 2003,the Company increased its ownership position in Aluminium Company of Malaysia,a manufacturer of light gauge aluminum products, from 36% to 59% by acquiringadditional shares, with a value of $30, from NLM in exchange for its ownershipin Alcan Nikkei Siam Limited in Rangsit, Thailand, with a value of $24, and acash payment of $6. The sale of Alcan Nikkei Siam Limited resulted in therealization of deferred translation losses of $11. The gain on the sale of NLMand the loss on the sale of Alcan Nikkei Siam Limited were recorded in Otherexpenses (income) - net.

In December 2003, theCompany sold the extrusions operations of Aluminium Company of Malaysia, for net proceeds of $2. A pre-tax amount of $6, which is included in Otherexpenses (income) - net, consists of a favourable adjustment to a previouslyrecorded impairment provision.

*France, Germany, Other Europe and Asia and Other Pacific*In April 2003, theCompany completed the acquisition of VAW Flexible Packaging (FlexPac) fromNorsk Hydro for a cost of $302, net of cash and time deposits acquired. FlexPacincludes 14 plants in 8 countries and has 5,400 employees. FlexPac comprises aset of custom manufacturing businesses producing high quality flexiblepackaging products for a wide variety of end use customers and manufacturers ofconsumer goods, including those in the food, dairy and pharmaceuticalindustries. The business combination is accounted for using the purchase methodand the results of operations are included in the consolidated financialstatements since acquisition.

39

**AlcanInc.**

**NOTES TOCONSOLIDATED FINANCIAL STATEMENTS**(in millions of US$, except where indicated)

**20.          SALES AND ACQUISITIONSOF BUSINESSES AND INVESTMENTS** (cont'd)

As part of theacquisition of FlexPac in the second quarter of 2003, the Company acquired,directly and indirectly, 63% of the total issued share capital of StrongpackPlc in Thailand. Strongpack is engaged in packaging businesses, providingproduction and processing services on all types of flexible packagingmaterials. In June 2003, the Company acquired an additional 12% of Strongpackfor a cost of $4.

Also, as part of theacquisition of FlexPac, the Company acquired 70% of the total issued sharecapital of Rotopak in Turkey. Rotopak is engaged in the food flexible packagingbusiness. In August 2003, the Company acquired the remaining 30% of Rotopak fora cost of $24.

The total purchase costof $330 for FlexPac was allocated based on the assigned fair values of theassets acquired and liabilities assumed as follows:

2003

Current assets

285

Deferred charges and other assets

2

Property, plant and equipment

215

Intangible assets

10

Deferred tax asset

19

Goodwill(1)

75

606
     
Current liabilities

188

Debt not maturing within one year

11

Deferred credits and other liabilities

60

Minority interests

17

**Fair value of net assets acquired at  date of acquisition (net of cash and time deposits**

**acquired of $31)**

330

(1) See note 9 - Goodwill and IntangibleAssets.

*United States and Ecuador*In July 2003, the Companycompleted the acquisition of Baltek Corporation (Baltek) for a cost of $38.Baltek is the world's leading supplier of balsa based structural core materialsand has production and sales facilities around the world, including in Ecuador. Baltek's balsa core materials fit well into the existing composites business, asstructural foam and balsa are complementary products that go to market throughthe same distribution channels. Ecuador is included in the geographic area Allother. The business combination is accounted for using the purchase method andthe results of operations are included in the consolidated financial statementssince acquisition. The purchase price was allocated based on the assigned fairvalues of the assets acquired and liabilities assumed as follows:

2003

Current assets

29

Deferred charges and other assets

1

Property, plant and equipment

23

Intangible assets

4

Goodwill(1)

9

66
     
Current liabilities

23

Debt not maturing within one year

1

Deferred credits and other liabilities

4

**Fair value of net assets acquired at  date of acquisition**

38

(1) See note 9 - Goodwill and IntangibleAssets.

In October 2003, theCompany acquired the Uniwood/Fome-Cor Division of Nevamar for a cost of $95.Uniwood/Fome-Cor is one of the largest U.S. manufacturers of foam-based displayboard, with its head office and production facilities in Statesville, North Carolina, and another production site in Glasgow, Kentucky.

40

**AlcanInc.**

**NOTES TOCONSOLIDATED FINANCIAL STATEMENTS**(in millions of US$, except where indicated)

**20.          SALES AND ACQUISITIONS OF BUSINESSES AND INVESTMENTS**(cont'd)

The business combinationis accounted for using the purchase method and the results of operations areincluded in the consolidated financial statements since acquisition. The purchaseprice was allocated based on the assigned fair values of the assets acquiredand liabilities assumed as follows:

2003

Current assets

14

Property, plant and equipment

17

Intangible assets

54

Goodwill(1)

25

110
     
Current liabilities

4

Deferred income taxes

11

**Fair value of net assets acquired at  date of acquisition**

95

(1) See note 9 - Goodwill and IntangibleAssets.

*Other*In 2003, the Company soldits Borgofranco power facilities in Italy (Rolled Products Europe) and recordeda gain of $18 in Other expenses (income) − net.  

See reference to the saleof the extrusions operations in Milan, Italy, and the sale of Fibrenyle in the U.K. in note 5 - Discontinued Operations and Assets Held for Sale.

See reference to theacquisition of Pechiney in note 8 - Acquisition of Pechiney.

**2002**

*Canada*

In April 2002, the Company acquired the Société générale definancement (SGF) 20% joint venture interest in the Aluminerie Alouetteconsortium at a cost of $172 and, in September 2002, the Company acquired theCorus Group plc's 20% joint venture interest at a cost of $171 giving theCompany a 40% ownership in Alouette.  These business combinations are accountedfor using the purchase method and the results of operations are included in theconsolidated financial statements since acquisition. 

The totalpurchase price was allocated based on the assigned fair values of the assetsacquired and liabilities assumed as follows:

2002

Current assets

31

Deferred charges and other assets

3
Property, plant and equipment300
Intangible assets

20

Goodwill(1)

39

393
     
Current liabilities

9
Deferred credits and other liabilities 15
Deferred income taxes

26

**Fair value of net assets acquired at  date of acquisition**

343

(1) See note 9 - Goodwilland Intangible Assets.

In September2002, the five co-venturers of the Aluminerie Alouette consortium announcedtheir final approval of the plant expansion in Sept-Îles, Quebec.  Alcan'sshare of the cost will be approximately $400. Construction began in the springof 2003 and is approximately 96% complete.  The first pots were put intooperation in December 2004.  Production start-up is expected to be completed inthe fall of 2005.

41

**AlcanInc.**

**NOTES TOCONSOLIDATED FINANCIAL STATEMENTS**(in millions of US$, except where indicated)

**20.          SALES AND ACQUISITIONS OFBUSINESSES AND INVESTMENTS** (cont'd)

*Japan*

In 2002, the Company sold a portion ofits investment in Nippon Light Metal Company, Ltd (NLM), included in thegeographic area Asia and Other Pacific, for net cash proceeds of $22, reducingits holdings to an effective ownership of 2.2%.  Included in Other expenses(income) - net is a gain of $37.  The after-tax gain included a previouslydeferred gain of $8 related to the sale in 1996 of Toyo Aluminium K.K. to NLM.

**21.          ASSET RETIREMENT OBLIGATIONS**

As described in note 4 - Accounting Changes, AssetRetirement Obligations, on January 1, 2003, the Company retroactively adoptedSFAS No. 143, Accounting for Asset Retirement Obligations.  These liabilitiesconsist primarily of environmental remediation costs, resulting from normaloperations, associated with certain bauxite residue disposal sites at itsalumina refineries and the disposal of certain of its spent potliningassociated with smelter facilities.  The following is a reconciliation of theaggregate carrying amount of liabilities for asset retirement obligations and theunaudited pro forma impact for the year ended December 31, 2002, as if thestandard had been adopted effective January 1, 2002.

** **

Pro forma  

** **

2002       

**2004 **

2003 

(Unaudited)

**Balance ─ beginning of year**

**563 **

389 

363 

Acquisition  of Pechiney

**8 **

101 

- 

Liabilities  incurred

**20 **

35 

12 

Liabilities  settled

**(36)**

(25)

(12)

Accretion  expense

**26 **

25 

17 

Exchange

**40 **

91 

9 

Revisions  in estimated cash flows

**3 **

(53)

- 
**Balance-end of year****624**563389
**22.          DEFERRED CREDITS ANDOTHER LIABILITIES**

Deferredcredits and other liabilities comprise the following elements:

**2004 **

2003 

2002 

Post-retirement and post-employment benefits (NOTE  32)

**3,465**

2,920

1,216

Asset retirement obligations	

**582**

499

-

Environmental liabilities

**231**

156

327

Restructuring liabilities

**13**

40

24

Claims

**155**

240

206

Fair value of derivatives

**235**

75

35

Long-term payables

**-**

140

77

Other

**294**

236

111

**4,975**

4,306

1,996

 

 

42

**AlcanInc.**

**NOTES TOCONSOLIDATED FINANCIAL STATEMENTS**(in millions of US$, except where indicated)

**23.          DEBT NOT MATURING WITHINONE YEAR**
 
**2004**

2003

2002
Alcan Inc.   Commercial paper - CAN$844	million(A)**703**1,346390
Commercial paper - US$(A)

**116**

304

246

Bank loans, due 2005 (€ 21 million)(B)

**29**

68

91

Bank loan, due 2006 (B) (F)

**500**

-

-

5.375% Swiss franc bonds (C)

**-**

-

129

5.5% Euro note, due 2006 (€ 600 million)

**813**

753

629

6.25% Debentures, due 2008

**200**

200

200

6.45% Debentures, due 2011

**400**

400

400

4.875% Global notes, due 2012

**500**

500

500

4.50% Global notes, due 2013

**500**

500

-

5.20% Global notes, due 2014

**500**

500

-

7.25% Debentures, due 2028

**100**

100

100

7.25% Debentures, due 2031

**400**

400

400

6.125% Global notes, due 2033

**750**

750

-

Other debt, due 2017 and 2033 (CAN$13 million)

**11**

10

3

**Alcan Aluminum Corporation**

** **

Floating Rate Notes (B) (F)

**-**

500

-

**Alcan Finance Jersey Limited**

** **

Euro Medium Term Note Program (EMTN)

** **

EMTN, due 2008 (€ 13 million)  (B) (D)

**18**

17

14

EMTN, due 2008 (€ 8 million) (B)  (D) 

**11**

10

8

**ALA (Nevada) Inc.**

** **

Bank loan, due 2005(B)

**60**

60

60

**Alcan Packaging Canada Limited**

** **

5.69% Bank loan

**-**

-

35

6.24% Bank loan

**-**

30

30
     
** **

**Alcan Taihan Aluminium Limited**(K)

** **

4.55% Bank loan, due 2007  

**70**

-

-

4.80% Bank loan, due 2007 (KRW 40 billion)

**39**

30

30

4.55% Bank loan, due 2007 (KRW 25 billion)

**24**

20

20

Bank loans due, 2005/2011(KRW 2 billion)

**2**

2

2
     
** **

**Alcan Holdings France**

** **

Bank loans,  due 2005/2009 (€ 13 million)(B)

**18**

18

15

 

43

**AlcanInc.**

**NOTES TOCONSOLIDATED FINANCIAL STATEMENTS**(in millions of US$, except where indicated)

**23.          DEBTNOT MATURING WITHIN ONE YEAR** (cont'd)

** **

**2004 **

2003

2002

**Pechiney S.A.**(l)

** **
   
Commercial paper − Euro (€ 118 million)(A)

**160 **

- 

- 

5.10% Debentures, due 2005 (€ 229 million)

**313 **

303 

- 

2.15%  Equity link bonds, due 2005 (€ 53 million)

**83 **

73 

- 

3.25%  Convertible bonds (OCEANEs), due 2007 (€ 15 million)(H)

**- **

20 

- 

5.14%  FOCOMO bond(J)

**- **

7 

- 

6.03%  FOCOMO bond (J)

**- **

10 

- 

6.20%  FOCOMO bond(J)

**- **

12 

- 

5.69%  FOCOMO bond(J)

**- **

10 

- 

4.81%  FOCOMO bond(J)

**- **

3 

- 

Bank  loan, due 2008 (€ 138 million) (B)

**187 **

174 

- 

4.80%  Bank loan, due 2008 (€ 45 million)

**61 **

56 

- 

3.45%  Bank loan, due 2006 (€ 40 million)

**54 **

50 

- 

Other debt, due 2005/2013 (€ 11 million)(B)

**15 **

13 

- 

**Pechiney Pacific (Pty) Ltd**

** **

Credit facility (B) (G)

**- **

78 

- 

Credit facility (B) (G)

**- **

105 

- 

**Techpack Asia**

** **

Bank loans, due 2005/2010 (B)

**26 **

26 

- 

**Aluminium Pechiney SPV**

** **

Bank loan, due 2005/2013 (B)

**89 **

50 

- 

**Aluminium Dunkerque**

** **

Bank loan, due 2005 (B) 

**27 **

88 

**- **

Credit facility, due 2005 and 2016  (€ 47 million)(B)

**63 **

40 

- 

**Other**

Bank loans, due 2005/2013(B)

**28 **

30 

30 

4% Eurodollar (E)

**- **

- 

14 

Other debt, due 2005/2033(B)

**44 **

112 

23 

**6,914 **

7,778 

3,369 

Debt maturing within one year included in current liabilities

**(569)**

(341) 

(249)

**6,345 **

7,437 

3,120 

(A)  The Company has a $3,000, multi-currency, five-year, committed global creditfacility with a syndicate of international banks. Thefacility is available for general corporate purposes, including backup forcommercial paper. Effective April 2004, this facility replaced two long-term,global, multi-currency facilities each amounting to $1,000, which were in placeat December 31, 2003 and 2002, and a € 700 millionshort-term revolving credit facility, which was in place at December 31, 2003. In 2003, the Company had a $4,000 bridge credit facility to finance theacquisition of Pechiney.  This facility was terminated in January 2004.

Theinterest rates on the CAN$ denominated commercial paper range from 2.23% to2.78% in 2004 (2003: 2.76% to 2.97%; 2002: 2.79% to 3.07%).  The interest rateson the US$ denominated commercial paper range from 1.75% to 2.53% in 2004(2003: 1.17% to 1.32%; 2002: 1.30% to 1.96%).  The interest rates on the euro denominatedcommercial paper range from 2.16% to 2.67% in 2004.

Asat December 31, 2004, 2003 and 2002, the Company had both the intention and theability, through its long-term credit facilities, to refinance its commercialpaper borrowings on a long-term basis, and has classified them as Debt notmaturing within one year, with the exception of the following:
(i)
$1,500 ($1,324 of CAN$ denominatedcommercial paper (CAN$1,589 million) and $176 ofUS$ denominated commercial paper) classified as Short-term borrowings as atDecember 31, 2004, as these borrowings were repaid during the first quarter of2005.
  			(ii)
€368 million ($463) issued by Pechiney S.A., classified as Short-term borrowingsas at December 31, 2003, as they were backed by a short-term credit facility.

 

44

**AlcanInc.**

**NOTES TOCONSOLIDATED FINANCIAL STATEMENTS**(in millions of US$, except where indicated)

**23.  DEBT NOT MATURING WITHIN ONE YEAR** (cont'd)
 
In 2004, CAN$denominated commercial paper borrowings of CAN$2,433 million (2003: CAN$1,747million; 2002: CAN$ 616 million) were swapped through the use of forwardexchange contracts for $1,995 (2003: $1,332; 2002: $391). 
			(B)
Interest rates fluctuate principally with the lender'sprime commercial rate, the commercial bank bill rate, or are tied to LIBOR/EURIBOR/SIBOR rates. 
(C)
The Swissfranc bonds were issued at CHF 178 million and were swapped for $105 at aneffective interest rate of 8.98%. The bonds were repaid in April 2003. 
			(D)
The Euro Medium Term Note Program (EMTN) notes ofprincipal amounts of € 13 million and € 8 million were swapped for £9 millionand £5 million, respectively. 
			(E)
Debenture holders were entitled to receive at theiroption 1,772 common shares held by the Company in NLM, a portfolio investment, inexchange for each ten thousand-dollar principal amount of debentures. TheCompany sold its remaining investment in NLM in the second quarter of 2003, andthe debentures were repaid in September 2003. 
			(F)
In August 2004, Alcan Aluminum Corporation redeemedthe Floating Rate Notes (FRNs) that were due in December 2005.  Alcan Inc.refinanced the FRNs with a bank loan due in 2006 that was repaid during thefirst quarter of 2005. 
			(G)
As at December 31, 2004, Pechiney Pacific (Pty) Ltd hasa new short-term committed credit facility of $125.  As at December 31, 2003,Pechiney Pacific had borrowings of $78 and $105 under two long-term creditfacilities that were repaid in 2004. 
			(H)
The purchase of the Pechiney OCEANEs outstanding atDecember 31, 2003, was completed on February 6, 2004, for a price of $19. 
			(I)
Upon acquisition of Pechiney, Pechiney's debt wasrecorded at fair market value.    
			(J)
As at December 31, 2004, all of Pechiney's FOCOMObonds were reclassified as short-term borrowings, as they became callable atthe option of the holders.   
			(K)
In December 2004, Alcan Taihan Aluminium Limited (ATA)entered into a $70 long-term loan, which was subsequently swapped for KRW 73billion. In 2004, ATA also entered into two new long-term loans of KRW 40billion and KRW 25 billion, to replace the KRW 30 billion and KRW 20 billionloans that were outstanding in 2003 and 2002, and that matured in 2004. In2004, interest rates on the other bank loans range from 3.00% to 5.50% (2003:2.75% to 5.83%; 2002: 4.25% to 6.30%).  ATA is an entity included in thespin-off of Novelis.  Accordingly, these borrowings were transferred toNovelis upon completion of the spin-off on January 6, 2005.

In 2004, theCompany has swapped interest rates to 2007 on $63 (2003: $25; 2002: $3) of its floatingrate debt to fixed. In 2003, the Company had swapped interest rates on $660(2002: $9) of its fixed rate debt to floating and on $230 of its floating ratedebt to floating with a cap at a certain percentage.

Based on rates ofexchange at year-end, debt repayment requirements over the next five yearsamount to $569 in 2005, $1,399 in 2006, $160 in 2007, $499 in 2008 and $26 in2009.

**24.          PREFERENCE SHARES**

**Authorized**An unlimited number of preference sharesissuable in series. All shares are without nominal or par value.

**Authorized and Outstanding**In each of the years2004, 2003 and 2002, there were authorized and outstanding 5,700,000 series Cand 3,000,000 series E  non-retractable preference shares, redeemable at theoption of the Company, with stated values of $106 and $54, respectively.

Preference shares, seriesC and E, are eligible for quarterly dividends based on an amount related to theaverage of the Canadian prime interest rates quoted by two major Canadian banksfor stated periods. The dividends on series C and E preference shares arecumulative.

 

45

**AlcanInc.**

**NOTES TOCONSOLIDATED FINANCIAL STATEMENTS**(in millions of US$, except where indicated)

**24.**         **PREFERENCE SHARES** (cont'd)

Preference shares, seriesC and E, may be called for redemption at the option of the Company on 30 days'notice at CAN$25.00 per share.

Any partial redemption ofpreference shares must be made on a pro rata basis or by lot.

**25.          COMMON SHARES**

The authorized commonshare capital is an unlimited number of common shares without nominal or parvalue.  OnMarch 2, 2005, there were 370,037,313 common shares outstanding. Changes in outstandingcommon shares are summarized below:

NUMBER (IN THOUSANDS)

STATED VALUE

** **

**2004 **

2003 

2002 

**2004 **

2003 

2002 

 
 
**Outstanding - beginning of**

** **

** **

 
 
**year**

**365,181**

321,470

320,902

**6,461**

4,731

4,713

 
 
Issued for  cash:

** **

** **

 
 
 Executive share option plan (NOTE 26)

**1,760**

699

292

**60**

22

7

 
 
 Liquidity Agreement (NOTE 26)

**276**

2

-

**12**

-

-

 
 
 Dividend  reinvestment and share  

** **

** **

 
 
purchase plans

**631**

597

276

**28**

20

9

 
 
Issued in  exchange for tendered Pechiney shares*

**2,082**

42,413

-

**82**

1,681

-

 
 
Transfer of  additional paid-in capital upon exercise of stock options

**-**

-

-

**27**

7

2

 
 
**Outstanding -  end of year**

**369,930**

365,181

321,470

**6,670**

6,461

4,731

 

* As at December 31, 2004, 872 of these shares with a statedvalue  of $35 are held by a subsidiary (1,418 shares at a stated value of $56as at December 31, 2003).  In 2004, 692 shares with a stated value of $27 wereissued to a subsidiary and subsequently sold by the subsidiary on the openmarket in January 2004.

**ShareholderRights Plan**

In 1990,shareholders approved a plan whereby each common share of the Company carriesone right to purchase additional common shares.  The plan, with certainamendments, was reconfirmed at the 1995 Annual Meeting and further amendmentswere approved at the 1999 Annual Meeting.  The plan was reconfirmed for athree-year period with no amendments at the 2002 Annual Meeting.  The rightsunder the plan are not currently exercisable but may become so upon theacquisition by a person or group of affiliated or associated persons("Acquiring Person") of beneficial ownership of 20% or more of the Company'soutstanding voting shares or upon the commencement of a takeover bid. Holdersof rights, with the exception of an Acquiring Person, in such circumstanceswill be entitled to purchase from the Company, upon payment of the exerciseprice (currently $100.00), such number of additional common shares as can bepurchased for twice the exercise price based on the market value of theCompany's common shares at the time the rights become exercisable.

The plan hasa permitted bid feature that allows a takeover bid to proceed without therights under the plan becoming exercisable, provided that it meets certainminimum specified standards of fairness and disclosure, even if the Board doesnot support the bid.

The planexpires in 2008, subject to reconfirmation at the Annual Meeting ofShareholders in 2005, but may be redeemed earlier by the Board, with the priorconsent of the holders of rights or common shares, for $0.01 per right.  Inaddition, should a person or group of persons acquire outstanding voting sharespursuant to a permitted bid or a share acquisition in respect of which theBoard has waived the application of the plan, the Board shall be deemed to haveelected to redeem the rights at $0.01 per right.

 

46

**AlcanInc.**

**NOTES TOCONSOLIDATED FINANCIAL STATEMENTS**(in millions of US$, except where indicated)

**26.          STOCK OPTIONS AND OTHERSTOCK-BASED COMPENSATION**

**Alcan Executive Share Option Plan**Under theexecutive share option plan, certain key employees may purchase common sharesat an exercise price that is based on the market value of the shares on thedate of the grant of each option.  The vesting period for options grantedbeginning in 1998 is linked to Alcan's share price performance, but does notexceed nine years. Options granted before 1998 vest generally over a fixedperiod of four years from the grant date and expire at various dates during thenext 10 years. 

Changes inthe number of shares under options as well as the average exercise price aresummarized below:

** **

NUMBER OF  SHARES UNDER OPTIONS  (IN THOUSANDS)

WEIGHTED  AVERAGE EXERCISE PRICE (CAN$)

** **

**2004 **

2003 

2002 

**2004**

2003

2002

**Outstanding -  beginning of year**

**9,566 **

8,687 

7,108 

**47.49**

46.08

46.34

Granted

**2,679 **

1,609 

1,937 

**58.13**

52.58

44.19

Exercised (NOTE 25)

**(1,760)**

(699)

(292)

**43.25**

41.85

39.69

Forfeited

**(75)**

(31)

(66)

**45.95**

45.29

46.53

**Outstanding -  end of year**

**10,410 **

9,566 

8,687 

**50.96**

47.49

46.08

**Exercisable -  end of year**

**4,285 **

5,852 

5,007 

**45.98**

44.98

45.47

**Shares under Options Outstanding atDecember 31, 2004**

**NUMBER OF SHARES UNDER OPTIONS  (IN THOUSANDS)**

**RANGE OF EXERCISE PRICE  (CAN$)**

**WEIGHTED AVERAGE EXERCISE PRICE  (CAN$)**

**WEIGHTED AVERAGE REMAINING  CONTRACTUAL LIFE (YEARS)**

**1,221                       **

**34.70-40.00**

**38.41                      **

**6.76                       **

**603                       **

**40.01-46.00**

**44.20                      **

**3.26                       **

**3,196                       **

**46.01-52.00**

**46.90                      **

**3.34                       **

**1,733                       **

**52.01-58.00**

**52.79                      **

**8.39                       **

**3,657                       **

**58.01-64.25**

**58.94                      **

**8.86                       **

**10,410                       **

**34.70-64.25**

**50.96                      **

** **

** **

**Shares under Options Exercisable atDecember 31, 2004**

**NUMBER OF SHARES UNDER OPTIONS  (IN THOUSANDS)**

**RANGE OF EXERCISE PRICE  (CAN$)**

**WEIGHTED AVERAGE EXERCISE PRICE  (CAN$)**

**794                         **

**34.70-40.00**

**38.18                    **

**591                         **

**40.01-46.00**

**44.22                    **

**2,462                         **

**46.01-52.00**

**47.00                    **

**197                         **

**52.01-58.00**

**53.77                    **

**241                         **

**58.01-64.25**

**59.21                    **

**4,285                         **

**34.70-64.25**

**45.98                    **

At December31, 2004, the Company had reserved for issue under the executive share optionplan 12,949,634 shares.

Stockoptions are granted at an exercise price equal to the market price on the grantdate.  The weighted average fair value of stock options granted in 2004 is $12.87(2003: $10.00; 2002: $8.69).

To computecompensation expense under SFAS No. 123, Accounting for Stock-BasedCompensation, the Black-Scholes valuation model was used to determine the fairvalue of the options granted. Using the model, the fair value of optionsaverages approximately 26% to 41% of the exercise price.  See note 4 - Accounting Changes - Stock Options and Other Stock-Based Compensation.

Stock-basedcompensation expense was $11 in 2004 (2003: $13; 2002: $11). 

 

47

**AlcanInc.**

**NOTES TOCONSOLIDATED FINANCIAL STATEMENTS**(in millions of US$, except where indicated)

**26.          STOCKOPTIONS AND OTHER STOCK-BASED COMPENSATION** (cont'd)

The fairvalue of each option grant is estimated on the date of grant with the followingweighted average assumptions used for the option grants: 

**2004**

2003

2002

Dividend yield (%)

**1.85**

1.88

1.65

Expected  volatility (%)

**27.87**

29.16

35.73

Risk-free  interest rate (%)

**4.56**

3.39

3.50

Expected  life (years)

**6**

6

6

**Pechiney Stock Option Plans**

Under the stock optionplans of Pechiney, now a wholly-owned subsidiary of Alcan, certain officers andemployees were granted options to subscribe to or to purchase Pechiney commonshares.

Alcan and Pechiney agreedon the terms of a liquidity agreement which has been made available tobeneficiaries of Pechiney subscription and purchase options ("LiquidityAgreement"). The Liquidity Agreement allows the holders of Pechiney options toeither (a) exchange their Pechiney shares resulting from the exercise of thePechiney options for Alcan common shares on the basis of a ratio equivalent tothe consideration offered under Alcan's public offer for Pechiney or (b) giveup their Pechiney options and receive new options to subscribe for Alcan commonshares on the basis of a ratio equivalent to the consideration offered underAlcan's public offer for Pechiney. Upon the clearance by the French *Conseildes marchés financiers*of Alcan's initial public offer for Pechineysecurities on July 16, 2003, the Pechiney options became fully vested.

Changes in the number ofAlcan shares under Pechiney options as well as the average exercise price aresummarized below:

**NUMBER OF SHARES UNDER   PECHINEY OPTIONS 	(IN THOUSANDS)**

** **

**WEIGHTED AVERAGE  EXERCISE PRICE (€)**

**2004 **

2003 

**2004 **

2003 

**Outstanding - beginning of year**

**      3,889 **

**              - **

**      34.71**

**-**

Shares subject to the Liquidity Agreement

**               - **

     3,891 

**          -**

     34.71

Exercised (NOTE 25)

**        (276)**

            (2)

**      27.03**

     22.62

Exercised for Pechiney shares(1)

**        (152)**

              - 

**      24.11**

        -

Forfeited

**        (134)**

              - 

**      32.43**

        -

**Outstanding and exercisable - end of  year**

**      3,327 **

     3,889 

**      35.92**

     34.71

(1)   Pechiney options were exercised for 108 Pechiney shares (equivalentto 152 Alcan common shares under Pechiney options) during the period of thewithdrawal offer, open from January 23 to February 5, 2004.  On February 6,2004, these Pechiney shares were purchased by Alcan for $7.  No Alcan commonshares were issued as a result of the exercising of these options during thisperiod.  

**Shares under Pechiney Options Outstanding andExercisable at December 31, 2004**

**NUMBER OF SHARES UNDER   OPTIONS 	(IN THOUSANDS)**

** **

**RANGE OF EXERCISE PRICE (€)**

** **

**WEIGHTED AVERAGE  EXERCISE PRICE (€)**

**WEIGHTED  AVERAGE            REMAINING CONTRACTUAL LIFE (YEARS)**

**346                       **

**19.08-22.72                 **

**22.44                    **

**7.60                      **

**159                       **

**26.80-29.52                 **

**26.96                    **

**3.84                      **

**1,495                       **

**33.15-35.76                 **

**33.88                    **

**5.66                      **

**1,327                       **

**42.80-42.96                 **

**42.81                    **

**7.19                      **

**3,327                       **

**19.08-42.96                 **

**35.92                    **

** **

Under the terms of the Liquidity Agreement, amaximum of 3,890,542 Alcan common shares can be issued.

As part of the cost ofthe acquisition of Pechiney (see note 8 - Acquisition of Pechiney), an amountof $80 was recognized for the fair value of the Pechiney options and creditedto additional paid-in capital. The Black-Scholes valuation model was used todetermine the fair value of Pechiney options. The weighted average assumptionsused were a dividend yield of 2.19%, an expected volatility of 52.5%, a marketrisk-free interest rate of 3.99% and an expected life of seven years.

48

**AlcanInc.**

**NOTES TOCONSOLIDATED FINANCIAL STATEMENTS**(in millions of US$, except where indicated)

**26.          STOCK OPTIONSAND OTHER STOCK-BASED COMPENSATION** (cont'd)

**Compensation To Be Settled in Cash***Stock Price Appreciation Unit Plan*A small number ofemployees are entitled to receive Stock Price Appreciation Units (SPAU) wherebythey are entitled to receive cash in an amount equal to the excess of themarket value of a common share on the date of exercise of a SPAU over themarket value of a common share as of the date of grant of such SPAUs. In 2004, 274,650units (2003: 254,200 units; 2002: 275,600 units) were granted. At December 31,2004, 923,789 units (2003: 720,309 units; 2002: 580,305 units) wereoutstanding, of which 319,780 units (2003: 260,685 units; 2002: 214,635 units)were vested. The vesting period is linked to Alcan's share price performance,but does not exceed nine years.

*Executive Deferred Share Unit Plan*Under the ExecutiveDeferred Share Unit Plan, executive officers based in Canada may elect, prior to the beginning of any particular year, to receive Executive Deferred ShareUnits (EDSUs) with a value between 10% and 100% of their Executive PerformanceAward in respect of that year, instead of a cash payment. The number of EDSUsis determined by dividing the amount so elected by the average price of acommon share on the Toronto and New York stock exchanges at the end of thepreceding year. Additional EDSUs are credited to each holder thereofcorresponding to dividends declared on common shares. The EDSUs are redeemableonly upon termination of employment (retirement, resignation or death). Theamount to be paid by the Company upon redemption is calculated by multiplyingthe accumulated balance of EDSUs by the average price of a common share on thesaid exchanges at the time of redemption. Under the terms of this plan,discretionary EDSUs may be granted as determined by the Board. In 2004, 31,307units (2003: 25,038 units; 2002: 9,771 units) were granted and 167,865 units(2003: 24,935 units; 2002: 939 units) were redeemed. At December 31, 2004, 88,414units (2003: 224,972 units; 2002: 224,869 units) were outstanding.

*Total Shareholder Return Performance Plan*A number of employees areentitled to receive cash awards under the Total Shareholder Return PerformancePlan, a cash incentive plan which provides performance awards to eligibleemployees based on the relative performance of the Company's common share priceand cumulative dividend yield performance compared to other corporationsincluded in the Standard & Poor's Industrials Index measured overthree-year periods commencing on October 1, 2004, 2003 and 2002. If theperformance results for the Company's common shares is below the 30thpercentile compared to all companies in the Standard & Poor's IndustrialsIndex, the employee will not receive an award. At or above the 75th percentilerank, the employee will earn the maximum award, which is equal to 300% of thetarget set for the period. The actual amount of the award (if any) will beprorated between the percentile rankings. In 2004, a total target cash award of$17 (2003: $15; 2002: $12) was granted to specific key employees.

As described above, underthe Executive Deferred Share Unit Plan, executive officers based in Canada may elect, at least 12 months prior to the period, to receive EDSUs with a valuebetween 10% and 100% of their award earned under the Total Shareholder ReturnPerformance Plan for that period instead of a cash payment.

*Non-Executive Directors Deferred Share Unit Plan*Under the Non-ExecutiveDirectors Deferred Share Unit Plan, non-executive directors receive 50% ofcompensation payable in the form of Directors' Deferred Share Units (DDSUs) and50% in the form of either cash or additional DDSUs at the election of eachnon-executive director. The number of DDSUs is determined by dividing thequarterly amount payable so elected by the average price of a common share onthe Toronto and New York stock exchanges on the last five trading days of eachquarter. Additional DDSUs are credited to each holder thereof corresponding todividends declared on common shares. The DDSUs are redeemable only upontermination (retirement, resignation or death). The amount to be paid by theCompany upon redemption is calculated by multiplying the accumulated balance ofDDSUs by the average price of a common share on the said exchanges at the time ofredemption. In 2004, 35,306 units were granted (2003: 28,011 units; 2002:25,913 units) and 7,547 units were redeemed (2003: 16,742 units; 2002: 8,876units).  At December 31, 2004, 87,240 units (2003: 59,481 units; 2002: 48,212units) were outstanding.

*Restricted Stock Units*A small number ofemployees were granted Restricted Stock Units (RSUs). Additional RSUs arecredited to each holder thereof corresponding to dividends declared on commonshares and they will be fully vested three years after the grant date. Each RSUcarries the right to an amount equal to the average of the closing prices of acommon share on the Toronto and New York stock exchanges on the five tradingdays ending on the vesting date.   In 2004, 627 units were granted (2003:45,500 units) and 963 units were cancelled.  At December 31, 2004, 45,164 unitswere outstanding (2003: 45,500 units).

* *

49

**AlcanInc.**

**NOTES TOCONSOLIDATED FINANCIAL STATEMENTS**(in millions of US$, except where indicated)

**26.          STOCK OPTIONSAND OTHER STOCK-BASED COMPENSATION** (cont'd)

*Deferred Share Agreements*Deferred share agreementswere also entered into with a small number of executives whereby the executive hasthe right to receive a certain number of common shares after having completedthree years of service. Under these agreements, no deferred shares were grantedin 2004 (2003: nil; 2002: 33,500).  In 2004, 15,000 shares were vested (2003:nil; 2002: nil).

*Compensation Cost*Stock-based compensationexpense for employee compensation awards that are to be settled in cash was $16in 2004 (2003: $25; 2002: $2).

**27.          RETAINED EARNINGS**

At December31, 2004, consolidated retained earnings include $2,929 (2003: $2,591; 2002:$3,137) of undistributed earnings of subsidiaries, some part of which may besubject to certain taxes and other restrictions on distribution to the parentcompany.  Consolidated retained earnings at December 31, 2004 also include $175(2003: $155; 2002: $150) of undistributed earnings of investments accounted forusing the equity method.  Generally, no provision is made for such taxes asthese earnings are considered to be permanently reinvested in the businesses. The determination of the unrecorded deferred income tax liability for temporarydifferences related to investments in foreign subsidiaries and foreigncorporate joint ventures that are considered to be permanently reinvested isnot considered practicable.

**28.          COMMITMENTS ANDCONTINGENCIES**

In1997, as part of the claim settlement arrangements related to the BritishColumbia Government's cancellation of the Kemano Completion Project, theCompany obtained the right to transfer a portion of a power supply contractwith BC Hydro to a third party. The Company sold the right to supply thisportion to Enron Power Marketing Inc. (EPMI), a subsidiary of Enron Corporation(Enron). To obtain the consent of BC Hydro, the Company was required to retaina residual obligation for EPMI's performance under the power supply contract inthe event that EPMI became unable to perform, to a maximum aggregate amount of$100, with mitigation and subrogation rights. BC Hydro assigned its rights toreceive the power to BC Hydro's affiliate, Powerex Corporation (Powerex). OnDecember 2, 2001, EPMI and Enron filed for protection under Chapter 11 of theU.S. Bankruptcy Code and Powerex alleged that Alcan owed it a terminationpayment of more than $100.  On January 17, 2003, an arbitrator confirmedPowerex's claim for $100.  In 2003 and 2004, there were legal proceedings in Oregon and British Columbia related to the judicial review and enforcement of the January17, 2003 arbitral award.  On October 7, 2004, Alcan and Powerex agreed toterminate all legal proceedings and, on December 23, 2004, Alcan paid toPowerex $110 in full and final payment of the claim (inclusive of accruedinterest).  

The approval of thePechiney acquisition by the European Commission was obtained on September 29,2003. The approval is subject to the following conditions:

1)    Alcanmust divest its anode baking furnace designs.

2)    The Company must continue to grant licenses to third partiesfor the alumina refining technologies of either Alcan or Pechiney, andPechiney's smelter cell technologies on terms and conditions equivalent tothose in existence prior to the Pechiney acquisition.

3)    TheCompany must divest either of the following groups of assets:

(a)   Alcan's50% interest in the AluNorf rolling mill and its Göttingen and Nachterstedtrolling mills; or

(b)   Pechiney's interest in the rolling mill at Neuf-Brisach, theRugles foil mill and, at the purchaser's option, the Annecy rolling mill. 

As described in note 7 - Spin-Off ofRolled Products Businesses, the Company's spin-off of substantially all of itsrolled products businesses, while retaining the Neuf-Brisach rolling mill, hassatisfiedthe requirement for divestiture of the Neuf-Brisach or AluNorf/Göttingen/Nachterstedtrolling facilities.

4)    The Company must alsodivest either of the following operations:

(a)  Alcan'sEuropean activities in relation to aerosol cans and aluminum cartridges; or

(b)  Pechiney'sEuropean activities in relation to aerosol cans and aluminum cartridges.

 

50

**AlcanInc.**

**NOTES TOCONSOLIDATED FINANCIAL STATEMENTS**(in millions of US$, except where indicated)

**28.          COMMITMENTS ANDCONTINGENCIES** (cont'd)

On May 14, 2004, theCompany announced the sale of the Boxal Group, which comprises the activitiesin relation to aerosol cans described in 4(a) above.  The obligation to divestthe aluminum cartridges businesses ended with the spin-off of substantiallyall of the Company's rolled products businesses.

In order to obtain the approval of the Pechineyacquisition by the U.S. Department of Justice (DOJ), the Company entered into aconsent decree, on September 29, 2003, with the DOJ pursuant to which theCompany undertook to divest Pechiney's rolling mill located in Ravenswood,West Virginia, as described in note 5 - Discontinued Operations and Assets Heldfor Sale.  However, an alternative remedy to the existing order to divestRavenswood is described in note 7 - Spin-Off of Rolled Products Businesses,enabling the Company to retain the Ravenswood rolling mill.

The Company hasguaranteed the repayment of approximately $28 of indebtedness by thirdparties.  Alcan believes that none of these guarantees is likely to be invoked.These guarantees relate primarily to customer contracts, employee housing loansand potential environmental remediation at former Alcan sites. Commitments withthird parties and certain related companies for supplies of goods and services,including capital expenditures, are estimated at $885 in 2005, $598 in 2006,$578in 2007, $567 in 2008, $596 in 2009 and $3,100 thereafter. Total payments tothese entities, excluding capital expenditures, were $519 in 2004, $171 in 2003and $50 in 2002.

The Company carries insurance coveringliability, including defense costs, of directors and officers of the Company,incurred as a result of their acting as such, except in the case of failure toact honestly and in good faith.  The policy provides coverage againstcertain risks in situations where the Company may be prohibited by law fromindemnifying the directors or officers.  This policy also reimburses theCompany for certain indemnity payments made by the Company to such directors orofficers, subject to a $10 deductible in respect of each insured loss.

Minimum rentalobligations are estimated at $91 in 2005, $69 in 2006, $58 in 2007, $38 in2008, $31 in 2009 and $92 thereafter. Total rental expenses amounted to $150 in2004, $91 in 2003 and $82 in 2002.

Alcan, in the course ofits operations, is subject to environmental and other claims, lawsuits andcontingencies.  The Company is named as a defendant in relation toenvironmental contingencies at approximately 44 existing and former Alcan sitesand third-party sites. Accruals have been made in specific instances where itis probable that liabilities will be incurred and where such liabilities can bereasonably estimated.

Although there is apossibility that liabilities may arise in other instances for which no accrualshave been made, the Company does not believe that any losses in excess ofaccrued amounts would be sufficient to significantly impairits operations, have a material adverse effect on its financial position orliquidity, or materially and adversely affect its results of operations for anyparticular reporting period, absent unusual circumstances, will occur.

In addition, seereference to agreements between Alcan and Novelis in note 7, income taxes innote 11, asset retirement obligations in note 21, debt repayments in note 23,and financial instruments and commodity contracts in note 30.

 

 

 

 

51

**AlcanInc.**

**NOTES TOCONSOLIDATED FINANCIAL STATEMENTS**(in millions of US$, except where indicated)

**29.          CURRENCY GAINS ANDLOSSES**

Thefollowing are the amounts recognized in the financial statements:

**2004 **

2003 

2002 

**Currency gains (losses) recorded in  income**

Losses realized and unrealized on currency derivatives

**(66)**

(14)

(134)

Realized deferred translation adjustments*

**32 **

10 

9 

Gains (Losses) on translation of monetary assets and liabilities

**(62)**

(79)

91 

**(96)**

(83)

(34)

**Deferred translation adjustments** -  beginning of year**

**609 **

205 

(207)

Effect of exchange rate changes

**616 **

425 

460 

Gains realized*

**(32)**

(10)

(9)

Losses on  forward exchange contracts or translation of debt designated as an equity  hedge of foreign subsidiaries 

**(123)**

(28)

(39)

Gains (Losses)  on translation of a convertible loan to a subsidiary forming part of the net  investment

**(7)**

17 

- 

**Deferred translation adjustments - end of year**

**1,063 **

609 

205 

* The gain realized in 2004 of $32 relates to the sale of theBoxal Group and Suner Cartons.  

The gainrealized in 2003 includes a gain of $15 on the sale of the remaining portion ofthe Company's investment in NLM, and a gain of $11 on the sale of Fibrenyle inthe U.K., that is included in Income (Loss) from discontinued operations. These gainsare offset in part by a loss on the sale of Alcan Nikkei Siam Limited of $11,and a loss of $5 on the sale of the Company's extrusions operation in Milan, Italy, that is included inIncome (Loss) from discontinued operations.

The gain realized in 2002related to a gain on the partial sale of the Company's investment in NLM, whichwas offset in part by a loss on the sale of Alcan Nikkei Thai Limited.

** Deferred translation adjustmentsare included in Accumulated other comprehensive income (loss).

**30.          FINANCIAL INSTRUMENTSAND COMMODITY CONTRACTS**

Inconducting its business, the Company uses various derivative and non-derivativeinstruments, including forward contracts, swaps and options, to manage therisks arising from fluctuations in exchange rates, interest rates, aluminumprices and other commodity prices.  Generally, such instruments are used forrisk management purposes only.

**Derivatives− Currency**

The Companyenters into forward currency contracts and options that are designated ashedges of certain identifiable foreign currency revenue and operating costexposures.  Foreign currency forward contracts and swaps are also used to hedgecertain foreign currency denominated debt and intercompany foreign currencydenominated loans.

 

 

52

**AlcanInc.**

**NOTES TOCONSOLIDATED FINANCIAL STATEMENTS**(in millions of US$, except where indicated)

**30.          FINANCIAL INSTRUMENTSAND COMMODITY CONTRACTS**(cont'd)

OUTSTANDING AT DECEMBER 31

**2004**

2003

2002

FINANCIAL INSTRUMENT

HEDGE

**FAIR  VALUE**

FAIR  VALUE

FAIR  VALUE

Forward exchange  	

Future firm net operating cash	

**(62)**

33

(16)

contracts

flows	

** **

** **

Forward exchange contracts

To swap intercompany foreign currency denominated loans to  US$, € and CHF

**(5)**

(6)

(34)

** **

Forward exchange contracts

To hedge € net equity investment (1)

**(167)**

(44)

-

** **

Forward exchange contracts

Future commitments (2)

**5**

-

-

** **

Currency  options

Future firm operating cost commitments(3)

**-**

16

6

** **

Currency  options

Future US$ sales against € and £

**15**

51

-

** **

Forward exchange contracts

To swap CAN$ commercial paper borrowings to US$

**31**

13

-

** **

Cross currency interest swap

To swap 5.375% CHF178 million bonds to US$ (4)

**-**

-

24

** **

Cross currency interest swap and  forward exchange contracts

To swap US$ third party borrowings to KRW	

**(8)**

2

(5)

** **

Cross currency interest swap

To swap € 21 million medium term notes to  £14 million

**2**

1

(1)

** **

Cross  currency

To swap € debt to SEK

**-**

-

-

interest swap

** **

** **

Embedded  derivatives

**-**

3

(9)

 

 

53

**AlcanInc.**

**NOTES TOCONSOLIDATED FINANCIAL STATEMENTS**(in millions of US$, except where indicated)

**30.          FINANCIAL INSTRUMENTS AND COMMODITY CONTRACTS**(cont'd)

(1)   An exchange loss of nil was recorded in Other expense(income) - net (2003: $14; 2002: nil) and an exchange loss of $123 recorded in Deferredtranslation adjustments (2003: $30; 2002: nil).

(2)   Mainly Australian dollar, principally for the expansion ofthe Gove alumina refinery in Australia.

(3)   Currency options used to hedge future firm operating costcommitments matured in 2003.

(4)   The 5.375% Swiss franc bonds of principal amount of CHF178million were swapped for $105 at an effective interest rate of 8.98%.  The swapmatured in 2003.

**Derivatives - InterestRate**

The Company sometimesenters into interest rate swaps to manage funding costs as well as thevolatility of interest rates.

OUTSTANDING AT DECEMBER 31

**2004  **

2003   

2002    

**FAIR	VALUE**

FAIR 	VALUE

FAIR 	VALUE

**Financial Instrument**

Rate swap - fixed to floating

- in € Fixed to EURIBOR

**-**

8

-

Rate swap - floating to fixed

** **

- in KRW floating to KRW fixed

**(1)**

-

-

Rate swap - floating to floating capped

** **

- in € floating to € - floating capped

**-**

6

-

**Derivatives and CommodityContracts - Aluminum**Depending on supply and marketconditions, as well as for logistical reasons, the Company may sell primarymetal to third parties and may purchase primary and secondary aluminum on theopen market to meet its fabricated products requirements. In addition, theCompany may hedge certain commitments arising from pricing arrangements withsome of its customers and the effects of price fluctuations on inventories. The Company may also hold for trading purposes physical metal purchase andsales contracts with third parties.

Through the use offorward purchase and sales contracts and options, the Company seeks to limitthe negative impact of low metal prices.

OUTSTANDING AT DECEMBER 31

**2004**

2003

2002

**Financial Instrument**

** **

Forward contracts (principally forward sales  contracts in 2004 and 2003; principally forward purchase contracts in 2002)  and physical trading contracts(1)

** **

     Maturing principally in years

**2005 to 2006**

2004 to 2005

    2003 to 2004

     Fair value

**(104)**

           (18)

15

Call options purchased

** **

     Maturing principally in years

**        2005**

         2004

          2003

Fair value

**            36**

                1

-

Call options sold

** **

     Maturing principally in years

**        2005**

         2004

 -

Fair value

**           (10)**

            (21)

-

Put options purchased

** **

     Maturing principally in years

**                - **

         2004

-

Fair value

**   -**

   1

-

Embedded derivatives

** **

Maturing principally in  years

**        2005**

         2005

          2005

Fair value

**           (10)**

            (49)

4

(1)    Therewas no hedge ineffectiveness in 2004, 2003 and 2002 on forward contracts, forwhich the Company applies hedge accounting under SFAS No. 133.  The deferredloss that will be recognized in 2005 regarding forward contracts for which theCompany applies hedge accounting under SFAS No. 133 is $89 (2004: $10; 2003:nil).

54

**AlcanInc.**

**NOTES TOCONSOLIDATED FINANCIAL STATEMENTS**(in millions of US$, except where indicated)

**30.               FINANCIALINSTRUMENTS AND COMMODITY CONTRACTS**(cont'd)

**Derivativesand Commodity Contracts - Other Metals**

The Companyhas entered into derivatives to hedge the effects of price fluctuations onsales, purchases and inventories.

OUTSTANDING AT DECEMBER 31

**2004**

2003

2002

**Financial  Instrument**

Forward contracts (principally forward sales contracts)

 Maturing  principally in years

**2005**

2004

-

 Fair value

**      (2)**

     (53)

-

**Derivatives- Oil**

As a hedgeof future oil purchases, the Company has outstanding as at December 31:

**2004**

2003

2002

**Financial Instrument**

** **

Futures, swaps  and options

    Maturing at various times in years

**2005 to 2006**

2004 to 2006

2003 to 2006

Fair  value

**-**

                  2

                      9

**Derivatives- Natural Gas**

As a hedgeof future natural gas purchases, the Company has outstanding as atDecember 31:

**2004**

2003

2002

**Financial  Instrument**

Swaps, options  and fixed price contracts

** **

Maturing at various times throughout

**2005**

          2004

2003

Fair value

**(1)**

                  1

2

Embedded derivatives

** **

Maturing at various times throughout

**2007**

          2007

-

Fair value

**(4)**

              (1)

-

**Derivatives- Electricity**

As a hedgeof future electricity purchases, the Company has outstanding as atDecember 31:

**2004**

2003

2002

**Financial  Instrument**

Fixed price  contracts

** **

Maturing at various times in years

**2016**

          2016

-

Fair value

**    18**

                 1

-

**Counterpartyrisk**

As exchangerates, interest rates, and prices for metal, oil, natural gas and electricity fluctuate,the above contracts, excluding embedded derivatives, will generate gains andlosses that will be offset by changes in the value of the underlying itemsbeing hedged. The Company may be exposed to losses in the future if thecounterparties to the above contracts fail to perform. However, the Company issatisfied that the risk of such non-performance is remote, due to itsmonitoring of credit exposures.

**Financial Instruments - Fair Value**On December 31, 2004, thefair value of the Company's long-term debt totaling $6,914 (2003: $7,778; 2002:$3,369) was $7,158 (2003: $7,953; 2002: $3,587), based on market prices for theCompany's fixed rate securities and the book value of variable rate debt.

At December 31, 2004, thequoted market value of the Company's marketable portfolio investments having abook value of $52 (2003: $45; 2002: $28) was $60 (2003: $51; 2002: $34).

 

55

**AlcanInc.**

**NOTES TOCONSOLIDATED FINANCIAL STATEMENTS**(in millions of US$, except where indicated)

**30.          FINANCIALINSTRUMENTS AND COMMODITY CONTRACTS**(cont'd)

At December 31, 2004, thefair value of the Company's preference shares having a book value of $160 (2003and 2002: $160) was $185 (2003: $173; 2002: $131).

The fair values of all other financial assetsand liabilities are approximately equal to their carrying values.

**31.          SUPPLEMENTARYINFORMATION**

**2004 **

2003 

2002 

**Income statement**

Interest on  long-term debt

**316 **

187 

155

Capitalized  interest

**(11)**

(5)

-

**Balance sheet**

** **

Payables and  accrued liabilities include the following:

** **

 Trade  payables 

**2,804 **

3,008 

1,053

 Other  accrued liabilities

**1,701 **

1,136 

918

 Income and  other taxes

**343 **

377 

239

 Accrued  employment costs

**616 **

325 

273
     
At December 31, 2004, the weighted average interest rate on short-term  borrowings for continuing operations was 2.6% (2003: 2.5%; 2002: 4.1%)

**Statement of cash flows**

Interest paid

** **

─ continuing operations

**413 **

218 

191

─ discontinued operations

**3 **

1 

3

Income taxes paid

─ continuing operations

**546 **

230 

161

─ discontinued operations

**6 **

2 

2

**32.      POST-RETIREMENTBENEFITS**

Alcan and its subsidiarieshave established pension plans in the principal countries where they operate. Thepension obligation relates to funded defined benefit pension plans mostly inCanada, Switzerland, the United Kingdom and the United States ("FundedPension Plans") and to unfunded defined benefit pension plans mostly inFrance and Germany as well as lump sum indemnities payable to employees ofFrench companies upon retirement ("Unfunded Pension Plans"). Pensionbenefits are generally based on the employee's service and highest averageeligible compensation before retirement, and are periodically adjusted for costof living increases, either by Company practice, collective agreement orstatutory requirement.

The Company and some ofits subsidiaries also provide health care and life insurance benefits to retiredemployees in Canada and the United States, mostly unfunded.   

Funded Pension Plans areadministered by a Board of Trustees composed of plan members designated by theCompany and employees.  Each Board adopts its own investment policy whichgenerally favors diversification and active management of plan assets throughselection of specialized managers. Investments are generally limited topublicly traded stocks and high rated debt securities, excluding securities inAlcan, and include only small amounts in other categories, except for the Swissplan, whose target allocation is evenly distributed between equity, bonds andreal estate. Depending on the age distribution of the membership, targetallocation, other than for the Swiss plan, varies as indicated below.

 

56

**AlcanInc.**

**NOTES TOCONSOLIDATED FINANCIAL STATEMENTS**(in millions of US$, except where indicated)

**32.     POST-RETIREMENT BENEFITS**(cont'd)

The allocation at December 31, 2004 includes all majorplans.

CATEGORY  OF ASSET

TARGET ALLOCATION

           ALLOCATION  IN AGGREGATE  AT DECEMBER 31

**2004**

2003

2002

Equity

40% to 65%

**          54%**

         52%

         50%

Debt  securities

30% to 55%

**          35%**

         37%

         40%

Real  estate

**            6%**

           6%

           7%

Thefollowing table presents the funded status and the amounts recognized in theconsolidated balance sheet:

PENSION BENEFITS 

OTHER BENEFITS

**2004**

2003

2002

**2004**

2003

2002

**Change in benefit obligation**

Benefit obligation at January 1

**9,829 **

7,134 

6,464 

**942 **

233 

210 

Service cost

**181 **

137 

123 

**13 **

6 

5 

Interest cost

**549 **

442 

401 

**56 **

16 

14 

Members' contributions

**44 **

39 

27 

**- **

- 

- 

Benefits paid

**(553)**

(391)

(387)

**(65)**

(16)

(14)

Amendments

**8 **

4 

111 

**(3)**

- 

1 

Acquisition of Pechiney

**(17)**

1,037 

- 

**35 **

661 

- 

Other acquisitions

**118 **

174 

- 

**29 **

2 

- 

Curtailments/divestitures

**(38)**

1 

(6)

**- **

- 

(2)

Actuarial  (gains) losses

**823 **

822 

(41)

**42 **

39 

19 

Currency losses

**440 **

430 

442 

**1 **

1 

- 

**Benefit obligation measured at  December 31**

**11,384 **

9,829 

7,134 

**1,050 **

942 

233 

Benefit obligation of funded  pension plans

**10,117 **

8,729 

6,830 

**N/A **

N/A 

N/A 

Benefit obligation of unfunded  pension plans

**1,267 **

1,100 

304 

**N/A **

N/A 

N/A 

**Benefit obligation measured at  December 31**

**11,384 **

9,829 

7,134 

**1,050 **

942 

233 

**Change in market value of plan  assets**

** **

** **

Assets at January 1

**7,537 **

5,760 

6,028 

**2 **

3 

4 

Actual return on assets

**848 **

1,298 

(347)

**- **

- 

- 

Members' contributions

**44 **

39 

27 

**- **

- 

- 

Benefits paid from funded plans

**(459)**

(360)

(349)

**(2)**

(1)

(1)

Company contributions

**188 **

124 

89 

**2 **

- 

- 

Acquisition of Pechiney

**(15)**

260 

- 

**- **

- 

- 

Other acquisitions

**83 **

92 

- 

**- **

- 

- 

Curtailments/divestitures

**(39)**

- 

(4)

**- **

- 

- 

Currency gains 

**281 **

324 

316 

**- **

- 

- 

**Assets at December 31**

**8,468 **

7,537 

5,760 

**2 **

2 

3 

Assets less than benefit  obligation of funded 

** **

** **

pension plans

**(1,649)**

(1,192)

(1,070)

**N/A **

N/A 

N/A 

Benefit obligation of  unfunded pension plans

**(1,267)**

(1,100)

(304)

**N/A **

N/A 

N/A 

**Assets less than total  benefit obligation**

**(2,916)**

(2,292)

(1,374)

**(1,048)**

(940)

(230)

Unamortized 

** **

** **

 ─ actuarial losses

**1,124 **

594 

645 

**82 **

30 

(11)

 ─ prior service cost

**560 **

624 

687 

**(2)**

1 

2 

Minimum pension liability 

**(1,036)**

(722)

(605)

**- **

- 

- 

Intangible assets

**253 **

223 

142 

**- **

- 

- 

**Net liability in balance sheet**

**(2,015)**

(1,573)

(505)

**(968)**

(909)

(239)

Net liability in balance  sheet for funded pension 

** **

** **

plans

**(853)**

(533)

(228)

**N/A **

N/A 

N/A 

Net liability in balance  sheet for unfunded pension

** **

** **

plans

**(1,162)**

(1,040)

(277)

**N/A **

N/A 

N/A 

**Net liability in balance sheet**

**(2,015)**

(1,573)

(505)

**(968)**

(909)

(239)

Deferred charges and other assets

**197 **

210 

314 

**- **

- 

- 

Intangible assets

**253 **

223 

142 

**- **

- 

- 

Payables and accrued liabilities

**44 **

5 

16 

**(12)**

- 

- 

Deferred credits and other  liabilities

**(2,509)**

(2,011)

(977)

**(956)**

(909)

(239)

**Net liability in balance sheet**

**(2,015)**

(1,573)

(505)

**(968)**

(909)

(239)

57
**AlcanInc.**
**NOTES TOCONSOLIDATED FINANCIAL STATEMENTS**(in millions of US$, except where indicated)

**32.          POST-RETIREMENTBENEFITS**(cont'd)

Forcertain plans, the projected benefit obligation (PBO) exceeds the market valueof the assets. For these plans, including unfunded pensions and lump sumindemnities, the PBO is $10,292 (2003: $6,926; 2002: $6,404), the accumulatedbenefit obligation (ABO) is $9,623 (2003: $6,510; 2002: $5,837) while themarket value of the assets is $7,341 (2003: $4,544; 2002: $5,007).

Thetotal ABO is $10,594 (2003: $9,155; 2002: $6,464). For certain plans, the ABOexceeds the market value of the assets.  For these plans, including unfundedpensions and lump sum indemnities, the PBO is $6,697 (2003: $5,791; 2002:$3,798), the ABO is $6,318 (2003: $5,483; 2002: $3,528) while the market valueof the assets is $3,845 (2003: $3,493; 2002: $2,591).

Alcan'spension funding policy is to contribute the amount required to provide forcontractual benefits attributed to service to date and to amortize unfundedactuarial liabilities for the most part over periods of 15 years or less. The Companyexpects to contribute $206 in aggregate to its Funded Pension Plans in 2005.Benefits from Unfunded Pension Plans and health care and life insurancebenefits are paid from operating cash flows.

Information about theexpected benefit payments are as follows:

Funded Pension Plans

Unfunded Pension Plans

Other Benefits

2005

477

76

72

2006

489

77

72

2007

503

80

76

2008

518

82

79

2009

536

81

82

2010-2014

2,935

470

449
         
PENSION BENEFITS

OTHER BENEFITS

**2004**

2003

2002

**2004**

2003

2002

**Components of net periodic benefit  cost**

** **

Service cost

**181 **

137 

123 

**13 **

6

5 

Interest cost

**549 **

442 

401 

**56 **

16

14 

Expected return on assets

**(520)**

(434)

(435)

**- **

-

- 

Amortization  

** **

** **

 ─ actuarial (gains) losses

**66 **

81 

9 

**(1)**

-

(2)

 ─ prior service cost

**72 **

69 

69 

**- **

-

- 

Curtailment/settlement (gains)  losses

**(13)**

8 

9 

**- **

-

(2)

**Net periodic benefit cost**

**335 **

303 

176 

**68 **

22

15 

**Weighted  average assumptions used to determine benefit obligations at December 31**

Discount rate

**5.3%**

5.6%

5.8%

**5.8%**

6.2%

6.5%

Average  compensation growth

**3.4%**

3.3%

3.3%

**3.7%**

3.7%

3.9%

**Weighted  average assumptions used to determine net periodic benefit cost**

** **

** **

Discount rate 

**5.6%**

5.8%

6.1%

**6.2%**

6.5%

6.9%

Average compensation  growth 

**3.3%**

3.3%

3.6%

**3.7%**

3.9%

4.4%

Expected  return on plan assets

**7.0%**

7.1%

7.1%

**8.5%**

8.5%

8.5%

** **

In estimating theexpected return on assets of a pension plan, consideration is given primarilyto its target allocation, the current yield on long-term bonds in the countrywhere the plan is established, and the historical risk premium in each relevantcountry of equity or real estate over long-term bond yields. The approach isconsistent with the principle that assets with higher risk provide a greaterreturn over the long term.

 

58

**AlcanInc.**

**NOTES TOCONSOLIDATED FINANCIAL STATEMENTS**(in millions of US$, except where indicated)

**32.               POST-RETIREMENTBENEFITS**(cont'd)

The assumed health carecost trend used for measurement purposes is 9.8% for 2005, decreasing graduallyto 4.5% in 2011 and remaining at that level thereafter. A one percentage pointchange in assumed health care cost trend rates would have the followingeffects:

** **

**OTHER BENEFITS**

** **

**1% INCREASE**

**1% DECREASE**

**Sensitivity Analysis**

Effect on  service and interest costs

**6            **

**(5)           **

Effect on  benefit obligation

**74           **

**(67)          **

TheCompany also sponsors savings plans in Canada and the United States as well as defined contribution pension plans in various countries. The cost of theCompany contribution was $26 in 2004 (2003: $21; 2002: $20). 

**33.      INFORMATIONBY GEOGRAPHIC AREAS**

** **

**LOCATION**

**2004 **

2003 

2002 

** **

**Sales and operating revenues**-**  third**

Canada

**1,117 **

821 

719 

**parties (by destination)**

United States

**7,620 **

4,535 

4,659 

Brazil

**527 **

414 

391 

France

**2,197 **

569 

424 

United Kingdom

**2,099 **

1,049 

949 

Germany

**2,267 **

1,591 

1,375 

Switzerland

**235 **

212 

194 

Other Europe

**4,453 **

2,377 

1,872 

Australia

**429 **

106 

105 

Asia and Other Pacific

**3,051 **

1,788 

1,520 

All other

**890 **

388 

275 

** **

Total

**24,885 **

13,850 

12,483 

** **
   
**Sales and operating revenues**-

Canada

**3,394 **

2,577 

2,354 

**intercompany (by origin)**

United States

**945 **

581 

602 

Brazil

**76 **

57 

35 

France

**2,504 **

18 

15 

United Kingdom

**578 **

445 

385 

Germany

**546 **

326 

145 

Switzerland

**1,250 **

772 

765 

Other Europe

**1,045 **

529 

492 

Australia

**926 **

279 

232 

Asia and Other Pacific

**56 **

19 

13 

All other

**415 **

37 

10 

Sub-total

**11,735 **

5,640 

5,048 

Consolidation eliminations

**(11,735)**

(5,640)

(5,048)

Total

**- **

- 

- 

 

 

59

**AlcanInc.**

**NOTES TOCONSOLIDATED FINANCIAL STATEMENTS**(in millions of US$, except where indicated)

**33.**        **INFORMATION BY GEOGRAPHIC AREAS** (cont'd)

Sales tosubsidiary companies are made at fair market prices recognizing volume,continuity of supply and other factors.

** **

**LOCATION**

**2004 **

2003 

2002 

**Sales and operating revenues - third**

Canada

**1,504 **

1,390 

1,018 

**parties (by origin)**

United States

**7,648 **

4,345 

4,484 

Brazil

**587 **

440 

409 

France

**4,405 **

418 

268 

United Kingdom

**1,025 **

814 

847 

Germany

**3,203 **

2,395 

2,014 

Switzerland

**1,831 **

1,440 

1,411 

Other Europe

**1,914 **

1,068 

766 

Australia

**384 **

188 

186 

Asia and Other Pacific

**1,925 **

1,245 

980 

All other

**459 **

107 

100 

Total

**24,885 **

13,850 

12,483 

**Income (Loss) from continuing**

Canada

**(43)**

(81)

119 

**operations (*)(**)**

United States

**129 **

66 

78 

Brazil

**62 **

13 

40 

France

**(200)**

(34)

12 

United Kingdom

**(33)**

8 

8 

Germany

**21 **

4 

37 

Switzerland

**67 **

20 

(4)

Other Europe

**59 **

66 

17 

Australia

**227 **

147 

84 

Asia and Other Pacific

**1 **

22 

1 

All other

**21 **

30 

24 

Consolidation eliminations

**(59)**

1 

5 

Total

**252 **

262 

421 

(*) Other Specified Items included in Income (Loss) fromcontinuing operations is comprised of restructuring charges, asset impairments,gain (loss) from non-routine sales of assets, businesses and investment, taxadjustments, legal and environmental provisions and other. In 2004, OtherSpecified Items also included purchase accounting adjustments related toinventories and, in 2003, Pechiney financing-related gains and purchaseaccounting adjustments related to in-process research and development.

In 2004,Income from continuing operations included after-tax charges (income) relatingto Other Specified Items of $39 for Canada, $92 for the United States, ($15)for Brazil, $219 for France, $18 for the United Kingdom, $6 for Germany, $8 forSwitzerland, $37 for Other Europe, ($23) for Australia and $14 for All other.

In 2003,Income from continuing operations included after-tax charges (income) relatingto Other Specified Items of ($60) for Canada, $31 for the United States, $16for Brazil, $39 for France, ($3) for the United Kingdom, $10 for Germany, $16for Switzerland, ($4) for Other Europe, ($74) for Australia and ($14) for Asiaand Other Pacific.

In 2002,Income from continuing operations included after-tax charges (income) relatingto Other Specified Items of $85 for Canada, $20 for the United States, ($2) forBrazil, $3 for France, $12 for the United Kingdom, ($5) for Germany, $2 forSwitzerland, $13 for Other Europe, ($14) for Asia and Other Pacific and ($5)for All other.

(**)  In 2002, Income from continuing operations included income(charges) for transfer pricing adjustments of $69 for Canada, ($70) for the United States and $5 for the United Kingdom.

 

60

**AlcanInc.**

**NOTES TOCONSOLIDATED FINANCIAL STATEMENTS**(in millions of US$, except where indicated)

**33.          INFORMATIONBY GEOGRAPHIC AREAS**(cont'd)

** **

**LOCATION**

**2004**

2003

2002

** **

**Property, plant and equipment,**

Canada

**4,735**

4,605

4,444

**Intangible assets and****Goodwill  at**

United States

**2,796**

3,152

1,500

**December 31 (***)**

Brazil

**648**

695

681

France

**3,046**

3,564

224

United Kingdom

**983**

1,002

810

Germany

**1,229**

1,170

828

Switzerland

**839**

637

630

Other Europe

**2,205**

2,118

1,141

Australia

**2,402**

1,901

1,130

Asia and Other Pacific

**865**

812

627

All other

**271**

348

8

** **

Total

**20,019**

20,004

12,023

** **

** **

** **

**Cash paid for capital expenditures**

Canada

**377**

286

477

**and business acquisitions**

United States

**230**

928

94

Brazil

**36**

68

60

France

**355**

1,610

14

United Kingdom

**65**

134

70

Germany

**106**

178

70

Switzerland

**51**

30

43

Other Europe

**163**

650

70

Australia

**210**

414

40

Asia and Other Pacific

**112**

181

33

All other

**50**

178

2

Total

**1,755**

4,657

973

** **

**Average number of employees**

Canada

**11**

11

12

**excluding Pechiney in 2003 and 2002**

United States

**14**

8

9

**(in thousands - unaudited)**

Brazil

**4**

3

3

France

**17**

2

2

United Kingdom

**4**

4

4

Germany

**8**

7

7

Switzerland

**3**

3

3

Other Europe

**9**

5

4

Australia

**2**

1

1

Asia and Other Pacific

**7**

2

2

All other

**3**

1

-

** **

Total

**82**

47

47

(***)   In 2004, Property, plant and equipment, Intangibleassets, and Goodwill reflect goodwill impairment charges of $36 in the United States, $116 in France, and $2 in the United Kingdom. 

             In 2003, Property, plant and equipment, Intangibleassets, and Goodwill reflect goodwill impairment charges of $6 in France, $5 in Germany, $5 in Switzerland and $12 in Other Europe.

In 2002, Property, plant andequipment, Intangible assets and Goodwill  reflect goodwillimpairment charges of $9 for Canada, $130 for the United States, $33 for the United Kingdom, $208 for Germany, $171 for Switzerland and $189 for Other Europe.

 

61

 

**AlcanInc.**

**NOTES TOCONSOLIDATED FINANCIAL STATEMENTS**(in millions of US$, except where indicated)

**34.         INFORMATIONBY OPERATING SEGMENTS**

The following presents selectedinformation by operating segment, viewed on a stand-alone basis.  The operatingmanagement structure is comprised of six operating segments.  The six operatingsegments are Bauxite and Alumina; Primary Metal; Rolled Products Americas and Asia; Rolled Products Europe; Engineered Products and Packaging.  The Company's measure ofthe profitability of its operating segments is referred to as business groupprofit (BGP).  BGP comprises earnings before interest, income taxes, minorityinterests, depreciation and amortization and excludes certain items, such ascorporate costs, restructuring costs (relating to major corporate-wideacquisitions or initiatives), impairment and other special charges, and pensionactuarial gains, losses and other adjustments, that are not under the controlof the business groups or are not considered in the measurement of theirprofitability.  These items are generally managed by the Company's corporatehead office, which focuses on strategy development and oversees governance,policy, legal, compliance, human resources and finance matters.  The change infair market value of derivatives is removed from individual BGP and is shown ona separate line in the reconciliation to income from continuing operations. This presentation provides a more accurate portrayal of underlying businessgroup results and is in line with the Company's portfolio approach to riskmanagement.  Transactions between operating segments are conducted on anarm's-length basis and reflect market prices.  Thus, earnings from the PrimaryMetal group represent mainly profit on metal produced by the Company, whethersold to third parties or used in the Company's Rolled Products, EngineeredProducts or Packaging groups. Earnings from the Rolled Products, EngineeredProducts and Packaging groups represent only the fabricating profit on theirrespective products. 

Subsequent to the spin-off ofsubstantially all of its rolled products businesses, the operating managementstructure comprises four operating segments.  The four operating segments areBauxite and Alumina; Primary Metal; Engineered Products and Packaging.  Therolled products facilities retained by Alcan are Neuf-Brisach and Issoire, in France,Sierre in Switzerland, and Ravenswood in West Virginia, which are part ofEngineered Products, and Singen in Germany, which is a shared facility betweenEngineered Products and Packaging.

Theaccounting principles used to prepare the information by operating segment arethe same as those used to prepare the consolidated financial statements of theCompany, except for the following two items: 
(1)
The operating segments include theCompany's proportionate share of joint ventures (including joint venturesaccounted for using the equity method) as they are managed within eachoperating segment, with the adjustments for equity-accounted joint venturesshown on a separate line in the reconciliation to Income from continuingoperations; and 
(2)
Pension costs for the operatingsegments are based on the normal current service cost with all actuarial gains,losses and other adjustments being included in Intersegment and other.

Theoperating segments are described below.

**Bauxite and Alumina**Headquartered inMontreal, Canada, this group comprises Alcan's worldwide activities related tobauxite mining and refining into smelter-grade and specialty aluminas, owningand/or operating eight bauxite mines and deposits in six countries, sevensmelter-grade alumina plants in five countries and seven specialty aluminaplants in four countries.  Two of these facilities are excluded from theoperating segment information as they have been reclassified to discontinuedoperations and assets held for sale.  This group also comprises the sales oftechnology and technical assistance as well as the alumina trading businesspreviously included in Pechiney World Trade.  

**Primary Metal**Also headquartered in Montreal, this group comprises smelting operations, power generation, production of primaryvalue-added ingot, manufacturing of smelter anodes and aluminum fluoride,technology sales, engineering operations and trading operations for aluminum,operating or having interests in 25 smelters in 13 countries.  One of these smeltersis excluded from the operating segment information as it has been reclassifiedto discontinued operations and assets held for sale.  The Company is in theprocess of relocating the operational headquarters of its European primaryaluminum business to Voreppe, France.  

**Rolled Products Americas and Asia**Headquartered in Cleveland, U.S.A., this group produces aluminum sheet and light gauge products, operating 15plants in five countries.

62

**AlcanInc.**

**NOTES TOCONSOLIDATED FINANCIAL STATEMENTS**(in millions of US$, except where indicated)

**34.         INFORMATIONBY OPERATING SEGMENTS**(cont'd)

**Rolled Products Europe**

Headquartered in Zurich, Switzerland, this group produces aluminum sheet, including automotive, can and lithographic sheet,plate and foil stock production, operating 21 plants in seven countries.  This group includes theRugles and Annecy rolling mills previously reported as segregated businesses,which have been included in the spin-off to Novelis on January 6, 2005.  Seenote 7 - Spin-off of Rolled Products Businesses and note 28 - Commitments andContingencies. 

**Engineered Products**Headquartered in Paris, France, this group producesextruded, rolled and cast aluminum products, engineered shaped products andstructures, including cable, wire and rod, as well as composite materials suchas aluminum-plastic, fibre reinforced plastic and foam-plastic in 48 plantslocated in 11 countries. This group includes the Neuf-Brisach rolling mill previouslyreported as a segregated business.  See note 7 - Spin-off of Rolled ProductsBusinesses and note 28 - Commitments and Contingencies.  Four of these facilitiesare excluded from the operating segment information as they have been reclassifiedto discontinued operations and assets held for sale.  Also included in this operatingsegment is the Ravenswood facility, which had previously been reported indiscontinued operations and assets held for sale.  All operating segmentinformation for 2004, and 2003 operating segment information pertaining only toitems included in the consolidated balance sheet include Ravenswood as part ofEngineered Products.  See note 5 - Discontinued Operations and Assets Held for Sale and note 7 - Spin-Off of Rolled Products Businesses.  Also included in Engineered Products are 50 service centresin 13 countries offering technical assistance, cutting, shaping, machining andassembling for smaller customers, and nearly 40 offices that sell and sourceproducts in 32 countries.  

**Packaging**Headquartered in Paris, this group consists of theCompany's worldwide food, pharmaceutical and medical, beauty and personal care andtobacco packaging businesses, operating approximately 180 plants in 27countries.  This group includes the aerosol businesspreviously reported as segregated businesses.  See note 7 - Spin-off of RolledProducts Businesses and note 28 - Commitments and Contingencies. 

**Intersegment and other**This classificationincludes the deferral or realization of profits on intersegment sales ofaluminum and alumina, corporate office costs as well as other non-operatingitems.

SALES AND OPERATING REVENUES

         INTERSEGMENT

         THIRD PARTIES

**2004 **

2003 

2002 

**2004 **

2003 

2002 

Bauxite and Alumina

**1,596 **

873 

758 

**1,501 **

539 

440 

Primary Metal

**4,263 **

2,306 

2,204 

**4,275 **

2,647 

2,473 

Rolled Products Americas and Asia

**85 **

64 

185 

**4,388 **

3,528 

3,396 

Rolled Products Europe

**702 **

602 

403 

**3,217 **

2,458 

2,238 

Engineered Products

**629 **

32 

22 

**5,162 **

1,760 

1,601 

Packaging

**9 **

4 

8 

**6,119 **

2,864 

2,250 

Adjustments for equity-accounted joint  ventures

**- **

- 

- 

**(40)**

18 

26 

Other

**(7,284)**

(3,881)

(3,580)

**263 **

36 

59 

**- **

- 

- 

**24,885 **

13,850 

12,483 

** **

Business Group Profit (BGP)

**2004 **

2003 

2002 

Bauxite and Alumina

**464  **

191  

248  

Primary Metal

**1,518  **

814  

857  

Rolled Products Americas and Asia

**398  **

344  

365  

Rolled Products Europe

**250  **

224  

168  

Engineered Products

**324  **

103  

100  

Packaging

**657  **

354  

288  

Adjustments for equity-accounted joint  ventures

**(242)**

(147)

(138)

Adjustments for mark-to-market of derivatives

**(28)**

107  

63  

Depreciation and amortization

**(1,337)**

(862)

(772)

Goodwill impairment

**(154)**

(28)

-  

Intersegment, corporate offices and other

**(916)**

(390)

(314)

Equity income

**54  **

38  

44  

Interest

**(346)**

(212)

(198)

Income taxes

**(375)**

(258)

(287)

Minority interests

**(15)**

(16)

(3)

**Income from continuing operations**

**252  **

262  

421 

 

 

63

**AlcanInc.**

**NOTES TOCONSOLIDATED FINANCIAL STATEMENTS**(in millions of US$, except where indicated)

**34.         INFORMATIONBY OPERATING SEGMENTS**(cont'd)

Included in 2004 Intersegment,corporate offices and other are asset impairments of $67, synergy costs of $53,restructuring charges of $18, purchase accounting adjustments related toinventory of $156 and Novelis costs of $40, partially offset by a gain resulting from a dilution in theCompany's interest in an anode-producing facility in the Netherlands of $46 anda net gain on sale of fixed assets of $13.

Included in 2003Intersegment, corporate offices and other are asset impairments of $25, legaland environmental provisions of $36, restructuring charges of $32, purchaseaccounting adjustments related to in-process research and development of $50,and other of $17, partially offset by a net currency-related gain on thefinancing of the Pechiney acquisition of $59, 2001 restructuring programrecoveries of $38 and net gains of $21 on disposal of businesses.  The 2001restructuring program recoveries included ($5) for Bauxite and Alumina, ($11)for Primary Metal, ($6) for Rolled Products Americas and Asia, ($22) for RolledProducts Europe, $1 for Engineered Products, $3 for Packaging and $2 forIntersegment and Other.

Included in 2002 BGP forBauxite and Alumina is a gain of $5 related to the sale of fixed assets. 

Included in 2002Intersegment, corporate offices and other are net charges of $84 relatingprincipally to a provision of $100 for the ruling on a contract dispute withPowerex (an affiliate of BC Hydro), an increase of $9 to legal provisions, aloss of $6 on redemption of debt and 2001 restructuring program charges of $63,partially offset by a gain of $34 on the sale of a portfolio investment.  The2001 restructuring program charges included $14 for Bauxite and Alumina, ($6)for Primary Metal, $15 for Rolled Products Americas and Asia, $14 for RolledProducts Europe, $1 for Engineered Products, $8 for Packaging and $17 forIntersegment and Other.

**TOTAL ASSETS AT DECEMBER 31**

**2004 **

2003 

2002 

Bauxite and Alumina

**3,450 **

2,399 

2,105 

Primary Metal

**10,459 **

8,778 

6,444 

Rolled Products Americas and Asia

**2,760 **

2,424 

2,497 

Rolled Products Europe

**3,091 **

3,093 

2,070 

Engineered Products

**4,154 **

2,861 

1,311 

Packaging

**8,096 **

6,519 

2,964 

Adjustments for equity-accounted joint  ventures

**(313)**

(334)

(286)

Other

**664 **

4,740 

310 

Assets held for sale:

** **

  Bauxite and Alumina

**63 **

127 

- 

  Primary Metal

**823 **

1,054 

- 

  Engineered Products

**90 **

181 

102 

  Packaging

**4 **

106 

244 

  Total assets held for sale

**980 **

1,468 

346 

**33,341 **

31,948 

17,761 

	     DEPRECIATION AND      AMORTIZATION

	     CASH PAID FOR CAPITAL      EXPENDITURES  AND BUSINESS      ACQUISITIONS

 
2004 

2003 

2002 

2004 

2003 

2002 

 
Bauxite and Alumina

**138 **

92 

83 

**202 **

186 

104 

 
Primary Metal

**495 **

323 

295 

**628 **

1,303 

556 

 
Rolled Products Americas and Asia

**148 **

150 

146 

**82 **

81 

73 

 
Rolled Products Europe

**142 **

111 

97 

**165 **

338 

91 

 
Engineered Products

**173 **

78 

67 

**173 **

523 

58 

 
Packaging

**336 **

172 

134 

**424 **

1,338 

160 

 
Adjustments  for equity-accounted joint ventures

**(119)**

(74)

(61)

**(36)**

(45)

(77)

 
Other

**24 **

10 

11 

**117 **

933 

8 

 
**1,337 **

862 

772 

**1,755 **

4,657 

973 

 
64

**AlcanInc.**

**NOTES TOCONSOLIDATED FINANCIAL STATEMENTS**(in millions of US$, except where indicated)

**35.          DIFFERENCES BETWEENUNITED STATES AND CANADIAN GENERALLY ACCEPTED ACCOUNTING PRINCIPLES (GAAP)**

Significantdifferences between United States and Canadian GAAP are described below.

**(A)Derivatives**

Beginning in 2001, the Company was required to adopt, for U.S. GAAPpurposes, SFAS Nos. 133 and 138, Accounting for Derivative Instruments andHedging Activities. These standards require that all derivatives be recorded inthe financial statements at fair value.  Beginning in 2001, unrealized gains andlosses resulting from the valuation at fair value of derivatives not meetingstrict hedge accounting criteria are recognized in net income as the gains andlosses arise and not concurrently with the recognition of the transactionsbeing hedged.  Upon initial adoption of the SFAS Nos. 133 and 138 in 2001, thecumulative effect of the accounting change resulted in a decrease in net incomeof $12.

Beginning January 1, 2004,with the adoption of Canadian Institute of Chartered Accountants (CICA)guideline AcG-13, Hedging Relationships, unrealized gains and losses resultingfrom the valuation at fair value of derivatives not meeting strict hedgeaccounting criteria are recognized in net income as the gains and losses ariseand not concurrently with the recognition of the transactions being hedged.Upon initial adoption of AcG-13, the effect of the accounting change resultedin an increase in Deferred charges and other assets of $5 and an increase inDeferred credits and other liabilities of $5. Under Canadian GAAP, therecognition of embedded derivatives is not permitted.

AcG-13 establishes certain criteriaregarding when hedge accounting may be applied and this guideline is effectivefor the Company's fiscal year beginning January 1, 2004.  Each hedgingrelationship is subject to an effectiveness test on a regular basis forreasonable assurance that it is and will continue to be effective.  Under theserules, any derivative instrument that does not qualify for hedge accounting isreported on a mark-to-market basis in earnings. Under U.S. GAAP, hedgeineffectiveness is recognized in the statement of income in the current periodwhereas under Canadian GAAP such recognition is elective.  In order to minimizedifferences with U.S. GAAP, the Company has chosen to record ineffectivenessunder Canadian GAAP.  Under U.S. GAAP, the change in fair value of derivativesthat are treated as cash flow hedges is recorded on the balance sheet in Othercomprehensive income whereas under Canadian GAAP it is recorded in Deferred chargesand other assets or Deferred credits and other liabilities.

**(B) Currency Translation**

The difference betweenDeferred translation adjustments under U.S. GAAP and Canadian GAAP arises fromthe different treatment of exchange on long-term debt at January 1, 1983,resulting from the adoption of Canadian accounting standards on foreigncurrency translation on such date.

**(C)Investments**

Under U.S. GAAP, certainportfolio investments, which are considered to be "available-for-sale"securities, are measured at market value, with the unrealized gains or lossesincluded in Comprehensive income. Under Canadian GAAP, the concept ofcomprehensive income does not exist and these investments are measured at cost.** **

**(D)Minimum Pension Liability**

Under U.S. GAAP, if theaccumulated benefit obligation exceeds the market value of plan assets, aminimum pension liability for the excess is recognized to the extent that theliability recorded in the balance sheet is less than the minimum liability. Any portion of this additional liability that relates to unrecognized pastservice cost is recognized as an intangible asset while the remainder ischarged to Comprehensive income.  Canadian GAAP has no such requirement torecord a minimum liability.

**(E) Impairment of Goodwill**

Under U.S. GAAP, goodwillimpairment identified as at January 1, 2002, was charged to income as thecumulative effect of an accounting change. Under Canadian GAAP, the impairmentloss identified as at January 1, 2002, was recognized as a charge to openingretained earnings in 2002. 

65

**AlcanInc.**

**NOTES TOCONSOLIDATED FINANCIAL STATEMENTS**(in millions of US$, except where indicated)

**35.          DIFFERENCES BETWEENUNITED STATES AND CANADIAN GENERALLY ACCEPTED ACCOUNTING PRINCIPLES (GAAP) (cont'd)**

**(F)Asset Retirement Obligations**

UnderU.S. GAAP, the Company retroactively adopted on January 1, 2003, SFAS No. 143,Accounting for Asset Retirement Obligations, as described in note 4 -Accounting Changes, and the cumulative effect of the accounting change wascharged to income. Under Canadian GAAP, this standard was retroactively adoptedon January 1, 2004, however the cumulative effect of the accounting change wasrecognized as a charge to retained earnings at January 1, 2001.  

**(G) Deferred TranslationAdjustments**

Under U.S. GAAP, deferredtranslation adjustments are reported as a component of Comprehensive income.Under Canadian GAAP, the concept of comprehensive income does not exist anddeferred translation adjustments are reported as a component of shareholders'equity.

**(H) Income Taxes**

Under U.S. GAAP, deferredincome tax assets and liabilities are revalued for all enacted changes in taxrates. Under Canadian GAAP, deferred income tax assets and liabilities arerevalued for all enacted or substantially enacted changes in tax rates.

**(I) Acquired In-ProcessResearch and Development**

Under U.S. GAAP, acquiredin-process research and development costs are expensed immediately uponacquisition. Under Canadian GAAP, these costs are recognized as intangibleassets upon acquisition if they result from contractual or other legal rights,or the research and development is capable of being separated or divided fromthe acquired company and sold, transferred, licensed, rented, or exchanged.Under Canadian GAAP, these intangible assets are amortized over their usefullives.

**(J)Joint Ventures**

Under U.S.GAAP, joint ventures, other than those over which Alcan has an undividedinterest in the assets, are accounted for using the equity method while underCanadian GAAP, joint ventures are accounted for using the proportionateconsolidation method. A joint venture is an entity owned and operated by asmall group of businesses (the "joint venturers") as a separate andspecific business or project for the mutual benefit of the members of thegroup. Venturers are bound by a contractual arrangement, which establishes thatthe venturers have joint control over the joint venture, regardless of thedifference that may exist in their ownership interest. The different accountingtreatment affects the display and classification of financial statement itemsand not net income or shareholders' equity.

**(K)Comprehensive Income**

U.S.GAAP requires the disclosure of Comprehensive income which, for the Company,comprises Net income, the movement in Deferred translation adjustments,movements in unrealized gains and losses on cash flow hedges, unrealized gainsor losses for the period less gains or losses realized during the period on"available-for-sale" securities and the movement in the minimumpension liability. The concept of Comprehensive income does not exist underCanadian GAAP.

**Recently Adopted Accounting Standardsfor Canadian GAAP Presentation**

***Consolidation of Variable Interest Entities***In 2004, theCompany early adopted CICA guideline AcG-15, Consolidation of Variable InterestEntities. The guideline provides guidance as to when to apply consolidationprinciples to certain entities that are subject to control on a basis otherthan ownership of voting shares and thus determining when an enterpriseincludes the assets, liabilities and results of activities of such an entity (avariable interest entity) in its consolidated financial statements.  Theadoption of this guideline has the same impact as the adoption of FIN 46 underU.S. GAAP.  See note 4 - Accounting Changes - Consolidation of VariableInterest Entities.
 
66

* *
**
**AlcanInc.**

**NOTES TOCONSOLIDATED FINANCIAL STATEMENTS**(in millions of US$, except where indicated)

**35.          DIFFERENCES BETWEENUNITED STATES AND CANADIAN GENERALLY ACCEPTED ACCOUNTING PRINCIPLES (GAAP)**(cont'd)

***Stock-Based Compensation and Other Stock-BasedPayments***OnJanuary 1, 2004, the Company retroactively adopted the provisions of theamendment to Section 3870, Stock-Based Compensation and Other Stock-BasedPayments.  The amendment requires the recognition of an expense computed usingthe fair value method.  The adoption of this amendment has the same impact as theadoption of the fair value method of accounting for stock-based compensationunder U.S. GAAP.  See note 4 - Accounting Changes - Stock Options and OtherStock-Based Compensation.

***Asset Retirement Obligations***On January 1, 2004, the Companyretroactively adopted the new standard of the CICA, Section 3110, AssetRetirement Obligations.  The impact of adopting this standard decreasedretained earnings at January 1, 2003 by $39 and increased net income for the yearended December 31, 2003 by $39.

***Hedging Relationships***On January 1, 2004, the Companyadopted the CICA guideline AcG-13, Hedging Relationships, which establishes certainconditions regarding when hedge accounting may be applied. Each hedgingrelationship is subject to an effectiveness test on a regular basis forreasonable assurance that it is and will continue to be effective.  The fairvalue of derivatives is recorded on the balance sheet and any derivativeinstrument that does not qualify for hedge accounting is reported on amark-to-market basis in earnings.

***GenerallyAccepted Accounting Principles***OnJanuary 1, 2004, the Company adopted the new standard of the CICA, Section1100, Generally Accepted Accounting Principles.  This standard establishesaccounting standards for financial reporting in accordance with Canadian GAAP. It defines primary sources of Canadian GAAP and requires that the Company applyevery relevant primary source.  

***General Standards of Financial StatementPresentation***OnJanuary 1, 2004, the Company adopted the CICA Section 1400, General Standardsof Financial Statement Presentation.  This standard clarifies what constitutesfair presentation in accordance with Canadian GAAP, which involves providingsufficient information in a clear and understandable manner about certaintransactions or events of such size, nature and incidence that their disclosureis necessary to understand the Company's financial statements.

***Impairmentof Long-Lived Assets***On January 1, 2003, the Company early adopted the CICASection 3063, Impairment of Long-Lived Assets.  Under this standard, an impairmentloss is recognized when the carrying amount of a long-lived asset held for useis not recoverable and exceeds its fair value. No impairment charges wererecorded upon adoption of this new standard.  

***Disposal of Long-Lived Assets and Discontinued Operations***On January 1, 2003, the Company earlyadopted the CICA Section 3475, Disposal of Long-Lived Assets and DiscontinuedOperations.  Under this standard, a long-lived asset to be disposed of by saleis measured at the lower of its carrying amount or fair value less cost tosell, and is not depreciated while classified as held for sale.  Assets andliabilities classified as held for sale are reported as assets held for saleand liabilities of operations held for sale on the balance sheet.  A long-livedasset to be disposed of other than by sale, such as by abandonment, before theend of its previously estimated useful life, is classified as held for useuntil it is disposed of and depreciation estimates revised to reflect the useof the asset over its shortened useful life.   Also, the standard requires thatthe results of operations of a component of an enterprise, that has beendisposed of either by sale or abandonment or is classified as held for sale, bereported as discontinued operations if the operations and cash flows of thecomponent have been, or will be, eliminated from the ongoing operations as aresult of the disposal transaction and the Company will not have anysignificant continuing involvement in the operations of the component after thedisposal transaction.  A component of an enterprise comprises operations andcash flows that can be clearly distinguished, operationally and for financialreporting purposes, from the rest of the enterprise.  

***Guarantees***On January 1, 2003, the Company adoptedthe CICA accounting guideline AcG-14, Disclosure of Guarantees, which addressesdisclosure requirements for a guarantor that issues a guarantee. 

*** ***

67

*** ***
*** ***
**AlcanInc.**

**NOTES TOCONSOLIDATED FINANCIAL STATEMENTS**(in millions of US$, except where indicated)

**35.          DIFFERENCES BETWEENUNITED STATES AND CANADIAN GENERALLY ACCEPTED ACCOUNTING PRINCIPLES (GAAP)**(cont'd)

***Severanceand Termination Benefits ***On April 1, 2003, the Company adoptedthe new CICA Emerging Issues Committee abstract No. 134, Accounting forSeverance and Termination Benefits.  Under this abstract, contractualtermination benefits and severance costs are recognized as an expense whenmanagement, having the appropriate level of authority, approves a decision toterminate employees.  Non-contractual termination benefits are recognized as anexpense when communicated to employees.  Retention bonuses are recognized as anexpense over the required future service period.

***Costs Associatedwith Exit or Disposal Activities***On April 1, 2003,the Company adopted the new CICA Emerging Issues Committee abstract No. 135,Accounting for Costs Associated with Exit or Disposal Activities (includingCosts Incurred in a Restructuring).  This abstract requires that a liabilityassociated with an exit or disposal activity be recognized when the liabilityis incurred rather than at the date of the Company's commitment to an exitplan.

***Goodwill and Other Intangible Assets***OnJanuary 1, 2002, the Company adopted the new standard of the CICA Section 3062,Goodwill and Other Intangible Assets. Under this standard, goodwill and otherintangible assets with an indefinite life are no longer amortized but arecarried at the lower of carrying value and fair value. Goodwill and otherintangible assets with an indefinite life are tested for impairment on anannual basis. 

Goodwill is tested for impairmentusing a two-step test. Under the first step, the fair value of a reportingunit, based upon discounted cash flows, is compared to its net carrying amount.If the fair value is greater than the carrying amount, no impairment is deemedto exist. However, if the fair value is less than the carrying amount, a secondtest must be performed whereby the fair value of the reporting unit's goodwillmust be estimated to determine if it is less than its carrying amount. Fairvalue of goodwill is estimated in the same way as goodwill is determined at thedate of acquisition in a business combination, that is, the excess of the fairvalue of the reporting unit over the fair value of the identifiable net assetsof the reporting unit.

An impairment of $748 (including$8 relating to assets held for sale) was identified in the goodwill balance asat January 1, 2002, and was charged to opening retained earnings in 2002 uponadoption of the new accounting standard. Any further impairment arisingsubsequent to January 1, 2002, is taken as a charge against income. As a resultof the new standard, the Company no longer amortizes goodwill. 

 

 

 

68

**AlcanInc.**

**NOTES TOCONSOLIDATED FINANCIAL STATEMENTS**

(in millions of US$, except where indicated)

**35.          DIFFERENCESBETWEEN UNITED STATES AND CANADIAN GENERALLY ACCEPTED ACCOUNTING PRINCIPLES(GAAP)**(cont'd)

**Reconciliationof U.S. and Canadian GAAP**

**Year ended December 31**

**2004**

2003

2002

**AS REPORTED**

**REF.**

**AMOUNT**

**CANADIAN GAAP**

**AS REPORTED**

**REF.**

**AMOUNT**

**CANADIAN GAAP**

**AS REPORTED**

**REF.**

**AMOUNT**

**CANADIAN GAAP**

**Income  Statement**

**Sales and  operating revenues**

**24,885**

**   (j)**

**16**

**24,901**

13,850

(j)

(18)

13,832

12,483

(j)

(26)

12,457

**Costs and expenses**

** **

** **

** **

** **

Cost of sales and operating	

**20,203**

**  (a)**

**(16)**

**19,985**

11,171

(a)

(64)

10,947

10,032

(f)

(19)

9,860

expenses excluding depreciation

** **

**   (j)**

**(202)**

** **

(j)

(160)

(j)

(153)

and amortization noted below

** **

** **

** **

** **

Depreciation and amortization

**1,337**

**   (i)**

**3**

**1,459**

862

(j)

74

936

772

(f)

13

847

** **

**   (j)**

**119**

** **

(j)

62

Selling, administrative and	

** **

** **

** **

** **

general expenses

**1,612**

**   (j)**

**6**

**1,618**

758

(j)

1

759

580

(j)

2

582

Research and development	

** **

** **

** **

** **

expenses

**239**

**   (j)**

**2**

**241**

190

(i)

(50)

140

115

-

115

Interest

**346**

**   (j)**

**11**

**357**

212

(j)

6

218

198

(j)

3

201

Goodwill impairment

**154**

** **

**-**

**154**

28

-

28

-

-

-

Other expenses (income) - net

**406**

**  (a)**

**21**

**415**

131

(a)

31

158

119

(a)

60

190

** **

**   (j)**

**(12)**

** **

(b)

1

(b)

(2)

** **

** **

** **

** **

(j)

(5)

(f)

20

** **

** **

** **

** **

(j)

(7)

**24,297**

** **

**(68)**

**24,229**

13,352

(166)

13,186

11,816

(21)

11,795

Income from continuing	

** **

** **

** **

** **

operations before income

** **

** **

** **

** **

taxes and other items

**588**

** **

**84**

**672**

498

148

646

667

(5)

662

Income taxes

**375**

**  (a)**

**(5)**

**413**

258

(a)

12

319

287

(a)

(20)

290

** **

**   (i)**

**(1)**

** **

(i)

18

(f)

(3)

** **

**   (j)**

**44**

** **

(j)

31

(j)

26 

Income from continuing	

** **

** **

** **

** **

operations before other items

**213**

** **

**46**

**259**

240

87

327

380

(8)

372

69

**AlcanInc.**

**NOTES TOCONSOLIDATED FINANCIAL STATEMENTS**(in millions of US$, except where indicated)

**35.          DIFFERENCESBETWEEN UNITED STATES AND CANADIAN GENERALLY ACCEPTED ACCOUNTING PRINCIPLES(GAAP)**(cont'd)

**Reconciliation of U.S. and Canadian GAAP**

**2004**

2003

2002

**AS REPORTED**

**REF.**

**AMOUNT**

**CANADIAN GAAP**

AS REPORTED

REF.

AMOUNT

CANADIAN GAAP

AS REPORTED

REF.

AMOUNT

CANADIAN GAAP

** **

Equity income	

**54**

**(a)**

**2**

**7**

38

(j)

(35)

3

44

(j)

(41)

3

** **

**(j)**

**(49)**

** **

Minority interests

**(15)**

**(a)**

**(1)**

**(16)**

(16)

-

(16)

(3)

-

(3)

**Income from**

** **

** **

** **

** **

**continuing operations**

**252**

** **

**(2)**

**250**

262

52

314

421

** **

(49)

372

Income (Loss) from	

** **

** **

** **

** **

discontinued operations

**6**

** **

**-**

**6**

(159)

-

(159)

(21)

-

(21)

Income before	

** **

** **

** **

** **

cumulative effect of	

** **

** **

** **

** **

accounting changes

**258**

** **

**(2)**

**256**

103

52

155

400

(49)

351

Cumulative effect of accounting	

** **

** **

** **

** **

changes	

**-**

** **

**-**

**-**

(39)

(f)

39

-

(748)

(e)

748

-

**Net income (Loss)**

**258**

** **

**(2)**

**256**

64

91

155

(348)

699

351

Dividends on preference shares

**6**

** **

**-**

**6**

7

-

7

5

-

5

**Net income (Loss) attributable**

** **

** **

** **

** **

**to common shareholders**

**252**

** **

**(2)**

**250**

57

91

148

(353)

699

346

 

 

(a)   Derivatives

(b)   Currency translation

(c)   Investments

(d)   Minimum pension liability

(e)   Impairment of goodwill

(f)    Asset retirementobligations

(g)   Deferred translationadjustments

(h)   Income taxes

(i)    Acquired in-process researchand development

(j)    Joint ventures

 

 

 

 

70

**AlcanInc.**

**NOTES TOCONSOLIDATED FINANCIAL STATEMENTS**(in millions of US$, except where indicated)

**35.      DIFFERENCES BETWEEN UNITED STATES ANDCANADIAN GENERALLY ACCEPTED ACCOUNTING PRINCIPLES (GAAP)**(cont'd)

**Earnings Per Share ─ Canadian GAAP**

* *

** **

** **

**2004**

2003 

2002 

** **

** **

**Earnings (Loss) per share**

** **

Basic and Diluted:

** **

Income from continuing  operations 

**0.66**

0.95 

1.14 

Income (Loss) from  discontinued operations

**0.02**

(0.49)

(0.07)

**Net income per common share  - basic and diluted**

**0.68**

0.46 

1.07 

** **

** **

** **

**Consolidated Statement ofRetained Earnings ─ Canadian GAAP**

* *

**2004   **

2003   

2002   
**Retained  earnings - beginning of year**
**        3,350 **

        3,395 

3,989 

** **

Accounting change

Impairment  of goodwill as at January 1, 2002

**-    **

-  

(748) 

**3,350   **

3,395  

3,241  

Net income	

**256   **

155  

351  

** **

Dividends

** **
     Common
**(221)**

(193)

(192)
     Preference
**(6)**

(7)

(5)

**Retained earnings - end of year**

**3,379 **

3,350 

3,395 

71

**AlcanInc.**

**NOTES TOCONSOLIDATED FINANCIAL STATEMENTS**(in millions of US$, except where indicated)

**35.           DIFFERENCES BETWEEN UNITED STATES ANDCANADIAN GENERALLY ACCEPTED ACCOUNTING PRINCIPLES (GAAP)**(cont'd)

**Reconciliationof U.S. and Canadian GAAP**

**December 31**

**2004**

2003

2002

**AS REPORTED**

**REF.**

**AMOUNT**

**CANADIAN GAAP**

AS REPORTED

REF.

AMOUNT

CANADIAN GAAP

AS REPORTED

REF.

AMOUNT

CANADIAN GAAP

**Balance Sheet**

** **

** **

** **

** **

**Current assets**

** **

** **

** **

** **

Cash and time deposits

**184**

**(j)**

**53**

**237**

686

(j)

26

712

97

(j)

12

109

Trade receivables

**3,232**

**(j)**

**(133)**

**3,099**

2,937

(j)

(31)

2,906

1,390

(j)

(147)

1,243

Other receivables

**936**

**(a)**

**103**

**1,113**

686

(a)

(49)

690

676

(a)

(34)

541

** **

**(j)**

**74**

** **

(j)

53

(j)

(101)

Deferred income taxes

**214**

**(a)**

**(34)**

**180**

49

-

49

-

-

-

Inventories

**4,029**

**(j)**

**153**

**4,182**

3,663

(a)

2

3,783

1,862

(a)

4

1,942

** **

** **

** **

** **

(j)

118

(j)

76

Current assets held for sale

**817**

** **

**-**

**817**

1,093

-

1,093

116

-

116

**Total current assets**

**9,412**

** **

**216**

**9,628**

9,114

119

9,233

4,141

(190)

3,951

Deferred charges and other

**2,877**

**(a)**

**21**

**1,272**

1,563

(a)

5

898

1,178

(a)

(1)

667

assets

** **

**(c)**

**(8)**

** **

(c)

(6)

(c)

(6)

** **

**(j)**

**(1,618)**

** **

(j)

(664)

(j)

(504)

Deferred income taxes

**870**

**(j)**

**3**

**873**

892

-

892

189

-

189

Property, plant and equipment

** **

** **

** **

** **

Cost  (excluding Construction

**21,922**

**(j)**

**2,343**

**24,265**

22,030

(j)

1,711

23,741

16,238

(f)

140

17,740

work in progress)

** **

** **

** **

** **

(j)

1,362

Construction work in progress

**816**

**(j)**

**16**

**832**

637

(j)

26

663

516

(j)

47

563

Accumulated depreciation

**(9,445)**

**(j)**

**(1,180)**

**(10,625)**

(8,509)

(j)

(906)

(9,415)

(7,319)

(f)

(90)

(8,181)

** **

** **

** **

** **

(j)

(772)

**13,293**

** **

**1,179**

**14,472**

14,158

831

14,989

9,435

687

10,122

Intangible  assets, net of 

** **

** **

** **

** **

accumulated amortization

**1,230**

**(a)**

**4**

**1,105**

1,160

(d)

(224)

1,000

452

(d)

(143)

317

** **

**(d)**

**(253)**

** **

(i)

50

(j)

8

** **

**(i)**

**46**

** **

(j)

14

** **

**(j)**

**78**

** **

Goodwill

**5,496**

**(j)**

**837**

**6,333**

4,686

(j)

174

4,860

2,136

(j)

168

2,304

Long-term assets held for sale

**163**

** **

**-**

**163**

375

-

375

230

-

230

**Total assets**

**33,341**

** **

**505**

**33,846**

31,948

299

32,247

17,761

19

17,780

72

**AlcanInc.**

**NOTES TOCONSOLIDATED FINANCIAL STATEMENTS**(in millions of US$, except where indicated)

**35.         DIFFERENCES BETWEEN UNITED STATES AND CANADIAN GENERALLYACCEPTED ACCOUNTING PRINCIPLES (GAAP)**(cont'd)

**Reconciliation of U.S. and Canadian GAAP**

**December 31**

**2004**

2003

2002

**AS REPORTED**

**REF.**
**AMOUNT**

**CANADIAN GAAP**

AS REPORTED

REF.

AMOUNT

CANADIAN GAAP

AS REPORTED

REF.

AMOUNT

CANADIAN GAAP

**Current liabilities**

** **
   
** **

** **

Payables and accrued liabilities

**5,464**

**(a)**
**(11)**

**5,517**

4,846

(a)

(111)

4,868

2,483

(a)

(51)

2,353

** **

**(j)**
**64**

** **

(j)

133

(j)

(79)

Short-term borrowings

**2,486**
   
**-**

**2,486**

1,764

(j)

41

1,805

378

(j)

3

381

Debt maturing within one year

**569**

**(j)**
**81**

**650**

341

(j)

16

357

249

(j)

47

296

Deferred income taxes

**23**

**(a)****(2)**
**27**

81
   
-

81

-
   
-

-
      
**(j)****6**      
	 
               
Current liabilities of operations

** **
   
** **

** **

held for sale

**714**
   
**-**

**714**

559

-

559

69

-

69

**Total current liabilities**

**9,256**
   
**138**

**9,394**

7,591

79

7,670

3,179

(80)

3,099

Debt not maturing within one

** **
   
** **

** **

year

**6,345**

**(j)**
**198**

**6,543**

7,437

(j)

168

7,605

3,120

(j)

67

3,187

Deferred credits and other

**4,975**

**(a)**
**19**

**4,031**

4,306

(a)

17

3,657

1,996

(a)

(10)

1,523

liabilities

** **

**(d)**
**(1,036)**

** **

(d)

(730)

(d)

(610)

** **

**(j)**
**73**

** **

(j)

64

(f)

107

** **
   
** **

** **

(j)

40

Deferred  income taxes 

**1,543**

**(a)**
**9**

**2,007**

1,696

(a)

27

1,996

1,010

(a)

9

1,220

** **

**(d)**
**235**

** **

(d)

156

(d)

148

** **

**(i)**
**16**

** **

(i)

18

(f)

(18)

** **

**(j)**
**204**

** **

(j)

99

(j)

71

Long-term  liabilities of 

** **
   
** **

** **

operations  held for sale

**260**
   
**-**

**260**

238

-

238

14

-

14

Minority  interests

**236**
   
**-**

**236**

403

-

403

150

-

150

**Shareholders' equity**

** **
   
** **

** **

Redeemable  non-retractable

** **
   
** **

** **

 preference  shares

**160**
   
**-**

**160**

160

-

160

160

-

160

Common shareholders' equity

** **
   
** **

** **

Common shares

**6,670**
   
**-**

**6,670**

6,461

-

6,461

4,731

-

4,731

Additional paid-in capital

**112**
   
**-**

**112**

128

-

128

42

-

42

Retained earnings

**3,362**

**(a)**
**42**

**3,379**

3,331

(a)

42

3,350

3,467

(a)

21

3,395

** **

**(b)**
**(55)**

** **

(b)

(55)

(b)

(54)

** **

**(i)**
**30**

** **

(i)

32

(f)

(39)

Common shares held by a	

** **
   
** **

** **

subsidiary

**(35)**
   
**-**

**(35)**

(56)

-

(56)

-

-

-

Deferred translation	

**-**

**(a)**
**(29)**

**1,089**

-

(a)

(29)

635

-

(b)

54

259

adjustments

** **

**(b)**
**55**

** **

(b)

55

(g)

205

** **

**(g)**
**1,063**

** **

(g)

609

Accumulated other	

**457**

**(a)**
**66**

**-**

253

(a)

12

-

(108)

(c)

(6)

-

comprehensive income

** **

**(c)**
**(8)**

** **

(c)

(6)

(d)

319

(loss)

** **

**(d)**
**548**

** **

(d)

350

(g)

(205)

** **

**(g)**
**(1,063)**

** **

(g)

(609)

**10,566**
   
**649**

**11,215**

10,117

401

10,518

8,132

295

8,427

**10,726**
   
**647**

**11,375**

10,277

401

10,678

8,292

295

8,587

**Total liabilities and share-**
   
**holders' equity**

**33,341**
   
**505**

**33,846**

31,948

299

32,247

17,761

19

17,780

 

** **

73

**AlcanInc.**

**NOTES TOCONSOLIDATED FINANCIAL STATEMENTS**(in millions of US$, except where indicated)

**36.          PRIORYEAR AMOUNTS**

Certainprior year amounts have been reclassified to conform with the 2004presentation.

**Quarterly Financial Data**(unaudited)

** **

** **

** **

** **

** **

(IN MILLIONS OF US$,	EXCEPT PER SHARE DATA)

**FIRST **

**SECOND **

**THIRD **

**FOURTH **

**YEAR **

** **

** **

** **

** **

** **

** **

**2004**

** **

** **

** **

** **

** **

Revenues

**6,005 **

**6,193 **

**6,169 **

**6,518 **

**24,885 **

Cost of sales  and operating expenses

**4,958 **

**4,904 **

**4,983 **

**5,358 **

**20,203 **

Depreciation  and amortization

**336 **

**324 **

**322 **

**355 **

**1,337 **

Income taxes

**41 **

**125 **

**134 **

**75 **

**375 **

Other items

**537 **

**555 **

**559 **

**1,067 **

**2,718 **

Income (Loss)  from continuing operations(1)

**133 **

**285 **

**171 **

**(337)**

**252 **

Income (Loss)  from discontinued operations

**(27)**

**46 **

**(4)**

**(9)**

**6 **

Net income  (Loss) 

**106 **

**331 **

**167 **

**(346)**

**258 **

Dividends on  preference shares

**2 **

**1 **

**1 **

**2 **

**6 **

Net income  (Loss) attributable to common 

** **

** **

** **

** **

** **

shareholders

**104 **

**330 **

**166 **

**(348)**

**252 **

Net income  (Loss) per share common share - basic 

** **

** **

** **

** **

** **

Income (Loss) from continuing operations

**0.36 **

**0.77 **

**0.46 **

**(0.92)**

**0.67 **

Income (Loss) from discontinued operations

**(0.07)**

**0.12 **

**(0.01)**

**(0.02)**

**0.02 **

Net income  (Loss) per common share - basic (2)

**0.29 **

**0.89 **

**0.45 **

**(0.94)**

**0.69 **

Net Income (Loss) per share common share - 	

** **

** **

** **

** **

** **

 
diluted	

** **

** **

** **

** **

** **

 
Income (Loss) from continuing operations

**0.35 **

**0.77 **

**0.46 **

**(0.91)**

**0.67 **

Income (Loss) from discontinued operations

**(0.07)**

**0.12 **

**(0.01)**

**(0.02)**

**0.02 **

Net income (Loss) per common share - 	

** **

** **

** **

** **

** **

 
diluted (2)

**0.28 **

**0.89 **

**0.45 **

**(0.93)**

**0.69 **

Net income  (Loss) under Canadian GAAP(3)

**111 **

**333 **

**135 **

**(323)**

**256 **

**2003**

Revenues

3,249 

3,505 

3,529 

3,567 

13,850 

Cost of sales  and operating expenses

2,614 

2,838 

2,842 

2,877 

11,171 

Depreciation  and amortization

208 

216 

221 

217 

862 

Income taxes

141 

144 

65 

(92)

258 

Other items

270 

284 

293 

450 

1,297 

Income from  continuing operations(1)

16 

23 

108 

115 

262 

Loss from  discontinued operations

(4)

(115)

(21)

(19)

(159)

Income (Loss)  before cumulative

effect of  accounting change

12 

(92)

87 

96 

103 

Cumulative  effect of accounting change

(39)

- 

- 

- 

(39)

Net income  (Loss)

(27)

(92)

87 

96 

64 

Dividends on  preference shares

2 

1 

2 

2 

7 

Net income  (Loss) attributable to common 

shareholders

(29)

(93)

85 

94 

57 

Net income  (Loss) per common share - basic and 

diluted	

Income from continuing operations

0.04 

0.07 

0.32 

0.36 

0.79 

Loss from discontinued operations

(0.01)

(0.36)

(0.06)

(0.06)

(0.49)

Cumulative effect of accounting change

(0.12)

- 

- 

- 

(0.12)

Net income  (Loss) per common share - basic and 

diluted (2)

(0.09)

(0.29)

0.26 

0.30 

0.18 

Net income  (Loss) under Canadian GAAP(3)

- 

(102)

94 

163 

155 

74
****
**AlcanInc.**

**Quarterly Financial Data**(unaudited) (cont'd)

** **

(IN MILLIONS OF US$,	EXCEPT PER SHARE DATA)

FIRST  

SECOND  

THIRD 

FOURTH

YEAR 

**2002**

Revenues

2,921 

3,182 

3,215 

3,165 

12,483 

Cost of sales  and operating expenses

2,350 

2,546 

2,578 

2,558 

10,032 

Depreciation  and amortization

184 

195 

191 

202 

772 

Income taxes

104 

109 

41 

33 

287 

Other items

132 

276 

239 

324 

971 

Income from  continuing operations(1)

151 

56 

166 

48 

421 

Loss from  discontinued operations

(3)

(1)

(7)

(10)

(21)

Income before  cumulative

effect of  accounting change

148 

55 

159 

38 

400 

Cumulative  effect of accounting change

(748)

- 

- 

- 

(748)

Net income  (Loss)

(600)

55 

159 

38 

(348)

Dividends on  preference shares

1 

1 

1 

2 

5 

Net income  (Loss) attributable to common shareholders

(601)

54 

158 

36 

(353)

Net income  (Loss) per common share - basic and 

diluted	

Income from continuing operations

0.46 

0.18 

0.51 

0.14 

1.29 

Loss from discontinued operations

(0.01)

(0.01)

(0.02)

(0.03)

(0.07)

Cumulative effect of accounting change

(2.32)

- 

- 

- 

(2.32)

Net income  (Loss) per common share - basic and 

diluted (2)

(1.87)

0.17 

0.49 

0.11 

(1.10)

Net income under Canadian GAAP(3)

77 

62 

196 

16

351 

(1)   Thefirst quarter of 2004 included one-time purchase accounting adjustments of $56related to the Pechiney inventory revaluation, synergy costs of $8,restructuring charges of $5 for various operations in North America, a gain of$5 on the sale of assets in the U.K. and favourable tax adjustments of $3related to a tax settlement in Germany.  The second quarter of 2004 included a deferredtax charge of $46 related to a tax reorganization, a gain of $42 resulting froma dilution of the Company's interest in an anode-producing joint venture in theNetherlands, synergy costs of $8 related to the Pechiney and FlexPacacquisitions, and a $15 gain related to changes in a pension program in Brazil(Other).  The third quarter of 2004 included a deferred tax recovery of $46relating to further restructuring of Pechiney legal entities, restructuringcharges of  $17 related principally to the closure of a rolled products facilityin the U.K. and a $11 charge for a purchase accounting adjustment related toinventory.  The fourth quarter of 2004 included a goodwill impairment charge of$154, an asset impairment charge of $65 related to two rolling mills in Italy,purchase accounting and related adjustments of $46, expenses of $31 related tothe spin-off of Novelis, synergy costs of $30, and a gain of $4 resulting froma dilution of the Company's interest in an anode-producing joint venture in theNetherlands.

The first quarter of 2003included $11 of tax adjustments related to prior years.  The second quarter of2003 included after-tax gains of $41 on the sale of non-core assets, partiallyoffset by $10 of after-tax charges for plant closures in the U.S.  The third quarter of 2003 included a loss of $13 on the sale of a subsidiary in Thailand, financing related gains of $8 on the acquisition of Pechiney and legal and environmentalprovisions of $7 for sites in the U.S. and Switzerland.  The fourth quarter of2003 included one-time favourable tax benefits of $85 arising from changes inAustralian tax legislation, currency-related gains of $57 on the financing  ofthe Pechiney acquisition, gains of $11 on sales of assets in the U.K. and anextrusion business in Malaysia.  Partially offsetting these gains wereafter-tax charges of $32 for purchase accounting adjustments related toin-process research and development, a goodwill impairment charge of $28 relatedto Engineered Products, synergy costs of $14, restructuring costs of $11 for apackaging operation in Switzerland, and $10 for environmental provisions in theU.S.

75

**AlcanInc.**

**Quarterly Financial Data**(unaudited) (cont'd)
 
The firstquarter of 2002 included net after-tax charges of $7 relating mainly to therestructuring program announced in 2001. The charges included a fixed assetimpairment charge of $9 relating to the recycling operations at the Borgofrancoplant in Italy and a loss of $5 on the sale of extrusions operations in Thailand. The second quarter of 2002 included net after-tax charges of $8 relating mainlyto the restructuring program announced in 2001. The charges included severanceand pension costs of $7 relating to the closure of the Bracebridge cable plantin Ontario, Canada. The third quarter of 2002 included net after-tax charges of$6 relating mainly to increases of $9 to legal provisions and net recoveries of$2 relating to the 2001 restructuring program principally arising fromseverance costs of $4 for the extrusions operations in Malaysia, light gaugeoperations in Fairmont, West Virginia, and certain cable operations in NorthAmerica, and income of $8, primarily for the write-back of excess contract lossprovisions. The fourth quarter of 2002 included net after-tax charges of $84relating mainly to a provision of $68 for the ruling on a contract dispute withPowerex (an affiliate of BC Hydro) and charges of $20 for the closures of the specialtychemicals plant at Burntisland, U.K. and the Banbury, U.K. R&D facilities.These charges were partially offset by a gain of $24 on the sale of a portfolioinvestment.  
(2)
Net income per common share calculationsare based on the average number of common shares outstanding in each period. Seenote 6 - Earnings Per Share - Basic and Diluted. 
(3)
See note 35 - Differences between UnitedStates and Canadian Generally Accepted Accounting Principles (GAAP) forexplanation of differences between U.S. and Canadian GAAP.

 

 

 

 

 

 

 

76

**AlcanInc.**

**ELEVEN-YEARSUMMARY**

2004

2003  

2002

2001 

2000 

1999

1998

1997

1996

1995

1994

U.S. 	GAAP

U.S. 	GAAP

U.S. 	GAAP

U.S. 	GAAP

U.S. 	GAAP

Canadian GAAP

Canadian GAAP

Canadian GAAP

Canadian GAAP

Canadian GAAP

Canadian GAAP

**CONSOLIDATED INCOME STATEMENT ITEMS**  (in millions of US$)

Sales  and operating revenues

24,885 

13,850 

12,483 

12,545 

9,237 

7,324 

7,789 

7,777 

7,614 

9,287 

8,216 

Cost  of sales and operating expenses

20,203 

11,171 

10,032 

10,108 

7,342 

5,695 

6,076 

6,005 

5,919 

7,247 

6,740 

Depreciation  and amortization

1,337 

862 

772 

809 

496 

477 

462 

436 

431 

447 

431 

Selling,  administrative and general expenses

1,612 

758 

580 

567 

426 

388 

448 

444 

422 

484 

528 

Research  and development expenses

239 

190 

115 

134 

80 

67 

70 

72 

71  

76 

72 

Interest

346 

212 

198 

242 

67 

76 

92 

101 

125 

204 

219 

Goodwill  impairment

154 

28 

- 

- 

- 

- 

- 

- 

- 

- 

- 

Other  expenses (income) - net

406 

131 

119 

818 

32 

(40)

(12)

(34)

13 

(39)

(14)

Income  taxes

375 

258 

287 

(15)

232 

211 

210 

248 

212 

326 

112 

Equity  income (loss)

54 

38 

44 

44 

35 

(1)

(48)

(33)

(10)

(3)

(29)

Minority  interests

(15)

(16)

(3)

14 

1 

(14)

4 

(4)

(1)

4 

(3)

Income (Loss) from  continuing operations before amortization of goodwill and extraordinary item

252 

262 

421 

(60)

598 

435 

399 

468 

410 

543 

96 

Amortization  of goodwill

- 

- 

- 

- 

16 

- 

- 

- 

- 

- 

- 

Income  (loss) from  continuing operations before    extraordinary item

252 

262 

421 

(60)

582 

435 

399 

468 

410 

543 

96 

Extraordinary  gain (loss)

- 

- 

- 

- 

- 

- 

- 

17 

- 

(280)

- 

Income  (Loss) from continuing operations

252 

262 

421 

(60)

582 

435 

399 

485 

410 

263 

96 

Income  (Loss) from discontinued operations

6 

(159)

(21)

(6)

- 

- 

- 

- 

- 

- 

- 

Income  (Loss) before cumulative effect of accounting change

258 

103 

400 

(66)

582 

435 

399 

485 

410 

263 

96 

Cumulative  effect of accounting change, net of income tax

- 

(39)

(748)

(12)

- 

- 

- 

- 

- 

- 

- 

Net  Income (Loss)

258 

64 

(348)

(78)

582 

435 

399 

485 

410 

263 

96  

Net  income (Loss) attributable to common shareholders

252 

57 

(353)

(86)

572 

426 

389 

475 

394 

239 

75 

**CONSOLIDATED BALANCE SHEET ITEMS** (in millions of US$)

Operating  working capital **

2,733 

2,440 

1,445 

1,237 

2,354 

1,307 

1,682 

1,483 

1,461 

1,731 

1,675 

Capital  assets and goodwill - net**

20,019 

20,004 

12,023 

12,054 

12,118 

6,434 

5,897 

5,458 

5,470 

5,672 

5,534 

Total  assets

33,341 

31,948 

17,761 

17,551 

17,846 

9,839 

9,901 

9,374 

9,228 

9,736 

10,003 

Total  debt**

9,400 

9,542 

3,747 

3,990 

4,572 

1,489 

1,789 

1,515 

1,516 

1,985 

2,485 

Deferred  income taxes - net**

482 

836 

821 

751 

1,144 

781 

747 

969 

996 

979 

914 

Minority  interests**

236 

403 

150 

132 

244 

207 

110 

43 

73 

28 

28 

Preference  shares

160 

160 

160 

160 

160 

160 

160 

203 

203 

353 

353 

Common  shareholders' equity

10,566 

10,117 

8,132 

8,410 

8,580 

5,358 

5,359 

4,871 

4,661 

4,482 

4,308 

**PER COMMON SHARE** (in US$)

Net  income (Loss) before amortization of goodwill and extraordinary item

     0.69 

0.18 

(1.10)

(0.27)

      2.37 

      1.95 

      1.71 

     2.02 

     1.74 

     2.30 

      0.34  

Net  income (Loss) before extraordinary item

     0.69 

      0.18 

   (1.10)

(0.27)

      2.37 

      1.95 

      1.71 

     2.02 

     1.74 

     2.30 

      0.34  

Net  income (Loss) 

     0.69 

      0.18 

(1.10)

(0.27)

      2.31 

      1.95 

      1.71 

     2.09 

     1.74 

     1.06 

      0.34  

Dividends  paid

     0.60 

   0.60 

    0.60 

0.60 

   0.60 

   0.60 

   0.60 

     0.60 

   0.60 

    0.45 

     0.30  

Common  shareholders' equity

 28.56 

27.70 

 25.30 

26.21 

26.99 

24.47 

23.71 

 21.43 

20.57 

19.84 

   19.17  

Market  price - NYSE close

 49.04 

46.95 

 29.52 

35.93 

34.19 

41.38 

27.06 

 27.63 

33.63 

31.13 

   25.38  
  
77

 

**AlcanInc.**
   20042003200220012000199919981997199619951994
U.S. 	GAAP

U.S. 	GAAP

U.S. 	GAAP
U.S. 	GAAP
U.S. 	GAAP
Canadian GAAP

Canadian GAAP

Canadian GAAP

Canadian GAAP

Canadian GAAP

Canadian GAAP
**OPERATING DATA**	(in thousands of tonnes  except for LME price)                                         
**Consolidated aluminum shipments**

Ingot  products (includes primary and secondary ingot, trading    and scrap)

2,340 

1,552 

1,429 

1,419 

974 

859 

829 

858 

810 

801 

897 

Rolled  products

2,341 

2,022 

2,058 

1,937 

1,855 

1,609 

1,603 

- 

- 

- 

- 

Aluminum  used in engineered products and packaging

1,347 

531 

546 

536 

352 

302 

220 

- 

- 

- 

- 

Total  fabricated products

3,688 

2,553 

2,604 

2,473 

2,207 

1,911 

1,823 

1,694 

1,539 

1,733 

 1,763 

Conversion  of customer-owned metal

415 

403 

391 

344 

328 

315 

289 

276 

258 

225 

189 

Total  aluminum volume

6,443 

4,508 

4,424 

4,236 

3,509 

3,085 

2,941 

2,828 

2,607 

2,759 

 2,849 

Consolidated  primary aluminum production

3,382 

2,354 

2,238 

2,042 

1,562 

1,518 

1,481 

1,429 

1,407 

1,278 

 1,435 

Consolidated  aluminum purchases

2,172 

1,843 

1,855 

1,865 

1,679 

1,297 

1,227 

1,254 

1,003 

1,365 

1,350 

Consolidated  aluminum inventories (end of year)

831 

513 

534 

528 

576 

477 

469 

451 

408 

449 

435 

**Primary  aluminum capacity**

Consolidated  subsidiaries and joint ventures 

3,435 

4,076 

2,365 

2,252 

1,899 

1,583 

1,706 

1,558 

1,561 

1,561 

 1,561 

Total consolidated  subsidiaries and related companies 

3,435 

4,076 

2,365 

2,252 

1,899 

1,583 

1,706 

1,695 

1,698 

1,712 

 1,712 

Average  three-month LME price (US$ per tonne)

1,721 

1,428 

1,365 

1,454 

1,567 

1,388 

1,379 

1,620 

1,536 

1,830 

 1,500 

**OTHER STATISTICS**

Cash  from operating activities from continuing operations	  	(in millions of US$)

1,762 

1,801 

1,519 

1,614 

1,059 

1,182 

739 

719 

981 

1,044 

        65 

Cash  from (used for) financing activities from continuing    operations   (in  millions of US$)

(541)

3,453 

(673)

(538)

781 

(629)

(95)

(46)

(700)

(744)

(191)

Cash  from (used for) investment activities from continuing    operations	 (in  millions of US$)

(1,728)

(4,594)

(860)

(1,182)

(2,074)

(838)

(656)

(587)

178 

(273)

71 

Cash  used for capital expenditures  (in millions of US$)

1,289 

838 

627 

1,017 

1,482 

1,169 

805 

641 

482 

390 

264 

Cash  used for business acquisitions (in millions of US$)

466 

3,819 

346 

404 

244 

129 

72 

- 

- 

51 

92 

Debt  as a percentage of invested capital (%)

46 

47 

31 

46 

34 

21 

24 

23 

23 

29 

35 

Average  number of employees (in thousands)

82 

47 

47 

48 

35 

38 

36 

33 

34 

39 

42 

Common  shareholders - registered (in thousands at end of year)

18 

18 

18 

18 

19 

20 

20 

21 

22 

23 

26 

Common  shares outstanding (in millions at end of year)

370 

365 

321 

321 

318 

218 

226 

227 

227 

226 

225 

                Registered  in Canada (%) *

82 

82 

80 

79 

76 

61 

60 

61 

61 

61 

55 

                Registered  in the United States (%)

18 

18 

20 

21 

24 

39 

39 

39 

39 

38 

44 

                Registered  in other countries (%)

- 

- 

- 

- 

- 

- 

1 

- 

- 

1 

1 

Return  on average common shareholders' equity (%)

2 

1 

(4) 

(1)

8 

8 

7 

10 

9 

5 

2 

 

*         Shares held by former algroup and Pechineyshareholders are registered in Canada.

**       Excludes assets and liabilities ofoperations held for sale.

            See note 35 - Differences between United States and Canadian Generally Accepted Accounting Principles (GAAP) for CanadianGAAP information.

 

 

 

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