SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 or 15d-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
Report on Form 6-K dated July 25, 2003
Commission File No. 1-14110
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PECHINEY
(Name of Registrant)
7, Place du Chancelier Adenauer
75218 Paris Cedex 16
France
(Address of Principal Executive Offices)
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Indicate by check mark whether the registrant files or will file annual reports
under cover of Form 20-F or Form 40-F:
Form 20-F: |X| Form 40-F: |_|
Indicate by check mark if the registrant is submitting the Form 6-K in paper as
permitted by Regulation S-T Rule 101(b)(1):
Yes: |_| No: |X|
Indicate by check mark if the registrant is submitting the Form 6-K in paper as
permitted by Regulation S-T Rule 101(b)(7):
Yes: |_| No: |X|
Indicate by check mark whether the registrant by furnishing the information
contained in this form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes: |_| No: |X|
If "Yes" is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b): 82- __________
Enclosure: Additional information as filed with the French Commission de
operations de bourse on July 22, 2003, in connection with its
Document de Reference (French Annual Report).
On July 22, 2003, Pechiney filed the following additional information with the
French Commission des operations de bourse in connection with its Document de
Reference (i.e., French Annual Report) for the year ended December 31, 2002:
Additional information concerning the business of the Group (Risk Factors -
Other Risks - Insurance) (Page 61 of the Document de Reference)
Insurance for damage at our industrial facilities and resulting economic losses
takes the form of "all risks excluding" coverage. The overall maximum coverage
is greater than the maximum possible claim identified for the Group, taking into
account the interdependency which exists between the Group's industrial
facilities, i.e., (euro) 400 million per claim. Like all insurance policies, the
coverage is subject to certain exclusions or standard limitations, in particular
regarding certain damages due to natural causes or pollution. With regard to
civil and product liability coverage (including aeronautics and aerospace
products), the maximum coverage is above (euro) 150 million.
For reasons related to the market and cost of insurance, the coverage is subject
to exclusions or sub-limitations, which are standard among comparable companies,
such as damage due to gradual pollution or performance defects. These
sub-limitations may vary according to geographic location.
For reasons pertaining to the complexity of the contractual structure,
confidentiality and the Group's exposure, it is not possible to disclose a more
detailed breakdown of the costs and the level of coverage of each of the risks
to which the Group is exposed.
The tightening of conditions in the insurance market has caused the Group to
take on certain restrictions on coverage as of 2003.
Pechiney purchases the vast majority of its insurance policies for its global
activities on a centralized basis. In 2002, the cost of these insurance policies
amounted to (euro) 36 million. This amount does not include the cost of life or
medical insurance for employees of the Group, since these types of insurance are
purchased on a country-by-country basis in light of local practices.
Additional information relating to the consolidated financial statements (Note
20 - Commitments and Contingent Liabilities - Guarantees Provided in the Usual
Course of Business) (Page 175 of the Document de Reference)
The following table shows, as of December 31, 2002, the Group's loans and lines
of credit for a term exceeding one year, drawn or partially drawn, which are
subject to early redemption requirements if the Group fails to maintain certain
levels of consolidated net worth or exceeds certain indebtedness ratios:
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Rate Maturity Maximum Amount Drawn Consolidated Net Debt
Principal Amount Down Worth Requirement Ratio
((euro)millions)
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Pechiney
Private Placement EURIBOR 2008 (euro) 183 million 183 >(euro)2,500 million < 140 %
Pechiney Pacific
Line of credit LIBOR 2004 US$ 185 million 176 >(euro)1,982 million(1) -
Line of credit LIBOR 2006 US$ 110 million 74 >(euro)2,500 million -
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(1) 13 billion French francs
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
Pechiney has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
Date: July 25, 2003 PECHINEY
By: /s/ OLIVIER MALLET
Name: Olivier MALLET
Title: Chief Financial Officer