A n n u a L r e p o r t o f a L r o s a


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2 0 0 2   A N N U A L   R E P O R T   O F   A L R O S A

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TABLE OF CONTENTS:

Members of Supervisory Council

Members of the Board

Members of Auditing Committee

Structure of ALROSA Group

President’s Statement

Activities of Supervisory Council

Report by the Board on the Company’s Activities in the Main Fields of Operations

Mining Operations

Marketing Policy. Sales of Rough Diamonds. Polished Diamond Manufacture and Sales

Geological Exploration

Capital Construction

Supplies and Logistics

Research and Development

Diversification of the Company’s Activities. Subsidiaries and Affiliated Companies

Personnel Management

External Relations

Environmental Safety

Accounting and Financial Results

Accounting Policy

Audit Statement

Consolidated Financial Statement of ALROSA Co. Ltd.

Basic Performance Indicators of ALROSA Co. Ltd.

Information for Shareholders 

Historic Highlights of ALROSA

Addresses of ALROSA Offices



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Supervisory Council

Co-Chairmen of Supervisory Council:

Alexey Leonidovich KUDRIN

Deputy Chairman of RF Government, Minister of

Finance of the Russian Federation, Chairman of

ALROSA Supervisory Council 

Vyacheslav Anataloyevich SHTYROV

President of Republic of Sakha (Yakutia), First

Deputy Chairman of ALROSA Supervisory Council

Andrei Dmitrievich KIRILLIN

Chairman of ALROSA Supervisory Council



Members of Supervisory Council:

Gennady Fedorovich ALEXEYEV

Minister of Property Relations of Republic of Sakha

(Yakutia) 

Alexandr Vasilyevich ANOSHKIN

Assistant of Head of RF President’s Administration



Ernst Borisovich BEREZKIN

Minister of Finance of Republic of Sakha (Yakutia)



Yegor Afanasyevich BORISOV

First Deputy Chairman of Government of Republic of

Sakha (Yakutia)

Vladimir Tikhonovich KALITIN

ALROSA President

Ivan Sergeyevich MATEROV

First Deputy Minister of Economic Development and

Trade of the Russian Federation

Yuri Mitrofanovich MEDVEDEV

First Deputy Minister for Property Relations of the

Russian Federation

Alexandr Pavlovich MOROZKIN

First Vice President, Executive Director of ALROSA



Alexandr Anatolyevich OGLY

Minister of Industry of Republic of Sakha (Yakutia)



Varvara Andreyevna PETROVA

Head of Administration of Nyurba Ulus, Republic of

Sakha (Yakutia)

Alexandr Vasilyevich TIKHONOV

Head of Department of Property of Fuel and Energy

Complex, Ministry of Property Relations of Russia

Leonid Fedorovich TOLPEZHNIKOV

Head of Department of Precious Metals and Gem

Stones, RF Ministry of Finance


4

Board of Directors:

Vladimir Tikhonovich KALITIN

ALROSA President, Chairman of the Board

Alexandr Safronovich MATVEYEV

First Vice President, Chief Managing Director



Alexandr Pavlovich MOROZKIN

First Vice President, Executive Managing Director



German Serapionovich KUZNETSOV

First Vice President



Gennady Anatolyevich MELNIK

Chief Engineer



Fedor Borisovich ANDREYEV

First Vice President



Vassily Mikhailovich VLASOV

Vice President



Ivan Kirillovich DEMYANOV

Vice President



Yuri Alexandrovich DUDENKOV

Vice President



Semyon Ilyich ZELBERG

Vice President



Olga Alexeyevna LYASHENKO

Chief Accountant



Dmitry Konstantinovich NOVIKOV

Vice President



Victor Yegorovich SOFRONOV

Vice President



Sergey Aramovich OULIN

Vice President



Gustav Afanasievich YAKOVLEV

Vice President



Petr Andreyevich GALAYEV

Vice President



Sergey Georgiyevich ALYABYEV

Director of Nyurba GOK



Petr Mikhailovich GLAGOLEV

Director of AlmazDorTrans Department



Yuri Andreyevich DOINIKOV

Director of Aikhal GOK



Valery Nikolayevich LEONENKO

Director of Mirny GOK



Alexandr Vladimirovich KOZUPEYEV

Director of Anabar GOK



Yuri Anatolyevich PETROV

Director of Udachny GOK



Yuri Ivanovich POPOV

Head of Capital Construction Department



Gamlet Vaginakovich AKOPYAN

Head of Legal Department



5

Auditing Committee:

Galina Innokentyevna DANCHIKOVA

Deputy Chairwomen of the Government of

Republic of Sakha (Yakutia), First Deputy of

Permanent Representative of Republic of Sakha

(Yakutia) at RF President’s Office

Lyudmila Afanasyevna NIKOLAYEVA

Deputy Head – Head of Department for

Strategic Planning, Analysis and Forecasts,

Administration of President of Republic of

Sakha (Yakutia)

Anna Ivanovna YEZHOVA

Chief Accountant of United Selling

Organisation of ALROSA 

Valery Vladimirovich YELISEYEV

Deputy Head of Department of Precious Metals

and Gem Stones, RF Ministry of Finance

Kirill Borisovich NIKOLAYEV

Consultant of Department for Property of Fuel

and Energy Complex, RF Ministry of Property

Relations



6

Structure of ALROSA Group

Удачнинский

ГОК

г. Удачный



ЦЕНТР

 сортировки

 алмазов

г.Мирный


Единая  сбытовая

организация

г. Москва

Промышленные и

геологоразведочные

общества  - 18

Строительство - 3

 Кредитно-

финансовые - 4

Снабжение и

транспорт - 4

Торговля, гостиничные

и санаторно-курортные

услуги - 12

Некоммерческие

организации - 1



ОБЩЕЕ   СОБРАНИЕ   АКЦИОНЕРОВ

НАБЛЮДАТЕЛЬНЫЙ     СОВЕТ

ПРАВЛЕНИЕ

Нюрбинский

ГОК

п. Накын


Айхальский

   ГОК


п. Айхал

Мирнинский

 ГОК

г.Мирный


Анабарский

  ГОК


п. Эбелях

Предприятие

"Бриллианты

АЛРОСА"


г. Москва

УПРАВЛЕНИЕ       КОМПАНИИ

Удачнинское

РССУ

г. Удачный



Управление

материально-

технического

снабжения

г. Мирный

Управление

 капитального

строительства

г. Мирный

Институт


"Якутнипроалмаз"

г. Мирный

СТ "Алмаз-

автоматика"

г. Мирный

Управление

"Алмазэнерго-

ремонт"


г. Удачный

Управление

"Алмаздор-

транс"


г. Ленск

Мирнинское

авиа-

предприятие



г. Мирный

Предприятие

АЛРОСА-

Трансснаб



г. Москва

Центр


подготовки

кадров


г. Мирный

Амакин-


ская ГРЭ

п. Айхал


Ботуобин-

ская ГРЭ


г. Мирный

ГРЭ


"АЛРОСА -

Поморье"


г.Архангельск

ТРК


"Алмазный

край"


г. Мирный

Культурно-

спортив-

ный


комплекс

г. Мирный

ЯНИГП

ЦНИГРИ


г. Мирный

Совхоз


"Новый"

г. Мирный

Представи-

тельство в

г.Архангельске

ПЭТСи ЖХ,

г. Мирный

Оздоровит.

комплекс

"Прометей"

п. Небуг

Управление

охраны

г. Мирный



Представи-

тельство в

г. Краснодаре

Представи-

тельство в

г. Якутске

Представи-

тельство в

г. Москва

Представи-

тельство в

г. Орле


Представи-

тельство в

г. Санкт-

Петербурге

Представи-

тельство в

Бельгии

 (г.Антверпен)



Представи-

тельство в

Анголе

(г. Луанда)



Представи-

тельство в

Израиле

(г. Рамат-Ган)



ДОЧЕРНИЕ    И    ЗАВИСИМЫЕ    ОБЩЕСТВА

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President’s statement

Dear Shareholders,

The year 2002 has completed the first 10-year cycle in the history of ALROSA. This was an extremely

important phase of transformation of the Company from an industrial and research entity to a multi-

profile vertically integrated enterprise, diversification of its activities, strengthening of the

interrelations between the Company’s management, the local authorities, the leaders of the Republic of

Sakha (Yakutia) and the Government of the Russian Federation.

The ALROSA management continued to consistently pursue its policy. Our practical steps were aimed

at implementing the five-year programme for 2001-2005 approved by the Supervisory Council and the

main goals set for the period until 2015. Currently, the future prospects of the Company are associated

with the change-over to more labour-intensive and more expensive underground diamond mining,

which sets new requirements with respect to higher labour productivity, lower production costs,

improvement of the commercial mechanisms at all levels down to the level of individual divisions and

crews. The decisions taken by the Company’s management are coordinated with our main shareholders

– the Government of the Russian Federation and the Government of the Republic of Sakha (Yakutia).

They are aimed at comprehensive development of the ALROSA Company – one of the leaders in the

world’s diamond industry and the main pillar of the economy of the Republic of Sakha (Yakutia).



The most important events of 2002 were:

-  Decree of President of the Russian Federation No.1373 of November “On Approval of the

Procedure for Import and Export of Rough and Polished Diamonds in the Russian Federation”;

-  Adoption of the new version of the ALROSA Statute;

-  Election of the Chairman, First Deputy Chairman and Deputy Chairman of the Supervisory

Council of ALROSA – Mr. A.L. Kudrin, Minister of Finance of the Russian Federation, Mr.

V.A. Shtyrov, President of the Republic of Sakha (Yakutia), and Mr. A.D. Kirillin,

respectively.

-  Approval by the Supervisory Council of supplements to the five-year plan (2001-2005) for

development of ALROSA Group;

-  Commencement of active construction of the Mir underground mine;

-  Commissioning of the second phase and reaching of the design capacity of the International

underground mine;

-  Signing of economic terms and conditions for the lease agreement between ALROSA and the

Government of the Republic of Sakha (Yakutia) for 2002-2003 with a fixed amount of

payments relating to investment objectives;

-  Preparation and signing on January 5th, 2003 of a Collective Agreement between ALROSA and

the Profalmaz trade union for the period of 2003-2004.

The consistent implementation of the adopted strategy of technical, economic and social development

of the Company facilitated that despite some unfavourable changes in the world’s diamond market and

growing competition between the main diamond mining companies, ALROSA was able to attain its

main goals and maintain its positions in the world market. An important indication of the growing

authority of the Company are the results of the elections of the deputies of the State Assembly of the

Republic of Sakha (Yakutia) (Il Tumen) held last December and the local administrations: a significant

number of elected deputies are representatives of ALROSA.


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Main Results of ALROSA Plan Fulfilment in 2002

Despite the more complicated mining and geological conditions for mine operation at the main

diamond mines, the Company managed to attain the goals set for 2002.

In 2002 the Company produced US $1,384 million worth of diamonds or US $1,466 million worth of

diamonds, including the mining production of OAO “ALROSA-Nyurba”. The total diamond sales

amounted to US $1,557 million, including US $106 million worth of polished diamonds.

The Company carried out geological exploration work for an amount of RUR 1,127 million (US $35.9

million). Geological prospecting and exploration was conducted in the Republic of Sakha (Yakutia),

Arkhangelsk, Irkutsk and Voronezh regions. Investigations were commenced to assess the prospects

for diamonds in the Maritime Province, Northern Urals, Leningrad Oblast, Pskov, Novgorod and

Murmansk regions.

The Company pursues its strategic goal to develop the required industrial infrastructure and construct

basic facilities for exploitation of mineral resources. The overall plan of investments into capital

construction was fulfilled in 2002 to 125% and the total investments amounted to RUR 15,564.9

million (US $496.5 million). The value of the newly commissioned main fixed assets was RUR 8,840

million (US $282 million), including technical modernisation of the Company’s operations for RUR

2,825 million (US $90.1 million).

The main objectives set by the Company’s economic and financial policy have been attained.

Financing of top-priority items of the budget was provided in due time. Revenues from sales of

products and services amounted to RUR 53,869 million (US $1718.3 million) and the net profit

reached RUR 6,474 million (US $206.5 million). It has been proposed to the Shareholders’ Meeting to

increase the funds allocated for dividend payment by 16.6% as compared with the previous year and

the dividend per share will be RUR 3,500.

The issue of improvement of the welfare of the Company’s employees was addressed on the basis of

gradual increase in the labour productivity and development of commercial relations within the

Company’s divisions. The average wage increased in 2002 by 20.7% in comparison with the 2001

level. The labour productivity rose by 9% at the ore processing plants, by 7% in the transportation

departments of the mines, by 5.9% in open-pit mines and by 6% in underground mines. Commercial

activities of the Company’s divisions resulted in additional profits of over RUR 757.1 million, which

made it possible to provide funds for additional benefits for the employees, for social development and

technical modernization.

The Company has not only been developing dynamically within its traditional region, but also makes

efforts to participate in development of mineral resources abroad and develop its own trading network

in the main diamond trading centres. In 2002 the Company was awarded an order for development of

engineering design documentation for the second phase of the Catoca mine development. Basic

documents were signed for establishing the Hydrosicapa Company and ALROSA obtained the rights

for participation in the Luo project in Angola.

The integrated social policy of ALROSA covers issues relating to housing, utilities and municipal

services, as well as sports, cultural, medical and recreational services. The Company’s efforts in this

field permit it to maintain stable social conditions for its employees. The Company owns 62 medical

stations, 4 preventoriums within Yakutia, two resorts at the Black Sea coast – “Blue Wave” and

“Prometheus” – and other facilities for healthcare and provision of adequate working and recreation

conditions. During 2002 about 24,000 square metres of housing were purchased for an amount of RUR

92 million. The allocations for financing the Company’s pension programme amounted to RUR 499

million.

Environmental protection has been an indispensable part of the Company’s philosophy from the very

beginning. Today the Company makes all efforts possible to protect the natural environment, train its

personnel and educate the young generation on the basis of the principle of high priority of



9

environmental issues. The outlays for construction of environmental protection facilities amounted in

2002 to RUR 528 million, which was by RUR 273 million more than in 2001.

To summarise, it may be stated that in general 2002 was a successful year for the Company. ALROSA

was awarded an Honour Diploma of the Winner of the Third All-Russian Contest “1,000 Best

Enterprises” for its performance and efficiency; a prize for its perfect accounting service; as well as an

Honour Diploma of the First International Forum “Adults for Children: Happy Children – Pride of the

Country” for its activities aimed at implementing the governmental programme for improvement of

social conditions for children and care of homeless children. The Company was also a laureate of the

national competition “Enterprises with High Social Efficiency”.

In the current year we plan to improve the diamond mining and sale performance. This is a rather

difficult objective, but our previous experience permits us to be optimistic about our future.

The Company’s Board and the Supervisory Council have approved on December 28, 2002, and

January 17, 2003 respectively the production plan for the ALROSA Group for the year 2003, which sets

the following targets:

·  Diamond mining production: US $1,410 million worth of diamonds, or US $1,560 million

including OAO “ALROSA-Nyurba”

·  Sales of main products: US $1,619.5 million, or US $1,744.5 million including OAO

“ALROSA-Nyurba”

of which polished diamonds: US $129.5 million

·  Sales revenues: RUR 57,090.8 million

·  Net profit: RUR 5,909.4 million

·  Capital investments: RUR 15.1 billion

·  Financing of geological exploration: RUR 1,257.5 million

·  Borrowed capital as of 01.01.2004: RUR 38,754.6 million

·  Rouble exchange rate: RUR 32.8 per 1 US Dollar



ALROSA Goals for 2003

Completion of the work relating to the approval by the European Commission of the agreement



with De Beers.

Increase in the geological diamond reserves, among other things by discovery of new deposits and



intensification of geological prospecting.

Scheduled increase in the sale prices for main products.



Extension of mining operations to ensure the planned diamond production.

Completion of the construction and commissioning of the No.16 Plant of Nyurba GOK and



bringing it to the design capacity.

Beginning of the erection of the No.203 dredge for exploitation of the Gornoye alluvial deposit.



Construction of the system for water removal from the Mir open pit.

Beginning of the extension of the No.8 Plant for processing ore from the Komsomolskaya pipe.



Development of a process flow diagram for treating clayey ores from the Jubilee pipe.

Improvement of availability of mining machinery and equipment, as well as transportation



vehicles.

10

Construction of main asset facilities within the scope foreseen in the five-year plan (2001-2005) for



the  ALROSA Group development, including construction of the underground mines of Mir and

Aikhal.


Reduction of the production costs and attaining of the set production targets in all divisions and

subsidiaries of the ALROSA Group.

Decrease in the inventories of materials and technical resources, as well as a reduction in the



accounts receivable.

Modification of the structure of the borrowed capital by increasing the proportion of long-term



loans, decreasing the remaining short-term credits and loans, at the same time maintaining the

overall amount of the borrowed capital at the level of about US $1.1 billion. 

Preservation of the financial stability of the Company and the current liquidity level.



Dear Shareholders,

The Company has never had any easy periods in its history. The current year, similarly to the

preceding year, is not an exception. The objectives set by the Company for this year require new

tireless efforts. The main pillar of our Company is the team of the Company’s dedicated employees

having many years of experience of assiduous work. Nevertheless, it needs your unanimous support.

Only with mutual trust and understanding and with our concerted efforts to reach our political and

production objectives we will be able to further strengthen the image of ALROSA.

In 2002 and in the early 2003 there were some changes in the management of the Company. A number

of distinguished managers have left the Board: S.I. Zelberg, V.N. Leonenko, A.O. Novoselov, Yu.K.

Okoyemov, S.V. Lytkin and V.E. Nekhayev. We are pleased to express our sincere gratitude to them

for their personal contributions to the development of the diamond mining industry and strengthening

of the Company.

I am also pleased to have the opportunity to thank the leaders of the Russian Federation and Republic

of Sakha (Yakutia), members of the Supervisory Council and all our business partners who have

rendered their support and helped us become one of the most efficient and permanently developing

companies of Russia.

I would like also to express my gratitude to the team of the Company’s employees through whose

efforts the Company had overcome all the difficulties encountered during the last year and ensured the

Company’s positive performance. 

I wish you new successful achievements in the year of 2003.

V.T. Kalitin,

President of ALROSA

Mirny, Republic of Sakha (Yakutia) 


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