Andre kvartal juli 2008 (1)

Transkript

1 Andre kvartal juli (1)

2 Hovedpunkter Solid drift Stigende kostnader for innsatsfaktorer i Aluminium Metall Sterkt resultat i Aluminium Produkter Qatalum i rute 26 % ferdigstilt ved utgangen av andre kvartal (2)

3 1 Marked og utsikter (3)

4 Kostnadspress på innsatsfaktorer Råolje Brent (USdollar/bbl) Kull CIF ARA (USdollar/mt) Petroleumskoks FOB (USdollar/tonn) Kraft EEX Germany (Euro/MWh) Kilde: Reuters Ecowin / PACE Frakt Baltic Dry Index (USdollar) (4)

5 Sterk aluminiumpris USdollar per tonn Primæraluminium LME USdollar/tonn Kroner/tonn LME (3måneders snitt) LME terminpris 2. kvartal gjennomsnitt 2. kvartal slutt 1. kvartal gjennomsnitt kvartal slutt Gjennomsnitt første halvår Gjennomsnitt året Gjennomsnitt året Kilde: Reuters Ecowin / Bloomberg, terminkurve per 18. juli (5)

6 Betydelig økning i terminpris LMEterminpris, USdollar per tonn (6)

7 Kina tonn Netto import Eksportavgift på metall og produkter med lav foredlingsgrad Økt eksport av legert primæraluminium Ingen eksportavgift SHFE vs LME Netto eksport (100) (200) (300) (400) (500) (600) (700) 1.kv 06 2.kv 06 Primær 3.kv 06 Fabrikert 4.kv 06 1.kv 07 Semi Skrap 2.kv 07 3.kv 07 4.kv 07 1.kv 08 2.kv 08* Hoveddel av eksport til Asia Markedet for primæraluminium forventes i balanse på mellomlang og lang sikt (800) Netto Kilde: Hydro / Antaike * Estimater basert på april og mai (7)

8 Utsikter for Etterspørselen etter primæraluminium forventes å vokse med 8 % Drevet av Kina og til tross for svak amerikansk økonomi Moderat nedgang i markedsveksten for halvfabrikerte produkter i Europa I tillegg til nedgang grunnet sesong Støtte for høy aluminiumpris Høye energi og råmaterialpriser Nedstengning av kapasitet Svak USdollar (8)

9 2 Resultater og drift (9)

10 Nøkkeltall Millioner kroner 2. kv 1. kv 2. kv Første halvår Første halvår Driftsinntekter Underliggende EBIT Poster ekskludert fra underliggende EBIT (911) (853) 116 (1 764) 905 Rapportert EBIT Finansinntekter (kostnader) netto Skattekostnad (248) (734) (1 153) (982) (2 368) Rapportert resultat fra videreført virksomhet Rapportert resultat per aksje fra videreført virksomhet kroner 0,70 1,20 2,00 1,90 4,60 Underliggende resultat per aksje fra videreført virksomhet kroner 1,00 1,20 1,70 2,20 3,50 (10)

11 Rapportert mot underliggende resultat Millioner kroner 2. kv 1. kv 2. kv Første halvår Første halvår Rapportert EBIT Urealiserte effekter kraftkontrakter (362) (2) Urealiserte LME og andre derivateffekter (450) (551) (73) (1 000) (400) Metalleffekt, Valsede Produkter (247) (133) (121) Vesentlige rasjonaliserings og nedstengingskostnader Nedskrivinger (Gevinst)/tap på avhendelser og annet (389) 15 (389) (676) Underliggende EBIT Valutagevinst (tap) netto (11)

12 Underliggende EBIT per segment Millioner kroner Konsernaktiviteter og elimineringer Energi Aluminium Produkter Aluminium Metall (12)

13 Bauksitt og Alumina Nøkkeltall Resultat andre kvartal Aluminaproduksjon, tusen tonn Alunorte, millioner kroner 1) Annet, millioner kroner 2. kv kv (20) 1. kv Høyere aluminapriser Lavere bauksittkostnader i Alunorte Høye energikostnader Underliggende EBIT, millioner kroner ) Underliggende andel av periodens resultat Underliggende EBIT Millioner NOK Utsikter Tredje utvidelse av Alunorte under oppstarting før tid og på budsjett Kostnadspress på innsatsfaktorer (13)

14 Primæraluminium Nøkkeltall Primærproduksjon, tusen tonn Realisert LMEpris, USdollar/tonn 1) Realisert LMEpris, kroner/tonn 1) Total støperiproduksjon, tonn Underliggende EBIT, millioner kroner Underliggende EBIT Millioner kroner kv kv kv Resultat andre kvartal Opprettholdt produksjon Høyere realisert pris i kroner Forsinkelse i innslag av stigende realisert pris på flytende metallproduksjonen i resultatene, effekt i 2. kv om lag 250 millioner kroner Økende kostnader for råmaterialer (karbon, alumina og frakt) Utsikter 83 % av produksjonen i tredje kvartal priset til USdollar per tonn Kostnadspress på innsatsfaktorer 1) Realisert pris på flytende metallproduksjon. Prisen som er reflektert i resultatene ligger ytterligere en måned etter prisen på den flytende metallproduksjonen på grunn av omløpshastigheten i varelageret. (14)

15 Kostnadsutvikling i Primæraluminium Avvik i underliggende EBIT 2. kv mot 1. kv Utsikter andre halvår ~ Økning i variable kostnader om lag millioner kroner i forhold til nivå i andre kvartal Karbonkostnader betydelig økning Aluminafrakt økning Kraftkostnader stabile Alumina indeksert til aluminium pris med totre måneders forsinkelse 60 Press på faste kostnader ~ 630 Samlet effekt avhengig av prisutviklingen på globale råvarer 1. kv Pris Volum Alumina Alumina frakt Karbon Faste Avskrivn. Annet 2. kv kostnader (15)

16 Sterk kraftposisjon Indeksering av krafttilgang i Estimert forbruk i ~27 TWh1) 12 % Solid langsiktig dekning av egenprodusert kraft 28 % 9 % Indeksering til LME og kull øker kraftkostnader dersom prisene holder seg på dagens nivå Forsinkelse i indekseringsfaktorer 18 % 33 % LME Kull Inflasjon Fastpris Egenproduksjon Norge 1) Aluminium Metall og Valsede Produkter 2) Ekskludert konsesjonskraft og eksternt kontraktsalg 2) Kroner og USdollar er dominerende valutaeksponering Kraftkilder Vannkraft 66 % Kull 28 % Kjernekraft 3 % Gass 3 % (16)

17 Metall og råvarehandel Nøkkeltall Resultat andre kvartal Produksjon av omsmeltet metall, tusen tonn Totalt salg av metallprodukter, tusen tonn 2. kv kv kv Høyere salgsvolum og solid resultat fra europeiske omsmeltere Moderat bidrag fra handels og sikringsvirksomheten Underliggende EBIT, millioner kroner Underliggende EBIT Millioner kroner Utsikter Svakere markeder i andre halvdel av Volatile resultater i handels og sikringsvirksomheten 105 (17)

18 Valsede Produkter Nøkkeltall Resultat andre kvartal Eksternt salg, tusen tonn 2. kv kv kv 264 Økte volumer og marginer Svak USdollar mot euro Underliggende EBIT, millioner kroner Underliggende EBIT Millioner kroner Utsikter Dempet etterspørsel i Europa Svakt marked i USA og svak USdollar Kostnadspress på innsatsfaktorer (31) (18)

19 Ekstruderte Profiler Nøkkeltall Resultat andre kvartal Eksternt salg, tusen tonn Underliggende EBIT, millioner kroner 2. kv kv kv Sterkt resultat i Europa, volumøkning og stabile marginer Reduserte kostnader i USA Fortsatt positiv utvikling i SørAmerika Underliggende EBIT Millioner kroner Utsikter Dempet europeiske marked, spesielt i SørEuropa Fortsatt svakt amerikansk marked Sterkt marked i SørAmerika Overtagelse av Alumafel i Spania 1. juli (19)

20 Automotive Nøkkeltall Resultat andre kvartal Eksternt salg, tusen tonn Underliggende EBIT, millioner kroner 2. kv kv 31 (2) 2. kv 30 1 Økte kostnader utlignet av økte marginer Lavere volum i USA kompensert av vekst i Europa og Asia Samlet resultat er ikke tilfredsstillende Underliggende EBIT Millioner kroner (67) Utsikter Dempet europeisk marked Amerikansk marked fortsatt svekket Nedbemanning i Norge (2) (49) (75) (20)

21 Sesongsvingninger i Aluminium Produkter Underliggende EBIT (millioner kroner)* H 2H 1H 2H 1H Volum (1 000 tonn)* H 2H 1H 2H 1H * Inkludert volum og EBIT fra avhendede virksomheter (21)

22 Energi Nøkkeltall Resultat andre kvartal 2. kv 1. kv 2. kv Lave spotpriser Høy produksjon og høyt spotsalg Kraftproduksjon, GWh Netto spotsalg, GWh Spotpris for elektrisitet i Sør Norge (NO1), kroner/mwh Underliggende EBIT, millioner kroner Underliggende EBIT Millioner kroner Utsikter Magasinfylling over normalnivå Støtte for høyere priser, men volatilt marked 207 (22)

23 (23) 3 Kapitalallokering

24 Solid finansiell stilling Kontantstrøm 2. kvartal i milliarder kroner Milliarder kroner 30. juni 31. mars Kontantstrøm fra drift 2,9 Investeringer (1,4) Avhendelser 1,2 Utbytte (6,3) Netto endring i kontanter og bankinnskudd (3,6) Planlagte investeringer i ~1213 milliarder kroner Kontanter og bankinnskudd Markedsbaserte verdipapirer Kortsiktige lån Langsiktige lån Netto kontanter/(gjeld) Netto pensjonsforpliktelse Forventet skattefordel, 30 % Operasjonelle leieforpliktelser Rentebærende gjeld i tilknyttede selskaper 8,0 2,1 (1,2) (0,2) 8,7 (5,6) 1,7 (2,1) (3,0) 11,7 2,4 (1,2) (0,2) 12,8 (5,8) 1,7 (2,1) (2,3) Netto justert kontanter/(gjeld) (0,3) 4,2 (24)

25 Qatalum i rute 26 % ferdigstilt ved utgangen av andre kvartal Alle hovedkontraktører på plass anleggsarbeidere Utfordringer Kostnadspress Leveranser fra underleverandører Investering Estimat (100 %) ~5,6 milliarder USdollar (25)

26 Prioriteringer i Solid drift Kostkontroll Marginstyring Gjennomføring av Qatalum Vekstmuligheter (26)

27 Cautionary note in relation to certain forwardlooking statements Certain statements included within this announcement contain forwardlooking information, including, without limitation, those relating to (a) forecasts, projections and estimates, (b) statements of management s plans, objectives and strategies for Hydro, such as planned expansions, investments or other projects, (c) targeted production volumes and costs, capacities or rates, startup costs, cost reductions and profit objectives, (d) various expectations about future developments in Hydro s markets, particularly prices, supply and demand and competition, (e) results of operations, (f) margins, (g) growth rates, (h) risk management, as well as (i) statements preceded by expected, scheduled, targeted, planned, proposed, intended or similar statements. Although we believe that the expectations reflected in such forwardlooking statements are reasonable, these forwardlooking statements are based on a number of assumptions and forecasts that, by their nature, involve risk and uncertainty. Various factors could cause our actual results to differ materially from those projected in a forwardlooking statement or affect the extent to which a particular projection is realized. Factors that could cause these differences include, but are not limited to: our continued ability to reposition and restructure our upstream and downstream aluminium business; changes in availability and cost of energy and raw materials; global supply and demand for aluminium and aluminium products; world economic growth, including rates of inflation and industrial production; changes in the relative value of currencies and the value of commodity contracts; trends in Hydro s key markets and competition; and legislative, regulatory and political factors. No assurance can be given that such expectations will prove to have been correct. Hydro disclaims any obligation to update or revise any forwardlooking statements, whether as a result of new information, future events or otherwise. (27)

28 (28) 4 Additional information

29 Underlying income NOK million Reported income Adjustments Underlying income Aluminium Metal Aluminium Products Energy Corporate and other (1 825) (515) (253) (6) (140) Total EBIT Financial income (expense), net 443 (298) 145 Income continuing operations before tax Income tax expense 1) (248) 613 (181) (429) Income from continuing operations Income from discontinued operations (20) (20) Net income Net income attributable to minority interest Net income attributable to equity holders of the parent Earnings per share from continuing operations NOK 2) ) Estimated tax effect on income statement adjustments using the tax rate for the period 2) Calculated using income from continuing operations less net income attributable to minority interests (29)

30 Underlying income NOK million Reported income Adjustments Underlying income Aluminium Metal Aluminium Products Energy Corporate and other (936) 539 (625) (5) Total EBIT Financial income (expense), net 998 (854) 144 Income continuing operations before tax Income tax expense 1) (734) (1) (734) Income from continuing operations (1) Income from discontinued operations (357) (357) Net income (1) Net income attributable to minority interest Net income attributable to equity holders of the parent (17) Earnings per share from continuing operations NOK 2) ) Estimated tax effect on income statement adjustments using the tax rate for the period 2) Calculated using income from continuing operations less net income attributable to minority interests (30)

31 Underlying income NOK million Reported income Adjustments Underlying income Aluminium Metal Aluminium Products Energy Corporate and other (214) (91) 137 (27) (135) (349) Total EBIT (116) Financial income (expense), net 733 (517) 216 Income continuing operations before tax Income tax expense 1) (1 153) (633) (949) Income from continuing operations (429) Income from discontinued operations Net income (429) Net income attributable to minority interest Net income attributable to equity holders of the parent Earnings per share from continuing operations NOK 2) ) Estimated tax effect on income statement adjustments using the tax rate for the period 2) Calculated using income from continuing operations less net income attributable to minority interests (31)

32 Reported and underlying results Hydro NOK million Year Year Reported EBIT (664) Underlying EBIT Income from continuing operations Underlying income from continuing operations Earnings per share from continuing operations 1) Underlying earnings per share from continuing operations 1) ) Calculated using income from continuing operations less net income attributable to minority interests (32)

33 Items excluded from underlying results NOK million Unrealized derivative effects on currency contracts (Alunorte) Bauxite & Alumina (16) (106) Unrealized derivative effects on LME related contracts (Alunorte) Bauxite & Alumina 83 (8) Unrealized derivative effects on power contracts Primary Aluminium Unrealized derivative effects on power contracts (Søral) Primary Aluminium 20 (91) Unrealized derivative effects on currency contracts (Qatalum) Primary Aluminium 25 (4) Unrealized derivative effects on LME related contracts Other and eliminations 79 (317) Total impact Aluminium Metal 539 (515) Metal effect Rolled Products 113 (247) Unrealized derivative effects on LME related contracts Other and Elim. (738) (7) Total impact Aluminium Products (625) (253) Unrealized derivative effects on power contracts Energy (5) (6) Unrealized derivative effects on power contracts Corporate and other Unrealized derivative effects on LME related contracts Corporate and other 16 (8) (Gains)/losses on divestments Corporate and other (389) Total Impact Corporate and other Total EBIT Hydro Net foreign exchange (gain)/loss Hydro (854) (298) Income from continuing operations before tax Hydro (1) 613 Calculated income tax effect Hydro (181) Income from continuing operations Hydro (1) 432 (33)

34 Items excluded from underlying results NOK million Equity accounted units Monetary adjustments Alunorte Equity accounted units unrealized (gains)/losses on LME contracts Alunorte Closure costs Unrealized (gains)/losses on power contracts Equity accounted units unrealized (gains)/losses power contracts Søral Embedded currency derivatives Qatar Impairment Ellenville 1) Unrealized (gains)/losses on LME contracts Correction of elimination of gain on inventory Total impact Metal effect Rationalization costs Equity accounted units Change in tax rate Germany Rationalization costs US and UK (Gains)/losses on divestments (Gains)/losses on divestments Rationalization costs Unrealized (gains)/losses on LME contracts Total impact Unrealized (gains)/losses on power contracts Unrealized (gains)/losses on power contracts Correction of elimination of gain on inventory Total EBIT Net foreign exchange (gain)/loss Income from continuing operations before tax Estimated income tax effect Germany, change in tax rate Income from continuing operations 1) Not included in EBITDA Bauxite & Alumina Bauxite & Alumina Primary Aluminium Primary Aluminium Primary Aluminium Primary Aluminium Commercial Other and eliminations Other and eliminations Aluminium Metal Rolled Products Rolled Products Rolled Products Extrusion Extrusion Automotive Automotive Other and Elim. Aluminium Products Energy Corporate and other Corporate and other Hydro Hydro Hydro Hydro Hydro Hydro (33) (13) (303) (158) (149) (691) 23 (817) (22) 207 (790) (464) (1 254) 341 (913) (64) (175) (25) 144 (80) (91) (27) (135) (116) (517) (633) 204 (429) (35) (108) (1) (35) (1 199) (524) 98 (250) (676) (35) (82) 8 76 (2) (47) (17) (35) (74) (359) (50) 876 (167) (163) (303) 118 (100) (47) 63 (17) (624) (119) (2 254) (1 126) 283 (300) (1 143) (34)

35 Operating segment information Underlying EBIT NOK million Year Year Bauxite & Alumina Primary Aluminium Commercial Other and eliminations (9) 18 (13) (60) (37) (36) 3 (65) 84 Aluminium Metal Rolled Products (31) Extrusion Automotive (72) (66) 57 1 (49) (75) (2) 2 (51) (67) Other and eliminations (0) 8 5 Aluminium Products Energy Corporate and other (301) (129) (216) (75) (257) (349) 9 (50) 8 (140) (721) (647) Total (35)

36 Operating segment information Underlying EBITDA NOK million Year Year Bauxite & Alumina Primary Aluminium Commercial Other and eliminations (9) 18 (13) (60) (37) (36) 3 (65) 84 Aluminium Metal Rolled Products Extrusion Automotive (10) Other and eliminations Aluminium Products Energy Corporate and other (289) (127) (205) (70) (241) (333) 24 (34) 21 (128) (692) (585) Total (36)

37 Operating segment information EBIT NOK million Year Year Bauxite & Alumina (57) Primary Aluminium Commercial Other and eliminations 430 (87) 22 (341) (85) (115) Aluminium Metal Rolled Products (156) (313) Extrusion (156) Automotive 20 (49) (367) (487) 748 (15) (89) (105) (2) 2 (884) 539 Other and eliminations 153 (12) (286) 50 (21) (28) (440) (104) (94) (592) Aluminium Products (435) (481) (247) (326) (104) Energy Corporate and other 479 (239) (198) (1 498) (465) (214) (154) (907) (936) (1 825) (1 456) (1 741) Total (664) (37)

38 Operating segment information EBITDA NOK million Year Year Bauxite & Alumina (53) Primary Aluminium Commercial Other and eliminations 430 (87) 22 (341) (85) (115) Aluminium Metal Rolled Products (183) Extrusion (23) Automotive (187) (25) (38) Other and eliminations 153 (12) (286) 50 (21) (28) (440) (104) (94) (592) Aluminium Products (22) Energy Corporate and other 491 (237) (187) (1 493) (449) (198) (139) (892) (923) (1 813) (1 427) (1 678) Total (38)

39 Operating segment information Total revenue NOK million Year Year Bauxite & Alumina Primary Aluminium Commercial Other and eliminations (11 868) (12 136) (10 715) (11 976) (12 433) (12 199) (10 550) (9 464) (10 264) (11 862) (46 695) (44 646) Aluminium Metal Rolled Products Extrusion Automotive Other and eliminations (228) (194) (202) 361 (209) (226) (236) (184) (133) (191) (263) (855) Aluminium Products Energy Corporate and other (6 858) (7 198) (7 363) (8 985) (7 294) (5 996) (5 667) (6 185) (6 226) (7 695) (30 404) (25 143) Total (39)

40 Operating segment information External revenue NOK million Year Year Bauxite & Alumina Primary Aluminium Commercial Other and eliminations 356 (141) 36 (332) (182) (82) Aluminium Metal Rolled Products Extrusion Automotive Other and eliminations (25) 17 2 (62) (14) 55 (55) 51 (56) Aluminium Products Energy (27) 737 (823) (83) Corporate and other (165) Total (40)

41 Operating segment information Internal revenue NOK million Year Year Bauxite & Alumina Primary Aluminium Commercial Other and eliminations (12 224) (11 995) (10 750) (11 643) (12 470) (12 236) (10 658) (9 282) (10 264) (11 862) (46 613) (44 646) Aluminium Metal Rolled Products Extrusion (363) Automotive Other and eliminations (294) (204) (177) 361 (226) (228) (174) (170) (189) (136) (314) (798) Aluminium Products Energy Corporate and other (7 276) (7 569) (7 551) (8 820) (7 550) (6 250) (5 897) (6 822) (6 732) (7 820) (31 216) (26 519) Total (41)

42 Operating segment information Share of profit in equity accounted investments NOK million Year Year Bauxite & Alumina (37) Primary Aluminium (90) (3) (28) (40) Commercial (1) (2) Aluminium Metal (12) (77) Rolled Products (4) 1 7 (6) 7 (7) (6) 42 (7) (2) (2) 36 Extrusion Automotive (235) 10 4 (1) (1) (183) 2 Aluminium Products (224) 9 14 (8) (3) 43 (6) 3 (168) 46 Energy 5 2 (1) (8) (25) (13) (16) 22 (24) Corporate and other (1) (3) 27 3 Total (94) (42)

43 Operating segment information Depreciation NOK million Year Year Bauxite & Alumina Primary Aluminium Commercial Aluminium Metal Rolled Products Extrusion Automotive Aluminium Products Energy Corporate and other Total (43)

44 Income statement NOK million First half First half Revenue Share of the profit in equity accounted investments Other income, net (94) Total revenue and income Depreciation, amortization and impairment Other expenses Earnings before financial items and tax (EBIT) Financial income (expense), net Income from continuing operations before tax Income tax expense Tax rate (248) 22% (734) 34% (1 153) 31% (982) 30% (2 368) 29% Income from continuing operations Income from discontinued operations (20) (357) (377) Net income Net income attributable to minority interest Net income attributable to equity holders of the parent (17) Earnings per share from continuing operations NOK 1) ) Calculated using income from continuing operations less net income attributable to minority interests (44)

45 Balance sheets NOK million June 30, March 31, December 31, June 30, Cash and cash equivalents Shortterm investments Receivables and other current assets Inventories Assets held for sale / Discontinued operations Property, plant and equipment Other noncurrent assets Total assets Bankloans and other shortterm interestbearing debt Other current liabilities Liabilities in disposal group / Discontinued operations Longterm interestbearing debt Other longterm liabilities Deferred tax liabilities Minority interest Equity attr. to equity holders of the parent Total liabilities and equity (45)

46 Capital employed upstream focus Automotive; 4 % Extrusion; 9 % Energy; 8 % Bauxite & Alumina; 12 % NOK million Bauxite & Alumina Primary Aluminium Commercial Other and eliminations June 30, (47) Aluminium Metal Rolled Products, 19% Rolled Products Extrusion Automotive Other and eliminations Aluminium Products Energy Commercial; 6 % Primary Aluminium; 41 % Corporate and other Total (9 800) Graph excludes NOK 9.8 billion in negative capital employed in Corporate and Other (46)

47 Price and currency sensitivities NOK million Income before tax Net income Change Aluminium price per tonne USD Aluminium price per tonne excl. strategic hedges USD NOK million Income before tax Net income Change USD before financial items NOK USD financial items (2 700) (1 900) 1 NOK USD Net income NOK Based on expected business volumes for and the following prices: Aluminium USD/tonne NOK/USD 5.50 LME sensitivity includes the effect of strategic hedges, but excludes and unrealized effects related to operational hedging USD sensitivity includes both USD revenues and USD costs Total USD sensitivity for financial items is based on actual financial positions December 31, (47)

48 Primary aluminium production tonnes Slovalco consolidated from 2004 (48)

49 Primary aluminium market USD per tonne days Aluminium inventories (days of consumption)* Aluminium price (LME 3 month) *IAI and LME reported stocks, annualized western world consumption (49)

50 Nordic power market forward curves NOK/MWh Jan 07 Jul 07 Jan 08 Jul 08 Jan 09 Jul 09 Jan 10 Jul 10 End End End End End (50)

51 Power price and volume Nordic System Price NOK/MWh Hydropower production TWh (51)

52 Aluminium Metal operational data Volumes and prices 1) Realized premium above LME (USD/mt) Realized premium above LME (NOK/mt) Bauxite & Alumina: Alumina production (1 000 mt) Primary Aluminium: Primary production (1 000 mt) Total casthouse production LME realized (USD/mt) including hedges NOK/USD realized including hedges 1) LME realized (NOK/mt) including hedges LME realized (USD/mt) excluding hedges NOK/USD realized excluding hedges 1) LME realized (NOK/mt) excluding hedges ) Difference between realized exchange rate and spot rate at the transaction date is reported as currency gain/loss and not included in EBITDA (except currency hedges where hedge accounting is applied) (52)

53 Aluminium Metal operational data Volumes and prices Commercial: Remelt production (1 000 mt) Sale of metal products from own production (1 000 mt) Sale of thirdparty metal products (1 000 mt) Total metal products sales excluding ingot trading (1 000 mt) Hereof external sales (1 000 mt) External sales revenue (NOK million) Strategic hedges, Primary Aluminium Volume, mt LME price USD/mt (53)

54 Aluminium Products operational data Rolled Products external shipments (1 000 tonnes) Extrusion external shipments (1 000 tonnes) Automotive external shipments (1 000 tonnes) Rolled Products EBIT per tonne, NOK 1) (122) Extrusion EBIT per tonne, NOK 1) ) Underlying EBIT (54)

55 Energy operational data Volumes and prices Power production, GWh Net spot sales, GWh Nordic spot electricity price, NOK/MWh South Norway spot electricity price (NO1), NOK/MWh (55)

56 Investor Relations in Hydro Stefan Solberg Head of Investor Relations t: m: e: Stian Hasle Investor Relations Officer t: m: e: Irene Raposo Investor Relations Assistant t: m: e: Next investor event: Capital Markets Day For more information see: (56) 02/

57 (57)