Tredje kvartal oktober 2008 (1)

Transkript

1 Tredje kvartal oktober (1)

2 Hovedpunkter Solid drift Høyere realiserte aluminiumpriser, men vedvarende kostnadspress Generelt svakere markeder og lavere sesongmessig etterspørsel Sterkt resultat i Energi Qatalum 41 % ferdig ved utgangen av tredje kvartal i rute for oppstart i 2009/2010 (2)

3 (3) Marked og utsikter

4 Kostnadspress på innsatsfaktorer Råolje Brent (USdollar/fat) Kull CIF ARA (USdollar/tonn) Petroleumskoks FOB (USdollar/tonn) Kraft EEX Tyskland (Euro/MWh) Frakt Baltic Dry Index (USdollar) Kaustisk soda (USdollar/tonn) Source: Reuters Ecowin/PACE/CMAI (4)

5 Volatil aluminiumpris USdollar per tonn LME (3 måneders snitt) Primæraluminium LME USdollar/ tonn Kroner/ tonn LME terminpris 3. kvartal gjennomsnitt 3. kvartal slutt kvartal gjennomsnitt 2. kvartal slutt Gjennomsnitt første ni måneder Gjennomsnitt året Gjennomsnitt året Kilde: Reuters Ecowin / Bloomberg, terminkurve per 17. oktober (5)

6 Terminkurve fortsatt på høyt nivå LMEterminpris, USdollar per tonn Jan05 1Jan06 1Jan07 1Jan08 17Oct08 (6)

7 Kina tonn 250 Primær Semi Netto import Fabrikert Skrap 200 Netto (50) Eksportavgift på metall og produkter med lav foredlingsgrad Primæraluminium fra midten av og legert primæraluminium fra august Hoveddel av eksport til Asia Netto eksport (100) (150) (200) (250) (300) (350) Energiprisen har økt to ganger i, opp ~100 USdollar per tonn aluminium Nedstenginger er annonsert Kilde: Hydro / Antaike (7)

8 Utsikter for og 2009 Etterspørselen etter primæraluminium forventes å vokse med 5 % i, lavere vekst forventet i 2009 Fortsatt drevet av Kina Fortsatt svak i Amerika, synkende i Europa Fallende forbruk og økende varelagre Europeisk forbruk av halvfabrikerte produkter forventes lavere i 2009 enn i (8)

9 Beredskap for svakere markeder Proaktive kostnadskutt og volumreduksjoner Aluminium Metall reduserte omsmeltervolumer Ekstruderte Profiler Eurasia skiftreduksjon med 20 % siden andre kvartal Ekstruderte Profiler Americas Heltidsansatte redusert med 35 % siden tredje kvartal Precision Tubing North America Antall ansatte redusert med 17 % siden fjerde kvartal Automotive Structures Heltidsansatte redusert med 11 % siden fjerde kvartal Restrukturering av virksomheter som leverer utilfredsstillende resultater Opprettholde den solide finansielle stillingen Nøye oppfølging av motpartsrisiko (9)

10 (10) Resultater og drift

11 Nøkkeltall Millioner kroner 3. kv 2. kv 3. kv Første ni måneder Første ni måneder Driftsinntekter Underliggende EBIT Poster ekskludert fra underliggende EBIT 924 (911) (673) (840) 233 Rapportert EBIT Finansinntekter (kostnader) netto (1 980) (539) Skattekostnad (201) (248) (765) (1 183) (3 134) Rapportert resultat fra videreført virksomhet Rapportert resultat per aksje fra videreført virksomhet kroner 0,10 0,70 2,20 1,90 6,80 Underliggende resultat per aksje fra videreført virksomhet kroner 0,70 1,00 1,60 2,90 5,10 (11)

12 Rapportert mot underliggende resultat Millioner kroner 3. kv 2. kv 3. kv Første ni måneder Første ni måneder Rapportert EBIT Urealiserte effekter kraftkontrakter Urealiserte LME og andre derivateffekter Metalleffekt, Valsede Produkter Vesentlige rasjonaliserings og nedstengingskostnader Nedskrivinger (Gevinst)/tap på avhendelser og annet (1 038) 185 (38) (34) (450) (247) (389) (814) (171) (423) 262 (101) (65) (641) Underliggende EBIT Valutagevinst (tap) netto (2 015) (862) (12)

13 Underliggende EBIT per segment Millioner kroner (257) (349) (50) (140) (239) Aluminium Metall Aluminium Produkter Energi Konsernaktiviteter og elimineringer (13)

14 Bauksitt og Alumina Nøkkeltall Resultat tredje kvartal Aluminaproduksjon, tusen tonn Alunorte, millioner kroner 1) Annet, millioner kroner 3. kv (31) 2. kv kv Høyere volum fra Alunorte 3oppstart Økt aluminapris Vesentlig økning i energikostnader Underliggende EBIT, millioner kroner ) Underliggende andel av periodens resultat Underliggende EBIT Millioner kroner Utsikter Alunorte 3 produksjonsøkning Lavere aluminapris Kostnadspress på innsatsfaktorer (energi og kaustisk soda) Avtale med Vale om CAP aluminaraffineri (14)

15 Primæraluminium Nøkkeltall Resultat tredje kvartal Primærproduksjon, tusen tonn Total støperiproduksjon, tonn 3. kv kv kv Høyere aluminiumpris Vesentlig økning i karbonkostnader Økte energikostnader Realisert LMEpris, USdollar/tonn 1) Realisert LMEpris, kroner/tonn 1) Underliggende EBIT, millioner kroner Underliggende EBIT Millioner kroner Utsikter Vedvarende kostnadspress på innsatsfaktorer, forsterket av sterkere USdollar ~80 % av produksjonen som påvirker resultat i fjerde kvartal er priset til ~2 770 USdollar per tonn 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. (15)

16 Metall og råvarehandel Nøkkeltall Resultat tredje kvartal Produksjon av omsmeltet metall, tusen tonn Totalt salg av metallprodukter, tusen tonn Underliggende EBIT, millioner kroner 3. kv (147) 2. kv kv Lavere produktpremier og sesongmessig lavere volumer Vesentlige tap på sikringsstrategi og i handels og sikringsvirksomheten på grunn av volatile markeder Underliggende EBIT Millioner kroner Utsikter Svakere markeder Volatile resultater i handels og sikringsvirksomheten (147) (16)

17 Valsede Produkter Nøkkeltall Resultat tredje kvartal Eksternt salg, tusen tonn 3. kv kv kv 254 Sesongmessig lavere volumer Vedvarende stabile marginer Underliggende EBIT, millioner kroner Underliggende EBIT Millioner kroner Utsikter Etterspørsel vil falle mer enn normale sesongmessige svingninger Vedvarende kostnadspress på innsatsfaktorer (31) (17)

18 Ekstruderte Profiler Nøkkeltall Resultat tredje kvartal Eksternt salg, tusen tonn Underliggende EBIT, millioner kroner 3. kv kv kv Sesongmessig lavere volumer Vedvarende solide resultater i Europa Positivt bidrag fra oppkjøp Underliggende EBIT Millioner kroner Utsikter Dempede europeiske markeder, spesielt i SørEuropa Fortsatt svakt amerikansk marked (18)

19 Automotive Nøkkeltall Resultat tredje kvartal Eksternt salg, tusen tonn Underliggende EBIT, millioner kroner 3. kv 26 (92) 2. kv kv 29 (49) Sesongmessig volumnedgang fra allerede lavt nivå Samlet resultat fortsatt utilfredsstillende Underliggende EBIT Millioner kroner (67) (92) 57 (2) 2 Utsikter Økonomisk nedgang har drastisk markedsinnvirkning for Automotive Ytterligere nedbemanning (49) (75) (92) (19)

20 Energi Nøkkeltall Resultat tredje kvartal Kraftproduksjon, GWh 3. kv kv kv Høye spotpriser Høy produksjon og netto spotsalg Netto spotsalg, GWh Spotpris for elektrisitet i SørNorge (NO1), kroner/mwh Underliggende EBIT, millioner kroner Underliggende EBIT Millioner kroner Utsikter Magasinfylling under normalnivå Betydelig lavere kraftproduksjon (20)

21 (21) Kapitalallokering

22 Solid finansiell stilling Kontantstrøm 2. kvartal (Milliarder kroner) Drift 0,1 Investeringer (2,6) Avhendelser 0,7 ~Netto endring i netto kontanter/(gjeld) (1,8) Planlagte investeringer : ~12 milliarder kroner 2009: ~13 milliarder kroner Milliarder kroner Kontanter og bankinnskudd Markedsbaserte verdipapirer Kortsiktige lån Langsiktige lån Netto kontanter/(gjeld) Kontanter og bankinnskudd i eget forsikringsselskap Netto pensjonsforpliktelse, etter forventet skattefordel Operasjonelle leieforpliktelser, etter forventet skattefordel Rentebærende gjeld i tilknyttede selskaper Andre finansielle forpliktelser, etter forventet skattefordel 30. sept. 3,6 4,5 (1,0) (0,3) 6,7 (1,6) (5.1) (1,5) (3,3) (0,7) 30. juni 8,0 2,1 (1,2) (0,2) 8,7 (1,7) (4,9) (1,5) (2,0) (0,7) Netto justert kontanter/(gjeld) (5,5) (2,1) (22)

23 Qatalum i rute 41 % ferdigstilt ved utgangen av tredje kvartal anleggsarbeidere Konstruksjon på alle større deler Ovnshaller Kraftverk Havnefasiliteter Bygninger for støttefunksjoner Krevende miljø for gjennomføring av store prosjekter Investering Estimat (100 %) ~5,6 milliarder USdollar I rute for oppstart i 2009/2010 (23)

24 Prioriteringer i og 2009 Solid drift Kostkontroll Marginstyring Gjennomføring av Qatalum Vekstmuligheter (24)

25 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. (25)

26 (26) Additional information

27 Underlying income NOK million Reported income Adjustments Underlying income Aluminium Metal Aluminium Products Energy Corporate and other (288) (760) 610 (39) (734) (239) Total EBIT (924) Financial income (expense), net (1 980) Income continuing operations before tax Income tax expense 1) 434 (201) (355) (556) Income from continuing operations Income from discontinued operations 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 items excluded is calculated using actual tax rate yeartodate, less estimated tax effect yeartodate previous quarter 2) Calculated using income from continuing operations less net income attributable to minority interests (27)

28 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 items excluded is calculated using actual tax rate yeartodate, less estimated tax effect yeartodate previous quarter 2) Calculated using income from continuing operations less net income attributable to minority interests (28)

29 Underlying income NOK million Reported income Adjustments Underlying income Aluminium Metal Aluminium Products Energy Corporate and other (247) 242 (154) (35) Total EBIT Financial income (expense), net (1 199) 345 Income continuing operations before tax Income tax expense 1) (765) (526) (152) (917) Income from continuing operations (678) Income from discontinued operations Net income (678) 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 items excluded is calculated using actual tax rate yeartodate, less estimated tax effect yeartodate previous quarter 2) Calculated using income from continuing operations less net income attributable to minority interests (29)

30 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 (30)

31 Items excluded from underlying results NOK million Unrealized derivative effects on currency contracts (Alunorte) Alumina & Bauxite (16) (106) 203 Unrealized derivative effects on LME related contracts (Alunorte) Alumina & Bauxite 83 (8) (134) Unrealized derivative effects on power contracts Primary Aluminium (342) Unrealized derivative effects on power contracts (Søral) Primary Aluminium 20 (91) 50 Unrealized derivative effects on currency contracts (Qatalum) Primary Aluminium 25 (4) (53) Unrealized derivative effects on LME related contracts Other and eliminations 79 (317) (485) Total impact Aluminium Metal 539 (515) (760) Metal effect Rolled Products 113 (247) (38) Unrealized derivative effects on LME related contracts Other and Elim. (738) (7) 648 Total impact Aluminium Products (625) (253) 610 Unrealized derivative effects on power contracts Energy (5) (6) (6) (Gains)/losses on divestments Energy (34) Unrealized derivative effects on power contracts Energy (5) (6) (39) Unrealized derivative effects on power contracts Corporate, other & elim (740) Unrealized derivative effects on LME related contracts Corporate, other & elim. 16 (8) 6 (Gains)/losses on divestments Corporate, other & elim. (389) Total impact Corporate, other & elim (734) Total EBIT Hydro (924) Net foreign exchange (gain)/loss Hydro (854) (298) Income from continuing operations before tax Hydro (1) Calculated income tax effect Hydro 0 (181) (355) Income from continuing operations Hydro (1) (31)

32 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 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 (64) (175) (25) 144 (80) (91) (27) (135) (116) (517) (633) (35) (108) (1) (35) 221 (58) 675 (1 199) (524) 98 (250) (678) (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) 1) Not included in EBITDA (32)

33 Operating segment information Underlying EBIT NOK million Year Year Bauxite & Alumina Primary Aluminium Commercial (147) Other and eliminations (9) 18 (13) (60) (37) (36) 3 76 (65) 84 Aluminium Metal Rolled Products (31) Extrusion Automotive (72) (66) 57 1 (49) (75) (2) 2 (92) (51) (67) Other and eliminations (0) 8 5 Aluminium Products Energy Corporate and other (301) (129) (216) (75) (257) (349) 9 (50) 8 (140) (239) (721) (647) Total (33)

34 Operating segment information Underlying EBITDA NOK million Year Year Bauxite & Alumina Primary Aluminium Commercial (121) Other and eliminations (9) 18 (13) (60) (37) (36) 3 76 (65) 84 Aluminium Metal Rolled Products Extrusion Automotive (10) (38) Other and eliminations Aluminium Products Energy Corporate and other (289) (127) (205) (70) (241) (333) 24 (34) 21 (128) (228) (692) (585) Total (34)

35 Operating segment information EBIT NOK million Year Year Bauxite & Alumina (57) Primary Aluminium Commercial (147) 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 (92) (884) 539 Other and eliminations 153 (12) (286) 50 (21) (28) (440) (104) (648) (94) (592) Aluminium Products (435) (481) (247) (326) (288) (104) Energy Corporate and other 479 (239) (198) (1 498) (465) (214) (154) (907) (936) (1 825) 495 (1 456) (1 741) Total (664) (35)

36 Operating segment information EBITDA NOK million Year Year Bauxite & Alumina (53) Primary Aluminium Commercial (121) Other and eliminations 430 (87) 22 (341) (85) (115) Aluminium Metal Rolled Products (183) Extrusion (23) Automotive (187) (25) (38) (38) Other and eliminations 153 (12) (286) 50 (21) (28) (440) (104) (648) (94) (592) Aluminium Products (22) Energy Corporate and other 491 (237) (187) (1 493) (449) (198) (139) (892) (923) (1 813) 506 (1 427) (1 678) Total (36)

37 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) (11 029) (46 695) (44 646) Aluminium Metal Rolled Products Extrusion Automotive Other and eliminations (228) (194) (202) 361 (209) (226) (236) (184) (133) (191) (189) (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) (4 690) (30 404) (25 143) Total (37)

38 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 (38)

39 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) (11 029) (46 613) (44 646) Aluminium Metal Rolled Products Extrusion (363) Automotive Other and eliminations (294) (204) (177) 361 (226) (228) (174) (170) (189) (136) (189) (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) (4 825) (31 216) (26 519) Total (39)

40 (40) 77 (3) (12) (3) 3 (6) (3) (16) 3 (1) 5 (2) (94) 1 (13) (6) 1 (7) (77) (40) (37) Extrusion 2 (183) (1) 4 10 (235) Automotive 36 (2) 42 (6) (7) 7 (6) 7 1 (4) Rolled Products Bauxite & Alumina (28) (3) (90) Primary Aluminium (2) (1) Commercial (8) (3) (25) (1) (224) (12) 248 (1) (168) (8) Aluminium Products Total (24) Energy Corporate and other Aluminium Metal Year Year NOK million Operating segment information Share of profit in equity accounted investments

41 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 (41)

42 Income statement NOK million First nine months First nine months Revenue Share of the profit in equity accounted investments Other income, net Total revenue and income Depreciation, amortization and impairment Other expenses Earnings before financial items and tax (EBIT) Financial income (expense), net (1 980) (539) Income from continuing operations before tax Income tax expense Tax rate 434 (201) 46% (248) 22% (765) 22% (1 183) 31% (3 134) 27% Income from continuing operations Income from discontinued operations 131 (20) (246) Net income Net income attributable to minority interest Net income attributable to equity holders of the parent Earnings per share from continuing operations NOK 1) ) Calculated using income from continuing operations less net income attributable to minority interests (42)

43 Balance sheets NOK million September 30, June 30, March 31, December 31, September 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 (43)

44 Capital employed upstream focus Automotive, 4% Extrusion, 10% Energy, 7% Bauxite & Alumina, 13% NOK million Bauxite & Alumina Primary Aluminium Commercial Other and eliminations Aluminium Metal Sept 30, Rolled Products Extrusion Automotive Other and eliminations (100) Aluminium Products Rolled Products, 19% Energy Corporate and other Total (10 498) Commercial, 6% Primary Aluminium, 43% Graph excludes NOK 10.5 billion in negative capital employed in Corporate and Other (44)

45 Price and currency sensitivities NOK million Income before tax Net income Change Aluminium price per tonne USD NOK million Income before tax Net income Change USD before financial items NOK USD financial items 1 (260) (190) 0.1 NOK USD Net income NOK Based on expected business volumes for 2009 and the following prices: Aluminium USD/tonne NOK/USD 5.50 LME sensitivity excludes unrealized effects related to operational hedging USD sensitivity on financial items is based on financial positions 30 June Total USD sensitivity for financial items is based on actual financial positions June 30, 1Mainly USD derivatives positions according to current currency risk mitigation policy (45)

46 Primary aluminium production tonnes Slovalco consolidated from 2004 (46)

47 Primary aluminium market USD per tonne days Aluminium inventories (days of consumption)* Al price (LME 3 month) Average inventories *IAI and LME reported stocks, annualized Western World consumption. CIS and China not included. (47)

48 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 End (48)

49 Power price and volume Nordic System Price NOK/MWh Hydro s hydropower production TWh (49)

50 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) (50)

51 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 (51)

52 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 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 (52)

53 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: Fourth quarter results, February 18, 2009 For more information see: (53) 02/

54 (54)