Published: February 15, 2012
Fourth quarter 2011: Lower sales and prices, solid production performance
Hydro's underlying earnings before financial items and tax amounted to NOK
1,133 million in the fourth quarter, down from NOK 1,646 million in the
previous
quarter. Lower aluminium prices, seasonal decline in demand and weaker
markets
weighed down underlying results for the quarter.
* Underlying EBIT NOK 1,133 million
* Lower metal prices and volumes
* Low product demand in seasonally weak quarter
* Record production in Paragominas and Qatalum
* Solid Energy results
* Strengthened repositioning efforts
* Expected 3-5 % aluminium demand growth outside China
* Proposed 2011 dividend NOK 0.75 per share
"Based on ambitious and effective improvement efforts in 2011, Hydro is
entering
into 2012 with a robust financial and operational platform. Fourth-quarter
results reflect weaker markets and a drop in demand for aluminium and
aluminium
products, especially in Europe, where we clearly need to continue our
restructuring efforts," Hydro's President and CEO Svein Richard
Brandtzæg said.
"We have taken swift measures to improve operations, and we are prepared
for
further corrective measures. We maintain our expectation of 3-5 percent
growth
in aluminium demand for 2012 outside China despite a weak macro-economic
situation and short-term challenges, however the long-term fundamentals for
the
aluminium industry remain positive," Brandtzæg said.
Due to the deteriorating market conditions and cost pressures, Hydro wrote
down
fixed assets by NOK 1.3 billion in the quarter. These charges are excluded
from
underlying results.
Underlying EBIT for Bauxite & Alumina declined compared to the third
quarter
primarily due to lower LME linked alumina prices. Bauxite production
reached
record levels during the quarter as a result of improved operational
stability.
For Primary Metal lower realized aluminium prices, lower premiums and
reduced
sales volumes impacted underlying EBIT in the fourth quarter. Production
volumes
increased mainly due to additional volumes from Qatalum.
Hydro's midstream operations incurred an underlying loss for the quarter
due to
significant negative currency effects. Underlying EBIT excluding currency
effects declined somewhat, influenced by lower results from sourcing and
trading
activities.
Underlying EBIT for Hydro's downstream business deteriorated from the third
quarter result, impacted by seasonal declines and weak market developments,
in
particular for our European extrusion business.
Energy delivered solid underlying results for the quarter with continued
high
production despite declining somewhat compared to the third quarter.
Responding to market developments, Hydro has reduced remelt production and
strengthened its focus on improvement programs and financial discipline.
Cost
and other improvements in Primary Metal amounted to roughly NOK 1 billion
in
2011 compared to 2009 operating cost levels. In January 2012, Hydro decided
to
curtail 60,000 mt of annual production capacity at its Kurri Kurri
aluminium
smelter which has been negatively impacted by low aluminium prices,
increased
raw material costs and the strong Australian dollar. Further production
efficiency and cost reduction initiatives have been implemented across
Hydro's
downstream operations. This includes measures to turn around our Building
Systems business targeting annual cost improvements of EUR 40 million by
the end
of 2012 compared to 2010.
Approximately NOK 1 billion of the write down discussed above relates to
assets
in the Kurri Kurri plant. Of the remainder, about NOK 230 million relates
to
Hydro's building systems operation in Southern Europe. In addition, Hydro
wrote
down approximately NOK 300 million of deferred tax assets related to its
operations in Australia and Southern Europe.
During the fourth quarter, Hydro completed the divestment of its interest
in the
Alpart alumina refinery in Jamaica resulting in an after tax gain of NOK
465
million.
Operating cash flow amounted to NOK 3.5 billion for the quarter. Net cash
used
for investment activities amounted to NOK 1.3 billion. At the end of 2011
Hydro's net cash position was NOK 1.7 billion.
For the full year 2011, underlying EBIT increased to NOK 6,133 million
compared
with NOK 3,351 million in 2010. Higher realized alumina and aluminium
prices,
and higher production volumes due to the Vale acquisition and completion of
Qatalum had a positive effect on developments for the year.
There continues to be significant uncertainty regarding global economic
developments impacting the aluminium industry in general. Market
developments in
Southern Europe in particular are expected to remain weak.
Hydro's Board of Directors proposes to pay a dividend of NOK 0.75 per share
for
2011 reflecting the company's strong commitment to provide a cash return to
its
shareholders. The dividend reflects our operational performance for 2011
and a
strong financial position, also taking into consideration the uncertain
market
outlook.
Key financial
information
% change
NOK million, Fourth Third % change Fourth prior
except per quarter quarter prior quarter year Year Year
share data 2011 2011 quarter 2010 quarter 2011 2010
---------------------------------------------------------------------------
Revenue 21 749 23 829 (9) % 19 406 12 % 91 444 75 754
Earnings
before
financial
items and tax
(EBIT) (362) 2 222 > (100)% 768 > (100)% 9 827 3 184
Items excluded
from
underlying
EBIT 1 494 (576) > 100 % (180) > 100 % (3 694) 167
---------------------------------------------------------------------------
Underlying
EBIT 1 133 1 646 (31) % 588 93 % 6 133 3 351
---------------------------------------------------------------------------
Underlying
EBIT :
Bauxite &
Alumina 159 302 (47) % 113 41 % 887 633
Primary Metal 484 653 (26) % 86 > 100 % 2 486 617
Metal Markets (39) 93 > (100)% 62 > (100)% 441 321
Rolled
Products 86 124 (31) % 105 (18) % 673 864
Extruded
Products (90) 40 > (100)% 24 > (100)% 151 444
Energy 441 506 (13) % 482 (9) % 1 883 1 416
Other and
eliminations 92 (73) > 100 % (284) > 100 % (389) (945)
---------------------------------------------------------------------------
Underlying
EBIT 1 133 1 646 (31) % 588 93 % 6 133 3 351
---------------------------------------------------------------------------
Underlying
EBITDA 2 524 2 985 (15) % 1 383 82 % 11 152 6 420
---------------------------------------------------------------------------
Net income
(loss) (749) 797 > (100)% 658 > (100)% 6 749 2 118
---------------------------------------------------------------------------
Underlying net
income (loss) 876 1 071 (18) % 376 > 100 % 3 947 1 852
---------------------------------------------------------------------------
Earnings per
share (0.36) 0.49 > (100)% 0.39 > (100)% 3.41 1.33
---------------------------------------------------------------------------
Underlying
earnings per
share 0.42 0.50 (16) % 0.21 97 % 1.89 1.14
---------------------------------------------------------------------------
Financial
data:
---------------------------------------------------------------------------
Investments 4 190 1 125 > 100 % 1 613 > 100 % 48 025 6 231
Adjusted net
interest-
bearing debt (19 895) (18 389) (8) % (6 427) > (100)% (19895) (6 427)
---------------------------------------------------------------------------
Key
Operational
information
---------------------------------------------------------------------------
Alumina
production
(kmt) 1 490 1 553 (4) % 493 > 100 % 5 264 1 976
Primary
aluminium
production
(kmt) 539 522 3 % 360 50 % 1 982 1 415
Realized
aluminium
price LME 2
(USD/mt) 2 439 2592 (6) % 2 074 18 % 2 480 113
Realized
aluminium
price LME 12
(NOK/mt) 13 834 14225 (3) % 436 11 % 13884 12 674
Realized
NOK/USD
exchange rate 5.67 5.49 3 % 6.00 (6) % 5.60 6.00
Metal Markets
sales volumes
to external 1
market (kmt) 564 527 7 % 417 35 % 2091 717
Rolled
Products sales
volumes to
external
market (kmt) 215 228 (6) % 234 (8) % 929 945
Extruded
Products sales
volumes to
external
market (kmt) 121 137 (11) % 127 (4) % 536 529
Power
production
(GWh) 2 706 2 737 (1) % 2 263 20 % 9 582 8 144
---------------------------------------------------------------------------
About Hydro's reporting
Underlying EBIT
To provide a better understanding of Hydro's underlying performance, the
following discussion of operating performance excludes certain items from
EBIT
(earnings before financial items and tax) and net income. See "Items
excluded
from underlying EBIT and net income" later in this report for more
information
on these items.
Acquisition of Vale's aluminium business
On February 28, 2011 Hydro completed the take-over of the majority of
Vale's
aluminium business in Brazil. Effective from the first quarter of 2011, we
have
included a new operating segment, Bauxite & Alumina, in our reporting
structure
in addition to our other five operating segments. In addition to the assets
acquired from Vale, Hydro's bauxite and alumina activities previously
included
in the Primary Metal segment have been transferred to the new Bauxite &
Alumina
segment and prior periods have been restated. Primary Metal includes the
Albras
aluminium plant in addition to Hydro's pre-transaction primary aluminium
production activities. Effective from the first quarter of 2011,
elimination of
internal gains and losses on alumina previously included in the Primary
Metal
segment is included in Other and Eliminations, and prior periods have been
restated.
The following discussion on reported and underlying operating results
includes
the acquired bauxite and alumina activities from Vale from March 1, 2011.
Amounts relating to previous periods have not been restated to reflect the
reported and underlying results of the acquired assets.
Pro forma information related to acquisition of Vale's aluminium business
To provide a presentation of Hydro's performance on comparable basis,
certain
pro forma financial and operating information is also presented in this
report
based on including the results of the acquired Vale assets for the full
calendar
quarter and for all previous periods presented in this report. See "Fourth
quarter report 2011" for more information on the acquisition and the pro
forma
information included in our second quarter report.
Reported EBIT and net income
Hydro incurred a reported loss before financial items and tax of NOK 362
million
in the fourth quarter including net unrealized derivative losses of NOK 379
million, negative metal effects of NOK 134 million, rationalization and
closure
costs of NOK 121 million, impairment charges of NOK 1,326 million and gains
on
divestments of NOK 465 million.
In the previous quarter, reported EBIT for Hydro amounted to NOK 2,222
million
including net unrealized derivative gains of NOK 6 million, negative metal
effects of NOK 77 million, rationalization and closure costs of NOK 28
million
and gains on divestments of NOK 674 million.
Hydro incurred a net loss for the fourth quarter amounting to NOK 749
million
including net foreign exchange losses of NOK 28 million. In the third
quarter
net income amounted to NOK 797 million including net foreign exchange
losses of
NOK 1,248 million.
Market developments and outlook
Bauxite and alumina
Global demand for alumina outside China was slightly higher in the fourth
quarter compared to the third quarter mainly due to the ramp-up of new
primary
metal production capacity. Annualized alumina production outside China
amounted
to about 56 million mt.
Alumina demand in China was stable compared with the third quarter while
production declined.
Platts alumina spot prices fell during the fourth quarter from around USD
360
per mt in the start of the quarter to USD 305 per mt in the end of the
quarter.
Spot prices have ranged between 15 -17 percent of LME during the period.
We expect a fairly stable alumina market for the first quarter of 2012.
Primary aluminium
LME prices declined further in the final quarter of 2011 from a level
around USD
2,200 per mt at the beginning of the quarter, ending around USD 2,000 per
mt.
Prices measured in NOK and EUR declined to a lesser extent due to a
strengthening of the USD during the quarter. LME prices increased in
January
2012 to levels between USD 2,200 - USD 2,300 per mt.
Global demand for primary aluminium (excluding China) was seasonally lower
during the fourth quarter compared to the third quarter, and also impacted
by
weak markets. Annualized consumption amounted to 24.7 million mt.
Corresponding
global supply increased somewhat in the fourth quarter, with annualized
production amounting to 26.6 million mt. Recent announcements concerning
smelter
closures and limited new capacity coming on stream is expected to improve
the
supply-demand balance in 2012. We estimate a demand growth of about 3-5
percent
in 2012 in the world outside China. However, market sentiment continues to
be
influenced by significant economic uncertainty.
In China annualized consumption amounted to 19.3 million mt in the fourth
quarter, a decline compared to the third quarter and the historically high
levels in the second quarter. The primary aluminium market in China is
believed
to have been largely balanced for 2011 and is expected to remain so in
2012.
LME stocks increased from 4.6 million mt in the third quarter to 5.0
million mt
in the fourth quarter. A large portion of the metal in warehouses continues
to
be owned by several large financial investors.
The negative trend in demand for metal products (extrusion ingot, sheet
ingot,
primary foundry alloys and wire rod) in Europe has continued during the
last
quarter of 2011. Demand in Germany and the Benelux countries continues to
be
stronger than most countries in Southern Europe.
Rolled products
European demand for rolled products decreased in the fourth quarter of 2011
compared to the previous quarter due to seasonality and a weakening in
underlying demand.
Demand in the automotive segment declined in the fourth quarter influenced
by
lower vehicle production rates in Europe. However, demand for European cars
continues to grow in China providing support for the market. Building and
construction demand was seasonally lower in the fourth quarter with no
signs of
recovery in Southern Europe and a high level of caution in general.
Consumption
of aluminium foil declined due to a weaker packaging segment. Demand in the
beverage can segment was seasonally lower, however, underlying demand
remained
healthy. A sharp drop in demand in the general engineering segment was
mainly
driven by destocking activities at distributors and slightly weaker
industrial
demand.
Demand for rolled products is expected to be seasonally higher in the first
quarter of 2012 compared to the previous quarter however most markets are
expected to remain weak.
Extruded products
Compared to the third quarter, European demand for extruded aluminium
products
weakened in the fourth quarter on top of seasonal declines, and was also
lower
than the same quarter of 2010. Demand remained weak within the building and
construction sector and in Southern Europe in particular. Margins continued
to
be under pressure in Europe in general.
Demand for extruded products in North America was seasonally lower compared
with
the third quarter of 2011, but somewhat higher than the fourth quarter of
2010,
supported by improved demand within the transport and automotive segments.
Imports into the US have fallen significantly compared to the fourth
quarter of
2010 as a result of duties on Chinese products. Demand in South America was
stable compared to the previous quarter, but increased compared to the
fourth
quarter of last year, with positive developments for all segments.
Demand in the precision tubing market segment continued to be strong
compared to
the third quarter of 2011, driven by demand for premium cars, however
demand
weakened in Europe and Brazil compared to the fourth quarter of 2010.
A further decline in demand is expected in the European extrusion and
building
systems markets in the first quarter of 2012, driven by the weak economic
developments, especially in Southern Europe. In North America, extrusion
demand
is expected to increase slightly. The outlook for South America remains
positive
for all major market segments, with growth forecasted for 2012. Automotive
production in Europe is expected to decline in the first quarter due to
reduced
demand for cars in Europe, while outlook is more positive in North America
and
China.
Energy
Nordic electricity spot prices started the quarter at very low levels due
to
high inflows into reservoirs at close to full capacity. Prices increased
somewhat as water levels stabilized, however, the significantly improved
hydrological balance, declining coal and CO2 prices combined with mild
weather
put pressure on prices towards the end of the quarter.
Water reservoir levels in Norway were 80 percent of full capacity by the
end of
2011, which is 11 percentage point above normal and at the highest level
experienced since 1990. Snow accumulations were estimated at 20 percent
above
normal. In southern Norway, snow accumulation is estimated at 50 percent
above
normal, resulting in further pressure on NO2 and NO5 spot prices.
The strong hydrological situation is expected to limit the potential upside
in
Nordic spot prices during the winter season.
Additional factors impacting Hydro
Hydro has sold forward around 85 percent of its expected primary aluminium
production for the first quarter of 2012 at a price level of around USD 2
150
per mt. This excludes expected volumes from Qatalum. Hydro's hedge of
aluminium
price exposure within its Bauxite & Alumina operations expired at the end
of
2011.
Hydro's water reservoirs remain well above normal in the fourth quarter
even
with high production, and snow reservoirs increased significantly. As a
result,
production is expected to be high through the first quarter of 2012.
There continues to be significant uncertainty regarding global economic
developments impacting the aluminium industry in general. Market
developments in
Southern Europe in particular are expected to remain weak.
Bauxite & Alumina
Underlying EBIT for Bauxite & Alumina decreased compared to the third
quarter
primarily due to lower realized alumina prices.
Please also see the section on Pro forma information - Bauxite & Alumina
later
in this report.
Primary Metal
Underlying EBIT for Primary Metal declined compared to the third quarter,
impacted by lower prices and lower sales volumes.
Lower realized aluminium prices, lower premiums and lower sales volumes had
a
negative effect on underlying results totalling about NOK 300 million for
the
quarter. Lower alumina and power costs together with certain non-recurring
items
made a positive contribution. Our USD 300 per mt cost improvement program
was on
track delivering cumulative savings of USD 200 per mt by the end of 2011.
Production volumes increased compared to the third quarter mainly due to
additional volumes from Qatalum which reached full production capacity on
September 21.
Underlying results for Qatalum declined mainly due to lower realized
aluminium
prices.
Please also see the section on Proforma information - Primary Metal later
in
this report.
Metal Markets
Metal Markets incurred an underlying loss in the fourth quarter due to
significant negative currency effects. Underlying EBIT excluding currency
effects, declined somewhat, mainly influenced by lower results from
sourcing and
trading activities.
Total metal product sales excluding ingot trading was seasonally lower in
the
fourth quarter and also impacted by weaker demand. Sales of third party
products
increased mainly due to increased production volumes from Qatalum.
Rolled Products
Underlying EBIT for Rolled Products fell during the quarter compared with
the
third quarter mainly due to seasonally lower sales volumes and weakening
market
demand. Operating costs declined in absolute terms due to lower personnel
and
maintenance costs, however, cost per mt increased due to the lower sales
volumes.
General engineering volumes declined significantly impacted mainly by
customer
destocking as well as somewhat lower industrial demand. Weaker packaging
demand
impacted volume developments for foil.
Extruded Products
Extruded Products incurred an underlying loss in the fourth quarter, a
significant decline compared with the third quarter, due to lower sales
volumes
and reduced margins partly offset by a decline in operating costs.
Seasonally lower sales volumes for our European extrusion operations were
further impacted by weaker demand in general. Demand remained weak for
building
systems with no improvement compared to the third quarter which was
impacted by
seasonal declines. Volumes were seasonally lower in North America and
stable in
South America. Developments for precision tubing were impacted by lower
demand
in China, Brazil and Europe.
Operating costs declined during the quarter as production shifts were taken
out
in line with declining volumes, however cost per mt increased due to the
lower
volumes. Savings relating to ongoing initiatives to reduce costs and
restructure
operations for our building systems operations were more than offset by
effects
of the continuing market decline. Further rationalization measures were
implemented in the fourth quarter and we have targeted EUR 40 million of
total
annual cost improvements within our building systems operations by the end
of
2012.
Energy
Underlying results for Energy declined in the fourth quarter compared to
the
previous quarter due to reduced net spot volumes, resulting from slightly
lower
production, seasonally higher concession power sales and lower off-take
from
external sourcing contracts in Norway.
Other and eliminations
Eliminations comprises mainly unrealized gains and losses on inventories
purchased from group companies which fluctuates with product flows, volumes
and
margin developments throughout Hydro's value chain.
Items excluded from underlying EBIT and net income
To provide a better understanding of Hydro's underlying performance, the
items
in the table below have been excluded from EBIT and net income.
Items excluded from underlying EBIT are comprised mainly of unrealized
gains and
losses on certain derivatives, impairment and rationalization charges,
effects
of disposals of businesses and operating assets, as well as other items
that are
of a special nature or are not expected to be incurred on an ongoing basis.
Items excluded from
underlying net income( ) Fourth Third Fourth
quarter quarter quarter Year Year
NOK million 2011 2011 2010 2011 2010
---------------------------------------------------------------------------
Unrealized derivative
effects on LME related
contracts( ) 337 50 (162) 431 489
Derivative effects on LME
related contracts (Vale
Aluminium) 5 (32) 55 (74) (166)
Unrealized derivative
effects on power contracts( ) 31 (25) 151 (195) 609
Unrealized derivative
effects on currency
contracts - - (20) (1) (50)
Unrealized derivative
effects on raw material
contracts 6 1 (156) 43 (156)
Metal effect, Rolled
Products( ) 134 77 (92) 7 (560)
Significant rationalization
charges and closure costs( ) 121 28 131 225 130
Impairment charges (PP&E and
equity accounted
investments)( ) 1 326 - 12 1 382 187
Pension( ) - - - - (151)
Insurance compensation( ) - - (91) - (91)
(Gains)/losses on
divestments( ) (465) (674) (7) (1 184) (74)
Transaction related effects
(Vale Aluminium) - - - (4 328) -
---------------------------------------------------------------------------
Items excluded from
underlying EBIT 1 494 (576) (180) (3 694) 167
---------------------------------------------------------------------------
Net foreign exchange
(gain)/loss( ) 28 1 248 (232) 971 (513)
Calculated income tax
effect( ) 103 (399) 129 (78) 80
---------------------------------------------------------------------------
Items excluded from
underlying net income 1 625 274 (282) (2 802) (266)
---------------------------------------------------------------------------
Finance
Net financial expense amounted to a negative NOK 26 million in the fourth
quarter compared with a negative NOK 1,363 million in the previous quarter.
The net currency loss of NOK 28 million for the fourth quarter was
influenced by
developments in the exchange rate between the US dollar compared with the
Norwegian krone, Brazilian real and Euro which were largely offsetting. Net
currency gains related to intercompany financial balances amounted NOK 130
million in the fourth quarter.
Tax
For the full year 2011 income tax expense was 21 percent of pre-tax income.
The
low tax rate results from tax-free gains on the sales of the shareholding
in SKS
Produksjon and Alpart, and the tax-free gain from the revaluation of
Hydro's
previous ownership interests in Alunorte and the CAP recognized in the
first
quarter. The effect was somewhat offset by impairment charges having no tax
effect and the write down of deferred tax assets recognized in the fourth
quarter.
Pro forma information
Fourth Third quarter Fourth
quarter 2011 2011 quarter 2010 Year 2011 Year 2010
Underlying
EBIT and
EBITDA Underlying Underlying Underlying Underlying Underlying
per business
area EBIT EBITDA EBIT EBITDA EBIT EBITDA EBIT EBITDA EBIT EBITDA
---------------------------------------------------------------------------
Bauxite &
Alumina 159 609 302 775 223 693 969 2 865 1 225 3 061
Primary Metal 484 1 097 653 1 206 230 808 2 495 4 753 816 3 006
Metal Markets (39) (13) 93 118 62 88 441 542 321 428
Rolled
Products 86 211 124 235 105 226 673 1 126 864 1 318
Extruded
Products (90) 31 40 165 24 162 151 655 444 987
Energy 441 484 506 543 482 502 1 883 2 018 1 416 1 540
Other and
eliminations 92 106 (73) (57) (284) (266) (389) (341) (945) (889)
---------------------------------------------------------------------------
Underlying
EBIT /
EBITDA 1 133 2 524 1 646 2 985 842 2 213 6 223 11 619 4 141 9 450
---------------------------------------------------------------------------
Bauxite & Alumina
Underlying EBIT for Bauxite & Alumina decreased compared to the third
quarter
primarily due to lower alumina prices driven by the fall in LME.
Bauxite production reached record volumes in the fourth quarter due to
improved
operational stability, while alumina production at Alunorte declined
slightly,
impacted by operational issues affecting plant availability.
Realized alumina prices declined having a negative impact on underlying
EBIT for
the quarter.
Underlying results from our Commercial operations improved compared to
third
quarter, mainly as a result of good margins on our contract portfolio.
Primary Metal
Underlying EBIT improved substantially compared to pro forma underlying
EBIT for
the fourth quarter of 2010 impacted by higher realized aluminium prices and
higher volumes.
*********
Certain statements included within this announcement contain forward-
looking
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, start-up
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 forward-looking
statements are reasonable, these forward-looking 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 forward-looking 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 forward-
looking
statements, whether as a result of new information, future events or
otherwise.
This information is subject of the disclosure requirements pursuant to
section
5-12 of the Norwegian Securities Trading Act.
Q4 presentation:
http://hugin.info/106/R/1586247/497101.pdf
Q4 report:
http://hugin.info/106/R/1586247/497100.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Norsk Hydro via Thomson Reuters ONE
[HUG#1586247]
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