Norsk Hydro Asa · OSL:NHY
Norsk Hydro Asa — Q4 2007 Earnings Presentation
74 slides from Norsk Hydro Asa's earnings presentation, Feb 19, 2008
Slide 1: Fourth quarter 2007
Fourth quarter 2007 1 2 3 4 February 19, 2008 (1)
Slide 2: Highlights
Highlights • Strong year for Hydro • Q4 hit by lower aluminium prices in NOK and weaker downstream markets • Solid operational performance • Qatalum on track, 9% complete by end 2007 • Proposed cash return to shareholders • Dividend NOK 5 per share • Buyback authorization NOK 4 billion (2)
Slide 3: Market review & outlook
Market review & outlook (3)
Slide 4: Strong aluminium price
Strong aluminium price USD per tonne 3 000 Primary aluminium LME USD/tonne 2 800 Q4 2007 average 2 495 2 600 2 400 Q4 2007 end 2 405 2 200 Q3 2007 average 2 605 2 000 1 800 Q3 2007 end 2 520 1 600 Average 2007 2 661 1 400 1 200 Average 2006 2 594 1 000 800 600 400 LME (3-month avg.) 200 LME forward
Slide 5: Significant change in forward curve
Significant change in forward curve LME forward price, USD/tonne 3 000 2 800 2 600 2 400 2 200 2 000 1 800 1 600 1 400 1 200 2003 2005 2007 2009 2011 2013 jan-03 jan-04 jan-05 jan-06 jan-07 feb-08 (5)
Slide 6: China striving for balance
China striving for balance 1 000 tonnes • Export tax on metal and low value- 500 added products 400 Net import 300 • Majority of export to Asian markets 200 100 0 • China expected to be balanced, (100) medium to long-term (200) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 06 06 06 06 07 07 07 07 (300) Net export (400) (
Slide 7: 2008 outlook
2008 outlook • Rapidly growing global demand for primary metal • Driven by China and despite weakening development in the US economy • Supply disturbances bolster the aluminium price • Uncertain global economic outlook (7)
Slide 8: Restructuring
Restructuring Divestments Turnaround in progress • Polymers • Automotive Structures • Automotive Castings • U.S. extrusion • Meridian Technologies • U.S. remelt • Magnesium remelters • Nordisk Aviation Products • Automotive Structures Worcester Closures • Årdal Søderberg line • U.S. Ellenville extru
Slide 9: Continuous improvement in operations
Continuous improvement in operations Primary metal production increase U.S. extrusion manning reductions 1 000 mt, excluding closed capacity 450 3 300 70 Full time equivalents Annualized labor saving, USD 3 100 3 076 60 440 439 2 990 2 900 435 2 918 50 2 702 2 700 429 430 428 2 500 40 424 2 384 422
Slide 10: Financials & performance
Financials & performance (10)
Slide 11: Key financials
Key financials NOK million Q4 2007 Q3 2007 Q4 2006 Year 2007 Year 2006 Revenue 21 651 21 966 23 234 94 316 98 752 Underlying EBITDA 2 625 3 355 3 381 13 472 14 278 Underlying EBIT 1 731 2 507 2 235 9 930 10 165 Underlying income from continuing operations 1 425 1 981 1 960 7 847 7 811 Underlying EPS
Slide 12: Reconciliation reported to underlying
Reconciliation reported to underlying NOK million Q4 2007 Q3 2007 Q4 2006 Year 2007 Year 2006 Reported EBIT 338 2 013 (664) 9 025 7 200 Unrealized effects power contracts 666 265 1 848 928 1 605 Unrealized LME and other derivative effects 127 114 359 (229) 81 Metal effect, Rolled Products 301 55 164
Slide 13: Underlying EBIT per segment
Underlying EBIT per segment NOK million Aluminium Metal Aluminium Products Energy Corporate and eliminations 2 908 2 789 2 938 266 369 229 2 538 2 455 498 398 492 558 383 2 507 2 235 2 440 2 402 207 269 294 2 277 288 367 2 102 260 1 945 1 731 1 831 341 1 755 1 364 2006 2007 (13)
Slide 14: Bauxite & Alumina
Bauxite & Alumina Key figures Q4 operating results • Production increase Q4 Q3 Q4 2007 2007 2006 • Realized alumina prices affected by Alumina production, kmt 541 512 522 lower LME prices Alunorte, NOK million 1) 52 76 203 Other, NOK million (25) 24 41 • Higher energy costs Underlying EBIT, NOK mill
Slide 15: Primary Aluminium
Primary Aluminium Key figures Q4 operating results • Production well maintained Q4 Q3 Q4 2007 2007 2006 • Lower realized prices in USD and NOK Primary production, kmt 439 435 450 Realized LME price, USD/mt 2 447 2 597 2 430 Realized LME price, NOK/mt 13 921 15 512 15 793 Total casthouse production,
Slide 16: Commercial
Commercial Key figures Q4 operating results • Strong results in Europe Q4 Q3 Q4 2007 2007 2006 • Weak U.S. market Remelted production, kmt 153 163 165 • Stable premiums Total metal products sales, kmt 753 779 760 • Lower trading results Underlying EBIT, NOK million 136 123 221 Underlying EBIT Outloo
Slide 17: Rolled Products
Rolled Products Key figures Q4 operating results • Shipments down for high value- Q4 Q3 Q4 2007 2007 2006 added products External sales volumes, kmt 246 254 247 • Weakening USD versus EUR Underlying EBIT, NOK million (30) 136 158 • Increased cost, mainly energy and maintenance Underlying EBIT Outloo
Slide 18: Extrusion
Extrusion Key figures Q4 operating results • High margins for Extrusion in Europe Q4 Q3 Q4 2007 2007 2006 and Building Systems External sales volumes, kmt 117 123 124 • Volume decline for U.S. operations Underlying EBIT, NOK million 179 201 165 • Strong operational performance Underlying EBIT Outloo
Slide 19: Automotive
Automotive Key figures Q4 operating results • Automotive Structures affected by start- Q4 Q3 Q4 2007 2007 2006 up costs External sales volumes, kmt 29 29 25 • Improved results in Precision Tubing Underlying EBIT, NOK million (75) (49) (66) Underlying EBIT Outlook NOK million (51) (67) • Focus on tur
Slide 20: Aluminium Products outlook
Aluminium Products outlook Underlying EBIT, NOK million • Strong markets throughout 2007 498 492 • Seasonal upturn in first half 398 • More demanding markets in 2008 367 288 269 260 74 2006 2007 (20)
Slide 21: Energy
Energy Key figures Q4 operating results • Higher spot prices offset lower output Q4 Q3 Q4 2007 2007 2006 • Normalizing hydrological conditions Power production, GWh 2 321 3 294 1 823 Net spot sales, GWh 748 1 996 367 South Norway spot electricity 338.0 95.5 380.2 price (NO1), NOK/MWh Underlying EBIT
Slide 22: Capital allocation
Capital allocation (22)
Slide 23: Improved return on capital
Improved return on capital RoaCE Hydro Aluminium Metal Aluminium Products Energy 22.5% 23.0% 19.1% 18.0% 14.6% 10.7% 4.70% -0.70% 2006 2007 2006 2007 2006 2007 2006 2007 Capital employed – December 31, 2007 (NOK billion) 44.2 27.1 14.5 4.2 (23)
Slide 24: Solid financial position
Solid financial position • Strong cash generation in 2007 NOK million 31 December 2007 • Cash flow from operations NOK 14.3 billion Cash and cash equivalents 9 330 • Investments NOK 4.9 billion • Divestments NOK 4.5 billion Short-term investments 2 742 • Net NOK 13.9 billion Short-term debt (1 045)
Slide 25: Significant new investments
Significant new investments NOK billion • ~80% of 2008-2009 investments upstream 12-13 12-13 • Qatalum: USD 2.8 billion • Alunorte 3: USD 0.3 billion • Aluminium Products • Selective growth initiatives in Extrusion and Building Systems 5 • Sustaining capex NOK 3 billion annually 2007 2008E 2009E Deb
Slide 26: Dividend and share buyback for 2007
Dividend and share buyback for 2007 NOK million Total ~ 4 000 ~ 10 000 • Dividend Share buyback • Ordinary NOK 1.50 per share Extraordinary dividend • Extraordinary NOK 3.50 per share Ordinary dividend • Total NOK 5.00 per share 4 200 • Share buyback authorization • ~NOK 4 billion • Maintain flexibi
Slide 27: Qatalum on track
Qatalum on track • 9% complete end-07 • Challenges: • Cost pressure • On-time delivery for sub-contractors • Investment estimate (100%) ~USD 5.6 billion • Satisfactory project economics at LME 1 900 USD/tonne (27)
Slide 28: Hydro priorities 2008
Hydro priorities 2008 • Operational excellence • Upstream growth opportunities • Build on leading downstream positions • Qatalum execution (28)
Slide 29: Cautionary note in relation to certain forward-looking statements
Cautionary note in relation to certain forward-looking statements Certain statements contained in this announcement constitute “forward-looking information” within the meaning of Section 27A of the US Securities Act of 1933, as amended, and Section 21E of the US Securities Exchange Act of 1934, as a
Slide 30: Additional information
Additional information (30)
Slide 31: Underlying income Q4 2007
Underlying income Q4 2007 NOK million Reported income Adjustments Underlying income Aluminium Metal 1 194 170 1 364 Aluminium Products (326) 400 74 Energy 376 (35) 341 Corporate and other (907) 858 (49) Total EBIT 338 1 393 1 731 Financial income (expense), net 131 (74) 57 Income continuing operatio
Slide 32: Underlying income Q3 2007
Underlying income Q3 2007 NOK million Reported income Adjustments Underlying income Aluminium Metal 2 172 (227) 1 945 Aluminium Products (247) 535 288 Energy 242 (35) 207 Corporate and other (154) 221 67 Total EBIT 2 013 494 2 507 Financial income (expense), net 1 544 (1 199) 345 Income continuing o
Slide 33: Underlying income Q4 2006
Underlying income Q4 2006 NOK million Reported income Adjustments Underlying income Aluminium Metal 899 856 1 755 Aluminium Products (481) 741 260 Energy 415 (121) 294 Corporate and other (1 498) 1 423 (75) Total EBIT (664) 2 899 2 235 Financial income (expense), net 296 (93) 203 Income continuing o
Slide 34: Underlying EBIT per segment
Underlying EBIT per segment NOK million Q4 2007 Q3 2007 Q4 2006 Year 2007 Year 2006 Bauxite & Alumina 27 100 244 681 898 Primary Aluminium 1 142 1 720 1 351 6 552 6 651 Commercial 136 123 221 722 643 Other and eliminations 60 2 (60) 84 (65) Aluminium Metal 1 364 1 945 1 755 8 041 8 127 Rolled Produc
Slide 35: Reported and underlying results
Reported and underlying results Hydro Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Year Year NOK million 2006 2006 2006 2006 2007 2007 2007 2007 2006 2007 Reported EBIT 3 111 2 697 2 056 (664) 3 672 3 001 2 013 338 7 200 9 025 Underlying EBIT 2 455 2 937 2 538 2 235 2 909 2 788 2 507 1 731 10 165 9 930 Income from conti
Slide 36: Special items 2007
Special items 2007 NOK million Q1 2007 Q2 2007 Q3 2007 Q4 2007 2007 Equity accounted units – Monetary adjustments Alunorte Alumina & Bauxite (33) (64) (35) (35) (167) Equity accounted units - unrealized (gains)/losses on LME contracts Alunorte Alumina & Bauxite (13) 40 (108) (82) (163) Closure costs
Slide 37: Special items 2006
Special items 2006 Year NOK million Q1 2006 Q2 2006 Q3 2006 Q4 2006 2006 Associates/JVs - unrealized currency (gains)/losses Alunorte Alumina & Bauxite (66) 8 (6) (12) (76) Associates/JVs - unrealized (gains)/losses on LME contracts Alunorte Alumina & Bauxite 24 3 (21) 137 143 Closure costs Primary
Slide 38: Operating segment information: Underlying EBIT
Operating segment information Underlying EBIT Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Year Year NOK million 2006 2006 2006 2006 2007 2007 2007 2007 2006 2007 Bauxite & Alumina 92 274 288 244 257 298 100 27 898 681 Primary Aluminium 1 621 1 966 1 714 1 351 1 901 1 790 1 720 1 142 6 651 6 552 Commercial 128 183 112 2
Slide 39: Operating segment information: Underlying EBITDA
Operating segment information Underlying EBITDA Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Year Year NOK million 2006 2006 2006 2006 2007 2007 2007 2007 2006 2007 Bauxite & Alumina 97 278 293 249 262 302 104 31 917 699 Primary Aluminium 2 072 2 407 2 161 1 913 2 396 2 266 2 190 1 628 8 553 8 479 Commercial 188 244 165
Slide 40: Operating segment information: EBIT
Operating segment information EBIT Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Year Year NOK million 2006 2006 2006 2006 2007 2007 2007 2007 2006 2007 Bauxite & Alumina 134 263 315 119 303 322 243 144 831 1 011 Primary Aluminium 1 015 1 975 1 915 968 1 710 1 921 1 621 1 030 5 872 6 281 Commercial 128 183 112 154 281 38
Slide 41: Operating segment information: EBITDA
Operating segment information EBITDA Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Year Year NOK million 2006 2006 2006 2006 2007 2007 2007 2007 2006 2007 Bauxite & Alumina 139 267 320 124 308 326 247 148 850 1 029 Primary Aluminium 1 466 2 416 2 362 1 530 2 205 2 397 2 091 1 516 7 774 8 208 Commercial 188 244 165 291 32
Slide 42: Operating segment information: Total revenue
Operating segment information Total revenue Q2 Q1 Q3 Q4 Year Year NOK million Q1 2006 2006 Q3 2006 Q4 2006 2007 Q2 2007 2007 2007 2006 2007 Bauxite & Alumina 952 1 062 1 167 1 300 1 108 1 192 929 948 4 481 4 176 Primary Aluminium 9 620 9 545 8 927 8 815 10 377 9 876 8 920 7 991 36 907 37 164 Commerc
Slide 43: Operating segment information: External revenue
Operating segment information External revenue Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Year Year NOK million 2006 2006 2006 2006 2007 2007 2007 2007 2006 2007 Bauxite & Alumina 1 - - - - - - 3 1 3 Primary Aluminium 827 735 347 435 594 684 602 670 2 344 2 551 Commercial 10 419 11 012 9 530 10 379 10 663 9 893 8 954
Slide 44: Operating segment information: Internal revenue
Operating segment information Internal revenue Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Year Year NOK million 2006 2006 2006 2006 2007 2007 2007 2007 2006 2007 Bauxite & Alumina 951 1 062 1 167 1 300 1 108 1 192 929 944 4 480 4 173 Primary Aluminium 8 793 8 810 8 581 8 380 9 782 9 192 8 318 7 321 34 564 34 613 Comme
Slide 45: Operating segment information: Equity accounted investments
Operating segment information Share of profit in equity accounted investments Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Year Year NOK million 2006 2006 2006 2006 2007 2007 2007 2007 2006 2007 Bauxite & Alumina 93 195 258 78 238 228 219 169 624 854 Primary Aluminium 140 56 126 (90) (3) 96 56 (28) 232 121 Commercial -
Slide 46: Operating segment information: Depreciation
Operating segment information Depreciation Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Year Year NOK million 2006 2006 2006 2006 2007 2007 2007 2007 2006 2007 Bauxite & Alumina - - - - - - - - - - Primary Aluminium 447 437 441 557 490 471 465 473 1 882 1 899 Commercial 60 60 52 138 40 179 33 36 311 287 Aluminium Metal
Slide 47: Income statement
Income statement NOK million Q4 2007 Q3 2007 Q4 2006 Year 2007 Year 2006 Revenue 21 651 21 966 23 234 94 316 98 752 Share of the profit in equity accounted investments 160 265 27 1 000 736 Other income, net 174 8 253 1 093 558 Total revenue and income 21 986 22 239 23 514 96 409 100 045 Depreciation
Slide 48: Income statements 2007
Income statements 2007 NOK million Q1 2007 Q2 2007 Q3 2007 Q4 2007 Year 2007 Revenue 25 657 25 042 21 966 21 651 94 316 Share of the profit in equity accounted investments 248 326 265 160 1 000 Other income, net 849 62 8 174 1 093 Total revenue and income 26 755 25 430 22 239 21 986 96 409 Depreciat
Slide 49: Income statements 2006
Income statements 2006 NOK million Q1 2006 Q2 2006 Q3 2006 Q4 2006 Year 2006 Revenue 26 048 25 427 24 043 23 234 98 752 Share of the profit in equity accounted investments 260 285 163 27 736 Other income, net 104 102 99 253 558 Total revenue and income 26 411 25 814 24 305 23 514 100 045 Depreciatio
Slide 50: Balance sheets 2007
Balance sheets 2007 NOK million Dec 31 2007 Sep 30 2007 Jun 30 2007 Mar 31 2007 Cash and cash equivalents 9 330 33 948 20 735 21 780 Short-term investments 2 742 2 197 6 273 14 981 Receivables and other current assets 16 531 18 906 19 942 21 833 Inventories 12 227 12 579 13 611 14 380 Assets held fo
Slide 51: Balance sheets 2006
Balance sheets 2006 NOK million Dec 31 2006 Sep 30 2006 Jun 30 2006 Mar 31 2006 Jan 1 2006 Cash and cash equivalents 6 609 16 340 7 367 20 484 10 266 Short-term investments 15 020 12 698 12 669 3 850 3 859 Receivables and other current assets 20 151 25 971 25 423 25 433 19 011 Inventories 14 220 14
Slide 52: Pensions
Pensions NOK million December 31, 2007 December 31, 2006 Projected benefit obligation (20 584) (23 695) Fair value of plan assets 15 579 16 843 Termination benefits and other (780) (881) Net pension liability (5 785) (7 734) Unrecognized amount (1 890) (453) Net pension liability recognized in the b
Slide 53: Capital employed – upstream focus
Capital employed – upstream focus Bauxite & Energy, 9% Alumina, 13% NOK million December 31 2007 Automotive, 4% Bauxite & Alumina 6 078 Primary Aluminium 18 337 Commercial 2 776 Extrusion, 9% Other and eliminations (52) Aluminium Metal 27 139 Rolled Products 8 700 Extrusion 4 215 Automotive 1 817 Ot
Slide 54: Price and currency sensitivities
Price and currency sensitivities Income NOK million before tax Net income Change Aluminium price per tonne 700 500 100 USD Aluminium price per tonne excl. strategic hedges 800 600 100 USD Income NOK million before tax Net income Change USD before financial items 3 800 2 700 1 NOK USD financial items
Slide 55: Primary aluminium production
Primary aluminium production 1 000 tonnes 1 472 1 720 1 826 1 799 1 742 457 461 464 446 444 449 451 449 450 441 433 435 435 439 415 418 381 388 360 343 2003 2004 2005 2006 2007 Slovalco consolidated from Q1 2004 (55)
Slide 56: Primary aluminium market
Primary aluminium market USD per tonne days Aluminium inventories (days of consumption) 3 000 80 Aluminium price (LME 3 month) 2 600 60 2 200 1 800 40 1 400 1 000 20 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 (56)
Slide 57: Nordic power market – forward curves
Nordic power market – forward curves NOK/MWh 550 500 450 400 350 300 250 200 150 Jan 07 Jul 07 Jan 08 Jul 08 Jan 09 Jul 09 Jan 10 Jul 10 End Q4 2006 End Q3 2007 End Q4 2007 (57)
Slide 58: Significant uncertainty in price and volume
Significant uncertainty in price and volume NOK/MWh Nordic System Price TWh Hydropower production 600 12 11,0 500 10 10,7 10,3 9,4 400 8 8,3 8,0 7,5 300 6 200 4 100 2 0 0 01 02 03 04 05 06 07 08 09 10 20 20 20 20 20 20 20 20 20 20 2001 2002 2003 2004 2005 2006 2007 (58)
Slide 59: Aluminium Metal – operational data
Aluminium Metal – operational data Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Volumes and prices 1) 2007 2007 2007 2007 2006 2006 2006 2006 Realized premium above LME (USD/mt) 346 344 353 329 292 278 273 264 Realized premium above LME (NOK/mt) 1 934 2 001 2 143 2 056 1 887 1 760 1 725 1 758 Bauxite & Alumina: Alumina
Slide 60: Aluminium Metal – operational data
Aluminium Metal – operational data Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Volumes and prices 2007 2007 2007 2007 2006 2006 2006 2006 Commercial: Remelt production (1 000 mt) 153 163 179 190 165 177 191 186 Sale of metal products from 680 699 738 771 682 714 756 764 own production (1 000 mt) Sale of third-party met
Slide 61: Aluminium Products – operational data
Aluminium Products – operational data Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 2007 2007 2007 2007 2006 2006 2006 2006 Rolled Products external shipments 246 253 262 264 246 249 251 253 (1 000 tonnes) Extrusion external shipments 117 123 135 134 124 129 138 136 (1 000 tonnes) Automotive external shipments 28 29 30 4
Slide 62: Energy – operational data
Energy – operational data Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Volumes and prices 2007 2007 2007 2007 2006 2006 2006 2006 2005 Power production, GWh 2 321 3 294 2 749 2 654 1 823 1 922 1 832 2 749 2 793 Net spot sales, GWh 748 1 996 1 070 815 367 675 345 1 311 1 192 Nordic spot electricity price, NOK/MWh 337.
Slide 63: Variance analysis Hydro
Variance analysis Hydro NOK million Year Q4 2007 9 025 338 2006 7 200 (664) Variance EBIT 1 825 1 002 •Price and currency 386 (914) •Margin (330) (174) •Variable costs (647) 329 •Volume 1 006 90 •Strategic hedges (96) 164 •Derivatives 190 794 •Associates and JCE (340) (272) •Other operational costs,
Slide 64: Variance analysis Aluminium Metal
Variance analysis Aluminium Metal NOK million Year Q4 2007 8 365 1 194 2006 7 302 899 Variance EBIT 1 062 295 •Price and currency 386 (914) •Margin 451 5 •Variable costs (647) 329 •Volume (231) (95) •Strategic hedges (96) 164 •Derivatives 194 361 •Associates and JCE (252) (216) •Other operational co
Slide 65: Variance analysis Bauxite & Alumina
Variance analysis Bauxite & Alumina NOK million Year Q4 2007 1 011 144 2006 831 119 Variance EBIT 181 25 •Margin (22) (49) •Associates and JCE (167) (151) •Other operational costs, net (27) (16) Variance underlying EBIT (216) (217) Items excluded from underlying EBIT 397 242 Variance EBIT 181 25 (65
Slide 66: Variance analysis Primary Aluminium
Variance analysis Primary Aluminium NOK million Year Q4 2007 6 281 1 030 2006 5 872 968 Variance EBIT 409 62 •Price and currency 386 (914) •Margin 800 454 •Variable costs (647) 329 •Volume (192) (76) •Strategic hedges (96) 164 •Derivatives - (298) •Associates and JCE (86) (64) •Other operational cos
Slide 67: Variance analysis Commercial
Variance analysis Commercial NOK million Year Q4 2007 578 136 2006 576 154 Variance EBIT 2 (18) •Margin (440) 160 •Volume (39) (19) •Derivatives 194 11 •Associates and JCE 2 - •Other operational costs, net 274 (259) •Depreciation 49 (17) •Portfolio 40 40 Variance underlying EBIT 79 (85) Items exclud
Slide 68: Variance analysis Aluminium Products
Variance analysis Aluminium Products NOK million Year Q4 2007 1 098 (326) 2006 (104) (481) Variance EBIT 1 201 155 •Margin (21) (390) •Volume 183 7 •Derivatives 7 449 •Associates and JCE (18) (1) •Other operational costs, net (96) 208 •Depreciation 176 (78) •Portfolio 1 128 198 Variance underlying E
Slide 69: Variance analysis Rolled Products
Variance analysis Rolled Products NOK million Year Q4 2007 345 (313) 2006 616 (156) Variance EBIT (271) (157) •Margin 411 (56) •Volume 143 3 •Derivatives 2 2 •Associates and JCE (8) 1 •Other operational costs, net (516) (122) •Depreciation 61 24 •Portfolio (45) (26) Variance underlying EBIT 49 (173)
Slide 70: Variance analysis Extrusion
Variance analysis Extrusion NOK million Year Q4 2007 806 196 2006 259 112 Variance EBIT 547 84 •Margin (216) (163) •Volume (288) (108) •Associates and JCE (10) (2) •Other operational costs, net 503 320 •Depreciation 47 (110) •Portfolio 16 16 Variance underlying EBIT 52 (46) Items excluded from under
Slide 71: Variance analysis Automotive
Variance analysis Automotive NOK million Year Q4 2007 539 (105) 2006 (884) (487) Variance EBIT 1 423 382 •Margin (148) (54) •Volume 327 111 •Derivatives 5 4 •Associates and JCE - - •Other operational costs, net (150) (7) •Depreciation 68 8 •Portfolio 1 157 209 Variance underlying EBIT 1 259 270 Item
Slide 72: Variance analysis Energy
Variance analysis Energy NOK million Year Q4 2007 1 303 376 2006 1 457 415 Variance EBIT (155) (39) •Margin (1 100) (14) •Volume 1 054 179 •Derivatives (11) (16) •Associates and JCE (45) (41) •Other operational costs, net (201) (51) •Depreciation 23 (9) Variance underlying EBIT (281) 48 Items exclud
Slide 73: Investor Relations in Hydro
Investor Relations in Hydro t: +47 22 53 92 80 Stefan Solberg Head of Investor Relations m: +47 917 27 528 e: stefan.solberg@hydro.com t: +47 22 53 25 22 Stian Hasle Investor Relations Officer m: +47 977 36 022 e: stian.hasle@hydro.com t: +47 22 53 92 24 Irene Raposo Investor Relations Assistant m:
Slide 74: www.hydro.com
www.hydro.com