Norsk Hydro Asa · OSL:NHY
Norsk Hydro Asa — Investor Presentation (October 2006)
152 slides from Norsk Hydro Asa's investor presentation, October 2006
Slide 1: Investor Presentation – October 2006
Investor Presentation – October 2006 www.hydro.com
Slide 2: Table of contents
Table of contents Q3 results 2006 – a brief review 5 – 25 Investor presentation 26 – 41 - Executive summary 42 – 73 - Oil & Energy 74 – 93 - Aluminium Additional information - Introduction 94 - 99 - Finance 100 – 113 - Oil & Energy 114 – 135 - Aluminium 136 – 149 Investor Relations in Hydro - Contac
Slide 3: 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 4: Use of non-GAAP financial measures / Cautionary note on oil and gas reserves
Use of non-GAAP financial measures/ Cautionary note in relation to oil and gas reserves With respect to each non-GAAP financial measure Hydro uses in connection with its financial reporting and other public communications, Hydro provides a presentation of what Hydro believes to be the most directly
Slide 5: Third quarter results 2006 – a brief review
Third quarter results 2006 – a brief review www.hydro.com 5
Slide 6: Highlights – third quarter
Highlights – third quarter z Solid earnings z Strong market conditions z Langeled South completed – gas export began 1 October as planned z Robust financial position 6
Slide 7: Consolidated income statements
Consolidated income statements NOK million Q3 2006 Q2 2006 Q3 2005 Operating revenues 50 961 51 435 44 612 Operating income 15 288 14 640 12 973 Non-consolidated investees 228 372 236 Financial income (expense), net (740) 919 157 Income before tax and minority interest 14 776 15 931 13 367 Income ta
Slide 8: Oil & Energy – key figures
Oil & Energy – key figures Operational data Q3 2006 Q2 2006 Q3 2005 Oil and gas production (1 000 boe/day) 548 537 541 Realized oil price, USD/bbl 66.60 67.90 60.40 Realized oil price, NOK/bbl 420.60 422.20 390.60 Realized gas price, NOK/Sm³ 1.73 1.79 1.36 Exploration expense, NOK million 868 618 19
Slide 9: Aluminium activities – key figures
Aluminium activities – key figures Operational data Q3 2006 Q2 2006 Q3 2005 Realized aluminium price, USD/ton 2 462 2 368 1 770 Realized NOK/USD 6.36 6.47 6.47 Realized aluminium price, NOK/ton 15 662 15 331 11 453 Primary aluminium production, 1 000 tons 449 451 461 Operating income, NOK million Q3
Slide 10: Oil & Energy – highlights
Oil & Energy – highlights z Realized oil price – USD 66.6 per boe z Oil and gas production – 548 000 boed z 5 new discoveries z Acquisition of 50 percent share of Peregrino field in Brazil completed z Ormen Lange/Langeled on track – 87 percent complete end Q3 10
Slide 11: Reduced 2006 production estimate – 570 000 boed
Reduced 2006 production estimate – 570 000 boed 1 000 boe/day Historical performance Production shortfall: 45 000 boed Revised 2006 estimate 572 563 570 z Norway: 24 000 boed 530 - Visund and Snorre – extraordinary events - Kristin and Tampen – delayed build-up 480 - Kvitebjørn and Troll – lower gas
Slide 12: Oil & Energy – operating income
Oil & Energy – operating income NOK million Eliminations 14 126 Energy and Oil Marketing 13 168 13 311 Exploration and Production 12 624 11 537 9 842 9 447 8 621 7 818 7 521 7 184 6 175 5 994 5 322 3 652 2003 2004 2005 2006 Accumulated 21 143 31 144 43 451 40 606 12
Slide 13: Production costs per barrel
Production costs per barrel NOK/boe Gas injection cost 32.0 Production cost excluding gas injection 25.3 7.9 20.7 20.7 5.4 0.7 2.8 24.1 20.0 17.9 19.9 2003 2004 2005 Jan-Sep 2006 Production in million boe 194 209 206 154 13
Slide 14: High exploration activity
High exploration activity z 60 wells planned in 2006 z 38 wells completed first nine months 2006 - 2 wells under evaluation and 8 wells drilling by end of Q3 z 19 discoveries first nine months 2006 z Activity of NOK 4.2 billion first nine months 14
Slide 15: Oil & Energy – prospects
Oil & Energy – prospects z High oil and gas prices z Production estimate: 570 000 boed - Increased unit costs z High exploration activity z Cost control and project execution 15
Slide 16: Aluminium Metal – highlights
Aluminium Metal – highlights z Strong financial performance continues z Realized aluminium price USD 2 462 per metric ton z Primary production well maintained z Strong results from Alunorte 16
Slide 17: Aluminium price
Aluminium price USD per metric ton LME (3 month avg.) 3 000 Primary aluminium LME forward USD per London Metal metric ton Exchange 2 800 Q3 2006 average 2 528 2 600 Q3 2006 end 2 566 2 400 Q2 2006 average 2 682 2 200 Q2 2006 end 2 630 2 000 Q1 2006 average 2 444 1 800 Q1 2006 end 2 471 1 600 Average
Slide 18: Aluminium Metal – operating income
Aluminium Metal – operating income NOK million 2 040 z Primary production 449 000 mt Sourcing & Trading (S&T) 1 854 203 Unrealized LME effects 1 620 224 Alu Metal (excl. unrealized LME effects and S&T) 480 181 z High aluminium prices 1,721 1,588 1 166 1 068 458 12 1,357 z Increased raw material and
Slide 19: Aluminium Metal – prospects
Aluminium Metal – prospects z Continued high aluminum prices z 80% of expected fourth quarter production sold at 2 360 USD/mt - Including full effect of strategic hedges z Smelter closures on track, costs lower than original estimate z Increased alumina production capacity in China - Sharp drop in s
Slide 20: Aluminium Products – highlights
Aluminium Products – highlights z Strong performance in Extrusion z Rolled Products – good demand but weak margins z Weak market for Automotive z Impairment loss Meridian NOK 239 million 20
Slide 21: Aluminium Products – operating income
Aluminium Products – operating income NOK million z Rolled Products NOK 60 million Rolled Products Extrusion - Volumes stable Automotive Other and eliminations - Metal effect NOK (70 million) in Q3 (NOK 149 million in Q2 2006) 452 279 210 371 301 z Extrusion NOK 169 million - Seasonal volume decreas
Slide 22: Aluminium Products – prospects
Aluminium Products – prospects z Restructuring and portfolio adjustments continue z European extrusion markets expected to soften z Stable market outlook for Rolled Products z Automotive markets remain challenging z Seasonal volume reductions expected in fourth quarter 22
Slide 23: Adjusted income – third quarter 2006
Adjusted income Third quarter 2006 NOK million Reported income Adjustments Adjusted income Exploration and Production 12 078 (630) 11 448 Energy and Oil Marketing 851 127 978 Eliminations 382 (382) - Oil & Energy 13 311 (885) 12 426 Aluminium Metal 1 854 (269) 1 585 Aluminium Products (192) 437 245
Slide 24: Infrequent and other special items
Infrequent and other special items Third quarter 2006 NOK million Unrealized (gains)/losses oil and gas derivatives, Spinnaker Exploration and Production (517) Unrealized (gains)/losses on gas contracts Exploration and Production (113) Unrealized (gains)/losses on gas contracts Energy and Oil market
Slide 25: Hydro – priorities
Hydro – priorities z Capture value from strengthened international portfolio z Further strengthening of oil and gas resource base z Reposition Aluminium Metal z Restructuring and portfolio adjustments in Aluminium Products z Firm cost control and first-class project execution in a resource constrain
Slide 26: Executive summary
Executive summary 26
Slide 27: Consistently delivering profitable growth
Consistently delivering profitable growth Oil and gas production Aluminium production 1 000 boe/day 1 000 tonnes 800 2 000 600 1 500 400 1 000 200 500 0 0 2001 2005 2010E 2001 2005 2010E 27
Slide 28: Key messages
Key messages z High earnings and strong financial position z Strong growth in O&E 2005-2010, 6% average annual growth - Production estimate for 2006 reduced to 570 000 boed - Exploration: 19 discoveries 2006 YTD*, 50% success rate - 2006 activity: 60 exploration wells planned - 20-25 Norway, 15-20 U
Slide 29: Financial overview 2005
Financial overview 2005 Operating revenues – NOK 175 billion Earnings after tax – NOK 16 billion Other 5% Other 13 % Aluminium Products Aluminium 26 % Oil & Metal Energy 12 % 49 % Oil & Aluminium Energy Metal 75 % 20 % Adjusted EBITDA – NOK 65 billion Capital employed – NOK 109 billion Aluminium Oth
Slide 30: Income from continuing operations
Income from continuing operations* By quarter 5 869 NOK million Gains from divestments 5 394 4 804 4 183 4 186 3 638 3 693 3 577 3 135 2 991 2 481 2 224 2 005 1 851 1 809 2003 2004 2005 2006 Accumulated 8 656 11 477 15 638 16 068 * Changes in accounting principles for 4th quarter 2005 resulted in a
Slide 31: Adjusted EBITDA
Adjusted EBITDA 22 769 NOK million 20 515 19 337 17 109 17 000 15 852 15 533 13 546 13 210 12 266 12 094 11 045 9 935 9 451 8 197 2003 2004 2005 2006 Accumulated 38 628 51 116 65 493 62 621 31
Slide 32: RoaCE significantly improved
RoaCE significantly improved 2002 - 2005 Adjustment for special events * 19.9% Actual 16.8% 13.6% 13.0% 8.4% 7.2% 2002 2003 2004 2005 * Special events include, 2004: write-downs in Aluminium and changes in tax regulation, 2005: write-downs in Aluminium and Spinnaker acquisition 32
Slide 33: RoaCE by business area
RoaCE by business area 2002 - 2005 Oil & Energy Aluminium 32.7% Adjustment for Spinnaker Adjustment for write-downs Actual Actual 26.2% 23.4% 16.2% 11.6% 7.0% 6.0% * 4.7% 2.7% 3.5% 3.4% 2002 2003 2004 2005 2002 2003 2004 2005 * Includes unrealized losses on LME derivatives of NOK 1 020 million befor
Slide 34: RoaCE competitive with peers
RoaCE competitive with peers 2002 - 2006 RoaCE 40% 35 % 12% Peer range * Peer range ** 35% Hydro Oil & Energy Hydro Aluminium 30 % 10% 30% 25 % 8% 25% 20 % 20% 6% 15 % 15% 4% 10 % 10% 2% 55% % 00% % 0% 2002 2000 2003 2001 20022004 2003 2005 2004 20062005 2002 2003 2004 2005 2006 Peer range * Hydro O
Slide 35: Strong financial position
Strong financial position Adjusted net debt/equity ratio * 0.67 0.60 0.44 0.50 0.38 0.34 0.31 0.11 0.11 1999 2000 2001 2002 2003 2004 2005 30 Sept 2006 * Interest-bearing debt + net pension liability (tax adjusted) + operating lease commitments (discounted) – cash and cash equivalents – short-term i
Slide 36: Capital allocation – upstream focus
Capital allocation – upstream focus NOK billion 41 * 2005 z Spinnaker transaction 30 z Other investments lower than NOK 25-30 planned 24 billion annually 2006 - 2010 z Oil & Energy - Projects on track - Increased exploration activity z Aluminium 2005 plan 2005 2006 plan - Scale down overall investme
Slide 37: Capital allocation 2006 - 2010
40 Capital allocation 2006 - 2010 E&P: Committed investments Aluminium investments E&P: Uncommitted investments 30 30 Annual investments NOK 25–30 billion 25 NOK 55-80 bn: Unncommitted/ 20 non-sanctioned E&P investments and Exploration expenditure* 10 NOK 25 bn: Aluminium NOK 45 bn: Committed E&P 0
Slide 38: Sanctioned projects 2005 – robust profitability
Sanctioned projects 2005 – robust profitability Oil price gives 10% real rate of return post tax* Troll West Operator IOR NCS Operator NCS Delta International Oseberg Sør Partner-operated NCS Tune Phase 3 Fram Øst Libya, H-field GoM, Lorien Tordis IOR Tyrihans Volve Norne K Templ. Ringhorne Øst 0 10
Slide 39: Dividends
Dividends 2000 - 2005 NOK/share 4.00 4.40 2.20 2.00 2.10 1.90 2000 2001 2002 2003 2004 2005 Recalculated to reflect 5 for 1 share split effective 10 May 2006 39
Slide 40: Dividend policy
Dividend policy 30% payout ratio over time 61 % z Dividend policy maintained 46 % 44 % z Planned payout per share in 2005 is in line with policy 35 % 33 % 33 % 31 % z Continued high commodity 26 % prices support current 26 % payout per share level 18 % z Challenging to maintain a stable increase in
Slide 41: Competitive shareholder returns
Competitive shareholder returns Total shareholder return (TSR) Share price development 1 Jan 2000 to 2 Dec 2005 1 Jan 2006 to 20 Oct 2006 Hydro BG Group 33% ExxonMobil 24% ENI Chevron 15% BG Group Hydro 14% Total RepsolYPF 12% Statoil 10% ExxonMobil ENI 10% Chevron Total 7% Shell Alcan 6% Shell 6% B
Slide 42: Oil & Energy
te * Oil & Energy
Slide 43: The Oil & Energy portfolio
The Oil & Energy portfolio 2005 Oil Gas Power Production Oil & gas 563 000 boed 398 000 boed 165 000 boed 10.7 TWh* ~ 9.4 bcm * Normal range of annual production: 7-11 TWh 43
Slide 44: Oil & Energy outlook and strategy
Oil & Energy outlook and strategy z Profitable production growth z Realize potential of strong portfolio z Strengthen resource base z Technological and operational leadership 44
Slide 45: Oil & Energy – Adjusted EBITDA
Oil & Energy Adjusted EBITDA 17 398 NOK million 16 325 16 702 15 191 14 766 Eliminations Energy and Oil Marketing 12 416 Exploration and Production 11 967 11 583 10 503 9 928 9 764 9 139 8 668 7 745 6 274 2003 2004 2005 2006 Accumulated 31 826 41 777 54 339 50 424 45
Slide 46: Profitable production growth
Profitable production growth 1 000 boe/day 1 000 Historical performance Target Expected z 2006 target: 570 000 boed 8% CAGR* 6% CAGR** z 2010 expected: 750 000 boed 750 750 z Compound annual growth rate 563 570 - 2001-2008E: 8% - 2005-2010E: 6% 500 z Increased production outside Norway 250 0 2006E 2
Slide 47: New fields on stream 2006 - 2009
New fields on stream 2006 - 2009 Field Hydro peak production (boe/day) Peak year Oil/Gas 2004 2005 2006 2007 2008 International Lorien 4 000 2006 Oil W Dalia 24 000 2007 Oil W Rosa 13 000 2008 Oil W Eastern Gulf development* 11 500 2008 Gas W 2009 Thunder Hawk 11 000 2010 Oil W Oseberg Vestflanken 1
Slide 48: Strong production growth based on attractive project portfolio
Strong production growth based on attractive project portfolio Oil price giving 10% real rate of return post tax* Oseberg S Operator IOR NCS Njord Operator Development Phase Oseberg Operator NCS Oseberg E International Troll Partner operated NCS Ormen Lange Tune Phase 2 Oseberg S J C Vilje Oseberg S
Slide 49: First-class project execution
First-class project execution Offshore projects last five years* Average project size** Total cost change % NOK billion Hydro: NOK 15 billion/project Hydro: 0% Hydro operator Other operators 0 5 10 15 20 -10 % 0% 10 % 20 % 30 % 40 % * 1998-2005: Hydro operated projects totalling USD 15bn delivered o
Slide 50: Ormen Lange / Langeled 87 percent complete
Ormen Lange / Langeled 87 percent complete z Norway’s largest industrial project. Largest gas development in Europe z Total investments: NOK 66 billion (2003 NOK) z Hydro 18 percent equity z Supply 20 percent of UK gas demand z Langeled South gas export began 1 October 2006 as planned z Start Ormen
Slide 51: International portfolio
International portfolio Russia Norway Denmark Canada Iran Libya US Gulf of Mexico Brazil Angola Current E&P activity Frontier E&P activity 51
Slide 52: Capturing US Gulf of Mexico potential
Capturing US Gulf of Mexico potential z Production Q3: 22 500 boed - Lorien on stream late April – 4 000 boed*, a deepwater field z 15-20 exploration wells in 2006 - First nine months: 10 exploration wells completed, 7 discoveries – 70% success rate z 420 leases – 60% deepwater z Seismic data – cove
Slide 53: Field development in US Gulf of Mexico
Field development in US Gulf of Mexico Shelf - Several gas fields - Short lead times Deepwater z Lorien - oil - 30% interest - Started production April 2006 Lorien - Annual peak production - 4 000 boed in 2006 z Eastern Gulf - gas - Spiderman 18.33% - San Jacinto 26.67% Eastern Gulf - Q 50% Louisian
Slide 54: Petroleum production per quarter
Petroleum production per quarter 1 000 boe/day Oil Gas 615 610 596 591 584 589 569 552 539 541 537 548 514 484 489 166 173 147 176 156 178 142 184 208 442 123 154 168 112 116 430 422 169 415 406 405 402 396 391 399 372 373 385 381 368 2003 2004 2005 2006 Average 530 572 563 565 54
Slide 55: Production costs per barrel
Production costs per barrel NOK/boe Gas injection cost Production cost excluding gas injection 32.0 25.3 7.9 20.7 20.7 5.4 0.7 2.8 24.1 20.0 17.9 19.9 2003 2004 2005 Jan-Sep 2006 Production in million boe 194 209 206 154 55
Slide 56: Strong exploration performance
Strong exploration performance 14 discoveries in 2005* – 7 in Norway 19 discoveries YTD - 50% success rate Norway Denmark Iran Libya US Gulf of Mexico Angola 7 Spinnaker Exploration discoveries in 2005 * Excluding Spinnaker Exploration discoveries 56
Slide 57: Exploration competence developed on NCS
Exploration competence developed on NCS Discoveries on NCS 1985-2005 – Hydro has discovered 9 billion boe as operator Hydro discovered Ormen Lange in 1997 Million boe Hydro operator Other NCS operators Troll Oil Saga Petroleum 0 2 000 4 000 6 000 8 000 10 000 Reserves including 49 producing fields,
Slide 58: Increased exploration activity
Increased exploration activity Exploration spending in NOK billion 5.0 NOK 4-5 billion z Following up on strategic moves z About 60 wells planned in 2006 z Attractive exploration portfolio 2.1 - Balanced risk - Balanced geographical exposure 1.4 2004 2005 2006 Activity: 21 wells 60 wells 58
Slide 59: Discoveries 2006
Discoveries 2006 Exploration Q3 2006 Q2 2006 Q1 2006 2006 YTD Exploration wells completed 13 14 11 38 Discoveries 5 8 6 19 Success rate – percent 42% 57% 55% 50% Discoveries by area Norway 1) 0 3 0 3 US Gulf of Mexico 2) 2 2 3 7 Libya 3) 1 3 3 7 Canada 4) 1 0 0 1 Angola 5) 1 0 0 1 z 8 wells drilling
Slide 60: Rig coverage provides flexibility
Rig coverage provides flexibility z Norway - Exploration rig capacity secured to 2009 - Additional production drilling rig capacity secured - 2008 to 2011 – 3 rig years - Bideford Dolphin semisubmersible z US Gulf of Mexico - Deepwater exploration drilling rig capacity secured - Mid-2007 to 2013 – 6
Slide 61: Positive outlook for Norwegian shelf
Positive outlook for Norwegian shelf z Strong production growth 2005-2010 - 20% higher production, increased share of gas z High near-term activity level - 15 new fields under development - About 40 exploration wells planned 2006-2007 z Interesting opportunities in northern areas 61
Slide 62: Exploring for new resources in all regions
Exploring for new resources in all regions z Participating in 40 exploration wells in 2006-2007 Barents Sea z Add profitable resources to producing fields Norwegian Sea z Still growth prospects in mature areas z Exciting frontier drilling in the Barents Sea and Norwegian Sea North Sea Exploration we
Slide 63: Exploration effort paying off
Exploration effort paying off z Awards for predefined areas 2006 - Extensive application submitted z Discoveries Barents - Norway – 7 in 2005 - Peon, Astero, Troll Brent Sea - Oseberg Sør B and J - Stetind, Vigdis M5 - Denmark – 1 in 2005 - Hejre Norwegian Sea - Norway – 3 first half 2006 - PL 050 A
Slide 64: Technological and operational leadership
Technological and operational leadership z Cost-efficient, safe and smart operations z Driving innovation - Subsea technology - Advanced drilling - Increased oil recovery - Environmental technology 64
Slide 65: Drilling excellence drives value creation
Drilling excellence drives value creation z Early mover in drilling technology z 47 multilateral wells drilled with 76 branches z 50% of the world’s advanced multilateral wells z 88% of the world’s advanced offshore multilateral wells 65
Slide 66: Oil and gas reserves and resources
Oil and gas reserves and resources* Additional expected reserves and Million boe resources in existing portfolio 4 000 Expected reserves in fields in production and fields under development 3 000 2 000 1 000 0 Proven reserves year- Additional expected 2005E Production Added expected Additional expec
Slide 67: Additional expected resources in portfolio
Additional expected resources in portfolio Million boe Hydro share in fields and discoveries* International: Murzuq NC190 – Block 17 750 Under Operated Norway: Peon – Astero – Troll Brent – Osberg/Troll/Grane IOR evaluation Partner-op Norway: Snorre IOR – Lavrans – Eldfisk – Ekofisk International: H
Slide 68: Commercializing a superior gas position
Commercializing a superior gas position 68
Slide 69: Strong short-term ramp-up in gas production
Strong short-term ramp-up in gas production Maximum lifting and secure best value Gas production 1 000 boe/day 12% CAGR* 300 250 z 12% annual growth rate (2000-2010) 200 z Increasing from 9.4 to 16 bcm (2005-2010) 150 z Market development facilitates further growth 100 z Large gas reserves in the mi
Slide 70: Strong long-term demand for gas
Strong long-term demand for gas Bcm/year Europe* - Gas supply and demand UK - Gas production and demand 1000 140 Assumed prolongations from outside Europe Gas production - bcm annually Contracted from outside Europe Gas demand - bcm annually Production Europe ex. Norway 120 800 Production Norway Gas
Slide 71: Gas – an increasingly valuable commodity
Gas – an increasingly valuable commodity Hydro well positioned to capture this value USD per Boe 100 Brent NBP (National Balancing Point) - UK z Significant increase in 80 gas prices z Infrastructure in place 60 z High value “per barrel” 40 for the long term 20 Ormen Lange break even 0 2002 2003 200
Slide 72: Flexibility - increased value of gas portfolio
Flexibility - increased value of gas portfolio Norwegian Continental Shelf Strong reserve base Excellent Operator Basin Master St.Fergus Access to Infrastructure NBP* Easington*** Emden Bacton TTF** Zeebrugge/Hub Dunkerque PEG**** Gas Market Presence Long-term sales Spot sales Downstream marketing S
Slide 73: Ormen Lange
Ormen Lange Securing gas to an undersupplied UK z Langeled – Hydro a driving force to Ormen Lange route Ormen Lange Gas to the UK Langeled - Short lead times - Hydro links up NCS to UK supply gap Frigg - Increased flow from Hydro fields Vesterled Heimdal - Increased profiling from Hydro fields St. F
Slide 74: Aluminium
Aluminium 74
Slide 75: Aluminium outlook and strategy
Aluminium outlook and strategy z Growing demand for aluminium products z Increased costs – an industry challenge z Strategy shift for Hydro - Prioritize upstream investment and repositioning - Reduce downstream exposure – focus on cash generation z Roadmap to increased profitability 75
Slide 76: China is leading the demand growth
China is leading the demand growth Metal products consumption (primary and recycled based) Million tonnes 70 67 CAGR 2005-15 R CAG 4 .5% Rest of the World 4.6% 4 .0 – 60 CIS and E. Europe 6.4% 55 50 Other Asia 3.3% 44 40 Western Europe 2.3% 36 30 North America 2.5% 20 10 China 7.6% 0 2000 2005E 2010
Slide 77: Aluminium price
Aluminium price USD per metric ton LME (3 month avg.) 3 000 Primary aluminium LME forward USD per London Metal metric ton Exchange 2 800 Q3 2006 average 2 528 2 600 Q3 2006 end 2 566 2 400 Q2 2006 average 2 682 2 200 Q2 2006 end 2 630 2 000 Q1 2006 average 2 444 1 800 Q1 2006 end 2 471 1 600 Average
Slide 78: Alumina spot price
Alumina spot price Percentage of aluminium LME 3 months price* $/tonne Percent 800 Spot alumina price % of LME 3 months aluminium price 30 600 20 400 10 200 0 0 1999 2000 2001 2002 2003 2004 2005 2006 * Oct 2006: Alumina spot approximately 240 USD/tonne Source: LME, Metal Bulletin, Macquarie Researc
Slide 79: Alumina net balance
Alumina net balance 4.4 % average annual growth in demand Net Alumina balance (million tonnes) Required utilization Capacity increase 2005-2010 10 Committed Alumina projects Greenfield Excess smelter capacity China (Alumina eqv.) Required utilization rate Major decided projects (million t) 100 % Chi
Slide 80: Aluminium portfolio
Aluminium portfolio 2005 1 000 tonnes Equity Medium/long term contracts Alumina * 744 1 082 Equity ** Electrolysis metal 1 826 Equity ** 3rd party Remelt Metal products 1 826 240 1 755 Extrusion & Rolled Automotive Downstream 953 694 * Aluminium equivalents (2 tonnes alumina per tonne aluminium) **
Slide 81: Capital allocation towards upstream Aluminium
Capital allocation towards upstream Aluminium Capital employed Capital expenditure 2005 2006-2010E Downstream 30% Downstream Upstream 41 % 59 % Upstream 70% 81
Slide 82: Aluminium Metal and Aluminium Products – Adjusted EBITDA
Aluminium Metal Aluminium Products Adjusted EBITDA Adjusted EBITDA NOK million NOK million 3 000 3 000 2 775 Rolled Products Extrusion 2 706 Automotive Other and eliminations 2 500 2 500 2 301 2 000 2 000 1 736 1 636 1 500 1 500 1 053 926 1 000 756 872 879 1 000 806 797 306 * 500 396 500 0 - 500 200
Slide 83: Increased costs – an industry challenge
Increased costs – an industry challenge Significant shift in industry cost curve* Cash cost (USD/t) z Energy - Oil and gas prices 2250 - Coal prices 2000 - CO2 emission trading 1750 2005 - Supply/demand for electricity 1500 2003 2005 ave. 1375 z Alumina 1250 2003 ave. 1120 1000 z Other raw materials
Slide 84: Improved relative smelter cost position
Improved relative smelter cost position World production 2005, 1 000 tonnes Cash cost 2005 (USD/t*) 2 250 2 000 1 750 Hydro 1 500 2005* Average: 1 375 USD per tonne 1 250 1 000 New capacity 2005-2010 Closures 2005-2010: 750 Alouette expansion 2005-2006 Hamburg closed end 2005 Qatalum greenfield expa
Slide 85: Aluminium power supply
Aluminium power supply z 2006 primary smelter power requirement 27 TWh - Long-term contracts: 23 TWh, Short-term supply: 4 TWh z 2006 estimated power cost increase of NOK 1.5 billion* - NOK 1.2 billion increase for upstream of which NOK 0.85 billion for Germany - 2007-2010: only limited price change
Slide 86: Hydro power costs on world average
Hydro power costs on world average German prices not competitive Power prices German electricity prices World smelter production 2005 €/MWh Million tonnes World average 6 26 USD/MWh Spot prices 70 Forward 31.12.05 5 60 4 50 3 40 30 2 20 1 10 0 0 0-5 6-10 11-15 16-20 21-25 26-30 31-35 36-40 40+ 2000
Slide 87: New projects strengthen primary production
New projects strengthen primary production Qatalum smelter project in Qatar z JV 50/50 signed - Hydro/Qatar Petroleum - 23 March 2006 z Hydro to market all metal - 585 000 tonnes per year z Expansion potential up to 1 200 000 tonnes per year z Attractive profitability z Expected start-up Q4 2009 Alu
Slide 88: Increased alumina equity coverage at lower cost
Increased alumina equity coverage at lower cost Alumina equity coverage (bars) Equity alumina production (line) Percent 1 000 tonnes 100 % 3 000 75 % 72% 2 000 53% 50 % 43% 1 000 25 % 23% 0% 0 Est. weighted avg. 1998 2002 2006E 2010E cash cost (05-USD/tonne) 165 145 145 130 88
Slide 89: More competitive smelter portfolio
More competitive smelter portfolio Primary production, 1 000 tonnes 290 2 000 1 826 180 (110) (190) 2005 Closures Germany Søderberg closures Optimization Qatalum 2010E 2006* 2006 and 2009** 2006-2009 2009 * German closures: Hamburg (HAW) 40 000mt Q4’05, Stade 70 000mt end of December 2006 ** Søderbe
Slide 90: Repositioning enhances smelter portfolio
Repositioning enhances smelter portfolio Smelter geography Smelter size Europe Below 300 ktpy Outside Europe Above 300 ktpy 2 000 2 000 1 820 1 820 17% 33% 29% 43% 780 780 100% 83% 67% 100% 71% 57% 2000 2005 2010E 2000 2005 2010E All figures in 1 000 tonnes per year 90
Slide 91: Downstream – focus on cash generation
Downstream – focus on cash generation 2005: Capital employed per business area NOK 109 billion z Significant capital employed in Aluminium Other 5% z Unsatisfactory returns Aluminium Downstream z Urgent measures downstream 18 % - Reduce investments Oil & Energy - Focus on cash generation 52 % - Cash
Slide 92: Aluminium downstream - revenues
Aluminium downstream - revenues 2005 - NOK 46 billion Business split Geographical split Others Automotive 10% 20% North America Rolled 16% Products 43% Europe Extrusion 74% 37% 92
Slide 93: Roadmap to increased profitability
Roadmap to increased profitability Return on average capital employed – RoaCE 2010 target: 9% RoaCE* ~0.6% 9% ~1.4% Approx. 7% ~1.7% ~1.8% ~0.1% 2005E level Energy prices Other, net Downstream Metals Qatalum and 2010 contribution contribution Alunorte 3 Roadmap excludes price, market and one-time ef
Slide 94: Additional information Hydro
Additional information Hydro 94
Slide 95: The Hydro share
The Hydro share* z 1 231 million shares Others 12.4 % z 50 000 shareholders UK 9.0 % z Listed in 5 countries The Norwegian State 43.8 % z Followed by 30 sell-side analysts USA 17.9 % z Free float: 54.2% Norway 16.7 % z Market value: NOK 195 billion * 30 September 2006 95
Slide 96: Indicative price and currency sensitivities 2006
Indicative price and currency sensitivities 2006 Income NOK million Net income Change before tax Oil price per barrel 1 100 325 1 USD Aluminium price per tonne 950 665 100 USD Income NOK million Net income Change before tax USD Oil & Energy 7 500 2 250 1 NOK USD Aluminium 2 800 1 900 1 NOK USD befor
Slide 97: Building a stronger Hydro
Building a stronger Hydro z The Hydro Way is our platform z Leadership and competence development z International organization – diversity is key z Encouraging innovation and sense of urgency z Attracting new talents z Skills and experiences shared across Hydro 97
Slide 98: A large international organization
A large international organization 33 000 professionals, 36 countries, 5 continents* Geography Business Area Other Aluminium 15% Metal Other 17% 26 % Norway Brazil 35 % Oil & Energy 1% 10% China 1% Australia Aluminium 2% Products France 58% Hungary 6 % USA Germany 2% 11 % 16 % 98
Slide 99: Safety
Safety Total reported injuries per million working hours (TRI) Rate 15 10 5 0 2000 2001 2002 2003 2004 2005 YTD 2006 99
Slide 100: Capital allocation and investment criteria
Capital allocation and investment criteria z Oil price – USD 30-35 per boe z Investments focused upstream z Aluminium – USD1 600-1 700 per mt z Reduced engagement downstream z NOK/USD 6.50 Aluminium - Minimum investment level - Cash positive z Business areas to demonstrate ability to fund capital pr
Slide 101: Investment criteria – Oil & Energy
Investment criteria – Oil & Energy Maintaining capital discipline in volatile markets Oil price in USD 80 Brent Brent forward z Oil price - Long-term: USD 30-35 per barrel 70 z Currency 60 - NOK/USD 6.5 - NOK/EUR 8.0 50 z Hurdle rate 40 - 10% IRR real after tax - IRR after tax above Hydro’s cost 30
Slide 102: Investment criteria – Aluminium
Investment criteria – Aluminium Maintaining capital discipline in volatile markets Aluminium price in USD 2 900 LME (3 month) LME forward z Aluminium price 2 700 - USD 1 600 - 1 700 per tonne 2 500 z Currency 2 300 - NOK/USD 6.5 - NOK/EUR 8.0 2 100 1 900 z Hurdle rate - 10% IRR real after tax 1 700
Slide 103: Secured prices for Spinnaker production
Secured prices for Spinnaker production 80 Oil - WTI (USD/bbl quarterly) 16 Gas - Henry Hub (USD/mmbtu monthly) 70 14 12 60 10 Secured minimum 50 Secured price 45.00 - 71.45 price 7.5 8 40 6 30 4 20 2 10 0 2000 2002 2004 2006 2008 2000 2002 2004 2006 2008 Source: Ecowin Oil, WTI Crude Oil, Spot, USD
Slide 104: Positive cash-flow generation
Positive cash-flow generation 2003 - 2005 Oil & Energy Aluminium 127.9 63.1 59.5 23.2 2.4 14.3 2.4 0.2 5.5 9.0 EBITDA Tax Investm. Other Net cash EBITDA Tax Investm. Other Net cash 1) flow flow 1) of which acquisition of Spinnaker NOK 16.4 billion 104
Slide 105: Normalized RoaCE by business area
Normalized RoaCE by business area 2003 - 2005 Oil & Energy Aluminium Normalized Adjustment for Spinnaker Normalized Adjustment for write-downs 12.3% 12.6% 11.3% 10.0% 4.8% 4.2% 4.2% 1.7% 1.3% 2003 2004 2005 2003 2004 2005 105
Slide 106: Increasing payout to shareholders
Increasing payout to shareholders 1996 - 2006 NOK million Dividend Buyback 1 589 1 684 5 500 5 021 1 599 1 155 763 555 3 165* 2 711 2 811 2 470 2 576 2 094 1 604 1 718 1 718 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 Dividend allocated to the year for which the dividend was paid. The (ac
Slide 107: Earnings per share
Earnings per share NOK* 12.54 9.02 6.50 5.50 4.56 2001 2002 2003 2004 2005 * Continuing operations. Recalculated to reflect 5:1 share split 10 May 2006 107
Slide 108: Adjusted income – 2005
Adjusted income – 2005 NOK million Reported income Adjustments Adjusted income Exploration and Production 40 594 627 41 221 Energy and Oil Marketing 3 575 41 3 616 Eliminations (719) 719 - Oil & Energy 43 451 1 387 44 837 Aluminium Metal 2 694 1 210 3 904 Aluminum Products (175) 1 033 858 Other acti
Slide 109: Infrequent and other special items 2005
Infrequent and other special items 2005 NOK million Unrealized (gains)/losses on oil and gas derivatives, Spinnaker Exploration and Production 440 Unrealized (gains)/losses on gas contracts Exploration and Production 187 Unrealized (gains)/losses on gas contracts Energy and Oil marketing 41 Unrealiz
Slide 110: Variance analysis Hydro
Variance analysis Hydro NOK million Jan-Sep 2006 Q3 2006 2006 62 621 20 515 2005 48 493 17 109 Variance adjusted EBITDA 14 128 3 406 - Prices and currency, Exploration and Production (E&P) 12 025 2 450 - Margin incl. currency effects ¹) 4 720 2 250 - Volume 2 005 65 - Fixed costs (735) (290) - Depre
Slide 111: Investments
Investments1) 2004 and 2005 NOK million 2005 2004 Exploration and Production 2) 33 846 10 606 Energy and Oil Marketing 2 333 1 460 Oil & Energy 36 179 12 067 Metals 1 792 4 244 Rolled Products 545 553 Extrusion and Automotive 1 425 1 398 Aluminium 3 762 6 194 Other activities 1 097 1 058 Corporate a
Slide 112: Statement of cash flows
Statement of cash flows Nine months ended Nine months ended NOK million 30 September 2006 30 September 2005 Operating activities: Net income 16 068 11 453 Depreciation, depletion and amortization 12 510 10 598 Other adjustments 13 214 3 334 Net cash provided by operating activities 41 792 25 385 Inv
Slide 113: Consolidated balance sheets
Consolidated balance sheets NOK million 30 September 2006 30 June 2006 30 September 2005 Cash and cash equivalents 16 490 7 725 16 607 Short-term investments 12 699 12 669 16 760 Receivables and other current assets 46 490 46 165 38 852 Inventories 16 310 15 985 14 225 Non-current assets 160 840 155
Slide 114: Additional information - Oil & Energy
Additional information - Oil & Energy 114
Slide 115: Operating costs per boe
Operating costs per boe 123.6 NOK/boe 104.2 94.9 83.8 82.1 2006 YTD excl. 2003 2004 2005 2006 YTD Hydro GoM Exploration 8.1 6.0 8.9 18.8 10.6 Net transportation 6.8 8.3 9.4 12.1 12.3 Other cost/income 1.7 0.7 3.0 2.8 2.6 Deprec.& aband. 46.4 46.4 48.2 58.0 47.0 Gas for injection 0.7 2.8 5.4 7.9 8.2
Slide 116: Average realized gas prices
Average realized gas prices NOK/Sm3 1.03 1.09 1.52 1.91 2.16 1.85 1.79 1.73 1.47 1.36 1.31 1.20 1.06 1.10 1.07 0.99 1.03 1.01 0.98 2003 2004 2005 2006 116
Slide 117: Average prices and exchange rates
Average prices and exchange rates Oil Oil Gas 500 75 USD/boe NOK/boe NOK/USD NOK/Sm3 NOK/boe USD/boe 2004 37.3 251.3 6.74 1.09 400 Q1 2005 46.4 291.7 6.29 1.47 50 Q2 2005 49.8 317.9 6.39 1.31 Q3 2005 60.4 390.6 6.47 1.36 300 Q4 2005 55.6 368.8 6.63 1.85 2005 53.1 342.2 6.44 1.52 200 Q1 2006 60.6 403
Slide 118: Exploration activity
Exploration activity Expensed and capitalized costs NOK million 1 600 1 400 1 200 1 000 800 600 400 Expensed 200 0 - 200 - 400 Capitalized - 600 - 800 -1 000 2003 2004 2005 2006 Expensed Expensed old wells Refund insurance Iran Seismic Spinnaker 118
Slide 119: Oil production per field
Oil production per field 1000 boe/day Share Q3 '06 Q2 '06 Q3 '05 Hydro Q3 '06 Hydro Q2 '06 Hydro Q3 '05 Oil and NGL/Condensate Grane 38.00% 217 222 195 82 84 74 Oseberg incl C 34.00% 122 129 151 41 44 51 Ekofisk 6.65% 341 361 345 23 24 23 Oseberg South 34.00% 69 68 79 23 23 27 Snorre 17.65% 166 108
Slide 120: Gas production per field
Gas production per field 1000 boe/day Share Q3 '06 Q2 '06 Q3 '05 Hydro Q3 '06 Hydro Q2 '06 Hydro Q3 '05 Gas Troll A 9.78% 411 491 336 40 48 33 Sleipner Area 9.42% 247 191 248 23 18 23 Tune 40.00% 40 45 54 16 18 21 Åsgard 9.60% 153 167 173 15 16 17 Kvitebjørn 15.00% 83 107 87 13 16 13 US Gulf of Mexi
Slide 121: Oil production per field – 2004 and 2005
Oil production per field – 2004 and 2005 Boe/day Oil and NGL/Condensate Share 2004 Hydro 2004 2005 Hydro 2005 Grane 38.00% 118 45 178 67 Oseberg incl C 34.00% 170 58 149 51 Snorre 17.65% 201 36 157 28 Troll B&C 9.78% 312 30 245 24 Oseberg South 34.00% 80 27 71 24 Ekofisk 6.65% 363 24 354 24 Gullfaks
Slide 122: Gas production per field – 2004 and 2005
Gas production per field – 2004 and 2005 Boe/day Share 2004 Hydro 2004 2005 Hydro 2005 Troll A 9.78% 444 43 469 46 Sleipner Area 9.42% 225 21 248 23 Tune 40.00% 68 27 54 21 Oseberg incl C 34.00% 44 15 51 17 Åsgard 9.60% 173 17 176 17 Kvitebjørn 15.00% 10 2 73 11 Gullfaks inclu. Sat 9.00% 62 6 72 6 E
Slide 123: Proved reserves of oil and gas
Proved reserves of oil and gas SEC definition Reserves 31.12.2004 – million boe 2 076 Reserve revisions 64 New reserves 59 Sales, purchases and swaps 52 Production 2005 (206) Reserves 31.12.2005 – million boe 2 046 Reserve replacement ratio and reserve life Reserve replacement ratio 2005 85% Reserve
Slide 124: Extending production growth through 2010
Extending production growth through 2010 Oil and gas production 1 000 boe/day 750 z Top-quartile growth continues - In gas - In oil 625 - On NCS - Internationally 500 z Robust growth 375 - 85% sanctioned projects - Low break-even prices 250 z Growing international share 125 - Higher after-tax value
Slide 125: International E&P activities
International E&P activities 125
Slide 126: Internationalization focus
Internationalization focus Hydro is capitalizing on deep water competence Reserves (mm boe) Mexico representation office opened 2005 50 000 40 000 Hydro presence Yet-to-find reserves 30 000 Remaining reserves 20 000 10 000 0 US GoM Mexico Mauritania Brazil Nigeria Norway Indonesia India Canada Eq. G
Slide 127: US GoM - Attractive portfolio for growth
US GoM - Attractive portfolio for growth z Proven reserves SEC 52 mmboe z Expected reserves/resources1) 129 mmboe z US GoM: Approx. 420 leases – 60% deepwater z Seismic data (2D,3D, PSDM) covering most of US GoM z Exploration: z 2005: 7 discoveries z 2006 first nine months: 7 discoveries z 2006: 15-
Slide 128: US GoM – Hydro seismic data coverage
US GoM – Hydro seismic data coverage 3D seismic - 25,000 Blocks 2D seismic - 164,000 line Km 128
Slide 129: New opportunities in the GoM
New opportunities in the GoM Hydro blocks in yellow 2005 2006 Lease Expiration by Year 2007 Thunder Hawk & Eastern Gulf areas Front Runner area Lorien area 129
Slide 130: Canada
Canada Mature area opportunities in highly profitable portfolio z Existing portfolio - Hibernia and Terra Nova - Terra Nova production shut down due to FPSO maintenance - Hebron development solution z Exploration - Near infrastructure led exploration - Mature current licence portfolio z Assess risk/
Slide 131: Angola
Angola Diversified opportunities in profitable growth portfolio z Production - Block 17 (10% interest) 17 4 z Existing portfolio - Block 17 - Dalia production startup Q4 2006 - Rosa production startup Q2 2007 - Girassol/Jasmim optimizations 18 - 3rd production hub selection - Block 4 - Moving ahead
Slide 132: Russia
Russia Legacy asset opportunities through long-term commitment z Existing portfolio - Further development of Kharyaga z Business development - Pursuing business opportunities 132
Slide 133: Libya
Libya Existing exploration potential in long-term core area z Existing portfolio - Mabruk developments - Murzuq developments - Secured operatorship: NC-146 z Exploration - Exploration drilling - Co-operation with Wintershall - EPSA exploration round V z Acquiring resources - Actively pursuing additi
Slide 134: Iran
Iran Exploring for oil in key petroleum province z Exisiting portfolio - Anaran exploration acreage Anaran z Exploration - Positive well test results in 2005 on Anaran field – Azar 2 - Drilling Changuleh West well z Basis for long term development - Anaran field: Commerciality declared Q2 2006 134
Slide 135: Brazil
Brazil Acquired 50% of Peregrino field* z Peregrino field - Shallow water: +100m - Heavy oil: 14 API - 1.8 billion boe oil in place** - Expected recovery factor +20% Peregrino z Leverage Troll and Grane world-class competence - Horizontal wells - Multilateral technology - Project execution * Approva
Slide 136: Additional information - Aluminium
Additional information - Aluminium 136
Slide 137: Primary aluminium production per quarter
Primary aluminium production per quarter 1 000 mt 1 472 1 720 1 826 1 349 457 461 464 441 446 444 449 451 449 415 418 381 388 360 343 2003 2004 2005 2006 YTD Slovalco consolidated from Q1 2004 137
Slide 138: Aluminium – operational data
Aluminium – operational data Q3 Q2 Q1 Q4 Q3 Q2 Q1 Volumes and prices * 2006 2006 2006 2005 2005 2005 2005 Primary production (1 000 mt) 449 451 449 464 461 457 444 LME realized (USD/mt) including hedges 2 462 2 368 2 146 1 851 1 770 1 842 1 783 NOK/USD realized including hedges ** 6.36 6.47 6.85 6.5
Slide 139: Aluminium Metal hedge programs
Aluminium Metal hedge programs 1) 2006 2007 2008 2006-2008 program – volume mt 2) 130 000 163 800 167 100 2006-2008 program – LME price USD/mt 2 140 2 300 2 200 2003-2007 program (Sunndal) – volume mt 3) 96 900 108 900 - 2003-2007 program (Sunndal) – LME price USD/mt 1 500 1 500 - 2003-2007 program
Slide 140: Germany 2006-2008
Germany 2006-2008 z HAW closed - 40 000 mt, Stade to be closed end of 2006 - 60 000 mt z Neuss represents 12% of Hydro primary production. Positive margin locked in z Volumes and prices: USD 2 220/mt average price for 460 000 mt - 2006: USD 2 140/mt – 130 000 mt - 2007-2008: USD 2 250/mt – 330 900 m
Slide 141: Current Position – Power Market
Current Position – Power Market EEX Power market development. Baseload contract one year ahead. Avg. spot prices for the year Eur/Mwh 70 z Current prices slightly lower due to mild weather 60 and low consumption. 50 52.85 z Price are expected 45.98 to increase significantly when 40 the consumption p
Slide 142: Industry increasingly exposed to market power prices
Industry increasingly exposed to market power prices Aluminium production* – power sourcing 1 000 tonnes 24 124 20 000 To be renewed Russia 15 000 10 000 Contract Unknown contract expiry 5 000 Captive 0 000 2005 2009 2013 2017 2021 2025 * Excluding China Source: CRU / Hydro 142
Slide 143: Inventories – primary aluminium
Inventories – primary aluminium IAI and LME 1 000 tonnes LME (London Metal Exchange) 5 000 IAI (Producers' inventories) 4 000 3 000 2 000 1 000 0 1992 1997 2002 2006 Sources: IAI and LME 143
Slide 144: Hydro primary aluminium production
Hydro primary aluminium production 2003 - 2005 1 000 metric tonnes Smelter site Country Interest 2005 2004 2003 Sunndal Norway 100.0% 362 306 210 Karmøy Norway 100.0% 277 278 271 Årdal Norway 100.0% 233 222 215 Neuss Germany 100.0% 225 223 221 Slovalco* Slovakia 20.0% 159 157 27 Kurri-Kurri Australi
Slide 145: Main smelter cost elements
Main smelter cost elements Alumina and power – approximately 60 - 70% World average cost structure* Hydro average cost structure* Other Other 13 % 13 % Casthouse Alumina 4% Casthouse 33 % Alumina 7% Carbon 40 % 10 % Carbon 9% Labor 7% Labor 10 % Power Power 26 % 28 % * CRU 2005, Site Operating Cost
Slide 146: Global smelter site operating cost position
Global smelter site operating cost position Weighted average, percent 7 13 10 28 100 9 Technology Regulatory Economy of scale 33 Contracts & Efficient work Tax frames processes Local cost level Alumina Carbon *) Power Labor **) Other ***) Cast-house Site operating costs cost Global market National/
Slide 147: Global alumina business operating cost position
Global alumina business operating cost position Weighted average, percent 4 11 12 Sustaining Costs 30 100 4 9 30 Bauxite Caustic Power Energy Labor Equipment Other Alumina * Business Soda operating cost * Alumina business operating cost USD 178/tonne in 2005 Source: 2005 CRU, Nominal US$. Note: By-p
Slide 148: Global aluminium production 2005
Global aluminium production 2005 32 million tonnes* Geography Company Other Alcoa North America 18 % 12 % 17 % Alcan 10 % Latin America 7% Western Europe Rusal Middle East 15 % Other 9% 6% 56 % Hydro CIS 6% 13 % China BHP Billiton 4 24 % % Chalco 3 % Source: CRU, HAM 148
Slide 149: Global alumina production 2005
Global alumina production 2005 61 million tonnes* Geography Company Africa Eastern Europe 1 % 3% Others Other Asia 27 % 6% Western Alcoa/WMC Australia 23 % Europe 27 % 10 % CIS 10 % Chalco Hydro 2 % 11 % North America Brazil Alcan 20 % CVG 3 % 9% 11 % China Sual 3 % 12 % Glencore Rusal 5 % 7% Comalc
Slide 150: Investor Relations in Hydro
Investor Relations in Hydro 150
Slide 151: Investor Relations in Hydro
Investor Relations in Hydro Ada Christiane Rieker Vice President ada.christiane.rieker@hydro.com m +47 951 82 718 t +47 22 53 24 55 Gudmund Isfeldt Investor Relations Officer gudmund.isfeldt@hydro.com m +47 480 01 180 t +47 22 53 35 39 Stefan Solberg Investor Relations Officer stefan.solberg@hydro.c
Slide 152: Hydro is a Fortune energy and aluminium company
Hydro is a Fortune 500 energy and aluminium company with 33,000 employees in nearly 40 countries. We are a leading offshore producer of oil and gas, a major aluminium supplier and a leader in the development of renewable energy sources. Our mission is to strengthen the viability of the customers and