Hydro Annual Report 2011b

3) Including provisions for pension and deferred tax liabilities.
FINANCIAL AND OPERATING PERFORMANCE
Return on average Capital Employed (RoaCE) 105
4) RoaCE is based on Adjusted Income tax expense calculated excluding tax on financial items. Underlying RoaCE is, in addition, adjusted with the tax effect
of items excluded of NOK 213 million and NOK (63) million for 2011 and 2010, respectively.
5) RoaCE at business area level is calculated using a 30 percent tax rate. For Energy, a 50 percent tax rate is used, adjusted for the sale of SKS.
Additional information
See note 8 to the consolidated financial statements for additional financial information relating to Hydro's operating segments.
Following is a table of underlying EBITDA for each of the operating segments:
Underlying EBITDA
NOK million
Year
2011
Year
2010
% change
prior year
Bauxite & Alumina 2 480 661 >100 %
Primary Metal 4 671 2 374 97 %
Metal Markets 542 428 27 %
Rolled Products 1 126 1 318 (15) %
Extruded Products 655 987 (34) %
Energy 2 018 1 540 31 %
Other and eliminations (341) (887) 62 %
Total 11 152 6 420 74 %