Hydro Annual Report 2011b

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Consolidated financial statements f2 Notes to the consolidated financial statements f7 note 1 significant accounting policies and reportingentity F7 note 2 Changes in accounting principles and newpronouncements F14 note 3 Basis of presentation and measurement of fairvalue F15 note 4 Critical accounting judgment and key sourcesof estimation uncertainty F16 note 5 Acquisitions F18 note 6 Financial and commercial risk management F20 note 7 operating and geographic segmentinformation F23 note 8 other income F27 note 9 raw material and energy expense F28 note 10 Board of Directors’ statement onManagement remuneration F28 note 11 employee and management remuneration F30 note 12 Depreciation and amortization expense F33 note 13 Impairment of non-current assets F33 note 14 research and development F34 note 15 operating leases F34 note 16 Financial income and expense F35 note 17 Income tax expense F35 note 18 short-term investments F36 note 19 Accounts receivable F36 note 20 Inventories F36 note 21 other non-current assets F37 note 22 property, plant and equipment F37 note 23 Intangible assets F38 note 24 Goodwill F39 note 25 Investments in associates F39 note 26 Investments in jointly controlled entities F41 FInAnCIAl stAteMents Index F1 07: Financial statements note 27 Jointly owned assets F43 note 28 Bank loans and other interest-bearing short-termdebt F44 note 29 trade and other payables F44 note 30 long-term debt F44 note 31 provisions F45 note 32 employee retirement plans F46 note 33 Deferred tax F48 note 34 shareholders’ equity F49 note 35 Capital management F50 note 36 Dividends F52 note 37 Guarantees F53 note 38 Contingent liabilities and contingent assets F53 note 39 Contractual commitments and othercommitments for future investments F54 note 40 Financial instruments F55 note 41 Derivative instruments and hedge accounting F58 note 42 Cash flow information F60 note 43 Auditor remuneration F60 note 44 Board of Directors and Corporate Assembly F61 note 45 related party information F62 financial statements Norsk <strong>Hydro</strong> ASA f64 Notes to the financial statements Norsk <strong>Hydro</strong> ASA f67 Responsibility Statement f76 Auditor’s report f77 Corporate assembly f79
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Annual Report - 2011
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Annual Report - 2011 HyDRO’S REPO
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Aluminium market price weakens LME
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cost renewable energy production, w
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Corporate Management Board AnnuAl r
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• Secure stable production and fi
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Key financial information NOK milli
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for foundry alloys continued to be
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• Using viable energy sources •
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Share of non-Norwegian leaders Perc
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Capital employed - - upstream focus
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petitive supply of standard alumini
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Further improved bauxite and alumin
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Alumina production Million mt 7 6 5
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and Hydro - but both have also rest
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Operations Hydro’s primary alumin
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Plant Country Employees (per Dec. 3
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Active risk management We have deve
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Contribution margin to profit EUR p
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Flat rolled products consumption We
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Build on the high performance of ou
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European extrusion consumption (tot
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Operations Hydro is a global energy
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expected remediation costs relating
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Direct greenhouse gas emissions fro
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The Qatalum aluminium plant, in whi
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postponed in 2011 due to the market
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Water management Enough clean water
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The annual business planning proces
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Total payments (taxes, fees, etc.)
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Qatalum, where Hydro holds a 50 per
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Effective organization Hydro had 22
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Cooperating for safety at Slovalco
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from a 10-year perspective, we redu
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In 2011, we established an electron
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sold or demerged during the year ha
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vIABIlItY perForMAnCe Auditor’s R
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Current income tax tax vIABIlItY pe
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Environment Greenhouse gases gases
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Total waste vIABIlItY perForMAnCe F
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81 FInAnCIAl AnD operAtInG perForMA
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FINANCIAL AND OPERATING PERFORMANCE
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Market developments and outlook Mar
Page 87 and 88: FINANCIAL AND OPERATING PERFORMANCE
Page 93 and 94: Items excluded from underlying EBIT
Page 95 and 96: Items excluded from underlying EBIT
Page 97 and 98: Financial income (expense), net Yea
Page 99 and 100: Primary Metal Operational and finan
Page 101 and 102: Liquidity and capital resources The
Page 105: 3) Including provisions for pension
Page 108 and 109: 108 RISK REVIEW Risk factors Risk f
Page 110 and 111: 110 RISK REVIEW Risk factors or var
Page 112 and 113: 112 RISK REVIEW Risk factors leadin
Page 115 and 116: Share price development in 2011 Sha
Page 117 and 118: Major shareholders and voting right
Page 119 and 120: Key figures for the Hydro share Key
Page 121 and 122: Tittel Hydro present Based in Norwa
Page 123 and 124: Corporate directives and code of co
Page 125 and 126: Pre-approval of audit services The
Page 127 and 128: Billy Fredagsvik, employee represen
Page 129 and 130: Hans-Joachim Kock Key experience: H
Page 131 and 132: Description Developments and events
Page 133 and 134: Topic Comments References Transacti
Page 135 and 136: Topic Comments References 8 Corpora
Page 137: Topic Comments References 13 Inform
Page 141 and 142: Consolidated statements of comprehe
Page 143 and 144: Consolidated statements of cash flo
Page 145 and 146: Notes to the consolidated financial
Page 147 and 148: Foreign currency translation For co
Page 149 and 150: FINANCIAL STATEMENTS Note 1 - Signi
Page 151 and 152: FINANCIAL STATEMENTS Note 1 - Signi
Page 153 and 154: Note 3 - Basis of presentation and
Page 155 and 156: FINANCIAL STATEMENTS Note 4 - Criti
Page 157 and 158: which result in recognition of inde
Page 159 and 160: FINANCIAL STATEMENTS Note 6 - Finan
Page 161 and 162: FINANCIAL STATEMENTS Note 6 - Finan
Page 163 and 164: External revenue Internal revenue T
Page 165 and 166: Revenue Amounts in NOK million 2011
Page 167 and 168: FINANCIAL STATEMENTS Note 10 Board
Page 169 and 170: Name Base salary 1) 2) Maximum bonu
Page 171 and 172: Note 12 - Depreciation and amortiza
Page 173 and 174: Note 16 - Financial income and expe
Page 175 and 176: Note 21 - Other non-current assets
Page 177 and 178: Note 24 - Goodwill Bauxite & Metal
Page 179 and 180: Amounts in NOK million (unaudited)
Page 181 and 182: Amounts in NOK million (unaudited)
Page 183 and 184: Note 31 - Provisions 2011 2010 Amou
Page 185 and 186: Change in pension plan assets Amoun
Page 187 and 188: At the end of 2011, Hydro had tax l
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FINANCIAL STATEMENTS Note 35 - Capi
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Dividends declared and paid in 2011
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Note 40 - Financial instruments Fin
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Amounts in NOK million 2011 Level 1
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FINANCIAL STATEMENTS Note 41 - Deri
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Amounts in NOK million Audit Audit
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Long-term purchase contracts for ba
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Balance sheets Amounts in NOK milli
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Notes to the financial statements N
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Net periodic pension cost Amounts i
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Note 3 - Management remuneration, e
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Reconciliation of nominal statutory
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FINANCIAL STATEMENTS Note 12 - Long
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Auditor's report To the Annual Shar
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Statement of the corporate assembly
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A2 APPENDIX Terms and definitions A
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Hydro Annual Report 2011b

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