Hydro Annual Report 2011b

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F6 FINANCIAL STATEMENTS Consolidated statements of changes in equity Consolidated statements of changes in equity Amounts in NOK million Notes Share capital Additional paidin Treasury Retained capital shares earnings Other components of equity Equity attributable to Hydro share Minority holders interest December 31, 2009 1 362 43 (1 177) 45 128 813 46 169 1 026 47 195 Treasury shares reissued to employees 34 15 65 80 80 Shares issued 34 418 9 495 9 913 9 913 Dividends 36 (603) (603) (263) (866) Equity interests purchased 6 6 2 8 Total comprehensive income for the year 1 888 (1 231) 657 260 917 December 31, 2010 1 780 9 553 (1 112) 46 419 (418) 56 221 1 025 57 246 Change in accounting policy 2 197 197 197 December 31, 2010 restated 1 780 9 553 (1 112) 46 616 (418) 56 418 1 025 57 443 Treasury shares reissued to employees 34 11 28 39 39 Shares issued 34 492 19 493 19 985 19 985 Dividends 36 (1 527) (1 527) (314) (1 841) Minority interest recognized at acquisition of subsidiaries 5 6 470 6 470 Capital contribution in subsidiaries 78 78 Transactions with minority holders (1) (1) 1 Total comprehensive income for the year 6 705 (3 438) 3 267 (272) 2 995 December 31, 2011 2 272 29 056 (1 084) 51 792 (3 856) 78 180 6 988 85 168 The accompanying notes are an integral part of the consolidated financial statements. Oslo, March 20, 2012 Terje Vareberg Chair Finn Jebsen Board member Sten Roar Martinsen Board member Tito Martins Board member Bente Rathe Deputy chair Inge K. Hansen Board member Liv Monica Bargem Stubholt Board member Billy Fredagsvik Board member Ove Ellefsen Board member Eva Persson Board member Svein Richard Brandtzæg President and CEO Total equity
Notes to the consolidated financial statements FINANCIAL STATEMENTS Notes to the consolidated financial statements F7 Note 1 - Significant accounting policies and reporting entity The reporting entity reflected in these financial statements includes Norsk Hydro ASA and consolidated subsidiaries (Hydro). Hydro is headquartered in Oslo, Norway, and the group employs around 23,000 people in more than 40 countries. Hydro is a fully integrated aluminium company with operations in all major activities along the industry value chain. Operations include power production, bauxite mining, alumina refining, aluminium smelting and remelting, and rolling and extrusion activities. Hydro is listed on the Oslo and London stock exchanges. The consolidated financial statements of Norsk Hydro ASA and its subsidiaries are prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) and the disclosure requirements as specified under the Norwegian Accounting Law (Regnskapsloven). All standards applied by Hydro have been endorsed by the European Union (EU) and Norwegian authorities and are effective as of December 31, 2011. The following description of accounting principles applies to Hydro's 2011 financial reporting, including all comparative figures. See note 3 Basis of presentation and measurement of fair value, and note 4 Critical accounting judgment and key sources of estimation uncertainty for additional information related to the presentation, classification and measurement of Hydro's financial reporting. Basis of consolidation The consolidated financial statements include Norsk Hydro ASA and subsidiaries, which are entities in which Hydro has the power to govern the financial and operating policies of the entity (control). Control is normally achieved through ownership, directly or indirectly, of more than 50 percent of the voting power. Currently, Hydro has more than 50 percent of the voting power in all subsidiaries. Subsidiaries are included from the date control commences until the date control ceases. Intercompany transactions and balances have been eliminated. Profits and losses resulting from intercompany transactions have been eliminated. Minority interests Minority interests represent non-controlling interests in subsidiaries. Minority interests are reported as a separate section of the Group's equity in accordance with IAS 27 Consolidated and Separate Financial Statements. Results attributed to minority interests are based on ownership interest or other method of allocation if required by contract. Dividends to minority shareholders are not presented separately. Business combinations Business combinations are accounted for using the acquisition method in accordance with IFRS 3 (revised 2008) Business Combinations (IFRS 3R). Consideration is the sum of the fair values, as of the date of exchange, of the assets given, liabilities incurred or assumed, and equity instruments issued in exchange for control of the acquiree. The fair value of Hydro's preexisting ownership interest in an acquiree is included in the consideration, with any gain or loss recognized in Other income, net. The acquiree's identifiable assets, liabilities and contingent liabilities are recognized separately at the acquisition date at their fair value irrespective of any minority interest. Goodwill is initially measured either as the excess of the consideration over Hydro's interest in the fair value of the acquiree's identifiable net assets (partial goodwill) or as the fair value of 100 percent of the acquiree in excess of the acquiree's identifiable net assets (full goodwill). The method is elected on a transaction-bytransaction basis. Goodwill is not amortized, but is tested for impairment annually and more frequently if indicators of possible impairment are observed, in accordance with IAS 36 Impairment of Assets. Goodwill is allocated to the cash generating units or groups of cash generation units expected to benefit from the synergies of the combination and that are monitored for internal management purposes. The interest of minority shareholders in the acquiree is initially measured as the minority's proportion of the fair value of the net assets recognized (partial goodwill method), or as the minority's proportion of the fair value of the acquiree (full goodwill method). Minority interests are subsequently adjusted for changes in equity after the acquisition date.
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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
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Page 93 and 94: Items excluded from underlying EBIT
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Page 108 and 109: 108 RISK REVIEW Risk factors Risk f
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Page 115 and 116: Share price development in 2011 Sha
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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 140 and 141: F2 FINANCIAL STATEMENTS Consolidate
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Page 146 and 147: F8 FINANCIAL STATEMENTS Note 1 - Si
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F56 Financial assets, classified as
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F58 FINANCIAL STATEMENTS Note 40 -
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F64 FINANCIAL STATEMENTS Financial
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F66 FINANCIAL STATEMENTS Financial
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F68 FINANCIAL STATEMENTS Note 1 - S
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F70 FINANCIAL STATEMENTS Note 2 - E
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F72 FINANCIAL STATEMENTS Note 4 - P
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F74 FINANCIAL STATEMENTS Note 9 - R
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F76 FINANCIAL STATEMENTS Responsibi
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F78 FINANCIAL STATEMENTS Auditor's
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PENDIX A2 Appendix A1 APPENDIX Term
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Hydro is a global supplier of alumi
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Hydro Annual Report 2011b

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