Hydro Annual Report 2011b

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F36 FINANCIAL STATEMENTS Note 17 - Income tax expense Reconciliation of Norwegian nominal statutory tax rate to effective tax rate Amounts in NOK million 2011 2010 Expected income taxes at statutory tax rate 1) 2 391 1 038 <strong>Hydro</strong>electric power surtax 2) 584 447 Equity accounted investments 73 170 Foreign tax rate differences (389) (41) Tax free income (1 622) (135) Losses, other tax benefits and deductions with no tax benefits, net 753 110 Income tax expense (benefit) 1 790 1 588 Effective tax rate 21.0% 42.9% 1) Norwegian nominal statutory tax rate is 28 percent. 2) A surtax of 30 percent is applied to taxable income, with certain adjustments, for Norwegian hydro-electric power plants. The surtax comes in addition to the normal corporate taxation. Note 18 - Short-term investments Amounts in NOK million 2011 2010 Equity securities 845 860 Debt securities 456 462 Other 479 Total shortterm investments 1 780 1 321 Note 19 - Accounts receivable Amounts in NOK million 2011 2010 Trade receivables 10 749 10 663 Allowance for credit losses (392) (452) VAT receivables 880 825 Other receivables 1 980 1 747 Accounts receivable 13 217 12 783 Note 20 - Inventories Amounts in NOK million 2011 2010 Raw materials 6 103 4 097 Work in progress 3 002 2 307 Finished goods 5 052 4 567 Inventories 14 157 10 971 Raw materials include spare parts with a minor amount. All amounts are net of any write-downs. The total of write-downs included is NOK 273 million in 2011 and NOK 121 million in 2010.
Note 21 - Other non-current assets FINANCIAL STATEMENTS Note 21 - Other non-current assets F37 Amounts in NOK million 2011 2010 Nonmarketable equity securities 1 052 1 509 Employee loans 222 237 Currency derivative instruments 28 60 Commodity derivative instruments 422 386 Prepaid taxes 4 090 Other financial assets 1 535 1 199 Other noncurrent assets 7 348 3 391 Note 22 - Property, plant and equipment Amounts in NOK million Land Buildings Machinery and Plant under equipment construction Total Cost December 31, 2009 982 15 633 42 269 1 092 59 975 Additions 1 155 1 234 956 2 345 Disposals (4) (48) (781) (2) (835) Transfers 272 782 (1 054) Foreign currency translation effect (46) (141) (537) (8) (731) December 31, 2010 933 15 871 42 968 984 60 754 Acquisitions through business combinations 36 6 374 35 207 1 823 43 439 Other additions 148 1 262 2 733 4 144 Disposals (1) (169) (660) (831) Transfers 9 199 1 096 (1 305) Foreign currency translation effect (5) (313) (1 760) (148) (2 226) December 31, 2011 971 22 109 78 114 4 087 105 280 Accumulated depreciation and impairment December 31, 2009 (1) (7 930) (26 393) (4) (34 328) Depreciation for the year (429) (2 393) (2 821) Impairment losses (2) (28) (3) (32) Disposals 47 725 772 Transfers (30) 30 Foreign currency translation effect 85 418 1 505 December 31, 2010 (1) (8 258) (27 641) (5) (35 905) Depreciation for the year (686) (4 077) (4 763) Impairment losses (48) (272) (758) (75) (1 153) Disposals 140 602 743 Transfers (7) 7 Foreign currency translation effect (6) 4 (7) (10) December 31, 2011 (49) (9 090) (31 862) (88) (41 088) Carrying value December 31, 2010 932 7 612 15 327 978 24 849 December 31, 2011 922 13 019 46 252 3 999 64 192
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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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Items excluded from underlying EBIT
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Items excluded from underlying EBIT
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Financial income (expense), net Yea
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Primary Metal Operational and finan
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Liquidity and capital resources The
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3) Including provisions for pension
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108 RISK REVIEW Risk factors Risk f
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110 RISK REVIEW Risk factors or var
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112 RISK REVIEW Risk factors leadin
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Share price development in 2011 Sha
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Major shareholders and voting right
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Key figures for the Hydro share Key
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Tittel Hydro present Based in Norwa
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Page 131 and 132: Description Developments and events
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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 218 and 219: PENDIX A2 Appendix A1 APPENDIX Term
Page 220: Hydro is a global supplier of alumi
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Hydro Annual Report 2011b

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