Hydro Annual Report 2011b

Amounts in NOK million (unaudited) 2011 2010
Income statement data
Revenues 12 160 7 705
Earnings before financial items and tax 213 (1 164)
Income before tax 39 (1 178)
Net income 3 (1 207)
Balance sheet data
FINANCIAL STATEMENTS
Note 26 - Investments in jointly controlled entities F43
Current assets 7 405 6 225
Non­current assets 34 044 34 503
Assets 41 449 40 728
Current liabilites 1 792 3 017
Non­current liabilities 18 516 17 706
Equity 21 140 20 005
Liabilites and equity 41 449 40 728
Note 27 - Jointly owned assets
Hydro is invested in certain assets where the legal ownership takes various forms of undivided direct ownership in the assets,
and where operational and strategic decisions are made by supermajority among the owners. These arrangements are not joint
ventures as defined by IFRS. Hydro accounts for its relative share of assets, liabilities, expenses and, where relevant, revenues
related to these arrangements. Assets, liabilities, revenues and expenses are classified with other items of the same nature
incurred as part of Hydro's controlled operations.
The most significant of these arrangements are Hydro's 20 percent ownership in the Alouette plant in Canada, and the 12.4
percent ownership in the Tomago plant in Australia. Both plants produce primary aluminium. Hydro provides alumina relative
to its share of the metal production, and receives produced metal for further processing or sale. Other costs of operations,
including power consumption and labor, are incurred on a joint basis by the owners. Unrealized losses or gains relating to
embedded derivatives and operational hedges associated with the physical supply of power to the plants are also incurred or
earned on a joint basis by the owners.
The following key figures show the main impact of these two arrangements:
Amounts in NOK million 2011 2010
Property, plant and equipment 2 362 2 388
Share of expenses 1 173 1 097
Depreciation and amortization 230 263
Produced volume (kmt) 183 178