Hydro Annual Report 2011b

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F44 FINANCIAL STATEMENTS Note 28 - Bank loans and other interest-bearing short-term debt Note 28 - Bank loans and other interest-bearing short-term debt Amounts in NOK million 2011 2010 Bank loans and overdraft facilities 2 779 418 Other interestbearing shortterm debt 416 440 Current portion of longterm debt 1 053 82 Bank loans and other interestbearing shortterm debt 4 248 940 Note 29 - Trade and other payables Amounts in NOK million 2011 2010 Accounts payable 8 736 7 088 Payroll and value added taxes 2 023 1 676 Accrued liabilities and other payables 1 556 1 157 Trade and other payables 12 316 9 920 Note 30 - Long-term debt Longterm debt payable in various currencies Amounts in NOK million 2011 2010 USD 4 340 289 Other 4 55 Total unsecured bank loans 4 344 344 Other longterm debt 898 66 Outstanding debt 5 242 410 Less: Current portion (1 052) (82) Total longterm debt 4 190 328 Repayments of longterm debt including interest Amounts in NOK million Bank loans Other Interest Total 2012 1 029 24 82 1 134 2013 1 029 824 67 1 920 2014 406 18 38 462 2015 440 17 31 487 2016 473 10 22 505 Thereafter 968 5 28 1 001 Total 4 344 898 268 5 510 Norsk <strong>Hydro</strong> ASA has a USD 1,700 million, seven-year revolving multi-currency credit facility with a syndicate of international banks, maturing in July 2014. A commitment fee on undrawn amounts is calculated as a percentage of the loan margin under the facility. Any borrowing under the facility will be unsecured, and the debt agreement contains no financial ratio covenants and no provisions connected to the value of underlying assets. The facility is for general corporate purposes, and provide readily available and flexible long-term funding. There was no borrowing under the facility as of December 31, 2011.
Note 31 - Provisions 2011 2010 Amounts in NOK million Shortterm Longterm Total Shortterm Longterm Total Warranties 53 1 54 80 5 84 Exit and disposal activities 153 1 154 123 34 157 Environmental cleanup and asset retirement obligations (ARO) 134 1 699 1 833 162 927 1 090 Medical and other employee benefits 337 452 790 376 468 845 Social security costs on pension 644 644 644 644 Insurance 575 575 902 902 Other 117 532 650 115 26 141 Total provisions 1 369 3 331 4 700 1 758 2 104 3 862 The following table includes a specification of changes to provisions for the year ending December 31, 2011 and the expected timing of cash outflows relating to the provisions: Amounts in NOK million Warranties Exit and disposal Environmental cleanup and ARO Medical and other employee benefits FINANCIAL STATEMENTS Note 31 - Provisions F45 Social security costs pension Insurance Other Total Specification of change in provisions December 31, 2010 84 157 1 090 845 644 902 141 3 862 Additions through business combinations 675 543 1 218 Other additions 77 127 44 473 49 108 877 Used during the year (62) (121) (74) (409) (48) (319) (66) (1 098) Reversal of unused provisions (45) (9) (12) (117) (1) (9) (53) (245) Accretion expense and effect of change in discount rate 119 119 Foreign currency translation (8) (2) (24) (34) December 31, 2011 54 154 1 833 790 644 575 650 4 700 Timing of cash outflows 2012 53 153 134 340 49 575 117 1 421 20132016 1 1 963 165 190 13 1 333 Thereafter 737 285 405 519 1 946 December 31, 2011 54 154 1 833 790 644 575 650 4 700 Provisions for exit and disposal activities relate to labor force reductions, demolition costs and certain other costs. Provisions for environmental clean-up relate to production facilities currently in operation and facilities that are closed. Asset retirement obligations relate to restoration or rehabilitation of industrial or mining sites, disposal of contaminated material and certain liabilities related to Norwegian power plant concessions to be reverted to the Norwegian government. See note 4 Critical accounting judgment and key sources of estimation uncertainty for additional information about environmental liabilities. Provisions for medical benefits primarily relate to post-retirement medical benefits for employees in North America. Provisions for other employee benefits relate to expected short-term performance bonus payments and short and long-term provisions for expected bonus payments that are based on the number of years of service, primarily for our European operations. Such bonuses are expected to be paid in periods between 10 to 50 years of service, or upon termination of employment. Provisions for social security costs on pension relate primarily to operations in Europe having defined benefit pension plans. See note 32 Employee retirement plans for additional information. Insurance provisions relate to insurance contracts issued by <strong>Hydro</strong>'s captive insurance company, Industriforsikring AS, to external parties including associates and jointly controlled entities. Related reinsurance receivables included in Accounts receivables amounted to NOK 328 million and NOK 633 million as of December 31, 2011 and 2010, respectively.
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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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Corporate directives and code of co
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Pre-approval of audit services The
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Billy Fredagsvik, employee represen
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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 140 and 141: F2 FINANCIAL STATEMENTS Consolidate
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Page 158 and 159: F20 FINANCIAL STATEMENTS Note 5 - A
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Page 162 and 163: F24 FINANCIAL STATEMENTS Note 7 - O
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Page 168 and 169: F30 FINANCIAL STATEMENTS Note 10 Bo
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Page 194 and 195: F56 Financial assets, classified as
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Page 208 and 209: F70 FINANCIAL STATEMENTS Note 2 - E
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Page 214 and 215: F76 FINANCIAL STATEMENTS Responsibi
Page 216 and 217: F78 FINANCIAL STATEMENTS Auditor's
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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