Hydro Annual Report 2011b

At the end of 2011, Hydro had tax loss carryforwards of NOK 6,651 million, primarily in Brazil, the United States, Spain and
Italy. Carry forward amounts expire as follows:
Amounts in NOK million
FINANCIAL STATEMENTS
Note 33 - Deferred tax F49
2012 53
2013 31
2014 22
2015 121
2016 30
After 2016 2 248
Without expiration 4 146
Total tax loss carryforwards 6 651
Note 34 - Shareholders' equity
Share capital
Number of shares
Ordinary shares
issued Treasury shares
Ordinary shares
outstanding
December 31, 2009 1 240 110 211 (35 324 266) 1 204 785 945
Treasury shares reissued to employees 1 937 196 1 937 196
Shares issued 381 053 600 381 053 600
December 31, 2010 1 621 163 811 (33 387 070) 1 587 776 741
Treasury shares reissued to employees 847 813 847 813
Shares issued 447 834 465 447 834 465
December 31, 2011 2 068 998 276 (32 539 257) 2 036 459 019
The share capital of Norsk Hydro ASA as of December 31, 2011 was NOK 2,271,760,107.04 consisting of 2,068,998,276
ordinary shares at NOK 1.098 per share. The share capital as of December 31, 2010 was NOK 1,780,037,864.48 and the
number of ordinary shares was 1,621,163,811.
An extraordinary General Meeting on June 21, 2010 authorized the Board of Directors to issue new shares to Vale Austria
Holdings as part of the consideration for the acquisition of Vale Aluminium. At completion of the transaction February 28,
2011 shares representing 22 percent of the outstanding shares of Norsk Hydro ASA were issued to Vale Austria Holdings. In
addition the extraordinary General Meeting on June 21, 2010 authorized a share capital increase of NOK 418,396,852.80 by
issuance of 381,053,600 new shares at a price of NOK 26.30 in a rights issue completed on July 16, 2010. Gross proceeds
from the rights issue was NOK 10,021,709,680. Share issue cost amounted to NOK 109 million after tax. A significant part of
the proceeds were used as remaining part of the consideration for the acquisition of Vale Aluminium. See note 5 Acquisitions
for further information.
Treasury shares
The number of treasury shares on December 31, 2011 was 32,539,257. The treasury shares may, pursuant to the decision of
the General Meeting at the time these shares were acquired, be used as consideration in connection with commercial
transactions or share schemes for the employees and representatives of the Corporate Assembly and the Board of Directors.
The treasury shares amount per December 31, 2011 of NOK 1,084 million was comprised of NOK 36 million share capital
and NOK 1,048 million retained earnings.
Earnings per share
Earnings per share is computed using net income attributable to Hydro shareholders and the weighted average number of
outstanding shares in each year. The weighted average number of outstanding shares used for calculating basic and diluted
earnings per share was 1,965,039,601 for the year 2011 and 1,419,052,116 for 2010.