Hydro Annual Report 2011b

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F54 FINANCIAL STATEMENTS Note 39 - Contractual commitments and other commitments for future investments Note 39 - Contractual commitments and other commitments for future investments Additional authorized future investments include projects formally approved for development by the Board of Directors or management. General investment budgets are excluded from these amounts. Amounts in NOK million 2012 Investments thereafter Total Contract commitments for investments in property, plant and equipment 379 285 663 Additional authorized future investments in property, plant and equipment 947 41 988 Contract commitments for other future investments 2 2 Total 1 328 326 1 654 Hydro has long-term contractual commitments for the purchase of aluminium, raw materials, electricity, and transportation in addition to long-term sales commitments. The future non-cancellable fixed and determinable obligation under these commitments as of December 31, 2011 is as follows: Amounts in NOK million Bauxite, alumina and aluminium Energy related Other Sales commitments 2012 3 665 7 485 925 (11 588) 2013 3 543 7 212 802 (7 991) 2014 2 739 5 544 680 (6 400) 2015 2 629 5 321 630 (4 997) 2016 2 353 5 177 506 (3 318) Thereafter 27 737 29 820 3 579 (12 181) Total 42 666 60 558 7 121 (46 475) Amounts relating to contracts which are wholly or partly linked to market prices such as LME, are based on the spot price as of the balance sheet date. Long-term sales commitments mainly relate to alumina, aluminium and electricity. Amounts include commitments for the delivery of electricity from power stations that will revert to the Norwegian government amounting to 547 GWh in 2012 and 15.4 TWh in total. Commitments relating to concession power from stations that are not subject to reversion amount to 249 GWh annually. Hydro also has contractual commitments for the sales and purchase of products from part-owned entities. These commitments are excluded from the table above. Hydro also has other long-term purchase and sales commitments which include variable elements which are not included in the table above.
Note 40 - Financial instruments Financial instruments, and contracts accounted for as such, are in the balance sheet included in several line items and classified in categories for accounting treatment. Below a reconciliation of the financial instruments in Hydro is presented: Financial instruments Derivatives at fair value identified as Availablefor Other Nonfinancial through profit hedging Loans and sale financial financial assets and Amounts in NOK million or loss instruments receivables assets 1) liabilities liabilities Total 2011 Assets current Cash and cash equivalents 8 365 8 365 Shortterm investments 1 780 1 780 Accounts receivable 11 583 1 634 13 217 Other current financial assets 666 666 Assets noncurrent Investments accounted for using the equity method 219 11 223 11 442 Other noncurrent assets 450 1 222 1 587 4 090 7 348 Liabilities current Bank loans and other interestbearing shortterm debt 4 248 4 248 Trade and other payables 7 376 4 939 12 316 Other current financial liabilities 779 779 Liabilities noncurrent Longterm debt 4 190 4 190 Other noncurrent financial liabilities 1 467 1 476 2 943 2010 Assets current Cash and cash equivalents 10 929 10 929 Shortterm investments 1 321 1 321 Accounts receivable 11 569 1 214 12 783 Other current financial assets 792 21 814 Assets noncurrent Investments accounted for using the equity method 1 552 17 097 18 649 Other noncurrent assets 446 1 436 1 509 3 391 Liabilities current Bank loans and other interestbearing shortterm debt 940 940 Trade and other payables 5 975 3 945 9 920 Other current financial liabilities 1 217 75 1 292 Liabilities noncurrent Longterm debt 328 328 Other noncurrent financial liabilities 1 895 1 895 1) Includes the investment in the independent pension trust Norsk Hydros Pensjonskasse, carried at cost. The above specification relates to financial statement line items containing financial instruments. FINANCIAL STATEMENTS Note 40 - Financial instruments F55
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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
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Description Developments and events
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Topic Comments References Transacti
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Topic Comments References 8 Corpora
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Topic Comments References 13 Inform
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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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