Hydro Annual Report 2011b

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F60 FINANCIAL STATEMENTS Note 41 - Derivative instruments and hedge accounting Fair Value of Derivative Instruments The fair market value of derivative financial instruments such as currency forwards and swaps is based on quoted market prices. The fair market value of aluminium and electricity futures/forwards and option contracts is based on quoted market prices obtained from the London Metals Exchange and NASDAQ OMX Commodities Europe (formerly Nord Pool)/EEX (European Energy Exchange) respectively. The fair value of other commodity over-the-counter contracts and swaps is based on quoted market prices, estimates obtained from brokers and other appropriate valuation techniques. Where long-term physical delivery commodity contracts are recognized at fair value in accordance with IAS 39, such fair market values are based on quoted forward prices in the market and assumptions of forward prices and margins where market prices are not available. Hydro takes credit-spread into consideration when valuating positions when necessary. For further information on fair values, see note 3 Basis of presentation and measurement of fair value. See note 40 Financial instruments for a specification of the classification of derivative positions according to a fair value hierarchy. Note 42 - Cash flow information Reconciliation of cash and cash equivalents Amounts in NOK million 2011 2010 Cash and cash equivalents 8 365 10 929 Bank overdraft (21) (194) Cash, cash equivalents and bank overdraft 8 344 10 735 Cash disbursements and receipts included in cash from operations Amounts in NOK million 2011 2010 Income taxes paid 1 654 787 Interest paid 317 246 Interest received 263 201 Other dividends received 7 23 Note 43 - Auditor remuneration KPMG AS is the Group auditor of Norsk Hydro ASA. KPMG succeeded Deloitte AS as the Group auditor with effect from the fiscal year 2010. The following table shows fees to KPMG for 2011 and fees to KPMG and Deloitte for 2010. For all categories the reported fee is the recognized expense for the year. Fees to KPMG for 2011 and 2010 include fee related to the share issues, recognized directly in equity.
Amounts in NOK million Audit Audit related FINANCIAL STATEMENTS Note 43 - Auditor remuneration F61 Other services Tax related Total KPMG 2011 Norway 10 1 1 12 Outside Norway 14 1 15 Total 24 2 1 28 KPMG 2010 Norway 5 5 Outside Norway 9 1 10 Total 14 1 15 Deloitte 2010 Norway 4 3 1 1 8 Outside Norway 9 1 11 Total 13 3 1 1 18 Note 44 - Board of Directors and Corporate Assembly Board of Directors' remuneration and share ownership Normally, the remuneration to the Board of Directors consists of the payment of fees. In addition, board members receive a gift when leaving the board. Board members do not have any incentive or share-based compensation. Hydro has not made any guarantees on behalf of any of the board members. The only board members with loans are the employee-elected members of the board. Fees are based on the position of the board members and board committee assignments. Annual fees for 2011 for the chairperson of the board, deputy chairperson and directors are NOK 550,000 (2010: NOK 530,000), NOK 345,000 (2010: NOK 330,000) and NOK 300,000 (2010: NOK 290,000), respectively. The chairperson of the audit committee and the chairperson of the compensation committee receive an additional NOK 175,000 (2010: NOK 170,000) and NOK 31,000 (2010: NOK 30,000) annually in fees, respectively, and audit and compensation committee members receive NOK 113,500 (2010: NOK 110,000) and NOK 26,000 (2010: NOK 25,000) annually, respectively, for their participation on these committees. Total board fees and individual board member fees for 2011, and outstanding loans and board member share ownership as of December 31, 2011, are presented in the tables below. Board fees for extraordinary meetings held during 2008 were paid in 2010. Board of Directors' fees Amounts in NOK thousand 2011 2010 Fees and other remuneration paid to board members during the year 3 824 3 956 Fees paid in prior year for service rendered in current year 24 Fees paid during the year for service rendered in other years (16) (579) Fees related to board service during the year not yet paid 7 Total fees for board services provided to Hydro during the year 3 832 3 384 Fees and other remuneration normal board activities 3 245 2 841 Fees compensation committee 109 80 Fees audit committee 478 463 Total fees for board services provided to Hydro during the year 3 832 3 384
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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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F8 FINANCIAL STATEMENTS Note 1 - Si
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Page 220: Hydro is a global supplier of alumi
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Hydro Annual Report 2011b

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