Hydro Annual Report 2011b

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F70 FINANCIAL STATEMENTS Note 2 - Employee retirement plans Status of pension plans reconciled to balance sheet Amounts in NOK million 2011 2010 Defined benefit plans Funded status of the plans at end of year (1 030) (279) Unrecognized net (gain) loss 444 (294) Unrecognized past service cost 6 11 Net accrued pension recognized (580) (562) Termination benefits and other (56) (91) Total net accrued pension recognized (636) (653) Amounts recognized in the balance sheet consist of Prepaid pension 1 466 1 372 Accrued pension liabilities (2 101) (2 024) Net amount recognized (636) (653) Assumptions used to determine net periodic pension cost 2011 2010 Discount rate 3.75% 4.50% Expected return on plan assets 5.25% 6.00% Expected salary increase 3.75% 4.00% Expected pension increase 2.00% 2.25% Assumptions used to determine pension obligation at end of year 2011 2010 Discount rate 2.50% 3.75% Expected salary increase 3.25% 3.75% Expected pension increase 1.75% 2.00% Investment profile plan assets at end of year 2011 2010 Asset category Equity securities 26% 29% Debt securities 34% 31% Real estate 24% 24% Other 17% 16% Total 100% 100% See note 32 Employee retirement plans in notes to the consolidated financial statements for further information.
Note 3 - Management remuneration, employee costs and auditor fees See note 11 Employee and management remuneration in the notes to the consolidated financial statements for information and details related to the Corporate Management Board remuneration. Costs for corporate management board members employed by subsidiaries are charged to Norsk Hydro ASA for services rendered as members of the Corporate Management Board. See note 44 Board of Directors and Corporate Assembly in the notes to the consolidated financial statements for information and details related to the Board of Directors' remuneration. Partners and employees of Hydro's appointed auditors, KPMG, own no shares in Norsk Hydro ASA or any of its subsidiaries. At the Annual General Meeting May 4, 2010, KPMG AS was elected as new auditor of Norsk Hydro ASA with effect for the fiscal year 2010. KPMG succeeded Deloitte AS as the company's auditor. The following table shows fees to the elected auditor for 2011 and 2010. Amounts in NOK million Audit FINANCIAL STATEMENTS Note 3 - Management remuneration, employee costs and auditor fees F71 Audit related Other services Tax related Total 2011 Fees to KPMG 6 1 1 8 2010 Fees to KPMG 3 3 Fees to Deloitte 2 1 1 4 The average number of employees in Norsk Hydro ASA was 571 in 2011 as compared to 655 in 2010. As of year end 2011 and 2010 Norsk Hydro ASA employed 549 and 592 employees, respectively. Total loans given by Norsk Hydro ASA to Norwegian employees as of December 31, 2011 were NOK 207 million. Loans to employees consist of NOK 135 million secured loans (home and car loans) with the remainder unsecured. The unsecured loan balance as of December 31, 2011 related to the employee share purchase plan was NOK 6 million. A substantial number of employees in Norsk Hydro ASA are engaged in activities for other Group companies. The cost for these employees is accounted for on a net basis, reducing Payroll and related costs. Employee related payroll expenses, on a net basis, are given in the table below. Amounts in NOK million 2011 2010 Payroll and related costs: Salaries 677 728 Social security costs 114 136 Social benefits (4) 1 Net periodic pension cost (note 2) 61 92 Internal invoicing of payroll related costs (506) (484) Total 341 473 Note 4 - Property, plant and equipment Operating lease expense amounted to NOK 197 million in 2011 and NOK 199 million in 2010. The company has the following future operating lease commitments under non-cancellable leases: 2012: NOK 195 million, 2013: NOK 195 million, 2014: NOK 195 million, 2015: NOK 195 million, 2016: NOK 195 million and thereafter: NOK 811 million.
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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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F10 FINANCIAL STATEMENTS Note 1 - S
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F16 FINANCIAL STATEMENTS Note 3 - B
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F18 FINANCIAL STATEMENTS Note 4 - C
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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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