Hydro Annual Report 2011b

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FInAnCIAl AnD operAtInG perForMAnCe FInAnCIAl AnD operAtInG perForMAnCe
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Index
Underlying EBIT
NOK million 2011 2010
Bauxite & Alumina 887 633
Primary Metal 2 486 617
Metal Markets 441 321
Rolled Products 673 864
Extruded Products 151 444
Energy 1 883 1 416
Other and eliminations (389) (945)
Underlying EBIT 6 133 3 351
Liquidity and financial position
Liquidity and financial position
NOK million
NOK million
60,000
50,000
40,000
30,000
20,000
10,000
0
-10,000
Net cash
provided by
operating
activities
Liquid
assets
03:
Financial and operating performance
Bank loans
and other
interest-bearing
short-term debt
Long-term
debt
Net interest
bearing (debt)
assets
2011
Investments
2010
financial and operating review p.82
Liquidity and capital resources p.101
Additional information p.105
QuICK overvIew
Hydro had underlying EBIT of NOK 6,133 million in 2011 compared
with NOK 3,351 million in the previous year. The improvement was
driven by higher realized alumina and aluminium prices and higher
production, mainly due to the Vale Aluminium acquisition. Underlying
results for Hydro’s downstream operations were impacted by
weaker markets.
We delivered 3.3 million metric tons of casthouse products to
internal and external customers from casthouses that are integrated
with our primary aluminium plants, and from remelt facilities close to
our customers in Europe and the United States.
In 2011, we shipped approximately 930,000 mt of rolled products
from six European plants and our plant in Malaysia. Our network of
extrusion plants delivered about 535,000 mt of extruded products.
Our energy business produced around 9.6 TWh of hydroelectric
power during the year.
In 2011, cash provided by operating activities increased to
NOK 7.3 billion from NOK 6.4 billion in the previous year. In addition
to operating and investing activities, the main use of cash related to
the Vale Aluminium acquisition.
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