Hydro Annual Report 2011b

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94 FINANCIAL AND OPERATING PERFORMANCE Items excluded from underlying EBIT and net income 9) Impairment charges occur in the period when an asset or a group of assets is identified to have lost its value, causing a write-down to the recoverable amount. In most of our impairment situations, there is no single event directly causing the write-down. The loss is therefore not necessarily closely linked to performance in a single period. 10) Recognition of pension plan amendments, curtailments and settlements. 11) Insurance compensation for damages on assets, recognized as income (includes equity accounted investments). 12) Gains and losses on divestments include a net gain or loss on divested businesses and/or individual major assets. 13) Effects related to the acquisition of Vale Aluminium on February 28, 2011 include the revaluation gain of <strong>Hydro</strong>'s pre-transaction stake in Alunorte and CAP, gains and losses related to the settlement of pre-existing contracts and agreements, as well as the fair value adjustment of inventory of finished goods sold. 14) Realized and unrealized gains and losses on foreign currency-denominated accounts receivables and payables, funding and deposits, and forwardcurrency contracts purchasing and selling currencies that hedge net future cash flows from operations, sales contracts and working capital. 15) In order to present underlying net income on a basis comparable with our underlying operating performance, we have calculated the income tax effect of items excluded from underlying income before tax. In addition, we have adjusted for write-down of deferred tax assets in 2011.
Items excluded from underlying EBIT - Business areas The following includes a summary table of items excluded from underlying EBIT for each of the operating segments and for Other and eliminations, with a brief discussion of the major factors affecting the development of these items in 2011. Items excluded from underlying EBIT 1) NOK million Unrealized derivative effects on currency contracts (Alunorte) (1) (50) Derivative effects on LME related contracts (Vale Aluminium) (72) (164) Transaction related effects (Vale Aluminium) (4 421) (Gains)/losses on divestments (465) Bauxite & Alumina (4 959) (214) Derivative effects on LME related contracts (Vale Aluminium) (1) (2) Unrealized derivative effects on LME related contracts (Søral) (3) Unrealized derivative effects on LME related contracts (143) 95 Unrealized derivative effects on power contracts (Søral) 43 (56) Unrealized derivative effects on power contracts 139 49 Unrealized derivative effects on raw material contracts 43 (156) Impairment charges 970 Impairment charge (Qatalum) 98 Insurance compensation (Qatalum) (91) Rationalization charges and closure costs 80 66 Transaction related effects (Vale Aluminium) 93 Primary Metal 1 221 2 Unrealized derivative effects on LME related contracts (16) 164 Pension curtailment and settlement (2) Metal Markets (16) 162 Unrealized derivative effects on LME related contracts 584 222 Metal effect 7 (560) Rationalization charges and closure costs 17 Pension curtailment and settlement (12) Rolled Products 608 (350) Unrealized derivative effects on LME related contracts 29 18 Rationalization charges and closure costs 127 64 Impairment charges 235 28 Pension curtailment and settlement (25) (Gains)/losses on divestments (67) Extruded Products 391 18 Unrealized derivative effects on power contracts (8) (21) (Gains)/losses on divestments (658) Energy (667) (21) Unrealized derivative effects on power contracts (370) 637 Unrealized derivative effects on LME related contracts (20) (9) Impairment charges 177 61 Pension curtailment and settlement (112) (Gains)/losses on divestments (60) (7) Other and eliminations (273) 569 Items excluded from underlying EBIT (3 694) 167 1) Negative figures indicate a gain and positive figures indicate a loss. FINANCIAL AND OPERATING PERFORMANCE Items excluded from underlying EBIT - Business areas Year 2011 Year 2010 95
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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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Page 45 and 46: Operations Hydro is a global energy
Page 47 and 48: expected remediation costs relating
Page 49 and 50: Direct greenhouse gas emissions fro
Page 51 and 52: The Qatalum aluminium plant, in whi
Page 53 and 54: postponed in 2011 due to the market
Page 55 and 56: Water management Enough clean water
Page 57 and 58: The annual business planning proces
Page 59 and 60: Total payments (taxes, fees, etc.)
Page 61 and 62: Qatalum, where Hydro holds a 50 per
Page 63 and 64: Effective organization Hydro had 22
Page 65 and 66: Cooperating for safety at Slovalco
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Page 69 and 70: In 2011, we established an electron
Page 71 and 72: sold or demerged during the year ha
Page 73 and 74: vIABIlItY perForMAnCe Auditor’s R
Page 75 and 76: Current income tax tax vIABIlItY pe
Page 77 and 78: Environment Greenhouse gases gases
Page 79 and 80: Total waste vIABIlItY perForMAnCe F
Page 81 and 82: 81 FInAnCIAl AnD operAtInG perForMA
Page 83 and 84: FINANCIAL AND OPERATING PERFORMANCE
Page 85 and 86: Market developments and outlook Mar
Page 93: Items excluded from underlying EBIT
Page 97 and 98: Financial income (expense), net Yea
Page 99 and 100: Primary Metal Operational and finan
Page 101 and 102: Liquidity and capital resources The
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Page 108 and 109: 108 RISK REVIEW Risk factors Risk f
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Page 112 and 113: 112 RISK REVIEW Risk factors leadin
Page 115 and 116: Share price development in 2011 Sha
Page 117 and 118: Major shareholders and voting right
Page 119 and 120: Key figures for the Hydro share Key
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Page 123 and 124: Corporate directives and code of co
Page 125 and 126: Pre-approval of audit services The
Page 127 and 128: Billy Fredagsvik, employee represen
Page 129 and 130: Hans-Joachim Kock Key experience: H
Page 131 and 132: Description Developments and events
Page 133 and 134: Topic Comments References Transacti
Page 135 and 136: Topic Comments References 8 Corpora
Page 137: Topic Comments References 13 Inform
Page 140 and 141: F2 FINANCIAL STATEMENTS Consolidate
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F6 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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F20 FINANCIAL STATEMENTS Note 5 - A
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F24 FINANCIAL STATEMENTS Note 7 - O
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F28 FINANCIAL STATEMENTS Note 9 - R
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F30 FINANCIAL STATEMENTS Note 10 Bo
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F32 FINANCIAL STATEMENTS Note 11 -
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F56 Financial assets, classified as
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F64 FINANCIAL STATEMENTS Financial
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F66 FINANCIAL STATEMENTS Financial
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F70 FINANCIAL STATEMENTS Note 2 - E
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F72 FINANCIAL STATEMENTS Note 4 - P
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F74 FINANCIAL STATEMENTS Note 9 - R
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F76 FINANCIAL STATEMENTS Responsibi
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F78 FINANCIAL STATEMENTS Auditor's
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PENDIX A2 Appendix A1 APPENDIX Term
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Hydro is a global supplier of alumi
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Hydro Annual Report 2011b

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