Norsk Hydro first quarter 2013: Result up on higher volumes and prices
(Thomson Reuters ONE) -
Hydro's underlying earnings before financial items and tax rose to NOK 1,077
million in the first quarter, from NOK 172 million in the fourth quarter 2012.
Higher alumina, aluminium and power prices, increased sales volumes and improved
margins contributed to underlying results.
* Underlying EBIT NOK 1,077 million
* Higher sales volumes driven by seasonality
* Increased realized alumina and aluminium prices
* Higher production and prices in Energy
* Continued challenging markets
"We continue to see positive effects of our ambitious improvement efforts across
the company, further strengthening our industry position. We will strengthen our
efforts, particularly in the strategically important Bauxite & Alumina business
area, where operational performance is a top priority," Hydro's President and
CEO Svein Richard Brandtzæg said.
"Overall, we experience increased macro uncertainty. We expect a balanced
primary aluminium market in 2013, based on expected demand growth outside China
of 2-4 percent, announced curtailments and new production coming on stream,"
Brandtzæg said.
Bauxite & Alumina's underlying EBIT was stable compared to the previous quarter.
Positive effects relating to higher LME-linked alumina prices were offset by
higher energy costs.
Primary Metal delivered improved underlying EBIT compared to the fourth quarter
due to higher realized aluminium prices, increased premiums and seasonally
higher sales volumes. Hydro's share of underlying results from Qatalum also
improved during the quarter.
Higher volumes and higher margins for remelt operations together with improved
results from sourcing and trading activities had a positive impact on underlying
EBIT for Metal Markets during the quarter.
Rolled Products' underlying EBIT increased compared to the fourth quarter,
influenced by seasonally higher shipments and higher margins. Operating costs
were stable.
Underlying EBIT for Energy increased in the quarter due to seasonally higher
production and prices.
Other and eliminations underlying EBIT included positive effects relating to the
elimination of unrealized gains and losses on internal inventories compared with
significant negative charges in the previous quarter.
Operating cash flow was NOK 0.5 billion for the first quarter. Net cash used for
investment activities amounted to NOK 0.5 billion. Hydro's net cash position
amounted to around NOK 0.4 billion at the end of the first quarter, also
influenced by cash used in discontinued operations and capitalized financial
lease obligations.
Reported earnings before financial items and tax amounted to NOK 705 million in
the first quarter. In addition to the factors discussed above, reported EBIT
included net unrealized derivative losses and positive metal effects amounting
to NOK 294 million in total, and rationalization and closure cost of NOK 78
million. In the previous quarter, reported EBIT amounted to NOK 704 million,
including net unrealized derivative gains and positive metal effects of NOK 555
million, and other items amounting to negative NOK 23 million.
Income from continuing operations amounted to NOK 254 million in the first
quarter including a net foreign exchange loss of NOK 115 million. In the
previous quarter, income from continuing operations amounted to NOK 334 million
including a net foreign exchange loss of NOK 102 million.
Income from discontinued operations amounted to NOK 9 million in the first
quarter including rationalization and closure costs of NOK 40 million. In the
fourth quarter, loss from discontinued operations amounted to NOK 247 million
including rationalization and closure costs of NOK 174 million.
As of January 1, 2013 Hydro has implemented a new accounting standard for
employee benefits (IAS19R) with retrospective application resulting in changes
to the prior periods in this report.
Key
financial
information %
% change
NOK million, First Fourth change First prior
except per quarter quarter prior quarter year Year
share data 2013 2012 quarter 2012 quarter 2012
------------------------------------------------------------------------------------
Revenue 16 111 15 585 3 % 17 044 (5) % 64 181
Earnings
before
financial
items and
tax (EBIT) 705 704 - 710 (1) % 571
Items
excluded
from
underlying
EBIT 372 (532) >100 % (132) >100 % 725
------------------------------------------------------------------------------------
Underlying
EBIT 1 077 172 >100 % 578 86 % 1 297
------------------------------------------------------------------------------------
Underlying
EBIT :
Bauxite &
Alumina (63) (73) 13 % (144) 56 % (791)
Primary
Metal 364 58 >100 % 36 >100 % 335
Metal
Markets 146 70 >100 % 88 66 % 210
Rolled
Products 153 70 >100 % 150 2 % 637
Energy 517 322 60 % 556 (7) % 1 459
Other and
eliminations (38) (275) 86 % (108) 64 % (553)
------------------------------------------------------------------------------------
Underlying
EBIT 1 077 172 >100 % 578 86 % 1 297
------------------------------------------------------------------------------------
Underlying
EBITDA 2 165 1 250 73 % 1 780 22 % 5 827
------------------------------------------------------------------------------------
Underlying
income
(loss) from
discontinued
operations 49 (55) >100 % (3) >100 % (5)
------------------------------------------------------------------------------------
Net income (1
(loss) 263 87 >100 % 575 (54) % 331)
Underlying
net income
(loss) 648 (24) >100 % 233 >100 % 408
------------------------------------------------------------------------------------
Earnings per
share 0.14 0.06 >100 % 0.24 (43) % (0.65)
Underlying
earnings per
share 0.30 (0.01) >100 % 0.12 >100 % 0.21
------------------------------------------------------------------------------------
Financial
data:
------------------------------------------------------------------------------------
Investments 1 056 1 107 (5) % 776 36 % 3 382
Adjusted net
interest- (8
bearing debt (9 290) (8 304) (12) % (11 470) 19 % 304)
------------------------------------------------------------------------------------
Key
Operational
information
------------------------------------------------------------------------------------
Alumina
production
(kmt) 1 361 1 397 (3) % 1,464 (7) % 5 792
Primary
aluminium
production
(kmt) 478 485 (1) % 514 (7) % 1 985
Realized
aluminium
price LME 2
(USD/mt) 043 1 940 5 % 2 155 (5) % 2 080
Realized
aluminium
price LME
(NOK/mt) 11 533 11 069 4 % 12 404 (7) % 12 047
Realized
NOK/USD
exchange
rate 5.64 5.71 (1) % 5.75 (2) % 5.79
Metal
products
sales, total
Hydro (kmt) 754 731 3 % 872 (13) % 3 254
Rolled
Products
sales
volumes to
external
market (kmt) 236 226 5 % 227 4 % 909
Power
production
(GWh) 2 904 2 448 19 % 3 190 (9) % 10 307
------------------------------------------------------------------------------------
Investor contact
Contact Rikard Lindqvist
Cellular +47 41751199
E-mail Rikard.Lindqvist(at)hydro.com
Press contact
Contact Halvor Molland
Cellular +47 92979797
E-mail Halvor.Molland(at)hydro.com
*********
Certain statements included within this announcement contain forward-looking
information, including, without limitation, those relating to (a) forecasts,
projections and estimates, (b) statements of management's plans, objectives and
strategies for Hydro, such as planned expansions, investments or other projects,
(c) targeted production volumes and costs, capacities or rates, start-up costs,
cost reductions and profit objectives, (d) various expectations about future
developments in Hydro's markets, particularly prices, supply and demand and
competition, (e) results of operations, (f) margins, (g) growth rates, (h) risk
management, as well as (i) statements preceded by "expected", "scheduled",
"targeted", "planned", "proposed", "intended" or similar statements.
Although we believe that the expectations reflected in such forward-looking
statements are reasonable, these forward-looking statements are based on a
number of assumptions and forecasts that, by their nature, involve risk and
uncertainty. Various factors could cause our actual results to differ
materially from those projected in a forward-looking statement or affect the
extent to which a particular projection is realized. Factors that could cause
these differences include, but are not limited to: our continued ability to
reposition and restructure our upstream and downstream aluminium business;
changes in availability and cost of energy and raw materials; global supply and
demand for aluminium and aluminium products; world economic growth, including
rates of inflation and industrial production; changes in the relative value of
currencies and the value of commodity contracts; trends in Hydro's key markets
and competition; and legislative, regulatory and political factors.
No assurance can be given that such expectations will prove to have been
correct. Hydro disclaims any obligation to update or revise any forward-looking
statements, whether as a result of new information, future events or otherwise.
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
Q1 presentation:
http://hugin.info/106/R/1695460/557927.pdf
Q1 report:
http://hugin.info/106/R/1695460/557925.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Norsk Hydro via Thomson Reuters ONE
[HUG#1695460]
Unternehmensinformation / Kurzprofil:
Datum: 24.04.2013 - 07:01 Uhr
Sprache: Deutsch
News-ID 252198
Anzahl Zeichen: 13206
contact information:
Town:
Oslo
Kategorie:
Business News
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