Norsk Hydro: Sapa (joint venture) - Announcement of results for the second quarter 2017
(Thomson Reuters ONE) -
Underlying EBIT for Sapa in the second quarter increased compared to the
previous quarter, in line with general seasonality in the industry but also
related to improved performance.
Sapa improved its underlying EBIT in the second quarter of 2017 compared to the
same period last year, ending the quarter at NOK 914 million. The quarterly
result is the best in Sapa's history. The increase was driven by a higher share
of value-add business and internal improvements for all business areas.
Underlying EBIT for the first half of 2017 improved compared to the same period
in 2016, influenced by the same factors as discussed above.
Net interest-bearing debt increased to NOK 3.1 billion at the end of the
quarter, mainly reflecting dividend payments of NOK 3 billion to the owners.
+------------------------------+-------+-------+-------+-------+-------+-------+
|Key Figures - Sapa (100%) |Q1 2016|Q2 2016|Q3 2016|Q4 2016|Q1 2017|Q2 2017|
+------------------------------+-------+-------+-------+-------+-------+-------+
|NOK million, except sales | | | | | | |
|volumes | | | | | | |
+------------------------------+-------+-------+-------+-------+-------+-------+
|Volume (kmt) | 349| 366| 340| 310| 355| 359|
+------------------------------+-------+-------+-------+-------+-------+-------+
|Total operating revenues | 13 905| 14 071| 13 140| 12 210| 14 323| 15 309|
+------------------------------+-------+-------+-------+-------+-------+-------+
|Underlying EBITDA | 901| 1 132| 812| 653| 1 100| 1 252|
+------------------------------+-------+-------+-------+-------+-------+-------+
|Underlying EBIT | 571| 804| 487| 335| 778| 914|
+------------------------------+-------+-------+-------+-------+-------+-------+
|Underlying net income | 365| 540| 315| 334| 562| 658|
+------------------------------+-------+-------+-------+-------+-------+-------+
|Reported EBIT | 655| 920| 497| 350| 856| 781|
+------------------------------+-------+-------+-------+-------+-------+-------+
Demand for extruded products in Europe and North America increased compared to
the previous quarter by around 9 percent and 3 percent respectively, driven by
seasonality.
In North America, total demand for extruded products increased by around 3
percent compared to the same quarter last year. The increase was driven by
stronger automotive demand and higher building and construction activities
whereas demand from commercial transportation was declining.
In Europe, total demand for extruded products increased by around 2 percent
compared to the same quarter last year. Europe experienced stronger automotive
and transportation demand, as well as an improved building and construction
market.
Key figures per business area
+------------------------------+-------+-------+-------+-------+-------+-------+
|Extrusion Europe |Q1 2016|Q2 2016|Q3 2016|Q4 2016|Q1 2017|Q2 2017|
+------------------------------+-------+-------+-------+-------+-------+-------+
|NOK million, except sales | | | | | | |
|volumes | | | | | | |
+------------------------------+-------+-------+-------+-------+-------+-------+
|Volume (kmt) | 148| 157| 142| 130| 154| 155|
+------------------------------+-------+-------+-------+-------+-------+-------+
|Operating revenues | 5 366| 5 468| 4 932| 4 565| 5 553| 5 999|
+------------------------------+-------+-------+-------+-------+-------+-------+
|Underlying EBITDA | 349| 425| 276| 221| 390| 416|
+------------------------------+-------+-------+-------+-------+-------+-------+
|Underlying EBIT | 223| 304| 154| 97| 274| 292|
+------------------------------+-------+-------+-------+-------+-------+-------+
+------------------------------+-------+-------+-------+-------+-------+-------+
|Extrusion North America |Q1 2016|Q2 2016|Q3 2016|Q4 2016|Q1 2017|Q2 2017|
+------------------------------+-------+-------+-------+-------+-------+-------+
|NOK million, except sales | | | | | | |
|volumes | | | | | | |
+------------------------------+-------+-------+-------+-------+-------+-------+
|Volume (kmt) | 150| 155| 149| 131| 150| 151|
+------------------------------+-------+-------+-------+-------+-------+-------+
|Operating revenues | 5 265| 5 234| 5 183| 4 617| 5 514| 5 753|
+------------------------------+-------+-------+-------+-------+-------+-------+
|Underlying EBITDA | 414| 362| 361| 199| 437| 466|
+------------------------------+-------+-------+-------+-------+-------+-------+
|Underlying EBIT | 315| 263| 260| 90| 331| 353|
+------------------------------+-------+-------+-------+-------+-------+-------+
+------------------------------+-------+-------+-------+-------+-------+-------+
|Building Systems |Q1 2016|Q2 2016|Q3 2016|Q4 2016|Q1 2017|Q2 2017|
+------------------------------+-------+-------+-------+-------+-------+-------+
|NOK million, except sales | | | | | | |
|volumes | | | | | | |
+------------------------------+-------+-------+-------+-------+-------+-------+
|Volume (kmt) | 19| 21| 18| 19| 20| 21|
+------------------------------+-------+-------+-------+-------+-------+-------+
|Operating revenues | 1 869| 1 939| 1 680| 1 685| 1 830| 2 044|
+------------------------------+-------+-------+-------+-------+-------+-------+
|Underlying EBITDA | 110| 210| 104| 109| 155| 219|
+------------------------------+-------+-------+-------+-------+-------+-------+
|Underlying EBIT | 75| 166| 67| 74| 119| 183|
+------------------------------+-------+-------+-------+-------+-------+-------+
+------------------------------+-------+-------+-------+-------+-------+-------+
|Precision Tubing |Q1 2016|Q2 2016|Q3 2016|Q4 2016|Q1 2017|Q2 2017|
+------------------------------+-------+-------+-------+-------+-------+-------+
|NOK million, except sales | | | | | | |
|volumes | | | | | | |
+------------------------------+-------+-------+-------+-------+-------+-------+
|Volume (kmt) | 37| 40| 37| 35| 36| 38|
+------------------------------+-------+-------+-------+-------+-------+-------+
|Operating revenues | 1 620| 1 664| 1 549| 1 543| 1 651| 1 734|
+------------------------------+-------+-------+-------+-------+-------+-------+
|Underlying EBITDA | 144| 169| 135| 161| 180| 193|
+------------------------------+-------+-------+-------+-------+-------+-------+
|Underlying EBIT | 86| 112| 76| 103| 123| 136|
+------------------------------+-------+-------+-------+-------+-------+-------+
+------------------------------+-------+-------+-------+-------+-------+-------+
|Other and eliminations |Q1 2016|Q2 2016|Q3 2016|Q4 2016|Q1 2017|Q2 2017|
+------------------------------+-------+-------+-------+-------+-------+-------+
|Underlying EBITDA | -116| -33| -64| -37| -63| -43|
+------------------------------+-------+-------+-------+-------+-------+-------+
|Underlying EBIT | -128| -41| -69| -28| -69| -49|
+------------------------------+-------+-------+-------+-------+-------+-------+
Investor contact
Contact Stian Hasle
Cellular +47 97736022
E-mail Stian.Hasle(at)hydro.com
Certain statements included in this announcement contain forward-looking
information, including, without limitation, information relating to (a)
forecasts, projections and estimates, (b) statements of Hydro management
concerning plans, objectives and strategies, such as planned expansions,
investments, divestments, curtailments 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, and (i) qualified statements such as "expected", "scheduled",
"targeted", "planned", "proposed", "intended" or similar.
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 businesses; 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 because of new information, future events or otherwise.
This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Norsk Hydro via GlobeNewswire
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