NHYDY Norsk Hydro ASA (QX)

TIDMNHY 
 
 
 
   Compared to the previous quarter, underlying EBIT for Sapa declined 
mainly due to seasonally lower demand. 
 
   Underlying EBIT for Sapa increased compared to the same quarter of the 
previous year mainly due to the effects of the improvement programs, 
continued growth in North American demand and increased added value 
operations. Underlying EBIT for the fourth quarter was negatively 
affected by Sapa's measures to address, and consequences of, 
unsanctioned quality testing practices in North America. 
 
   The restructuring program initiated in 2013, targeting annual synergies 
of around NOK one billion by the end of 2016, reached its target in 
2015, one year ahead of time. In addition to the factors mentioned above, 
reported EBIT for the fourth quarter was affected by charges related to 
restructuring activities, partly offset by unrealized gains from 
derivatives. 
 
   Underlying EBIT for 2015 improved compared with 2014 supported mainly by 
internal improvements and strong performance in the North American 
operation. Positive effects from a weakening Norwegian krone was offset 
by sharply falling metal premiums. 
 
   Net interest-bearing debt at the end of 2015 amounted to roughly NOK 1.8 
billion, which is at the same level as when the Sapa joint venture was 
established on September 1, 2013. 
 
 
 
 
Key Figures      Fourth        Third         Fourth 
- Sapa          quarter       quarter       quarter 
(50%)             2015          2015          2014      Year 2015  Year 2014 
NOK million, 
except sales 
volumes 
Revenue*             6 410         6 948         5 921     27 626     23 105 
Underlying 
 EBITDA                245           367           171      1 364        958 
Underlying 
 EBIT                   64           202          (27)        704        326 
Underlying 
 Net Income 
 (loss)                 70           120          (22)        454        199 
Sales 
 volumes 
 (kmt)                 156           171           161        682        699 
Earnings 
 before 
 financial 
 items and 
 tax (EBIT)             44            87         (339)        264      (158) 
 
 
   *Historical revenues have been reclassified 
 
   Market 
 
   Demand for extruded products in North America decreased by 9 percent 
compared to the previous quarter, due to seasonality. Compared to the 
same quarter of the previous year demand increased 1 percent as a result 
of increased building and construction activity and strong automotive 
demand.  For the full year, North American extrusion demand grew 5 
percent over 2014. 
 
   In Europe, extruded products demand declined 7 percent compared with the 
previous quarter, due to seasonality. Demand was overall stable both for 
the full year and the quarter when compared to the previous year. A weak 
European building and construction market was offset by most other 
segments. 
 
   Demand for extruded products is expected to seasonally improve going 
into the first quarter of 2016. 
 
   Investor contact 
 
   Contact Pål Kildemo 
 
   Cellular +47 97096711 
 
   E-mail Pal.Kildemo@hydro.com 
 
   Press contact 
 
   Contact Halvor Molland 
 
   Cellular +47 92979797 
 
   E-mail Halvor.Molland@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. 
 
   . 
 
   This announcement is distributed by NASDAQ OMX Corporate Solutions on 
behalf of NASDAQ OMX 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 
 
   HUG#1985320 
 
 
  http://www.hydro.com/en/?WT.mc_id=Pressrelease 
 

(END) Dow Jones Newswires

February 11, 2016 01:15 ET (06:15 GMT)

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