Norsk Hydro

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Concurrentienieuws:

Alcoa voorziet toename aluminiumverbruik

(ABM FN-Dow Jones) Alcoa verwacht dat het aluminiumverbruik dit jaar zal toenemen, zowel in China als in de rest van de wereld, dankzij een breed economisch herstel van de terugval door de coronaviruspandemie vorig jaar. Dat meldde het Amerikaanse aluminiumbedrijf woensdag.

"De groei van het aanbod zal naar verwachting lager zijn dan de groei van de vraag. Daarom wordt verwacht dat de mondiale primaire markt voor aluminium volgend jaar meer in evenwicht zal zijn", aldus het bedrijf uit Pittsburgh.

Alcoa verwacht dit jaar 2,7 miljoen tot 2,8 miljoen metrische ton aluminium te verschepen, wat minder zou zijn dan in 2020.

Daarnaast mikt het bedrijf op de levering van 49 miljoen tot 50 miljoen droge metrische tonnen bauxiet en 13,9 tot 14 miljoen metrische ton van alumina, grondstoffen voor het metaalproduct.

"De coronaviruspandemie duurt voort, en de omvang en duur blijven onbekend", waarschuwde Alcoa verder.

Door: ABM Financial News.



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Hydro's fourth quarter results 2020 will be released at 07:00 CET (01:00 EST, 06:00 UTC/GMT), on Friday February 12, 2021. The quarterly report and presentation slides will be available on www.hydro.com at the same time.

Executive Vice President and Chief Financial Officer Pål Kildemo will host an audio webcast and a conference call, in English, at 08:30 CET the same day. Due to the Covid-19 situation there will be no presentation and press conference at our corporate headquarters.

In order to listen to the presentation, please join the audio webcast. There will be a Q&A session directly after the presentation. If you would like to ask questions, you need to join the conference call before end of the presentation. Please see details below. It will not be possible to ask questions on the audio webcast.

To join the conference call, please use the below “Click to Join” link 5-10 minutes prior to start time. You will be asked to enter your phone number and registration details. The Event Conferencing system will call you on the phone number you provide and place you into the event. Please note that the “Click to Join” link becomes active 15 minutes prior to the scheduled start time.

Please use the “Click to Join” option for the easiest way to join the conference call.

Click to Join Call 08:30 CET >>

As an alternative, use the dial-in numbers below for the conference call:

Norway +47 2100 2613
UK +44 (0)330 336 9104
USA +1 323-794-2095
Sweden +46 (0)8 5033 6573
Brazil +55 11 3181 3949
Germany +49 (0)89 2030 31236

Participant Passcode: ****

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Norsk Hydro: Fourth quarter 2020 - Delivering 2020 improvement program, strong cash generation

Hydro’s underlying EBIT for the fourth quarter of 2020 was NOK 1,449 million, up from NOK 560 million in the same quarter last year. Improved margins and volumes downstream and lower raw material costs upstream contributed positively to the result, in addition to positive currency effects. These were partly offset by additional maintenance related costs in Bauxite & Alumina.

Underlying EBITDA NOK 3,476 million
Strong cash flow generation
Global recovery reducing aluminium oversupply
Volume growth downstream exceeding the market
Exceeded improvement program target for 2020
Lyse Kraft DA transaction completed
Proposed dividend of NOK 1.25 per share for 2020, revised policy for 2021
“The pandemic made 2020 a challenging year for all. Health and safety of our people and the communities where we operate is top priority. Hydro is following recommendations from local and international health authorities, updating contingency plans to avoid disruptions, and securing deliveries to customers,” says President and CEO Hilde Merete Aasheim.

During the fourth quarter 2020, global industrial production continued to recover from its contraction earlier in the year, while GDP remained largely flat. The aluminium market ended 2020 with a surplus of around 3 million tonnes, lower than estimates of around 5 million tonne surplus earlier in 2020.

“I am impressed by our organization managing to keep the wheels turning in a year marked by the pandemic, at the same time delivering on our improvement targets. We exceeded our cost improvement target and achieved savings of NOK 4.2 billion for 2020, amounting to about half of the overall 2025 ambition and supporting the positive cash flow generation in the fourth quarter,” says Aasheim.

“Hydro’s volume growth outpaced the market development in both Rolling and Extrusions in the fourth quarter 2020, driven by recovery in key segments such as automotive, can, building and construction. Within Aluminium Metal, Hydro’s mix of value-added versus standard products recovered to historic levels of around 70 percent value-added. Hydro’s operations have been operating largely as normal during the quarter. The Covid-19 situation, however, continues to cause market uncertainty,” says Chief Financial Officer, Pål Kildemo.

Hydro restarted aluminium production at line B at the Husnes primary plant in Norway in November 2020, after running the plant for more than a decade at half capacity. The NOK 1.5 billion upgrade project will add 95,000 tonnes of electrolysis capacity and includes technology elements implemented at the Karmøy technology pilot in Norway, lifting operational and environmental performance to world-class standards. The decision to restart line B at Hydro Husnes is based on market improvements, combined with expectations that Norway will continue to utilize the EU’s emissions trading system (ETS) for 2021-2030.

On December 31, 2020, Hydro and Lyse merged parts of their respective hydropower production assets to create a new hydropower company. The new company – Lyse Kraft DA – has a normal annual power production capacity of 9.5 TWh, of which Hydro will own 25.6 percent and Lyse 74.4 percent. Following the transaction, Hydro is Norway’s third-largest operator of renewable power, with a combined renewables production of 13.6 TWh in a normal year. Based on equity shares, Hydro’s annual power production is 9.4 TWh in a normal year. A gain resulting from the transaction of NOK 5.3 billion was recognized in the fourth quarter; the gain was excluded from underlying EBIT.

Hydro announced during Capital Markets Day 2020 an extension and higher ambition to the original improvement program, now aiming to achieve improvements of NOK 8.5 billion by 2025. In addition, Hydro announced commercial ambitions within its current aluminium portfolio of NOK 2 billion through pursuing market and customer-driven opportunities.

Hydro also announced new ambitions within the key strategic growth areas of recycling, renewables and batteries, representing larger shifts in Hydro’s portfolio toward 2025. In recycling, Hydro has an ambition to more than double post-consumer scrap utilization, and to generate an EBITDA uplift of NOK 1 billion to NOK 1.5 billion, through NOK 3.5 billion to 5 billion in potential investments. In batteries, Hydro has an ambition to generate an EBITDA uplift of NOK 600 million to 700 million, through potential investments of NOK 2.5 billion to 3 billion in battery projects. In renewables, Hydro aims to invest into more than 1 GW of renewable power projects in 2021.

Hydro's net debt position decreased from NOK 9.9 billion to NOK 7.8 billion at the end of the quarter. Net cash provided by operating activities amounted to NOK 5.4 billion. Net cash used in investment activities, excluding short term investments, amounted to NOK 1.9 billion.

Hydro's reported EBIT amounted to NOK 6,770 million in Q4 2020, compared to negative NOK 399 million in Q4 2019.

Net income amounted to NOK 7,277 million in the fourth quarter, mainly due to a NOK 5,308 million gain on the Lyse transaction. Net income also included a net foreign exchange gain of NOK 1,479 million which primarily reflects a stronger NOK versus EUR, affecting the embedded derivatives in Norwegian power contracts and other liabilities denominated in EUR.

In addition to the factors discussed above, reported earnings before financial items and tax (EBIT) and net income include effects that are disclosed in the quarterly report. Items excluded from underlying EBIT and underlying net income (loss) are defined and described as part of the alternative performance measures (APM) section in the quarterly report.

Hydro’s Board of Directors proposes to pay a dividend of NOK 1.25 per share for 2020, for approval by the Annual General Meeting on May 6, 2021. The proposed payment demonstrates the company’s commitment to provide a predictable dividend to shareholders. In 2020, Hydro had a dividend policy of 40 percent payout ratio of reported net income over the cycle with NOK 1.25 per share considered as floor. This policy has been revised, from 2021 onwards, reflecting Hydro’s ambitions to lift performance and cash returns to shareholder over the cycle. The revised dividend policy is to pay out a minimum of 50 percent of underlying net income over the cycle with a NOK 1.25 per share dividend floor.

Investor contact
Line Haugetraa
+47 41406376
Line.Haugetraa@hydro.com

Press contact
Halvor Molland
+47 92979797
Halvor.Molland@hydro.com

Cautionary note
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 as a result of new information, future events or otherwise.

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act

Attachments

Q4 2020 Report: https://ml-eu.globenewswire.com/Resourc ... 990380f6a9
Q4 2020 Presentation: https://ml-eu.globenewswire.com/Resourc ... 29e3287d3b

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Key information relating to the cash dividend to be paid by Norsk Hydro ASA

Dividend amount: NOK 1.25 per share
Declared currency: NOK
Last day including right: 06 May 2021
Ex-date: 07 May 2021
Record date: 10 May 2021
Payment date: 19 May 2021
Date of approval: 06 May 2021

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Hydro appoints Helena Nonka EVP Corporate Development

Helena Nonka, global head of New business for natural resources at SGS, has been appointed Executive Vice President for Corporate Development in Hydro.

Nonka (45) will report to President and CEO Hilde Merete Aasheim and will join the Corporate Management Board. She will start the new position on April 1, replacing Arvid Moss, who has been acting in this newly established role since mid-2019.

Nonka is an experienced executive with a global career spanning more than 20 years in the natural resources industry, professional services, consulting, and academia.

Helena Nonka comes from a role as the Global Head of New Business for Natural Resources at Swiss based SGS. From 2007 to 2019, Nonka worked for Rio Tinto, where she held several senior commercial and leadership roles globally, including the last five years as General Manager Corporate Strategy.

Nonka holds a master’s degree in political science from University of Quebec in Montreal, a master’s degree in law from HEC Montreal and has worked in academia while studying towards a PhD in international relations.

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Cynthia Kukielski Spousal Trust, a Close Associate of Director of the Board of Directors in Norsk Hydro, Peter Kukielski, has on February 16, 2021 at 19:49 CET purchased 1,000 American Depositary Receipts (ADRs) in Hydro at USD 5.01 per ADR and 2,000 ADRs in Hydro at USD 5.02 per ADR.

New holding is 3,000 ADRs.

The ADRs were purchased on OTCQX.

Investor contact:
Line Haugetraa
Head of Investor Relations
+4741406376
line.haugetraa@hydro.com

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act

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Norsk Hydro: Hydro agrees to sell Rolling business area to KPS Capital Partners for EUR 1,380 million

Energy and aluminium company Norsk Hydro ASA has entered into an agreement to sell its Rolling business to KPS Capital Partners for EUR 1,380 million on an enterprise value basis. A major step on Hydro's agenda to improve profitability and drive sustainability.

The transaction includes seven plants, one R&D center, global sales offices, and around 5,000 employees of which 650 employees in Norway and the remaining mainly in Germany.

“Hydro launched a strategic review of our Rolling business area in 2019, along with other strategic measures towards profitability and sustainability. We have now concluded, and our Rolling business will continue its development under new ownership. This is a good solution for both Hydro and for the employees in Rolling, who will continue their efforts and continued growth in a new, dedicated downstream company,” says Hydro President and CEO Hilde Merete Aasheim.

“Hydro’s ambition is to lift profitability and drive sustainability, creating value for all stakeholders. The sale of Rolling will strengthen our ability to deliver on our strategy, strengthening our position in low-carbon aluminium, while exploring new growth in areas where our capabilities match global megatrends,” says Aasheim.

In 2020, Hydro Rolling contributed approximately NOK 24 billion in revenue, 17% of Hydro total and NOK 1.3 billion in Underlying EBITDA, 9% of Hydro total. The sales amounted to 864,000 tonnes, serving segments including Can, Foil, Lithography, Automotive and General Engineering.

In addition to delivering on Hydro’s strategic ambitions, the sale will assist in strengthening the balance sheet.

KPS Capital Partners is a well-regarded and operationally focused global private equity firm, with a history of holding significant interests in metals and automotive enterprises. KPS Capital Partners is aligned with Hydro on having safety as a first priority on the agenda and is well positioned to execute on improvements identified in the strategic review of Rolling. They also have established relationship and Framework Agreements with the German unions IG Metall and IG BCE.

“KPS is enthusiastic about the opportunity to further develop Rolling to its full potential, including providing the resources necessary to execute a business transformation. We have spent three months closely analyzing the business in the customary detailed due diligence, have been highly impressed with the Rolling management team, and look forward to partnering with them and the entire Rolling team to invest in and grow the business,” says Michael Psaros, Co-Founder and Co-Managing Partner of KPS Capital Partners.

The agreed transaction price of EUR 1,380 million will result in a reduction of EUR 856 million in pension liabilities and EUR 435 million cash proceeds. The transaction is subject to customary approvals from competition authorities and is expected to be completed during second half of 2021. Executive Vice President and Head of Hydro Rolling, Einar Glomnes, will become CEO of the new company after closing.

The Rolling operations will be treated as an asset held for sale and discontinued operations in Hydro’s financial reporting from the first quarter of 2021. The valuation indicates an impairment of EUR 160 - 190 million, which will be included in the annual financial statements for 2020.

President & CEO, Hilde Merete Aasheim, will present the transaction by an audio webcast and a conference call, in English, at 09:00 CET today, Friday 5 March.

The referred measures EBIT, EBITDA, Underlying EBIT and Underlying EBITDA represent alternative performance measures (APMs). Hydro’s definitions and use of IPMs is described in the section Alternative performance measures (APMs) in the fourth quarter 2020 report. This section also includes a description of items excluded from underlying EBIT and underlying EBITDA. EBIT and EBITDA are also segment measures, disclosed in note 2 Operating segment information in Hydro’s fourth quarter 2020 report.

Hydro Rolling

MNOK, 2020
Hydro Total Rolling % Rolling
Revenue 138,118 23,903 17.3 %
EBITDA 19,465 1,132 5.8 %
uEBITDA 14,316 1,267 8.9 %
Contact details:

Investor contact:
Line Haugetraa
+47 41406376

Media contact:
Halvor Molland
+47 92979797

The information is such that Hydro is required to disclose in accordance with the EU Market Abuse Regulation. The information was submitted for publication from Hydro Investor Relations and the contact persons set out above.

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 as a result of new information, future events or otherwise.

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act

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Norsk Hydro: Annual report 2020 - Emerging stronger from an extraordinary year

“The pandemic put us all to the test last year. Yet, Hydro managed an extraordinary 2020 carefully, emerging stronger and well positioned to deliver on our agenda to become a profitable and more sustainable industry leader,” President and CEO Hilde Merete Aasheim writes in her letter to shareholders.

“I’m grateful and impressed by how our organization kept the wheels turning, delivering on the improvement ambitions and positioning Hydro for the future, while always putting health and safety first,” she adds.

Aasheim points to significant progress toward Hydro’s ambition to lift profitability and drive sustainability.

“We have accelerated our improvement efforts in 2020. Our extended program targets NOK 8.5 billion by 2025 across all business areas and staffs. I am happy that we exceeded our improvement target and achieved savings of NOK 4.2 billion for 2020, amounting to about half of the overall 2025 ambition.

“This March we reached another milestone with the finalization of the strategic review of the Rolling business and with a conclusion to sell the business to the U.S.-based private equity firm KPS Capital Partners. The agreement marks another step toward making Hydro a profitable and more sustainable industry leader – to the benefit of our employees, our customers and our shareholders,” Aasheim continues.

Among other milestones, Aasheim points to the successful verification of the Karmøy Technology Pilot in Norway in 2020, producing primary aluminium with 15 percent lower specific energy consumption and significantly lower greenhouse gas emissions compared with the world average. Many of the same technology elements were implemented in the upgrade at the Husnes aluminium plant in Norway, which is ramping up to full capacity after running at half capacity since the financial crisis in 2009. Hydro also sees promising traction in the market for the low-carbon aluminium brand Hydro REDUXA and the Hydro CIRCAL brand produced with a minimum of 75 percent post-consumer scrap.

“On social responsibility we are progressing in our work to strengthen local community relations, communities and business partners through education and empowerment where we operate. We have high expectations to our pioneer tailings dry-backfill method at our Paragominas bauxite mine in Brazil, that will eliminate the need to establish new tailing dams,” Aasheim says.

“We take inspiration from our ability to mobilize as we face another important transformation: The green transition. In 2020, we established a new strategic direction toward 2025, building on our profitability and sustainability agenda. We will pursue our strategic ambition by capturing opportunities where our capabilities match the global megatrends such as sustainability, electrification and urbanization.

“The two pillars of our strategic agenda are about strengthening our position in low-carbon aluminium, while exploring new growth opportunities in areas such as recycling, renewable energy and batteries. This is how we will create value going forward.

“As a global energy and aluminium company, Hydro is committed to leading the way by creating more for less. With a new strategic direction, we embark on the next chapter in Hydro's history of building industries that matter and creating value by taking a lead role in the green transition, producing products and solutions for the low-carbon, circular economy,” says Aasheim.

The report, meeting the Norwegian statutory requirements for annual reporting, is "Financial Statements and Board of Directors' Report – 2020." This report is available in Norwegian and English.

In addition, a more extensive report is available, "Annual Report – 2020," with detailed information about Hydro's businesses, operational performance, financial performance, viability performance, corporate governance, environmental, social and financial statements. The report is available in English.

Investor contact:
Line Haugetraa
+47 41406376

Media contact:
Halvor Molland
+47 92979797


Cautionary note

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 as a result of new information, future events or otherwise.

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act

Attachments

Annual report 2020: https://ml-eu.globenewswire.com/Resourc ... 1462b958ef
Financial Statements and Board of Directors report 2020: https://ml-eu.globenewswire.com/Resourc ... b8b63cc16d

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Hydro is exploring the potential for developing and operating hydrogen facilities to meet large internal demand as well as serving an external market, leveraging the company’s industrial and renewable power expertise.

“We see a substantial potential for industrial hydrogen consumption. Taking a developer and operator role in the hydrogen sector represents an opportunity for Hydro to reduce industrial CO2 emissions and develop a profitable and sustainable business based on hydrogen,” says Hilde Merete Aasheim, President and CEO in Hydro.

Hydro has set out a clear strategic direction toward 2025 and aims to strengthen its position in low-carbon aluminium, while exploring new growth opportunities in recycling and new energy.

“Hydro has unique capabilities that set us apart from other industrial players due to our own renewable power positions and competence, and large internal demand for gas that can be replaced by green hydrogen solutions. We can therefore build and develop a complete value chain for green hydrogen in Norway,” Aasheim says.

A developer and operator role for Hydro is in line with the company’s internal pipeline of possible hydrogen projects and would likely entail a full or partial switch from gas to hydrogen in plants in several locations. A probable start to this process would be to switch from gas to hydrogen at some of Hydro’s aluminum plants in Norway.

“We have large internal demand for gas used for heating in our casthouses and anode production, and a hydrogen production facility could be placed near the consumption. For Hydro it would contribute to our target of reducing our own CO2 emissions by 30% by 2030,” Aasheim says.

Hydrogen technologies and their applications have been on Hydro’s agenda multiple times for several decades. Several elements have changed over the last years, lifting the profitability in switching from gas to hydrogen at Hydro’s plants. EU and Norway’s ambitions to decarbonize the economy by 2050 require hydrogen as an important energy carrier, and support schemes are being put in place. Additionally, technology cost is coming down and Norway is well-suited for hydrogen development and use due to its attractive, renewable power.

Hydro will revert with more information about the options under evaluation and the way forward at the company’s first-quarter strategic update and results presentation on April 27.

Investor contact:
Line Haugetraa
+47 41406376
Line.Haugetraa@hydro.com

Media contact:
Halvor Molland
+47 92979797
Halvor.Molland@hydro.com







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