In February 2020, the Board decided to propose a dividend of NOK 1.25 per share for 2019, in accordance with the floor level stated in Hydro’s dividend pay-out policy.
Following the decision, the outbreak of the Covid-19 pandemic introduced significant uncertainty regarding the financial outlook for the company. The Board was therefore granted an authority at the Annual General Meeting held on 11 May 2020 to resolve distribution of dividends at a later stage at the Board’s discretion. The authority was restricted to a maximum dividend payment of NOK 1.25 per share.
The Board’s decision to distribute dividends for 2019 is based on the improved financial situation and outlook for the company.
Shareholders registered on 16 November 2020 will be entitled to receive the dividend. The ex-dividend date is 17 November 2020, and the record date is 18 November 2020. The dividend will be distributed on 25 November 2020.
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The companies will work together towards summer 2021 to assess the market for lithium-ion batteries in Europe and mature the business case for a green battery business located in Norway. The companies intend that this initiative is based on Panasonic’s leading technology and targets the European market for electric vehicles and other applications.
The companies will also investigate the potential for an integrated battery value chain and for co-location of supply chain partners. The findings from this initial exploratory phase will form the basis for subsequent decisions.
Panasonic’s plan for expanding its footprint in the European lithium-ion battery market
Mototsugu Sato, Executive Vice President of Panasonic says the company sees the strategic partnership with Equinor and Hydro as a potential basis for future development and growth in the energy/battery sector in the European region.
“This collaboration combines Panasonic’s position as an innovative technology company and leader in lithium-ion batteries, with the deep industrial experience of Equinor and Hydro, both strong global players, to potentially pave way for a robust and sustainable battery business in Norway. Panasonic has powered the last two revolutions in the automotive industry – first by powering hybrids and now, by powering multiple generations of all electric vehicles. We are pleased to enter into this initiative to explore implementing sustainable, highly advanced technology and supply chains to deliver on the exacting needs of lithium-ion battery customers and support the renewable energy sector in the European region.”
Ambition to create a profitable, sustainable business
“Our companies seek to be leaders in the energy transition. The creation of this world-class battery partnership demonstrates Equinor’s ambition to become a broad energy company. We believe that battery storage will play an increasingly important role in bringing energy systems to net zero emissions. By pooling our different areas of energy expertise, our companies will seek to create a battery business that is profitable, scalable and sustainable,” says Al Cook, Executive Vice President of Global Strategy & Business Development in Equinor.
Electrification is a fundamental element in Europe’s transition towards net zero emissions in 2050, and batteries are expected to play a vital role in this, especially in the transportation sector, where demand is growing rapidly.
“We expect battery production to grow rapidly as a solution to the world’s number one challenge, climate change. We have already seen in recent years that Hydro’s unique combination of capabilities from renewable energy and processing industries provide a strong foundation for partnerships for exploring growth opportunities in the battery industry,” says Arvid Moss, Executive Vice President of Energy and Corporate Development in Hydro.
“We believe the combined strengths of Panasonic, Equinor and Hydro represent an attractive starting point for exploring the possibilities for a profitable and sustainable battery business in Norway, where we have a strong foothold, renewable power base and close proximity to the European market,” he says.
Preliminary findings expected around mid-2021
As part of this initial phase, the companies will directly engage potential customers in Europe’s automotive and non-automotive industries and enter into dialogue with relevant authorities in Norway and in Europe aiming at ensuring competitive framework conditions for this joint battery initiative. Preliminary findings are expected around mid-2021.
To contact the project, visit www.jointbatteryinitiative.com
Panasonic Corporation is a worldwide leader in the development of diverse electronics technologies and solutions for customers in the consumer electronics, housing, automotive, and B2B businesses. The company, which celebrated its 100th anniversary in 2018, has expanded globally and now operates 528 subsidiaries and 72 associated companies worldwide. The mission at Panasonic is to make the world’s safest, highest quality, and lowest cost batteries. Through this effort, Panasonic will create a clean energy society, and our products will change society’s use of and perceptions of electric power. Committed to pursuing new value through innovation across divisional lines, the company uses its technologies to create a better life and a better world for its customers. To learn more about Panasonic: https://www.panasonic.com/.
Equinor is an international energy company developing oil, gas, wind and solar power in more than 30 countries worldwide. As the largest operator in Norway, a leading international offshore operator and a growing force in renewables, we are committed to a low carbon future and shaping the future of energy. We aim to reach net-zero by 2050 and we are committed to creating long-term value in support of the Paris Agreement. To learn more about Equinor, visit https://www.equinor.com/.
Based in Norway and with around 35,000 employees and operations in around 40 countries, Hydro is rooted in more than a century of experience in renewable energy, industrial technology scaling, innovation and operational excellence. Our purpose is to create a more viable society by developing natural resources into products and solutions in innovative and efficient ways. To learn more about Hydro, visit https://www.hydro.com/.
9:00 – 11:30 Presentation in English:
Hydro by President and CEO Hilde Merete Aasheim (including presentations by Executive Vice President Primary Metal Eivind Kallevik, Executive Vice President Energy Arvid Moss and interim Executive Vice President Extruded Solutions Erik Fossum)
Financial Update, by Executive Vice President and CFO Pål Kildemo
11:30 – 12.00 Conference call - Q&A
To register for events in connection with Capital Markets Day 2020, please visit this website for more information. Deadline for registration is December 3, 2020.
Alternatives for joining:
Join on video: You can watch the presentation and listen into the Q&A by clicking here: webcast
Join on audio: You can listen to the presentation and Q&A by dial-in. See country numbers and passcode below. You can also listen to the audio via this link.
To ask questions during the Q&A, please join the audio option by dialing in with the information below or accessing the link. If you are not dialed in, you need to connect to the conference call by 11.25.
Norway +47 2100 2613
UK +44 (0)330 336 9104
USA +1 323 794 2442
Sweden +46 (0)8 5033 6573
Brazil +55 11 3181 5319
Germany +49 (0)89 2030 31236
At this year’s Capital Markets Day, Hydro will present its strategic direction toward 2025 and provide an update on the key profitability and sustainability targets announced in 2019.
“We have generated cash, cut costs and delivered extensive operational improvements across the company, providing a solid foundation for our growth agenda. Now, we’re raising the bar, setting a new ambitious improvement target for 2025, combined with a clear strategy to make Hydro a profitable and sustainable industry leader,” says President and CEO Hilde Merete Aasheim.
Delivering on the improvement agenda
Hydro has during 2020 focused on keeping the wheels turning, maintaining a healthy and safe work environment. Despite a challenging market, Hydro has aimed at positioning the company for the future. Hydro’s improvement program remains on track to deliver its 2020 target of NOK 4.1 billion, with all business areas over delivering on their cost ambitions for the year. The improvement program, accompanied with a net operating capital release and reduction in CAPEX, have contributed to greater cash generation in 2020. The strategic review of Rolled Products is progressing.
A key driver of Hydro’s 2020 improvement has been the ramp-up and increased operational robustness of the Bauxite & Alumina operations in Brazil. Alunorte is on track to deliver alumina volumes at around 90 percent of nameplate capacity in Q4 2020. Hydro has also played an important part in the local community in Brazil during the Covid-19 pandemic this year.
“Our Brazilian organization has made good progress in increasing the asset integrity and robustness, while maintaining focus on health and safety during the global pandemic,” says Aasheim.
Hydro’s overall climate ambition to reduce CO2 emissions by 30 percent by 2030 remains on track. Hydro is committed to replace fuel oil with natural gas as energy source for the Alunorte refinery, which will contribute significantly to the climate reduction target. The next step will be to electrify coal boilers at Alunorte. Hydro has signed intentional agreements to develop solar and wind power projects to deliver renewable energy at attractive cost.
Strengthening position in low carbon aluminium
Toward 2025, Hydro will strengthen its position in low-carbon aluminium. Several of the global megatrends are supporting increased demand for aluminium. According to CRU, the demand for aluminium in the vehicle sector is expected to grow by 6.2 million tonnes by 2030 at a 5.2 percent annual growth rate. CRU expects the demand for aluminium can stock to grow by 3 million tonnes at 4.1 percent annual growth rate by 2030. Total semis demand is expected to grow by 32 million tonnes by 2030, at 3 percent annual growth rate, according to CRU.
Reduced cost and improved operational excellence within Hydro’s asset base remain a priority. Hydro has updated its original improvement program and will extend it by two years with a new improvement target of NOK 8.5 billion. The 2025 target includes the NOK 4.1 billion achieved in 2019 and 2020.
In addition, Hydro has set a commercial improvement ambition of NOK 2.0 billion coming from its current portfolio. These are market driven initiatives where Hydro will leverage its innovative solutions and customer collaboration. The commercial potential also comes from leveraging Hydro’s sustainable footprint to shape demand for Hydro’s greener product portfolio. Over the past year, Hydro has seen increased demand for low-carbon brand products Hydro CIRCAL and Hydro REDUXA, and greater demand is expected also in 2021.
Diversifying into strategic growth areas
The second pillar of the 2025 strategy diversifies and expands Hydro’s portfolio into new areas: recycling, renewables, and batteries. Growing into these areas positions Hydro to take advantage of growth from key megatrends such as sustainability, electrification and urbanization.
“We will grow in areas where our capabilities match the megatrends, first and foremost in recycling, renewable energy and batteries. Our capabilities and unique low-carbon position are enablers for growth in these areas. Our current recycling portfolio is a solid foundation for further growth, and Extruded Solutions is shaping demand through innovative solutions in combination with a strong and diversified asset base,” says Aasheim.
Hydro currently has a portfolio of 29 recyclers and an annual capacity of 2.6 million tonnes for recycled scrap. The 2025 ambition includes a doubling of Hydro’s current post-consumer scrap utilization, which could provide an EBITDA uplift of NOK 1 – 1.5 billion. A strategy has been established across the recycling value chain within Primary Metal, Rolled Products and Extruded Solutions.
In renewables, Hydro has created a new unit – Renewable Growth – which will leverage Hydro’s industrial footprint and energy competence to take positions in renewable energy projects, primarily in the Nordics and Brazil. Renewable Growth targets investments in more than 1 GW.
Hydro has also established a new Battery unit as part of Hydro Energy. Hydro has already undertaken several successful investments in the battery value chain in recent years. The strategy toward 2025 includes additional investment with battery partners in attractive areas of the value chain, resulting in pro-rata EBITDA potential of NOK 600 million to 700 million from the invested companies.
“Hydro remains committed to driving long-term value for our shareholders, and I am pleased with the cash generation over the past, challenging year. Looking forward, we have reconfirmed and stretched the roadmaps to satisfactory profitability for each of our business areas within the 2025 timeframe,” says CFO Pål Kildemo.
During the Covid-19 downturn, Hydro prioritized its balance sheet and protecting the investment grade credit rating. Once conditions stabilized, Hydro paid its 2019 dividend of NOK 1.25 per share, in line with Hydro’s dividend policy.
Stringent capital allocation remains a key financial focus, to support execution of the 2025 strategy. Hydro reduced CAPEX in 2020, in response to Covid-19 to NOK 7 billion, managing to reduce NOK 2.5 billion in expected spend. Expected CAPEX for 2021-2025 is NOK 9 – 9.5 billion, which is NOK 0.5 billion lower than the long-term estimate provided one year ago, despite large reductions in 2020. In addition, Hydro has a long-term sustaining CAPEX ambition of NOK 6 – 6.5 billion annually. Hydro will continue to ensure efficient levels of working capital, following the reduced levels of inventories over the latter years.
Hydro’s ambition to deliver at least 10% RoaCE over the cycle, with all business areas delivering RoaCE above their cost of capital, remains in place. The 2025 strategy develops a roadmap to profitability for each business area which facilitates reaching this target.
Al ettelijke keren gekocht en weer verkocht. Het was een manier om in NOK te blijven (dat op zichzelf wel geen succes).Droopymaes schreef: ↑11 dec 2020 19:13Dacht al dat je er aandelen van had. Af en toe een duimpje op een topic waar niemand anders iets post of naar kijkt .
Ik had vandaag een order staan op 40,83 om de helft buiten te smijten aan 100%. 40,73 was de DH.
Je wilt dan niet gaan omrekenen op hoeveel € dat order dan niet doorgegaan is
Begin maart 2017 nog aan 48 NOK kunnen verkopen. De reden om nu weer te verkopen was de koersval bij het Amerikaanse Alcoa.
Dat had je goed gezien. Mijn timing bleek achteraf wel goed (veel geluk natuurlijk). Juist jammer dat de verkoop gisteren niet doorgegaan is. Op LT denk ik wel dat je bij Hydro goed zit. Ze verleggen de focus naar nog meer groene productie en uiteraard ook naar meer groene materialen die ze nodig hebben in de automotive en overige industriën.
Met de nodige dips/correcties, zouden ze wel terug in de 60 range moeten kunnen geraken (niet op cijfers of iets dergelijks gebaseerd).
Ivm in NOK blijven: dat pakt bij mij goed uit momenteel: ik heb maar een stijging van ca 80% op de aandeelprijs, maar dankzij de waardering van de munt komt dit op 95% te staan. Ik denk ook dat de NOK een goede tegenpool is van de USD waardoor je het waardeverlies dat je bij de USD oploopt kan 'goedmaken' in NOK.
Veel succes nog in elk geval!
As part of the transaction, the companies have merged power production assets in the south-west region of Norway through the establishment of a new company, Lyse Kraft DA, which includes Hydro’s hydropower assets Røldal-Suldal Kraft (RSK) and the majority of Lyse’s power production portfolio.
The agreement is based on the framework set out in the Norwegian Waterfall Rights Act.
Lyse Kraft DA has a normal annual power production capacity of 9.5 TWh, of which Hydro owns 25.6 percent and Lyse 74.4 percent. As part of the agreement, Hydro remains operator of the RSK assets and is now in addition assuming operatorship for Lyse’s until now fully owned hydropower plants. Lyse will be responsible for market activities and water disposal.
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.
Date: Friday, 12 February 2021, 12/02/2021
Event title: Q4 Quarterly Report 2020
Event type: Financial Result
Date: Friday, 12 March 2021, 12/03/2021
Event title: Annual Report 2020
Event type: Financial Result
Date: Tuesday, 27 April 2021, 27/04/2021
Event title: Q1 Quarterly Report 2021
Event type: Financial Result
Date: Thursday, 06 May 2021, 06/05/2021
Event title: Annual General Meeting
Event type: Meetings
Date: Friday, 23 July 2021, 23/07/2021
Event title: Q2 Quarterly Report 2021
Event type: Financial Result
Date: Tuesday, 26 October 2021, 26/10/2021
Event title: Q3 Quarterly Report 2021
Event type: Financial Result