Third quarter 2011: Improved production performance, higher raw material costs

Thursday, 27. October 2011 07:03
Hydro had underlying earnings before financial items and tax (EBIT) of NOK
1,646 million in the third quarter, down from NOK 1,906 million in the second
quarter. The quarter was marked by higher production performance in Bauxite &
Alumina, while seasonal declines and higher raw material costs had a negative
impact on underlying results. Energy posted record third-quarter results.

* Underlying EBIT NOK 1,646 million
* Further improved bauxite and alumina production performance
* Raw material cost pressure
* Solid contribution from energy business
* Qatalum at full production
* Streamlining of portfolio through divestments
* Seasonal sales decline and softening market
* Increased macro uncertainty

"Our efforts to improve operational performance in Bauxite & Alumina are showing
solid results, with Paragominas and Alunorte reporting increased quarterly
production. We are strengthening our focus on the ongoing ambitious cost
improvement programs, however, raw material cost pressures in the aluminium
industry continue," said Hydro's President and CEO Svein Richard Brandtzæg.

"With current macro uncertainty, market visibility is low. We are keeping our
2011 outlook aluminium demand growth outside China of seven percent, but based
on signs of weakening markets towards the end of the year, growth may come in on
the low side," Brandtzæg said.

Underlying EBIT for Bauxite & Alumina increased compared to the second quarter
primarily due to improved production performance and better results for
commercial activities.

Underlying EBIT for Primary Metal declined compared to the second quarter due to
lower sales volumes and higher raw material costs, partly offset by higher
realized aluminium prices. Ramp-up of production at Qatalum, the 50/50 joint
venture between Qatar Petroleum and Hydro, was completed and the plant reached
full capacity contributing to increased production for the quarter.

"I am pleased to see the Qatalum plant reaching full production. Now running at
nameplate capacity, our focus is to optimize operations to capture its full
potential," Brandtzæg said.

Hydro's midstream operations delivered lower underlying results compared to the
previous quarter, which was influenced by significant positive ingot inventory
valuation and currency effects. Lower underlying results from remelt operations
impacts third quarter results negatively.

Underlying EBIT for Hydro's downstream business was weak, impacted by seasonal
declines and softer markets. The ongoing rationalization measures in Building
Systems have started to show effect, and the program will continue at full speed
in the coming quarters.

Energy continued to deliver solid underlying results, its best-ever third
quarter, due to high production throughout the quarter and relatively high
prices in July and August.

Hydro completed the divestment of its non-strategic ownership interest in the
Norwegian power production company SKS Produksjon AS. The divestment resulted in
a tax free gain of NOK 658 million in the third quarter. In addition Hydro
signed an agreement to divest its 35 percent stake in the Alpart alumina
refinery on Jamaica, with expected closing in the fourth quarter.

Operating cash flow amounted to NOK 3.4 billion for the quarter including a
decrease in net operating capital of NOK 0.8 billion. Cash provided from
divestments offset cash used in investment activities for the quarter. At the
end of the quarter Hydro's net debt position was NOK 0.1 billion.

Key financial
information
% change First
NOK million, Third Second % change Third prior First 9 9
except per quarter quarter prior quarter year months months Year
share data 2011 2011 quarter 2010 quarter 2011 2010 2010
--------------------------------------------------------------------------------


Revenue 23 829 24 728 (4) % 18 424 29 % 69 695 56 348 75 754



Earnings
before
financial
items and tax
(EBIT) 2 222 2 111 5 % 274 >100 % 10 189 2 417 3 184

Items
excluded from
underlying
EBIT (576) (206) >(100) % 690 >(100) % (5 189) 347 167
--------------------------------------------------------------------------------
Underlying
EBIT 1 646 1 906 (14) % 965 71 % 5 000 2 763 3 351
--------------------------------------------------------------------------------


Underlying
EBIT :

Bauxite &
Alumina 302 272 11 % 71 >100 % 729 521 633

Primary Metal 653 765 (15) % 318 >100 % 2 002 531 617

Metal Markets 93 244 (62) % 163 (43) % 480 259 321

Rolled
Products 124 232 (46) % 227 (45) % 588 759 864

Extruded
Products 40 96 (58) % 102 (61) % 241 420 444

Energy 506 363 40 % 169 >100 % 1 442 934 1 416

Other and
eliminations (73) (65) (13) % (85) 14 % (482) (661) (945)
--------------------------------------------------------------------------------
Underlying
EBIT 1 646 1 906 (14) % 965 71 % 5 000 2 763 3 351
--------------------------------------------------------------------------------


Underlying
EBITDA 2 985 3 229 (8) % 1 720 74 % 8 628 5 037 6 420
--------------------------------------------------------------------------------


Net income
(loss) 797 1 546 (48) % (63) >100 % 7 498 1 460 2 118
--------------------------------------------------------------------------------
Underlying
net income
(loss) 1 071 1 168 (8) % 545 96 % 3 071 1 476 1 852
--------------------------------------------------------------------------------


Earnings per
share 0.49 0.69 (29) % (0.07) >100 % 3.84 0.93 1.33
--------------------------------------------------------------------------------
Underlying
earnings per
share 0.50 0.52 (4) % 0.33 53 % 1.47 0.94 1.14
--------------------------------------------------------------------------------


Financial
data:
--------------------------------------------------------------------------------
Investments 1 125 1 085 4 % 1 591 (29) % 43 836 4 618 6 231

Adjusted net
interest- (18 (8 (6
bearing debt (18 389) (20 777) 11 % (8 280) >(100) % 389) 280) 427)
--------------------------------------------------------------------------------


Key
Operational
information


--------------------------------------------------------------------------------
Alumina
production
(kmt) 1 553 1 448 7 % 491 >100 % 3 774 1 483 1 976

Primary
aluminium
production
(kmt) 522 505 3 % 355 47 % 1 443 1 055 1 415

Realized
aluminium
price LME                    2    2
(USD/mt)    2 592 2 509 3 %  2 179 19 % 494 125 2 113

Realized
aluminium
price LME
(NOK/mt)  14 225 13 803 3 % 13 503 5 % 13 906 12 753 12 674

Realized
NOK/USD
exchange rate 5.49 5.50 - 6.20 (11) % 5.58 6.00 6.00

Metal Markets
sales volumes
to external                              1
market (kmt) 527    533 (1) %    429 23 % 1 527 300 1 717

Rolled
Products
sales volumes
to external
market (kmt) 228 242 (6) % 239 (5) % 714 712 945

Extruded
Products
sales volumes
to external
market (kmt) 137 142 (4) % 134 2 % 415 402 529

Power
production
(GWh) 2 737 1 830 50 % 1 479 85 % 6 875 5 881 8 144
--------------------------------------------------------------------------------

Pro forma underlying financial and operating results
There are no differences between Hydro's actual and proforma underlying
financial and operating results for the third and second quarter comparative
periods in 2011. Please see the Profoma information section later in this report
for a discussion on developments compared to earlier periods.

Key financial % change
information Third Second % change Third prior First 9 First 9
quarter quarter prior quarter year months months Year
NOK million 2011 2011 quarter 2010 quarter 2011 2010 2010
--------------------------------------------------------------------------------


Revenue 23 829 24 728 (4) % 21 133 13 % 71 372 64 682 87 272



Earnings
before
financial
items and tax
(EBIT) 2 222 2 111 5 % 289 >100 % 5 937 2 735 3 696

Items excluded
from
underlying
EBIT (576) (206)   941   (847) 561 445
--------------------------------------------------------------------------------
Underlying
EBIT 1 646 1 906 (14) % 1 230 34 % 5 090 3 296 4 141
--------------------------------------------------------------------------------


Underlying
EBITDA 2 985 3 229 (8) % 2 555 17 % 9 094 7 237 9 450
--------------------------------------------------------------------------------


Net income
(loss)
attributable
to Hydro
shareholders 997 1 405 (29) % 157 >100 % 3 183 1 475 2 220
--------------------------------------------------------------------------------


Key
operational
information


--------------------------------------------------------------------------------
Alumina
production
(kmt) 1 553 1 448 7 % 1 442 8 % 4 337 4 357 5 805

Primary
aluminium
production
(kmt) 522 505 3 % 469 11 % 1 518 1 391 1 867
--------------------------------------------------------------------------------

About Hydro's reporting
Underlying EBIT
To provide a better understanding of Hydro's underlying performance, the
following discussion of operating performance excludes certain items from EBIT
(earnings before financial items and tax) and net income. See "Items excluded
from underlying EBIT and net income" later in this report for more information
on these items.

Acquisition of Vale's aluminium business
On February 28, 2011 Hydro completed the take-over of the majority of Vale's
aluminium business in Brazil. Effective from the first quarter of 2011, we are
including a new operating segment, Bauxite & Alumina, in our reporting structure
in addition to our other five operating segments. In addition to the assets
acquired from Vale, Hydro's bauxite and alumina activities previously included
in the Primary Metal segment have been transferred to the new Bauxite & Alumina
segment and prior periods have been restated. Primary Metal includes the Albras
aluminium plant in addition to Hydro's pre-transaction primary aluminium
production activities. Effective from the first quarter of 2011, elimination of
internal gains and losses on alumina previously included in the Primary Metal
segment is included in Other and Eliminations, and prior periods have been
restated.

The following discussion on reported and underlying operating results includes
the acquired bauxite and alumina activities from Vale from March 1, 2011.
Amounts relating to previous periods have not been restated to reflect the
reported and underlying results of the acquired assets.

Pro forma information related to acquisition of Vale's aluminium business
To provide a presentation of Hydro's performance on comparable basis, certain
pro forma financial and operating information is also presented in this report
based on including the results of the acquired Vale assets for the full calendar
quarter and for all previous periods presented in this report. See "Second
quarter report 2011" for more information on the acquisition and the pro forma
information included in our second quarter report.

Reported EBIT and net income
Reported EBIT for Hydro amounted to NOK 2,222 million in the third quarter
including net unrealized derivative gains of NOK 6 million, negative metal
effects of NOK 77 million, rationalization and closure costs of NOK 28 million
and gains on divestments of NOK 674 million.

In the previous quarter, reported EBIT for Hydro amounted to NOK 2,111 million
including net unrealized derivative gains of NOK 266 million, positive metal
effects of NOK 28 million and other net negative effects of NOK 87 million
comprised of rationalization and closure costs, impairment charges and gains on
divestments.

Net income for the third quarter amounted to NOK 797 million including net
foreign exchange losses of NOK 1,248 million.
In the second quarter net income amounted to NOK 1,546 million including net
foreign exchange gains of NOK 334 million.

Market developments and outlook

Bauxite and alumina
Global demand for alumina outside China was slightly higher in the third quarter
compared to the second quarter mainly due to the ramp-up of new production
capacity. Annualized alumina production outside China amounted to about 54
million mt.

Alumina demand and production in China continued to increase in the third
quarter compared to the previous quarter, mainly due to commissioning of new
primary aluminium production and alumina projects.

Platts alumina spot prices have been trading around USD 370 per mt during the
quarter, representing a range of roughly 15.3-15.8 percent of LME.(1))

1) Due to existing sales contracts, Hydro has limited volumes available for sale
for the next few years. As a result, short-term alumina market developments have
limited influence on Hydro's earnings for this period.

Primary aluminium
LME prices fell in the third quarter compared to the second quarter. Prices
started the quarter at a level around USD 2,500 per mt and ended around USD
2,200 per mt. Prices measured in NOK and EUR have declined to a lesser extent
due to a strengthening of the USD during the quarter.

Demand for primary aluminium in the world outside China declined during the
third quarter compared to the second quarter, amounting to an annualized
consumption of 25.7 million mt. Supply of primary aluminium has continued to
increase as new projects come on stream. Annualized production amounted to 26.5
million mt in the third quarter. Although market sentiment has weakened during
the quarter due to growing economic uncertainty, we continue to foresee an
overall market growth of about 7 percent in 2011.

Consumption of primary aluminium in China decreased slightly in the third
quarter following a historically high level in the previous quarter. Annualized
consumption in the third quarter amounted to 19.7 million mt. The primary
aluminium market in China is expected to be largely balanced for 2011.

LME stocks increased slightly from 4.5 million mt in the second quarter to 4.6
million mt in the third quarter. A large portion of the metal in warehouses
continue to be owned by several large financial investors.

Demand for metal products (extrusion ingot, sheet ingot, primary foundry alloys
and wire rod) in Europe weakened compared to the previous quarter. Germany and
the Benelux countries are performing better than most countries in Southern
Europe but the overall market sentiment has deteriorated as a result of the
weaker macroeconomic outlook.

Rolled products
European demand for rolled products decreased in the third quarter of 2011
compared to the previous quarter due to seasonality in general and destocking by
distributors in the general engineering market segment in particular.

Demand for rolled products within the automotive segment remained healthy in the
third quarter, benefiting from high car exports to China. Overall consumption
within the building and construction segment was slightly below the volumes seen
in the second quarter. Low demand in the southern part of Europe and the UK was
mostly compensated by sound demand in Germany and the Benelux countries.
Consumption in the beverage can segment was firm compared to the second quarter
of 2011. The European market for thin gauge foil softened mainly due to
seasonality and high inventory levels. Chinese imports continued at high levels
overall and within the general engineering segment in particular.

Consumption for rolled products is expected to be impacted by further destocking
mainly within the general engineering market segment, and seasonal declines in
general during the fourth quarter. Demand within the automotive segment is
forecasted to decline due to declining demand for cars in Europe. However,
demand for premium cars in China is expected to remain on a high level.
Consumption of thin gauge foil is expected to remain stable at a low level.

Extruded products
European demand for extruded aluminium products declined seasonally in the third
quarter of 2011, but was higher than the same quarter of 2010. Demand remained
weak within the building and construction sector, and in Southern Europe in
particular. Demand within the engineering and transport segments remained strong
in most European markets. Margins continued to be under pressure in Europe.

Demand for extruded products in North America was slightly lower on a seasonal
basis compared with the second quarter of 2011, and was also somewhat lower than
the third quarter of 2010 despite high demand in the transport and automotive
segments. Imports into the US have fallen significantly compared to the third
quarter of 2010 as a result of duties on Chinese products. Demand in South
America continued on a level similar to the same quarter of last year. As a
result, margins are under pressure due to increased production capacity in a
market experiencing lower growth than anticipated.

Demand in the precision tubing segment continued to be strong for the season,
driven by demand for premium cars, but growth is slowing down.

Further seasonal declines are expected in the European and US extrusion markets
in the fourth quarter. Currently we see no recovery in the building and
construction segment in Southern Europe and we expect continued low demand for
building systems in this region. Automotive production in Europe is expected to
decline in the fourth quarter due to reduced demand for cars in Europe. However,
the market for premium cars in China is expected to remain firm. Demand is
expected to remain stable in North America supported by transport and automotive
segments. The market outlook for South America remains positive.

Energy
Nordic electricity spot prices were volatile throughout the third quarter. Spot
prices were relatively high in July and August, while in September, prices
declined to low levels due to high precipitation.

Water reservoir levels in Norway increased to 86 percent of capacity at the end
of the third quarter. This is around normal level and 18 percentage points above
the corresponding period of the prior year.

As consumption increases towards the winter season, Nordic spot prices are
expected to gradually increase.

Additional factors impacting Hydro
Hydro has sold forward around 85 percent of its expected primary aluminium
production for the fourth quarter at a price level of around USD 2,475 per mt.
This excludes expected volumes from Qatalum. Hydro has also hedged the majority
of the net aluminium price exposure in the business acquired from Vale until the
end of 2011. For the final quarter of 2011 the hedged volumes for Bauxite &
Alumina amount to about 90,000 mt of aluminium, priced at about USD 2,400 per
mt.

Hydro's water reservoirs increased to a level well above normal in the third
quarter and significantly higher than the corresponding period in 2010. As a
result, production is expected to remain high through the forth quarter 2011.

During the third quarter Hydro signed an agreement to divest its share of the
Alpart alumina refinery in Jamaica. The transaction is expected to be completed
in the fourth quarter with a gain of about NOK 400 million.

Bauxite & Alumina
Underlying EBIT for Bauxite & Alumina increased compared to the second quarter
primarily due to improved production performance and better results for our
commercial activities.

Primary Metal
Underlying EBIT for Primary Metal declined compared to the second quarter due to
lower sales volumes and higher raw material costs. Higher realized aluminium
prices partly offset the negative developments. Please also see the section on
Pro forma information - Primary Metal later in this report.

Higher realized aluminium prices partly offset by lower premiums had a net
positive effect on underlying results amounting to about NOK 150 million for the
quarter. Volume declines had a negative effect of about NOK 90 million. Higher
raw material costs relating to alumina and coke in particular, had a negative
impact of roughly NOK 150 million. Our USD 300 per mt cost improvement program
targeted to reach USD 175 per mt by the end of 2011 continued according to plan.

Production volumes increased compared to the second quarter mainly due to
additional volumes from Qatalum which reached full production capacity on
September 21.

Underlying results for Qatalum improved, mainly due to the higher production
volumes.

Metal Markets
Underlying EBIT for Metal Markets decreased compared to the previous quarter
which was influenced by significant positive ingot inventory valuation and
currency effects. Excluding currency and ingot inventory valuation effects,
underlying EBIT declined for the quarter mainly due to seasonally lower volumes
for remelt operations, together with lower margins. Underlying results from
sourcing and trading activities were also somewhat lower.

Total metal product sales excluding ingot trading exhibited an expected seasonal
decline due to the summer holidays but was also influenced by weaker demand.

Rolled Products
Underlying EBIT for Rolled Products was significantly lower compared to the
second quarter mainly due to seasonally lower sales volumes and softening
demand. Lower margins also contributed to the decline partly offset by lower
personnel and other operating costs.

Volume declines for general engineering and thin gauge foil were mainly driven
by customer destocking activities. Automotive shipments were seasonally lower.
Can beverage volumes increased, supported by firm demand.

Extruded Products
Underlying EBIT for Extruded Products decreased significantly in the third
quarter compared with the previous quarter due to seasonally lower sales volumes
and lower margins partly offset by lower fixed costs.

Lower volumes and margins resulted in further weakening of the results for our
building systems operations. Rationalization measures have started to have a
positive impact however, and fixed costs declined during the quarter. Additional
rationalization measures have been implemented in the third quarter and will be
further expanded in the fourth quarter.

Underlying EBIT for our extrusion operations and precision tubing business
declined mainly due to seasonally lower volumes and lower margins.

Energy
Energy delivered solid underlying results due to high production throughout the
quarter and relatively high prices in July and August. Production levels were
influenced by high precipitation during the quarter.

Other and eliminations
Eliminations comprises mainly unrealized gains and losses on inventories
purchased from group companies which fluctuates with product flows, volumes and
margin developments throughout Hydro's value chain.

Items excluded from underlying EBIT and net income
To provide a better understanding of Hydro's underlying performance, the items
in the table below have been excluded from EBIT and net income.

Items excluded from underlying EBIT are comprised mainly of unrealized gains and
losses on certain derivatives, impairment and rationalization charges, effects
of disposals of businesses and operating assets, as well as other items that are
of a special nature or are not expected to be incurred on an ongoing basis.

Items excluded from underlying net
income( ) Third Second Third First 9 First 9
quarter quarter quarter months months Year
NOK million 2011 2011 2010 2011 2010 2010
--------------------------------------------------------------------------------


Unrealized derivative effects on
LME related contracts( ) 50 (35) 515 94 651 489

Derivative effects on LME related
contracts (Vale Aluminium) (32) (89) 99 (79) (221) (166)

Unrealized derivative effects on
power contracts (25) (162) (25) (227) 458 609

Unrealized derivative effects on
currency contracts( ) - - (65) (1) (30) (50)

Unrealized derivative effects on
raw material contracts 1 20 - 37 - (156)

Metal effect, Rolled Products( ) 77 (28) 52 (127) (468) (560)

Significant rationalization
charges and closure costs 28 75 - 104 (1) 130

Impairment charges (PP&E and
equity accounted investments)( ) - 56 114 56 175 187

Pension( ) - - - - (151) (151)

Insurance compensation( ) - - - - - (91)

(Gains)/losses on divestments( ) (674) (44) - (718) (67) (74)

Transaction related effects (Vale
Aluminium) - - - (4 328) - -
--------------------------------------------------------------------------------
Items excluded from underlying
EBIT (576) (206) 690 (5 189) 347 167
--------------------------------------------------------------------------------
Net foreign exchange (gain)/loss(
) 1 248 (334) 246 944 (281) (513)

Calculated income tax effect( ) (399) 162 (328) (181) (49) 80
--------------------------------------------------------------------------------
Items excluded from underlying net
income 273 (378) 608 (4 427) 16 (266)
--------------------------------------------------------------------------------

Finance
Net financial income (expense) amounted to negative NOK 1,363 million in the
third quarter compared with positive NOK 194 million in the previous quarter.

Net currency losses of NOK 1,248 million in the third quarter mainly related to
losses on debt denominated in USD. Of the total, approximately NOK 330 million
related to intercompany balances.

Tax
Income tax expense amounted to a charge of NOK 62 million in the third quarter
compared to a charge of NOK 759 million in the previous quarter and a charge of
NOK 119 million in the third quarter of 2010.

For the first nine month of 2011 income tax expense was 16 percent of pre-tax
income. The low tax rate results from a tax-free gain on the sale of the
shareholding in SKS Produksjon AS in the third quarter and the tax-free gain
from the revaluation of Hydro's previous ownership interests in Alunorte and the
CAP joint-venture recognized in the first quarter.

Pro forma information

Third quarter Second quarter Third quarter
  2011 2011 2010 Year 2010

Underlying EBIT
and EBITDA Underlying Underlying Underlying Underlying

per business
area EBIT EBITDA EBIT EBITDA EBIT EBITDA EBIT EBITDA
--------------------------------------------------------------------------------


Bauxite &
Alumina 302 775 272 756 348 813 1 225 3 061

Primary Metal 653 1 206 765 1 313 306 850 816 3 006

Metal Markets 93 118 244 269 163 189 321 428

Rolled Products 124 235 232 339 227 338 864 1 318

Extruded
Products 40 165 96 222 102 236 444 987

Energy 506 543 363 392 169 201 1 416 1 540

Other and
eliminations (73) (57) (65) (62) (85) (72) (945) (889)
--------------------------------------------------------------------------------
Underlying EBIT
/ EBITDA 1 646 2 985 1 906 3 229 1 230 2 555 4 141 9 450
--------------------------------------------------------------------------------

Bauxite & Alumina
Underlying EBIT for Bauxite & Alumina increased compared to the second quarter
primarily due to improved production performance and better results for our
commercial activities.

Both alumina and bauxite production increased compared to the second quarter due
to improved operational stability. Operating costs at the Paragominas mine
improved somewhat as a result of the higher production volumes while operating
costs at Alunorte increased somewhat driven by higher raw material prices.

Realized alumina prices declined slightly having a negative impact on underlying
EBIT for the quarter. Caustic and bauxite costs increased somewhat compared to
the second quarter.

Underlying results from our Commercial operations improved compared to second
quarter, mainly as a result of good margins on our contract portfolio.

Primary Metal
Underlying EBIT for Primary Metal declined compared to the second quarter due to
lower sales volumes and higher raw material costs. Higher realized aluminium
prices partly offset the negative developments.

Investor contact
Contact     Rikard Lindqvist
Cellular    +47 41751199
E-mail      Rikard.Lindqvist@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.



Q3 Report:
http://hugin.info/106/R/1558311/481353.pdf

Q3 Presentation:
http://hugin.info/106/R/1558311/481354.pdf




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Source: Norsk Hydro via Thomson Reuters ONE

[HUG#1558311]
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