Annual reporting 2013: Lifting the bar

Titled "Lifting the bar", Hydro has now published an extensive package of annual reporting 2013 information on the company's website.

March 14, 2014

"Despite challenging market conditions since the financial crisis of 2008/09, aluminium demand has continued to grow and by 2013 had risen above pre-crisis levels. The future is energy-efficient and will need more aluminium. But, aluminium markets are still characterized by historical overproduction, so we will keep up the cost focus in all parts of Hydro and continue the good work performed by the business areas and staffs, characterized by determination, foresight and cooperation, enabling Hydro to move forward with better operational capabilities than ever," President and CEO Svein Richard Brandtzæg writes in his letter to shareholders.

"Since 2009 we have managed to reduce the cost of producing one tonne of aluminium by 300 US dollars in our fully-owned primary aluminium plants. Continuous improvement is an infinite process and the drive to optimize is a Hydro talent. In addition to the USD300-program we have re-confirmed the overall improvement targets of Bauxite & Alumina's 'From B to A'-program and we've realized significant savings through the 'Climb' program in Rolled Products. Primary Metal has also launched a USD 180-program for Hydro's part-owned smelters in close cooperation with our partners," Brandtzæg says.

The report meeting the Norwegian statutory requirements for annual reporting is "Financial Statements and Board of Directors' Report - 2013." This report is available in Norwegian and English.

In addition, a more extensive report is available, "Annual Report – 2013," with detailed information about Hydro's businesses, operational performance, financial performance, viability performance, corporate governance and financial statements. The report is available in English.

At www.hydro.com/reporting2013 the full content of the two reports is presented with supplementary information. All parts of the reports can be downloaded from this web site and printed in PDF format on demand.

Hydro's main reporting on viability performance is included in the "Annual Report - 2013" with additional details on www.hydro.com/reporting2013.

Shareholders and stakeholders may request a printed copy of any of Hydro's 2013 reports free of charge.


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.


Updated: October 11, 2016