Norsk Hydro annual reporting 2013: Lifting the bar
"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 BrandtzÃ¦g
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," BrandtzÃ¦g 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/reporting2013Â 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 at www.hydro.com/reporting2013Â free of charge.
Contact PÃ¥l Kildemo
Cellular +47 97096711
Contact Halvor Molland
Cellular +47 92979797
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.
Financial Statements and Board of Directors Report 2013:
Annual Report 2013:
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Norsk Hydro via GlobeNewswire