Investor Presentaiton
Net debt decrease driven by sale of shares in Alunorte
Negative FCF due to taxes and investments offsetting EBITDA contribution and NOC release
NOK billion
Free cash flow
NOK (1.5) billion
Hydro
(13.8)
3.7
2.7
(3.1)
8.4 BNOK in proceeds from sale
of shares in Alunorte to Glencore
(4.8)
(0.9)
8.0
(8.2)
(1.6)
(0.9)
(7.3)
(9.8)
(18.0)
Hedging collateral and other
Pension assets/(liabilities)
Other assets/(liabilities)
Net cash (debt)
Adj. EBITDA
Change in NOC
Q3-23
Other operating Investments (net) Shareholder
cash flow
distributions
Other
Net cash (debt)
Q4-23
Adjustments
Free cash flow: Excludes hedging collateral (LT/ST restricted cash) and net purchases of money market funds
Collateral: Includes collateral for short-term and long-term liabilities, mainly related to strategic hedges and the operational hedging activity
Adj. net cash
(debt) Q4-23
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