Investor Presentaiton
Operational data
Hydro
Hydro Bauxite & Alumina
Q1 2020
Q2 2020
Q3 2020
Q4 2020
Q1 2021
Q2 2021
Q3 2021
Q4 2021
Q1 2022
Q2 2022
Q3 2022
Q4 2022 Year 2020 Year 2021 Year 2022
Alumina production (kmt)
1 531
1 442
1 074
1 410
1 540
1 586
1 579
Sourced alumina (kmt)
664
667
940
783
698
737
806
1 600
765
1 519
1 536
741
758
1 579
764
1 559
5 457
6 305
593
3 053
3.006
6 193
2 856
Total alumina sales (kmt)
2 140
2 243
1 990
2 122
2 269
2 349
2 355
2 655
2 251
2 305
2 344
2 220
8 495
9 628
9 121
Realized alumina price (USD) 1)
278
261
260
272
287
310
284
393
391
430
364
342
268
313
382
Implied alumina cost (USD) 2)
226
192
228
241
235
244
233
310
327
378
337
337
221
254
345
Bauxite production (kmt) 3)
2 585
2 332
1 167
2 556
2 813
2 660
2 756
2 696
2 638
2 736
2 814
2 824
8 640
10 926
11 012
Sourced bauxite (kmt) 4)
1 514
1 315
2 051
1 351
1 103
1 676
1 472
1 427
Adjusted EBITDA margin 11)
18.3%
25.1%
10.8%
10.7%
16.6%
14.3%
15.1%
27.8%
856
16.1%
1 674
1 220
1 861
6 231
5 677
5611
11.9%
7.3%
1.3%
16.6%
19.3%
9.2%
Hydro Aluminium Metal 5)
Realized aluminium price LME, USD/mt
Realized aluminium price LME, NOK/mt7)
Realized premium above LME, USD/mt6)
Realized premium above LME, NOK/mt6)7)
Q1 2020
Q2 2020
Q3 2020
Q4 2020
Q1 2021
Q2 2021
Q3 2021
Q4 2021
Q1 2022
Q2 2022
Q3 2022
Q4 2022 Year 2020 Year 2021 Year 2022
1 758
1 579
16 658
15 689
1 596
14 712
1 792
16 364
1 994
17 008
2 210
18 528
2 419
20 910
2 675
23 087
2 662
23 542
3 031
28 461
2 497
24 706
2 246
22 813
1 685
15 870
2 317
19 819
2 599
24 739
234
212
211
224
264
332
449
565
786
870
801
577
220
400
756
2 212
2 106
1 946
2 042
2 253
2 780
3 878
4 873
6 954
8 167
7 920
5 857
2 077
3 420
7 197
Realized NOK/USD exchange rate 7)
9.47
9.93
9.22
9.13
8.53
8.38
8.64
8.63
8.84
9.39
9.89
10.16
9.42
8.55
9.52
Implied primary cost (USD) 8)
1 450
1 400
1 450
1 425
1 500
1 525
1 450
1 600
1 550
1 500
1 550
1 650
1 425
1 500
1 550
Implied all-in primary cost (USD) 9)
1 700
1 600
1 650
1 650
1 825
1.900
1 925
2 175
2 450
2 500
2 350
2 250
1 650
1 950
2 375
Hydro Aluminium Metal production, kmt
528
509
522
532
539
561
573
571
540
532
543
522
2 091
2 244
2 137
Casthouse production, kmt
504
478
508
523
534
553
560
568
555
542
547
522
2013
2 214
2 166
Total sales, kmt10)
577
510
548
547
599
594
583
572
600
581
533
542
2 182
2 347
2 256
Adjusted EBITDA margin 11)
12.3%
7.2%
4.9%
16.4%
19.6%
29.6%
42.8%
33.0%
43.0%
28.4%
38.8%
36.2%
10.4%
31.7%
35.1%
1) Weighted average of own production and third party contracts, excluding hedge results. The majority of the alumina is sold linked to
either the LME prices or alumina index with a one month delay. Sourced alumina volumes have been re-calculated, with Q1 2018
being adjusted accordingly
2) Implied alumina cost (based on EBITDA and sales volume) replaces previous apparent alumina cash cost
3) Paragominas production, on wet basis
4) 40 percent MRN offtake from Vale and 5 percent Hydro share on wet basis
5) Operating and financial information includes Hydro's proportionate share of production and sales volumes in equity accounted
investments. Realized prices, premiums and exchange rates exclude equity accounted investments
6) Average realized premium above LME for casthouse sales from Hydro Aluminium Metal
7) Including strategic hedges /hedge accounting applied
8) Realized LME price minus Adjusted EBITDA margin (incl. Qatalum) per mt primary aluminium produced. Includes net earnings
from primary casthouses
9) Realized all-in price minus Adjusted EBITDA margin (incl. Qatalum) per mt primary aluminium sold. Includes net earnings from
primary casthouses
10) Total sales replaces previous casthouse sales due to change of definition
11) Adjusted EBITDA divided by total revenues
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