Investor Presentaiton
Operating segment information
Return on average capital employed 1) (RoaCE)
Hydro
Reported RoaCE
Adjusted RoaCE
2022
2021
2020
2019
2018
2017
2016
2022
2021
2020
2019
2018
2017
2016
Hydro Bauxite & Alumina
1.3%
11.9%
5.4%
1.9%
4.6%
8.5%
2.7%
1.8%
12.0%
5.9%
2.5%
6.0%
8.5%
2.8%
Hydro Aluminium Metal
35.1%
21.6%
1.9%
(3.9%)
5.6%
11.8%
5.2%
35.4%
28.3%
2.9%
(2.6%)
4.7%
12.6%
5.2%
Hydro Metal Markets
33.2%
24.0%
22.8%
20.7%
25.1%
18.6%
19.6%
31.0%
23.9%
21.6%
27.3%
19.4%
20.9%
15.9%
Hydro Extrusions
2)
10.5%
9.4%
1.3%
3.8%
5.3%
13.4%
11.4%
10.3%
6.2%
5.7%
7.2%
6.6%
Hydro Energy
3)
28.8%
26.5%
249.5%
13.4%
18.8%
17.5%
18.1%
29.5%
25.4%
8.7%
12.9%
18.8%
17.5%
18.1%
Hydro Group
21.9%
16.3%
5.4%
(0.9%)
6.0%
11.2%
6.5%
22.2%
18.6%
3.7%
1.3%
6.6%
9.6%
5.1%
Capital employed - upstream focus
NOK million
Hydro Bauxite & Alumina
Hydro Aluminium Metal
Hydro Metal Markets
Hydro Extrusions
Hydro Energy
Other and Eliminations
Total
Dec 31, 2022
26 013
43 903
4 308
25 831
Extrusions 23%
10 339
(3 906)
106 488
Metal Markets 4%
Energy 9%
Bauxite & Alumina
24%
Graph excludes BNOK (3.9) in capital employed in Other and Eliminations
1) RoaCE at business area level is calculated using 25% tax rate (30% tax rate applied for years prior to 2017). For Hydro Energy, 40% tax rate is used for 2022 and 2021, 80% for 2020 and 2019, 70% for
2018, 65% for 2017 and 60% for 2016
2) Hydro Extrusions reflected as 50% equity accounted investment Q1-Q3 2017 and fully consolidated from Q4 2017
3) Hydro Energy reported RoaCE for 2020 higher than previous years due to the Lyse transaction
Aluminium Metal
40%
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