Investor Presentaiton
Metal Markets
Results down on lower results from sourcing and
trading activities, negative currency and inventory
effects, partly offset by higher recycling results
Key figures
Recycling production, kmt
Metal products sales, kmt 1)
Q4 2022
Q4 2021
Q3 2022
115
144
124
614
681
635
Adjusted EBITDA Recycling (NOK million)
342
290
401
Adjusted EBITDA Commercial (NOK million)
(434)
(6)
133
Adjusted EBITDA Metal Markets (NOK million)
(91)
284
534
Adjusted EBITDA excl. currency and inventory valuation
effects
160
315
398
Adjusted EBIT (NOK million)
(134)
245
494
Adjusted RoaCE, % LTM²)
31.0%
23.9%
43.8%
Adjusted EBITDA
NOK million
705
525
534
78
335
284
170
867
2021
1 673
2022
-91
1) Includes external and internal sales from primary casthouse operations, remelters and third-party metal sources
2) Adjusted RoaCE calculated as Adjusted EBIT last 4 quarters less 25% tax / Average capital employed last 4 quarters
Results Q4 22 vs Q4 21
Lower results from sourcing and trading activities
Negative currency and inventory effects
Higher recycling results
Negative inventory impairment of ~100 MNOK
Outlook Q1 23 vs Q4 22
Volatile trading and currency effects
Lower recycling margins
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