Investor Presentaiton
Hydro Aluminium Metal
Results slightly up from power sales and positive
currency effects, partly offset by lower all-in-metal
prices, lower volume and higher costs
Key figures
Primary aluminium production, kmt
522
All-in implied primary cost and margin
USD/mt1,4)
575
1075
950
2 25010)
2 175
2 3509,10)
1 650
1 600
1 550
Q4 2022
Q4 2021
Q3 2022
Q4 22
Q4 21
Q3 22
571
543
2 823
3 240
3 298
All-in6)
Total sales, kmt
542
572
533
2 246
2 675
2 497
LME
Realized LME price, USD/mt¹)
2 246
2 675
2 497
67%
70%
69%
% value add products7)
Realized LME price, NOK/mt¹)
22 813
23 087
24 706
Implied all-in primary cost, per mt 2)
Implied LME cost, per mt 5)
All-in EBITDA margin per mt
Realized premium, USD/mt
577
565
801
Implied all-in primary cost, USD/mt 2)
2 250
2 175
2 350
Adjusted EBITDA, NOK million
4 756
4 676
6 463
Results Q4 22 vs Q4 21
Adjusted EBITDA including Qatalum 50% pro rata (NOK
5 256
5 264
7 016
million)
•
Positive power sales
Adjusted EBIT, NOK million
Adjusted RoaCE, % LTM³)
4 097
4 111
5,837
35.4%
28.3%
37.8%
•
Adjusted EBITDA
NOK million
6 977
6 463
4 263
4 676
4 765
4 756
1 754 2 807
13 500
2021
1) Includes pricing effects from LME strategic hedge program
22 963
2022
2) Realized all-in aluminium price minus Adjusted EBITDA margin, including Qatalum, per mt aluminium sold
3) Adjusted RoaCE calculated as Adjusted EBIT last 4 quarters less 25% tax / Average capital employed last 4 quarters
4) Implied primary costs and margin rounded to nearest USD 25
5) Realized LME aluminium price less Adjusted EBITDA margin, incl Qatalum, per mt primary aluminium produced
•
Positive currency effects
Lower all-in-metal prices and volumes
Higher raw material and fixed costs
Outlook Q1 23 vs Q4 22
•
•
~75% of primary production for Q1 2023 priced at USD 2 239 per mt 8)
~40% of premiums affecting Q1 2023 booked at USD -643 per mt 8)
•
Q1 realized premium expected in the range of USD 475-525 per ton
Lower result on power sales and higher indirect CO2 compensation
Continued lower production volume from curtailments
Lower fixed cost
Realized LME plus realized premiums, including Qatalum
6)
7)
% of volumes extrusion ingot, foundry alloy, sheet ingot, wire rod of total sales volumes
8)
9)
Bookings, also including pricing effects from LME strategic hedging program as per 31.12.2022
Excluding Indirect CO2 compensation catch-up effect (NOK ~1.4 billion)
15
10) Excluding power sales Slovalco and Norwegian smeltersView entire presentation