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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 smelters
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