Investor Presentaiton
From net debt in third quarter to net cash in fourth quarter
Continued strong earnings and release of NOC contributed a net cash position before adjustments in Q4
Hydro
NOK billion
(3.1)
7.2
2.6
Free cash flow
NOK 5.8 billion
0.2
(4.2)
(0.6)
(0.7)
1.3
Hedging collateral and other
Pension assets/(liabilities)
Other assets/(liabilities)
(2.6)
(0.3)
(4.5)
(7.3)
(6.0)
Net cash
(debt) Q3-22
adj. EBITDA
Change in NOC
Other operating Investments (net)
cash flow
Shareholder
distributions
Other
Net cash
Adjustments
Adj. net cash
(debt) Q4-22
(debt) Q4-22
Free cash flow: Excludes hedging collateral (LT/ST restricted cash) and net purchases of money market funds
NOC: BAS: Change in book value excl currency translation. "Other": Account differences (e.g., ST income tax receivables, long-term VAT accounts), agio & portfolio effects
Investments: BAs: Investments adjusted for lease and ARO. "Other": Changes in prepayments/payables, reversal of capitalized interest, divestments
Other: "Other": Unrealized gains (losses) on STI, lease additions
Collateral: Includes collateral for short-term and long-term liabilities, mainly related to strategic hedges and the operational hedging activity
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