Investor Presentaiton
Freeing up cash for
strategic investments
Working capital development
•
•
NOK 2.6 billion cash effective NOC release in Q4
NOK 1.7 billion in expected receivables delayed into Q1-23
•
•
•
Inventory levels coming down, despite market headwinds
Decline in trade receivables and payables due to lower activity
Received CO2 compensation payment contributed positively
Expect around NOK 4 billion in NOC release in 2023
•
Down from CMD guiding on higher prices
Capex 2022 and 2023E
• The full year 2022 capex came in at NOK 11.5 billion including
Hydro Rein
⚫. The capex estimate for 2023 is NOK 13.6 billion, roughly in line
with guidance at Capital Markets Day.
NOK 100 million is carried over from 2022
1)
M&A transactions, including Hueck and Alumetal, pending competition clearance, and Havrand capex comes in
addition
NOC release Q4
2.6
Build (-) release (+) Q4-22
NOK billion
0.4
0.3
1.9
Inventory
Trade receivables
Other
/ payables
Cash effective
NOC release
Capex overview
NOK billion
~1.2
REIN
10,3
1,5
2,1
~2.5
REIN
13,6
0,5
2,0
3,0
Batteries
Recycling
8,1
6,7
Return-seeking
Sustaining
2022 actuals
2023E 1)View entire presentation