Investor Presentaiton
Operating segment information
Return on average capital employed 1) (RoaCE)
Hydro
Reported RoaCE
Adjusted RoaCE
2023
2022
2021
2020
2019
2018
2017
2023
2022
2021
2020
2019
2018
2017
Hydro Bauxite & Alumina
(12.7%)
1.3%
11.9%
5.4%
1.9%
4.6%
8.5%
(2.5%)
1.8%
12.0%
5.9%
2.5%
6.0%
8.5%
Hydro Energy 2)
10.4%
28.8%
26.5%
249.5%
13.4%
18.8%
17.5%
13.0%
29.5%
25.4%
8.7%
12.9%
18.8%
17.5%
Hydro Aluminium Metal
16.0%
35.1%
21.6%
1.9%
(3.9%)
5.6%
11.8%
13.8%
35.4%
28.3%
2.9%
(2.6%)
4.7%
12.6%
Hydro Metal Markets
7.6%
33.2%
24.0%
22.8%
20.7%
25.1%
18.6%
10.7%
31.0%
23.9%
21.6%
27.3%
19.4%
20.9%
Hydro Extrusions 3)
8.4%
10.5%
9.4%
1.3%
3.8%
5.3%
13.4%
8.8%
11.4%
10.3%
6.2%
5.7%
7.2%
6.6%
Hydro Group
4.1%
21.9%
16.3%
5.4%
(0.9%)
6.0%
11.2%
7.1%
22.2%
18.6%
3.7%
1.3%
6.6%
9.6%
Capital employed - upstream focus
NOK million
Hydro Bauxite & Alumina
Hydro Energy
Hydro Aluminium Metal
Hydro Metal Markets
Hydro Extrusions
Other and Eliminations
Total
Graph excludes BNOK (2.7) in capital employed in Other and Eliminations
December 30
2023
Bauxite & Alumina
22%
Extrusions 23%
25 812
12 910
42 647
9 282
27 439
Metal Markets 8%
(2 717)
115 374
Aluminium Metal
36%
1) RoaCE at business area level is calculated using 25% tax rate. For Hydro Energy, 50% tax rate is used for 2023, 40% for 2022 and 2021, 80% for 2020 and 2019, 70% for 2018, and 65% for 2017
2) Hydro Energy reported RoaCE for 2020 higher than previous years due to the Lyse transaction
3) Hydro Extrusions reflected as 50% equity accounted investment Q1-Q3 2017 and fully consolidated from Q4 2017
Energy 11%
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