Investor Presentaiton
Strong earnings offset by NOC, taxes, CAPEX and dividends
Still in a net cash position before adjustments due to strong earnings in 2022
Hydro
NOK billion
3.2
39.7
(8.8)
Free cash flow
NOK 14.0 billion
(6.1)
(10.8)
(14.7)
Hedging collateral and other
Pension assets/(liabilities)
Other assets/(liabilities)
1.3
(1.2).
(2.6)
(0.3)-
(4.5)
(7.3)
Net cash
(debt) Q4-21
adj. EBITDA
Change in NOC
Other operating Investments (net)
cash flow
Shareholder
distributions
Other
Net cash
Adjustments
(debt) Q4-22
Note on free cash flow: Excludes hedging collateral (LT/ST restricted cash) and net purchases of money market funds
Note on 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
Note on investments: BAs: Investments adjusted for lease and ARO. "Other": Changes in prepayments/payables, reversal of capitalized interest, divestments
Note on Other: "Other": Unrealized gains (losses) on STI, lease additions
Note on Collateral: Includes collateral for short-term and long-term liabilities, mainly related to strategic hedges and the operational hedging activity
(6.0)
Adj. net
debt Q4-22
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