Investor Presentaiton
Hydro Aluminium Metal
Results down on lower all-in metal prices, reduced
contribution from power sales and lower sales volume, partly
offset by reduced raw material cost, adjusted CO2
compensation and positive currency effects
Key figures
Primary aluminium production, kmt
Q4 2023
Q4 2022
Q3 2023
All-in implied primary cost and margin
USD/mt1,4)
350
2 1259)
575
350
2 2509)
2 2259)
1 775
1 650
1 775
4Q23
4Q22
3Q23
Total sales, kmt
514
541
522
512
2 477
2 823
2 578
All-in6)
542
539
2 129
2 246
2 146
LME
Realized LME price, USD/mt¹)
2 129
2 246
2 146
Realized LME price, NOK/mt¹)
63%
67%
69%
% value add products?)
Realized premium, USD/mt
Implied all-in primary cost, USD/mt 2)
23 143
348
2,125
22 813
22 456
577
2,250
432
2,225
Implied all-in primary cost, per mt 2)
Implied LME cost, per mt 5)
All-in EBITDA margin per mt
Adjusted EBITDA, NOK million
1 937
4 756
1 379
Adjusted EBITDA including Qatalum 50% pro rata (NOK million)
2 487
5 256
1 896
•
Adjusted EBIT, NOK million
1 264
4 097
Adjusted RoaCE, % LTM³)
13.8 %
35.4 %
727
18.5 %
Results Q4 23 vs Q4 22
Lower all-in metal prices
Adjusted CO2 compensation
Reduced raw material cost
Adjusted EBITDA
NOK million
•
Positive currency effects
.
Reduced contribution from power sales
•
Lower sales volume
6 977 6 463
Outlook Q1 24 vs Q4 23
4 765
4 756
3 972
3215
1 379
1 937
•
67% of primary production for Q1 2024 priced at USD 2255 per mt. 8)
22 963
2022
10 502
2023
• ~46% of premiums affecting Q1 2024 booked at USD -373 per mt. Q1 realized
premium expected in the range of USD 275 - 325 per mt.
1) Includes pricing effects from LME strategic hedge program
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
•
Lower raw material cost
180
6)
Realized LME plus realized premiums, including Qatalum
7)
8)
9)
% of volumes extrusion ingot, foundry alloy, sheet ingot, wire rod of total sales volumes
Bookings, also including pricing effects from LME strategic hedging program as per 31.12.2023
Excluding power sales Slovalco and Norwegian smelters and CO2 catch-up Q3 2022 and Q4 2023
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