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					Income statements

Amounts in NOK million                                    Notes   2009

Revenue                                                            334
Gain (loss) on sale of subsidiaries and associates, net      2    (239)
Total revenue and income                                            95

Employee benefits expense                                  3, 4   934
Depreciation and amortization expense                         5    15
Other                                                              29
Total operating expenses                                          978

Operating income (loss)                                           (882)

Financial income, net                                        6     547
Income loss) before taxes                                         (335)

Income taxes                                                 7     46

Net income (loss)                                                 (290)



Appropriation of net income and equity transfers:
Dividend proposed                                                 (602)
Retained earnings                                                  892
Total appropriation                                                290
  2008

   164
 1,932
 2,097

  745
   13
   56
  814

 1,283

 9,361
10,644

(1,427)

 9,216




     -
(9,216)
(9,216)
Balance sheets

Amounts in NOK million, 31 December                         Notes    2009

Assets

Intangible assets                                              7      369

Property, plant and equipment                                  5      186

Shares in subsidiaries                                         8    30,453
Intercompany receivables                                            18,916
Associates and jointly controlled entities                      9      112
Prepaid pension, investments and other non-current assets   3, 10    2,516
Total financial non-current assets                                  51,997

Accounts receivable                                                     63
Intercompany receivables                                             3,233
Prepaid expenses and other current assets                     10       206
Cash and cash equivalents                                            1,692
Total current assets                                                 5,195

Total assets                                                        57,748



Equity and liabilities

Paid-in capital:
Share capital 1,240,110,211 shares of NOK 1.098               12     1,362
Treasury shares 35,324,266 shares of NOK 1.098                12       (39)
Paid-in premium                                               12         -
Other paid-in capital                                         12        43
Retained earnings:
Retained earnings                                             12    27,760
Treasury shares                                               12    (1,138)
Equity                                                        12    27,988

Other long-term liabilities                                    3     2,299

Intercompany payables                                                 501

Bank loans and other interest-bearing short-term debt         10     1,531
Dividends payable                                                      602
Intercompany payables                                               23,657
Other current liabilities                                            1,170
Total current liabilities                                           26,961

Total equity and liabilities                                        57,748
  2008




    90

  172

30,066
10,241
   134
 2,812
43,254

    11
47,050
   669
 2,162
49,893

93,409




 1,370
   (46)
   182
   127

31,790
(4,228)
29,195

 2,202

  160

   597
     -
58,736
 2,519
61,852

93,409
Statements of cash flows

Amounts in NOK million                                                       2009       2008

Net income (loss)                                                           (290)      9,216
Depreciation and amortization expense                                         15          13
Write-down and (gain) loss on sale of non-current assets, net                 45      (1,746)
Other adjustments                                                          7,655      (1,789)
Net cash provided by operating activities                                  7,425       5,694

Investments in subsidiaries                                                (2,034)       (2)
Sales of subsidiaries                                                           5     4,676
Net sales (purchases) of other investments                                     (5)      792
Net cash provided by (used in) investing activities                        (2,034)    5,466

Dividends paid                                                                  -     (6,053)
Other financing activities, net                                            (5,929)   (10,650)
Net cash used in financing activities                                      (5,929)   (16,703)

Foreign currency effects on cash                                              68       (194)

Net decrease in cash and cash equivalents                                   (470)     (5,737)

Cash and cash equivalents at beginning of year                             2,162      7,899
Cash and cash equivalents at end of year                                   1,692      2,162

The accompanying notes are an integral part of the financial statements.
NOTE 3
Employee retirement plans

Net periodic pension cost

Amounts in NOK million                                  2009

Defined benefit plans
Benefits earned during the year                         177
Interest cost on prior period benefit obligation        323
Expected return on plan assets                         (285)
Recognized net (gain) loss                              113
Past service cost                                        33
Net periodic pension cost                               362
Multiemployer plans                                       4
Termination benefits and other                           45
Total net periodic pension cost                         412



Change in projected benefit obligation (PBO)

Amounts in NOK million                                  2009

Projected benefit obligation at beginning of year     (7,848)
Benefits earned during the year                         (177)
Interest cost on prior period benefit obligation        (323)
Actuarial (gain) loss                                  1,931
Plan amendments                                          (30)
Benefits paid                                            330
Curtailment/settlement (gain) loss                       325
Special termination benefits                              (6)
Demerger                                                  62
Projected benefit obligation at end of year           (5,738)



Change in pension plan assets

Amounts in NOK million                                  2009

Fair value of plan assets at beginning of year        5,440
Actual return on plan assets                            318
Company contributions                                     -
Benefits paid                                          (262)
Settlements                                            (166)
Demerger                                                (30)
Fair value of plan assets at end of year              5,300



Status of pension plans reconciled to balance sheet

Amounts in NOK million                                  2009
Defined benefit plans
Funded status of the plans at end of year                          (438)
Unrecognized net (gain) loss                                       (204)
Unrecognized past service cost                                        4
Net accrued pension recognized                                     (638)
Termination benefits and other                                     (115)
Total net accrued pension recognized                               (753)

Amounts recognized in the balance sheet consist of
Prepaid pension                                                    1,227
Accrued pension liabilities                                       (1,980)
Net amount recognized                                               (753)



Assumptions used to determine net periodic pension cost
                                                                    2009

Discount rate                                                     4.25%
Expected return on plan assets                                    5.75%
Expected salary increase                                          4.50%
Expected pension increase                                         4.00%



Assumptions used to determine pension obligation at end of year
                                                                    2009

Discount rate                                                     4.50%
Expected salary increase                                          4.00%
Expected pension increase                                         2.25%



Investment profile plan assets at end of year
                                                                    2009

Asset category
Equity securities                                                   30%
Debt securities                                                     29%
Real estate                                                         26%
Other                                                               16%
Total                                                              100%
  2008



  129
  311
 (406)
   (7)
    7
   34
    -
   53
   87




  2008

(6,655)
  (129)
  (311)
(1,023)
   (10)
   327
   (38)
   (10)
     -
(7,848)




  2008

 6,840
(1,248)
    80
  (267)
    35
     -
 5,440




  2008
(2,408)
 1,997
     7
  (405)
  (144)
  (548)



 1,351
(1,900)
  (548)




  2008

4.75%
6.25%
4.25%
3.75%




  2008

4.25%
4.50%
4.00%




  2008



  26%
  29%
  26%
  19%
 100%
Note 4
Management remuneration, employee costs and auditor fees

Amounts in NOK thousand                                    2009

Audit fees                                                 4,855
Audit related fees                                           375
Tax fees                                                     139
Non-audit fees                                               909
Total                                                      6,278



Amounts in NOK million                                     2009

Payroll and related costs:
Salaries                                                    883
Social security costs                                       156
Social benefits                                             (11)
Net periodic pension cost (note 3)                          412
Internal invoicing of payroll related costs                (506)
Total                                                       934
 2008

5,912
2,393
    -
1,142
9,447



 2008



1,045
  168
    9
   87
 (564)
  745
Note 5
Property, plant and equipment
                                                               Machinery,   Plant under
Amounts in NOK million                      Land   Buildings          etc   construction

Cost 31 December 2008                         6        103          183               -
Additions at cost                             -          -           26               3
Retirements                                   -         (3)         (26)              -
Transfers                                     -          -            3              (3)
Accumulated depreciation 31 December 2009     -        (38)         (67)              -
Carrying value 31 December 2009               6         62          119               -
Depreciation in 2009                                    (1)         (13)
Total

 292
  29
 (30)
   -
(105)
 186
 (14)
NOTE 6
Financial income and expense

Amounts in NOK million             2009

Dividends from subsidiaries           -
Dividends from associates             -
Interest from group companies       662
Other interest income                63
Interest paid to group companies   (332)
Other interest expense             (168)
Impairment loss shares              (44)
Net foreign exchange gain (loss)    327
Other, net                           40
Financial income, net               547
  2008

 5,403
     4
 2,308
   527
(3,391)
   (21)
  (219)
 3,788
   962
 9,361
Note 7
Income taxes


The tax effect of temporary differences resulting in the deferred tax assets (liabilities) are:
                                                                                                  Temporary differences
                                                                                                       Tax effect
Amounts in NOK million                                                                              2009

Short-term items                                                                                     106
Prepaid pension                                                                                     (344)
Pension liabilities                                                                                  554
Other long-term items                                                                                 34
Deferred tax asset                                                                                   350



Reconciliation of nominal statutory tax rate to effective tax rate

Amounts in NOK million                                                                              2009

Income (loss) before taxes                                                                          (335)
Expected income taxes at statutory tax rate                                                          (94)
Dividend exclusion                                                                                     -
Other, net                                                                                            48
Income taxes                                                                                         (46)
Effective tax rate                                                                                13.62%

Components of income tax

Current income tax                                                                                   229
Change in deferred tax                                                                              (275)
Income tax                                                                                           (46)
Temporary differences
     Tax effect
                 2008

                 389
                (378)
                 532
                (466)
                  77




                2008

             10,644
              2,980
             (1,514)
                (39)
              1,427
             13.41%




               1,301
                 126
               1,427
Note 8
Shares in subsidiaries


                                                                        Percentage of             Total share capital
                                                                      shares owned by                of the company             Book value
Company name:                                                Currency Norsk Hydro ASA                        (1,000’s)        (NOK million)

Hydro Aluminium AS                                                NOK                100.00                7,236,126                24,472
Norsk Hydro Produksjon AS                                         NOK                100.00                  880,000                 5,603
Grenland Industriutvikling AS                                     NOK                100.00                   26,750                   111
Securus Industrier AS                                             NOK                100.00                   59,644                   109
Hydro Aluminium Deutschland GmbH 1)                               EUR                 25.04                   73,894                    92
Norsk Hydro Plastic Pipe AS                                       NOK                100.00                   10,000                    41
Industriforsikring AS                                             NOK                100.00                   20,000                    20
Hydro Kapitalforvaltning AS                                       NOK                100.00                    2,500                     4
Norsk Hydros Handelsselskap AS                                    NOK                100.00                    1,000                     1
Norsk Hydro Kraft OY                                              EUR                100.00                       34                     -
Total                                                                                                                               30,453

1) The company is owned 74.96 percent by Norsk Hydro Deutschland GmbH & Co. KG, which is a subsidiary of Hydro Aluminium AS, and 25.04 percent by Norsk Hydro ASA.
and 25.04 percent by Norsk Hydro ASA.
Note 9
Shares in associates and jointly controlled entities

The most significant investments for Norsk Hydro ASA are (amounts in NOK million):

                                                                      Percentage                                            Long-term
Name                                                                       owned                 Country   Carrying value    advances

HyCore ANS                                                                   49.0%               Norway                           77
                                                                                     1)
Aluminium & Chemie Rotterdam B.V.                                            36.2%           Netherlands                          25
Other                                                                                                                  2           8
Total                                                                                                                  2         110

1) Norsk Hydro ASA's share of voting rights in Aluminium & Chemie Rotterdam B.V. equals 21.2%.
Total

 77
 25
 10
112
Note 10
Specification of balance sheet items

Amounts in NOK million                                             2009

Securities                                                          550
Prepaid pension                                                   1,227
Other non-current assets                                            739
Total prepaid pension, investments and other non-current assets   2,516
Prepaid expenses                                                    139
Other current assets                                                 67
Total prepaid expenses and other current assets                     206
Bank overdraft                                                       44
Employee deposits                                                   466
Commercial paper                                                  1,000
Other interest-bearing debt                                          21
Total bank loans and other interest-bearing short-term debt       1,531
 2008

  551
1,351
  910
2,812
  153
  516
  669
   77
  480
    -
   40
  597
Note 11
Guarantees

Amounts in NOK million                                2009

Guarantees related to jointly controlled entities    7,672
Sales guarantees                                     1,763
Commercial guarantees                                7,683
Other guarantees                                        30
Total guarantees not recognized                     17,148
  2008

 9,124
 2,171
 5,770
    84
17,149
Note 12
Number of shares outstanding, shareholders, equity reconciliation


Name

The Ministry of Trade and Industry of Norway
Folketrygdfondet
State Street Bank and Trust 2)
JP Morgan Chase Bank 1)
Clearstream Banking S.A.2)
Rasmussengruppen AS
State Street Bank and Trust 2)

1) Representing American Depositary Shares
2) Nominee accounts.




Change in equity
                                                                                      Retained
Amounts in NOK million                                              Paid-in capital    earnings

31 December 2008                                                            1,633      27,561
Net income                                                                               (290)
Dividend proposed                                                                        (602)
Demerger adjustment                                                                      (237)
Treasury shares                                                              (268)        190
31 December 2009                                                            1,366      26,622
 Number of
    shares

543,463,361
 72,359,835
 49,019,516
 36,429,186
 19,620,966
 17,152,000
 14,872,303




 Total equity

     29,195
       (290)
       (602)
       (237)
        (78)
     27,988

				
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