Norsk Hydro AS Norsk Hydro Annual Reporting 2016: Making The World Lighter
17 March 2017 - 5:59PM
UK Regulatory
TIDMNHY
"After years of improvement efforts motivated by the need to adapt to
external challenges, we are now starting to take advantage of new
opportunities. After years of talking about being part of the solution,
we are now turning words into action. In everyday operations Hydro is a
producer of aluminium. In the broader picture, I see Hydro in the
business of making the world lighter - by light-weighting people's daily
lives and by easing the burden of climate change by saving greenhouse
gas emissions and improving energy-efficiency," President and CEO Svein
Richard Brandtzæg writes in his letter to shareholders.
"More and more discover the inherent properties of aluminium. Through
innovation and product development we bring new aluminium solutions into
new applications. Due to its light weight, formability, durability and
endless recyclability, the growth is strikingly broad-based, spanning
sectors like transportation, packaging, building & construction as well
as electrical applications. While other base metals seem to have reached
the point of saturation in many markets, aluminium still has a
significant potential for increased use. In 2017 we're expecting demand
for aluminium to grow by a healthy 3-5 percent," Brandtzæg says.
"Last year we invested in future-oriented projects that we expect to be
successful seen from a strategic, financial and a climate point of view.
In 2017 three important symbols of the new era will be in full
operation; the Karmøy Technology Pilot in Norway, the Automotive
Line 3 and the UBC recycling line in Germany, Brandtzæg continues.
"Seizing new opportunities doesn't mean that we have put our improvement
efforts behind us. It's in our company DNA to always improve and renew
and do better tomorrow than we did yesterday - in safety, in operations,
and financially. I am especially pleased with how the improvement
efforts are giving tangible results in safety. Our first duty is to make
sure that our colleagues return home from work just as safe and sound as
when they turn up. A year without fatalities and a TRI rate of 2.6
(work-related injuries per million work hours) make 2016 our best-ever,
both for our own employees and contractors. We can never take safety for
granted. We have to work for it and be aware every single day, aiming at
zero fatalities and a TRI rate below 2 by 2020. Improvements also
materialize on the bottom-line. By delivering NOK 1.4 billion in
improvements in 2016, we surpassed our NOK 1.1 billion target. It
encourages me to see that our people even know how to do 'Better'
better. It also allows us to offer a safe and reliable dividend to
shareholders," Brandtzæg says.
"I am happy, not only about the results we achieve, but also by how we
achieve them. By being a 360 degree aluminium company, fully integrated
along the entire aluminium value-chain, Hydro is in a unique position to
control every step of production, and be responsible - for the land,
water and forests, for our employees and the communities we engage with,
for the energy use and emissions in our processes, and for bringing end
products back into the loop to be used over again. By being part of the
solution to some of the mega trends of our time, light-weighting being
one of them - supported by determined implementation of ever new steps
under the Better, Bigger, Greener aspiration - we are ready to set out
for another 100 years. It's an inherent strength of our Hydro Way. We
have the patience to take the long-term perspective, and the eagerness
to use every opportunity, every day, to make things happen, "
Brandtzæg says.
The report, meeting the Norwegian statutory requirements for annual
reporting, is "Financial Statements and Board of Directors' Report -
2016." This report is available in Norwegian and English.
In addition, a more extensive report is available, "Annual Report -
2016," with detailed information about Hydro's businesses, operational
performance, financial performance, viability performance, corporate
governance and financial statements. The report is available in English.
At www.hydro.com/reporting2016 content from the two reports is presented
with supplementary information. All parts of the reports can be
downloaded from this web site and printed in PDF format on demand.
Hydro's main reporting on viability performance is included in the
"Annual Report - 2016," with additional details on
www.hydro.com/reporting2016
Investor contact
Contact Stian Hasle
Cellular +47 97736022
E-mail Stian.Hasle@hydro.com
Press contact
Contact Halvor Molland
Cellular +47 92979797
E-mail Halvor.Molland@hydro.com
Cautionary note
Certain statements included in this announcement contain forward-looking
information, including, without limitation, information relating to (a)
forecasts, projections and estimates, (b) statements of Hydro management
concerning plans, objectives and strategies, such as planned expansions,
investments, divestments, curtailments or other projects, (c) targeted
production volumes and costs, capacities or rates, start-up costs, cost
reductions and profit objectives, (d) various expectations about future
developments in Hydro's markets, particularly prices, supply and demand
and competition, (e) results of operations, (f) margins, (g) growth
rates, (h) risk management, and (i) qualified statements such as
"expected", "scheduled", "targeted", "planned", "proposed", "intended"
or similar.
Although we believe that the expectations reflected in such
forward-looking statements are reasonable, these forward-looking
statements are based on a number of assumptions and forecasts that, by
their nature, involve risk and uncertainty. Various factors could cause
our actual results to differ materially
from those projected in a forward-looking statement or affect the extent
to which a particular projection is realized. Factors that could cause
these differences include, but are not limited to: our continued ability
to reposition and restructure our upstream and downstream businesses;
changes in availability
and cost of energy and raw materials; global supply and demand for
aluminium and aluminium products; world economic growth, including rates
of inflation and industrial production; changes in the relative value of
currencies and the value of commodity contracts; trends in Hydro's key
markets and competition; and legislative, regulatory and political
factors.
No assurance can be given that such expectations will prove to have been
correct. Hydro disclaims any obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise.
This information is subject to the disclosure requirements pursuant to
section 5-12 of the Norwegian Securities Trading Act.
Annual Report 2016: http://hugin.info/106/R/2088427/788287.pdf
Financial statements and Board of Directors report 2016:
http://hugin.info/106/R/2088427/788289.pdf
This announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the information
contained therein.
Source: Norsk Hydro via Globenewswire
http://www.hydro.com/en/?WT.mc_id=Pressrelease
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March 17, 2017 02:59 ET (06:59 GMT)
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