"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 contactContact Stian HasleCellular +47 97736022E-mail
Stian.Hasle@hydro.com
Press contactContact Halvor MollandCellular +47 92979797E-mail
Halvor.Molland@hydro.com
Cautionary noteCertain 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 materiallyfrom 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 availabilityand 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.
Attachments:
http://www.globenewswire.com/NewsRoom/AttachmentNg/f429b9cc-2ee3-46bb-ad24-fb761919c20e
Attachments:
http://www.globenewswire.com/NewsRoom/AttachmentNg/72cd2c37-49f9-4a7e-be24-2ab1ff874d81
Norsk Hydro (LSE:NHY)
Historical Stock Chart
From Apr 2024 to May 2024
Norsk Hydro (LSE:NHY)
Historical Stock Chart
From May 2023 to May 2024