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Norsk Hydro Second Quarter 2004
OSLO, Norway, July 19 /PRNewswire-FirstCall/ --
Oslo (2004-07-19):
Consolidated Results (US GAAP)
(unaudited)
Second quarter First half
2004 2003 2004 2003
Million, except per share data NOK NOK NOK NOK
Operating revenues 38,250 31,354 77,848 67,117
Operating income 8,290 3,989 17,566 9,971
Non-consolidated investees 121 246 252 433
Financial income (expense), net (447) 152 (1,071) (499)
Other income (loss), net -- (1,881) 110 (1,881)
Income from continuing operations
before tax and minority interest 7,964 2,506 16,857 8,024
Income tax expense (5,605) (735) (11,391) (4,711)
Minority interest (135) 38 (107) 66
Income from continuing operations 2,224 1,809 5,359 3,379
Income from discontinued operations -- 515 1,083 1,146
Income before cumulative effect of
change in accounting principle 2,224 2,324 6,442 4,525
Cumulative effect of change in
accounting principle -- -- -- 281
Net income 2,224 2,324 6,442 4,806
Earnings per share from continuing
operations (in NOK and Euro) 8.70 7.00 21.00 13.10
Earnings per share before change in
accounting principle (in NOK
and Euro) 8.70 9.00 25.20 17.50
Financial data
EBITDA(2) - million 12,266 8,197 25,812 18,132
Investments - million 3,925 4,023 8,701 8,692
Net interest-bearing
debt/equity (3) 0.20 0.48 0.20 0.48
2) EBITDA: Earnings Before Interest, Tax, Depreciation and
Amortization.
3) Net interest-bearing debt divided by shareholders' equity plus
minority interest, adjusted for unfunded pension obligation (after
tax) and present value of future obligations on operating leases.
All comparative figures are for the corresponding period in 2003 unless
otherwise stated. Certain amounts in previously issued consolidated financial
statements were reclassified to conform with the 2004 presentation.
Hydro's income from continuing operations in the second quarter of 2004 was NOK
2,224 million (NOK 8.70 per share), compared with NOK 1,809 million (NOK 7.00
per share) in the second quarter of 2003. For the first half of 2004, Hydro's
income from continuing operations was NOK 5,359 million compared with NOK 3,379
million in the first half of 2003. Hydro's agri business was transferred to
Yara International ASA in a demerger transaction completed on 24 March 2004.
Results relating to periods prior to the demerger are reported under Income
from discontinued operations. The following discussion excludes these
activities.
"The second quarter marks another period with strong results for Hydro, both in
terms of financial as well as operational performance. The results were
influenced by high oil prices and improved aluminium markets and it is
encouraging that both our main businesses delivered solid operational
performance. Oil & Energy reported a significant increase in oil and gas
production from the same period last year while Aluminium demonstrates
continued progress," said President and CEO Eivind Reiten.
"Hydro's financial results in the first six months of 2004 represent the best
half-year results in our history. Our financial position remains robust and the
organization is geared toward reaching ambitious targets and continuing to
deliver value to our shareholders," Eivind Reiten said.
Operating income for the second quarter of 2004 amounted to NOK 8,290 million
compared with NOK 3,989 million in the second quarter of 2003. Both Oil &
Energy and Aluminium delivered strong results for the quarter. Operating income
for the first half of 2004 was NOK 17,566 million compared to NOK 9,971 million
in the first half of 2003.
The improved earnings in Oil & Energy were mainly due to increased production,
continued high oil prices and good cost control. The average realized oil price
was USD 34.7 per barrel in the second quarter of 2004, compared to USD 25.5 in
second quarter 2003. Measured in NOK, the oil price was 33 percent above the
corresponding period last year. Oil and gas production in the second quarter
averaged 569,000 barrels of oil equivalents (boe) per day, compared to 484,000
boe per day in the second quarter of 2003. For the first half of 2004,
production averaged 592,000 boe per day, an increase of 14 percent compared to
the first half of 2003. The increase was mainly due to new fields coming on
stream during the second half of 2003.
Aluminium operations benefited from positive market conditions. Higher
aluminium prices, higher volumes and the effects of improvement programs
contributed to improved results. Hydro's realized price for aluminium increased
from USD 1,417 per tonne in the second quarter of 2003, to USD 1,657 per tonne
in the second quarter of 2004. Measured in NOK, the realized aluminium price
improved by approximately 13 percent. Downstream activities benefited from
increased demand, leading to higher volumes both from new capacity and improved
capacity utilization. Margins were under pressure mainly due to increased metal
costs. However, converted into NOK, margins improved slightly.
Cash flow from operations in the first half of 2004 was NOK 12.2 billion
compared to NOK 11.3 billion in the first half of 2003.
Investments in the second quarter of 2004 amounted to NOK 3.9 billion. Around
half of the amount invested related to oil and gas operations.
The provision for current and deferred taxes in the first half of 2004 was NOK
11,391 million, approximately 68 percent of pre-tax income.
Second quarter 2004
Non-cons.
Operating inv., Other Depreciation
NOK million income Interest & income and EBITDA
(loss) selected amortization
fin.items
Hydro Oil &
Energy 7,184 46 -- 2,534 9,764
Hydro Aluminium 1,269 102 -- 964 2,335
Other
activities 47 49 -- 128 224
Corporate and
eliminations (210) 146 -- 7 (57)
Total 8,290 343 -- 3,633 12,266
First half 2004
Non-cons.
Operating inv., Other Depreciation
NOK million income Interest & income and EBITDA
(loss) selected amortization
fin.items
Hydro Oil &
Energy 15,002 108 -- 5,157 20,267
Hydro Aluminium 2,898 209 -- 1,936 5,043
Other activities 140 195 110 259 704
Corporate and
eliminations (474) 264 -- 8 (202)
Total 17,566 776 110 7,360 25,812
Outlook for the coming months
Oil prices are expected to remain at a high level for the coming months due to
continued strong global demand, capacity constraints and low stocks. Hydro's
production of oil and gas during the second half of 2004 is expected to decline
as a result of maintenance shutdowns and seasonal fluctuations in gas volumes.
Oil and gas production on the Norwegian Continental Shelf (NSC) may also be
impacted if the current labor dispute relating to floating rigs continues for
an extended period.
For Aluminium, the first half of 2004 was characterized by high volumes and
increasing aluminium prices. The growth in aluminium shipments is expected to
gradually level off as consumer inventories are filled. The downstream activity
has experienced margin pressure in local currencies during the first half of
the year, which is expected to continue in the second half.
More information regarding Norsk Hydro ASA and the second quarter result is
available on the Internet: http://www.hydro.com/
Attachments:
2nd Quarter Report: http://hugin.info/106/R/953195/135681.pdf
2nd Quarter Presentation: http://hugin.info/106/R/953194/135680.pdf
Certain statements in this press release are or may constitute "forward-
looking" statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Statements that are not in the nature of historical facts
may be deemed to be forward-looking statements and may contain identifying
words such as "believes", "anticipates", "plans", "expects" and similar
expressions. These forward looking statements are based on Hydro's current
expectations, assumptions, estimates and projections about the company and the
industries in which it engages in business. All forward-looking statements
involve risks and uncertainties. For a detailed description of factors that
could cause Hydro's actual results to differ materially from those expressed in
or implied by such statements, please refer to its annual report on Form 20-F
for the year-ended December 31, 2002 and subsequent filings on Form 6-K with
the U.S. Securities and Exchange Commission. With respect to each non- GAAP
financial measure Hydro uses in connection with its financial reporting and
other public communications, Hydro provides a presentation of what Hydro
believes to be the most directly comparable GAAP financial measure and a
reconciliation between the non-GAAP and GAAP measures. This information can be
found in Hydro's earnings press releases, quarterly reports and other written
communications, all of which have been posted to Hydro's website
(http://www.hydro.com/).
Contact
Cecilie Ditlev-Simonsen
(+47) 22 53 20 97
(+47) 41 552 50
Idar Eikrem
(+47) 22 53 32 73
(+47) 95 02 83 63
Kjetil Bakken
(+47) 22 53 23 13
(+47) 91 889 889
Norsk Hydro ASA
Drammensveien 264
N-0240 Oslo
Norway
Telephone: (+47) 22 53 81 00
Fax: (+47) 22 53 27 25
http://www.hydro.com/
DATASOURCE: Norsk Hydro
CONTACT: Cecilie Ditlev-Simonsen, +47-22-53-20-97, or +47-41-552-50, or
, or Idar Eikrem, +47-22-53-32-73, or +47-95-
02-83-63, or , or Kjetil Bakken, +47-22-53-23-13, or +47-
91-889-889, or . all of Norsk Hydro
Web site: http://www.hydro.com/
http://hugin.info/106/R/953195/135681.pdf
http://hugin.info/106/R/953194/135680.pdf