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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Norsk Hydro ASA (QX) | USOTC:NHYDY | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.0392 | -0.62% | 6.24 | 6.23 | 6.27 | 6.27 | 6.135 | 6.27 | 70,980 | 21:00:03 |
TIDMNHY Compared to the previous quarter, underlying EBIT for Sapa declined mainly due to seasonally lower demand. Underlying EBIT for Sapa increased compared to the same quarter of the previous year mainly due to the effects of the improvement programs, continued growth in North American demand and increased added value operations. Underlying EBIT for the fourth quarter was negatively affected by Sapa's measures to address, and consequences of, unsanctioned quality testing practices in North America. The restructuring program initiated in 2013, targeting annual synergies of around NOK one billion by the end of 2016, reached its target in 2015, one year ahead of time. In addition to the factors mentioned above, reported EBIT for the fourth quarter was affected by charges related to restructuring activities, partly offset by unrealized gains from derivatives. Underlying EBIT for 2015 improved compared with 2014 supported mainly by internal improvements and strong performance in the North American operation. Positive effects from a weakening Norwegian krone was offset by sharply falling metal premiums. Net interest-bearing debt at the end of 2015 amounted to roughly NOK 1.8 billion, which is at the same level as when the Sapa joint venture was established on September 1, 2013. Key Figures Fourth Third Fourth - Sapa quarter quarter quarter (50%) 2015 2015 2014 Year 2015 Year 2014 NOK million, except sales volumes Revenue* 6 410 6 948 5 921 27 626 23 105 Underlying EBITDA 245 367 171 1 364 958 Underlying EBIT 64 202 (27) 704 326 Underlying Net Income (loss) 70 120 (22) 454 199 Sales volumes (kmt) 156 171 161 682 699 Earnings before financial items and tax (EBIT) 44 87 (339) 264 (158) *Historical revenues have been reclassified Market Demand for extruded products in North America decreased by 9 percent compared to the previous quarter, due to seasonality. Compared to the same quarter of the previous year demand increased 1 percent as a result of increased building and construction activity and strong automotive demand. For the full year, North American extrusion demand grew 5 percent over 2014. In Europe, extruded products demand declined 7 percent compared with the previous quarter, due to seasonality. Demand was overall stable both for the full year and the quarter when compared to the previous year. A weak European building and construction market was offset by most other segments. Demand for extruded products is expected to seasonally improve going into the first quarter of 2016. Investor contact Contact Pål Kildemo Cellular +47 97096711 E-mail Pal.Kildemo@hydro.com Press contact Contact Halvor Molland Cellular +47 92979797 E-mail Halvor.Molland@hydro.com Certain statements included within this announcement contain forward-looking information, including, without limitation, those relating to (a) forecasts, projections and estimates, (b) statements of management's plans, objectives and strategies for Hydro, such as planned expansions, investments 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, as well as (i) statements preceded by "expected", "scheduled", "targeted", "planned", "proposed", "intended" or similar statements. 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 aluminium business; 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 of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act. . This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX 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 HUG#1985320 http://www.hydro.com/en/?WT.mc_id=Pressrelease
(END) Dow Jones Newswires
February 11, 2016 01:15 ET (06:15 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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