Norsk Hydro. Second quarter 1997

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1 Norsk Hydro Second quarter 1997

2 Norsk Hydro 2nd quarter 1997 CONSOLIDATED RESULTS (US GAAP) nd qtr 1st qtr 2nd qtr NOK million 1st half 1st half 2,633 3,145 2,830 Operating income 5,975 5, Non-consolidated investees ,414 1,540 1,496 Net income 3,036 3, Earnings per share Norsk Hydro's net income in the first half of 1997 was NOK 3,036 million (USD million), or NOK per share (USD 1.94). This was a decline of 7% compared to the first half of Increased operating income was offset by reduced earnings from non-consolidated investees and higher financial expense. Operating income for the first six months of 1997 rose 4% to NOK 5,975 million (USD million). The improvement was due to increased earnings for Oil and Gas, Light Metals and Petrochemicals. For Agriculture, earnings declined. Hydro's net income in the second quarter was NOK 1,496 million (USD million), compared to NOK 1,414 million (USD million) in the same period of Higher operating income and lower tax provisions led to the improvement, while increased financial expense negatively affected the result. Earnings per share were NOK 6.60 (USD 0.93) in the second quarter of 1997 and NOK 6.10 (USD 0.93) in the second quarter of 1996.

3 Norsk Hydro 2nd quarter 1997 Second quarter operating income of NOK 2,830 million (USD million) was 7% above that in the same quarter of As for the first six months as a whole, results for Oil and Gas, Light Metals and Petrochemicals strengthened, while Agriculture showed reduced earnings. Earnings for non-consolidated investees declined compared to the second quarter of 1996 by 15% to NOK 135 million. This was due to weaker results for Hydro Texaco's retail gasoline activities. Earnings for the fertilizer affiliates located outside Europe improved compared to last year, largely as a result of the of urea and ammonia production from Qafco III. In spite of lower product prices, the other fertilizer affiliates also showed improved earnings due to higher sales volumes. Hydro's investments during the first half of 1997 totalled NOK 5.7 billion. This was 15% less than in the comparable period of AGRICULTURE nd qtr 1st qtr 2nd qtr NOK million 1st half 1st half Operating income 1,399 1,755 Operating income for Agriculture in the first half of 1997 was NOK 1,399 million, a decrease of 20% compared to the first half of last year. The reduction was mainly due to a decline in prices for nitrogen fertilizers in the European market, which weakened earnings. The effect of lower prices was partly compensated by higher sales volumes and the contribution from the new fertilizer activities in Italy.

4 Norsk Hydro 2nd quarter 1997 Second quarter operating income showed a decrease of 37% from the same period last year to NOK 543 million. The decrease was mainly due to lower nitrogen fertilizer prices in Europe, while prices for complex fertilizers were relatively stable. During the second quarter, prices also weakened somewhat as a result of seasonal adjustments. The price decrease was partially offset by higher sales, compared to the second quarter of Total deliveries in Western Europe for the fertilizer season from July 1996 through June 1997 were comparable with those of the preceding season. After relatively low volumes in the two previous quarters, deliveries in the second quarter of 1997 were higher than in the corresponding period last year. Total imports of nitrogen fertilizer to Western Europe for the 1996/97 season as a whole were on the same level as in the previous season. Excluding the volumes from the Italian fertilizer operations acquired from ENI, Hydro's fertilizer deliveries to Europe in the 1996/97 season were at the same level as in the previous season. Production regularity at Hydro's fertilizer plants was high in the first half of To adjust to the market situation, Hydro increased its export volumes from Europe and reduced production somewhat in the second quarter. Higher gas prices and a stronger US dollar exchange rate led to a slight increase in raw materials costs. Increased product development and higher activity in new markets were also reflected in somewhat higher fixed costs.

5 Norsk Hydro 2nd quarter 1997 Earnings for Hydro's fertilizer trading operations outside of Europe were somewhat weaker than in the second quarter of Urea prices continued to fall, partly due to China's suspension of imports beginning in April. The ammonia market was relatively stable in the second quarter. The market for DAP, the most important phosphate-based fertilizer, remained tight and prices rose moderately throughout the quarter. Hydro's Industrial Chemicals activities had a somewhat better result in the second quarter than in the same period last year, as a result of higher margins for chemicals and industrial gas products. OIL AND GAS nd qtr 1st qtr 2nd qtr NOK million 1st half 1st half 1,448 1,924 1,555 Operating income 3,479 2, Exploration expense Oil and gas production (mill. toe) Oil price (USD/bbl) Oil price (NOK/bbl) Operating income for Oil and Gas in the first half of 1997 was NOK 3,479 million, an increase of 18% compared to the previous year. Higher operating income was attributable to increased crude oil prices stated in Norwegian kroner, and to lower unit of production depreciation charges resulting from the upward adjustment in proved reserves at the end of 1996.

6 Norsk Hydro 2nd quarter 1997 In the second quarter, operating income increased by 7% compared to the second quarter last year to NOK 1,555 million. The favorable change was principally due to lower depreciation costs. The average crude oil price in the second quarter was USD per barrel, which was 9% lower than that of the corresponding period last year. As a result of the higher US dollar exchange rate, the decrease stated in Norwegian kroner was only 1%. Average gas prices were 8% higher than in the second quarter of Hydro's oil and gas production was 3% lower than in the second quarter of last year. The decline in oil production caused by the maintenance shutdowns at the Oseberg and Brage fields was partly offset by increased gas deliveries from Troll. In addition, Hydro's share of production from Veslefrikk was transferred to Petro-Canada as a result of the exchange agreement signed in Exploration expense of NOK 237 million in the second quarter was on the same level as in the previous year. As a consequence of drilling a dry hole in Egypt, previously capitalized costs of NOK 90 million were expensed in the second quarter of Development plans for Troll C and Oseberg South were approved by the authorities in June. Hydro is operator for both of these fields with interests of 7.7% and 21.9%, respectively. Elf Norge and Hydro have agreed to exchange interests on four production licenses on the Norwegian continental shelf.

7 Norsk Hydro 2nd quarter 1997 As part of the agreement, Hydro will take over as operator of the Heimdal field on 1 January The agreement is contingent on approval by the authorities. Operating income for Hydro's Refining and Marketing activities was higher in the second quarter than in the same period last year. The improvement reflected increased refining margins, higher earnings for retail marketing activities in Sweden, and good results within international trade. LIGHT METALS nd qtr 1st qtr 2nd qtr NOK million 1st half 1st half Operating income 1, Operating income for Light Metals in the first half of 1997 was NOK 1,057 million, an increase of 7% compared to the same period last year. The improvement was due to better earnings for energy operations and aluminium semi-fabrication activities, while the results for aluminium and magnesium production declined. In the second quarter, operating income for Light Metals was NOK 661 million. This was more than double the operating income from the corresponding period in 1996.

8 Norsk Hydro 2nd quarter 1997 Second quarter operating income for primary aluminium production was substantially higher than in the first quarter, and slightly above that in the second quarter of The improvement relative to the first quarter was due to higher realized prices. Although prices on the London Metal Exchange (LME) were virtually unchanged compared to the first quarter, the increase in the US dollar exchange rate led to higher prices stated in Norwegian kroner. The -up of Hydro's idle aluminium capacity will be completed in the third quarter. The result for trading activities in the second quarter was slightly higher than in the corresponding period last year, when earnings were also relatively strong. Aluminium semi-fabrication activities showed marked improvement compared to the second quarter of Increased earnings were principally a result of greater demand and higher production of both extruded and rolled products. Realignment and the further development of production processes for automotive components continued to adversely affect results in the second quarter. Raufoss Automotive, which was acquired on 1 April, made a positive contribution to operating income. Magnesium's second quarter operating income weakened relative to the same period of last year, mainly due to lower realized prices in Europe for pure magnesium. Prices showed a downward trend through most of the first half of the year, however, a strengthening in demand led to a slight increase in prices toward the end of the second quarter. Capacity utilization at Hydro's production facilities was good in the first half of 1997.

9 Norsk Hydro 2nd quarter 1997 Hydro's Energy operations showed considerable progress compared to the second quarter of 1996, when a low inflow of water to the reservoirs led to an operating loss. Reservoir inflow is currently at the same level as in a normal year. PETROCHEMICALS nd qtr 1st qtr 2nd qtr NOK million 1st half 1st half Operating income Petrochemicals' operating income was NOK 178 million in the first half of 1997, compared to NOK 90 million in the same period last year. Operating income in the second quarter was NOK 119 million, compared to NOK 3 million in the second quarter of The improvement in the second quarter was mainly due to higher PVC prices and reduced maintenance expenses, while earnings were negatively affected by lower caustic soda prices and an increase in raw materials costs. Prices in the international PVC and VCM markets in the second quarter were fairly stable, with some regional variations. Caustic soda prices stabilized at a relatively low level. In the first half of 1997, Hydro began phasing in S-PVC production at its new production lines in Norway and the UK. The new lines will raise capacity by approximately 65,000 tonnes per year.

10 Norsk Hydro 2nd quarter 1997 OTHER ACTIVITIES nd qtr 1st qtr 2nd qtr NOK million 1st half 1st half 15 (90) (48) Operating income (138) (31) Other activities include unallocated costs for corporate functions and shared services, as well as certain subsidiaries including Pronova, Hydro Seafood and Industriforsikring. FINANCE nd qtr 1st qtr 2nd qtr NOK million 1st half 1st half Net interest expense Net foreign exchange loss (155) (165) (97) Net gain on securities (262) (421) (51) (65) Other financial income, net (65) (40) (23) Net financial (income) expense 405 (61) NOK/USD exchange rate 1) ) As of the end of the period.

11 Norsk Hydro 2nd quarter 1997 For the first half of 1997, Hydro had a net financial expense of NOK 405 million, compared to an income of NOK 61 million last year. The net realized and unrealized gain on securities was NOK 262 million in 1997, compared to NOK 421 million last year. The increase in net foreign exchange loss in the first half of the year to NOK 254 million, from NOK 109 million last year, was mainly due to the effect of a stronger US dollar exchange rate. The higher US dollar exchange rate also negatively impacted net interest expense. Capitalized interest on plant under construction totalled NOK 262 million in the first half of 1997, compared to NOK 309 million in the corresponding period last year. In the second quarter, net financial items showed an expense of NOK 301 million, compared to an income of NOK 23 million last year. Financial items were negatively impacted by higher unrealized foreign exchange losses as well as a writedown of NOK 69 million. Hydro wrote off its 10% investment in Friguia, an alumina company based in Guinea. The writedown was a result of difficult operating conditions over a long period, as well as an ongoing conflict with the authorities in the African state. Net cash flow from operations amounted to NOK 6.5 billion in the first half of this year, compared to NOK 6.6 billion in the first half of The long-term debt to equity ratio of 0.39 at the end of the first half remained at the previous year's level.

12 Norsk Hydro 2nd quarter 1997 TAXES The provision for current and deferred taxes in the first half of the year was NOK 2,816 million, equivalent to 48% of pre-tax income. The corresponding figure for the first half of 1996 was NOK 2,848 million, equivalent to 46% of pre-tax income. Current tax is estimated to represent about 79% of total taxes. This compares to 86% for the entire year of 1996, excluding the 1996 effect of the change in the tax law for hydro-electric power production facilities. In the second quarter, tax provision was NOK 1,149 million, compared to NOK 1,383 million in the same period of Oslo, 21 July 1997 The Board of Directors

13 Norsk Hydro 2nd quarter 1997 INCOME STATEMENTS Second quarter First half Year NOK million except per share data Operating revenues 25,042 21,568 48,291 42,948 84,840 Depreciation, depletion and amortization 1,701 1,666 3,360 3,331 6,725 Other operating costs 20,511 17,269 38,956 33,868 67,462 Provision for impairment and losses 1,000 Operating income 2,830 2,633 5,975 5,749 9,653 Equity in net income of non-consolidated investees Financial income (expense), net (301) 23 (405) 61 (219) Other income Income before taxes and minority interest 2,664 2,814 5,866 6,141 10,277 Income tax expense (1,149) (1,383) (2,816) (2,848) (4,829) Tax effect of changes in tax law 776 Minority interest (19) (17) (14) (11) (20) Net income 1,496 1,414 3,036 3,282 6,204 Earnings per share Comments All figures are based on generally accepted accounting principles in the United States (US GAAP), unless otherwise stated. Interim figures are unaudited. Earnings and shareholders equity per share have been calculated based on the average number of outstanding shares of 229,072,674.

14 Norsk Hydro 2nd quarter 1997 INDIVIDUAL INDUSTRY SEGMENTS Operating revenues Second quarter First half Year NOK million Agriculture 11,709 9,989 22,413 19,403 37,858 Oil and Gas 4,346 4,150 9,088 8,257 17,764 Light Metals 6,910 5,723 13,103 11,843 22,026 Petrochemicals 1,615 1,337 2,908 2,699 5,522 Other activities 1,559 1,338 2,882 2,637 5,525 Intersegment sales (1,097) (969) (2,103) (1,891) (3,855) Total 25,042 21,568 48,291 42,948 84,840 Operating income Second quarter First half Year NOK million Agriculture ,399 1,755 2,667 Oil and Gas 1,555 1,448 3,479 2,945 5,631 Light Metals , ,253 Petrochemicals Other activities and costs not identified with a segment (48) 15 (138) (31) (185) Total 2,830 2,633 5,975 5,749 9,653

15 Norsk Hydro 2nd quarter 1997 QUARTERLY RESULTS NOK million except per share data 1st qtr 2nd qtr 1st qtr 2nd qtr 3rd qtr 4th qtr Operating revenues 23,249 25,042 21,380 21,568 20,173 21,719 Operating income 3,145 2,830 3,116 2,633 2,150 1,754 Net income 1,540 1,496 1,868 1, ,013 Earnings per share USD million except per share data * 1st qtr 2nd qtr 1st qtr 2nd qtr 3rd qtr 4th qtr Operating revenues 3, , , , , ,369.8 Operating income Net income Earnings per share Amounts have been converted to USD for convenience using the average exchange rate (NOK/USD) in effect during the quarters as follows:

16 Norsk Hydro 2nd quarter 1997 BALANCE SHEETS NOK million except per share data ASSETS Current assets Cash and cash equivalents 3,070 2,856 3,538 Other liquid assets 2,823 2,985 2,953 Receivables 22,159 19,251 19,497 Inventories 12,338 10,902 13,194 Total current assets 40,390 35,994 39,182 Non-current assets Property, plant and equipment, less accumulated depreciation, depletion and amortization 55,238 50,329 52,053 Other assets 15,332 14,054 14,229 Total non-current assets 70,570 64,383 66,282 Total assets 110, , ,464 LIABILITIES AND SHAREHOLDERS EQUITY Current liabilities Bank loans and other interest bearing short-term debt 5,074 3,486 3,610 Current portion of long-term debt 1,161 1,549 1,346 Other current liabilities 18,807 17,143 18,795 Total current liabilities 25,042 22,178 23,751 Long-term liabilities Long-term debt 17,769 15,449 17,330 Deferred tax liabilities 17,779 18,047 16,887 Other long-term liabilities 5,078 4,744 4,765 Total long-term liabilities 40,626 38,240 38,982 Minority shareholders interest in consolidated subsidiaries 1,217 1,139 1,184 Shareholders equity 44,075 38,820 41,547 Total liabilities and shareholders equity 110, , ,464 Shareholders equity per share

17 Norsk Hydro 2nd quarter 1997 STATEMENTS OF CASH FLOWS First half Year NOK million Operating activities: Net income 3,036 3,282 6,204 Adjustments: Depreciation, depletion and amortization 3,360 3,331 6,725 Provision for impairment and losses 1,000 Other adjustments 72 (45) (2,477) Net cash provided by operating activities 6,468 6,568 11,452 Investing activities: Purchases of property, plant and equipment (4,795) (5,500) (10,958) Purchases of other investments (1,013) (804) (2,223) Net sales of short-term investments Proceeds from sales of property, plant and equipment Other proceeds ,305 Net cash used in investing activities (5,314) (5,209) (11,355) Financing activities: Loan proceeds 1, ,307 Principal repayments (1,463) (2,153) (2,346) Dividends paid (1,604) (1,374) (1,374) Net cash used in financing activities (1,713) (3,350) (1,413) Foreign currency effects on cash flows Net decrease in cash and cash equivalents (468) (1,940) (1,258) Cash and cash equivalents at beginning of period 3,538 4,796 4,796 Cash and cash equivalents at end of period 3,070 2,856 3,538

18 Norsk Hydro 2nd quarter 1997 OPERATING INCOME - NORWEGIAN ACCOUNTING PRINCIPLES Norsk Hydro prepares its financial statements in accordance with the accounting principles generally accepted in Norway and with US GAAP. In the report, operating revenues and operating income according to Norwegian accounting principles are shown in the table below. All other figures in the report are presented in accordance with US GAAP. The general comments concerning developments in the operations of industry segments are applicable to both sets of accounting principles, unless otherwise stated. The main differences between Norwegian and United States accounting principles (US GAAP) are that exploration costs for oil and gas activities and interest during construction are expensed as incurred under Norwegian accounting principles. Under US GAAP, drilling costs for exploratory wells are capitalized pending a determination of whether proved reserves have been found. If commercially exploitable reserves are not proved, the drilling costs are expensed. The capitalized drilling costs are depreciated when production begins. Interest on plant under construction is capitalized under US GAAP and is depreciated along with the facilities. Second quarter First half Year NOK million Operating revenues 25,042 21,568 48,291 42,948 84,840 Depreciation 1,531 1,457 3,014 2,913 5,852 Other operating costs 20,268 17,252 38,782 33,908 67,886 Provision for impairment and losses 822 Operating income 3,243 2,859 6,495 6,127 10,280

19 2 Light Metals improvement offsets lower fertilizer prices Good result for Oil and Gas First half investments: NOK 5.7 billion Increased aluminium and PVC production in second half of 1997

20 3 NOK million 2nd quarter nd quarter 1996 Operating revenues 25,042 21,568 Operating income 2,830 2,633 Equity in net income of non-consolidated investees Financial income (expense) 135 (301) Income before taxes and minority interest Tax Minority interest 2,664 (1,149) (19) 2,814 (1,383) (17) Net income 1,496 1,414 Earnings per share NOK

21 By quarter 4 NOK million 4,000 3,500 3,000 2,500 2,000 1,500 1,915 1,900 1,616 1,537 3,556 2,719 2,405 2,024 3,116 3,145 2,830 2,633 2,150 1,754 1, * Accumulated 6,968 10,704 9,653 5,975 *) Excluding reversal of previously accrued restructuring charges of NOK 184 million in 3rd qtr. 1994

22 By business segment 5 NOK million 2nd quarter nd quarter 1996 Agriculture Oil and Gas Light Metals Petrochemicals Other activities and costs not identified with a segment 543 1, (48) 866 1, Total 2,830 2,633

23 Operating income 6 NOK million 2nd quarter nd quarter ,830 2,633 Variance 197 Explanation: - Higher volumes - Weaker prices and margins - Energy production - Fixed costs - Other 400 (320) 260 (80) (70)

24 By business segment 7 NOK million 2nd quarter st quarter 1997 Agriculture Oil and Gas Light Metals Petrochemicals Other activities and costs not identified with a segment 543 1, (48) 856 1, (90) Total 2,830 3,145

25 !"# $%&' 8 NOK/USD

26 " 9 NOK million Net interest expense* Foreign exchange losses (gains) Losses (gains) on securities Other 2nd quarter (97) (65) 2nd quarter (155) (51) Net financial expense (income) 301 (23) *) After reduction of capitalized interest

27 By quarter 10 NOK million 2,500 2,000 2,130 1,947 1,868 2,013 1,500 1,658 1,381 1,414 1,540 1,496 1, ,097 1,049 1, , * 1995* 1996** 1997 Accumulated 3,909 7,150 6,204 3,036 *) Before effect of changes in accounting principles in 1st qtr. 1994: NOK 127 mill. and 1st qtr. 1995: NOK (17) million **) After tax law change: Hydro-electric power 4th qtr. 1996: NOK 776 million

28 11 NOK million 1st half st half 1996 Operating revenues 48,291 42,948 Operating income 5,975 5,749 Equity in net income of non-consolidated investees Financial income (expense) Other income (expense) 218 (405) Income before taxes and minority interest Tax Minority interest 5,866 (2,816) (14) 6,141 (2,848) (11) Net income 3,036 3,282 Earnings per share NOK

29 By business segment 12 NOK million 1st half st half 1996 Agriculture Oil and Gas Light Metals Petrochemicals Other activities and costs not identified with a segment 1,399 3,479 1, (138) 1,755 2, Total 5,975 5,749 (31)

30 Operating income 13 NOK million 1st half st half ,975 5,749 Variance 226 Explanation: - Higher volumes, land based activities - Increased volumes, Oil and Gas - Better prices, Oil and Gas - Lower margins, land based activities - Other (790) (120)

31 ( )*## Long-term debt divided by shareholders` equity plus minority interest

32 , By quarter 15 NOK million 1, Accumulated 1,564 2,742 2,667 1,399

33 (--, 16 Decline in margins, but stable sales volume in Europe Investment to renovate and upgrade ammonia plant in Porsgrunn approved Continued expansion of trade and distribution in new markets Completion of Qafco III expansion provides positive earnings effect

34 , Operating income 17 NOK million 2nd quarter nd quarter Variance (323) Explanation: - Fertilizer volume - Fertilizer margin - Fixed costs - Inventory change - Other 310 (420) (90) (30) (90)

35 , Western Europe C&F 18 USD/tonne Sources: Green Markets, British Sulphur and Fertecon

36 . *',. 19 USD/tonne DAP Bulk FOB US Gulf UREA Bulk FOB Arab Gulf Sources: Green Markets, British Sulphur and Fertecon

37 !/ " 20 Index (average = 100)

38 By quarter 21 NOK million 2,500 2,000 1,500 * * 1,497 1,448 1,346 1,340 1,924 1,555 1, ,017 * 859 1, Accumulated 3,241 3,275 5,631 3,479 *) Frigg-area: Impairment and other losses NOK 755 million in 2nd qtr. 1995, NOK 400 million in 3rd qtr and NOK 600 million in 4th qtr. 1996

39 , 22 Good result High exploration activity Development plans for Troll C and Oseberg South approved New gas exports through Frigg pipeline possible Increased interest in Visund and Heimdal through exchange agreement with Elf

40 Operating income 23 NOK million 2nd quarter nd quarter ,555 1,448 Variance 107 Explanation: - Price and foreign exchange effects - Lower production - Depreciation - Refining and marketing 30 (70) 90 50

41 . Average per quarter USD/bbl 26 NOK/bbl USD/bbl NOK/bbl 2nd quarter 1997: NOK/bbl 18.1 USD/bbl

42 . Own reserves, per quarter 25 1,000 toe 4,000 3,264 3,341 3,369 3,321 3,442 3,359 3,489 3,241 3,000 2,861 2,842 2,998 2,877 2,949 2,562 2,000 1,000 0 Accumulated (mill. toe) Gas Oil

43 ) 26 NOK/bbl * 1996* 2nd qtr Transportation costs Depreciation and abandonment Exploration Net operating costs *) Excl. impairment Frigg-area Field and production costs

44 !" 27 NOK million Expensed share /94 2/94 3/94 4/94 1/95 2/95 3/95 4/95 1/96 2/96 3/96 4/96 1/97 2/97 Capitalized share Activity Previously capitalized wells expensed

45 (#0 By quarter 28 NOK million 1,500 1,341 1, * Accumulated 1,451 3,655 1,253 1,057 *) Excluding reversal of restructuring charges of NOK 184 million in 3rd qtr. 1994

46 (#0#- 29 Demand is good for metal and semi-fabricated products Electricity production to normal: 1 TWh higher than in 2nd quarter 1996 Full re- of idle primary aluminium capacity expected soon Acquisition of Raufoss Automotive strengthens automotive activities Aluminium metal project: Cost improvement from average to top third

47 (#0 Operating income 30 NOK million 2nd quarter nd quarter Variance 360 Explanation: - Metal margin - Downstream metals - Tolling and trading, aluminium - Electricity production - Fixed costs (10) (30)

48 (#0 Operating income 31 NOK million 2nd quarter st quarter Variance 265 Explanation: - Metal margin - Tolling and trading, aluminium - Downstream metals - Electricity production - Fixed costs - Other (50) (40) 25

49 . 3-month LME price, monthly average 32 USD/tonne 2,200 2,000 1,800 1,600 1,400 1,200 1,

50 1 Registered inventories in the western world 33 1,000 tonnes 5,000 4,000 3,000 2,000 1, Jan Feb Mar Apr May IPAI (Producers` inventories) LME (London Metal Exchange) Sources: IPAI and Reuter

51 !") 34 Index (1st qtr = 100)

52 . Pure and alloy 35 Index 1st qtr = Pure 120 Alloy

53 ,000 tonnes /93 2/93 3/93 4/93 1/94 2/94 3/94 4/94 1/95 2/95 3/95 4/95 1/96 2/96 3/96 4/96 1/97 Western production Imports FSU and China Western demand

54 3-37 Percent Maximum level Minimum level Median Reservoir levels 1996 Reservoir levels 1997 Week

55 .# By quarter 38 NOK million Accumulated 898 1,

56 1.# 39 Higher PVC prices offset lower caustic soda prices Increased PVC production capacity "Petro 1" improvement program under way

57 .# Operating income 40 NOK million 2nd quarter nd quarter Variance 116 Explanation: - Margin - Volume - Fixed costs - Depreciation (25)

58 .. S-PVC (pipe grade) CIF, Northwest Europe 41 DEM/kg Source: Platt s

59 . Contract prices Northwest Europe 42 DEM/tonne Source: Harriman

60 )# 44 NOK million Cash and cash equivalents Other liquid assets Receivables and inventories Non-current assets 3,070 2,823 34,497 70,570 2,856 2,985 30,153 64,383 3,538 2,953 32,691 66,282 Total assets 110, , ,464 Short-term interest bearing debt Other short-term liabilities Long-term interest bearing debt Deferred tax liabilities Other long-term liabilities Minority interest Shareholders` equity 6,235 18,807 17,769 17,779 5,078 1,217 44,075 5,035 17,143 15,449 18,047 4,744 1,139 38,820 4,956 18,795 17,330 16,887 4,765 1,184 41,547 Total liabilities and shareholders` equity 110, , ,464 Shareholders` equity per share, NOK

61 ) ) 45 NOK million 30,000 27,420 25,000 25,332 20,000 20,840 16,712 18,748 20,934 15,000 10,000 5, Interest bearing debt less cash and cash equivalents

62 " 46 NOK million 1st half st half 1996 Net interest expense* Foreign exchange losses (gains) Losses (gains) on securities Other (262) (65) (421) (40) Net financial expense (income) 405 (61) *) After reduction of capitalized interest

63 , Operating income 47 NOK million 1st half st half ,399 1,755 Variance (360) Explanation: - Fertilizer volume - Fertilizer margin - Fixed costs - Inventory change - Other 590 (680) (120) (80) (70)

64 , Operating income 48 NOK million 2nd quarter st quarter Variance (313) Explanation: - Fertilizer margin - Fertilizer volume - Fixed costs - Inventory change - Other (190) (110) (130) 50 70

65 !/ 49 GBP/tonne 150 AN United Kingdom Bagged ex warehouse FRF/tonne 1,200 AN France Bulk delivered wholesalers 120 1, DEM/tonne 300 CAN Germany Bulk delivered wholesalers FRF/tonne 1,200 NPK France Bulk delivered wholesalers , Sources: British Sulphur and Fertecon

66 Western Europe 50 Mill. tonnes Nitrogen Import as % of consumption 89/90 90/91 91/92 92/93 93/94 94/95 95/96 96/97E 13% 20% 19% 21% 22% 24% 23% 23% Consumption Imports from central Europe and FSU Imports from rest of the world Import estimate 96/97 Ekvartal * 50 Hydro Media Sources: EFMA, Pub.stat. and Hydro estimates

67 Operating income 51 NOK million 1st half st half ,479 2,945 Variance 534 Explanation: - Price and foreign exchange effects - Depreciation - Other

68 Operating income 52 NOK million 2nd quarter st quarter ,555 1,924 Variance (369) Explanation: - Reduced production - Price and foreign exchange effects - Exploration and field evaluation - Depreciation - Refining and marketing - Other (190) (160) (120) (20)

69 . ) 2nd quarter 53 Daily average barrel/day Hydro`s share Hydro`s production 1997 Field Percent toe Oil (incl. NGL/cond.) Oseberg Gullfaks Ekofisk Snorre Brage Troll Oil Other fields 495, , , , , , , , , ,000 96, , Sum oil 2,569 Gas Total production - 3,241

70 (#0 Operating income 54 NOK million 1st half st half , Variance 67 Explanation: - Metal margin - Downstream metals - Tolling and trading, aluminium - Raw material production - Electricity production - Other (170) (60) 190 (120)

71 , -- January May Million tonnes

72 .# Operating income 56 NOK million 1st half st half Variance 88 Explanation: - Margin - Fixed costs - Depreciation (40)

73 .# Operating income 57 NOK million 2nd quarter st quarter Variance 60 Explanation: - Margin - Volume - Other (10)

74 . 0 Spot prices FOB Northwest Europe for export to Asia 58 USD/tonne 1, Source: ICIS

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