Norsk Hydro: Maintaining momentum in volatile markets

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Norsk Hydro: Maintaining momentum in volatile markets"

Transcription

1 Norsk Hydro: Maintaining momentum in volatile markets Pål Kildemo Head of Investor Relations (1)

2 Our agenda for value creation continues through 2015 EUR 130 million automotive investment in Germany to lift BiW capacity to 200,000 t/year Permanent closure of 180,000 t/year Kurri Kurri smelter in Australia New long-term power contracts of a total 2.7 TWh for Norwegian smelters Included on Dow Jones Sustainability Indices for 15 th time Record results and investment decision for Karmøy pilot* Record results Again, B&A delivers ~780 MNOK February 25 May 8 June 23 September 12 February 11 April April 30 June 13 July 3 October, annualized February 11 April 1 EUR 45 million recycling investment in Germany to reach 100,000 t/year UBC capacity Enova supports planned technology pilot at Karmøy with NOK 1.5 billion Announcement to take control of Søral aluminium plant in Norway Alumina production at Alunorte increased to 6.0 million t/year BoD proposed 33% Dividend increase Policy revised from 30 to 40% over the cycle Acquisition of World s most advanced sorting technology BiW = Body-in-White * Build decision requires sustainable power sourcing

3 (3) Market Developments

4 Aluminium s inherent qualities driving substitution driven demand Copper and steel both have to pave way for the metal of the future Global Body-in-White demand in thousand tonnes Significant substitution potential within HVAC&R CAGR 20% market mt % Potential market mt Source: CRU, Hydro Analysis (4)

5 Limited expected supply growth going forward World ex-china Thousand tonnes Supply Demand Supply development 2015 (million tonnes) Demand growth base case: ~3% Other ~0.4 Structural issues Ramp-up challenges Supply influences Few new projects India & other Asia Potential restarts and curtailments? India ~0.4 Potential additions ~0.5? Potential restarts Potential curtailments, including full year effects from 2014 ~0.5? E Source: CRU, Hydro Analysis (5)

6 Inventory reductions driven by primary curtailments In world ex-china Production less demand world ex-china Quarterly annualized* Inventory days World ex-china reported primary aluminium inventories Primary aluminium, in thousand tonnes Dec-08 Mar-10 Jun-11 Sep-12 Dec-13 Mar-15 0 Q1 05 Q3 07 Q1 10 Q3 12 Q1 15 World ex-china inventory days Source: CRU/Hydro *12 month rolling average ** CRU estimates (6)

7 Improved comp. adv. China Global primary aluminium market slightly oversupplied Chinese exports decline amid reduced metal advantage Production less demand (quarterly annualized)* mt primary aluminium Semis exports (monthly, kt) Comp. adv (USD/t) (1 000) (2 000) Jan-09 Apr-10 Jul-11 Oct-12 Jan-14 Mar-15 Semis exports (Left axis) Chinese competitive adv. downstream* (Right axis) Source: CRU/Hydro * Yearly rolling average of quarterly annualized production less demand (7) Source: CRU/Ecowin * Est. metal cost China versus Europe : LME cash + European duty-paid standard ingot premium China: SHFE cash + avg. local premium + freight export rebates (~13 %)

8 Decline in all-in ingot price partly offset by weak NOK Standard ingot premiums fall sharply Regional standard ingot premiums USD per tonne 600 All-in ingot aluminium price USD per tonne NOK per tonne Jan-08 Dec-08 Nov-09 Oct-10 Sep-11 Aug-12 Jul-13 Jun-14 May-15 US Mid West Japan Europe (duty-paid) Jan 11 May 11 LME cash Sep 11 Jan 12 May 12 Sep 12 Jan 13 LME Cash + Europe dutypaid NOK (RHS) May 13 Sep 13 Jan 14 May 14 Sep 14 Jan 15 LME cash + Europe duty paid May Source: Metal Bulletin, MW/MJP: Platts Source: Metal Bulletin, MW/MJP: Platts, Reuters Ecowin (8)

9 Russia Canada UAE India USA Australia Norway Brazil Bahrain Iceland South Africa Saudi Arabia Qatar Mozambique Germany Aluminium cost curve shifts down on USD appreciation Many aluminium-producing nations are also oil exporters Top 15 aluminium producers World ex-china Million tonnes; % of total 2014 primary aluminium production USD or pegged to USD USD appreciation Against currencies of major aluminium producers March14 - March-15 70% 60% 50% % % 20% 10% 0.0 0% Canada Australia Norway Brazil Russia Source: Thomson ONE, CRU, Hydro (9)

10 Resilient alumina prices, bauxite source diversification continues Platts alumina index (PAX) USD/mt Percent 20% 19% 18% 17% 16% 15% 14% 13% Chinese bauxite imports by origin Million tonnes Aug 2010 Aug 2011 Aug 2012 Aug 2013 Aug % May e * PAX % of LME Indonesia Australia India Malaysia Other Pacific Atlantic Source: Platts, Ecowin, China Customs, * Based on actual Q annualized (10)

11 Hydro s aspiration for higher value creation (11)

12 (12)

13 Hydro improvement drive continues at full pace Sapa JV Energy Aspiration Total contribution from Hydro s improvement programs (excl. Sapa) Climb JV program From B to A 2011*-2014 USD 300 program CCIP II BNOK ** BNOK 1.5 * USD 300 from 2009 ** Real 2014 terms Realized improvement efforts is YTD Q314 annualized.

14 Significant improvements in margins in B&A, following operational issues of 2013 Bauxite & Alumina H 2013 Underlying EBITDA per mt (USD) Bauxite & Alumina H 2014 Underlying EBITDA per mt (USD) All figures based on public accounting data, not verified by Hydro. Data not adjusted for different accounting principles and non-specified underlying items. Hydro makes no representation as to the accuracy or completeness of such information. The analyses are based on assumptions subject to uncertainty and therefore intended only for general comparisons across companies and should not be used to support any individual investment decision. All results are provided for informational purposes only. Adjustments for RTA og Hydro: EBITDA pr. ton alumina equivalent, other companies EBITDA pr. ton alumina produced. Bauxite to alumina factor: 2,4 (14)

15 Commercial Alumina Bauxite Additional improvements to be delivered and contracts to be repriced Bauxite and Alumina Improvement categories Increase productivity and rightsize organization Stabilize performance at nameplate capacity Improve logistics efficiency Increase productivity and rightsize organization Support production at nameplate capacity Improve product flow and minimize tailings Improvements in NOK million NOK 1 billion Index spot price exposure Base bauxite and alumina pricing on fundamentals Increase logistical flexibility and optimize scheduling Internal demand LME linked sales Index exposure (15)

16 Industry leading margin generation in Primary Metal Primary Metal 900 1H 2012 Underlying EBITDA per mt (USD) Primary Metal 900 2H 2014 Underlying EBITDA per mt (USD) All figures based on public accounting data, not verified by Hydro. Data not adjusted for different accounting principles and non-specified underlying items. Hydro makes no representation as to the accuracy or completeness of such information. The analyses are based on assumptions subject to uncertainty and therefore intended only for general comparisons across companies and should not be used to support any individual investment decision. All results are provided for informational purposes only. Hydro figures includes Primary Metal, Metal Markets and attributable share of EBITDA and production in Qatalum. (16)

17 Research and development allows world leading improvement programs Primary Metal Fully-owned smelters increasing output from existing lines, gaining productivity Production development in Norwegian fully-owned smelters, indexed from ~ mt E2014 ~ mt 1 Technology and competence driven volume growth Larger anodes New cathode technology Improved process control system Modeling tools AMPS (17)

18 Step-change innovation keeps us one step ahead of the competition Rolled Products (18)

19 Earning improvements on the back of restructuring and strong US demand Sapa Underlying EBITDA development. Rolling 4 quarters* NOK Million 600 Sapa and Ford F-150, a multi-plant delivery to the World s most selling vehicle Q Q Q Q Q Q Q Q * Q to Q containing pro-forma figures for Q1-Q (19)

20 Increasing our cash returns to shareholders Hydro compared to its aluminium peers Dividend yield in percentage, based on year-end share-prices % 4.00% NOK % 4.00% 5.10% NOK % 4.00% NOK % 4.00% NOK % 4.00% NOK % 2.49% 3.00% 2.70% 3.00% 2.70% 3.00% 2.77% 3.00% 2.36% 2.00% 1.80% 2.00% 2.00% 2.00% 2.00% 1.39% 1.38% 1.40% 1.00% 0.78% 1.00% 1.00% 1.00% 1.10% 1.00% 0.76% 0.19% 0.00% 0.00% 0.00% 0.00% 0.00% Source: Thomson ONE Hydro Peers (20)

21 Several alternatives for capital allocation Strong balance sheet and credit grade rating are high priorities in cyclical industry Maintain investment-grade rating Currently: BBB (S&P), Baa2 (Moody s), both with stable outlook Competitive access to capital important for Hydro s business model Financial ratio ambitions over business cycle Funds from operations to net adjusted debt > 40% Net adjusted debt to equity < 0.55 Funds from operations determined balance sheet structure over the last years (21)

22 (22)

23 High-grading portfolio and fully utilizing existing assets Bauxite & Alumina Energy Primary Aluminium Rolled Products Move beyond nameplate capacity Mature captive growth opportunities Enhance position in high-margin segments Expand automotive capacity to 200,000 t/yr by end-2016 Further improve bauxite positions Mature CAP project and Paragominas expansion for when time is right Raise income potential from market operations Leverage value from Nordic power surplus Realize 100,000 tonnes creep in fully-owned smelters Extend technology lead with Karmøy pilot plant Mature Qatalum 2 and Alouette expansion for when time is right Increase recycling of postconsumed scrap above 250,000 t/year* Build positions and lift margins through technology leadership and innovation * Includes recycling ambition in Primary Metal (23)

24 (24)

25 The industry s most ambitious climate strategy: Carbon-neutral by 2020 Supported by the three pillars of Hydro s technology strategy Energy and primary production Reduce emissions, increase efficiency Aluminium in use Maximize userphase benefits End-of-life Increase recycling, back to the loop (25)

26 Hydro 2015 Lifting performance and shareholder value Delivering on improvement programs Targeting high-margin markets and maturing growth portfolio, while maintaining tight capital discipline Increasing energy-efficiency and lowering climate footprint (26)

27 (27)

Finance. Eivind Kallevik. Capital Markets Day 2014 (1)

Finance. Eivind Kallevik. Capital Markets Day 2014 (1) Finance Eivind Kallevik Capital Markets Day 2014 (1) Finance 2014 1 Financial developments 2 Sensitivities 3 Financial policy 4 Financial reporting going forward Finance 2014 1 Financial developments 2

More information

Result up on higher volumes and prices

Result up on higher volumes and prices Result up on higher volumes and prices First quarter presentation 2013 (1) highlights Underlying EBIT NOK 1 077 million Higher sales volumes driven by seasonality Increased realized alumina and aluminium

More information

Market outlook. Kathrine Fog. Capital Markets Day 2015

Market outlook. Kathrine Fog. Capital Markets Day 2015 Market outlook Kathrine Fog Capital Markets Day 215 Agenda market outlook 1 Macroeconomic and downstream outlook 2 Primary metal market 3 Bauxite and alumina market 4 Long-term outlook 2 Macroeconomic

More information

Weaker prices, strong rolled product sales and record bauxite production. Third quarter presentation

Weaker prices, strong rolled product sales and record bauxite production. Third quarter presentation Weaker prices, strong rolled product sales and record bauxite production Third quarter presentation Cautionary note Certain statements included within this announcement contain forward-looking information,

More information

Alunorte improvements, seasonality and lower power production

Alunorte improvements, seasonality and lower power production Alunorte improvements, seasonality and lower power production Fourth quarter presentation (1) Cautionary note Certain statements included within this announcement contain forward-looking information, including,

More information

Record results on higher sales and currency tailwinds. First quarter presentation

Record results on higher sales and currency tailwinds. First quarter presentation Record results on higher sales and currency tailwinds First quarter presentation Cautionary note Certain statements included within this announcement contain forward-looking information, including, without

More information

Finance. Eivind Kallevik. Capital Markets Day 2013 (1)

Finance. Eivind Kallevik. Capital Markets Day 2013 (1) Finance Eivind Kallevik Capital Markets Day 2013 (1) Agenda Financial policy Financial reporting going forward Internal measures External results Earning drivers (2) Financial policy 01 (3) Priorities

More information

Primary Metal. Hilde M. Aasheim. Capital Markets Day 2014 (1)

Primary Metal. Hilde M. Aasheim. Capital Markets Day 2014 (1) Primary Metal Hilde M. Aasheim Capital Markets Day 2014 (1) 1 Business overview 2 Better 3 Bigger 4 Greener 5 Summary Primary Metal and Metal Markets production portfolio Norway Canada UK Luxembourg France

More information

Fourth quarter 2007. February 19, 2008 (1)

Fourth quarter 2007. February 19, 2008 (1) Fourth quarter 1 3 2 4 February 19, 2008 (1) Highlights Strong year for Hydro hit by lower aluminium prices in NOK and weaker downstream markets Solid operational performance Qatalum on track, 9% complete

More information

Result down on lower aluminium prices and power production

Result down on lower aluminium prices and power production Result down on lower aluminium prices and power production Second quarter presentation (1) Cautionary note Certain statements included within this announcement contain forward-looking information, including,

More information

Higher downstream results offset by lower prices. First quarter presentation

Higher downstream results offset by lower prices. First quarter presentation Higher downstream results offset by lower prices First quarter presentation Cautionary note Certain statements included within this announcement contain forward-looking information, including, without

More information

Market Outlook. Arvid Moss and Erik Fossum. Capital Markets Day 2012 (1)

Market Outlook. Arvid Moss and Erik Fossum. Capital Markets Day 2012 (1) Market Outlook Arvid Moss and Erik Fossum Capital Markets Day 2012 (1) Balanced outlook for primary metal market Strong long-term demand projections China increasingly dependent on upstream imports Physical

More information

Declining metal prices, lower costs and record production in Brazil. Fourth quarter presentation

Declining metal prices, lower costs and record production in Brazil. Fourth quarter presentation Declining metal prices, lower costs and record production in Brazil Fourth quarter presentation Cautionary note Certain statements included within this announcement contain forward-looking information,

More information

Results up on higher prices and sales, offset by currency. Second quarter presentation

Results up on higher prices and sales, offset by currency. Second quarter presentation Results up on higher prices and sales, offset by currency Second quarter presentation Cautionary note Certain statements included in this announcement contain forward-looking information, including, without

More information

Aluminium market outlook

Aluminium market outlook Aluminium market outlook Arvid Moss, Executive Vice President and Head of Energy and Corporate Business Development January 13, 2011 (1) Agenda Market situation 2010 Status development from 2009 Restocking

More information

Fourth quarter report 4

Fourth quarter report 4 report 4 2 FOURTH QUARTER REPORT Contents Financial review 3 Overview 3 Market developments and outlook 6 Additional factors impacting Hydro 8 Underlying EBIT 9 Finance 14 Tax 14 Items excluded from underlying

More information

Yara International ASA Second quarter results 2014

Yara International ASA Second quarter results 2014 Yara International ASA Second quarter results 214 18 July 214 1 Summary second quarter Strong result Lower nitrate deliveries amid early end to season in Europe Continued strong NPK deliveries and value-added

More information

Hydropower as an integrated part of the aluminium business

Hydropower as an integrated part of the aluminium business Hydropower as an integrated part of the aluminium business Arvid Moss, Executive Vice President and Head of Energy and Corporate Business Development January 17, 2013 Hydro s new platform 01 (2) Hydro

More information

second quarter report

second quarter report Q2 second report 1 SECOND QUARTER REPORT Contents Financial review 2 Overview 2 Market developments and outlook 4 Additional factors impacting Hydro 7 Underlying EBIT 8 Finance 13 Tax 13 Items excluded

More information

Capital Markets Day. November 27, 2014 (1)

Capital Markets Day. November 27, 2014 (1) Capital Markets Day November 27, 2014 (1) Table of contents Hydro 4 Financial update 41 Market outlook 72 Rolled Products 111 Primary Metal 130 Bauxite & Alumina 150 (2) Cautionary note in relation to

More information

First quarter report Q 2014

First quarter report Q 2014 report Q page 2 FIRST QUARTER About our reporting About our reporting As of January 1, Hydro has implemented the new accounting standards IFRS 10, IFRS 11, IFRS 12 and the amended IAS 27 and IAS 31 with

More information

Second quarter report 2

Second quarter report 2 report 2 2 SECOND QUARTER REPORT Contents Contents Financial review 3 Overview 3 Market developments and outlook 5 Additional factors impacting Hydro 7 Underlying EBIT 8 Finance 12 Tax 12 Items excluded

More information

Capital Markets Day 2009

Capital Markets Day 2009 Capital Markets Day 2009 Svein Richard Brandtzæg, President and CEO (1) Hydro s value proposition Leading integrated aluminium and energy company with global reach and attractive positions across the value

More information

first quar ter r eport

first quar ter r eport Q1 first report 2 FIRST QUARTER REPORT Contents Financial review 3 Overview 3 Market developments and outlook 5 Additional factors impacting Hydro 7 Underlying EBIT 8 Finance 12 Tax 12 Items excluded from

More information

Yara International ASA Third Quarter results 2012

Yara International ASA Third Quarter results 2012 Yara International ASA Third Quarter results 212 19 October 212 1 Summary third quarter Strong results and cash flow Yara-produced NPK deliveries up 1% Strong production increase Cautious start to European

More information

Yara International ASA Fourth quarter results 2011. 7 February 2012

Yara International ASA Fourth quarter results 2011. 7 February 2012 Yara International ASA Fourth quarter results 211 7 February 212 1 Summary fourth quarter Strong quarter and best full-year results so far Good farm profitability drove improved margins, more than offsetting

More information

Underlying EBIT. NOK 868 million

Underlying EBIT. NOK 868 million report 1 2 3 4 page 2 FOURTH Revenues Underlying EBIT Underlying earnings per share NOK million 25,000 20,000 15,000 10,000 5,000 NOK million 2,500 2,000 1,500 1,000 500 NOK 1.2 0.8 0.4 0.0 0 4q 07 1q

More information

Investor presentation. February 2015

Investor presentation. February 2015 Investor presentation February 2015 4 2014 Table of contents Forth quarter results 2014 3 Market 37 Business overview 48 > Hydro - Group 49 > Bauxite & Alumina 60 > Primary Metal 69 > Metal Markets 75

More information

FINANCIAL RESULTS Q2 2015

FINANCIAL RESULTS Q2 2015 FINANCIAL RESULTS Q2 2015 CEO CHRISTIAN RYNNING-TØNNESEN CFO HALLVARD GRANHEIM 23 July 2015 Highlights Solid underlying results (EBITDA) - Lower Nordic prices offset by increased production and contribution

More information

CREATING VALUE BY BECOMING BETTER, BIGGER, GREENER WELL POSITIONED. KEY FIGURES AND HIGHLIGHTS Key figures and highlights. Revenue 77 907 64 877

CREATING VALUE BY BECOMING BETTER, BIGGER, GREENER WELL POSITIONED. KEY FIGURES AND HIGHLIGHTS Key figures and highlights. Revenue 77 907 64 877 Annual Report 2014 2 KEY FIGURES AND HIGHLIGHTS Key figures and highlights Key figures Highlights Amounts in NOK million unless other unit indicated 2014 2013 Revenue 77 907 64 877 Underlying EBIT: a Bauxite

More information

Energy. Arvid Moss. Capital Markets Day 2015

Energy. Arvid Moss. Capital Markets Day 2015 Energy Arvid Moss Capital Markets Day 2015 Aiming for an injury-free working environment Total recordable injuries (TRI) per million hours worked 24 20 16 12 8 4 0 2008 2009 2010 2011 2012 2013 2014 2015

More information

Underlying EBIT. NOK 1,619 million

Underlying EBIT. NOK 1,619 million report 1 2 3 4 page 2 second Revenues Underlying EBIT Underlying Earnings per share NOK million 30,000 25,000 20,000 15,000 10,000 5,000 NOK million 3,000 2,500 2,000 1,500 1,000 500 NOK 2.0 1.5 1.0 0.5

More information

FINANCIAL RESULTS Q1 2016

FINANCIAL RESULTS Q1 2016 FINANCIAL RESULTS Q1 2016 CFO Hallvard Granheim 28 th April 2016 Highlights Q1 Increase in underlying results (EBITDA) - Nordic prices are down 15% Q-on-Q - High production from Nordic hydropower assets

More information

Deutsche Bank. 9th European Paper Seminar, November 2011

Deutsche Bank. 9th European Paper Seminar, November 2011 Deutsche Bank 9th European Paper Seminar, November 2011 A leading manufacturer of publication paper 14 mills in 11 countries Revenues (2010): NOK 19.0 bn (USD 3.15 bn) 5 200 employees Europe 3 600 Whereof

More information

Financial Information

Financial Information Financial Information Solid results with in all key financial metrics of 23.6 bn, up 0.4% like-for like Adjusted EBITA margin up 0.3 pt on organic basis Net profit up +4% to 1.9 bn Record Free Cash Flow

More information

Novelis Q3 Fiscal Year 2016 Earnings Conference Call

Novelis Q3 Fiscal Year 2016 Earnings Conference Call Novelis Q3 Fiscal Year 2016 Earnings Conference Call February 9, 2016 Steve Fisher President and Chief Executive Officer Steve Pohl Vice President and Interim Chief Financial Officer 1 Safe Harbor Statement

More information

Year-end Report January-December 2015

Year-end Report January-December 2015 Year-end Report January-December 20 Johan Dennelind, President & CEO Q4 20 high pace towards the new TeliaSonera Started to reduce presence in region Eurasia Continued business transformation Solid development

More information

Baader Investment Conference

Baader Investment Conference Baader Investment Conference Bernhard Kleinermann, Director Corporate Communication and IR Munich, September 23, 20 1 Market Situation 2 Financial Accounts First Half of 20 3 Salzgitter AG 20 / Prospects

More information

WELL POSITIONED. Annual report Key figures and highlights. Revenue 91 444 75 754

WELL POSITIONED. Annual report Key figures and highlights. Revenue 91 444 75 754 Annual Report 2011 2 Annual report Key figures and highlights Key figures Highlights Amounts in NOK million unless other unit indicated 2011 2010 Revenue 91 444 75 754 Underlying EBIT : a Bauxite & Alumina

More information

Ludwigshafen, February 25, 2014

Ludwigshafen, February 25, 2014 Ludwigshafen, February 25, 2014 Analyst Conference FY2013 Cautionary note regarding forward-looking statements This presentation may contain forward-looking statements that are subject to risks and uncertainties,

More information

Deutsche Global Infrastructure Fund (TOLLX)

Deutsche Global Infrastructure Fund (TOLLX) Global Infrastructure Fund (TOLLX) A step beyond MLPs Important risk information Any fund that concentrates in a particular segment of the market will generally be more volatile than a fund that invests

More information

Revenues 10,891 9,760 9,357 8,928 8,850 9,089 EBITDA ,520 1,924 1,520 1,488. EBITDA margin 8.4% 6.7% 16.2% 21.5% 17.2% 16.

Revenues 10,891 9,760 9,357 8,928 8,850 9,089 EBITDA ,520 1,924 1,520 1,488. EBITDA margin 8.4% 6.7% 16.2% 21.5% 17.2% 16. MET ALS & MIN ING JUN 14 JUL 14 AUG 14 SEP 14 OCT 14 NOV 14 DEC 14 JAN 15 FEB 15 MAR 15 APR 15 MAY 15 JUN 15 JUNE 26, 2015 CHANGE OF RECOMMENDATION Rusal Aluminum price to be capped downgrade to NEUTRAL

More information

Schouw & Co. Full Year 2015 Investor presentation March 2016 CEO JENS BJERG SØRENSEN IR KASPER OKKELS

Schouw & Co. Full Year 2015 Investor presentation March 2016 CEO JENS BJERG SØRENSEN IR KASPER OKKELS Schouw & Co. Full Year Investor presentation March 2016 CEO JENS BJERG SØRENSEN IR KASPER OKKELS Annual Report 04.03.2016 2 highlights: Best operation in our history Revenue DKK 12.6bn Growth 6.6% // :

More information

MF Global Seminar 15 October 2009

MF Global Seminar 15 October 2009 MF Global Seminar 15 October 29 This presentation has been prepared by Rio Tinto plc and Rio Tinto Limited ( Rio Tinto ) and consisting of the slides for a presentation concerning Rio Tinto. By reviewing/attending

More information

Yara International ASA First quarter results 2009. 28 April 2009

Yara International ASA First quarter results 2009. 28 April 2009 Yara International ASA First quarter results 29 28 April 29 1 Summary first quarter 29 Strong cash flow Significant on-going operating capital release Reduced margins despite lower energy costs Sales volumes

More information

Strategic Partnership with China Three Gorges December23 rd, 2011

Strategic Partnership with China Three Gorges December23 rd, 2011 Strategic Partnership with China Three Gorges December23 rd, 2011 0 Key Highlights of the Strategic Partnership with China Three Gorges CTG as new shareholder China Three Gorges ( CTG ) to acquire a 21.35%

More information

Acerinox Press Release 2014 First Half Results. Page 0 / 10

Acerinox Press Release 2014 First Half Results. Page 0 / 10 Page 0 / 10 2014 First Half Results Acerinox's profit after taxes and minorities for the first half of 2014 is Euros 76.1 million, representing a rise of 373% on the same period in the prior year The Group's

More information

IntercontinentalExchange Fourth Quarter & Year-End 2008. Earnings Presentation February 10, 2009

IntercontinentalExchange Fourth Quarter & Year-End 2008. Earnings Presentation February 10, 2009 IntercontinentalExchange Fourth Quarter & Year-End 20 Earnings Presentation February 10, 2009 Forward-Looking Statements Forward-Looking Statements This presentation may contain forward-looking statements

More information

A May 2013 The Economic Pulse

A May 2013 The Economic Pulse Global @dvisor The Economic Pulse of the World Citizens in 25 Countries Assess the Current State of their Country s Economy for a Total Global Perspective The Economic Pulse These are the findings of the

More information

Norske Skog Deutsche Bank s European Paper Seminar 10 November 2010. Sven Ombudstvedt, President and CEO

Norske Skog Deutsche Bank s European Paper Seminar 10 November 2010. Sven Ombudstvedt, President and CEO Norske Skog Deutsche Bank s European Paper Seminar 10 November 2010 Sven Ombudstvedt, President and CEO Contents Company specifics Market information Q3, financials, costs and outlook Company specifics

More information

Norsk Gjenvinning Group 4th Quarter 2015 Erik Osmundsen, CEO and Dean Zuzic, CFO

Norsk Gjenvinning Group 4th Quarter 2015 Erik Osmundsen, CEO and Dean Zuzic, CFO Norsk Gjenvinning Group 4th Quarter 2015 Erik Osmundsen, CEO and Dean Zuzic, CFO Disclaimer VV Holding AS is providing the following interim financial statements for Q4 2015 to holders of its NOK 2,235,000,000

More information

Exova PLC Investor Conference Call 29 August 2013

Exova PLC Investor Conference Call 29 August 2013 Exova PLC Investor Conference Call 29 August 2013 2 Forward looking statements This document contains certain forward looking statements based on knowledge and information available to the directors at

More information

2013 Half Year Results

2013 Half Year Results 2013 Half Year Results Erwin Stoller, Executive Chairman Joris Gröflin, Chief Financial Officer Agenda 1. Introduction and summary of first half year 2013 2. Financial results first half year 2013 3. Outlook

More information

In aluminium we trust!

In aluminium we trust! In aluminium we trust! Recommendation: BUY Target NOK 55 (48) 12.02.2015 Prepared by Analyst: Daniel Johansson, Fondsfinans AS, tel: 23 11 30 61, e-mail: dj@fondsfinans.no This report was prepared by an

More information

FIRST QUARTER 2005. Highlights from first quarter 2005 include: Operating profit 10 MNOK (42 MNOK last year)

FIRST QUARTER 2005. Highlights from first quarter 2005 include: Operating profit 10 MNOK (42 MNOK last year) FIRST QUARTER 2005 Highlights from first quarter 2005 include: Revenues 599 MNOK (+1 percent relative to first quarter 2004) Operating profit 10 MNOK (42 MNOK last year) Acquisition of Orwak Group completed

More information

2013 Third Quarter Review October 25, 2013 1

2013 Third Quarter Review October 25, 2013 1 October 25, 213 1 Panalpina Group October 25, 213 213 Third Quarter Review October 25, 213 2 Highlights and key figures Operating and financial review Outlook Growth in profitability and margins in the

More information

FOURTH QUARTER REPORT 2008 1

FOURTH QUARTER REPORT 2008 1 FOURTH QUARTER REPORT 2008 Copyright Telefon AB LM Ericsson 2009. All rights reserved FOURTH QUARTER REPORT 2008 1 FOURTH QUARTER REPORT HENRY STÉNSON Senior Vice President Communications 2008 2 Copyright

More information

2 N D Q U A R T E R 2 0 1 6. O s l o, 1 8 J u l y 2 0 1 6

2 N D Q U A R T E R 2 0 1 6. O s l o, 1 8 J u l y 2 0 1 6 2 N D Q U A R T E R 2 1 6 O s l o, 1 8 J u l y 2 1 6 Agenda Per A Sørlie, President & CEO Highlights Business areas Outlook Per Bjarne Lyngstad, CFO Financial performance 2 Highlights 2 nd quarter 216

More information

HOSPIRA (HSP US) HISTORICAL COMMON STOCK PRICE INFORMATION

HOSPIRA (HSP US) HISTORICAL COMMON STOCK PRICE INFORMATION 30-Apr-2004 28.35 29.00 28.20 28.46 28.55 03-May-2004 28.50 28.70 26.80 27.04 27.21 04-May-2004 26.90 26.99 26.00 26.00 26.38 05-May-2004 26.05 26.69 26.00 26.35 26.34 06-May-2004 26.31 26.35 26.05 26.26

More information

Debt Investor Update March 2013

Debt Investor Update March 2013 Strength. Performance. Passion. Debt Investor Update March 2013 IFZ - MAS Corporate Finance 20_10 Funding December 7, 2012, 14.10 17.50 Debt Investor Update 2013 Holcim Ltd Agenda Strategy and positioning

More information

Financial Overview & Strategy

Financial Overview & Strategy Financial Overview & Strategy Conservative approach to financial management Risk Management Unhedged gold production Leverage Target Internal Net Debt : EBITDA threshold of 1 times Funding Strategy Combination

More information

3Q12 presentation. 1 November 2012

3Q12 presentation. 1 November 2012 3Q12 presentation 1 November 2012 3Q12 in brief EBITDA NOK 365 mill. (NOK 393 mill. 2Q12) Weak markets, FX and active capacity management Cash flow from operations NOK 550 mill. Before net financial items

More information

2Q15 Earnings Conference Call

2Q15 Earnings Conference Call 2Q15 Earnings Conference Call André B. Gerdau Johannpeter President and CEO Harley Lorentz Scardoelli Financial, Planning and IR Director - CFO Credit: New York State Thruway Authority Gerdau is supplying

More information

Group Financial Outlook and Strategy. Mark Langer, CFO Paris, November 19, 2014

Group Financial Outlook and Strategy. Mark Langer, CFO Paris, November 19, 2014 Investor Day 2014 Group Financial Outlook and Strategy Mark Langer, CFO Paris, November 19, 2014 HUGO BOSS 19-Nov-14 2 Agenda Review of past financial performance Current trading update Financial implications

More information

Go Further 1Q 2015 FIXED INCOME REVIEW APRIL 28, 2015

Go Further 1Q 2015 FIXED INCOME REVIEW APRIL 28, 2015 Go Further 1Q 2015 FIXED INCOME REVIEW APRIL 28, 2015 FORD CREDIT 1Q 2015 OPERATING HIGHLIGHTS* Another strong performance with pre-tax profit of $483 million and net income of $306 million Managed receivables

More information

Westpac Banking Corporation

Westpac Banking Corporation Westpac Banking Corporation Philip Coffey Chief Financial Officer 31 March 2006 Westpac at a glance Established 1817 Top 40 bank globally 1 Core markets - Australia, New Zealand and near Pacific Total

More information

FINANCIAL RESULTS Q1 2012. 16 May 2012

FINANCIAL RESULTS Q1 2012. 16 May 2012 FINANCIAL RESULTS Q1 2012 16 May 2012 Highlights Q1 2012 Satisfactory Q1 financials underlying EBITDA and profit before tax on a par with Q1 2011 - Lower power prices partly offset by increased power generation

More information

For personal use only

For personal use only 2016 Investor Presentation Bank of America Merrill Lynch - Global Metals & Mining Conference 11 May 2016 ASX: SGM USOTC: SMSMY www.simsmm.com Business Highlights Company Global leader in metals and electronics

More information

For personal use only GALE PACIFIC LIMITED

For personal use only GALE PACIFIC LIMITED GALE PACIFIC LIMITED RESULTS FOR YEAR ENDED 30 JUNE 2013 FY13 Review FY13 FY12 FY11 A$M S A$M S % Variance A$M S Sales 120.0 110.5 9% 95.6 EBITDA 18.0 18.0 0% 15.8 EBIT 12.9 12.5 4% 9.9 NPAT 9.1 8.5 7%

More information

Jon-Harald Nilsen Executive Vice President Creating Innovative and Sustainable Solutions for Today s Challenges and Tomorrow s Opportunities

Jon-Harald Nilsen Executive Vice President Creating Innovative and Sustainable Solutions for Today s Challenges and Tomorrow s Opportunities Hydro Aluminium Aluminium Jon-Harald Nilsen Executive Vice President Creating Innovative and Sustainable Solutions for Today s Challenges and Tomorrow s Opportunities Metal Bulletin s 19 th International

More information

Interim Financial Report 9M/2015

Interim Financial Report 9M/2015 Interim Financial Report 9M/2015 Investor & Analyst Conference Call 5 November 2015 Investor Relations Agenda. 1. Financials 9M/2015 2. Outlook Page 2 SGL Group Investor Relations 05 November 2015 Performance

More information

UPM-Kymmene Corporation Financial Review 2004. Jussi Pesonen, President and CEO February 1, 2005

UPM-Kymmene Corporation Financial Review 2004. Jussi Pesonen, President and CEO February 1, 2005 UPM-Kymmene Corporation Financial Review 2004 Jussi Pesonen, President and CEO February 1, 2005 Year 2004 in a nutshell Good growth in paper demand - record paper deliveries Record paper deliveries (million

More information

GE Capital. Liquidity and Funding Overview. Global issuer of long and short term debt. 2012 third quarter

GE Capital. Liquidity and Funding Overview. Global issuer of long and short term debt. 2012 third quarter Liquidity and Funding Overview Global issuer of long and short term debt This document contains forward-looking statements - that is, statements related to future, not past, events. In this context, forward-looking

More information

2016 SunRice Update. Laurie Arthur, SunRice Chairman Rob Gordon, SunRice CEO. 6 9 June 2016

2016 SunRice Update. Laurie Arthur, SunRice Chairman Rob Gordon, SunRice CEO. 6 9 June 2016 2016 SunRice Update Laurie Arthur, SunRice Chairman Rob Gordon, SunRice CEO 6 9 June 2016 Agenda SunRice FY16 (C15) guidance World markets Capital Restructure Your questions and comments 2 FY16 Business

More information

Norsk Gjenvinning Group 3rd Quarter 2014 Erik Osmundsen, CEO and Dean Zuzic, CFO

Norsk Gjenvinning Group 3rd Quarter 2014 Erik Osmundsen, CEO and Dean Zuzic, CFO Norsk Gjenvinning Group 3rd Quarter 2014 Erik Osmundsen, CEO and Dean Zuzic, CFO Disclaimer VV Holding AS is providing the following consolidated financial results for the first nine months of 2014 to

More information

First-quarter 2015 presentation to analysts. Finn Bjørn Ruyter, CEO Oslo, May

First-quarter 2015 presentation to analysts. Finn Bjørn Ruyter, CEO Oslo, May First-quarter 2015 presentation to analysts Finn Bjørn Ruyter, CEO Oslo, May 7 2015 Agenda 1) First-quarter 2015 results 2) Theme: Markets 3) Appendix 2 First-quarter 2015 highlights EBITDA of NOK 777

More information

A March 2016 The Economic Pulse

A March 2016 The Economic Pulse Global @dvisor The Economic Pulse of the World Citizens in 25 Countries Assess the Current State of their Country s Economy for a Total Global Perspective The Economic Pulse These are the findings of the

More information

Société Générale The Premium Review Conference. 02 December 2009

Société Générale The Premium Review Conference. 02 December 2009 Société Générale The Premium Review Conference 02 December 2009 Chris Lucas Group Finance Director Group performance Nine months ended September 2009 m 2008 m % change Income 23,786 18,830 26 Operating

More information

Jefferies 2015 Global Energy Conference. Torgrim Reitan, EVP Development and Production USA

Jefferies 2015 Global Energy Conference. Torgrim Reitan, EVP Development and Production USA Jefferies 2015 Global Energy Conference Torgrim Reitan, EVP Development and Production USA November 11, 2015 Statoil Key Facts EQUITY PRODUCTION 1.927 million barrels of oil equivalent per day in 2014

More information

Business cycles and monetary policy

Business cycles and monetary policy Business cycles and monetary policy Deputy Governor Jarle Bergo Handelsbanken and the Centre for Economic Research at NTNU April Interest rates and inflation Per cent Market rate Real interest rate Neutral

More information

2015 FULL YEAR RESULTS

2015 FULL YEAR RESULTS 2015 FULL YEAR RESULTS Thierry Le Hénaff Chairman and CEO 3 MARCH 2016 10-YEAR SUCCESSFUL TURNAROUND STRONG FINANCIALS x3 EBITDA 13.8% EBITDA margin (6.2% in 2005) 1.90 dividend* (no dividend at start)

More information

IFGL REFRACTORIES LTD. RESULT UPDATE PRESENTATION, February 2016

IFGL REFRACTORIES LTD. RESULT UPDATE PRESENTATION, February 2016 IFGL REFRACTORIES LTD RESULT UPDATE PRESENTATION, February 2016 Safe Harbor This presentation and the accompanying slides (the Presentation ), has been prepared by IFGL Refractories Limited (the Company

More information

Aluminium. about Hydro and transport. We put vehicles on an energy diet

Aluminium. about Hydro and transport. We put vehicles on an energy diet Aluminium about Hydro and transport We put vehicles on an energy diet Our solutions Fire engines United Kingdom Supplying aluminium to JR Industries, a producer of roller shutter doors and ladders for

More information

Sales increased 15 percent to $4.5 billion Earnings per Share increased 37 percent to $0.96 Operating Cash Flow increased 22 percent to $319 million

Sales increased 15 percent to $4.5 billion Earnings per Share increased 37 percent to $0.96 Operating Cash Flow increased 22 percent to $319 million Contact: Mark Polzin (314) 982-1758 John Hastings (314) 982-8622 EMERSON REPORTS RECORD FIRST-QUARTER 2006 RESULTS Sales increased 15 percent to $4.5 billion Earnings per Share increased 37 percent to

More information

Telenor Group Third Quarter 2014. Jon Fredrik Baksaas, CEO

Telenor Group Third Quarter 2014. Jon Fredrik Baksaas, CEO Telenor Group Third Quarter 2014 Jon Fredrik Baksaas, CEO Disclaimer The following presentation is being made only to, and is only directed at, persons to whom such presentation may lawfully be communicated

More information

Norsk Hydro. First quarter 1997

Norsk Hydro. First quarter 1997 Norsk Hydro First quarter 1997 Norsk Hydro First quarter 1997 Consolidated results (US GAAP) 1996 1997 1996 4th qtr NOK million 1st qtr 1st qtr 1,754 Operating income 3,145 3,116 152 Non-consolidated investees

More information

Numbers, Business, Market Update Scott Barnett, US Divisional Chief Financial Officer

Numbers, Business, Market Update Scott Barnett, US Divisional Chief Financial Officer James Hardie US Investor/Analyst Tour 14-17 September 2008 Denver, Colorado Numbers, Business, Market Update Scott Barnett, US Divisional Chief Financial Officer In this Management Presentation, James

More information

Outlook for the Norwegian and global economies. Deputy Governor Jan F. Qvigstad 13 september 2012

Outlook for the Norwegian and global economies. Deputy Governor Jan F. Qvigstad 13 september 2012 Outlook for the Norwegian and global economies Deputy Governor Jan F. Qvigstad 3 september Market uncertainty still high Yields on -year government bonds. Percent 8 8 US Germany UK Spain Italy Jan- Jul-

More information

IMCD reports strong results for 2014

IMCD reports strong results for 2014 IMCD reports strong results for 2014 Rotterdam, The Netherlands 11 March 2015 - IMCD N.V. ( IMCD or Company ), a leading international speciality chemicals-focused distributor, today announces the 2014

More information

NORDEN RESULTS. 1 st quarter of 2013. Hellerup, Denmark 15 May 2013. Our business is global tramp shipping. NORDEN 1st quarter of 2013 results 1

NORDEN RESULTS. 1 st quarter of 2013. Hellerup, Denmark 15 May 2013. Our business is global tramp shipping. NORDEN 1st quarter of 2013 results 1 NORDEN RESULTS 1 st quarter of 2013 Hellerup, Denmark 15 May 2013 NORDEN 1st quarter of 2013 results 1 AGENDA Group highlights Financial highlights Market update Full year financial guidance Q & A NORDEN

More information

Yara International ASA First quarter results 2015. 24 April 2015

Yara International ASA First quarter results 2015. 24 April 2015 Yara International ASA First quarter results 2015 24 April 2015 1 Summary first quarter Strong result driven by higher deliveries and margins Margins benefit from lower gas prices and stronger US dollar

More information

Norsk Gjenvinning Group 1st Quarter 2016 Erik Osmundsen, CEO and Dean Zuzic, CFO

Norsk Gjenvinning Group 1st Quarter 2016 Erik Osmundsen, CEO and Dean Zuzic, CFO Norsk Gjenvinning Group 1st Quarter 2016 Erik Osmundsen, CEO and Dean Zuzic, CFO Disclaimer VV Holding AS is providing the following interim financial statements for Q1 2016 to holders of its NOK 2,235,000,000

More information

Second Quarter 2015 Investor Conference Call

Second Quarter 2015 Investor Conference Call Second Quarter 2015 Investor Conference Call August 20, 2015 December 13, 2012 DRAFT 5 Safe Harbor Basis of Presentation Unless otherwise noted or unless the context otherwise requires, all references

More information

RHI AG. May 12, 2016

RHI AG. May 12, 2016 RHI AG Results 1Q/16 May 12, 2016 Highlights & Lowlights Highlights Positiv Steel Division operating EBIT margin of 7.8% in 1Q/16 driven by Europe and North America as a result of an improved product mix

More information

Exova PLC Investor Conference Call 29 November 2013

Exova PLC Investor Conference Call 29 November 2013 Exova PLC Investor Conference Call 29 November 2013 2 Forward looking statements This document contains certain forward looking statements based on knowledge and information available to the directors

More information

The Key to Mobility. Creating Value with Financial Services. Fixed Income Investor Update - December 2010. Volkswagen Financial Services AG

The Key to Mobility. Creating Value with Financial Services. Fixed Income Investor Update - December 2010. Volkswagen Financial Services AG The Key to Mobility Creating Value with Financial Services Fixed Income Investor Update - December 2010 Bernd Bode Head of Group Treasury and Investor Relations Volkswagen Financial Services Nils Allnoch

More information

Group financial strategy and targets Michel Favre Chief Financial Officer

Group financial strategy and targets Michel Favre Chief Financial Officer Group financial strategy and targets Michel Favre Chief Financial Officer Cash generation is a key priority Optimize resource allocation Regional perspective Cash flow generation Debt & financing Group

More information

Introduction. Strong growth continues. Implementing the strategy - 3 - H2 Group revenue H1 Group revenue

Introduction. Strong growth continues. Implementing the strategy - 3 - H2 Group revenue H1 Group revenue !" #$% $ Disclaimer This presentation, prepared by IG Group Holdings plc (the Company ), contains forward-looking statements about the IG Group. By their very nature, forward-looking statements involve

More information

The Coming Volatility

The Coming Volatility The Coming Volatility Lowell Bolken, CFA Vice President and Portfolio Manager Real estate Securities June 18, 2015 www.advantuscapital.com S&P 500 Percent Daily Change in Price September 2008 to April

More information