Norsk Hydro: Sapa (joint venture) - Announcement of results for the fourth quarter 2013
February 06 2014 - 1:11AM
Underlying EBIT for the Sapa Group for the fourth quarter 2013
reflects a seasonally weaker quarter and charges related to
impairment of inventories and accounts receivables.
Key Figures - Sapa
(50%) NOK million, except sales
volumes |
Fourth quarter 2013 |
Revenue |
5
066 |
Underlying EBITDA |
(22) |
Underlying EBIT |
(170) |
Underlying Net Income
(loss) |
(140) |
Sales volumes (kmt) |
157 |
Earnings before financial
items and tax (EBIT) |
(393) |
Total volume for Sapa was somewhat higher compared to fourth
quarter last year. Sapa's restructuring agenda is progressing
according to plan and reported EBIT is affected by related
restructuring charges. Net debt at the end of Q4 was NOK 1.8
billion (100% basis).
Market Demand for extruded aluminium products in North America
increased in the fourth quarter of 2013 compared to fourth quarter
of 2012, mainly supported by growth in the automotive and building
segments. Within the transport and industrial segments demand was
stable. In Europe, demand for extruded products was stable. Demand
in the automotive market segment improved while demand for the
transport, renewable energy and building segments weakened.
Demand for the building and construction industry remained
weak in Southern Europe in particular.
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.
HUG#1759521
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