Hydro's financial results are significantly influenced by the oil price, aluminium price and the Norwegian krone / US dollar exchange rate. Find out how the movement in these factors impacts Hydro's results.

Indicative price and currency sensitivities
Commodity price sensitivity +/- 10%  
NOK million EBIT
Aluminium 3 200
Fuel oil (250)
Petroleum coke (190)
Caustic soda (210)
Coal (60)


Currency sensitivities +/- 10%    
NOK million EBIT Financial items
USD 3120 (370)
BRL (1170) 470
EUR (250) (1860)


  • Annual sensitivites based on normal annual business volumes, LME USD 1 750 per mt, Fuel oil USD 440 per mt, petroleum coke USD 250 per mt, caustic soda USD 425 per mt, coal USD 80 per mt, NOK/USD 8.40, NOK/BRL 2.70, NOK/EUR 9.00
  • Aluminium price sensitivity is net of aluminium price indexed costs and excluding unrealized effects related to operational hedging.
  • BRL sensitivity calculated on a long-term basis with fuel oil assumed in USD. In the short-term, fuel oil is BRL-denominated
  • Excludes effects of priced contracts in currencies different from underlying currency exposure (transaction exposure) 
  • Currency sensitivites on financial items includes effects from intercompany positions and embedded derivatives.
  • Currency sensitivities on financial items do not take into account movements in interest rate forward curves
  • 2016 Platts alumina index (PAX) exposure used



Updated: October 3, 2016