• NOK 2.66 BILLION
• Record seasonal sales
• All-in aluminum and alumina made at lower prices
• New ICMS agreement
• Long-term energy supply agreement for Rheinwerk
• Challenge to balance the global market
• 5% perspective for global demand for primary aluminum in 2015

“The results for the quarter were affected by lower prices, but I am pleased to see that demand is growing and that aluminum has been preferred for more and more applications, contributing to record sales results”, said the CEO , Svein Richard Brandtzæg.

THE LAJIR of the Bauxite & amp; Alumina fell in the second quarter, reflecting the fall in alumina prices linked to the London Stock Exchange, the decline in indexed alumina prices and the reduction in sales volumes with indexed prices.

"It is a great satisfaction to have reached a long-term agreement on the incidence of ICMS for Hydro's operations in Pará, something fundamental to our ambition to develop robust and viable operations in that state and to be a facilitator of sustainable growth in the region, said Brandtzæg.

The Primary Metal business area had its LAJIR reduced, especially due to the fact that aluminum and premium products were made at lower prices.

Metal Markets, in turn, had its EBITDA decreased in this quarter due to the negative impact of exchange and inventory valuation. & nbsp; Sourcing and trading operations continued to post underlying losses, reflecting an additional drop in the price of premium standard ingots. The results of remelting operations improved due to the higher margins in the period.

"The improvement in the results of the Laminated Products and Sapa business area offset, to some extent, the negative effects of low realized prices. The sudden changes that the market presents show the importance of improvement programs throughout the company, where joint efforts reinforce our return, ”says Brandtzæg.

The preliminary EBITDA of Produtos Laminados was better in the period, especially because of a greater number of seasonal supplies and somewhat higher margins. The results were, however, influenced by the more modest contribution of Rheinwerk's remelting operations and the negative effects of the exchange rate. & Nbsp;

Compared to the first quarter of the year, the EBITDA for the Energy business area was lower, mainly due to seasonally lower production and the influence of the spring-thaw delay in the Norwegian mountains.

The company Sapa revealed to have a higher EBITDA than the previous quarter, also due to stronger seasonal sales, in addition to the improvement in the North American market and the improvement programs, which are ahead of what was planned throughout the organization. . Even so, the results were affected by the sharp drop in premium metal in North America.

Operating cash flow totaled NOK 4.2 billion in the second quarter of this year. The amounts used in investment activities amounted to NOK 1.2 billion. Dividends paid during the quarter amounted to NOK 2 billion. Hydro's liquidity was NOK 0.7 billion at the end of the second quarter.

Reported earnings before interest and taxes totaled NOK 2.69 billion in the second quarter of 2015. In addition to the factors mentioned above, reported LAJIR includes unrealized net derivative gains and positive exchange effects in the amount of NOK 132 million over and a NOK 37 million compensation related to insurance products. Reported profits also include an expense of NOK 139 million (Hydro's share) after tax at Sapa, including NOK 106 million related to restructuring expenses.

In the previous quarter, reported earnings before interest and taxes amounted to NOK 3.2 billion, including unrealized net derivative gains and positive exchange effects of NOK 72 million in all. Reported profits also include expenses of NOK 74 million (Hydro's share) due mainly to unrealized derivative losses.

Net revenue totaled NOK 2.06 billion in the second quarter, including net foreign exchange gains of NOK 346 million resulting from unrealized foreign exchange gains in US dollars from debt, especially in Brazil. In the previous quarter, net revenue was NOK 1.07 billion, including exchange losses of NOK 1.58 billion, due to the strengthening of the US dollar..

In English: