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Adjusted net cash (debt) is short- and long-term interest-bearing debt adjusted for Hydro's liquidity positions, and for liquidity positions regarded unavailable for servicing debt, pension obligation and other obligations which are considered debt-like in nature. As of January 1, 2021, the previous adjustment for indebtedness of Hydro’s equity accounted investment has been omitted from the definition to reflect the adjusted financial targets.

Underlying EBITDA is defined as earnings before financial items, tax, depreciation, amortization, net of investment grants, plus or minus items excluded plus impairments.


Most of Hydro’s indebtedness is situated in the parent company, Norsk Hydro ASA. In general, the terms of each of the debt agreements and indentures governing the indebtedness have contained the following:

  • Cross-default provisions
  • Provisions restricting the pledging of assets to secure future borrowings without granting equivalent status to existing lenders
  • No financial ratio covenants
  • No provisions connected to Hydro’s credit rating or value of underlying assets
  • No lender-right to demand repayment prior to scheduled maturity

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