Financial and operating performance

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Underlying EBIT for 2015 improved significantly to NOK 9,656 million from NOK 5,692 million in the previous year. Bauxite & Alumina and Rolled Products achieved the best underlying EBIT since Hydro became a pure aluminium company in 2007, while Sapa's underlying results more than doubled compared to the previous year. Negative effects from lower realized LME prices and premiums were more than offset by positive currency effects from the stronger USD and ongoing improvement efforts.

Bauxite production in Paragominas amounted to 10.1 million mt for the year while alumina production from Alunorte was 6.0 million mt. Production levels for both operations reached record levels in 2015.

Primary aluminium production was about 2.0 million mt and we delivered 3.2 million mt of casthouse products and liquid metal to internal and external customers.

Downstream, we shipped roughly 948 thousand mt of rolled products to the market. Our energy business produced around 10.9 TWh of hydroelectric power. Hydro’s share of Sapa sales volumes were about 680 thousand mt.

In 2015, cash provided by operating activities was NOK 14.4 billion compared with NOK 6.0 billion in the previous year. Hydro further strengthened its financial position, ending the year with a net cash position of NOK 5.1 billion, compared to a net debt position of NOK 0.1 billion at the end of 2014.

 Underlying EBIT, in NOK million

Bauxite & Alumina 2,421 (55)
Primary Metal 4,628 3,937
Metal Markets 379 634
Rolled Products 1,142 698
Energy 1,105 1,197
Other and eliminations (19) (717)
Underlying EBIT 9,656 5,692
  • Annual report 2015

Updated: September 12, 2016