"Record sales and historic high prices for aluminium gave way to a free fall in demand and an aluminium price at the lowest point in decades. We experience how quickly and how deeply everything can change – and how vital it is to act upon what is happening, not what you hope will happen,” Hydro President and CEO Eivind Reiten and Executive Vice President and incoming CEO Svein Richard Brandtzæg say in the company’s annual reporting, published on Hydro’s internet site www.hydro.com on Friday.
Hydro's 2008 annual reporting contains three separate documents with different level of detail.
“We must do everything we can to accommodate ourselves to a reality that has been turned upside down – while keeping an eye on the goal of where we want to be when the crisis is past.” Reiten and Brandtzæg say in their letter to shareholders.
Hydro’s main report for 2008 is "Annual Report – 2008" and includes detailed information about Hydro's businesses, operational performance, financial performance, viability performance, corporate governance and financial statements. The report is available in English.
In addition, two reporting documents have been prepared specifically for distribution to shareholders: "Financial Statements and Board of Directors' Report – 2008", and "2008 – in brief". The first report fulfills the Norwegian statutory requirements to annual reporting, while the latter is a short summary of Hydro's results and performance in 2008. These reports are available in both English and Norwegian.
At www.hydro.com/reporting2008 the full content of the three reports are presented together with some supplementary information. Hard copies of all reports can be ordered from this website, and all parts of the reports can be downloaded and printed in PDF-format on demand.
Hydro's main reporting on viability performance is included in the "Annual Report – 2008", with additional details on www.hydro.com/reporting2008.
Shareholders registered directly in the Norwegian Central Securities Depository (VPS) will automatically receive hard copies of "Financial Statements and Board of Directors' Report - 2008" and "2008 - in brief". Other shareholders and stakeholders may request a hard copy of any of Hydro's 2008 reports at www.hydro.com/reporting2008 free of charge. Distribution of the hard copies will start on April 1.
Contact Erik Brynhildsbakken
Telephone +47 22538301
Cellular +47 41751271
Contact Stefan Solberg
Telephone +47 22539280
Cellular +47 91727528
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.