“Short-term challenges – long-term opportunities” is an important message in Hydro’s annual reporting for 2011, released today.
Hydro's main report for 2011 is the "Annual Report - 2011" with detailed information about Hydro's businesses, operational performance, financial performance, viability performance, corporate governance and financial statements.
“While financially speaking, aluminium has been challenging over the past decade, it may not be because of a lack of confidence, but paradoxically because of an over-confidence in aluminium,” President and CEO Svein Richard Brandtzæg writes in his letter to shareholders.
"An exaggerated optimism has led to over-investment and surplus capacity, weighing down prices and profitability, amplified by weaker demand due to the financial and economic unrest that started in 2008.
“We are focusing our efforts on what we ourselves can do to improve, further reinforcing our repositioning measures and performance improvement programs, firmly controlling costs and margins. Despite the current economic turbulence, I have never been more certain that we are future proof.”
In addition, a report which fulfills the Norwegian statutory requirements for annual reporting has been prepared: "Financial Statements and Board of Directors' Report - 2011." This report is available in Norwegian and English.
To view the annual reporting information online, see link in right-hand column