As previously communicated by Norsk Hydro ASA, the existing ICMS deferral on intra-state purchases in the state of Pará in Brazil will be revisited medio July. There has for some time been a dialogue between Hydro and the Pará authorities regarding the terms and conditions for a new ICMS framework.
On Monday, the official website of the Para government (www.agenciapara.com.br) published some information relating to the new ICMS framework. However, the full resolution containing all details of the fiscal incentives will be published shortly in the Pará official Gazette (www.ioepa.com.br).
A resolution will only be effective after publication. Hydro will immediately communicate the resolution from the State of Pará when available, as well as the estimated effects any such resolution will have for Hydro.
ICMS is a tax levied on purchases and sales of goods and certain services by the Brazilian states. The aluminium industry in Pará has an ICMS deferral on intra-state purchases, which is currently being revisited.
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.
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.