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Norsk Hydro ASA (NHYDY) CEO Svein Richard Brandtzæg on Q4 2018 Results - Earnings Call Transcript

Feb. 08, 2019 5:27 PM ETNorsk Hydro ASA (NHYDY)
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Norsk Hydro ASA (OTCQX:NHYDY) Q4 2018, Earnings Conference Call February 7, 2019 2:30 AM ET

Company Participants

Svein Richard Brandtzæg – President, Chief Executive Officer

Eivind Kallevik – Chief Financial Officer

Halvor Molland – Senior Vice President

Stian Hasle – Head of Investor Relations

Conference Call Participants

Hans-Erik Jacobsen – Nordea

Morten Normann – Carnegie


Welcome to Hydro’s presentation over the fourth quarter results. Also, a warm welcome to those of you following us on webcast. To present our results, our CEO, Svein Richard Brandtzæg; and CFO, Eivind Kallevik. And the presentations will be followed by a Q&A session here.

Svein Richard, the floor is yours. Svein Richard, the floor is yours.

Svein Richard Brandtzæg

Thank you very much. Safety is always first priority in Hydro. So it was with a great sorrow that I received the message the 14th of November that one of our colleagues had a fatal accident in our extrusion plant in Hungary. And of course, this is something we work very hard to avoid. We work every day to make sure that our employees can come home safely, and we want to make sure that they come home safely every day always.

Let us then move on to the highlights from the quarter, which was underlying result of NOK 0.5 billion, down from NOK 3.6 billion in the same quarter 2017, and we are now comparing our results with the same quarter 2017, the fourth quarter.

It was also down from NOK 2.7 billion in the third quarter same year in 2018. The result is, of course, heavily impacted by the fact that we are running Alunorte at 50%, Albras at 50% and also Paragominas at 50%. That results in, of course, lower volumes, but also cost inefficiencies.

Beside the Alunorte effect, there are also

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