Norsk Hydro ASA · OSL:NHY
Norsk Hydro ASA — Q3 2005 Earnings Presentation
65 slides from Norsk Hydro ASA's earnings presentation, October 2005
Slide 1: Third quarter 2005
Third quarter 2005
Slide 2: Highlights third quarter
Norsk Hydro ASA – Third quarter 2005 Highlights third quarter z Record high earnings z High oil price and good cost control z Encouraging exploration results z Agreement to acquire Spinnaker Exploration Company z Mixed Aluminium results z Solid financials 54764_E • 10.2005 • 2 • Hydro Media
Slide 3: Income from continuing operations
Norsk Hydro ASA – Third quarter 2005 Income from continuing operations* By quarter 4 183 NOK million Gains from divestments 3 638 3 693 3 577 3 100 3 135 2 991 2 342 2 480 2 224 2 005 1 851 1 809 1 417 241 2002 2003 2004 2005 Accumulated 7 100 8 656 11 477 11 453 * Including the effect of change in
Slide 4: Consolidated income statements
Norsk Hydro ASA – Third quarter 2005 Consolidated income statements NOK million 3rd quarter 2005 3rd quarter 2004 Operating revenues 44 612 38 176 Operating income 12 973 8 047 Non-consolidated investees 237 287 Financial income (expense), net 157 307 Other income, net - - Income from continuing ope
Slide 5: Adjusted EBITDA
Norsk Hydro ASA – Third quarter 2005 Adjusted EBITDA 15 852 15 533 17 108 NOK million 13 546 13 211 12 266 12 094 11 045 9 820 9 935 9 451 7 955 8 197 7 199 6 775 2002 2003 2004 2005 Accumulated 31 749 38 628 51 117 48 493 54764_E • 10.2005 • 5 • Hydro Media
Slide 6: Oil & Energy – operating income
Norsk Hydro ASA – Third quarter 2005 Oil & Energy – operating income 3rd quarter 2nd quarter 3rd quarter Operating income, NOK million 2005 2005 2004 Exploration and Production 11 799 9 049 7 559 Energy and Oil Marketing 466 660 272 Eliminations 360 (262) (310) Oil & Energy 12 625 9 447 7 521 3rd qu
Slide 7: Aluminium – operating income
Norsk Hydro ASA – Third quarter 2005 Aluminium – operating income 3rd quarter 2nd quarter 3rd quarter Operating income, NOK million 2005 2005 2004 Metals 823 715 1 016 Rolled Products 182 308 167 Extrusion and Automotive 47 59 (8) Other and eliminations (210) 255 (317) Aluminium 842 1 337 858 3rd qu
Slide 8: Operating income
Norsk Hydro ASA – Third quarter 2005 Operating income Individual operating segment 3rd quarter 2nd quarter 3rd quarter NOK million 2005 2005 2004 Exploration and Production 11 799 9 049 7 559 Energy and Oil Marketing 466 660 272 Eliminations 360 (262) (310) Oil & Energy 12 625 9 447 7 521 Metals 823
Slide 9: Adjusted net debt/equity ratio
Norsk Hydro ASA – Third quarter 2005 Adjusted net debt/equity ratio 0.60 0.38 0.11 0.04 2002 2003 2004 2005 Interest-bearing debt + net pension liability (tax adjusted) + operating lease commitments (discounted) – cash and cash equivalents – other liquid assets divided by shareholders’ equity + mino
Slide 10: Oil & Energy – highlights
Norsk Hydro ASA – Third quarter 2005 Oil & Energy – highlights z Record result – high oil price and good cost control z Successful exploration – 7 discoveries in third quarter z Ormen Lange/Langeled on track – 49% complete z First operatorship in Libya z Agreement to acquire Spinnaker Exploration Co
Slide 11: Hydro and Spinnaker – a perfect fit
Norsk Hydro ASA – Third quarter 2005 Hydro and Spinnaker – a perfect fit z Strategic acquisition and strong international expansion z Attractive and broad portfolio z Significant high-margin production z High-quality deepwater development opportunities z Substantial exploration potential z World-cla
Slide 12: Oil & Energy – operating income
Norsk Hydro ASA – Third quarter 2005 Oil & Energy – operating income NOK million 12 625 Exploration and Production Energy and Oil Marketing Eliminations 9 842 9 447 8 621 7 818 7 521 7 184 6 175 5 994 5 384 5 322 3 707 3 686 3 652 3 170 2002 2003 2004 2005 Accumulated 15 947 21 143 31 144 31 914 547
Slide 13: Petroleum production per quarter
Norsk Hydro ASA – Third quarter 2005 Petroleum production per quarter 1 000 boe/day 615 596 591 584 Oil Gas 552 569 540 539 541 173 514 482 484 489 166 176 452 147 178 448 143 156 154 142 123 104 112 116 88 430 442 110 422 415 406 397 396 391 385 399 378 364 372 373 338 2002 2003 2004 YTD 2005 Avera
Slide 14: Production costs per barrel
Norsk Hydro ASA – Third quarter 2005 Production costs per barrel NOK/boe Gas injection cost Production cost excluding gas injection 24.6 25 22.6 0.4 20.7 20.7 5.1 20 0.7 2.8 15 22.2 10 20.0 19.5 17.9 5 0 2002 2003 2004 YTD 2005 Production in million boe 175 194 209 151 54764_E • 10.2005 • 14 • Hydro
Slide 15: Exploration success – 7 discoveries in third quarter
Norsk Hydro ASA – Third quarter 2005 Exploration success 12 discoveries 2005 – 7 discoveries in third quarter Norway 7 discoveries z Astero z Troll Brent z M5 z Peon Russia z Oseberg B Sør z Oseberg J z Stetind Norway Denmark Canada 1 discovery z Hejre Iran Iran GoM 1 discovery Libya z Anaran Libya
Slide 16: Oil & Energy – prospects
Norsk Hydro ASA – Third quarter 2005 Oil & Energy – prospects z Continued high energy prices z 2005 production target revised to 565 000 boed z High exploration and business development activity z Spinnaker transaction expected closed in fourth quarter 54764_E • 10.2005 • 16 • Hydro Media
Slide 17: Aluminium – highlights
Norsk Hydro ASA – Third quarter 2005 Aluminium – highlights z Higher LME prices driven by increased raw material costs z Results reflecting seasonal effects downstream - Weak results in Extrusion and Automotive z Primary aluminium production up 5 percent - Alouette expansion – producing at full capa
Slide 18: Aluminium – operating income
Norsk Hydro ASA – Third quarter 2005 Aluminium – operating income NOK million Metals Rolled Products Extrusion and Automotive Other and eliminations 1 629 1 341 1 269 1 337 858 842 711 709 653 564 530 412 230 345 (1 951) 2002 2003 2004 2005 Accumulated 1 698 2 456 1 805 3 520 54764_E • 10.2005 • 18
Slide 19: Aluminium – prospects
Norsk Hydro ASA – Third quarter 2005 Aluminium – prospects z Higher aluminium prices z Increasing energy costs – an industry challenge z Smelter restructuring continues z Strong focus on operational improvements 54764_E • 10.2005 • 19 • Hydro Media
Slide 20: Hydro – priorities
Norsk Hydro ASA – Third quarter 2005 Hydro – priorities z Continued operational improvements z First-class project execution z Aluminium – restructuring for future competitiveness z Successful integration of Spinnaker z Further strengthening of oil and gas resource base 54764_E • 10.2005 • 20 • Hydr
Slide 21: Additional information
Additional information
Slide 22: Adjusted income third quarter 2005
Norsk Hydro ASA – Third quarter 2005 Adjusted income third quarter 2005 NOK million Reported income Adjustments Adjusted income Exploration and Production 11 799 - 11 799 Energy and Oil Marketing 466 - 466 Eliminations 360 (361) (1) Oil & Energy 12 625 (361) 12 264 Metals 823 - 823 Rolled Products 1
Slide 23: Infrequent and other special items third quarter 2005
Norsk Hydro ASA – Third quarter 2005 Infrequent and other special items impacting income statement third quarter 2005 NOK million Unrealized gains on gas contracts Oil & Energy eliminations (361) Metal effect from FIFO valuation Rolled Products 26 Rationalization costs Extrusion and Automotive 14 Un
Slide 24: Adjusted income – YTD 2005
Norsk Hydro ASA – Third quarter 2005 Adjusted income – YTD 2005 NOK million Reported income Adjustments Adjusted income Exploration and Production 29 905 - 29 905 Energy and Oil Marketing 2 172 (250) 1 922 Eliminations (163) 181 18 Oil & Energy 31 914 (69) 31 845 Metals 2 766 6 2 772 Rolled Products
Slide 25: Infrequent and other special items – YTD 2005
Norsk Hydro ASA – Third quarter 2005 Infrequent and other special items impacting income statement – YTD 2005 NOK million Accounting imbalance gas portfolio Energy and Oil Marketing (250) Unrealized losses on gas contract Oil & Energy eliminations 181 Rationalization cost due to Aluimprover Metals 6
Slide 26: Adjusted income third quarter 2004
Norsk Hydro ASA – Third quarter 2005 Adjusted income third quarter 2004 NOK million Reported income Adjustments Adjusted income Exploration and Production 7 559 - 7 559 Energy and Oil Marketing 272 (46) 226 Eliminations (310) 300 (10) Oil & Energy 7 521 254 7 775 Metals 1 016 19 1 035 Rolled Product
Slide 27: Infrequent and other special items third quarter 2004
Norsk Hydro ASA – Third quarter 2005 Infrequent and other special items impacting income statement third quarter 2004 Item NOK million Inventory gains Energy and Oil Marketing (46) Unrealized losses on gas contracts Oil & Energy eliminations 300 Rationalization costs due to Aluimpower Metals 19 Inve
Slide 28: Operating income – Adjusted EBIT – Adjusted EBITDA
Norsk Hydro ASA – Third quarter 2005 Operating income – Adjusted EBIT – Adjusted EBITDA Third quarter 2005 Non- Selected Depr. Operating Interest Other Adjusted Adjusted NOK million income cons. income fin. income EBIT and EBITDA investees items amort. Exploration and Production 11 799 - 3 3 - 11 80
Slide 29: Adjusted EBITDA
Norsk Hydro ASA – Third quarter 2005 Adjusted EBITDA Individual operating segment NOK million 3rd quarter 2005 3rd quarter 2004 Exploration and Production 14 121 9 761 Energy and Oil Marketing 710 477 Eliminations 359 (310) Oil & Energy 15 190 9 928 Metals 1 428 1 659 Rolled Products 343 353 Extrusi
Slide 30: Variance analysis Hydro group
Norsk Hydro ASA – Third quarter 2005 Variance analysis Hydro group NOK million Year to date 3rd quarter 2005 48 493 17 108 2004 37 906 12 094 Variance adjusted EBITDA 10 587 5 014 - Prices and currency, Exploration and Production (E&P) 11 045 4 305 - Margin incl. currency effects ¹) 155 245 - Volume
Slide 31: Depreciation, depletion and amortization
Norsk Hydro ASA – Third quarter 2005 Depreciation, depletion and amortization Individual operating segment NOK million 3rd quarter 2005 3rd quarter 2004 Exploration and Production 2 316 2 208 Energy and Oil Marketing 176 159 Oil & Energy 2 492 2 367 Metals 428 455 Rolled Products 152 171 Extrusion a
Slide 32: Net financial income (expense)
Norsk Hydro ASA – Third quarter 2005 Net financial income (expense) NOK million 3rd quarter 2005 3rd quarter 2004 Interest income 227 189 Dividends and net gain (loss) on securities 101 38 Interest income and other financial income 328 227 Interest expense (323) (538) Capitalized interest 219 222 Ne
Slide 33: Equity in net income of non-consolidated investees
Norsk Hydro ASA – Third quarter 2005 Equity in net income of non-consolidated investees Individual operating segment NOK million 3rd quarter 2005 3rd quarter 2004 Exploration and Production - 1 Energy and Oil Marketing 58 43 Eliminations (1) (1) Oil & Energy 57 43 Metals 129 158 Rolled Products (6)
Slide 34: Net income
Norsk Hydro ASA – Third quarter 2005 Net income* By quarter NOK million Gains from divestments 4 218 4 183 3 577 3 693 2 840 2 482 2 480 2 324 2 397 2 224 2 132 513 3 765 3 280 3 638 2002 2003* 2004 2005 Accumulated 8 765 10 968 12 560 11 453 * Including the effect of change in accounting principles
Slide 35: Investments
Norsk Hydro ASA – Third quarter 2005 Investments 1) Individual operating segment NOK million 3rd quarter 2005 3rd quarter 2004 Exploration and Production 2 730 2 571 Energy and Oil Marketing 557 400 Oil & Energy 3 287 2 971 Metals 290 821 Rolled Products 122 68 Extrusion and Automotive 287 281 Other
Slide 36: Consolidated balance sheet
Norsk Hydro ASA – Third quarter 2005 Consolidated balance sheet NOK million 30.09.2005 30.09.2004 31.12.2004 Cash and cash equivalents 16 607 30 246 14 366 Short-term investments 16 760 1 632 10 970 Receivables and other current assets 38 851 37 251 32 219 Inventories 14 225 12 458 12 851 Non-curren
Slide 37: Statement of cash flow
Norsk Hydro ASA – Third quarter 2005 Statement of cash flow Nine months ended Nine months ended NOK million 30 September 2005 30 September 2004 Operating activities: Net income 11 453 8 922 Depreciation, depletion and amortization 10 598 10 788 Other adjustments 3 334 4 664 Net cash provided by oper
Slide 38: Financial solidity – calculation
Norsk Hydro ASA – Third quarter 2005 Financial solidity – calculation 31 31 31 31 30 Amounts in NOK million December December December December September 2001 2002 2003 2004 2005 [A] Cash and cash equivalents 27 148 5 965 15 249 14 366 16 607 [B] Short-term investments 2 421 2 647 1 581 10 970 16 76
Slide 39: Oil & Energy
Norsk Hydro ASA – Third quarter 2005 Oil & Energy Adjusted EBITDA Eliminations Energy and Oil Marketing 15 190 Exploration and Production NOK million 12 416 11 967 11 583 10 503 9 928 9 764 9 139 8 668 7 887 7 745 6 274 5 847 6 155 5 451 2002 2003 2004 2005 Accumulated 25 340 31 826 41 778 39 573 54
Slide 40: Variance analysis Oil & Energy
Norsk Hydro ASA – Third quarter 2005 Variance analysis Oil & Energy NOK million Year to date 3rd quarter 2005 39 573 15 190 2004 30 195 9 928 Variance adjusted EBITDA 9 378 5 262 - Prices and currency 10 510 4 250 - Oil 2 405 660 - Gas (1 870) _ (605) _ - Currency 11 045 4 305 - Margin 70 540 - Volu
Slide 41: Variance analysis Exploration and Production
Norsk Hydro ASA – Third quarter 2005 Variance analysis Exploration and Production NOK million Year to date 3rd quarter 2005 36 925 14 121 2004 28 344 9 761 Variance adjusted EBITDA 8 581 4 360 Prices and currency - Oil 10 510 4 250 - Gas 2 405 660 - Currency (1 870) _ (605) _ 11 045 4 305 - Volume (
Slide 42: Variance analysis Energy and Oil Marketing
Norsk Hydro ASA – Third quarter 2005 Variance analysis Energy and Oil Marketing NOK million Year to date 3rd quarter 2005 2 811 710 2004 2 153 477 Variance adjusted EBITDA 658 233 - Margin (70) (130) - Volume 685 380 - Fixed costs 15 (40) - Depreciation (25) (15) - Other (15) (5) Variance operating
Slide 43: High oil price driven by supply concerns
Norsk Hydro ASA – Third quarter 2005 High oil price driven by supply concerns OPEC spare capacity at low levels Million bbl/day USD per bbl 5 60 4 50 40 3 30 2 20 1 10 0 0 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 OPEC spare capacity Brent dated Brent forward Sources: Pira, Reuters, Platts 5
Slide 44: Average prices and exchange rates
Norsk Hydro ASA – Third quarter 2005 Average prices and exchange rates 450 NOK/bbls USD/bbls 70 USD/boe NOK/boe NOK/USD NOK/Sm3 400 60 1Q 2004 31.6 218.3 6.91 1.10 2Q 2004 34.7 238.0 6.85 0.98 350 3Q 2004 41.7 286.3 6.87 1.07 50 4Q 2004 41.8 263.8 6.32 1.20 300 Average 250 40 37.3 251.3 6.74 1.09 20
Slide 45: Operating costs per boe
Norsk Hydro ASA – Third quarter 2005 Operating costs per boe NOK/boe 99.7 100 83.8 87.3 82.1 80 60 40 20 0 2002 2003 2004 YTD 2005 Exploration 20.3 8.1 6.0 4.9 Net transportation 9.0 6.8 8.3 9.3 Other cost/income 1.4 1.7 0.7 2.3 Deprec.& aband. 46.4 46.4 46.4 46.1 Gas for injection 0.4 0.7 2.8 5.1 P
Slide 46: Production costs per barrel
Norsk Hydro ASA – Third quarter 2005 Production costs per barrel NOK/boe Production cost Gas for injection 30 28.4 26.3 25.6 25 23.9 25.6 24.0 23.2 22.9 23.9 22.3 4.9 23.2 1.7 21.1 21.0 8.0 20.1 19.8 4.2 1.2 19.6 21.4 20 21.2 21.1 20.4 20.1 19.8 19.8 19.8 4.7 17.4 17.1 2.5 1.1 17.6 2.8 17.1 15 16.0
Slide 47: Production per field – 3Q 2005
Norsk Hydro ASA – Third quarter 2005 Production per field – 3Q 2005 Boe/day Hydro Hydro (oil including NGL Share % 3Q 04 3Q 05 and condensate) 3Q 04 3Q 05 Grane 38.00 115 000 43 836 195 000 73 951 Oseberg incl C 34.00 163 000 55 451 151 000 51 347 Snorre 17.65 191 000 33 709 168 000 29 660 Oseberg S
Slide 48: New fields on stream 2005 - 2007
Norsk Hydro ASA – Third quarter 2005 New fields on stream 2005 - 2007 Hydro Plateau Plateau Field (boe/day) Year 2003 2004 2005 2006 2007 Lorien 10 000 2007 W International Kharyaga 10 000 2007 W W Dalia 24 000 2007 W Rosa 13 000 2008 W W Oseberg South J 7 000 2006 W W Oseberg Vestflanken 14 000 200
Slide 49: Exploration activity and costs
Norsk Hydro ASA – Third quarter 2005 Exploration activity and costs NOK million 1 500 1 200 900 600 Expensed share 300 0 - 300 2004 2005 Capitalized 2002 2002 2003 share Activity Expensed old wells Cost reduction Angola Refund insurance Iran 54764_E • 10.2005 • 49 • Hydro Media
Slide 50: Exploration strategy paying off
Norsk Hydro ASA – Third quarter 2005 Exploration strategy paying off Discoveries Norway and Denmark Stetind z Discoveries Norway 2005 - Astero - Peon - Troll Brent - Oseberg South - B South - Oseberg South - J Central Peon - Stetind Vigdis Astero Troll Brent Oseberg Sør B - Vigdis M5 Oseberg Sør J -
Slide 51: Average realized gas prices
Norsk Hydro ASA – Third quarter 2005 Average realized gas prices 3 NOK/Sm 1.47 1.50 1.36 1.31 1.20 1.07 1.10 1.07 1.03 1.06 0.98 0.99 1.01 0.98 1.00 0.89 0.86 0.50 0.00 2002 2003 2004 2005 54764_E • 10.2005 • 51 • Hydro Media
Slide 52: UK gas prices – NBP forward curves
Norsk Hydro ASA – Third quarter 2005 UK gas prices – NBP forward curves Pence/th End Q4 2003 End Q3 2004 End Q4 2004 95 End Q1 2005 End Q2 2005 End Q3 2005 85 75 65 55 45 35 25 15 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 54764_E • 10.2005 • 52 • Hydro Media
Slide 53: Nordic power market – forward curves
Norsk Hydro ASA – Third quarter 2005 Nordic power market – forward curves NOK/MWh End Q2 2004 End Q3 2004 End Q4 2004 400 End Q1 2005 End Q2 2005 End Q3 2005 350 300 250 200 150 2005 2006 2007 2008 54764_E • 10.2005 • 53 • Hydro Media
Slide 54: Aluminium – Adjusted EBITDA
Norsk Hydro ASA – Third quarter 2005 Aluminium Adjusted EBITDA NOK million 2 708 Other and Eliminations 2 436 2 096 2 453 Extrusion and Automotive 2 335 Rolled Products 1 948 Metals 1 809 1 619 1 572 1 498 1 517 1 292 1 316 899 827 2002 2003 2004 2005 Accumulated 4 334 6 498 8 656 6 837 54764_E • 10
Slide 55: Aluminium – business comments
Norsk Hydro ASA – Third quarter 2005 Aluminium – business comments z Metals - Record output 461 000 tonnes primary aluminium - Realized aluminium price in NOK down 2% vs 3Q 2004 - Higher raw material and energy cost negatively impacted margins - Sourcing and Trading reported an operating income of N
Slide 56: Variance analysis Aluminium
Norsk Hydro ASA – Third quarter 2005 Variance analysis Aluminium NOK million Year to date 3rd quarter 2005 6 837 1 948 2004 7 139 2 096 Variance adjusted EBITDA (302) (148) - Margin (985) (455) - Volume (215) (165) - Fixed costs 965 370 - Depreciation 175 95 - Infrequent items 10 90 - Trading and he
Slide 57: Variance analysis Metals
Norsk Hydro ASA – Third quarter 2005 Variance analysis Metals NOK million Year to date 3rd quarter 2005 4 509 1 428 2004 4 469 1 659 Variance adjusted EBITDA 40 (231) - Margin (545) (260) - Volume 445 95 - Fixed costs 95 (40) - Depreciation 60 25 - Infrequent items 15 20 - Trading & price hedging ¹)
Slide 58: Variance analysis Rolled Products
Norsk Hydro ASA – Third quarter 2005 Variance analysis Rolled Products NOK million Year to date 3rd quarter 2005 1 202 343 2004 1 144 353 Variance adjusted EBITDA 58 (10) - Margin (295) (85) - Volume 90 55 - Fixed costs 215 20 - Depreciation 60 20 - Infrequent items 55 5 - Other - - Variance operati
Slide 59: Variance analysis Extrusion and Automotive
Norsk Hydro ASA – Third quarter 2005 Variance analysis Extrusion and Automotive NOK million Year to date 3rd quarter 2005 1 172 387 2004 1 542 401 Variance adjusted EBITDA (370) (14) - Margin (220) (160) - Volume (750) (315) - Fixed costs 655 390 - Depreciation 55 50 - Infrequent items (60) 65 - Oth
Slide 60: Primary aluminium market
Norsk Hydro ASA – Third quarter 2005 Primary aluminium market Aluminium inventories (days of consumption) Aluminium price (LME 3m) 2 200 70 65 2 000 60 55 USD per tonne 1 800 50 days 1 600 45 40 1 400 35 30 1 200 25 1 000 20 1997 1998 1999 2000 2001 2002 2003 2004 2005 54764_E • 10.2005 • 60 • Hydro
Slide 61: Inventories – primary aluminium
Norsk Hydro ASA – Third quarter 2005 Inventories – primary aluminium 1 000 tonnes IAI (Producers' inventories) LME (London Metal Exchange) 5 000 4 000 3 000 2 000 1 000 0 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005* Sources: IAI and LME, 2005* as of end-August 54764_E
Slide 62: Aluminium – operational data
Norsk Hydro ASA – Third quarter 2005 Aluminium – operational data Q3 Q2 Q1 Q4 Q3 Q2 Q1 Volumes and prices 2005 2005 2005 2004 2004 2004 2004 Primary production (1 000 tonnes) * 461 457 444 446 441 418 415 Total metal products sales excluding trading 741 835 802 735 752 776 786 (1 000 tonnes) LME rea
Slide 63: Variance analysis Polymers
Norsk Hydro ASA – Third quarter 2005 Variance analysis Polymers NOK million Year to date 3rd quarter 2005 563 91 2004 542 244 Variance adjusted EBITDA 21 (153) - Margin 90 (100) - Volume (105) (30) - Fixed costs 40 - - Depreciation (15) (10) - Other (15) (15) Variance operating income (3) (153) - No
Slide 64: Forward-looking statements/ use of non-GAAP financial measures
Norsk Hydro ASA – Third quarter 2005 Forward-looking statements/ use of non-GAAP financial measures In order to utilize the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995, Hydro is providing the following cautionary statement: This presentation contain
Slide 65: Norsk Hydro ASA – Third quarter 2005
Norsk Hydro ASA – Third quarter 2005 54764_E • 10.2005 • 65 • Hydro Media