Hydro's underlying earnings before financial items and tax was NOK 875 million in the second quarter, down from NOK 2,713 million in the same quarter last year.
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This mainly reflected lower realized aluminium and alumina prices and effects from the cyber-attack, partly offset by positive currency effects.
Underlying EBIT for Bauxite and Alumina increased compared to the second quarter of last year, from NOK 364 million in Q2 2018 to NOK 415 million in Q2 2019.
The results were driven by positive effects from increased production following the lifting of the production embargo on May 20, and positive currency effects partly offset by a decrease in the realized alumina sales price.
Underlying EBIT for Primary Metal declined from positive NOK 755 million in Q2 2018 to negative NOK 604 million in Q2 2019, mainly due to lower all-in metal prices and lower margins on power sales in Brazil, somewhat offset by positive currency effects.
Underlying EBIT for Metal Markets improved from NOK 237 million in Q2 2018 to NOK 299 million in Q2 2019 due to increased results from the remelters and higher results in the sourcing and trading activities, partly offset by negative currency effects.
Underlying EBIT for Rolled Products decreased significantly compared to the second quarter of 2018, from NOK 212 million in Q2 2018 to NOK 75 million in Q2 2019.
The result from the rolling mills decreased, driven by lower volumes and personnel cost increases, partly offset by positive currency effects.
The Neuss smelter result declined driven by lower all-in metal prices.
Underlying EBIT for Extruded Solutions decreased compared to the same quarter last year, from NOK 957 million in Q2 2018 to NOK 772 million in Q2 2019.
Increased cost and reduced volumes mainly resulting from the cyberattack and a somewhat softening market, were partly offset by higher margins.
Underlying EBIT for Energy decreased from NOK 417 million in Q2 2018 to NOK 176 million in Q2 2019.
The decrease was mainly due to lower production and lower commercial results.
The overall financial impact of the cyber-attack is estimated at NOK 250-300 million in the second quarter 2019, of which NOK 150-200 million relates to Extruded Solutions.
At the end of the second quarter operations have largely returned to normal. ■