Norsk Hydro ASA (2010)
NOTE 26 – Investments in jointly controlled entities [extract]
Aluminium Norf GmbH (Alunorf) is the world’s largest rolling mill and is located in Germany. Alunorf is jointly owned by Hydro and Hindalco Industries (50 percent each). Through a tolling arrangement each partner supplies Alunorf with raw material which is transformed to flat rolled coils and delivered to the partners. Sales from Alunorf to Hydro amounted to NOK 1,423 million in 2010 and NOK 1,378 million in 2009. The tolling fee is based on cost recovery, in which each partner bears its share of cost. Hydro’s capital and financing commitments are regulated in the Joint Venture agreement. Alunorf has investment commitments amounting to NOK 235 million as of 31 December 2010. Hydro’s financing commitment based on its interest is NOK 109 million as of 31 December 2010. Alunorf is part of Rolled Products.