The board of directors of Norsk Hydro ASA has approved the company’s consolidated income statement and balance sheet for 1999.
Hydro’s operating income in 1999 was NOK 7,735 million, which was 33 percent above operating income in the previous year. Net income declined 9 percent to NOK 3,416 million last year. Earnings per share were NOK 13.80 in 1999 and NOK 16.40 in 1998.
Both operating income and net income were NOK 328 million higher than the figures Hydro presented on 14 February in the company’s preliminary financial report. The improvement reflected a partial reversal of restructuring charges that had been recorded in the preliminary report. The charges were related to the Agri business area. Hydro communicated this partial reversal in a 20 March press release.
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