Norway's Supreme Court has ruled in favour of Norsk Hydro ASA with respect to tax deductability for losses incurred in 1990 on sale of shares in Norsk Hydro Canada Inc. to Norsk Hydro Danmark AS. The judgement will result in a refund of taxes previously paid pluss interest of altogether approximately 550 million NOK. Of this amount interest payment of approximately 130 million NOK will be recognized in Norsk Hydro's accounts as taxfree interest income and approximately 420 million NOK will be recognised as a reduction in current tax expense in the 2nd quarter of 2002.
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Certain statements in this press release are or may constitute "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements that are not in the nature of historical facts may be deemed to be forward-looking statements and may contain identifying words such as "believes", "anticipates", "plans", "expects" and similar expressions. These forward looking statements are based on Hydro's current expectations, assumptions, estimates and projections about the company and the industries in which it engages in business. All forward-looking statements involve risks and uncertainties. For a detailed description of factors that could cause Hydro's actual results to differ materially from those expressed in or implied by such statements, please refer to its annual report on Form 20-F for the year-ended December 31, 2001 and subsequent filings on Form 6-K with the U.S. Securities and Exchange Commission.