Third quarter results 2015

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1 1 Third quarter results October 2015 Peter A. Ruzicka, President & CEO

2 Improved performance in the third quarter 2.3% organic growth 1 15% EBIT (adj.) 2 growth in BCG 57% increase in EPS 2 1 Reported growth adjusted for FX and M&A 2 EBIT (adj.) = Operating profit before other income and expenses

3 Highlights: Continued growth in the quarter Group EBIT (adj.) 1 increased by 13% to NOK ~1 billion Increase of 57% in EPS to NOK 0.80 Improving performance in Branded Consumer Goods 2.3% organic growth 2 EBIT (adj.) growth of 15% in BCG Strong contribution from associates All-time high sales and operating profit in Jotun YTD Continued underlying EBIT growth in Sapa Delivering on strategy Continued progress within supply chain restructuring Cederroth acquisition approved and completed Integration of NP Foods ongoing 3 1 EBIT (adj.) = Operating profit before other income and expenses 2 Reported growth adjusted for FX and M&A

4 Branded Consumer Goods Q3 2015: Organic growth in three out of four business areas Organic growth performance 1,2 2.5% 2.3% 2.3% 1.1% 0.7% Orkla Foods 4.2% Orkla Confectionery & Snacks 1.2% Orkla Home & Personal -2.6% Orkla Food Ingredients 4.0% -2.8% YTD Q3-15 Q Reported growth adjusted for FX and M&A 2 For organic growth, data before Q4-14 include Orkla Brands Russia

5 Examples of innovations and relaunches in Q3 2015: Orkla Foods: New launch Pizzabakeriet in Norway

6 Examples of innovations and relaunches in Q3 2015: Orkla Confectionery & Snacks: Hand-cooked crisps

7 Examples of innovations and relaunches in Q3 2015: Orkla Home & Personal: wool essentials for the autumn season 7

8 Branded Consumer Goods Q3 2015: Margin negatively impacted by dilutive effects from acquisitions Reported EBIT (adj.) margin EBIT (adj.) margin change Q per business area 12.2% 12.6% 11.6% 11.8% 12.0% Orkla Foods Orkla Confectionery & Snacks -1.3%-p. 0.9%-p. Orkla Home & Personal -1.3%-p. Orkla Food Ingredients 0.5%-p R12M as of Q3-15 BCG total -0.1 %-p. 8 1 RTM EBIT (adj.) margin diluted due to the acquisition of Rieber

9 Branded Consumer Goods Q3 2015: EBIT (adj.) growth in line with target Breakdown of BCG EBIT (adj.) growth Q Weakening NOK 1 15% Positive currency translation effects 6% 9% Higher input prices, especially for Norwegian companies 9 Reported EBIT (adj.) growth Currency translation effects EBIT (adj.) growth in constant currency 1 Based on monthly average exchange rates from Norges Bank

10 Branded Consumer Goods Q3 2015: Reducing our factory footprint One integrated supply chain Steady pace in factory rationalisation BCG production sites 2014 Q1-15 Q2-15 Q3-15 Acc. as of Q

11 Delivering on strategy Improved performance Group EBIT (adj.) 1 increased by 13% 2.3% organic growth 2 in BCG EBIT (adj.) growth of 15% in BCG Strong performance from associates Delivering on initiated and ongoing structural processes Continued progress in supply chain restructuring Cederroth acquisition approved and completed Integration of NP Foods ongoing Operational focus going forward Activities that drive organic growth and improve margins Centralise supply chain and reduce factory footprint 11 1 EBIT (adj.) = Operating profit before other income and expenses 2 Reported growth adjusted for FX and M&A

12 1 2 Financial performance Jens Bjørn Staff, CFO

13 Group EBIT (adj.) improved by 13% to NOK ~1 billion in Q3 Amounts in NOK million Key figures Q3-14 Q3-15 YTD 14 YTD 15 Operating revenues EBIT (adj.) Other income and expenses EBIT Profit/loss from associates and JV Net financials and other Profit/loss before tax Discontinued operations EPS (NOK) From continuing operations 2 Gränges and Orkla Brands Russia are classified as discontinued operations

14 Broad-based EBIT (adj.) improvement Amounts in NOK million Branded Consumer Goods: +NOK 135 million Group EBIT (adj.) Q3-14 Orkla Foods Orkla Confectionery & Snacks Orkla Home & Personal Orkla Food Ingredients Orkla Investments Orkla HQ Group EBIT (adj.) Q

15 1 5 Branded Consumer Goods

16 Positive organic growth Amounts in NOK million 8, % 6.5 % 6, % BCG operating revenues Q3-14 Organic growth 1 FX M&A BCG operating revenues Q Reported growth adjusted for FX and M&A

17 Orkla Foods Strong performance in Orkla Foods compared with soft third quarter last year Amounts in NOK million Operating revenues EBIT (adj.) EBIT (adj.) margin (%) +4.2% OG % OG 1 8,861 9, ,900 3, Q3 YTD Q3 YTD Q3 YTD Broad-based growth across geographies and channels Driven by both volume and price. Positive contribution from new launches and the distribution of Tropicana juice Sales growth and continuous efforts to drive savings programmes led to broad-based profit and margin expansion The weaker NOK increased purchasing costs and put pressure on margins Results compared with soft Q performance Front-loaded campaign programme H Reported growth adjusted for FX and M&A

18 Orkla Confectionery & Snacks Growth in Orkla Confectionery & Snacks Amounts in NOK million Operating revenues EBIT (adj.) EBIT (adj.) margin (%) +1.2% OG % OG 1 3,539 3, ,228 1, Q3 YTD Q3 YTD Q3 YTD Organic growth mainly driven by Denmark, as well as Norway and Sweden EBIT (adj.) growth in Q3 mainly driven by strong sales performance in Denmark The acquisition of NP Foods had a dilutive effect on EBIT (adj.) margin from Q Reported growth adjusted for FX and M&A

19 Orkla Home & Personal Mixed picture in Orkla Home & Personal Amounts in NOK million Operating revenues EBIT (adj.) EBIT (adj.) margin (%) -2.6% OG 1-1.3% OG 1 3,710 3, ,254 1, Q3 YTD Q3 YTD Q3 YTD Weak organic sales performance in Q3 caused by Lilleborg and Pierre Robert Group Profitability in all segments negatively affected by a weak NOK Margin in Q3 and YTD diluted by the inclusion of Cederroth Improvement for Orkla Health but markets remain challenging 19 1 Reported growth adjusted for FX and M&A

20 Orkla Food Ingredients Continued strong progress in Orkla Food Ingredients Amounts in NOK million Operating revenues EBIT (adj.) EBIT (adj.) margin (%) +4.0% OG % OG 1 4,713 5, ,638 1, Q3 YTD Q3 YTD Q3 YTD Broad-based sales growth Strong market positions, stable raw material prices and improved product mix Main driver of the EBIT growth was the organic revenue growth supported by positive translation effects from a weak NOK Strong season for the ice cream ingredients business in Q3, opposite effect expected in Q Reported growth adjusted for FX and M&A

21 2 1 Orkla Investments

22 Hydro Power Real estate Share portfolio Jotun (42.5%) Sapa (50%) Orkla Investments Financial investments 22

23 Sapa (50/50 joint venture) Solid underlying EBIT growth in Sapa Amounts in NOK million Operating revenues Underlying EBIT Orkla s share of net profit after tax 42,536 34,493 1, ,603 13, Q3 YTD Q3 YTD Q3 YTD Strong demand in North America Stable demand in Europe Positive contributions from improvement programmes and restructuring efforts Positive currency effects Restructuring agenda continues ahead of plan 23

24 Jotun (42.5%) Growth across all segments and regions in Jotun Amounts on 100% basis in NOK million Operating revenues Operating profit 8,660 10, ,630 January-August Improved sales volumes with growth across all segments and regions Strong growth in the Marine Coatings segment January-August Increased margins from cost improvements Positive currency translation effects on both sales and profit 24

25 Hydro Power Historically low power prices GWh produced Spot prices (NOK/MWh) EBIT (adj.) (NOK million) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 All time high production volumes in Q3 Substantial snow melting and rainy summer in Q3 25 Source: Nord Pool Spot, Monthly System Price Power prices at the lowest level in 15 years Volume sold on spot market is exposed to regional prices in NO1 (Oslo) and NO2 (Kristiansand) Extremely low power prices in the quarter resulted in lower EBIT (adj.)

26 2 6 Net debt

27 Change in net debt 2015 Amounts in NOK billion Net debt 31 December 2014 Expansion and sale of companies Cash flow from operations Sale of shares and financial assets Net paid to shareholders Tax, dividends received, net financial & other FX effects Net debt 30 September

28 2 8 Summary Peter A. Ruzicka, President & CEO

29 Summary Delivering on our strategy and increasing performance Keep the strategy on track Deliver organic growth at least in line with market growth Target annual adj. EBIT growth of 6-9% 1 in BCG Maintain a stable dividend of at least NOK 2.50 per share 29 1 Including add-ons, excluding currency effects and large acquisitions and divestments

30 3 0 Q&A Peter A. Ruzicka, President & CEO Jens Bjørn Staff, CFO

31 3 1 Appendices

32 Group income statement Amounts in NOK million Q3-14 Q3-15 YTD-14 YTD-15 Operating revenues EBIT (adj.) Other income and expenses EBIT Profit/loss from associates and joint ventures Interests, net Other financial items, net Profit/loss before taxes Taxes Profit/loss for the period continuing operations Profit/loss from discontinued operations Profit/loss for the period Earnings per share diluted (NOK)

33 Net financial items FY 2014 Q3-14 Q3-15 Net interest expenses Currency gain/loss Result from Share Portfolio and dividends Other financial items, net Net financial items

34 Balance sheet Amounts in NOK million Intangible assets Property, plant and equipment Investments in associates and joint ventures etc Non-current assets Assets held for sale Inventories Inventory of development property Trade receivables Other receivables Shares and financial assets Cash and cash equivalents Current assets Total assets Paid-in equity Earned equity Non-controlling interests Equity Provisions Non-current interest-bearing liabilities Current interest-bearing liabilities Trade payables Other current liabilities Equity and liabilities

35 Cash flow Amounts in NOK million YTD-14 YTD-15 Operating profit Amortisation, depreciation and write-downs Change in net working capital Net replacement expenditures Cash flow from operations Cash flow from operations, Financial Investments Tax Dividends received, net financial and other Cash flow before capital transactions Paid to shareholders, net purchase/sales own shares Cash flow before expansion Expansion investments Sold and acquired companies Net purchases/sales shares and financial assets Net cash flow Currency translations net interest-bearing liabilities Change in net interest-bearing liabilities Net interest-bearing liabilities

36 Sapa (joint venture) figures on 100% basis Amounts in NOK million Q3-14 Q4-14 Q1-15 Q2-15 Q3-15 Sales volume (1,000 tonnes) Revenues (NOK million) Underlying EBIT Excluded items: Unrealised derivative positions Other excluded items Sum excluded items EBIT Net income (attributable to majority)

37 Strong balance sheet and financial flexibility Net interest bearing debt (NOK million) Net gearing 10,645 4,786 8,496 5,661 8, Q3-15 Q3-14 Q4-14 Q1-15 Q2-15 Q

38 Debt maturity profile Amounts in NOK million Average maturity 3.6 years 5,500 5,000 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1, Later Unutilised credit facilities Drawn amounts 38

39 Funding sources Amounts in NOK billion Unutilised credit facilities Banks Bonds and CP Cash, cash equivalents and interest bearing assets 5.3

40 40

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