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Orkla Annual Report 2013

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Orkla Annual Report 2013 Annual Report Contents Message from the CEO Orkla’s business areas The Board of Directors of Orkla ASA Report of the Board of Directors The Group Executive Board Corporate governance Corporate responsibility at Orkla Annual Financial Statements 2013 Notes to the Consolidated Financial Statements Financial Statements for Orkla ASA Historical key figures Share information Additional information for valuation purposes People and leadership Governing bodies and elected representatives Group Directory Financial calendar for Orkla ASA Date Event 10.04.2014 Annual General Meeting 2014 11.04.2014 Share traded ex. dividend* 25.04.2014 Dividend payment* 08.05.2014 1st quarter 2014 17.07.2014 2nd quarter 2014 30.10.2014 3rd quarter 2014 05.02.2015 4th quarter 2014 *Subject to the approval of the proposed dividend at the General Meeting. Business areas Orkla Orkla Orkla Orkla Orkla Confectionery Home & Food Foods International & Snacks Personal Ingredients Operating revenues Operating revenues Operating revenues Operating revenues Operating revenues (NOK million): (NOK million): (NOK million): (NOK million): (NOK million): 9,797 4,784 4,770 2,644 5,998 EBITA1 (NOK million): EBITA1 (NOK million): EBITA1 (NOK million): EBITA1 (NOK million): EBITA1 (NOK million): 1,275 682 823 -86 288 Number of man-years: Number of man-years: Number of man-years: Number of man-years: Number of man-years: 4,083 2,247 1,738 4,957 2,366 Associated companies Other businesses and joint ventures Gränges Hydro Shares and Orkla Rolled aluminium Power Eiendom products (real estate) 1 EBITA1 EBITA assets ProSapa forma(50%) ( JV )EBITDA* EBIT*(42.5%)Jotun (NOK billion): (NOK million): (NOK million): Book value (NOK billion): Valuefinancial (NOK billion): (NOK billion): 337 213 1.1 2.3 1.1 1.3 Corporate centre and support functions *The figures from associates and joint ventures are on a 100 % basis. 1Operating profit before amortisation and other income and expenses. The leading Nordic Sales revenues1 per business area branded consumer goods company Orkla ASA is listed on the Oslo Stock Exchange and head- quartered in Oslo, Norway. Orkla is a leading supplier of branded consumer goods and concept solutions to the grocery and out-of-home sectors in the Nordic and Baltic regions. In addition, the Group holds good positions in certain Orkla Foods 9,730 30% product categories in India, the Czech Republic, Austria, Orkla Confectionery & Snacks 4,755 15% Poland and Russia. The company is also a major supplier to Orkla Home & Personal 4,743 15% the European bakery market. Orkla’s vision is to improve Orkla International 2,508 8% everyday life with healthier and more enjoyable local brands. Orkla Food Ingredients 5,939 18% The Group also operates in the aluminium, hydropower and Gränges 3,895 12% real estate sectors. Hydro Power 639 2% Other businesses 7 0% As at 31 December 2013, Orkla had around 17,000 employ- Total sales revenues (NOK million) 32,216 100% ees. The Group’s turnover in 2013 totalled NOK 33 billion. 1Excluding internal sales and other operating revenues. Key figures* 2013 2012 2011 2010 2009 Operating revenues (NOK million) 33,045 30,001 61,009 57,338 56,228 EBITA1 (NOK million) 3,163 3,295 4,041 3,944 2,448 EBITA1 margin (%) 9.6 11.0 6.6 6.9 4.4 Ordinary profit before tax (NOK million) 2,664 3,873 -923 20 1,071 Diluted earnings per share (NOK) 0.7 1.6 -0.8 -0.9 2.5 Return on capital employed industrial activities2 (%) 11.1 12.9 10.7 10.5 5.2 Total dividends per share (NOK) 2.503 2.50 2.50 7.50 2.25 Equity ratio (%) 59.1 53.9 51.8 53.6 51.7 *Figures as reported in 2009-2012. 1Operating profit before amortisation and other income and expenses. 2See definition on page 111. 3Proposed dividend. OPERATING REVENUES EBITA1 EARNINGS PER SHARE Group operating revenues Group EBITA1 totalled Earnings per share were totalled NOK 33.0 billion. NOK 3.2 billion. NOK 0.7 in 2013. MESSAGE FROM THE CEO A more powerful Orkla 2013 has been a year of changes. consumers. Orkla products can be found in virtually every Following the Board of Directors’ decision home throughout the Nordic region. Many of the products have been with us for generations. But we cannot rest on in the autumn of 2011 to focus on Orkla’s our laurels. Consumer demands with regard to health, branded consumer goods business, the environment and food safety are rising. Orkla must be work on creating a more pure-play, a name synonymous with good raw materials, sustainable competitive company is now well under production and safe, reliable products. Annual Report way. Orkla’s new logo and visual identity, Orkla’s strategy remains unchanged. Orkla aims to be which we presented in the autumn of the Nordic region’s leading branded consumer goods 2013, is a visible expression of Orkla’s company. We will make products which are healthier new direction. and easier to enjoy, which make life simpler and which our customers can be proud of displaying on their store shelves. Local brands are the foundation for Orkla’s We have undertaken a comprehensive restructuring of operations, now and in the future. the Group to create a more logical, simpler organisation. We have grouped our branded consumer goods operations We aim to ensure that Orkla products are tomorrow’s into five business areas, and reduced the number of favourites too. Operational excellence and a good dose of operational companies. In both the Orkla Foods and business acumen are crucial. As a large branded consumer Orkla Confectionery & Snacks business areas, the number goods company with substantial resources, we are well 4 of companies has been slashed from seven to three. positioned to contribute to creating growth and profitability for our customers, and a good return for our shareholders. Orkla’s acquisition of Rieber & Søn was approved by the Norwegian competition authorities in the second quarter. Stabburet and Rieber & Søn were merged to form ”We have products that are greatly Orkla Foods Norge, thereby becoming one of the largest appreciated by consumers. Orkla products branded consumer goods suppliers of food in Norway. can be found in virtually every home In Sweden, the Rieber company Frödinge was integrated into Orkla Foods Sverige, after Procordia and Abba Sea- throughout the Nordic region. Many food were merged into a single company. Orkla Foods of the products have been with us for Danmark is the result of the merger of two companies, generations.” Beauvais foods and Rieber & Søn Danmark. 2013 The Orkla Confectionery & Snacks business area has been restructured to create larger, stronger national units. In Norway, Nidar, KiMs Norge and Sætre were merged into one company. OLW and Göteborgs Kex were similarly merged in Sweden, and Chips and Panda have become a single company in Finland. In the Orkla Home & Personal business area, the integration of Jordan has been completed. The Personal & Home Care unit was integrated into Lilleborg, while the House Care unit has been maintained as a separate company. There are now five businesses in the business area: Lilleborg, Lilleborg Profesjonell, Orkla House Care, Axellus Group and Pierre Robert Group. Peter A. Ruzicka We have products that are greatly appreciated by President and CEO MESSAGE FROM THE CEO 5 ORKLA’S BUSINESS AREAS Orkla Orkla is a leading branded consumer goods company in the Nordic and Baltic regions. Orkla’s branded consumer goods business consists of a Annual portfolio of well-known brands and concept solutions, most Orkla´s vision Report of which hold number one or number two positions in their respective categories. Orkla is also a major supplier to the European bakery market. “Improving everyday life with healthier and more enjoyable The Branded Consumer Goods area comprises five business areas: Orkla Foods, Orkla Confectionery & Snacks, local brands” Orkla Home & Personal, Orkla International and Orkla Food Ingredients. Orkla’s other businesses consist of Gränges, Hydro Power and shares and financial assets, in addition to its investments in Sapa (JV) (50% ownership interest) and Jotun (42.5% 6 ownership interest). 2013 ORKLA’S BUSINESS AREAS Orkla Foods Orkla Foods comprises Orkla’s food businesses in the Nordic and Baltic regions. The companies in this business area are Orkla Foods Norge, Orkla Foods Sverige, Orkla Foods Danmark, Orkla Foods Finland, Põltsamaa Felix in Estonia, Spilva in Latvia and Suslavicius-Felix in Lithuania. Orkla Foods’ operations are concentrated on its 7 own strong brands, which largely hold number one positions in their home markets. OPERATING REVENUES EBITA1* ORKLA FOODS UNDERLYING2 GROWTH ORKLA FOODS 1 Operating profit before amortisation and other IN OPERATING REVENUES income and expenses. * Figures from 2009-2012 are restated due to ORKLA FOODS 2 a change in pension calculation principles. Adjusted for acquired and sold companies, and currency translation effects. 10,000 1,500 1 0,5 0% 1% 8,000 1,200 % 9,797 9,302 8,906 8,881 1,275 6,000 7,972 900 -1 1,144 1,082 1,084 1,061 -2% 4,000 600 -2 2,000 300 -3 -4% NOK NOK -4% million million -4 09 10 11 12 13 09 10 11 12 13 09 10 11 12 13 OPERATING REVENUES EBITA1 Read more about Orkla Foods under ”Report of the Board of Directors” 8.881 8.906 9,797 1,275 on page 14. 7.972 ORKLA’S BUSINESS AREAS Orkla Confectionery & Snacks Annual Report Orkla Confectionery & Snacks comprises six branded consumer goods businesses which serve the Nordic and Baltic regions as their home markets. The companies in Orkla Confectionery & Snacks are Orkla Confectionery & 8 Snacks Norge (snacks, biscuits and confectionery), Orkla Confectionery & Snacks Sverige (snacks and biscuits), Orkla Confectionery & Snacks Finland (snacks, biscuits and confectionery), KiMs in Denmark (snacks), Latfood in the Baltics (snacks) and Kalev in Estonia (confectionery).
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