DOCSLIB.ORG

Orkla Annual Report 2013

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text

Load more

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).
Recommended publications
  • Candidates Nominated to the Board of Directors in Gjensidige Forsikring ASA

    Candidates Nominated to the Board of Directors in Gjensidige Forsikring ASA

    Office translation for information purpose only Appendix 18 Candidates nominated to the Board of Directors in Gjensidige Forsikring ASA Per Andersen Born in 1947, lives in Oslo Occupation/position: Managing Director, Det norske myntverket AS Education/background: Chartered engineer and Master of Science in Business and Economics, officer’s training school, Director of Marketing and Sales and other positions with IBM, CEO of Gjensidige, CEO of Posten Norge and Managing Director of ErgoGroup, senior consultant to the CEO of Posten Norge, CEO of Lindorff. Trond Vegard Andersen Born in 1960, lives in Fredrikstad Occupation/position: Managing Director of Fredrikstad Energi AS Education/background: Certified public accountant and Master of Science in Business and Economics from the Norwegian School of Business Economics and Administration (NHH) Offices for Gjensidige: Member of owner committee in East Norway Organisational experience: Chairman of the Board for all FEAS subsidiaries, board member for Værste AS (regional development in Fredrikstad) Hans-Erik Folke Andersson Born in 1950, Swedish, lives in Djursholm Occupation/position: Consultant, former Managing Director of insurance company Skandia, Nordic Director for Marsh & McLennan and Executive Director of Mercantile & General Re Education/background: Statistics, economy, business law and administration from Stockholm University Offices for Gjensidige: Board member since 2008 Organisational experience: Chairman of the Board of Semcon AB, Erik Penser Bankaktiebolag and Canvisa AB and a board member of Cision AB. Per Engebreth Askildsrud Born in 1950, lives in Jevnaker Occupation/position: Lawyer, own practice Education/background: Law Offices for Gjensidige: Chairman of the owner committee Laila S. Dahlen Born in 1968, lives in Oslo Occupation/position: Currently at home on maternity leave.
  • The Supervisory Board of Gjensidige Forsikring ASA

    The Supervisory Board of Gjensidige Forsikring ASA

    The Supervisory Board of Gjensidige Forsikring ASA Name Office Born Lives in Occupation/position Education/background Organisational experience Bjørn Iversen Member 1948 Reinsvoll Farmer Degree in agricultural economics, Head of the Oppland county branch of the the Agricultural University of Norwegian Farmers' Union 1986–1989, Norway in 1972. Landbrukets head of the Norwegian Farmers' Union sentralforbund 1972–1974, Norges 1991–1997, chair of the supervisory board Kjøtt- og Fleskesentral 1974–1981, of Hed-Opp 1985–89, chair/member of the state secretary in the Ministry of board of several companies. Agriculture 1989–1990. Chair of the Supervisory Board and Chair of the Nomination Committee of Gjensidige Forsikring ASA. Hilde Myrberg Member 1957 Oslo MBA Insead, law degree. Deputy chair of the board of Petoro AS, member of the board of CGGVeritas SA, deputy member of Stålhammar Pro Logo AS, member of the nomination committee of Det Norske ASA, member of the nomination committee of NBT AS. Randi Dille Member 1962 Namsos Self-employed, and Economics subjects. Case Chair of the boards of Namsskogan general manager of officer/executive officer in the Familiepark, Nesset fiskemottak and Namdal Bomveiselskap, agricultural department of the Namdal Skogselskap, member of the board Namsos County Governor of Nord- of several other companies. Sits on Nord- Industribyggeselskap and Trøndelag, national recruitment Trøndelag County Council and the municipal Nordisk Reinskinn project manager for the council/municipal executive board of Compagnie DA. Norwegian Fur Breeders' Namsos municipality. Association, own company NTN AS from 1999. Benedikte Bettina Member 1963 Krokkleiva Company secretary and Law degree from the University of Deputy member of the corporate assembly Bjørn (Danish) advocate for Statoil ASA.
  • The Supervisory Board of Gjensidige Forsikring ASA

    The Supervisory Board of Gjensidige Forsikring ASA

    The Supervisory Board of Gjensidige Forsikring ASA Name Office Born Address Occupation/position Education/background Organisational experience Bjørn Iversen Member 1948 Reinsvoll Farmer Agricultural economics, Agricultural Head of Oppland county branch of the Norwegian University of Norway in 1972. Landbrukets Farmers' Union 1986-1989, head of the Norwegian sentralforbund 1972-1974, Norges Kjøtt- og Farmers' Union 1991-1997, chair of the supervisory Fleskesentral 1974-1981, state secretary in board of Hed-Opp 1985-89, chair/member of the board the Ministry of Agriculture 1989-1990 of several companies. Chair of the Supervisory Board and Chair of the Nomination Committee of Gjensidige Forsikring ASA. Hilde Myrberg Member 1957 Oslo Senior Vice President MBA Insead, law degree. Chair of the board of Orkla Asia Holding AS, deputy Corporate Governance, chair of the board of Petoro AS, member of the board of Orkla ASA Renewable Energy Corporation ASA, deputy board member of Stålhammar Pro Logo AS, deputy chair of the board of Chr. Salvesen & Chr Thams's Communications Aktieselskap, member of the boards of Industriinvesteringer AS and CGGVeritas SA. Randi Dille Member 1962 Namsos Self-employed, and Economies subjects. Case officer/executive Chair of the boards of Namsskogan Familiepark, Nesset general manager of officer in the agricultural department of the fiskemottak and Namdal Skogselskap, member of the Namdal Bomveiselskap, County Governor of Nord-Trøndelag, boards of several other companies. Sits on Nord- Namsos national recruitment project manager for Trøndelag County Council and the municipal Industribyggeselskap and the Norwegian Fur Breeders' Association, council/municipal executive board of Namsos Nordisk Reinskinn own company NTN AS from 1999.
  • Orkla Foods and Orkla Brands Nordic Markets

    Orkla Foods and Orkla Brands Nordic Markets

    Orkla Foods and Orkla Brands Nordic markets Torkild Nordberg Managing Director, Orkla Brands Agenda Recent performance Nordic Business environment Orkla’s set-up and competitive advantages Orkla’s value creation model Innovation strategy Case: JIF Household Cleaning Summing up EBITA: Orkla Foods + Orkla Brands +44 % vs. yr 2000 NOK billion 2.5 2.3 2.2 2 1.9 1.7 1.6 1.6 1 1.1 1.5 0.9 0.6 0.6 0.8 Orkla Brands Orkla Foods 1 1.2 1.2 0.5 1 1 0.9 1 0 2000 2001 2002 2003 2004 2005* *Pro forma RTM per Q3-05 Top line: Orkla Foods + Orkla Brands +28 % vs. yr 2000 NOK billion 20.0 20 17.5 16.6 15.6 15.6 15.5 6.3 15 4.8 4.7 4.6 4.5 4.5 Orkla Brands 10 Orkla Foods 13.7 11.9 12.7 5 11.0 11.1 11.0 0 2000 2001 2002 2003 2004 2005* *Pro forma RTM per Q3-05 The Nordic Branded Consumer Goods Market An attractive market High GDP per capita and higher growth then for EU All major international competitors present Global standard for cost, quality, speed and innovation rate Strong focus on scale advantages throughout the value chain Centralised units and predominantly sales operations locally Fewer, bigger brands Nordic retailing is very concentrated, international and centralised ”Lidl Monday” in Europe is hitting our area Very aggressive Private Label moves last 2 years Another important aspect of the Nordic Branded Consumer Goods Market A recipient of central European development and sourcing Orkla’s Nordic set-up – A different animal? Brand and category leadership Ownership of brands Orkla’s unique local value chain set-up Unique local innovation capability Orkla - A different animal Strategic elements International players Orkla companies Local set-up Sales Complete value chain Strategy Central Local Innovation Central Local + central Marketing Central Local + central Sales Mainly local Mainly local R&D Central Local Production Central Local + central Competitive advantages Strong market positions Strong consumer loyalty to our brands Predominantly no.
  • Important Notice the Depository Trust Company

    Important Notice the Depository Trust Company

    Important Notice The Depository Trust Company B #: 2473-14 Date: December 30, 2014 To: All Participants Category: Dividends From: International Services Attention: Operations, Reorg & Dividend Managers, Partners & Cashiers Tax Relief: Country: Norway Issues: Fred Olsen Energy ASA | Gjensidige Forsikring | Opera Software | Orkla ASA Subject: Statoil Hydro ASA| TGS Nopec Geophysical Co | Tomra Systems NORWAY ADR MARKET ANNOUNCEMENT: JANUARY 2015 We have received the following important notice from BNY Mellon/Globe Tax Services. Questions regarding this Important Notice may be directed to Globetax. Important Legal Information: The Depository Trust Company (“DTC”) does not represent or warrant the accuracy, adequacy, timeliness, completeness or fitness for any particular purpose of the information contained in this communication, which is based in part on information obtained from third parties and not independently verified by DTC and which is provided as is. The information contained in this communication is not intended to be a substitute for obtaining tax advice from an appropriate professional advisor. In providing this communication, DTC shall not be liable for (1) any loss resulting directly or indirectly from mistakes, errors, omissions, interruptions, delays or defects in such communication, unless caused directly by gross negligence or willful misconduct on the part of DTC, and (2) any special, consequential, exemplary, incidental or punitive damages. To ensure compliance with Internal Revenue Service Circular 230, you are hereby notified that: (a) any discussion of federal tax issues contained or referred to herein is not intended or written to be used, and cannot be used, for the purpose of avoiding penalties that may be imposed under the Internal Revenue Code; and (b) as a matter of policy, DTC does not provide tax, legal or accounting advice and accordingly, you should consult your own tax, legal and accounting advisor before engaging in any transaction.
  • Information Memorandum in Connection with the Combination of the Soft Alloy Aluminium Profile Businesses Of

    Information Memorandum in Connection with the Combination of the Soft Alloy Aluminium Profile Businesses Of

    Information Memorandum In connection with the combination of the soft alloy aluminium profile businesses of Orkla ASA and Alcoa Inc. THIS INFORMATION MEMORANDUM DOES NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY ANY SECURITIES July 6, 2007 Table of Contents 1 IMPORTANT INFORMATION....................................................................................................................... 4 1.1 About this Information Memorandum ................................................................................................ 4 1.2 Incorporation by Reference................................................................................................................. 4 1.3 Documents on Display ........................................................................................................................ 6 1.4 Information sourced from third parties ............................................................................................... 6 2 DEFINITIONS.................................................................................................................................................. 7 3 SUMMARY...................................................................................................................................................... 8 3.1 The Combination................................................................................................................................. 8 3.2 The Company...................................................................................................................................
  • Orkla ASA Sustainability Report 2012

    Orkla ASA Sustainability Report 2012

    tainability report tainability S Su 2012 ORKLA BÆREKRFTSRAPPORTSustainABiLiTy report / 2012 / 2012 contents HigHligHts in 2012 03 Foreword 04 orkla’s corporate responsibility 06 Food, People and the Environment 06 Anti-corrution and competition law 09 Awards to Orkla companies 10 Stakeholder dialogue in 2012 11 people 12 People and leadership 12 Building a strong company 17 environment, HealtH and saFety 18 Safe workplases 18 Preventing sickness absence 20 Safety culture at Stabburet 20 Safety in sales work at Nidar 21 environment 22 Responsibility for the environment 22 Energy recovery at Procordia 25 Conscious use of packaging 26 Packaging development at Lilleborg 27 Food saFety 28 Consumer confidence through safe products 28 Food safety in purchasing 31 Orkla’s approach to modern gene technology 31 nutrition and HealtH 32 Food enjoyment in a balanced diet 32 Responsible marketing 38 Dutch bread with less salt 39 responsible purcHasing 40 Collaboration based on ethical, sustainable principles 40 Workers’ rights 41 Cocoa production in West Africa 43 Textile manufacturing in Asia 44 Fish oil production in Peru 45 Sustainable purchasing 46 Palm oil 47 Sustainable fishing 47 about tHe report 48 sponsorsHips 49 Associated Non-core Business areas company Orkla Sapa Confectionery Orkla Home Orkla Orkla Food Jotun (part of future JV) Aluminium profiles Orkla Foods & Snacks & Personal International Ingredients (42,5 %) and building systems EBITA1 (NOK million): Stabburet Chips Group Lilleborg MTR Foods Idun-group Procordia Göteborgs/Sætre Lilleborg
  • Prospectus of 31 March 2014

    Prospectus of 31 March 2014

    Statoil ASA, prospectus of 31 March 2014 Registration Document Prospectus Statoil ASA Registration Document Stavanger, 31 March 2014 Dealer: 1 of 47 Statoil ASA, prospectus of 31 March 2014 Registration Document Important information The Registration Document is based on sources such as annual reports and publicly available information and forward looking information based on current expectations, estimates and projections about global economic conditions, the economic conditions of the regions and industries that are major markets for the Company's and Guarantor’s (including subsidiaries and affiliates) lines of business. A prospective investor should consider carefully the factors set forth in chapter 1 Risk factors, and elsewhere in the Prospectus, and should consult his or her own expert advisers as to the suitability of an investment in the bonds. This Registration Document is subject to the general business terms of the Dealer, available at its website (www.dnb.no). The Dealer and/or affiliated companies and/or officers, directors and employees may be a market maker or hold a position in any instrument or related instrument discussed in this Registration Document, and may perform or seek to perform financial advisory or banking services related to such instruments. The Dealer’s corporate finance department may act as manager or co-manager for this Company and/or Guarantor in private and/or public placement and/or resale not publicly available or commonly known. Copies of this presentation are not being mailed or otherwise distributed or sent in or into or made available in the United States. Persons receiving this document (including custodians, nominees and trustees) must not distribute or send such documents or any related documents in or into the United States.
  • Annual Financial Statements Orkla ASA 04 241 ANNUAL FINANCIAL STATEMENTS ORKLA ASA

    Annual Financial Statements Orkla ASA 04 241 ANNUAL FINANCIAL STATEMENTS ORKLA ASA

    240 Kapittel 4 Annual Financial Statements Orkla ASA 04 241 ANNUAL FINANCIAL STATEMENTS ORKLA ASA INCOME STATEMENT STATEMENT OF CASH FLOWS Amounts in NOK million Note 2020 2019 Amounts in NOK million 2020 2019 Operating revenues 20 27 Profit/loss before tax 2 074 4 012 Operating revenues Group 1 775 847 Depreciation and write-downs 318 131 Total operating revenues 795 874 Write-downs subsidiaries 250 36 Payroll expenses 2, 5 (542) (484) Changes in net working capital etc. (175) 43 Other operating expenses (559) (680) Transfer of profit items to other activities 172 (1 696) Depreciation and write-downs 8, 9 (318) (131) Taxes paid (167) (254) Operating loss (624) (421) Cash flow from operating activities 2 472 2 272 Dividends and contributions from Group 3 229 4 506 Net replacement expenditures (186) (418) Write-downs subsidiaries (250) (36) Sold companies 62 0 Interest income/costs from Group 6 159 157 Investments in subsidiaries/partly owned companies (135) (1 313) Other financial costs 7 (440) (194) Net purchase/sale shares, dividends and financial assets 1 21 Profit before taxes 2 074 4 012 Cash flow from investing activities (258) (1 710) Taxes 11 (116) (206) Dividends paid (2 598) (2 599) Profit after tax 1 958 3 806 Net sale/purchase of treasury shares 57 59 Net paid to shareholders (2 541) (2 540) STATEMENT OF COMPREHENSIVE INCOME Proceeds from borrowings 1 462 2 163 Profit after tax 1 958 3 806 Repayments of borrowings 0 (431) Changes in fair value shares - (2) Repayments of lease liabilities (83) (79) Change in hedging reserve
  • Risk Assessment of the Exposure to Aluminium Through Food and the Use of Cosmetic Products in the Norwegian Population

    Risk Assessment of the Exposure to Aluminium Through Food and the Use of Cosmetic Products in the Norwegian Population

    Risk assessment of the exposure to aluminium through food and the use of cosmetic products in the Norwegian population Opinion of the Panel on Food Additives, Flavourings, Processing Aids, Materials in Contact with Food and Cosmetics and of the Panel on Contaminants of the Norwegian Scientific Committee for Food Safety Date: 5.04.2013 Doc. no.: 11-504_final ISBN: 978-82-8259-088-4 VKM Report 2013: 20 Norwegian Scientific Committee for Food Safety (VKM) 11-504_final Contributors Persons working for VKM, either as appointed members of the Committee or as ad hoc experts, do this by virtue of their scientific expertise, not as representatives for their employers. The Civil Services Act instructions on legal competence apply for all work prepared by VKM. Acknowledgements VKM wishes to acknowledge the working group consisting of Heidi Amlund (Chair), Berit Granum, Anders Ruus and Inger-Lise Steffensen for their valuable contributions to this opinion. Inger Therese L. Lillegaard is acknowledged for calculating the dietary exposures. Assessed by The report from the working group has been evaluated and approved by the Panel on Food Additives, Flavourings, Processing Aids, Materials in Contact with Food and Cosmetics (Panel 4) and the Panel on Contaminants (Panel 5) of the VKM. Panel on Food Additives, Flavourings, Processing Aids, Materials in Contact with Food and Cosmetics (Panel 4): Inger-Lise Steffensen (Chair), Jan Alexander, Mona-Lise Binderup, Knut Helkås Dahl, Berit Granum, Ragna Bogen Hetland, Trine Husøy, Jan Erik Paulsen, Tore Sanner and Vibeke Thrane. Panel on Contaminants (Panel 5): Janneche Utne Skåre (Chair), Heidi Amlund, Augustine Arukwe, Anne Lise Brantsæter, Gunnar Sundstøl Eriksen, Christiane Kruse Fæste, Helle Katrine Knutsen, Anders Ruus and Cathrine Thomsen.
  • NORW-Factsheet.Pdf

    NORW-Factsheet.Pdf

    Global X MSCI Norway ETF ETF Category: International Access ± Single-Country NORW As of 8/31/2021 KEY FEATURES FUND DETAILS Inception Date 11/09/2010(1) Underlying Index MSCI Norway IMI 25/50 Index Efficient Access Efficient access to a broad basket of Norwegian securities. Number of Holdings 70 Assets Under Management $44.94 mil Total Expense Ratio 0.50% Distribution Frequency Semi-Annually Targeted Exposure TRADING DETAILS The Fund targets exposure to a single country. Ticker NORW CUSIP 37950E747 Exchange NYSE Arca Bloomberg IOPV Ticker NORWIV Index Ticker M1NO5IM PERFORMANCE (%) TOP 10 HOLDINGS (%) Holdings Subject to Change Since 1M YTD 1Y 3Y 5Y 10Y Inception Equinor Asa 11.30% Norsk Hydro Asa 4.67% NAV 2.21% 14.65% 31.37% 4.02% 10.17% 3.73% 3.11% Dnb Bank Asa 10.69% Tomra Systems Asa 3.84% Market 3.01% 16.19% 32.52% 4.30% 10.34% 3.70% 3.13% Telenor Asa 6.72% Orkla Asa 3.77% Price Mowi Asa 6.46% Nordic Semiconductor Asa 2.82% Hybrid 2.21% 14.96% 32.01% 4.37% 10.48% 4.25% 3.67% Index(2) Yara International Asa 4.83% Adevinta Asa 2.73% The performance data quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance quoted. High short- term performance of the Fund, when observed, is unusual and investors should not expect such performance to be repeated.
  • Third Quarter

    Third Quarter

    THIRD QUARTER GROUP INCOME STATEMENT OPERATING REVENUES * Pro forma NOK million 1.1.–30.9. 1.1.–31.12. 1.7.–30.9. 1.1.–30.9. 1.7.–30.9. 1.1.–31.12. 16 000 Amounts in NOK million 2005 2004 2004 2005 2004 2004 2004 2004 14 000 Operating revenues 40,473 23,523 32,126 13,157 7,752 41,127 13,631 55,699 Operating expenses (35,448) (20,769) (28,206) (11,537) (6,810) (36,011) (11,957) (48,737) 12 000 Ordinary operating depreciation (1,623) (910) (1,182) (533) (299) (1,673) (551) (2,183) 10 000 Operating profi t before amortisation and 8 000 other revenues and expenses 3,402 1,844 2,738 1,087 643 3,443 1,123 4,779 Amortisation intangibles (144) (1) (7) (47) (1) (125) (42) (173) 6 000 Other revenues and expenses** (211) (697) (690) 0 (550) (697) (550) (710) 4 000 Operating profi t 3,047 1,146 2,041 1,040 92 2,621 531 3,896 2 000 Profi t from associates 196 499 592 85 139 188 57 181 0 Dividends 782 533 551 110 31 536 31 554 1Q 2Q 3Q 4Q 1Q 2Q 3Q 2004* 2005 Portfolio gains 1,764 670 750 672 248 674 248 754 Financial items, net (285) (138) (157) (71) (26) (612) (217) (762) OPERATING PROFIT** Ordinary profi t before taxes 5,504 2,710 3,777 1,836 484 3,407 650 4,623 Taxes (1,101) (496) (691) (294) (89) (780) (161) (1,023) NOK million Ordinary profi t after taxes 4,403 2,214 3,086 1,542 395 2,627 489 3,600 1 400 Gain/discontinued operations 0 12,529 12,529 0 0 12,529 0 12,529 1 200 Profi t for the year 4,403 14,743 15,615 1,542 395 15,156 489 16,129 1 000 Of this minority interests 227 47 71 33 14 47 14 71 Profi t before tax, Industry division 2,750 990 1,862 986 137 2,008 381 3,112 800 Profi t before tax, Financial Investments 600 division 2,754 1,720 1,915 850 347 1,399 269 1,511 Earnings per share (NOK) 20.3 71.3 75.5 7.3 1.9 73.3 2.3 78.0 400 Earnings per share diluted (NOK) 20.2 71.2 75.4 7.3 1.9 73.2 2.3 77.9 Earnings per share diluted, adjusted (NOK) *** 21.6 13.3 17.4 7.5 4.1 15.6 4.7 20.4 200 The interim report has been prepared in accordance with IAS 34 Interim Financial Reporting.