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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. 0 1Q 2Q 3Q 4Q 1Q 2Q 3Q 2004* 2005 * Pro forma fi gures for 2004 restated according to IFRS (include Elkem from 1 January and Chips Abp from 1 March) ** Other revenues and expenses amounted to NOK -211 million at the end of the third quarter 2005 and were related to write-downs of good- * Pro forma fi gures will (NOK -163 million) and restructuring expenses/write-down of inventory in respectively Direct Marketing (Orkla Media) and Household ** Before amortisation and other revenues and Textiles (Orkla Brands) expenses *** Before amortisation of intangibles, other revenues and expenses and in 2004 the gain on the sale of Orkla’s share of Carlsberg Breweries THE THIRD QUARTER IN BRIEF Group pre-tax profi t totalled NOK 1,836 million (NOK 484 million)1. Earnings per share were NOK 5.4 higher than in the third quarter of last year, and at the end of September accumulated earnings per share was NOK 20.3. Structural growth for Orkla Foods and Orkla Brands and underlying2 sales growth for Orkla Brands contributed to an 11 % rise in third quarter operating revenues for the Branded Consumer Goods business. The weak grocery market in Sweden continued to have a negative impact on the Swedish companies. In the Speciality Materials area, the results for energy and primary aluminium were good, while Elkem’s silicon business, Sapa and Borregaard are facing a demanding market situation. The Financial Investments division realised portfolio gains of NOK 672 million in the third quarter (NOK 248 million)1. As of the end of September, the return on the investment portfolio was 30.0 %, and the net asset value increased by almost NOK 1.7 bil- lion in the third quarter. After a thorough process the Board of Directors has concluded that Orkla will further develop Elkem, Sapa and Borregaard itself and, through active company development and restructuring, aims to focus on and increase their underlying values. 1 The fi gures in brackets are for the same period last year (restated according to IFRS) 2 Excluding acquisitions and divestments and currency translation effects MAIN TRENDS Exchange Benchmark Index and of 11.9 % for the dividend-adjusted Group operating revenues in the third quarter totalled NOK 13,157 mil- FTSE World Index. Realised portfolio gains and the change in the fair lion (NOK 13,631 million)3. At the end of the first nine months, operating value of associates totalled NOK 672 million (NOK 248 million)1 in revenues amounted to NOK 40,473 million (NOK 41,127 million)3. As a the third quarter. At the end of September, unrealised gains amounted result of restructuring and disposals in 2004, Borregaard’s third quarter to almost NOK 5.2 billion. The Norwegian stock market in particular operating revenues were approximately NOK 550 million lower than has fallen sharply since the end of September, and as of 27 October the last year. Structural growth and new launches in the Branded Consumer return on the portfolio was approximately 23 %, compared with 24.6 % Goods area made a positive contribution. The continuing strength of the for the Oslo Stock Exchange Benchmark Index. In the same period, the NOK against euro-related currencies and the USD resulted in a currency value of the portfolio declined by NOK 1 billion. translation effect of NOK -234 million compared with the third quar- ter of last year. Difficult market conditions for Elkem’s silicon-related Group earnings per share (diluted) totalled NOK 20.2 at the end of the first operations had a negative impact on sales volumes. In this connection, nine months (NOK 10.5 excluding the gain on the sale of Orkla’s stake in Elkem has closed down several furnaces at Norwegian plants to adjust Carlsberg Breweries in 2004, which amounted to NOK 60.7 per share)1. its production capacity. The acquisition of Elkem had a positive effect on earnings per share for the Industry division. Earnings per share for the Financial Investments Group operating profit before amortisation and other revenues and division increased due to higher realised gains from portfolio investments expenses totalled NOK 1,087 million for the third quarter (NOK and dividends received. Before amortisation, other revenues and expenses 1,123 million)3. At the end of the third quarter, operating profit before (and for 2004 before the gain on the sale of Orkla’s interest in Carlsberg amortisation and other revenues and expenses amounted to NOK Breweries), earnings per share amounted to NOK 21.6 (NOK 13.3)1. At 3,402 million (NOK 3,443 million)3. the end of the third quarter, the tax charge is estimated to be 20 %. Orkla Foods and Orkla Brands achieved growth and satisfactory ORKLA FOODS development on most markets in the third quarter, with the exception Growth and satisfactory development for several businesses of Sweden, where profit was lower than in the same period last year. The Tougher competition from private labels and weaker results in integration of new companies is proceeding according to plan and has Sweden largely been completed. Orkla Media’s advertising revenues increased, Improvement programmes being implemented especially in Poland and Denmark. A higher level of investment in product development and new launches and weak productivity at the Orkla Foods’ operating revenues amounted to NOK 3,324 million in the Danish printing plant (Trykkompagniet) reduced quarterly profit for third quarter (NOK 3,112 million)1. The increase is largely ascribable Det Berlingske Officin. to structural growth. Operating profit before amortisation and other revenues and expenses totalled NOK 319 million, (NOK 310 million)1. Both Elkem and Borregaard reported a good market situation and high Underlying2 profit growth was somewhat weaker than last year. profit levels for their energy businesses. With respect to Elkem’s other activities, the performance of primary aluminium was stable and good, Operating revenues for the first nine months totalled NOK 9,788 mil- while the market situation for the silicon business weakened in the course lion (NOK 9,230 million)1. As of the end of September, profit was of the third quarter. Investment in Elkem’s solar energy project continues, NOK 780 million, compared with NOK 768 million for the first nine and in this connection development costs of approximately NOK 40 mil- months of 2004. The grocery market is increasingly challenging in the lion were expensed in the third quarter (around NOK 100 million so Nordic region, especially in Sweden, and private labels are achieving far this year and around NOK 20 million in the same period last year). significant growth. The third quarter is generally a weak quarter for Sapa due to the holiday season in Europe, and the weaker underlying trend from previous quarters A large number of innovative measures and improvement program- continued. mes have been initiated or are planned at Orkla Foods. In the period 2005-2007, Orkla Foods’ cost base is to be reduced by around NOK Borregaard Synthesis achieved growth, while LignoTech and ChemCell 500 million, which includes a reduction of approximately 10 % in the reported weak results due to the unfavourable foreign exchange situation, number of man-years worked.
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