DOCSLIB.ORG

Orkla Annual Report 2014

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Orkla Annual Report 2014 Annual Report 2014 Contents 03 About Orkla 06 Message from the CEO 08 Orkla’s business areas 21 Report of the Board of Directors 35 Corporate governance 45 Corporate responsibility at Orkla 55 Annual fi nancial statements 2014 60 Notes Group 103 Financial statements for Orkla ASA 2014 112 Historical key fi gures 113 Share information 117 Additional information for valuation purposes 118 The Board of Directors of Orkla ASA 122 The Expanded Group Executive Board 126 Governing bodies and elected representatives 128 Group directory annual report 2014 ABOUT ORKLA The Nordic region’s leading branded con- sumer goods company Orkla is a leading supplier of branded consumer goods and concept solutions to the grocery sector, out-of-home sector and bakeries with its main markets in the Nordics and the Baltics. The Group also holds good positions in selected product categories in Central Europe and India. The Branded Consumer Goods business comprises four business areas: Orkla Foods, Orkla Confectionery & Snacks, Orkla Home & Personal and Orkla Food Ingredients. Orkla also has operations organised under the Orkla Investments business area, which consists of Hydro Power, real estate and fi nancial assets, in addition to the Group’s investments in Sapa (JV) (50% interest), Jotun (42.5% interest) and Gränges (31% interest). Orkla ASA is listed on the Oslo Stock Exchange and is headquartered in Oslo. As of 31 December 2014, Orkla had approximately 13,000 employees. The Group’s turnover in 2014 totalled NOK 30 billion. FINANCIAL CALENDAR FOR ORKLA ASA Date Event 16.04.2015 Annual General Meeting 2015 17.04.2015 Share traded ex. dividend1 28.04.2015 Dividend payment1 07.05.2015 1st quarter 2015 17.07.2015 2nd quarter 2015 30.10.2015 3rd quarter 2015 11.02.2016 4th quarter 2015 1 Subject to the approval of the proposed dividend at the General Meeting. 3 annual report 2014 ABOUT ORKLA Key fi gures 2014 2013 2012 2011 2010 Operating revenues (NOK million) 29,599 33,045 30,001 61,009 57,338 Operating revenues Branded Consumer Goods (NOK million) 28,584 27,731 24,105 24,621 23,627 EBIT (adj.)1 (NOK million) 3,214 3,142 3,279 3,986 3,892 EBIT (adj.)1 Branded Consumer Goods (NOK million) 3,378 2,961 2,803 2,769 2,956 EBIT (adj.)1-margin (%) 10.9 9.5 10.9 6.5 6.8 EBIT (adj.)1-margin Branded Consumer Goods (%) 11.8 10.7 11.6 11.2 12.5 Ordinary profi t before tax (NOK million) 2,872 2,664 3,873 -923 20 Earnings per share, diluted (NOK) 1.63 0.68 1.56 -0.76 -0.90 Return on capital employed Branded Consumer Goods2 (%) 14.4 13.3 16.8 16.6 18.1 Total dividends per share (NOK) 2.503 2.50 2.50 2.50 7.50 Equity ratio (%) 62.5 59.1 53.9 51.8 53.6 Figures as reported (2010-2013). 1Operating profi t before other income and expenses. 2See defi nition page 112. 3Proposed dividend. SHARE PRICE 4 annual report 2014 ABOUT ORKLA 2014 in brief • Sales growth and profi t improvement for Branded Consumer Goods with organic growth, stronger innovations and operational improvement •Completed sale of Orkla Brands Russia and Rieber Foods Polska (“Delecta”) • Agreements entered into to purchase the branded consumer goods company NP Foods and the sales and distribution company Condite, as well as Cederroth (in January 2015) •Successful stock exchange listing of Gränges on Nasdaq Stockholm •Restructuring programme in Sapa ahead of plan • 13.4% return on the Orkla share (including reinvested dividend), and the Board proposes to maintain a dividend of NOK 2.50 per share ORKLA’S STRATEGY Orkla’s strategy is to strengthen its position as a leading branded consumer goods company, serving the Nordic and Baltic regions as its main markets. ” Based on its core brand-building competency and the Orkla’s mission Group’s local presence, Orkla aims to be the Nordic region’s leading branded consumer goods company. The foremost “Improving everyday life with driver of long-term value creation is organic growth in the healthier and more enjoyable branded consumer goods sector, with the Nordics and Baltics as Orkla’s main markets. local brands” In line with this strategy, priority is given to activities that drive organic growth and promote improved profi tability. Successful innovations are Orkla’s primary means of achieving organic growth. Orkla intends to enhance and leverage the Group’s local presence, skills and customer and consumer insight. 0.7% 10.9% 1.63 ORGANIC GROWTH EBIT (ADJ.) MARGIN EARNINGS PER SHARE Operating revenues for Branded EBIT (adj.) for the Group totalled Earnings per share were Consumer Goods totalled NOK 3,214 million. NOK 1.63. NOK 28,584 million. 5 annual report 2014 MESSAGE FROM THE CEO Stronger as One Orkla Orkla has made several structural changes and adjustments in the course of the year to strengthen its position as a leading branded consumer goods company with a local presence. We still have a way to go to see the eff ect of these measures in the form of satisfactory results. Our eff orts to achieve improved organic growth and profi tability therefore continue with undiminished vigour. Orkla’s core competency in brand building and our local We will contribute to improving public health by developing presence are the cornerstones of our long-term strategy of healthier local brands. We have set ambitious goals for sustain- strengthening our position as a leading branded consumer able purchasing of palm oil and reducing salt in our products. goods company serving the Nordic and Baltic regions as our main markets. Our strategy of divesting Orkla’s other Our primary driver of organic growth is strong, profi table investments in the longer term remains unchanged, but we innovations that delight and engage people. By developing have made it clear that realising the full value of these assets successful innovations, combined with local customer insight is more important than speed. and an attractive product portfolio, we aim to become the retail sector’s most important partner for creating profi table growth. In the course of the year, Orkla has carried out a number of We continuously improve our well-established brands and utilise structural measures in line with the Group’s strategic direction. our know-how and creativity to develop new products that are The Polish company Delecta and Orkla Brands Russia were more enjoyable and make healthy choices easier. Our basic divested, and Orkla reduced its ownership interest in the approach is to use sustainable, effi cient production methods to aluminium company Gränges in a successful stock exchange transform high-quality raw materials into Orkla’s well-known listing. Through the acquisition of branded consumer goods local branded consumer goods that are widely appreciated by companies NP Foods and Cederroth (in January 2015) and the consumers at large. sales and distribution company Condite, Orkla has signifi cantly reinforced its presence in the Baltics, Sweden and Finland. Orkla is well prepared to position itself even more clearly as During the year, Orkla decided to retain Vitana and Felix a leading branded consumer goods company, so that we as Austria as long-term investments, and the companies have one Orkla can do our part to make every day better. delivered a positive performance. After the many organisational changes in the past few years, it is important that we succeed in building one Orkla. We must aim to bring out the best in one another by facilitating In 2014, Orkla has assumed collaboration, exchanges of ideas and transfers of expertise a prominent role in the public debate on across companies, countries and business areas. Orkla’s local presence, skills, and consumer and customer insight are some health and nutrition. We will contribute of the Group’s most crucial competitive advantages. To ” ensure profi table operations in the long term, we are focusing to improving public health by on optimising our business model. To an even greater degree, developing healthier local brands. we must capitalise on our proximity to consumers. At the same time, we must leverage the economies of scale inherent in being a large group. We must extract synergies from the processes that we have initiated, at both top-line and bottom-line level. We are aware of Orkla’s role as a major industrial player, and our view is that a sustainable value chain is the only accept- able model for future growth. In 2014, Orkla has assumed a Peter A. Ruzicka prominent role in the public debate on health and nutrition. President and CEO 6 Peter – part of the Orkla family 7 annual report 2014 ORKLA’S BUSINESS AREAS Branded Consumer Goods Branded Consumer Goods consists of four business areas: Orkla Foods, Orkla Confectionery & Snacks, Orkla Home & Personal and Orkla Food Ingredients. Orkla’s main markets are the Nordic and Baltic regions. GEOGRAPHICAL SPREAD OF SALES REVENUES1 Norway 11,160 38% Nordics ex. Norway 11,469 39% Baltics 1,053 4% Europe other 4,533 16% World other 987 3% Total: NOK million 29,202 100% 1Excluding internal sales and other operating revenues. 8 annual report 2014 ORKLA’S BUSINESS AREAS Business areas ORKLA ORKLA ORKLA ORKLA CONFECTIONERY & HOME & FOOD FOODS SNACKS PERSONAL INGREDIENTS Operating revenues Operating revenues Operating revenues Operating revenues (NOK million): (NOK million): (NOK million): (NOK million): 12,232 4,987 4,960 6,534 Organic growth (%): Organic growth (%): Organic growth (%): Organic growth (%): -1.1 -0.4 2.5 3.7 EBIT (adj.)1 (NOK million): EBIT (adj.)1 (NOK million): EBIT (adj.)1 (NOK million): EBIT (adj.)1 (NOK million): 1,488 693 852 345 Number of employees: Number of employees: Number of employees: Number of employees: 5,977 2,359 1,775 2,438 ORKLA INVESTMENTS Sapa ( JV )2 Jotun2 Gränges2 Hydro Orkla Shares and (50%) (42.5%) (31%) Power Eiendom financial Underlying EBITDA EBIT EBIT (adj.)1 EBIT (adj.)1 Book value assets (NOK billion): (NOK billion): (NOK million): (NOK million): (NOK billion): Book value (NOK billion): 1.9 1.3 463 216 1.9 0.7 Corporate centre and support functions 1Operating profi t before other income and expenses.
Load more

Recommended publications
  • 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.
    [Show full text]
  • 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.
    [Show full text]
  • 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.
    [Show full text]
  • 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.
    [Show full text]
  • 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...................................................................................................................................
    [Show full text]
  • 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
    [Show full text]
  • 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.
    [Show full text]
  • 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.
    [Show full text]
  • 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
    [Show full text]
  • 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.
    [Show full text]
  • Addendum to the Recommendations by the Nomination Committee 2020
    ADDENDUM TO THE RECOMMENDATIONS BY THE NOMINATIONS COMMITTEE 2020 On 25 March 2020 the Nomination Committee presented its proposals for corporate elections and remuneration for the Board and the Nomination Committee for the period from AGM 2020 until the AGM 2021. Presently, the Nomination Committee presents its addendum to its Recommendations and proposes that an additional member is elected to the Board. The Nomination Committee has had communications and discussions with the majority shareholders. Based on this we hereby submit our additional recommendation. The proposals have been unanimously resolved by the Nomination Committee. As regards the election of members to the Board of Directors, the Nomination Committee in its Recommendations of 25 March 202 stated as follows: “In its Recommendations for the 2019 AGM dated 2 April 2019, The Nomination Committee proposed that the current members of the Board be reappointed for a term of two years. These members are Lars Håkan Larsson, Margareta Alestig, Marianne Lie, Jonas Kleberg and Thomas Wilhelmsen. In addition, the Nomination Committee expressed its intention to appoint a new member of the Board with particular competence as regards digital transformation and sustainability. After completing its search, the Nomination Committee now proposes that Anna Felländer by appointed as the sixth member of the Board for a period of two years. Ms Felländer holds extensive experience in policy, economics and consultancy with particular emphasis on issues of digital transformation and sustainability in a global environment. She is also an experienced member of corporate boards. Her CV follows enclosed.” If the proposal is accepted by the AGM, the Board will consist of 6 members.
    [Show full text]
  • Orkla Annual Report 2006 / Orkla’S Business Areas
    O RKL A AN N U A L R E P O R T 2 0 0 6 CONTENTS PAGE 96 PAGE 70 FOCUS ARTICLE BUSINESS PAGE 8 PAGE 63 AREAS REPORT OF VALUE CREATION THE BOARD OF AT ORKLA PAGE 4 DIRECTORS MESSAGE FROM THE CEO INTRODUCTION BUSINESS AREAS Cover Orkla in brief 70 Orkla Foods Cover Orkla in 2006 74 Orkla Brands 1 Key fi gures 78 Elkem 2 Orkla’s business areas 82 Sapa 3 Business area strategies 86 Borregaard 4 Message from the CEO 90 Financial Investments 6 The Group Executive Board ASSOCIATES REPORT OF THE BOARD OF DIRECTORS 94 Jotun AND FINANCIAL STATEMENTS 95 Renewable Energy Corporation (REC) 8 Report of the Board of Directors 18 The Board of Directors of Orkla ASA FOCUS ARTICLE 20 Income statement 96 Orkla and solar energy 21 Balance sheet 22 Cash fl ow statement CORPORATE GOVERNANCE 23 Statement of changes in equity 100 Corporate social responsibility (CSR) 24 Accounting principles 103 Organisation 27 Contents notes 104 Corporate governance 28 Notes 108 Governing bodies and 55 Financial statements for Orkla ASA elected representatives 56 Notes for Orkla ASA 61 Auditor’s report 61 Statement from the Corporate Assembly GROUP INFORMATION 62 Historical key fi gures 109 Group directory 112 Brokerage houses and analysts VALUE CREATION AT ORKLA 112 Investor contacts at Orkla 63 Investing in the Orkla share 64 Underlying value creation 66 Risk factors 67 Asset values 68 Shares and shareholders FINANCIAL CALENDAR 2007 31 OCT All dates subject to change. THIRD QUARTER 9 AUG REPORT PUBLISHED SECOND QUARTER 31 MAY REPORT PUBLISHED CAPITAL 3 MAY MARKETS DAY FIRST QUARTER 20 APR REPORT PUBLISHED SHARE QUOTED EXCL.
    [Show full text]