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Group operating revenues rose by 4.3% in the third quarter of 2024, year-over
-year, and volume growth was positive for the third successive quarter.
Orkla’s consolidated portfolio companies (including HQ and Business Service)
grew EBIT (adj.) by 20%, to NOK 2.0 billion, in the third quarter of the year.
The increase was broad-based across the consolidated portfolio companies, driven
by organic revenue growth, margin improvement and positive mix effects.
Adjusted earnings per share were NOK 1.77, an improvement of 10% compared to the
same period last year.
“Orkla’s good performance continued in the third quarter. We achieved EBIT
(adj.) growth and increased cash flows in our consolidated portfolio companies.
It is encouraging to observe that most of our companies have increased their
operating margins while making substantial investments behind their brands
through higher advertising spend. Jotun also delivered a good quarter, with
continued sales momentum from volume growth and solid operating profits,” says
Orkla President and CEO Nils K. Selte.
Profit from associated companies rose by 8.1% year-over-year and totalled NOK
550 million in the third quarter of 2024, mostly attributable to Orkla’s 42.7%
ownership share in Jotun.
“Other income and expenses” amounted to a net of NOK -741 million in the third
quarter. Orkla ASA recognised a write-down of NOK 299 million on its the common
ERP template platform. In addition, there were write-downs of NOK 350 million
related to trademarks and goodwill in some of Orkla’s portfolio companies. This
was largely related to Orkla Confectionery & Snacks’ write-down of trademark and
goodwill in Orkla Confectionery & Snacks Latvija (not related to the new biscuit
factory), and Orkla Food Ingredients’ write-down of goodwill in NIC Germany.
Hydro Power’s EBIT (adj.) amounted to NOK 149 million in the third quarter,
representing a year-over-year decline of 2.5%. The profit decline was due to
significantly lower power prices in the southern and south-western part of
Norway compared to the same quarter last year, although this drop was largely
offset by higher volumes and repeal of a previously levied windfall tax.
Orkla is a leading industrial investment company with focus on brands and
consumer-oriented companies. Its investment portfolio currently consists of 11
companies operating in sectors including paint, food products, food ingredients,
confectionery and snacks, dietary supplements, cleaning products and personal
care. As of 31 December 2023, Orkla had 19,671 employees and 114 factories in 24
countries.
Oslo, October 29, 2024
Ref.:
EVP Communication and Corporate Affairs
Håkon Mageli, mob.: +47 928 45 828
SVP Investor Relations
Annie Bersagel, mob: +47 986 03 664
An Excel spreadsheet with key figures may be found at
https://investors.orkla.com/
This information is considered to be inside information pursuant to the EU
Market Abuse Regulation and is subject to the disclosure requirements pursuant
to Section 5-12 the Norwegian Securities Trading Act.
This stock exchange announcement was published by Ole Andreas Steensland Dahl,
Investor Relations Manager at Orkla ASA, on 29 October 2024 at 07:00 CET.
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