Orkla Associates

Delivering strong results

REC posted operating revenues of NOK 8,191 million, up 23 % compared with 2007. Operating profit before depreciation, impairment charges and amortisation (EBITDA) ended the year at NOK 3,279 million, compared with NOK 3,172 million in 2007. Jotun's operating revenues totalled NOK 10,442 million, an increase of 18 %. The company's operating profit (EBIT) came to NOK 919 million, up from NOK 804 million in 2007.

REC's contribution to Group profit was NOK 1,217 million, compared with NOK 607 million in 2007. The profit contribution from Jotun totalled NOK 253 million, up from NOK 209 million in 2007.

Orkla_associates PDF of Orkla Associates

REC*	NOK 1,217 million
Jotun*	NOK 253 million

* REC's and Jotun's contribution to Group profit

Orkla Associates consists primarily of the investments in the Renewable Energy Corporation ASA (REC) (39.73 % stake) and Jotun AS (42.5 % stake).

REC and Jotun are presented in Orkla's financial statements according to the equity method, and Orkla's share of profit after tax is shown on the line for profit from associates. The figures provided below are on a 100 % basis and based on the respective companies' own external reports.

REC is a major actor in the solar energy industry. The business covers every part of the value chain, from prod-uction of raw material to finished solar cells and modules.

More about REC

Jotun is one of the world's foremost manufacturers of paint, coatings and powder coatings. The Group has 71 companies and 40 production facilities on all continents.

More about Jotun