Cash flow from operating activities totalled NOK 1,285 million in the third quarter, up NOK 178 million from the same quarter of last year. Working capital was slightly reduced, primarily due to reduced inventories at Elkem, while the continuing high price of aluminium increased the value of Sapa’s inventories.

Expansion investments amounted to NOK 268 million in the third quarter and were largely related to Elkem and the hydropower development at Saudefaldene, the anode factory at Mosjøen and the capitalisation of costs related to the solar project.

In the third quarter, acquisitions amounted to NOK 900 million, most of which was related to Orkla Brands’ purchase of Dansk Droge. 

Net purchases of portfolio shares in the third quarter amounted to NOK 598 million (net sales of NOK 357 million)¹. Net third-quarter purchases of Orkla’s own shares amounted to NOK 292 million (net sales of NOK 11 million)¹.

Net interest-bearing liabilities increased by NOK 1,169 million, amounting to
NOK 19,430 million at quarter-end. The sale of the media business alone will reduce net interest-bearing liabilities by approximately NOK 6.5 billion in the fourth quarter.

The Group’s average borrowing rate on interest-bearing liabilities was 4.1 % in the third quarter and the proportion of interest-bearing liabilities at floating interest rate was 81 %. The loans were mainly in SEK, EUR, USD and NOK. At the end of September, the equity-to-total-assets ratio was 53.6 %.

1 The figures in brackets are for the same period last year