Orkla first quarter 2007

Group pre-tax profit totalled NOK 3,505 million (nok 2,148 million)¹. Operating profit before amortisation was up 26 %, while a number of financial gains were realised in the first quarter.
Driven by progress in the Nordic region, Orkla Branded Consumer Goods achieved 10 % growth in operating profit before amortisation. Outside the Nordic region, results at the start of the year were slightly weaker than last year.
Continued strong markets and positive mix effects resulted in higher margins and good profit growth for Orkla Aluminium Extrusion. The final agreement on a new joint venture based on Sapa’s and Alcoa’s aluminium profile businesses is expected to be signed in the second quarter.
Markets were good for most areas in Orkla Materials and both Elkem and Borregaard reported profit growth.
The return on the Share Portfolio was 6.9 % and the net asset value increased by NOK 1,260 million in the first quarter.
Gains from the sale of shares in Mecom and the Renewable Energy Corporation (REC) and of interests in real estate projects at Fornebu contributed to high financial profit.
Orkla increased its ownership interest in REC to 39.75 % in the first quarter.

¹The figures in brackets refer to the corresponding period of the previous year.
²Excluding acquisitions, divestments and currency translation effects.

Published date: 3 May 2007

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First quarter 2007.

Orkla first quarter 2007

The first quarter in brief

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