The first quarter in brief

Key figures 1st quarter 2008

Orkla's first quarter operating profit (EBITA) totalled NOK 1,062 million (NOK 1,467 million)¹.
Orkla Brands achieved profit growth in the first quarter. Most of the companies compensated for the rise in raw material prices in the quarter by raising prices.
Orkla Aluminium Solutions reported a satisfactory quarter despite challenging markets, particularly in the US. The integration of Alcoa's extrusion business is proceeding as planned, while Heat Transfer & Building System continued to perform well.
In Orkla Materials, Elkem posted considerably lower profit than last year. This is primarily due to financial losses on energy trading in the first quarter of 2008, contrary to the high gain realised last year, and continued weak results from Elkem Aluminium. Elkem Solar is pursuing its project plan and start-up is expected towards the end of the year.
Orkla Associates' contribution to Group profit was lower than last year. REC's profit for the first quarter ended at somewhat lower than in 2007, besides which REC's contribution to Orkla's profit in the first quarter of 2007 was boosted by gains on sales of shares. Jotun continued the positive performance trend it achieved in 2007.
Partly due to weak stock markets, the return on the Share Portfolio in the first quarter was -7.2 %, compared with -13.3 % for the Morgan Stanley Nordic Index and -16.1 % for the Oslo Stock Exchange Benchmark Index.
Pre-tax profit for the first quarter amounted to NOK 881 million (NOK 3,505 million)¹. Realised portfolio gains and the sale of other financial assets were particularly high in the first quarter of 2007, which explains a difference of around NOK 2 billion.

¹ The figures in brackets refer to the corresponding period of the previous year.

Published 6 May 2008

Operating revenues

Operating revenues 1st quarter 2008

EBITA*

EBITA 1st quarter 2008

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