- Orkla's operating profit (EBITA) for the third quarter came to NOK 1,003 million (NOK 1,232 million)1, whereas EBITA so far this year amounted to NOK 3,295 million (NOK 3,893 million)1.
- Orkla Brands had a good quarter and the positive profit trend from the first and second quarters continued with a growth in EBITA of 19 % in the quarter. Year-to-date EBITA is 17 % better than last year.
- The profit for Orkla Aluminium Solutions is affected by weak markets with a decline in volume of extrusions in both the USA and Europe. Heat Transfer and Building System had a satisfactory profit and has been less affected by the financial crisis and lower economic growth.
- Orkla Materials had an EBITA in the third quarter that was NOK 78 million weaker than in the third quarter a year ago. Losses in energy trading and poor results in primary aluminium were only partly counteracted by continued high prices and profit growth for its silicon business.
- Within Orkla Associates, REC had an increase in EBITDA in the third quarter of 11 % to NOK 711 million, while Jotun had an increase in EBITA of 15 % to NOK 807 million per the second four-month period.
- So far in 2008, the Share Portfolio had a return of -27.6 % compared with -31.7 % for Morgan Stanley Nordic Index (Oslo Børs Benchmark Index -35.1 %). Orkla Financial Investments had a net book loss in the Share Portfolio of NOK -2,323 million (NOK 1,398 million)1 in the third quarter, of which accounting writedowns as a result of impairment losses in portfolio investments amounted to NOK 2,170 million. This is the main explanation why the Group's results before tax came to NOK -955 million in the third quarter (NOK 2,234 million)1.
- The Group has a strong balance sheet with an equity ratio of 51.2 % and net gearing of 0.5. The Group also has a robust financing structure with long-term committed drawing facilities that more than adequately cover the refinancing needs for 2009 and 2010.
1 Figures in brackets are for the corresponding period in the previous year.