ORK - First Quarter Results

10. May: The Branded Consumer Goods area has made good progress, but profit was positively affected by the dislacement of Easter sales from the second quarter to the first. Berlingske is developing as planned. The Chemicals area delivered satisfactory results due to higher volumes, a better product mix and favourable foreign exchange effects. The establishment of Carlsberg Breweries and the acquisition of Det Berlingske Officin have created a substantial increase in Orkla's operating revenues. The investment portfolio yielded a negative return of -9.6%. As of 31 March 2001, the market value of the portfolio totalled NOK 16.1 billion and unrealised capital gains amounted to NOK 3.5 billion.

Figures in NOK million (1. quarter 2000 in parentheses).

Income statement
Operating revenues 10,405 (7,405). Other revenues and expenses 19 (40).
Operating profit 471 (344). Profit from associates 63 (20). Dividends 98 (15). Portfolio gains 243 (621). Net financial items -279 (-221). Profit before tax 596 (779). Taxes -161 (-209). Profit after tax 435 (570). EPS NOK1.9 (2.6).

Balance sheet 31.03.01 (31.03.00 in parentheses)
Long-term assets 28,152 (21,603). Portfolio investments 12,895 (12,572). Short-term assets 14,152 (9,274). Total assets 55,199 (43,449). Equity and minority interests 17,829 (14,893). Interest-bearing liabilities 24,094 (19,505). Interest-free liabilities and provisions 13,276 (9,051).

Cash flow
Free cash-flow Industry 457 (-45). Self-financing capacity 700 (-462).
Net cash flow -2,904( -1,807). Change in net interest-bearing liabilities +2,613 (+1,944)

Operating revenues per business area
Foods 2,706 (2,487). Beverages 3,091 (1,400). Brands 1,166 (1,080). Media 1,843 (846). Elimination -146 (-151). Branded Consumer Goods 8.763 (5.777). Chemicals 1,529 (1,374). HQ/Unallocated 54 (55). Investments Division 59 (199).

Operating profit by business area
Foods 128 (89). Beverages 25 (-42). Brands 155 (101). Media 40 (39). Branded Consumer Goods 348 (187). Chemicals 123(79). HQ/Unallocated -34 (-24. Investments Division 15 (62).