Orkla ASA — Earnings Release 2014

Oct 30, 2014

Improvement for Orkla

Improvement for Orkla

Orkla's operating profit (EBITA) amounted to NOK 860 million in the third

quarter of 2014, a year-over-year improvement of 5%.

Third-quarter operating profit for Orkla's branded consumer goods business

totalled NOK 903 million, up from NOK 868 million in the same period of 2013.

Four out of five business areas achieved growth in operating profit. Orkla

Confectionery & Snacks and Orkla Food Ingredients delivered particularly strong

improvement.

In the third quarter, 96% of turnover derived from the branded consumer goods

business. Organic growth in the quarter was 0.4%, and operating revenues

totalled NOK 7,200 million. Orkla Confectionery & Snacks, Orkla Food Ingredients

and Orkla Home & Personal contributed to the positive sales performance, while

Orkla Foods and Orkla International saw a decline.

"For the second quarter in a row, our branded consumer goods operations have

achieved turnover growth, despite tough competition in our home markets. In the

time to come, however, we will have to focus even more forcefully on innovation

and brand-building. At the same time, we must facilitate closer, broader

collaboration with the Nordic grocery chains," says Orkla President and CEO

Peter A. Ruzicka.

Orkla entered into an agreement in the quarter to purchase NP Foods Group in

Latvia. In addition to the nationally very strong chocolate brand Laima, NP

Foods holds attractive market positions in the biscuits, cakes, juice, water and

ready meals segments. NP Foods Group has an annual turnover of EUR 77 million

and 1,100 employees. Completion of the purchase is contingent on the approval of

the Baltic competition authorities.

The aluminium company Gränges was listed on NASDAQ Stockholm on 10 October. The

IPO valued Gränges at SEK 4.1 billion on a debt-free basis. In connection with

the stock exchange listing, Orkla is selling between 60% and 69% of the shares

in the company.

Hydro Power posted operating profit of NOK 46 million in the third quarter, up

from NOK 42 million in the corresponding period of 2013.

Profit from joint ventures and associates (primarily Sapa and Jotun) amounted to

NOK 126 million in the third quarter, compared with NOK 76 million in the same

quarter of 2013. Sapa, which is a joint venture with Norsk Hydro, achieved

broad-based profit improvement. Demand for extruded aluminium products in North

America rose by 7%, driven by growth in the automotive and building and

construction industries. In Europe, demand increased by 1%. Strongth growth in

the automotive industry was offset to some extent by the continued weak building

market in southern Europe. Jotun, in which Orkla has an ownership interest of

42.5%, achieved satisfactory operating profit and higher turnover in all its

market segments.

Orkla's profit before tax amounted to NOK 871 million in the third quarter,

compared with NOK 631 million in the same period of 2013.

Orkla ASA

Oslo, 30 October 2014

Ref.:

Group Director Corporate Communications and Corporate Affairs

Håkon Mageli

Mob.: +47 928 45 828

SVP Investor Relations

Rune Helland

Mob.: +47 977 13 250

An Excel spreadsheet with key figures is available at

www.orkla.com

This information is subject of the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

[HUG#1866909]