Orkla ASA — Earnings Release 2014

May 8, 2014

Improved profit for Orkla

Improved profit for Orkla

Orkla's operating profit (EBITA) totalled NOK 736 million in the first quarter

of 2014. This was an improvement of 23% from the corresponding quarter of 2013.

Orkla's operating revenues were NOK 8,306 million, up from NOK 7,219 million in

the same period of last year.

Operating profit for Orkla's branded consumer goods business increased by 13% to

NOK 655 million in the quarter.

Orkla Foods realised substantial cost synergies as a result of the integration

of Rieber & Søn, while Orkla Confectionery & Snacks reported a fall in operating

profit in the quarter. Orkla Home & Personal and Orkla Food Ingredients achieved

improved results. Although Orkla Brands Russia continued to post a negative

operating result, the other businesses contributed to profit improvement for

Orkla International.

Orkla's branded consumer goods business had a turnover of NOK 6,970 million,

equivalent to a rise of 17%. This growth is ascribable to acquisitions and

favourable currency translation effects.

"Seen in isolation, I am pleased with the improvement in profit this quarter,

but our biggest challenge is to create organic growth in sales. A number of

initiatives will contribute towards achieving this objective. We will focus on

fewer, but bigger innovations, and direct more resources and marketing towards

our strongest brands. In time, we will see the results of these systematic

efforts," says Orkla President and CEO Peter A. Ruzicka.

The aluminium company Gränges reported operating profit of NOK 117 million, up

from NOK 85 million in the corresponding period of last year. This improvement

is due to higher volumes and the effects of improvement programmes. Orkla's

Board of Directors has decided to explore the possibilities of undertaking an

IPO of Gränges on NASDAQ OMX Stockholm.

Hydro Power posted operating profit of NOK 58 million, compared with a loss of

NOK 3 million in the first quarter of 2013. Significantly higher volume due to

heavy precipitation at the start of the year more than offset lower power

prices.

Operating profit for Sapa increased in the first quarter compared with the first

quarter of 2013. Sapa's announced restructuring processes are on track, and

Sapa's net contribution to profit was affected by costs related to these

processes. Demand for extruded aluminium products rose by 5%, year over year, in

North America. There was corresponding growth of 2% in Europe.

Jotun achieved satisfactory results for the first quarter of 2014. All segments

in Jotun reported growth in sales.

Orkla's profit before tax amounted to NOK 639 million, compared with NOK 900

million in the same period of 2013.

Orkla ASA

Oslo, 8 May 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

Excel spreadsheets with key figures are available on

www.orkla.com

This information is subject of the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

[HUG#1783548]