Orkla ASA — Earnings Release 2015

Oct 30, 2015

Continued improvement for Orkla

Continued improvement for Orkla

Orkla's operating profit (EBIT adj.) increased by 13% to a total of NOK 993

million in the third quarter of 2015.

Branded Consumer Goods posted operating profit of NOK 1,055 million, which was a

15% improvement from the third quarter of 2014.

Orkla's operating revenues rose 15% to NOK 8,381 million in the third quarter.

The increase is ascribable to organic growth, contributions from acquisitions

and currency translation effects. Branded Consumer Goods achieved organic growth

of 2.3%. The Orkla Foods, Orkla Confectionery & Snacks and Orkla Food

Ingredients (OFI) business areas all delivered improved results, while Orkla

Home & Personal saw a weak decline.

"For the sixth quarter in a row, Orkla delivered organic growth in challenging

markets. A number of successful new products were launched and extensive cost

improvements were made in every part of the value chain. Due to the weak

exchange rate of the Norwegian krone, purchasing costs increased for the

Norwegian businesses. In this quarter, too, considerable efforts were focused on

improvement projects and various cost reduction measures," says Orkla President

and CEO Peter A. Ruzicka.

The competition authorities have approved the acquisition of the Swedish branded

consumer goods company Cederroth, subject to the sale of the Asan and Allévo

brands. The process of integrating Cederroth into Orkla Home & Personal is well

under way. In the third quarter, Orkla signed an agreement to purchase the

Norwegian confectionery company Lakrisgutta. To strengthen its competitiveness

in Latvia, Orkla has grouped its branded consumer goods operations into fewer,

more effective units.

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

NOK 239 million in the third quarter, up from NOK 126 million in the same

quarter of 2014. Jotun continued to report improved results, delivering good

growth in turnover and profit in all regions and segments. In addition, the

company benefited from positive currency translation effects. Sapa also achieved

substantial improvement in underlying operating profit, driven by positive

contributions from synergy programmes, strong demand in North America and

positive currency effects.

Hydro Power posted operating profit of NOK 22 million in the third quarter of

2015, compared with NOK 46 million in the same period of 2014. The decline is

due to significantly lower power prices. Financial Investments reported

operating profit of NOK 14 million in the quarter, compared with NOK -5 million

in the same quarter of 2014.

Orkla's operating profit before tax increased by 18%, amounting to NOK 1,069

million in the third quarter. Diluted earnings per share rose by 57% to NOK

0.80 in the quarter.

Orkla ASA

Oslo, 30 October 2015

Ref.:

Group Director Corporate Communications and Corporate Affairs

Håkon Mageli

Mob.: +47 928 45 828

Senior VP Investor Relations

Mattias Orrenius

Mob.: +47 983 66 334

An Excel spreadsheet with key figures is available at www.orkla.com

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

[HUG#1962645]