Orkla ASA — Earnings Release 2015

May 7, 2015

Orkla ASA : Volume-driven growth at Orkla

Orkla ASA : Volume-driven growth at Orkla

Orkla's operating profit (EBIT adj.) rose 10%, totalling NOK 725 million in the

first quarter of 2015.

The Branded Consumer Goods business achieved EBIT (adj.) of NOK 769 million, an

improvement of 11% from the first quarter of 2014.

Orkla's first-quarter operating revenues increased to NOK 7,541 million, up from

NOK 7,013 million in the first quarter of 2014. Branded Consumer Goods achieved

4.3% organic growth. There was sales growth in all the business areas, even when

adjusted for positive Easter effects.

The increase in sales in the quarter was largely volume-driven. There were

several major launches of new products, including the AquaDerma skin care range

from Lilleborg, Big Cut chips from Orkla Confectionery & Snacks and Pastella

vegetable pasta from Orkla Foods Danmark. Orkla increased its advertising

investments in the first quarter.

The weakening of the Norwegian and Swedish krone resulted in higher purchasing

costs for the Norwegian and Swedish businesses.

"I am satisfied with the first quarter. We saw volume-driven growth in Branded

Consumer Goods. All the business areas improved their performance in demanding

markets where there is strong international competition. Orkla also achieved

broad-based profit growth in the first quarter of this year. We have focused on

operations, and our various cost reduction programmes made a positive

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

In the first quarter, Orkla entered into an agreement to purchase the Swedish

branded consumer goods company Cederroth, which is one of the Nordic region's

leading suppliers in the personal care, health, wound care and household

cleaning segments. The agreement is conditional on the approval of the

competition authorities. The competition authorities have approved the

acquisition of Nordic Partner Foods in Latvia, an acquisition that will double

Orkla's turnover in the Baltics. Orkla has also announced its agreement to

purchase the German sales and distribution company Eisunion, which will

strengthen Orkla Food Ingredients' position as a leading supplier of ice cream

ingredients. On 27 April Orkla entered into an agreement with PepsiCo to be its

primary go-to-market partner for the sale of PepsiCo's juices, cereals and snack

products in the Nordic region.

First-quarter profit from associates and joint ventures (primarily Sapa, Jotun

and Gränges) amounted to NOK 238 million, compared with NOK 55 million in the

same quarter of 2014. Cost synergies and strong demand for extruded aluminium

products in North America contributed to good profit growth for Sapa. Jotun

delivered all-time high sales and operating profit in the first quarter of

2015. Sales of marine coatings increased, year over year. Similarly, sales of

decorative paints rose in Scandinavia, the Middle East and Asia.

Hydro Power and Orkla Eiendom saw a small improvement, overall, in the first

quarter. At the end of March, the market value of the Group's shares and

financial assets totalled NOK 691 million.

Orkla's profit before tax increased by 37% to a total of NOK 795 million.

Orkla ASA

Oslo, 7 May 2015

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 to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

[HUG#1919468]