Orkla ASA — Earnings Release 2014

Feb 5, 2015

Growth for Orkla's branded consumer goods

Growth for Orkla's branded consumer goods

Orkla's operating profit (EBITA) totalled NOK 1,015 million in the fourth

quarter of 2014. This is an improvement of 6% from the corresponding period of

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

amounted to NOK 1,030 million, an improvement of 7%.

Branded Consumer Goods reported operating revenues of NOK 7,854 in the fourth

quarter, and achieved organic growth of 1.8%. After several weak quarters, Orkla

Foods delivered growth in turnover, and Orkla Confectionery & Snacks and Orkla

Food Ingredients continued to show a positive trend.

Orkla's operating revenues for the full year totalled NOK 29,599 million,

compared with NOK 28,015 million in 2013. Operating profit amounted to NOK

3,237 million in 2014. All four of the business areas in Branded Consumer Goods

achieved improvement.

In the fourth quarter, Orkla listed the aluminium company Gränges on the stock

exchange, retaining an ownership interest of 31% after the IPO. Orkla Brands

Russia was sold, and Orkla Food Ingredients purchased 67% of Condite, Finland's

second largest sales and distribution company for bakery ingredients. In

January, Orkla entered into an agreement to purchase Cederroth, one of the

Nordic region's leading suppliers of personal care, health, wound care and

household cleaning products.

"We have continued to take important steps towards becoming a focused branded

consumer goods company. In parallel with this demanding process, we have

succeeded in improving our operations. A number of our companies are achieving

growth in markets where they face stiff international competition. We will now

continue our targeted efforts to create stronger brands and enhanced

innovations. We intend to be retailers' preferred suppliers in our categories,"

Orkla President and CEO Peter A. Ruzicka says.

Hydro Power posted operating profit of NOK 73 million in the fourth quarter,

compared with NOK 97 million in the corresponding period of 2013. Orkla Eiendom

reported a negative operating result of NOK 19 million in the quarter, compared

with a negative NOK 9 million in the same period of 2013. At year end, the

market value of the Group's shares and financial assets totalled NOK 734

million.

The fourth-quarter operating result from associates and joint ventures (mainly

Sapa, Jotun and Gränges) was NOK -252 million, compared with NOK -302 million in

the same quarter of 2013. Orkla's share of Sapa's result was NOK -360 million in

the quarter. Sapa's results were negatively impacted by extraordinary costs

related to the accounting write-down of fixed assets in China. Demand for

extruded aluminium products in North America rose by 9%, primarily driven by

growth in the automotive and building industry. In Europe, demand was on a par

with 2013. Jotun finished the year well with turnover growth in all its market

segments.

Orkla's profit before tax totalled NOK 505 million in the fourth quarter,

compared with NOK 376 million in the same period in 2013. Orkla's Board of

Directors proposes to pay a dividend of NOK 2.50 per share for the 2014

financial year.

Orkla ASA

Oslo, 5 February 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#1891906]