Orkla ASA (LTS:0FIN)

kr 100.3 -0.65 (-0.64%) Market Cap: 100.11 Bil Enterprise Value: 118.14 Bil PE Ratio: 17.91 PB Ratio: 2.20 GF Score: 84/100

Q2 2024 Orkla ASA Earnings Call Transcript

Jul 15, 2024 / 06:00AM GMT

Release Date Price: kr90.63 (+6.81%)

Transcript

Key Points

Positve

Adjusted earnings per share in Q2 were NOK1.66, up 7% from the same quarter last year.
EBIT adjusted growth of 13% for the group, driven by underlying EBIT adjusted improvements of 22% in the consolidated portfolio companies.
Orkla Foods Europe reported 19% underlying EBIT adjusted growth in the quarter.
Orkla Confectionery & Snacks saw a positive shift in market share for all main categories in the quarter.
Total cash flow from operations year to date amounted to NOK3.2 billion, compared to NOK2.1 billion in the same quarter last year.

Negative

Orkla Food Ingredients faced challenges in the sweet ingredients cluster.
Negative currency translation effects led to a slight negative EBITDA development for Jotun in the quarter.
Orkla Foods Europe experienced negative volume mix development driven by reduced purchasing power and selected customer actions.
Net interest-bearing debt, including leases, amounted to NOK20 billion at the end of June, up from NOK18.8 billion at the end of last year.
Higher cocoa prices create uncertainty about volumes going forward for Orkla Confectionery & Snacks.

Kari Lindtvedt

Orkla ASA - Senior Vice President, Investor Relations

Good morning, and welcome to the presentation of Orkla's second-quarter results. My name is Kari Lindtvedt. I'm Head of Investor Relations.

Our speakers today will be President and CEO, Nils Selte; and our newly appointed CFO, Arve Regland. Nils will start by summarizing Q2 and also share some highlights from the first half of 2024. And then Arve will summarize and give you more details on the quarter we are reporting. Before Q&A, Nils will summarize our main messages from today.

Throughout the presentations today, you're welcome to post questions in the live chat. And we will address all your questions at the end of the presentations.

But now let's begin. I'd leave the floor to you, Nils.

Nils Selte

Orkla ASA - President, Chief Executive Officer, Member of the Group Executive Board

Thank you, Kari, and good morning to everyone. I'm happy to see that the financial results for Q2 continued to show progress on several key drivers in line with our communication

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