Orkla Asa · OSL:ORK
Orkla Asa — Investor Day (June 2017)
85 slides from Orkla Asa's investor day presentation, Jun 1, 2017
Slide 1: Create greater value as One Orkla
1 Create greater value as One Orkla 1 June 2017 Peter A. Ruzicka, President & CEO
Slide 2: Today's speakers
Today’s speakers Peter A. Ruzicka President & CEO • Joined Orkla in 2014 • 25 years of experience from the retail sector • MBA and degree in Business Economics Johan Clarin EVP Operations • Based in China for 7 years before joining Orkla in 2013 • Background from Sony Mobile Communications, most rec
Slide 3: Index
Index Presentations Page Create greater value as One Orkla 4 Making our supply chain a competitive advantage for Orkla 36 Improve cash flow and use capital efficiently 58
Slide 4: Create greater value as One Orkla
4 Create greater value as One Orkla 1 June 2017 Peter A. Ruzicka, President & CEO
Slide 5: Create greater value as One Orkla
Create greater value as One Orkla Performance and position 1 Drive continued top line growth (CEO) 2 Making our supply chain a Improve competitive advantage for profitability Orkla (COO) and cash flow 3 Improve cash flow and use capital efficiently (CFO) 5
Slide 6: Create greater value as One Orkla
Create greater value as One Orkla Performance and position 1 Drive continued top line growth (CEO) 2 Making our supply chain a Improve competitive advantage for profitability Orkla (COO) and cash flow 3 Improve cash flow and use capital efficiently (CFO) 6
Slide 7: Orkla has transformed from conglomerate to leading Branded Consumer Goods company
Orkla has transformed from conglomerate to leading Branded Consumer Goods company Branded Consumer Goods is now the major part of Orkla valuation 74% 43% New strategic direction in 2011 to become a leading BCG company 2011 2017 Share of BCG in analysts’ sum of the parts valuation of Orkla1 7 1Compan
Slide 8: Optimise value from Orkla Investments
Optimise value from Orkla Investments Trebling underlying EBITDA 3.7 1.1 Q4-13 R12M EBITDA Q1-17 8 Amounts in NOK billion
Slide 9: Optimise value from Orkla Investments
Optimise value from Orkla Investments Long term profit improvement 1.5 0.6 06 R12M Operating profit T1-17 9 Amounts in NOK billion
Slide 10: Delivery on our strategy and targets remain firm
Delivery on our strategy and targets remain firm Targets presented at Investor Day 2015: 2016 Keep the strategy on track √ Deliver organic growth at least in line with market growth Target annual EBIT (adj.) growth of 6-9%1 in BCG Maintain a stable dividend of at least NOK 2.50 per share 10 1Includi
Slide 11: Delivery on our strategy and targets remain firm
Delivery on our strategy and targets remain firm Targets presented at Investor Day 2015: 2016 Keep the strategy on track √ Deliver organic growth at least in line with market growth √ Target annual EBIT (adj.) growth of 6-9%1 in BCG Maintain a stable dividend of at least NOK 2.50 per share 11 1Inclu
Slide 12: We are delivering on our BCG growth targets
We are delivering on our BCG growth targets 12% annual EBIT (adj.) growth from 2013 Delivered on our EBIT1 target in 2016 NOK million 4 382 12.0% 1.2% 4.0% 2 937 6.8% Reported FX effects Contribution EBIT EBIT (adj.) from M&A growth1 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 13 14 14 14 14 15 15 15
Slide 13: Underlying improvement of 110 basis points in BCG EBIT in past two years
Underlying improvement of 110 basis points in BCG EBIT in past two years 11.8% 11.8% -110 bps +110 bps BCG EBIT (adj.) Dilution effects1 Underlying BCG EBIT (adj.) margin 2014 improvement margin 2016 13 1Dilution effects from acquisitions and distribution agreements.
Slide 14: Delivery on our strategy and targets remain firm
Delivery on our strategy and targets remain firm Targets presented at Investor Day 2015: 2016 Keep the strategy on track √ Deliver organic growth at least in line with market growth √ Target annual EBIT (adj.) growth of 6-9%1 in BCG √ √ Maintain a stable dividend of at least NOK 2.50 per share 14 1I
Slide 15: We understand our local consumers
We understand our local consumers Market proximity Optimised and product Utilising market tailoring Local proximity Extracting synergies across categories and markets Multinational Synergies 15
Slide 16: Ongoing optimisation of business model
Ongoing optimisation of business model Harmonise system landscape Common support functions Acquisition approach Integrate businesses Optimise factory footprint Cross-country launches 16
Slide 17: Black over red
Black over red + 0 - 2009 2010 2011 2012 2013 2014 2015 2016 Organic sales growth1 Underlying fixed costs2 1Reported growth adjusted for currency translation effects and structural changes. 17 2Underlying fixed costs are growth in SG&A and fixed production / inventory costs, adjusted for M&A and cur
Slide 18: Orkla has outperformed peers and OBX the last three years
Orkla has outperformed peers and OBX the last three years Orkla ASA vs. Peers Indexed Price Performance Price (Indexed to 100) 200 Orkla OBX Peer group 83.04% 180 160 44.57% 140 120 16.42% 100 80 60 7.14 10.14 1.15 4.15 7.15 10.15 1.16 4.16 7.16 10.16 1.17 4.17 Source: FactSet Prices 18 Peer group c
Slide 19: Create greater value as One Orkla
Create greater value as One Orkla Performance and position 1 Drive continued top line growth (CEO) 2 Making our supply chain a Improve competitive advantage for profitability Orkla (COO) and cash flow 3 Improve cash flow and use capital efficiently (CFO) 19
Slide 20: Four steps to increase growth
Four steps to increase growth 4 Grow through 3 acquisitions Share 2 innovations and best practices Grow in new 1 sales channels Meet consumer trends with strong local brands 20
Slide 21: Four steps to increase growth
Four steps to increase growth 4 Grow through 3 acquisitions Share 2 innovations and best practices Grow in new 1 sales channels Meet consumer trends with strong local brands 21
Slide 22: Meeting consumer trends with strong, local brands
Meeting consumer trends with strong, local brands 1) Organic/Eco 4) Indulgence 2) Natural – «Free From» 5) Ethics & Environment 3) Health & Wellbeing 6) Convenience 22
Slide 23: Naturli' delivers on all big consumer trends
Naturli’ delivers on all big consumer trends - 72% market share in Denmark Health & 100% organic Free from Indulgence well-being Ethics & Convenience Environment 23
Slide 24: Dr Greve has become a No. 1 brand in Norway
Dr Greve has become a No. 1 brand in Norway Delivers on consumer Market leader position demand for clean, Revenue up +123% in Body lotion 25.5% local and mild 12 months Shower gel 20.3% products 24
Slide 25: Launch of a new Norwegian brand Klar in September 2017
Launch of a new Norwegian brand “Klar” in September 2017 - environmentally friendly, free-from products 25
Slide 26: Grow the core, adapt for more
Grow the core, adapt for more Take care of the profitable core… …while looking for the next big thing 26
Slide 27: Four steps to increase growth
Four steps to increase growth 4 Grow through 3 acquisitions Share 2 innovations and best practices Grow in new 1 sales channels Meet consumer trends with strong local brands 27
Slide 28: Build stronger positions in other sales channels
Build stronger positions in other sales channels …but we still need to build stronger positions We have grown in other sales channels… in other channels Pharmacy Total revenues divided by sales channels (2016) Specialised trade 28% eCommerce Others Export +63% 72% +54% Grocery +26% +9% Orkla BCG rev
Slide 29: Increasing revenues in eCommerce
Increasing revenues in eCommerce + 38% revenue in 2016 + 67% revenue in 2017* Increased consumer insight Direct contact with consumer 29 * YTD 2017 vs. YTD 2016
Slide 30: Four steps to increase growth
Four steps to increase growth 4 Grow through 3 acquisitions Share 2 innovations and best practices Grow in new 1 sales channels Meet consumer trends with strong local brands 30
Slide 31: Paulúns – a successful cross-border health brand
Paulúns – a successful cross-border health brand 42% annual compounded revenue growth ~250 21 2010 2011 2012 2013 2014 2015 2016 E2017 31 Amounts in SEK million
Slide 32: Four steps to increase growth
Four steps to increase growth 4 Grow through 3 acquisitions Share 2 innovations and best practices Grow in new 1 sales channels Meet consumer trends with local brands 32
Slide 33: Strengthening the portfolio through M&A of strong local positions and brands
Strengthening the portfolio through M&A of strong local positions and brands • Strengthen our position in existing markets Rolling out the • Realise scale benefits Orkla model • More focus on evaluating brand and category portfolio • Build scale in all relevant channels Multi-channel • Realise syner
Slide 34: Delivering on our strategy and targets remain firm
Delivering on our strategy and targets remain firm Keep the strategy on track Deliver organic growth at least in line with market growth Target annual EBIT (adj.) growth of 6-9%1 in BCG Maintain a stable dividend of at least NOK 2.50 per share 34 1Including add-ons, excluding currency effects and la
Slide 35: Create greater value as One Orkla
Create greater value as One Orkla Performance and position 1 Drive continued top line growth (CEO) 2 Making our supply chain a Improve competitive advantage for profitability Orkla (COO) and cash flow 3 Improve cash flow and use capital efficiently (CFO) 35
Slide 36: Making our supply chain a competitive advantage for Orkla
3 6 Making our supply chain a competitive advantage for Orkla Johan Clarin, EVP Operations
Slide 37: Making our supply chain a competitive advantage for Orkla
STRATEGIC SHIFT COMMUNICATED INVESTOR DAY 2015 Making our supply chain a competitive advantage for Orkla 1 Being the preferred Rationalise manufacturing & warehouse structure supply chain partner for our customers 2 Continuous cost improvements End to end cost 3 competitiveness and Accelerate purcha
Slide 38: Orkla supply chain – an even greater opportunity
ORKLA SUPPLY CHAIN IN BRIEF Orkla supply chain – an even greater opportunity BCG P&L 2016 (NOK billion) share of total cost base excl. depreciation 36.4 98 percent 58% DELIVERED ON TIME 15% 3.6 5% 5% times/year INVENTORY TURNOVER 17% 5.3 105 Revenues Cost of Conversion Logistics Advertising SG&A EBI
Slide 39: Fewer factories, lower capex, improved performance and increased innovation ability
RATIONALISING OUR STRUCTURE Fewer factories, lower capex, improved performance and increased innovation ability • Targeting one factory per category / technology per geography (1-1-1) • Develop Centres of Excellence and consolidate within existing capacity • Seek harmonisation and complexity reducti
Slide 40: Executing on our strategic target to close 7-8 factories per year
RATIONALISING OUR STRUCTURE Executing on our strategic target to close 7-8 factories per year… 25 factory closure decisions since 2014 and the journey continues Closures decided and announced 8 7 7 3 1/y Prior to 2014 2014 2015 2016 2017-Q1 New strategic direction 40
Slide 41: Increased revenue per factory
RATIONALISING OUR STRUCTURE …resulting in increased revenue per factory – improving our ability to “do more with less” Revenue per factory [NOK million] Number of factories Annual revenue per factory [NOK million] 385 342 351 314 314 35% 286 97 91 102 107 105 98 2014 Jan 2015 Jan 2016 Jan 2017 Jan 2
Slide 42: With fewer factories we are redirecting capex to efficiency & innovation
RATIONALISING OUR STRUCTURE With fewer factories we are redirecting capex to efficiency & innovation Capex profile, excluding divestments and M&A [%] Expansion & restructuring Net replacement & maintenance “Invest in efficiency “More of the same” “Breaking the trend” & innovation” 12% 21% 33% 88% 79
Slide 43: Short term cost benefits of NOK 11 million from consolidation
CASE STUDY: DILUTABLES RATIONALISING OUR STRUCTURE Short term cost benefits of NOK 11 million from consolidation… Close Gimsøy (NO) and move Fun Light and other dilutables brands to Kumla (SE) Achieved result • Significantly increased utilisation of receiving factory, shared technology platform and
Slide 44: Long term potential from innovation and harmonisation
CASE STUDY: DILUTABLES RATIONALISING OUR STRUCTURE …with long term potential from innovation and harmonisation • Joint product development utilising resources Cross border more efficiently across markets innovation • Benefit from shared technological platform OFF OFS OFN OFD 0.5/1.0L 1.0L 0.8/1.45L
Slide 45: Optimise factory footprint for Home and Personal Care in the Nordics
CASE STUDY: HOME AND PERSONAL CARE WITHIN THE NORDICS RATIONALISING OUR STRUCTURE Optimise factory footprint for Home and Personal Care in the Nordics Close the Ello factory to consolidate production at the Falun (SE) and Ski (NO) factories Estimated result • Creating two Centres of Excellence – One
Slide 46: New packaging and harmonisation resulting in further efficiencies
CASE STUDY: HOME AND PERSONAL CARE WITHIN THE NORDICS RATIONALISING OUR STRUCTURE The project has enabled launch of new packaging and harmonisation resulting in further efficiencies • Harmonising deodorant packaging, reducing format Harmonisation capex need: NOK 1 million of packaging • Recipe harmo
Slide 47: Consolidating 8 warehouses into 3, saving NOK 15 million per year
CASE STUDY: WAREHOUSING SOUTH NORWAY AND SWEDEN RATIONALISING OUR STRUCTURE Consolidating 8 warehouses into 3, saving NOK 15 million per year Establish 3 consolidated distribution hubs for serving the Norwegian and Swedish markets Achieved result • Leverage both in-house and external warehouse capab
Slide 48: Focused factory improvement initiatives lowering costs by 15% per factory
CONTINUOUS COST IMPROVEMENTS Focused factory improvement initiatives improving efficiency and lowering costs on average by 15% per factory Intensified focus on factory performance …with significant cost improvement improvement projects… potential Factory turn-around projects • In-house support team
Slide 49: In one year we have already reduced cost by 10% in one factory
CASE STUDY: COST IMPROVEMENT PROJECT CONTINUOUS COST IMPROVEMENTS In one year we have already reduced cost by 10% in one factory… Development in conversion cost/kilo (RTM)… …enabled by • Local team and corporate support functions CC/KG teaming up to reduce cost and elevate continuous improvements –
Slide 50: Proven ability to maintain reduced cost base from completed turnaround
CASE STUDY: COST IMPROVEMENT FOODS NORWAY CONTINUOUS COST IMPROVEMENTS …and proven ability to maintain reduced cost base from completed turnaround Development in conversion cost/kilo (RTM)… …sustained over time • Step-change in labour productivity with CC/KG reduction of 60+ FTE • Organisational red
Slide 51: Orkla Group Procurement reducing suppliers and delivering savings
ACCELERATE PURCHASING SAVINGS Orkla Group Procurement already reducing number of suppliers, driving harmonisation and delivering savings Gross cost improvements Orkla Group procurement Solid development and on track +33% • Handles Orkla’s annual spend of NOK 19 billion ‒ Raw materials NOK 9 billion
Slide 52: Examples of improved purchasing strategies to reduce cost
ACCELERATE PURCHASING SAVINGS Examples of improved purchasing strategies to reduce cost Raw materials Selected strategies Commodities • Managing timing of contract NOK 3.4 • Conduct group tenders billion • High CSR focus: cocoa and palm oil Veg. oils Grain Sugar Nuts Cocoa Animal products • Expand d
Slide 53: Cost reduction in indirect materials and services through centralised procurement
ACCELERATE PURCHASING SAVINGS Cost reduction close to NOK 100 million in indirect materials and services enabled by centralised procurement Indirect materials & services Results and way of working Corporate Services • Cost improvement: NOK 95 million in EBIT effect (2016/2017) Efforts to be steppe
Slide 54: Long term improvements in working capital have already begun
CASE STUDY: REDUCTION OF WORKING CAPITAL STRENGTHEN CAPABILITIES Long term improvements in working capital have already begun Intensified focus on payment term & inventory… …resulting in significant capital freed up • Purchasing Centre of Excellence established with responsibility for developing and
Slide 55: Sustainability improvements also help us reduce costs
STRENGTHEN CAPABILITIES Sustainability improvements also help us reduce costs Sustainability targets for 2020 and actual performance since 2014 Energy -20% Greenhouse gases -20% Water -20% Solid waste -30% Tonnes CO2 MWh/Revenue1 equivalent/Revenue1 1 000 Cubic meter/Revenue1 Tonnes/Revenue1 -16% -2
Slide 56: We have strengthened our competitive position by increasing efficiency and lowering costs
OUR PROGRESS IN BRIEF We have strengthened our competitive position by increasing efficiency and lowering costs 1 Rationalise • The footprint programme is progressing at a manufacturing & historically high pace across all business areas 7-8 warehouse • Revenue per factory increasing (35%) despite hi
Slide 57: Making our supply chain a competitive advantage for Orkla
STRATEGIC FOCUS GOING FORWARD REMAINS UNCHANGED Making our supply chain a competitive advantage for Orkla 1 Being the preferred Rationalise manufacturing & warehouse structure supply chain partner for our customers 2 Continuous cost improvements End to end cost 3 competitiveness and Accelerate purch
Slide 58: Improve cash flow and use capital efficiently
5 8 Improve cash flow and use capital efficiently Jens Bjørn Staff, EVP and CFO
Slide 59: Create greater value as One Orkla
Create greater value as One Orkla Performance and position 1 Drive continued top line growth (CEO) 2 Making our supply chain a Improve competitive advantage for profitability Orkla (COO) and cash flow 3 Improve cash flow and use capital efficiently (CFO) 59
Slide 60: Improve cash flow to create shareholder value
Improve cash flow to create shareholder value Allocate for future growth Improve cash flow Continue profitable M&A organically Invest to build One Orkla Deliver 6-9% annual EBIT growth Efficient use of capital Free up working Maintain dividend policy capital Maintain investment grade 60
Slide 61: Significant cost improvement potential also in SG&A
Significant cost improvement potential also in SG&A BCG P&L 2016 (NOK billion) % of total cost base excl. depreciation 36.4 58% 15% 5% 5% 17% 5.3 Revenues Cost of Conversion Logistics cost Advertising SG&A EBITDA materials cost investments 61
Slide 62: Reducing SG&A by leveraging the One Orkla model
Reducing SG&A by leveraging the One Orkla model Improvement of 80 basis points 15.3 15.1 14.5 2014 2015 2016 SG&A1 in % of revenues 62 1Including depreciations
Slide 63: Reducing SG&A by leveraging the One Orkla model
Reducing SG&A by leveraging the One Orkla model 1 2017 actions include mergers of: Simplifying organisational structure Foods and Confectionery & Snacks in Finland 2 Centralising back office functions Health and Care in Poland 3 Orkla House Care units in UK Continuous cost improvements in SG&A
Slide 64: Reducing SG&A by leveraging the One Orkla model
Reducing SG&A by leveraging the One Orkla model 1 Continuously increase scope of Orkla Simplifying organisational structure Accounting Centre in Tallinn 2 Centralise back office functions ~60% 3 Continuous cost improvements in SG&A 0% 2012 2016 Future Share of revenues handled 64
Slide 65: Reducing SG&A by leveraging the One Orkla model
Reducing SG&A by leveraging the One Orkla model 1 Simplifying organisational structure Selected projects in 2017 Simplification projects initiated in: 2 Centralising back office functions Orkla Home & Personal Care Idun Norway Dragsbæk 3 Condite Continuous cost improvements in SG&A In-sourci
Slide 66: Reducing SG&A by leveraging the One Orkla model
Reducing SG&A by leveraging the One Orkla model Improvements pay off and 1 we see further potential Simplifying organisational structure 15.3 15.1 2 14.5 Centralising back office functions 3 Continuous cost improvements in SG&A 2014 2015 2016 SG&A1 as % of revenues 66 1Including depreciations
Slide 67: Long term efforts to improve working capital
Long term efforts to improve working capital Working capital at relatively high level Continue to reduce working capital A broader portfolio than generally in the industry Working capital1 as % of revenues Limited exposure to emerging markets 15% Historically under-focused area Ongoing initiatives t
Slide 68: Gradual roll-out of one ERP system
Gradual roll-out of one ERP system - enabling the execution of our strategy Today’s situation One ERP system Reduce complexity >27 >400 1 Enable better group collaboration ERP systems applications Easier to restructure within the group Several systems facing “end of support” ERP Enhance visi
Slide 69: Restructuring supply chain and ERP requires a period of increased investment
Restructuring supply chain and ERP requires a period of increased investment Capex as % of sales will remain high for a period of time 4.0 • Positive shift in capex spend – From maintenance to innovation 3.5 and efficiency gains • ERP project will require a front 3.0 loaded capex spend • Over time,
Slide 70: Strengthening the portfolio through M&A of strong local positions and brands
Strengthening the portfolio through M&A of strong local positions and brands • Strengthen our position in existing markets Rolling out the • Realise scale benefits Orkla model • More focus on evaluating brand and category portfolio • Build scale in all relevant channels Multi-channel • Realise syner
Slide 71: We have added value to recent acquisitions
We have added value to recent acquisitions 13 12 10 EV/EBIT multiples 8 7 Acquisition multiple Multiple today1 1Based on estimated EBIT level for Cederroth given cost synergy realisation and sales growth. For Hamé, EBIT after 12 71 months. Post merger multiple is too early to estimate for Harris – c
Slide 72: Significant value created through the Cederroth acquisition
Significant value created through the Cederroth acquisition Cost synergies higher than expected Revenue synergies already visible New organisation in place in five Market share in wound care countries with common go-to- significantly improved in market Norwegian grocery Factory restructuring p
Slide 73: Rolling out the Orkla model in Central Europe
Rolling out the Orkla model in Central Europe Central Europe fits well Creating one of the leading suppliers with Orkla’s strategy in the Czech Republic and Slovakia • Market size enables Orkla to get a strong position • Stable markets with higher growth than the Nordics • Local brands are important
Slide 74: Hamé strengthens Orkla within its key categories
Hamé strengthens Orkla within its key categories Nordic / Baltics Central Europe Category (Position and market share) Ketchup No.1 No.1 No.1 No.1 No.1 No.1 No.1 - No.3 No.1 (>75%) (> 57%) (>39%) (>60%) (>61%) (>29%) (>25%) (>20%) Pate No.1 - - - - No.1 No.1 No.1 No.1 No.2 (>48%) (> 75%) (>69%) (>30%
Slide 75: Creating future value in Central Europe
Creating future value in Central Europe Achievements in Hamé after 12 months Creating value in Central Europe • Apply the One Orkla model Revenues EBIT +1.9% +30% • Utilise and improve local insights • Leverage cost arbitrage Footprint • Platform for add-on acquisitions initiative started 75
Slide 76: Using our scale and capabilities to grow revenue in add-ons
Using our scale and capabilities to grow revenue in add-ons 54% revenue growth since acquisition 53% 48% revenue growth revenue growth since acquisition since acquisition 76 Acquisition date: Anamma May 2015, Husk (W. Ratje Frøskaller) Feb. 2015, Lakrisgutta Sep. 2015
Slide 77: No. 1 in ice cream ingredients through profitable add-ons
No. 1 in ice cream ingredients through profitable add-ons Europe’s leading “one-stop shop” for ice cream ingredients #1 in the Nordics in the UK in Germany in the Netherlands 77
Slide 78: The ice cream journey has been very successful
The ice cream journey has been very successful Revenues from ice cream ingredients ROCE1 from ice cream ingredients up 5x over eight years more than doubled Sales CAGR 16.7% +21% 11% 7.7% 4% 2008 2009 2010 2011 2012 2013 2014 2015 2016 2008 2016 EBIT (adj.) margin Sales 78 1Pre-tax return on capital
Slide 79: M&A main priority for capital allocation for excess capital
M&A main priority for capital allocation for excess capital Maintain financial flexibility and Retain investment grade balance sheet efficiency 3.0 Maximum level over time • #1 priority is to invest in profitable BCG 2.5 acquisitions 2.0 • Maintain an attractive dividend policy of 1.5 at least NOK 2
Slide 80: Improving cash flow and using capital efficiently
Improving cash flow and using capital efficiently • Improve cash flow through EBIT growth and working capital improvements • Allocate capital for future growth by building One Orkla and continuing profitable M&A • Maintain attractive dividend policy while retaining investment grade 80
Slide 81: Delivering on our strategy and targets remain firm
Delivering on our strategy and targets remain firm Keep the strategy on track Deliver organic growth at least in line with market growth Target annual EBIT (adj.) growth of 6-9%1 in BCG Maintain a stable dividend of at least NOK 2.50 per share 81 1Including add-ons, excluding currency effects and la
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Slide 83: Contact us
Contact us Mattias Orrenius SVP Investor Relations Tel.: +47 983 66 334 Email: mattias.orrenius@orkla.no Elise Andersen Heidenreich IR & Communications Manager Tel.: +47 951 41 147 Email: elise.andersen.heidenreich@orkla.no Jens Bjørn Staff Executive Vice President and Chief Financial Officer (CFO)
Slide 84: Disclaimer
Disclaimer • This presentation has been prepared by Orkla ASA (the “Company”) solely for information purposes. The presentation does not constitute an invitation or offer to acquire, purchase or subscribe for securities. • Certain statements included in this presentation contain various forward-look
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