Orkla Q3 Core Profit Seen down 40 pct

Source: Reuters
26/10/2009

Oslo, Oct 23 - Norwegian food-to-metals conglomerate Orkla is expected to report a 40 percent drop in third-quarter core earnings, a Reuters poll of 13 analysts showed on Friday.

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Earnings before interest, tax and amortisation (EBITA) were seen falling to 613 million Norwegian crowns ($110.6 million) in the three months to end-September from 1.03 billion a year earlier, the average estimate showed.

Orkla makes products ranging from frozen food to solar power silicon metal. The group has a market value of about $10.3 billion and has stakes in several listed Norwegian companies in addition to its core industrial activities.

Following is a summary of estimates for Orkla's results in the third quarter and full-years 2009 and 2010. Figures are in millions of Norwegian crowns, except earnings per share, share price and dividend, which are in crowns:

Estimates for the third quarter 2009:

                 Mean  Median    High     Low   No.   Yr ago  Change%  Prev.Q
Revenue (group)   14,107  13,883  15,940  12,944    13   15,904   -11.3   13,652
EBITA (group)        613     603     890     520    12    1,026   -40.3      334
EBIT (group)         504     500     636     304    11      973   -48.2      274
Associated companies  35       4     400    -130    10      573   -93.9     -210
Pretax profit        652     641     922     426    12     -939     n/a      282
Net profit           531     556     755     300    12   -1,204     n/a      243
EPS                 0.52    0.54    0.73    0.29    12    -1.20     n/a     0.30
Revenue by division
 - Foods           3,832   3,870   3,966   3,456    10    3,859    -0.7    3,786
 - Brands          1,930   1,882   2,412   1,822    10    1,869     3.2    1,877
 - Elkem           1,934   1,881   2,313   1,750    10    2,269   -14.8    1,883
 - Aluminium       5,479   5,508   7,054   4,096    10    6,696   -18.2    4,904
 - Borregaard        966     978   1,045     881    10    1,104   -12.5      958
EBITA by division
 - Foods             357     357     374     317     12      348     2.6     343
 - Brands            355     357     395     314     12      360    -1.5     295
 - Elkem              -5      -4      64    -110     12      276     n/a    -109
 - Aluminium         -83     -78      96    -227     12       92     n/a    -148
 - Borrregaard        79      79     105      50     12      110   -28.1      77
 - HQ/eliminat.      -69     -70     -50     -85     10      -73     5.8     -85
 - Investments       -14     -19      21     -30     11      -42    66.0     -39
Dividends             48      47     100      10      9       58   -16.7     180
Gains portfolio      353     300     789     157      9   -2,323     n/a     228
Net financials      -288    -217      93  -1,174     10     -220   -31.0    -190

 Estimates for the full year 2009:
                 Mean  Median    High     Low   No.   Yr ago  Change% 
Revenue (group)   57,102  57,017  60,900  53,885    11   65,579   -12.9
EBITA (group)      2,311   2,261   2,958   2,075    10    2,358    -2.0  
EBIT (group)       1,936   2,030   2,131   1,192     9    2,358   -17.9  
Associated companies  85      83     184     -71     8    2,189   -96.1  
Pretax profit      1,772   1,783   2,288   1,203    10   -2,015     n/a
Net profit         1,497   1,465   1,861   1,234    10   -2,828     n/a  
EPS                 1.45    1.42    1.81    1.20    10    -2.70     n/a  
Dividend per share  2.36    2.30    2.50    2.25     8     2.25     4.9  
Revenues by division
 - Foods          15,766  15,994  16,175  14,140     8   16,023    -1.6  
 - Brands          8,056   7,769   9,956   7,733     8    7,719     4.4  
 - Elkem           7,614   7,563   8,045   7,196     8    8,939   -14.8  
 - Aluminium      21,427  21,528  25,123  17,442     8   27,809   -23.0  
 - Borregaard      3,916   3,920   4,043   3,800     8    4,673   -16.2  
EBITA by division
 - Foods           1,361   1,363   1,411   1,289    10    1,266     7.5
 - Brands          1,326   1,315   1,431   1,284    10    1,324     0.2  
 - Elkem             244     228     570      55    10      942   -74.1
 - Aluminium        -508    -532    -206    -635    10      697     n/a  
 - Borregaard        282     291     325     229    10      431   -34.5  
 - HQ/eliminat.     -297    -295    -239    -342     8     -322     7.9  
 - Investments       -98     -96     -35    -135     9      -98     0.2  
Dividends            306     280     425     275     7      473   -35.2  
Gains portfolio      414     400     663     213     7   -6,043     n/a  
Net financials      -966    -972    -730  -1,153     8     -992     2.6  

 Estimates for the full year 2010:
                     Mean  Median    High     Low   No. 
Revenue (group)       63,558  63,616  67,978  59,000    10
EBITA (group)          4,643   4,783   5,228   3,964     9 
EBIT (group)           4,261   4,162   5,021   3,482     8 
Associated companies   1,077   1,045   1,423     958     7 
Pretax profit          5,742   5,766   8,655   3,572     9 
Net profit             4,767   4,666   7,516   3,631     9 
EPS                     4.63    4.53    7.30    3.53     9 
Dividend per share      2.56    2.30    3.00    2.25     7
Revenue by division
 - Foods              16,406  16,670  17,000  14,849     7 
 - Brands              8,399   8,119  10,379   7,804     7 
 - Elkem               8,449   8,505   9,050   7,293     7
 - Aluminium          26,599  26,668  29,774  24,543     7 
 - Borregaard          4,086   4,044   4,320   3,900     7 
EBITA by division
 - Foods               1,428   1,423   1,521   1,354     9 
 - Brands              1,379   1,360   1,607   1,220     9 
 - Elkem               1,157   1,182   1,710     616     9 
 - Aluminium             615     564     940     350     9 
 - Borregaard            324     355     395     158     9 
 - HQ/Eliminations      -293    -290    -240    -340     7 
 - Investments            47      60     172     -50     8 
Dividends                445     430     640     288     6 
Gains portfolio          734     735   1,000     500     6 
Net financials        -1,025    -933    -496  -1,450     7