2024-02-08 20:55:09 ET
Orkla ASA (ORKLY)
Q4 2023 Earnings Conference Call
February 08, 2024 2:00 AM ET
Company Participants
Kari Lindtvedt – Head-Investor Relations
Nils Selte – President and Chief Executive Officer
Harald Ullevoldsæter – Chief Financial Officer
Conference Call Participants
Presentation
Kari Lindtvedt
Good morning, and welcome to the Fourth Quarter Presentation for Orkla. My name is Kari Lindtvedt. I'm Head of Investor Relations. The speakers today will be President and CEO, Nils Selte; and our CFO, Harald Ullevoldsæter. And through the presentation today, you're welcome to post questions in the live chat and we will address them in the Q&A session at the end of the presentations, together with any questions from the audience.
Now let's get started. I will leave the floor to Nils to summarize the year 2023, and also our main messages for the quarter we are reporting. Please, Nils, the floor is yours.
Nils Selte
Thank you, Kari, and good morning, everyone. Before I summarize Q4, I would like to reflect briefly on the full year 2023. I believe we have managed to deliver what we set out to do at the beginning of the year, transforming Orkla into an industrial investment company within the brands and consumer space. I'm impressed by how our portfolio companies have managed to navigate in a yet another special year. Consumers have been under pressure in our markets, and the geopolitical environment has been unstable.
During the last quarter of the year, I'm happy to see easing of some of the headwinds we have experienced during 2023, such as easing pressure on volume, as well as indication of input cost improvements. We report adjusted earnings per share of NOK5.78, an increase of 6% compared to 2022. I see Jotun as a champion among our portfolio companies in 2023. The company is a significant contributor to net profit for the year. The Board of Jotun intends to propose a dividend of NOK2.2 billion for the year, of which Orkla's share will be approximately NOK950 million. The consolidated portfolio companies, including HQ, delivered underlying EBIT adjusted growth of 7% for the year and improvement is broad-based. Cash conversion for the portfolio companies also improved significantly during the year and ended above 100%. Hydro Power, although delivering lower EBIT than last year is a strong contributor to Orkla's result in a historical context....
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Orkla ASA (ORKLY) Q4 2023 Earnings Call Transcript