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Orkla's (ORKLY) CEO Peter Ruzicka on Q2 2017 Results - Earnings Call Transcript

Jul. 14, 2017 6:26 AM ETOrkla ASA (ORKLY)
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Orkla ASA ADR (OTCPK:ORKLY) Q2 2017 Results Earnings Conference Call July 14, 2017 2:00 AM ET


Peter Ruzicka - President & CEO

Jens Staff - CFO


Preben Rasch-Olsen - Carnegie

John Ennis - Goldman Sachs

Hans-Marius Lee Ludvigsen - Swedbank Securities

Peter Ruzicka

Good morning everyone, and welcome to Orkla's Second Quarter Presentation. I'm very happy to also this quarter and for the first half-year report continued growth in Branded Consumer Goods area. And actually, this is the 13th consecutive quarter with organic growth.

In my short presentation, I will focus on the first half-year figures and happenings and Jens Staff will go more in detail on the second quarter. But first let's look at some of the highlights during this quarter.

As I guess all of you have noticed on Monday, we announced that we finally have sold or entered into an agreement to sell our shares, 50% shares in Sapa to Norsk Hydro. This is exactly in line with the strategy we have communicated over time, and I will come back to the Sapa transaction in more details shortly.

Branded Consumer Goods area continued to grow both organically and through several smaller M&As in the quarter. We have experienced substantial higher input costs on some important raw materials during the quarter especially meat and some dairy products in Central Europe and this has impacted profit as we will show especially in foods.

We have of course taken action to counteract these effects by - partly by price increases but also by more cost initiatives that will be visible in the figures as we move along towards the second half of 2017.

But now let me show you some more details on the Sapa transaction. On 10 July, Monday this week we announced that we finally have entered into

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