Orkla ASA : Orkla ASA: Adjusted historical figures for 2011 and 2012
We refer to the press release dated 9 January 2013 regarding new corporate
structure. Quarterly figures according to the new structure are attached. An
Excel file with adjusted figures is available here:
In addition Orkla's financial statements for the years 2011 and 2012 are
adjusted due to changes in the pension standard (IAS 19) and the
implementation of IFRS 11 Joint Arrangements. The changes apply from 1 January
2013, but historical figures are changed accordingly. The change is described
in Note 3 in Orkla's Annual Report 2012.
The main change in the pension standard is that the so-called "corridor
approach" is no longer permitted as an alternative. According to the new
standard, net pension liabilities shall be fully reported in the balance sheet
and all estimate variances shall be charged to the Group's equity and
recognized in the statement of comprehensive income. Due to this the estimate
variances will no longer be charged to the Group's EBITA.
Additionally, the financial part of net pension costs is reported as financial
items rather than as part of net pension expenses in EBITA.
Introduction of the new principle implies that equity is reduced by around
NOK650 million as of 31 December 2012 following the recognition of
accumulated estimate variances after tax. EBITA for 2012 is increased with NOK
33 million (NOK 17 million in 2011) following that the accounting of estimate
variances no longer can be recognized in the ordinary result. In addition,
EBITA is increased with additional NOK 43 million (NOK 44 million in 2011)
following that the financial part of the pension cost now will be reported as
Orkla's ownership in Rygge that previously has been reported as joint venture
(IFRS 11 Joint Arrangements) using the proportional consolidation method
(consolidated with the Group's interest line by line) is adjusted and
presented according to the equity method (single line consolidation, similar
as an associate). The effect on Orkla's income statement is limited. Loss of
income is NOK 105 million and NOK 98 million in 2012 and 2011 respectively.
Loss of EBITA is NOK 12 million and NOK 6 million.
Oslo, 11 April 2013
Rune Helland, SVP Investor Relations
Tel: +47 97 71 32 50
Anders Kalleberg, Investor Relations
Tel: +47 99 0424 98
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
Adjusted historical figures for 2011 and 2012
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(ii) they are solely responsible for the content, accuracy and originality of
information contained therein.
Source: Orkla ASA via Thomson Reuters ONE
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