Media release (pdf)

ORIOR performs well in domestic Swiss market; coronavirus-related factors leave a deep mark on fiscal year 2020

ORIOR presents its strategic road map for the next five years. The ORIOR 2025 Strategy marks a gradual evolution of the company’s previous and successful multi-year strategy and is also distinguished by the "ORIOR New Normal" Group-wide initiative that was launched in April 2020 in response to the extraordinary situation and that has clearly enhanced the company’s operating performance. Management confirms its guidance for the year as communicated in August 2020 in this connection. Today’s new normal is driving new perspectives and a change of thinking yet is also bringing new possibilities. Agility, resolute forward movement, and effective, overarching initiatives take on even more importance in this context. At the same time, continuity and the resilience derived from ORIOR’s broader footprint sturdy foundation will remain decisive factors leading to success. Steady value creation for all stakeholders continues to stand out as ORIOR’s overarching goal and ambition.&nbsp;The Board of Directors and the Extended Executive Committee of ORIOR Group worked closely together to develop the ORIOR 2025 Strategy. Internal teams of specialists provided them with valuable support in the formulation of key strategy elements and inputs were also given by senior staff and specialists from throughout the Group through interactive workshops. This broadly based approach and the resulting common understanding regarding the road map we have created serve as a firm foundation for the successful execution of the ORIOR 2025 Strategy.&nbsp;Primary goals and ambitions 2025In its overarching goals, ORIOR affirms its commitment to sustainable and profitable growth as well as to its unique business model with a decentralised corporate structure. ORIOR aims to thrill consumers with its power of innovation, celebrated across a diverse range of brands, concepts and product worlds. ORIOR embraces clearly defined, responsible management roles, entrepreneurship, and strong values. Sustainable organisational development will be advanced through various initiatives. Sustainability is being anchored more deeply throughout the company. It is an integral and overarching aspect of all strategic themes. Ultimately, a financially strong and resilient foundation provides the best possible means of ensuring operational agility. Quantitative ambitions for 2025 have been formulated based on the overarching goals. Average organic growth of 2 to 4% per year, an annual absolute increase in EBITDA and an EBITDA margin of &gt;10% are targeted. Balance sheet quality will be strengthened by achieving an equity ratio of &gt;25% and a net deb/EBITDA ratio of &lt;2.5x. A steady improvement in capital efficiency (ROCE) is also targeted. Among the sustainability-related goals, ORIOR is aiming for a performance index of &gt;80% annually. A steady increase in the absolute dividend is also a part of ORIORʼs 2025 Strategy.&nbsp;Strategic pillarsThe five strategic pillars – "House of Innovation", "Brand experience!", "Strong Foundation and Operational Agility", "The ORIOR Responsibility" and "We are ORIOR" – form the heart of the ORIOR 2025 Strategy. The previous strategic priorities were both sharpened and expanded, mainly in terms of thematic content. This reflects both the new normal and the enlarged and thus more know-how-rich Group structure and the new value-creating triggers this offers. In addition to the long-term five-year focus, the new strategic pillars now also include short-term goals associated with current trends and topics that are integrated into daily operations through rolling action plans.&nbsp;Key strategic initiativesThe decentralised business model lets ORIOR companies celebrate their own specific culture and identity, tailored to their work force and the customers they serve, and to create unique product, brand and concept worlds. Three Group-wide strategic initiatives are powerful and value-generating tools that will help it unlock additional potential synergies. They are the intradisciplinary "ORIOR Champion Model", the synergistic "ORIOR Bridge-building" as well as the aforementioned ground-breaking "ORIOR New Normal" initiative, which has already been introduced.&nbsp;M&amp;A prioritiesORIOR remains open to smaller bolt-on transactions, acquisitions and corporate alliances in its four-pronged M&amp;A strategy. Taking into consideration the stated goal of sustained improvement in balance sheet quality, the focus here – at least during the initial phase of the five-year strategy period – will be on smaller transactions that strengthen and/or round out the core business of the existing competence centres.&nbsp;ESG – Environmental, Social, GovernanceORIOR is fully aware of the importance of ESG requests. An overview of its ESG efforts will be published in the 2020 Annual Report. ORIOR is already effectively addressing a wide range of environmental and social issues in its sustainability strategy. Good corporate governance is addressed in various ways. For example, in the "We are ORIOR" strategic pillar, in the sustainability strategy, and in ORIOR’s guiding principles and standard policies. During the preparation of the ORIOR 2025 Strategy, various elements of the company’s renumeration and shareholder policy plans were also evaluated, and further gradual refinements will be made. For example, a long-term incentive plan and a staggered employee stock ownership plan will be introduced under the ORIOR 2025 Strategy. Performance criteria for top management will be defined in greater detail and also include ESG goals. Minimum shareholding requirements will be introduced for the Executive Committee and the Board of Directors. Further details on these matters will be announced in 2021.&nbsp;2020 guidanceWith the presentation of the ORIOR 2025 Strategy, management confirms its guidance for fiscal year 2020 as given in August (see <a href="https://assets-eu-01.kc-usercontent.com/31f4229a-2bac-019f-0c84-fa045a356caf/07927c0c-17ca-49c0-bda8-8fa41606ca40/Analyst%20and%20media%20presentation%20first%20half%202020.pdf">presentation for the first half of 2020</a>, from page 22). From todayʼs perspective, the numbers are likely to be at the upper end of the guidance; the tax rate and capex are expected to be within the given range.&nbsp;Download links<a href="https://orior.ch/en/presentations">Presentation of ORIOR 2025 Strategy</a><a href="https://orior.ch/en/image-gallery">Image gallery for media</a>&nbsp;ContactMilena Mathiuet, Head of Corporate Communications &amp; Investor RelationsTelephone +41 44 308 65 13; e-mail investors@orior.ch&nbsp;Investor CalendarMarch 10, 2021: Publication of 2020 results and annual reportApril 26, 2021: Annual General Meeting 2021

ORIOR 2025 Strategy –&nbsp;Continuity. New Normal. Growth Momentum.

ORIOR, the internationally active Swiss food &amp; beverage group, presented good first-half 2020 results against the backdrop of Covid-19 – thanks to its broader operational footprint, flexible and agile structure, and market centricity as well as its good business development during the first two-and-a-half months of the fiscal year. Business was materially impacted by government guidelines and restrictions and the ensuing measures ORIOR implemented to protect the health of its employees and maintain its supply capabilities. The consequent changes in ORIOR’s product and channel mix led to a surge in the retail business and a near-standstill in business at travel catering specialist Casualfood as well as sharp declines in other areas of the food service business.&nbsp;ORIOR Group generated revenues of CHF 287.4 million in the first half of 2020, which corresponds to an increase of 2.8% from the prior-year period. Organic revenues increased 0.2%, which is notable considering the difficult situation. Organic growth was driven by the ORIOR Refinement and ORIOR International segments. Sharply higher demand in the retail sector due to changes in consumption needs as a result of government policy responses to the pandemic was the key factor for their growth. In addition, business with food service customers after the easing of lockdown restrictions in May was better than expected, albeit still at low levels. On the whole, the significant declines in food service revenues (restaurants, wholesale, take-away, event catering, canteens, schools, childrenʼs lunch services) were more than offset by the organic growth. Acquisitions had a positive effect of 4.0% on Group revenues, which reflects the purchase of the second tranche of Casualfood shares in the autumn of 2019 and the consequent full consolidation of the subsidiary. Currency translation had a negative effect of –1.4% on Group revenues.&nbsp;EBITDA declined by CHF 4.9 million to CHF 23.5 million and the resulting EBITDA margin stood at 8.2%. This contraction is attributed on the one hand to non-recurring costs related to the many measures taken to safeguard the health of ORIOR employees and the company’s supply capabilities. The implementation of these measures, ranging from additional safeguards in production areas and break rooms to structural and other changes at points of entry or in locker/changing rooms, entailed considerable – mostly non-recurring – additional costs. They also resulted in temporarily higher absentee rates (vulnerable workers) and slowed down certain operating processes. Public policy responses restricting the right to travel and freedom of movement led to shifts in consumption patterns that impacted both the product and the sales channel mix. There was a general increase in demand from retailers, especially for branded and core products in the refinement, fresh pasta and veggie categories and for Biotta juices. Promotional activities and certain product lines were temporarily scaled back or halted. Meanwhile sales of ready meals declined, in part because of more homeoffice working and consumers had more time to cook their own meals. On the other hand, restaurants and other food establishments were forced to close during the lockdown and that led to the production stoppage of entire product groups. Thanks to its flexible and agile structure, ORIOR managed to realign its production activities in response to the changes in the product mix as well as the surge in demand from food retailers within a very short period of time, which, however, entailed additional costs during this phase of transition. The relatively lower-margin Refinement segment showed very good organic growth during this extraordinary crisis, while sales at the generally higher-margin Convenience segment declined due to the aforementioned changes in consumption needs and the sudden plunge in the food service business. These changes in the product and channel mix had an impact on the Groupʼs profitability as well. Moreover, the near standstill at Casualfood, integrated into ORIOR Group as of the autumn of 2019, had an additional and material impact on all key figures of the income statement.&nbsp;Quickly initiated cost-cutting measures, temporary measures such as short-time work, and the one-time insurance benefits received were unable to completely offset the above-mentioned negative factors. Operating profit (EBIT) was additionally impacted by acquisition-related depreciation. First-half EBIT amounted to CHF 10.0 million, a decline of CHF 7.4 million compared to the prior-year period. Net profit declined by CHF 5.7 million to CHF 8.3 million, which also reflects the absence of the positive non-recurring income tax effects from the prior-year period.&nbsp;Operating cash flow for the period under review amounted to CHF 9.6 million (H1 2019: CHF 20.8 million). This contraction reflects the lower earnings and insured benefits that will not be paid out until July 2020. The cash conversion ratio of 40.9% for the period was therefore also well below the multi-year average (H1 2019: 73.3%).&nbsp;ORIOR Convenience segmentThe Convenience segment, which consists of the Fredag, Le Patron, Pastinella and Biotta competence centres, reported revenues of CHF 95.2 million, which represents a decline of – 3.9% from the prior-year period. All four competence centres began the year on a positive note and the outlook for the months to follow was promising. That abruptly changed with the restrictions and guidelines issued by government officials in response to the coronavirus outbreak, which led to significant declines in food service sales as well as shifts in consumption patterns as people had more time to cook. Fredag and Le Patron, the two competence centres that generate a large share of their total revenues in the food service business, were materially impacted by these developments. Fredag nevertheless experienced good growth in the retail channel and its business with customers in the restaurant industry was better than expected as restrictions were eased, whereas Le Patron’s revenues from ready meals plunged due to the shifts in consumption needs, in addition to the absence of event-related catering revenues and the slow resumption of business with canteens and schools late in the reporting period. Pastinella and Biotta juices generated very good revenues – thanks in part to their low exposure to the food service business. Ultimately, the additional revenues with the retail industry were unable to completely offset the significant drop in this segment’s revenues from food service and ready-made products.&nbsp;As for raw materials, the segment was challenged by high prices for Swiss poultry and the tight supply of special raw materials (e.g. organically grown raw materials) – partly attributable to the increase in demand from retailers.&nbsp;ORIOR Refinement segmentThe ORIOR Refinement segment with the Rapelli, Albert Spiess and Möfag competence centres achieved very good organic growth of 3.7% to CHF 131.9 million in the first half of 2020, to which all three competence centres contributed. The key driver was sharply higher demand in the retail and discounter channels, even though promotional activities and product lines were occasionally scaled back at short notice. The very good performance of branded and core product groups and general trends distinguished by a preference for regional and organic products – which have gained even more momentum because of the coronavirus – were able to more than offset these reductions in promotional activities and product lines. Thanks to their strong regional appeal and "terroir specialities", Rapelli and Albert Spiess additionally profited from the greater numbers of Swiss who vacationed or made short trips in Switzerland. Möfag generates a much smaller share of its over-all revenues with food service customers and demand for its products from discounters was also sharply higher, so it likewise performed very well in the first half.&nbsp;As for raw materials, the expected high prices in view of the significantly higher levels of demand – especially for organic and regional products – were pushed even higher by the tight supply of Swiss raw materials.&nbsp;ORIOR International segmentThe ORIOR International segment with the Culinor and Casualfood competence centres, Biotta’s sister company Gesa, and Spiess Europe, a distribution platform, increased its revenues to CHF 74.8 million compared to CHF 67.3 million in the prior-year period. This growth of +11.1% consists of an acquisition effect of +16.6% from the acquisition of Casualfood as of the autumn of 2019, good organic growth of +0.3% considering the extraordinary situation, and a clearly negative currency effect of –5.8%. The reporting period started off very well; afterwards, the rapid global outbreak of the coronavirus and subsequent lockdowns with an almost complete standstill of the airline industry hit Casualfood, a company specialising in travel catering, hard. Almost all of its sales outlets had to be closed. Rail and air traffic has slowly resumed since June 2020 and Casualfood’s points of sale are also gradually being reopened. In the Benelux food service and retail markets, the situation was similar to that in Switzerland. The Culinor Food Group, ORIOR’s specialist for freshly prepared meals and meal components, generated strong growth with home delivery solutions and specialty products for the retail channel developed in collaboration with renowned chefs. At the same time, food service revenues in the Benelux (including schools and system gastronomy) plunged, and sales of ready meals declined due to the restrictions imposed on freedom of movement and travel and the ensuing shift in consumption patterns (employees working from home, more time to cook). Gesa, Biotta’s sister company specialised in organic vegetable juices for the B2B market, and Spiess Europe delivered very good results for the period under review.&nbsp;On the commodity front, there were no changes or notable extraordinary effects.&nbsp;Key Group initiativesThe presentation of the ORIOR 2025 strategy has been postponed due to the extraordinary situation in the wake of the corona pandemic. The ongoing strategy process is being interactively developed with the Top50, key executives and specialists from throughout ORIOR Group, and approved in stages by the Board of Directors, which is closely involved in the process. The ORIOR 2025 strategy will be presented to investors on 9 November 2020. It will also cover the increasingly important issue of sustainability and the somewhat broader ESG issues (Environmental, Social and Governance). Both are the focus of key Group initiatives that are being vigorously pursued. The current focus is on firmly anchoring sustainability issues in the company’s planning and implementation processes as well as in the daily operations and the general mindsets of its employees. Talent management, clean label, energy strategy and packaging optimisation are other projects that we are working on. ORIOR intends to provide a detailed overview concerning ESG when it publishes its 2020 annual report. A key element of management strategy as well as the ORIOR 2025 strategy is "New Normal," a key strategic initiative that was launched in the spring of 2020. Besides taking measures to sustain if not improve the company’s operating performance levels and cost-efficiency, we are also conducting a detailed analysis of our financial and organisational structures under this initiative and will make the necessary changes to ensure their future-readiness and create fresh momentum for sustainable growth beyond today’s horizons.&nbsp;Thank youThis crisis is broad and challenging. The society we live in, the economy and the entire world have been affected in unprecedented ways and this crisis will challenge us for some time to come. Daniel Lutz, CEO of ORIOR Group: "I thank all ORIOR employees for the remarkable achievements and for ensuring compliance with all the emergency orders and measures that were imposed during this extraordinary time. The general operating environment and working conditions were and are anything but normal. This has required perseverance, strength, and identification. So far, we have mastered this crisis well. You have earned my admiration and respect."&nbsp;&nbsp;ORIOR Groupʼs key figures for the first half of 2020&nbsp;<table><tbody><tr><td>in CHF thousand</td><td>Jan – Jun 2020</td><td>Jan – Jun 2019</td><td>∆ in kCHF</td><td>∆ in %</td></tr><tr><td>Net sales</td><td>287 414</td><td>279 640</td><td>+7 774</td><td>+2.8%</td></tr><tr><td>EBITDA</td><td>23 474</td><td>28 419</td><td>–4 945</td><td>–17.4%</td></tr><tr><td>as % of net sales</td><td>8.2%</td><td>10.2%</td><td>&nbsp;</td><td>&nbsp;</td></tr><tr><td>EBIT</td><td>10 031</td><td>17 423</td><td>–7 392</td><td>–42.4%</td></tr><tr><td>as % of net sales</td><td>3.5%</td><td>6.2%</td><td>&nbsp;</td><td>&nbsp;</td></tr><tr><td>Profit for the period</td><td>8 310</td><td>13 967</td><td>–5 657</td><td>–40.5%</td></tr><tr><td>as % of net sales</td><td>2.9%</td><td>5.0%</td><td>&nbsp;</td><td>&nbsp;</td></tr><tr><td>Operating cash flow</td><td>9 602</td><td>20 827</td><td>–11 225</td><td>–53.9%</td></tr><tr><td>Cash conversion in %</td><td>40.9%</td><td>73.3%</td><td>&nbsp;</td><td>&nbsp;</td></tr><tr><td>Net debt / EBITDA ratio</td><td>2.87x</td><td>2.45x</td><td>&nbsp;</td><td>&nbsp;</td></tr><tr><td>Equity ratio</td><td>19.3%</td><td>23.2%</td><td>&nbsp;</td><td>&nbsp;</td></tr><tr><td>Dividend per share in CHF</td><td>2.32</td><td>2.24</td><td>&nbsp;</td><td>&nbsp;</td></tr><tr><td>Stock market capitalisation in CHF m</td><td>507.7</td><td>537.7</td><td>&nbsp;</td><td>&nbsp;</td></tr><tr><td>Avg. number of employees (FTE)</td><td>2 0501</td><td>1 601</td><td>&nbsp;</td><td>&nbsp;</td></tr></tbody></table>&nbsp;1 Increase driven by acquisition of majority stake in Casualfood.&nbsp;OutlookConsidering the volatile situation surrounding the coronavirus, it is very difficult to give reliable outlook for the 2020 fiscal year. Based on our realistic expectations, we anticipate a good course of business in the second half under the given circumstances. Assuming the general situation with respect to the corona pandemic is stable, the extraordinary effects the pandemic has had on our business activities should continue to subside. The food service business should continue to recover, given the travel restrictions that are still in place and the resulting greater number of domestic tourists in Switzerland’s holiday regions. Nevertheless, the situation is still far from normal. We expect a substantial recovery in many channels of the food service business by the end of the year, but hardly any improvement in other areas of the food service industry, event catering for example. In view of the extraordinary situation facing the world today, the travel industry is likely to recover at a much slower pace. Casualfood, thanks to its agile and flexible business model specialising in small and micro outlets as well as mobile food vending stands, is ideally positioned to benefit from the resumption of travel activity. From today’s perspective, we expect Casualfood to have at least half of its outlets up and running again by the end of 2020. The retail business is expected to be a strong performer in the second half too, but growth is likely to level off somewhat. On the product front, we expect the trends towards organic and regional products to continue and that sales of ready-made meals will remain sluggish in the second half (as employees continue to work from home). We are working on specifically defined measures and initiatives to improve the company’s efficiency and cost base. At the same time, the costs incurred to protect our employees and ensure our supply capability, factoring out the non-recurring expenses, will be lower. Despite the ongoing situation with the coronavirus, we expect operating profitability (EBITDA margin) to rise above the level of 8.2% reported for the first half of the year. Looking beyond the current year, we are very optimistic regarding 2021 and expect good growth rates and a further improvement in the EBITDA margin.

ORIOR with good sales growth; Corona pandemic had a material impact on the product and channel mix as well as on profitability

ORIOR Group generated revenues of CHF 287.4 million in the first half of 2020, which corresponds to an increase of 2.8 % from the prior-year period. The measures imposed by government officials to contain the coronavirus pandemic, including widespread travel restrictions, and the ensuing shifts in consumer needs led to in some cases sharp declines in revenues from food service channels and Casualfood. Thanks to ORIOR Group’s flexibility and agility, market intimacy, and broad range of operations, it swiftly recalibrated its product mix to accommodate a surge in demand from retail customers. The lost sales from the food service channel were more than offset at the organic level by the increase in sales with customers in the retail industry. The gastronomy channel was better than expected in the first few weeks after lockdown restrictions were eased; air traffic has been gradually increasing since June 2020 too. Organic revenues increased 0.2%, which is a good performance within the context of the difficult situation. Revenue growth was driven by the ORIOR Refinement and ORIOR International segments. Acquisitions had a positive effect of 4.0% on Group revenues, which reflects the purchase of the second tranche of Casualfood shares in the autumn of 2019 and the ensuing full consolidation of the subsidiary. Currency translation had a negative effect of –1.4% on Group revenues.&nbsp;ORIOR Refinement achieved very good organic growth of 3.7% to CHF 131.9 million, fuelled by the sharp rise in demand from the retail channel. The Convenience segment was unable to offset the lost revenues of every product category in the food service business. Sales of fresh pasta and Biotta juices were very good, but sales of ready-made meals declined during the lockdown period. One reason for this was the change in consumption patterns as people had more time to prepare meals at home. Revenues declined by –3.9% from CHF 99.0 million in the prior-year period to CHF 95.2 million in the first half of 2020. The International segment was hit hard by the near complete standstill in air travel. Casualfood was forced to close nearly all of its sales outlets. The Belgium-based Culinor Food Group also observed a change in consumption in its ready meal product lines, but its home delivery business experienced strong growth. Business at Gesa and Spiess Europe was very pleasing. Overall the International segment achieved organic growth of 0.3%, which is a likewise solid performance considering the impact of the coronavirus. Segment revenues amounted to CHF 74.8 million compared to CHF 67.3 million in the first half of the previous year. The acquisition effect from the takeover of Casualfood amounted to 16.6%, and the foreign currency effect on reported segment revenues was clearly negative at – 5.8%.&nbsp;ORIOR had already held initial meetings and begun to prepare scenario planning in February 2020 in the event of a widespread outbreak of the coronavirus. Shortly afterwards detailed, multi-stage action plans and precautionary concepts had been drawn up and were gradually executed or introduced as the crisis unfolded. This systematic and anticipatory approach enabled us to make swift and unprecedented adjustments to our logistics operations and other operating processes and across our organisation at critical moments of the coronavirus pandemic in response to the official orders and guidelines. Consequently, employee health and safety was protected at all times and our constant supply capability was ensured, which in the end was a vital factor for the overall good revenues. Compliance with emergency measures entailed significant, mostly non-recurring additional costs as well as a temporary upturn in employee absence rates. Together with the adjustments and shifts in the sales channels and product mix and the near standstill of Casualfood’s operations, this took a toll on profitability. Some of the margin pressure was offset by stringent cost management and by temporary measures such as short-time work. Nevertheless, operating profitability (EBITDA) will not reach the level reported for the prior-year period. Detailed results will be released on August 19, 2020. In light of the ongoing volatile situation in connection with the coronavirus, the half-year report will include an update of management guidance for the full year. The scope and level of detail of this guidance have not yet been determined.&nbsp;Sustainability ReportORIOR is publishing its second Sustainability Report in accordance with the GRI Standards. This report will also include a new section on ORIOR’s efforts towards achievement of the UN’s Sustainable Development Goals (SDGs). The Sustainability Report contains detailed information about the company’s progress and challenges and the measures and initiatives taken to promote sustainability within the key areas of activity at ORIOR: “Safe and healthy food”, “Sustainable raw materials”, “Animal welfare”, “Food waste and packaging”, “Climate and energy”, “Water”, “Employee development", “Occupational safety and health” and “Financial performance”.&nbsp;&gt; Download: <a href="https://orior.ch/en/sustainability-report">ORIOR Sustainability Report 2019</a>

Publication of revenues for the first half of 2020 and update within the context of the coronavirus

ORIOR successfully navigated the corona crisis during the first half thanks to its hard work, the broad package of measures it introduced, and its flexible, agile, and well-based structure. The application of precautions at the company’s production plants and shifts in consumption patterns – the latter resulting of the government-imposed lockdown – necessitated adjustments to our business processes and logistics, in some cases at very short notice. Despite these challenges, ORIOR maintained its supply chain capabilities and high production levels throughout the entire period thanks to very early and effective implementation of precautionary measures at the company’s sites and other factors. ORIOR confirms its statements from April 2020 regarding the impact of the corona crisis on its business: strong growth in retail and lower revenues from the food service channels, in some cases sharply lower (food service accounts for about one-quarter of total revenues). Despite product range adjustments and reduced assortments, business with retailers remains very strong and will compensate for most of the decline in revenues from the food service sector (excl. Casualfood). With the re-opening of restaurants and international borders and the gradual resumption of air travel, business in these important sales channels, which have been heavily impacted by the corona crisis, will slowly recover. The performance of these sales channels during the first few weeks after restrictions were eased was very positive in light of the general environment.&nbsp;Revenue figures and a more detailed update on the impact of the coronavirus pandemic on business in the first half will be published at 6:00 a.m. on 14 July 2020. ORIOR’s second Sustainability Report will also be published on the same date.

Update on coronavirus impact&nbsp;and notice of first-half sales announcement

ORIOR AG held its 10th Annual General Meeting as a listed company in Zurich today, without the physical presence of its shareholders in accordance with Art. 6b of the COVID-19 Ordinance 2.&nbsp;A total of 3,916,248 voting rights were represented, which corresponds to 60.09 % of the share capital consisting of 6,517,499 issued shares. Representation through the independent proxy designated by the company was the only means of participation for voting shareholders.&nbsp;All of the Board of Directors’ proposals were passed by the Annual General Meeting. The annual report, the annual accounts and the consolidated financial statements for 2019 were approved. The dividend proposal was also approved and the members of the Board of Directors as well as its Chairman were re-elected. At the subsequent constitutive meeting of the Board of Directors, the Board of Directors appointed Markus R. Neuhaus Vice Chairman; Monika Walser was appointed Chair of the Nomination and Compensation Committee.&nbsp;Ernst &amp; Young AG, Basel, was confirmed as auditor for the 2020 financial year and attorney-at-law René Schwarzenbach, Proxy Voting Services GmbH, was re-elected to serve as independent proxy until the conclusion of the next Annual General Meeting in 2021. Moreover, all proposals regarding compensation of the members of the Board of Directors and the Executive Committee as well as the renewal of the authorized capital with simultaneous reduction were approved.

Shareholders approve all proposals of the Board of Directors

The extraordinary circumstances the world is currently facing as a result of the coronavirus pose challenges at every level and in every areas. As a food and beverage company, ORIOR is part of the national food supply network and is doing everything in its power to perform its duties as best it can. All production sites are operating at a high rate of capacity and under heightened safety and protective measures. A special thanks is extended to all employees during this unprecedented time, particularly to those who work in production. They are working very hard under challenging conditions to maintain our high levels of supply readiness.&nbsp;Due to the measures imposed by the Swiss government, demand for food products in the retail channel, and thus for the product categories ORIOR supplies to retailers, has increased sharply. Meanwhile sales with restaurants and food service providers in general have declined partly dramatically. From today’s standpoint, the decline in these sales channels will not be completely offset in the near term by the increase in sales with food retailers. The situation in the Benelux is similar. Casualfood, the food service to go specialist with food islands in high-frequency locations, had to close most of its points of sale in airports. The employees affected by these shutdowns are receiving short-time work allowances from the government. Very few of the employees in Switzerland and Belgium are on short-time work.&nbsp;Reliable projections of the course of business in 2020 are not possible due to the current uncertainties. Our priorities are keeping employees safe and healthy and maintaining a high level of supply readiness.&nbsp;The previous guidance for fiscal 2020 can for now not be confirmed due to the uncertainty regarding future circumstances. No changes have been made to our mid- to long-term goals nor to the dividend policy that has been in place since the IPO, thanks to the Group’s broader footprint and strategic positioning.&nbsp;We are doing everything in our power every day to manage the current crisis and contribute our part. In closing, we wish you and your loved ones good health.&nbsp;Sincerely, ORIOR&nbsp;　ContactMilena Mathiuet, Head of Corporate Communications &amp; Investor RelationsTelephone +41 44 308 65 13, email: investors@orior.ch&nbsp;Investor calendar4 June 2020: Annual General Meeting of Shareholders19 August 2020: Publication of half-year results for 2020

Initial commentary on coronavirus impact

Dear ORIOR Shareholders, Following the recommendation of the Swiss government to avoid large events due to the Coronavirus, the Board of Directors of ORIOR has decided to push back the date of the pending Annual General Meeting of ORIOR AG. The original date of 31 March 2020 has been cancelled; the new date for ORIOR AG’s 2020 Annual General Meeting is 4 June 2020. The invitation to the meeting and related information will be published at a later date. We want to ensure that every shareholder who would like to attend the Annual General Meeting can actually do so and we appreciate the personal interaction that is possible at this gathering. We trust the situation will have clearly improved by the time of the rescheduled date so that the event can be held in the same manner as in the past. The Board of Directors thanks all shareholders for their understanding and for taking note of the rescheduled date.

Postponement of Annual General Meeting

The internationally active Swiss food and beverage group ORIOR confirmed its resilience thanks to its broader operational footprint and delivered a good set of results for the 2019 fiscal year, in line with expectations. Key drivers were the purchase of a second tranche of Casualfood shares in September 2019, successful innovation, good brand management, and a steadfast focus on cost efficiency. &nbsp; ORIOR Group generated revenues of CHF 596.4 million in the 2019 fiscal year, which corresponds to an increase of 3.4% from the previous year. Organic growth amounted to –1.9%, at the lower end of the expected and communicated range. This decrease is attributed primarily to the deliberate termination of an unprofitable contract in the Convenience segment with an annual revenue volume of about CHF 8.2 million. Moreover, ORIOR Switzerland’s revenues over the Easter and Christmas holidays were weaker in 2019 compared to the strong seasonal patterns in the previous year. The Refinement segment showed organic revenue growth thanks to innovation, a consistently strong brand performance and price mark-ups. The International segment also generated slightly higher organic revenues thanks to successful innovation. However, these positive developments were unable to offset the entire decline in revenues from the Convenience segment and the unfavorable comparison-base effect. Among the positive developments were the good performance in the Belgian market, pleasing growth at Albert Spiess – driven by intensified sales and marketing activities, the launch of a new brand concept and a rapid flow of innovation – and the solid course of business at Möfag. New business development with customers in the food service and other target segments were also pleasing. Acquisitions had a positive effect of 6.2% on revenues, which reflects the acquisition of Biotta in May 2018 and the purchase of the second tranche of Casualfood, which resulted in the first-time full consolidation of Casualfood as a standalone competence centre within the International segment from September 2019. As already observed during the first half of 2019, Casualfood continued to display agility and an uncomplicated, can-do spirit and ended the year slightly ahead of expectations. The currency translation effect on revenues was –0.9% and reduced reported revenues by CHF 5.0 million. A broader operational footprint with new business units helped to strengthen the Group’s gross profit margin. Despite the negative effect from higher meat prices, the gross profit margin rose by 82 basis points to 44.9%, resulting in a gross profit of CHF 267.6 million (previous year CHF 254.0 million). At the EBITDA line, this increase was diminished somewhat by the higher labor intensity of the new business activities. Thanks to cost discipline, steadfast implementation of process improvement initiatives within the intra-disciplinary Champion Model and ongoing portfolio management efforts, the EBITDA margin remained at a good level of 10.2% and the corresponding EBITDA amounted to CHF 61.0 million (previous year CHF 58.6 million). EBIT rose by 4.9% to CHF 37.3 million. Due to negative currency translation and tax effects respectively the absence of the positive extraordinary items from the previous year, profit for the year amounted to CHF 31.5 million, slightly less than the bottom-line figure from the previous year (CHF 31.8 million). Operating cash flow for the period under review amounted to CHF 57.1 million compared to CHF 52.7 million for the previous year. This substantial increase is attributed primarily to the new business activities and the optimisation of net working capital. The cash conversion cycle rose to an above-average level of 93.5%. ORIOR Convenience segment Revenues from the ORIOR Convenience segment, which consists of the Fredag, Le Patron, Pastinella and Biotta competence centres, did not quite meet expectations and declined by –1.8% to CHF 202.0 million (previous year CHF 205.7 million). The reported figure reflects a positive acquisition effect of 4.7% from the acquisition of Biotta as of mid-May 2018 and a negative organic growth rate of –6.5%. The main factors behind the negative growth were the termination of the aforementioned CHF 8.2 million contract, a high year-ago comparison base with an unusually high organic growth rate of 5.6%, and, in particular, the weaker Easter and Christmas holiday sales in 2019 as well as changes in sales promotion activities. Biotta is developing nicely: Considerable resources were invested in intensive process and workflow projects, the modernisation of its brand image, and in the reinforcement of its marketing and operations personnel, and these efforts clearly paid off. Moreover, the operational startup of the wood chip heating plant brought a first-of-its-kind project in Switzerland to a close and strengthened Biotta’s image as a sustainability leader. Attention is also drawn to the successful launch of the new vegan specialities manufactured by Fredag in the heart of Switzerland, examples of which are veggie nugget products and burgers marketed under the “Happy Vegi Butcher” brand. On the commodity front, high poultry prices and the tight domestic supply of certain commodities remained a challenge, as had already been reported for the first half of 2019. Competition and the general market environment remain tough, one reason being retailers’ efforts to streamline their product ranges or scale back their sales promotional activities. ORIOR Refinement segment In a year marked by high meat prices, the ORIOR Refinement segment, which consists of the Rapelli, Albert Spiess and Möfag competence centres, reported organic revenue growth of 1.3% to CHF 258.2 million. This growth was fueled by a steady stream of convincing innovations, a strong performance by strong brands, good sales trends with a number of customers, and the pass-through of high meat procurement costs. The Albert Spiess competence centre delivered a strong performance thanks to the further intensification of its sales and marketing activities and innovative new product launches, its new, broader brand concept with an even stronger regional claim, and to good progress on improvement throughout the value chain. Möfag delivered great success in all of its core product areas, fueled by compelling offerings and the positive volume growth in its main sales channels. Thanks to its two well-established, national “Rapelli” and “Ticinella” brands, effective sales activities and convincing innovations, Rapelli also delivered a solid set of results for the year. &nbsp; Expectations that meat procurement prices would at least edge slightly lower during the fall of 2019 were not fulfilled – prices for pork and beef remained at high levels. This largely reflected the tight domestic supply of both commodities. ORIOR International segment The ORIOR International segment consisting of the Culinor and Casualfood competence centres, Biotta’s sister company Gesa and Spiess Europe, a platform for the final processing and distribution of Group products, increased its revenues by 15.9% to CHF 159.6 million. This growth rate consisted of a positive acquisition effect of 19.4%, reflecting the second stage of the Casualfood acquisition and its resulting first-time full consolidation from September 2019 as well as Biotta’s German sister company Gesa, which joined the ORIOR family in mid-May 2018, a negative currency effect of –3.7%, and organic revenue growth of 0.2%. Positive factors were the steadfast focus on healthy growth and the International segment’s resulting above-average contribution to Group profitability. Guided by its steady focus on healthy growth, Culinor performed particularly well in its domestic Belgian market and, as already observed during the first half of 2019, it made a substantial contribution to Group profits after factoring out non-recurring items. Business at Spiess Europe also showed a pleasing development. Casualfood, the newest member of ORIOR Group since September 2019, performed well and slightly exceeded expectations. On the commodity front, the International segment experienced a slightly positive effect from the nascent normalisation of crop yields versus the previous year. The net effect of these developments was virtually neutral. Top performers in the International segment were the Belgian market, food service customers and the to-go channel; the Dutch market is in the throes of consolidation and this has created some temporary challenges. Swiss GAAP FER Plus As announced earlier, ORIOR is presenting additional information with the publication of its full-year results for 2019 that is intended to allow investors and analysts to better evaluate ORIOR and its business development. FTEs, revenues by country, and revenues generated with the five largest customers are included in this additional set of information, which can be found in the 2019 annual report. Of particular note in this context is the change in the structure of the largest customers arising from ORIOR Group’s broader positioning and corresponding diversification. The trend towards broader customer segmentation thus continues. &nbsp; ORIOR 2025 strategy ORIOR Group’s Executive Committee has initiated the 2025 strategy process together with the Board of Directors. As was already the case during the development of the ORIOR 2020 strategy, the new strategy will be developed and formulated in an interactive process involving the Board of Directors and key executives from throughout the company. Specialists for specific topics from across the company have also been appointed to the core strategy team. ORIOR’s 2025 strategy will be presented to the public in June 2020. First Sustainability Report based on GRI Standards ORIOR published its first Sustainability Report in accordance with the internationally recognised Global Reporting Initiative GRI together with its first-half results for 2019. This report described the company’s comprehensive sustainability strategy and its related goals up to 2025. Initial measures and initiatives to anchor sustainability more firmly into the company’s operations had already been launched by autumn 2019 and additional resources have been invested to ensure vigorous implementation. The next Sustainability Report will be published in August 2020 together with the first-half results for 2020, to allow any minor changes that might emerge from the strategy 2025 to be integrated into the updated Sustainability Report. Afterwards, from 2021 onwards, we plan to publish the annual Sustainability Report in the first half of the year. Renewed increase in the dividend ORIOR is committed to maintaining a constant and predictable dividend distribution; its dividend has been steadily increased since its IPO in 2010. The Board of Directors will propose another increase in the dividend to CHF 2.32 per share at the Annual General Meeting on 31 March 2020. 50% of the proposed payout will be distributed from retained earnings and 50% from capital contribution reserves. This mix is required after the implementation of the Federal Act on Tax Reform and AHV Financing (STAF/TRAF) on 1 January 2020, which imposes a limitation on the distribution of payouts from tax-exempt capital contribution reserves. Key figures for ORIOR Group – financial year 2019&nbsp;<table><tbody><tr><td>in kCHF</td><td>2019</td><td>∆ in %</td><td>2018</td></tr><tr><td>Net sales</td><td>596 350</td><td>+3.4%</td><td>576 650</td></tr><tr><td>EBITDA</td><td>61 031</td><td>+4.2%</td><td>58 573</td></tr><tr><td>EBITDA as % of net sales</td><td>10.2%</td><td>&nbsp;</td><td>10.2%</td></tr><tr><td>EBIT</td><td>37 322</td><td>+4.9%</td><td>35 578</td></tr><tr><td>EBIT as % of net sales</td><td>6.3%</td><td>&nbsp;</td><td>6.2%</td></tr><tr><td>Profit for the year</td><td>31 494</td><td>–1.0%</td><td>31 819</td></tr><tr><td>Profit for the year as % of net sales</td><td>5.3%</td><td>&nbsp;</td><td>5.5%</td></tr><tr><td>Cash flow from operating activities</td><td>57 093</td><td>+8.3%</td><td>52 717</td></tr><tr><td>Cash Conversion in %</td><td>93.5%</td><td>&nbsp;</td><td>90.0%</td></tr><tr><td>Net debt / EBITDA ratio</td><td>2.47</td><td>&nbsp;</td><td>2.46</td></tr><tr><td>Equity ratio</td><td>21.4%</td><td>&nbsp;</td><td>22.5%</td></tr><tr><td>Dividend per share in CHF</td><td>2.32</td><td>&nbsp;</td><td>2.24</td></tr><tr><td>Stock market capitalisation</td><td>583.3</td><td>&nbsp;</td><td>519.4</td></tr><tr><td>Av. number of employees (FTE)</td><td>2 295</td><td>&nbsp;</td><td>1 630</td></tr></tbody></table> Appointment of Vice Chairman The Board of Directors of ORIOR AG appointed Markus R. Neuhaus, Dr. iur., Vice Chairman of the Board of Directors. Markus R. Neuhaus, Dr. iur., was elected to the Board of Directors of ORIOR AG for the first time at the Annual General Meeting on 11 April 2019 and was appointed Chairman of the Audit Committee at the subsequent constitutive meeting of the Board of Directors. Outlook We expect 2020 to be a good year for ORIOR with every business segment contributing to organic growth. The expanded scope of our operations has enhanced both our stability and our resilience. The general market environment will remain challenging, but our pipeline is full of strong arguments for our products, concepts and services. Meanwhile, we continue to work ceaselessly on developing and refining our human resources as well as our common values and our efficiency within the framework of our Champion Model and other projects. With the goals given in our sustainability strategy we will also be able to create and capture new sales opportunities and / or save costs. In June 2020 we will present our ORIOR 2025 strategy. The third stage of the Casualfood acquisition is planned for the autumn of 2020. The “Smartseller” joint venture first announced in early 2020 will be introduced and gradually perfected at two or three locations, as communicated in that announcement. Another highlight will be the launch of the “Happy Vegi Butcher” brand in retail channels across Switzerland during the first quarter of this year. On the whole we anticipate operating profitability (EBITDA margin) to match the healthy level achieved in 2019. We are confident. It will be a good year for ORIOR. The quantitative and qualitative guidance for the current year given with the interim results for 2019 can be found in the presentation.

ORIOR delivers on expectations and demonstrates good stability thanks to broader operational footprint

The “Smartseller” joint venture brings the core competencies of the two companies together with the aim of creating a novel shopping and consumer experience: integrating the unique grab-and-go outlets and the duty-free and travel-value products into a cohesive concept. The common idea will first be elaborated and then implemented at two or three small and medium-sized locations. The pilot project will be conducted at the Münster Osnabrück Airport (FMO). Multiplication of the concept with scale-up and roll-out at other sites throughout Europe is scheduled for 2021.&nbsp;Raoul Spanger, COO at Gebr. Heinemann, is excited at the prospect of the new formats for small and mid-sized airports: “The Smartseller concept combining our classic duty-free sales outlets with first-class in-store culinary delights will add to the appeal of our sales outlets and boost business.” Daniel Lutz, CEO ORIOR Group, and the two founders and directors of Casualfood Stefan Weber and Michael Weigel, agree that the collaborative venture with a company like Gebr. Heinemann is a relevant step that will unleash new opportunities.&nbsp;The “Smartseller” joint venture will operate as an independent company under the management of Karl Niendorf. Gebr. Heinemann and Casualfood each holding a 50% stake. Regulatory approval of the joint venture is still pending.&nbsp;More about CasualfoodCasualfood is a pioneering operator of small scale food islands at airports with high-quality food to go and snack carts for travellers on the go. True its motto “The taste of travelling”, Casualfood’s core competency is creating and operating mobile and stationary food to-go units within unique and innovative brand worlds in the travel food service business. The casual product range is uncomplicated and handpicked to match the latest food trends for people on the go. Closeness to the consumer and flexible formats mean the cross-concept offerings can be quickly and easily adjusted in response to customer needs and fluctuations in foot traffic.&nbsp;Find out more about Casualfood at: <a href="http://www.casualfood.de/?lang=en">www.casualfood.de</a>&nbsp;More about Gebr. Heinemann SE &amp; Co. KGGebr. Heinemann is one of the top players on the international travel retail market and the leader on the European market. It is the only family-run business among the global players of the travel retail industry. As a distributor, Gebr. Heinemann supplies more than 1 000 customers in over 100 countries. In the retail sector, the company operates more than 340 Heinemann Duty Free &amp; Travel Value shops, fashion label boutiques under license and concept shops at 74 airports in 28 countries, along with shops at border crossings and aboard cruise liners. The company has been designing its Duty Free &amp; Travel Value Shops since 2008 in accordance with an exceptional brand concept. Today, the Heinemann Duty Free brand is present at numerous airports worldwide and operates its biggest Airport Duty Free shop in Sydney.&nbsp;In total, the retail operation now serves more than 40 million customers across more than 160 000 square metres of retail space every year. Gebr. Heinemann has had its headquarters in what is now the HafenCity district of Hamburg since 1879. The company is managed by cousins Claus and Gunnar Heinemann and Gunnar’s son and CEO Max Heinemann, the fourth and fifth generation of the family to run the business hand in hand. Gebr. Heinemann has more than 8 000 employees around the world.&nbsp;&nbsp;Find out more about Gebr. Heinemann at: <a href="https://www.gebr-heinemann.de/en">www.gebr-heinemann.de</a>

Gebr. Heinemann and Casualfood create new opportunities with “Smartseller” joint venture

In March 2019, ORIOR announced that Andreas Lindner had been appointed as the new CFO of ORIOR Group. ORIOR welcomes Andreas on board and is pleased to have recruited a seasoned executive with extensive experience working for traditional Swiss companies of international stature as well as profound financial knowledge and strong strategic thinking skills. Andreas Lindner is assuming responsibility for ORIOR Group’s finances from Bernhard Pfulg, who had held the position of CFO ad interim since mid-December 2018. We greatly appreciate Bernhard Pfulg’s exceptional commitment and highly professional management of the Group’s financial affairs. Bernhard Pfulg will continue to serve as CFO of ORIOR Switzerland, overseeing the financial matters of the Swiss business units, and he will also act as Deputy CFO of ORIOR Group.

Media Release (pdf)

ORIOR welcomes its new CFO

ORIOR, the internationally active Swiss food &amp; beverage group, has increased its interest in Casualfood to 70 %, which further strengthens its broader strategic footprint by adding a new centre of competence specialised in small scale food islands in the fast-growing food service to-go market.&nbsp;In the fall of 2018, ORIOR announced the multi-stage acquisition of Casualfood, beginning with an initial 35 % interest in the company. Having purchased an additional 35 % interest, ORIOR now owns a majority stake and Casualfood has been integrated into the ORIOR International segment as an independent centre of competence. Casualfood will therefore be fully consolidated as of September 2019. The purchase of this additional interest has been financed with internal funds and through existing lines of credit. ORIOR intends to acquire all remaining Casualfood shares in stages by 2022.&nbsp;Casualfood’s two founders and co-CEOs, Stefan Weber and Michael Weigel, are pleased that their successful company is becoming part of the ORIOR family and Weber will take a seat on the Group’s Extended Executive Committee. Daniel Lutz, CEO of ORIOR Group, is also pleased: “Casualfood&nbsp;is a great company. The fine sense for brand worlds and trends is remarkable. Their success is also based on an unconventional, agile and creative way how this team creates new brand worlds with concise stories and their proximity to consumers with a strong focus on small scale food islands.”&nbsp;Further information about Casualfood (links)Details on Casualfood’s business model and core competencies can be found in the <a href="https://orior.ch/en/investor-relations/media-releases/media-releases/news/orior-strenghens-its-food-service-and-european-business/">media release</a> and <a href="https://orior.ch/en/investor-relations/presentations/">presentation</a> dated 4 September 2018. Please visit <a href="http://www.casualfood.de">www.casualfood.de</a> for further information on Casualfood’s brand concepts and history.&nbsp;ContactMilena Mathiuet, Head of Corporate Communications &amp; Investor Relations Telephone +41 44 308 65 13, e-mail: investors@orior.ch&nbsp;Investor Calendar26 February 2020: Publication of full year results and annual report 201931 March 2020: 10th Annual General Meeting19 August 2020: publication half-year results and half-year report 2020

ORIOR raises its interest in Casualfood

ORIOR, the internationally active Swiss food &amp; beverage group, is pleased to present a good set of results for the first-half of 2019. Its enlarged operational footprint with new business models and a steady focus on sustainable margins, cost discipline and continuous process optimisation and productivity gains contributed to the good results. Business in the Groupʼs domestic Swiss market was satisfying despite the challenging environment. The International segment held its revenues at the level reported in the prior-year period and was a strong driver of Group profitability – thanks in particular to Culinor Food Group.&nbsp;ORIOR Group generated revenues of CHF 279.6 million in the first half of 2019, which corresponds to an increase of 2.2% from the prior-year period. The top line was buoyed by an acquisition effect of 4.8% stemming from the acquisition of Biotta in May 2018 and by organic growth at the Refinement and International segments. Currency translation had a negative effect of 0.8% on reported revenues. Furthermore ORIOR terminated a contract in the Convenience segment with insufficient margins that had generated CHF 8.2 million in annual revenues, which led to a 1.8% y-o-y decline in organic revenues for the first-half period.&nbsp;The benefits of the Groupʼs broader strategic positioning are becoming more apparent and making it more resilient. Despite challenging conditions in the Swiss market, high raw material prices and stiff competition, gross profit increased 2.0% to CHF 124.1 million and the gross profit margin was held at the good year-ago level of 44.4%. EBITDA rose 3.7% to CHF 28.4 million and the corresponding margin rose by 16 basis points to 10.2%. Even compared to adjusted EBITDA for the first half of 2018 (CHF 27.9 million), which excludes the one-time costs related to the Biotta acquisition in May 2018, absolute EBITDA for the first half 2019 was still higher y-o-y and the corresponding margin was held at the year-ago level. Operating profit (EBIT) amounted to CHF 17.4 million, an increase of 7.1% from the prior-year period. This growth reflects the operating performance and the end of amortisation periods of intangibles. Net profit rose 7.4% to CHF 14.0 million and the net profit margin widened 24 basis points to 5.0%. Net profit was impacted by positive non-recurring income tax effects as well as higher interest expense and unfavourable exchange-rate movements.&nbsp;Operating cash flow for the period amounted to CHF 20.8 million, which does not quite reach the figure reported for the prior-year period of CHF 21.3 million. The cash conversion ratio was a good 73.3%.&nbsp;ORIOR Convenience segmentThe ORIOR Convenience segment with the Fredag, Le Patron, Pastinella and Biotta competence centres was unable to achieve organic growth despite a steady stream of new products and investments in sales and marketing teams. The main reason for this lack of organic growth is ORIOR’s decision to terminate a contract with an annual revenue volume of CHF 8.2 million in favour of a healthier level of profitability.&nbsp;Segment revenues rose by 5.2% to CHF 99.0 million. Reported revenue growth reflects an acquisition effect of 10.3% and a 5.1% decline in organic revenues. Biotta, which joined ORIOR Group in mid-May 2018, performed well thanks to revised branding strategies, a methodical prioritisation process, a clear focus on costs and investments in marketing and operations. Overall segment performance was diminished by the aforementioned decision to terminate the low-margin contract; approximately half of the total revenues lost from this contract were reflected in the revenues reported for the first-half. That decision, a weak Easter season and high poultry prices led to the decline in organic growth. These negative factors aside, the Convenience segment launched great innovations and continued to grow and strengthen its customer base.&nbsp;On the sourcing front, high poultry prices and domestic supply constraints are the main challenges. Competition and general market conditions remain demanding, which to some extent is attributable to efforts by retailers and wholesale distributors to streamline their product offerings and scale back their sales promotion activity.&nbsp;Innovation highlights: Pastinella, the Group’s pasta competence centre, was very pleasing. Long-established product lines as well as a new "Signature Suisse" line of pasta products inspired by traditional Swiss recipes featuring regional ingredients contributed to this pleasing development. Fredag launched an innovative range of snacks under the "myEnergy" brand, such as veggie balls with a curry sauce and chicken balls with a sweet &amp; sour dip. Biotta’s convinced with innovations like the organic cold brew iced tea within the "Vivitz" brand family. Cold brewed in a gentle process for 12 hours, this refreshing beverage has a wonderfully smooth black tea flavour but without any bitterness.&nbsp;ORIOR Refinement segmentThe ORIOR Refinement segment with the Rapelli, Albert Spiess and Möfag competence centres performed well during the first half of 2019 and generated revenues of CHF 127.2 million compared to CHF 125.9 million from the prior-year period, which corresponds to an organic growth rate of 1.1%. This revenue growth was driven by the pleasing development of existing and new customers, the good performance of branded products – especially "Rapelli", "Ticinella" and "myEnergy" – and by price markups in response to high raw material prices. The market and the general business environment remained difficult. Stiff competition and the changes retail customers are making to their sales promotion activities and product offerings are likewise important issues for the Refinement segment.&nbsp;Meat procurement operations remain challenging because of high price volatility and availabilities. Although ORIOR was not and is not directly affected by price markups in the wake of recent outbreaks of swine fever, the prices it is paying for pork meat in its domestic market are very high – this can be traced to Switzerlandʼs new animal husbandry regulations that came into effect in 2018. A slight reduction in pork prices is expected at the earliest in the autumn of 2019. Beef prices remained high, largely because of insufficient availabilities.&nbsp;Innovation highlights: In early May Rapelli opened its first shop-in-shop in Zurich – a scaled-down version of its Bottega Rapelli – to the delight of all shoppers who appreciate premium deli charcuterie specialities. The charming and authentic bottega atmosphere and freshly prepared specialities offer aficionados a completely new shopping experience. Shortly after opening this mini-bottega, Rapelli was able to install further bottega displays at numerous other points of sale. The "myEnergy" brand added another chapter to its success story. Its brand profile was enlarged with new products created by Albert Spiess as well as in collaboration with other competence centres, namely the veggie balls from Fredag. Albert Spiess also launched a new line of products that embody the magnificent mountains of the Grisons Alps, such as spicy salsiz sausages with chili cultivated by Swiss mountain farmers. Möfag launched a variety of successful new bacon and ham products under its Fürstenländer Specialities brand and expanded into new sales channels.&nbsp;ORIOR International segmentThe ORIOR International segment consisting of the competence centre Culinor Food Group, the export business from Switzerland to neighbouring countries, and Biotta’s subsidiary Gesa, generated first-half revenues of CHF 67.3 million compared to CHF 65.5 million in the prior-year period. Reported revenue growth reflected organic growth of 0.1%, a highly negative currency translation effect of 3.4% and an acquisition-led effect of 6.1% from the takeover of Gesa in May 2018. Thanks to innovation and steady efforts to improve efficiency, lower costs and optimise organisational structures, the International segment – Culinor Food Group in particular – was a key driver of Group profitability. Attention is drawn to the impressive and highly flexible flow of innovation at Culinor, Albert Spiess’ Bündnerfleisch exports to France, which have been on a positive trend thanks in part to the French economyʼs stabilisation over the past several years, and to the Biotta subsidiary Gesa, which increased its revenues. Gesa was thoroughly restructured during the first half of 2019, both structurally and organisationally, and an initial payback in terms of higher revenues and efficiency was seen during the first half.&nbsp;The market environment for the International segment is also very competitive and prices have been under pressure. On the sourcing front, positive and negative effects were fairly evenly balanced in the first half of the year.&nbsp;Innovation highlights: Culinor continued to launch trendy fresh ready-meal products, enlarging its line of ready meal options in collaboration with Pascale Naessens, Belgiumʼs popular proponent of healthy food, introducing entirely new concepts such as fresh fajitas and a new range of fully-prepared meals under the "Le Patron" brand for the Belgian market. Another Culinor success story is its "Pan for One" product, a combination of pre-cooked and fresh ingredients that can be conveniently prepared in a pan and is ready to eat within minutes.&nbsp;ORIOR 2025 StrategyThe ORIOR 2020 Strategy launched in the fall of 2015 has produced the desired results. Management has now initiated the strategy formulation process for the ORIOR 2025 Strategy, which will be unveiled at an investor day in the spring of 2020. The core elements of the current ORIOR strategy – "House of innovation", "Brand strengthening and expansion", "Agility and cost efficiency", "The ORIOR Responsibility" and "We are ORIOR" – will also be part of the 2025 Strategy as will the overriding aim of steady value creation to the benefit of all stakeholders.&nbsp;The ORIOR Responsibility: ORIORʼs first Sustainability Report publishedAt the end of 2017, ORIOR management decided to publish a sustainability report based on the internationally recognised Global Reporting Initiative GRI. With the release of its interim results for 2019, ORIOR publishes its first sustainability report in accordance with the GRI Standards: a significant and important step forward in the name of sustainability. Many projects are now underway in the designated priority areas of activity and they will help ORIOR to achieve its sustainability goals.&nbsp;New guidance as of FY 2019The Group’s larger operational footprint has made it more resilient and with that in mind management intends to significantly broaden the guidance it provides, beginning with the publication of annual results for 2019. A quantitative target range will be given for Group revenues, EBITDA, tax rate and capex. Expected and actual developments regarding certain Group and segment topics of relevance will be described within the scope of qualitative guidance. These fixed topics will be addressed from a forward-looking and a retrospective standpoint as part of our reporting process (see notice regarding Swiss GAAP FER Plus). They will tentatively include the general market and business environment, raw materials, exchange rate developments, the companyʼs key drivers such as product lines, innovation, new product launches, major projects, initiatives and measures, and major challenges.&nbsp;Swiss GAAP FER Plus from FY 2019An additional set of information will be reported beginning with the results for fiscal 2019: FTEs, revenues by country and revenues generated with the four largest customers. As mentioned above, information regarding certain fixed topics at Group and segment level will also be given.　Key figures for ORIOR Group – first half 2019&nbsp;<table><tbody><tr><td>in CHF thousand</td><td>Jan – Jun 2019</td><td>∆ in %</td><td>Jan – Jun 2018¹,²</td></tr><tr><td>Revenues</td><td>279’640</td><td>+2.2 %</td><td>273’742</td></tr><tr><td>EBITDA</td><td>28’419</td><td>+3.7 %</td><td>27’393</td></tr><tr><td>EBITDA in % of revenues</td><td>10.2 %</td><td>&nbsp;</td><td>10.0 %</td></tr><tr><td>Adj. EBITDA</td><td>28’419</td><td>+1.8 %</td><td>27’918</td></tr><tr><td>Adj. EBITDA in % of revenues</td><td>10.2 %</td><td>&nbsp;</td><td>10.2 %</td></tr><tr><td>EBIT</td><td>17’423</td><td>+7.1 %</td><td>16’265</td></tr><tr><td>EBIT in % of revenues</td><td>6.2 %</td><td>&nbsp;</td><td>5.9 %</td></tr><tr><td>Profit for the period</td><td>13’967</td><td>+7.4 %</td><td>13’008</td></tr><tr><td>Profit for the period in % of revenues</td><td>5.0 %</td><td>&nbsp;</td><td>4.8 %</td></tr><tr><td>Operating cash flow</td><td>20’827</td><td>&nbsp;</td><td>21’327</td></tr><tr><td>Cash conversion in %</td><td>73.3 %</td><td>&nbsp;</td><td>77.9 %</td></tr><tr><td>Net debt / EBITDA ratio</td><td>2.45x</td><td>&nbsp;</td><td>2.30x</td></tr></tbody></table>　1 Restated prior year figures due to change from IFRS to Swiss GAAP FER (see note 2, half-year report 2019).2 Restatement (see note 2, half-year report 2019).&nbsp;　OutlookWe expect for the second half of the year strong innovative new products, continued good brand sales and the purchase of an additional 35% stake in Casualfood. We intend to complete the second stage of the Casualfood acquisition in September 2019, after which Casualfood will be fully consolidated by ORIOR Group within the International segment.&nbsp;In the Swiss business, we expect the general market environment and the raw materials procurement situation to remain challenging. Our decision to withdraw from a contract in the Convenience segment that accounted for CHF 8.2 million in revenues will continue to have a negative impact on organic revenue growth in the second half. However, that decision along with the launch of many new products, further portfolio optimisation and a steadfast focus on margins, costs and efficiency will lead to a slight improvement in profitability. Moreover, all centres of competence in the Swiss market are expected to show a strong performance in terms of innovation and new product launches.&nbsp;ORIOR International segment should deliver a positive performance, fuelled by its business with existing and new customers and its full innovation pipeline. Moreover, we will follow through with the second purchase of an interest in Casualfood and integrate the company as an independent competence centre, which will create new opportunities for the entire Group. The market and the general operating environment are likely to remain more or less unchanged.&nbsp;In summary, we are confident the second half of the year will be a good one. We expect negative organic growth of 1 to 2% due to the aforementioned effect mentioned above. However, we will also be making great strides towards future growth, examples of which are the full consolidation of Casualfood, innovative new veggie products and ready-made meals, novel snack products and the relaunch of the "Albert Spiess" brand. High raw materials prices – especially for meat and poultry – and a most likely negative currency translation effect are expected to pressure profit margins. Nevertheless, thanks to the Groupʼs enlarged portfolio of activities and steady focus on healthy margins, operating profitability should be held at the healthy level achieved in the previous year.

A good first-half 2019 for ORIOR

Swiss pork is not affected by the compensation purchases from China and thus by the price increase in Europe due to increasing demand. ORIOR almost exclusively uses Swiss pork for its pork specialities (salami, raw ham, salsiz, etc.). The price of pork in Switzerland continues to be considerably higher than in other European countries, which makes export to China of the meat cuts that are of significance to ORIOR highly unlikely. Accordingly, the impact of swine fever on ORIOR is currently very low. For the first half of 2019, ORIOR expects a healthy growth in both the gross margin and EBITDA (absolute and as a percentage), with a slight improvement compared to the same period in the previous year and further potential for the second half of 2019, too. This outlook is supported on the one hand by our strategically direction-setting positioning with broad diversification, including new business models and product categories, and on the other by our consistent focus on sustainable margins. Revenues will increase in absolute terms, whereby due to our commitment to sustainable margins, business dealings in Switzerland that have become unprofitable will be discontinued and a marginal decline in organic growth of 1–2% will be taken into account.

Statement by ORIOR

ORIOR AG held its 9th Annual General Meeting as a listed company in Dübendorf today. The 605 shareholders who attended the meeting represented 4,133,733 of the voting rights or 63.43% of the outstanding share capital consisting of 6,517,499 shares.&nbsp;All of the Board of Directors’ proposals were passed by the Annual General Meeting. The annual report, the annual accounts and the consolidated financial statements for 2018 were approved, as was the eighth consecutive increase in the dividend. The ordinary dividend payment of CHF 2.24 per registered share (previous year: CHF 2.17) will be paid on or around 17 April 2019.&nbsp;Shareholders subsequently elected the following previously serving Board members for another one-year term of office: Rolf U. Sutter as Chairman, Walter Lüthi and Monika Walser. Dr. iur.&nbsp;Markus R. Neuhaus, Monika Schüpbach and Markus Voegeli were elected to the Board of Directors as new members. Monika Walser, Rolf U. Sutter and Walter Lüthi were elected to the Compensation Committee. The Board of Directors appointed Monika Walser as chair of the Compensation Committee.&nbsp;Ernst &amp; Young AG, Basel, was confirmed as auditor for the 2019 financial year and attorney-at-law René Schwarzenbach, Proxy Voting Services GmbH, was elected to serve as independent proxy until the conclusion of the next Annual General Meeting in 2020. Moreover, all proposals regarding compensation of the members of the Board of Directors and the Executive Committee were approved.　ContactMilena Mathiuet, Head of Corporate Communications &amp; Investor Relations Phone: +41 44 308 65 13, e-mail: investors@orior.ch&nbsp;Investor Calendar19 August 2019: publication half year results and half year report 201931 March 2020: Annual General Meeting ORIOR AG

Shareholders approve all proposals of the Board of Directors

The Board of Directors of ORIOR AG has named Andreas Lindner the new CFO and a member of the Executive Committee of the ORIOR Group.&nbsp;Andreas Lindner (1965) is Swiss and currently serves as CFO and a member of the Executive Board of the Ricola Group in Laufen (Basel). Andreas Lindner&nbsp;holds a degree in economics from the University of Basel and began his professional career at the pharmaceuticals company Roche, where he held various finance-related positions in Basel, Buenos Aires and Montevideo. Before joining Ricola in 2008, he had previously also served as CFO of Mövenpick Fine Foods Division and as CFO of AO Foundation / Synthes Technology AG. His thorough and sound financial knowledge, his strategic skills and many years of experience as CFO of internationally operating Swiss companies with long and rich tradition are quite exceptional.&nbsp;Andreas Lindner will assume the CFO position of ORIOR in October 2019. Until then, Bernhard Pfulg will continue to lead ORIOR Group's finances on an ad interim basis.&nbsp;The Board of Directors and the Executive Committee thank Bernhard Pfulg for his strong dedication and for the continuity and high level of professionalism that have distinguished his ad interim leadership of the Group's finance department. At the same time, the ORIOR team is pleased to have found in Andreas Lindner a strong personality with a proven track record for this demanding position.　ContactMilena Mathiuet, Head of Corporate Communications &amp; Investor Relations Phone: +41 44 308 65 13, e-mail: investors@orior.ch&nbsp;Investor Calendar11 April 2019: Annual General Meeting ORIOR AG19 August 2019: publication half year results and half year report 2019

Change in ORIOR AG’s Executive Committee

The <a href="https://orior.ch/en/investor-relations/annual-general-meeting/">invitation to the Annual General Meeting of ORIOR AG</a> is now available on the website. It includes short resumes of the nominees for the Board of Directors and further information on the proposals related to board compensation.

Annual General Meeting

Strategically and operationally successful year 2018&nbsp;The internationally active Swiss food and beverage group ORIOR presents an operationally successful and strategically direction-setting 2018. Its good operating performance was well supported by all segments. ORIOR has optimally positioned itself for the future with its acquisition of Biotta, a pioneering Swiss organic juice producer, and the purchase of an initial interest in Casualfood, a pioneer in the small-format, food service to-go market for travellers.&nbsp;ORIOR Group generated revenues of CHF 576.7 million in the reporting period, which corresponds to an increase of 6.9% from the previous year. Factoring out the effect of the Biotta acquisition (+3.9%) and the positive currency translation effect of 0.9%, organic sales growth amounted to 2.1%. The Group’s broadly based growth was supported by every segment: thanks to efforts on the core strategic pillars – innovation in particular – and the shared progress made in implementing various initiatives, action plans and concepts by the intradisciplinary ORIOR Champion Groups. Particular attention is drawn to the pleasing developments in the retail and food service channels as well as to the Convenience segment’s exceptionally good performance. Negative impacts from the volatile raw materials situation, where prices for beef and poultry were unusually high, and from the low yields in fruit and vegetables and unrelenting high pricing and competitive pressure were not completely offset by the above positive developments. The gross profit margin receded 53 basis points to 44.0%. EBITDA rose by 4.9% to CHF 58.6 million (previous year CHF 55.8 million) thanks to cost discipline, portfolio management and improved productivity and sustainability metrics, resulting in an EBITDA margin of 10.2%. Factoring out acquisition-related and extraordinary items, the EBITDA margin stood at 10.3%, nearly unchanged from the prior-year level of 10.4%. EBIT rose by 15.5% year-on-year to CHF 35.6 million, fuelled in particular by a good operating performance and the amortisation of intangibles related to past acquisitions. Net profit increased from CHF 25.3 million in the previous year to CHF 31.8 million. Besides the aforementioned positive EBIT effects, this net profit growth was primarily driven by optimised financing structures, favourable exchange-rate impacts and positive non-recurring income tax effects.&nbsp;Operating cash flow for the period under review amounted to CHF 52.7 million compared to CHF 55.7 million in the previous year. This change is largely due to the seasonality of Biotta’s business with inventories peaking at year-end for harvest-related reasons and to the higher cost of inventory items at the Refinement segment. Cash conversion stood at 90.0%. ORIOR Convenience segmentThe ORIOR Convenience segment with the Fredag, Le Patron, Pastinella and Biotta centres of competence performed well during the year under review and delivered a 14.1% increase in revenues to CHF 205.7 million. A primary driver of this growth was on the one hand the acquisitive growth of 8.5% related to the consolidation of Biotta, a specialist producer of wholesome organic vegetable and fruit juices, as of mid-May 2018. On the other hand, the existing competence centres generated very good organic growth of 5.6%. Attention here is drawn to the pleasing food service business as well as to product and concept innovations – first and foremost regional products, vegetarian specialities and fresh al dente pasta. The gross margin edged slightly lower primarily because of the rising costs of raw materials. A hot and dry summer reduced yields in vegetables and fruits and the growing demand for poultry going back numerous years led to an increase in these procurement costs that we could not pass through to customers.&nbsp;ORIOR Refinement segmentThe ORIOR Refinement segment with the Rapelli, Albert Spiess and Möfag competence centres delivered a good performance – considering the volatile meat prices – with revenues coming in at CHF 255.0 million. Compared to the CHF 251.5 million in revenues from the previous year, this corresponds to organic growth of 1.4%. This good performance was supported by almost every sales channel and both the food service and retail channels reported year-on-year growth. The impressive growth of new products, for example "myEnergy" branded snack products, ranked among the segment’s highlights for the year. Sales of its traditional branded products continued to grow as well, led by "Ticinella’s" strong momentum over the year. Attention is also drawn to the positive developments with organic products and specialities such as Bündnerfleisch carpaccio and with ham and bacon creations. Challenging conditions on the raw materials front were particularly evident in the Refinement segment and weighed on its profitability, which retreated in all three of the segment’s units. Volatile and high prices for pork and beef, market consolidation and intense competition leading to pressure on selling prices were the main reasons for the reduced profitability.&nbsp;ORIOR International segmentThe ORIOR International segment includes the centre of competence Culinor, the Biotta subsidiary Gesa and the Swiss export activities targeting neighbouring countries, generated revenues of CHF 137.7 million, which corresponds to an increase of 10.4% from the previous year. The two main drivers of this growth were Biotta’s German subsidiary Gesa, which joined the ORIOR family in mid-May 2018 and lifted segment revenues by 4.8%, and a positive currency translation effect of 3.9%. The International segment achieved organic growth of 1.6% despite stiff competition and pressure on prices. Disciplined efforts to optimise the portfolio mix by focusing on products with sustainable margins and the launch of appealing innovations such as the "PURE" convenience line in Belgium contributed to the good sales trends and fully offset the announced withdrawal from a substantial but low-margin mashed potato contract. The hot, dry summer was challenging as it diminished crops and yields in vegetables used to produce juice in Germany, which had a negative impact on the gross profit margin.&nbsp;Direction-setting strategic move by the GroupIn mid-May 2018 ORIOR acquired Biotta, a pioneering Swiss producer of organic beverages, a move that gave it a presence in the growing premium niche of organic beverages while strengthening its international business and diversifying its overall product, market and customer portfolios. ORIOR increased its share capital by nearly 10% in March 2018 to finance part of this acquisition, utilising the existing authorised share capital. In the fall ORIOR successfully realised its long-planned entry into the very dynamic food service to-go market by acquiring an initial 35% interest in Casualfood and moved another step closer to consumers.Casualfood is a pioneer for small-format food outlets – primarily at airports in Germany, where it operates fresh food islands and snackmobiles under its own brand concepts for travellers – and thus enhances the existing innovation skills and food service competence of the entire ORIOR Group. It is planned to acquire a majority interest in the fall of 2019, after which Casualfood will be fully consolidated. The Board of Directors and the Executive Committee have decided that after ORIOR acquires a majority interest in Casualfood, it will not be represented on ORIOR’s Executive Committee as initially planned but rather on the new Extended Executive Committee, which was formed on 1 January 2019.&nbsp;New management structureManagement structures were strengthened throughout the growing organisation; the current Executive Committee (former Management Board) has been supported by a new executive body – the Extended Executive Committee – since 1 January 2019, primarily to strengthen the further strategic development of the entire Group. The established Swiss Management Committee (former Extended Management Team) will continue to ensure the successful development of the Swiss business. The intradisciplinary ORIOR Champion Model will play a key role here.&nbsp;Transition to Swiss GAAP FERThe company switched its accounting standards from IFRS to Swiss GAAP FER as of 31 December 2018. The most significant changes concern the reporting of pension-fund liabilities and the treatment of intangible assets and goodwill. The reasons for switching to Swiss GAAP FER are the increasing complexity of IFRS and the significant additional administrative burden and costs associated with IFRS. ORIOR’s firm commitment to financial reporting transparency in accord with the principle of "true and fair" has not changed with this decision.&nbsp;Renewed increase in the dividendORIOR is committed to maintaining a constant and predictable dividend distribution; its dividend has been steadily increased since its IPO in 2010. The Board of Directors will propose another increase in the dividend to CHF 2.24 per share at the Annual General Meeting on 11 April 2019. The dividend will be paid out from capital contribution reserves and is therefore exempt from withholding tax.&nbsp;Key figures for ORIOR Group – financial year 2018&nbsp;<table><tbody><tr><td>in CHF thousand</td><td>2018</td><td>∆ in %</td><td>2017¹Restated²</td></tr><tr><td>Revenues</td><td>576’650</td><td>+6.9%</td><td>539’394</td></tr><tr><td>EBITDA</td><td>58’573</td><td>+4.9%</td><td>55’838</td></tr><tr><td>in % of revenues</td><td>10.2%</td><td>&nbsp;</td><td>10.4%</td></tr><tr><td>Adj. EBITDA</td><td>59’325</td><td>+6.2%</td><td>55’838</td></tr><tr><td>Adj. EBITDA in % of revenues</td><td>10.3%</td><td>&nbsp;</td><td>10.4%</td></tr><tr><td>EBIT</td><td>35’578</td><td>+15.5%</td><td>30’812</td></tr><tr><td>in % of revenues</td><td>6.2%</td><td>&nbsp;</td><td>5.7%</td></tr><tr><td>Profit for the year</td><td>31’819</td><td>+25.8%</td><td>25’285</td></tr><tr><td>in % of revenues</td><td>5.5%</td><td>&nbsp;</td><td>4.7%</td></tr><tr><td>Operating cash flow</td><td>52’717</td><td>−5.3%</td><td>55’676</td></tr><tr><td>Cash conversion in %</td><td>90.0%</td><td>&nbsp;</td><td>99.7%</td></tr><tr><td>Dividend per share in CHF</td><td>2.24</td><td>&nbsp;</td><td>2.17</td></tr><tr><td>Market capitalisation as per year-end</td><td>519.4</td><td>&nbsp;</td><td>457.1</td></tr></tbody></table>　1 Restated prior year figures due to change from IFRS to Swiss GAAP FER.2 Restatement.&nbsp;Change in the Board of DirectorsDominik Sauter, a member of the Board of Directors of ORIOR AG, will not be standing for re-election. As the representative of EGS Beteiligungen AG, he helped guide ORIOR past many milestones during his six years of service on the Board of Directors. The Board of Directors will propose the election of entrepreneur Monika Schüpbach as a new director at the Annual General Meeting on 11 April 2019. The Board of Directors will also propose the election of Markus Voegeli, an internationally experienced CEO, CFO and entrepreneur, to fill the seat vacated in June of 2018 when Josef Ming resigned.&nbsp;As announced in October 2018, Prof. Dr. Edgar Fluri, Vice Chairman of the Board of Directors, will not be standing for re-election after nine years of service to ORIOR. We are deeply grateful to Mr. Fluri for his many years of valuable service on the board, including as Vice Chairman of the Board and as Chairman of the Audit Committee. The Board of Directors has nominated financial expert Dr. iur. Markus R. Neuhaus as his successor. ORIOR plans to name Mr. Neuhaus the Chairman of the Audit Committee.&nbsp;OutlookGeneral conditions remain very challenging. We expect renewed volatility in raw material prices in the current year and unrelenting fierce competition that will keep prices under pressure. We will continue to steadfastly develop and implement initiatives and measures under the ORIOR 2020 strategy during 2019. We will also further strengthen our brands and maintain our focus on innovation and new product concepts and services. Group-wide projects that enhance our agility and improve our productivity and efficiency will be pursued as well. The ongoing development of the Biotta group and the expected second stage of the acquisition of Casualfood will create additional, novel business opportunities. In summary, we are confident that we can create further sustainable value for our stakeholders in 2019.

ORIOR looks back on an operationally successful and strategically direction-setting year

Ricarda Demarmels, CFO of ORIOR Group and a member of the Executive Committee, has decided to step down from her role at the end of May 2019 to pursue a new challenge. During her time at ORIOR Ricarda Demarmels was jointly responsible for formulating and executing the 2020 strategy and she played a key role in planning and advancing ORIOR’s general development and internationalization. The Board of Directors and the Executive Committee regret Ricarda Demarmels’ decision and thank her for her valuable service and wish her all the best in her future endeavours, both personal and professional. Ricarda Demarmels will go on maternity leave in a few weeks.&nbsp;The position of Group CFO will be assumed ad interim by Bernhard Pfulg, Financial Officer and COO of the ORIOR Convenience Segment and a member of the Extended Management Team, effective mid-December 2018. In this function he will also assume a seat on the Extended Executive Committee of ORIOR Group. Bernhard Pfulg will ensure continuity in the performance of the duties of CFO thanks to his many years of service to ORIOR in various key roles and to his vast experience as a financial specialist. Bernhard Pfulg will be supported by the Group’s broad team of well-qualified financial experts.

ORIOR was notified that UBS Fund Management (Switzerland) AG has exceeded the 10% voting rights threshold. Its shareholding of 8.86% as notified in July 2018 has increased to 10.51%. According to the disclosure notification, the trigger was the RoPAS (CH) Institutional Fund – Equities Switzerland, which is under the administration of UBS Fund Management (Switzerland) AG, and now holds 6.29% of ORIOR’s shares.

Major shareholder

ORIOR’s shareholder base has grown with the addition of new institutional investors who participated in an accelerated bookbuilding that was completed yesterday evening. The selling shareholder was EGS Beteiligungen AG, which decided to sell its position in ORIOR for strategic reasons after a recent periodic review of its asset allocation. After completion of the institutional placement, ORIOR was informed that all shares held by EGS Beteiligungen AG have been successfully placed in the market; this therefore raises the free float of ORIOR shares.&nbsp;Rolf U. Sutter, Chairman of the Board of Directors, expresses his gratitude to EGS Beteiligungen AG on behalf of everyone at ORIOR: “EGS Beteiligungen AG has consistently and professionally followed ORIOR’s development since 2012 and supported many of the strategic milestones ORIOR has achieved during this time.” Dominik Sauter, CEO of EGS Beteiligungen AG, likewise appreciated the fruitful relationship: “We are grateful and proud that we were able to be part of the remarkable and successful journey that ORIOR Group has taken over the past few years.”

ORIOR welcomes new shareholders

Change in the Board of DirectorsAs planned, Prof. Dr. Edgar Fluri, Vice Chairman of the Board of Directors of ORIOR AG, is not standing for re-election at the upcoming Annual General Meeting on 11 April 2019. Mr. Fluri supported ORIOR to achieve key milestones during his more than&nbsp;eight years of service with ORIOR as a director, Chairman of the Audit Committee and during the past&nbsp;two years as Vice Chairman of the Board of Directors. We are deeply grateful to him for his many years of valuable service and guidance.&nbsp;The Board of Directors of ORIOR AG decided at today's Meeting to propose the election of Dr. iur. Markus R. Neuhaus as new member of the Board of Directors to the Annual General Meeting on 11 April 2019, with effect from 1 July 2019. Mr. Neuhaus will step down from his current role as Chairman of the Board of Directors of PwC Switzerland and a member of the Supervisory Board of PwC Europe in the end of June 2019. His impressive professional career began in 1985, when he joined PwC Switzerland as a tax law specialist. Seven years later, Mr. Neuhaus was promoted to partner and subsequently held various positions at PwC Switzerland and PwC Global: for nine years he served as CEO of PwC Switzerland, responsible for managing all operations within the country; he was the head at PwC Continental Europe and held seats on the PwC Global Board, the PwC Global Leadership Team and the PwC Office of the Global Chairman. His profound finance and accounting knowledge, his many years of executive experience and his extensive strategic track record are truly exceptional. ORIOR plans to designate Mr. Neuhaus Chairman of the Audit Committee.&nbsp;Executive structure strengthened&nbsp;Group CEO Daniel Lutz is strengthening ORIOR’s management structure in response to its growing business. The current Executive Committee (former Management Board) will be supported by a new executive body – the Extended Executive Committee – as of 1 January 2019 to strengthen the further strategic development of the entire Group. Its new members are Max Dreussi, Head of Fredag, Glauco Martinetti, Head of Rapelli, and Milena Mathiuet, Head of Corporate Communications &amp; Investor Relations. The established Swiss Leadership Team (former Extended Management Team) will remain in place to ensure the successful operational development of the Swiss business. One of its critical tasks is managing and actively developing the ORIOR Champion Model, by which intradisciplinary collaboration and knowledge transfer among the various centres of competence are promoted and specific goals and action plans formulated to ensure sustained value creation.

Change in the Board of Directors and strengthened management structure

ORIOR is acquiring a 35% interest in Casualfood, giving it a strong foothold in a highly specialized niche of the fast-growing food service to-go market. Casualfood is a creative company with proprietary brand concepts that pioneered the introduction of small scale food islands and mobile carts offering fresh prepared quality food to-go for travellers. With this acquisition, ORIOR is realizing its long-envisioned strategic expansion into the highly dynamic food service to-go market in the fresh convenience segment and connecting directly with consumers. Casualfood strengthens ORIOR Group's food service competencies and innovation power and creates new business opportunities.&nbsp;True to its motto “The taste of travelling”, Casualfood’s core competency revolves around the customized, location-specific establishment and operation of mobile and stationary grab-and-go food islands with proprietary, innovative brand concepts targeting the travel gastronomy market. Casualfood’s offering is uncomplicated and optimally aligned with the latest food trends among travellers on the go: freshly prepared, quality specialties ranging from trendy sandwiches and salads to muesli, smoothies and much more. Being so close to the consumer with a flexible setup allows the multi-concept product offering at individual sites to be quickly and flexibly adapted to fluctuations in foot traffic and consumer needs to suit different requirements. With this unique and pioneering business model, which&nbsp;was honored with the Hamburg Foodservice Award, Casualfood has positioned itself in the middle of the “mobility” mega trend as well as the “Convenience 3.0”, “Out of Home” and “Snacking” food trends.&nbsp;Founded thirteen years ago, Casualfood generates annual revenues of about € 52 million, primarily in its domestic German market, with more than 700 employees and operates 58 food islands, mostly at airports. Casualfood has steadily increased the number of new locations and there is still further growth potential in Germany. Additionally new locations have also been successfully established outside the company’s domestic market, for example at Slovenia’s Ljubljana Airport in 2016.&nbsp;Under the terms of the share purchase agreement, ORIOR’s interest in Casualfood will be increased in several stages to 100% over the next few years. ORIOR Group will hold a majority interest in Casualfood and fully consolidate its participation from autumn 2019 onwards. The acquisition will be financed with freely available cash and existing lines of credit.&nbsp;Casualfood will operate as an independent centre of competence within the ORIOR International segment. Its two founders Stefan Weber and Michael Weigel will stay on with the company as shareholders and managing directors. This strategically important new business unit will also be represented in ORIOR Group’s top-level management (Management Board) once a controlling interest has been acquired.&nbsp;CEO Daniel Lutz touts the excellent fit with ORIOR’s strategic focus and the Group’s optimal positioning for the future: “This acquisition brings us in direct contact with the consumer. That gives us exceptional opportunities to detect and latch on food trends with far more speed and agility than before and then funnel that knowledge into new brand and product concepts. At the same time Casualfood strengthens our competencies in the food service business, expands our presence on the European continent and enhances our innovation power. Casualfood’s management team is also a perfect match for ORIOR, given its pioneering spirit, its unconventional hands-on philosophy and profound entrepreneurial mindset.”

ORIOR strenghens its food service and European business

ORIOR, the internationally active Swiss food and beverage Group that combines craftsmanship with a pioneering spirit underpinned by entrepreneurship and strong values, achieved good results in the first half of 2018. The ORIOR 2020 strategy is clearly gaining traction and progress is being made towards all the given goals.&nbsp;ORIOR Group generated revenues of CHF 273.7 million during the first half of 2018, up from CHF 259.1 million in the first half of the previous year. This revenue growth of 5.6% stemmed from good organic growth of 2.1%, acquisition-led growth of 1.6% and a positive currency effect of 2.0%. The good organic growth rate was fuelled by numerous initiatives and a steady focus on innovation, brands and customer relationship management. EBITDA receded to CHF 27.2 million from CHF 27.7 million in the first half of 2017, which is attributed to acquisition-related transaction and extraordinary costs; excluding these non-recurring costs, EBITDA rose by 3.7% year-on-year to CHF 28.7 million and the EBITDA margin declined slightly by 19 basis points to 10.5%. This primarily reflects the gross profit margin, which was impacted during the period under review by high meat prices, higher commodity and packaging materials costs, and the weakening of the Swiss franc. A strict focus on efficiency gains made a positive contribution to operating performance. Adjusted net profit for the period rose by 3.2% year-on-year to CHF 15.3 million and the corresponding profit margin declined slightly by 13 basis points.&nbsp;The strategically important acquisition of Biotta is part of the Convenience and International segments for reporting purposes. The related acquisition costs are therefore also allocated to these two segments.&nbsp;&nbsp;The new shares issued in early March to finance part of the Biotta acquisition, equivalent to nearly 10% of total share capital, were successfully absorbed by the market.&nbsp;The mandatory adoption of the new IFRS 15 standard regarding the recognition of revenue led to a reduction in recognised revenue of CHF 22.8 million for the period under review and a concurrent reduction in cost of goods and materials. Neither adjustment had an impact on net profit, the consolidated balance sheet or the cash flow statement. The figures for the prior-year period were accordingly restated with CHF 22.2 million.&nbsp;ORIOR SwitzerlandThe challenging environment in Switzerland, especially in the retail sector, is slowly stabilising. Minor ongoing consolidation in the market and persisting intense competitive pressure were offset by strong innovation and positive brand as well as customer relationship developments. This led to a good, broadly based growth.&nbsp;The ORIOR Convenience segment performed very well during the period under review. It reported strong revenues of 94.1 million, up 9.2% from CHF 86.2 million in the prior-year period. This growth reflects high organic growth of 5.7% and an acquisition effect of 3.6%. Innovative new ultra-fresh meals and meal components, vegetarian specialities and positive customer relationship trends were the primary drivers of this good performance. Segment EBITDA was impacted by the allocation of transaction and extraordinary costs. Adjusted EBITDA rose from CHF 12.1 million in the first half of 2017 to CHF 13.4 million in the period under review and the corresponding margin improved by 23 basis points.&nbsp;&nbsp;&nbsp;The ORIOR Refinement segment performed well during the first half of 2018. Attention is drawn to innovations such as “My Energy Beef”, which was rolled out nationwide, and the ongoing pleasing developments at the “Rapelli” and “Ticinella” brands. The Refinement segment increased its revenues in the first half of 2018 by 3.6% to CHF 125.9 million. Market developments – continued high meat prices due to tight supply, which only heightened competition on the procurement front – continued to affect this segment. Its EBITDA declined by 7.3% to CHF 9.8 million (1H 2017: CHF 10.6 million) and the EBITDA margin came in at 7.8%, 92 basis points below the level reported for the prior-year period.&nbsp;ORIOR InternationalThe ORIOR International segment performed well in line with expectations. Segment revenues totalled CHF 65.5 million compared to CHF 58.6 million in the prior-year period, an increase of 11.7%. This revenue growth stemmed from organic growth of 0.8%, an acquisition effect of 2.2% from Biotta subsidiary Gesa in Germany, and a currency translation effect of 8.7%. Culinor Food Group experienced strong demand for its “Lovely Meals” line of ultra-fresh meals, its new “Pure” product line and its meal home delivery services. Exports of Bündnerfleisch showed strong growth thanks to new customers. Factoring out the allocated transaction costs, EBITDA amounted to CHF 5.6 million and the corresponding margin declined slightly by 11 basis points due to changes in the product mix.&nbsp;&nbsp;ORIOR Group's key figures for the first half of 2018&nbsp;<table><tbody><tr><td>In CHF thousand&nbsp;</td><td>Jan – Jun 2018&nbsp;</td><td>∆ in %&nbsp;</td><td>Jan – Jun 2017Restated</td></tr><tr><td>Net revenues</td><td>273,742 </td><td>+5.6%</td><td>259,110 </td></tr><tr><td>EBITDAas a % of revenues</td><td>27,2249.9%</td><td>–1.8%&nbsp;</td><td>27,71210.7%</td></tr><tr><td>Adjusted EBITDA¹as a % of revenues</td><td>28,74910.5%</td><td>+3.7%&nbsp;</td><td>27,71210.7%</td></tr><tr><td>Adjusted profit before tax¹as a % of revenues</td><td>18,6996.8%</td><td>+11.3%&nbsp;</td><td>16,7966.5%</td></tr><tr><td>Adjusted net profit¹as a % of revenues</td><td>15,3085.6%</td><td>+3.2%&nbsp;</td><td>14,8335.7%</td></tr></tbody></table>&nbsp;¹ Excludes acquisition-related transaction and extraordinary costs&nbsp;&nbsp;OutlookThe ORIOR 2020 strategy confirmed in June of 2018 will continue to be steadfastly implemented. A variety of measures and projects within ORIOR’s strategic goals and its group-wide Champion Model are the key elements of this strategy. ORIOR reiterates the targets it has set out to achieve with the strategy and will continue to steadily create value for all stakeholders. We expect a good second half year.&nbsp;Accounting standard switched to Swiss GAAP FERAt its meeting on 21 August 2018 the Board of Directors decided to switch the Group’s accounting standard from IFRS to Swiss GAAP FER as of the 31 December 2018 reporting date.The formal request will be submitted to the SIX Swiss Exchange in the coming days. The methods used for balance sheet purposes will remain the same. The most significant changes concern the reporting of pension-fund liabilities and the treatment of intangible assets and goodwill. Under the new accounting standard, total assets in the balance sheet as of 31.12.2017 amount to approximately CHF 343 million and the equity ratio to approximately 25%; equity is lower primarily due to the retroactive write-off of intangible assets and the offsetting of goodwill against equity. A detailed reconciliation will be included with the financial statements for the 2018 fiscal year.&nbsp;The reasons for the adoption of Swiss GAAP FER are the increasing complexity of IFRS and the ensuing substantial administrative costs. With this decision, ORIOR remains firmly committed to financial reporting transparency in accord with the principle of “true and fair”.&nbsp;Invitation to teleconferenceToday, 22 August 2018 at 3.00 p.m. (CEST), Daniel Lutz (CEO) and Ricarda Demarmels (CFO) are holding a conference call to discuss the first half of 2018. We cordially invite you to take part.Please dial the following number to participate: Telephone: + 41 58 262 07 22Please state your full name and the name of your organisation. The PIN code is: 991222&nbsp;Download Links:<a href="https://orior.ch/en/investor-relations/financial-publications/">Half Year Report 2017</a><a href="https://orior.ch/en/investor-relations/presentations/">Presentation on the first half</a><a href="https://orior.ch/en/news-media/image-gallery/">Image Gallery</a>&nbsp;ContactMilena Mathiuet, Head of Corporate Communications &amp; IRTelephone +41 44 308 65 13, email: investors@orior.ch&nbsp;Investor Calendar4 March 2019: Publication of annual results 201811 April 2019: Annual General Meeting

ORIOR growing in every segment

ORIOR’s two-day Investor Event brought investors and analysts to Culinor Food Group in Destelbergen, Belgium. They were immersed into the world of Culinor with in-depth market information and tours of Culinor Food Group's main production site and its “Depot 52” logistics centre. An exclusive tasting of Culinor products at the “ORIOR House” rounded out the event. Filip De Spiegeleire, founder and CEO of Culinor Food Group and a member of ORIOR AG’s Management Board, explained the philosophy and special facets of the young and highly dynamic enterprise in his detailed presentation.&nbsp;ORIOR 2020 strategy on trackCEO Daniel Lutz and CFO Ricarda Demarmels confirmed the ORIOR 2020 strategy and outlined the rigorous and disciplined execution of the strategy. Since the initiation of the strategy in the autumn of 2015, ORIOR has been working hard on every strategic front. With success, as an initial review of the results indicates. Scores of projects and measures have had a positive impact on all the objectives set out in ORIOR 2020 over the past two-and-a-half years. Management therefore confirms the ORIOR 2020 strategy and the given objectives.&nbsp;Download<a href="https://e2.marco.ch/publish/orior/249_1044/Presentation_Investor_Event_Belgium_13.06.2018.pdf?TensidTrafficShaper=1&amp;f=Presentation_Investor_Event_Belgium_13.06.2018.pdf">Presentation ORIOR 2020 strategy</a>

ORIOR hosts successful Investor Event at Culinor Food Group in Belgium

Josef Ming, a member of the Board of Directors of ORIOR AG, has submitted his resignation effective immediately due to personal reasons. He regrets having to make this decision. The Board of Directors deeply appreciated his expertise and wishes him all the best in his personal and professional life.

Change in the Board of Directors

On 26 March 2018, ORIOR Menu AG («Offeror») published an offer («Offer») for all publicly held registered shares of Thurella AG with a nominal value CHF&nbsp;50.00 each («Registered Shares»). The offer price for each Registered Share amounts to CHF 148.00 net in cash (the original offer price of CHF 150.00 was reduced by the cash distribution of Thurella AG of CHF&nbsp;2.00 per Registered Share paid on 2 May 2018).&nbsp;Until the end of the additional acceptance period on 11 Mai 2018, 16:00, 134,095 Registered Shares were tendered to the Offeror. This corresponds to 95.06% of all Registered Shares to which the Offer relates. Including the 265,375 Registered Shares to be acquired by the Offeror under the conditional share purchase agreements with the main shareholders of Thurella AG and the 920 own Registered Shares held by Thurella AG or its subsidiaries, the participation quota of the Offeror amounts to 98.29% of all issued Registered Shares and voting rights of Thurella AG at the end of the additional acceptance period.&nbsp;The payment of the offer price for the Registered Shares tendered during the offer period and the additional acceptance period will be made on 17 May 2018.&nbsp;As described in section C.7 of the offer prospectus, a squeeze-out merger with cash compensation shall be carried out in a further step. As a result of the merger by absorption, Thurella AG will be fully integrated into the ORIOR Group and the remaining shareholders receive a cash compensation.&nbsp;Additional informationThe offer prospectus of 23 March 2018 (in German) is available at <a href="https://orior.ch/de/investor-relations/angebotsprospekt-thurella/">www.orior.ch/de/investor-relations/angebotsprospekt-thurella/</a>.

End result of the offer by ORIOR Menu AG, a Company of the ORIOR Group, for all publicly held registered shares of Thurella AG

On 26 March 2018, ORIOR Menu AG («Offeror») published an offer («Offer») for all publicly held registered shares of Thurella AG with a nominal value CHF&nbsp;50.00 each («Registered Shares»). The offer price for each Registered Share amounts to CHF 150.00 net in cash, less the gross amount of any dividends (or other dilutive effects), except for the spin-off of Thurella Immobilien AG, which occurs prior to the completion of the Offer.&nbsp;Until the end of the offer period on 24 April 2018, 16:00, 95,952 Registered Shares were tendered to the Offeror. This corresponds to 68.02% of all Registered Shares to which the Offer relates. Including the 265,375 Registered Shares to be acquired by the Offeror under the conditional share purchase agreements with the main shareholders of Thurella AG and the 920 own Registered Shares held by Thurella AG or its subsidiaries, the participation quota of the Offeror amounts to 88.93% of all issued Registered Shares and voting rights of Thurella AG at the end of the offer period.&nbsp;The additional acceptance period begins on 26 April 2018 and ends on 11 Mai 2018, 16:00. The Offeror reserves the right to extend the additional acceptance period. The payment of the offer price for the Registered Shares tendered during the offer period and the additional acceptance period is scheduled for 17 May 2018 and is subject to fulfilment of all conditions.&nbsp;Additional informationThe offer prospectus of 23 March 2018 (in German) is available at<a href="https://orior.ch/de/investor-relations/angebotsprospekt-thurella/">www.orior.ch/de/investor-relations/angebotsprospekt-thurella/</a>

Interim results of the offer by ORIOR Menu AG, a Company of the ORIOR Group, for all publicly held registered shares of Thurella AG

ORIOR AG held its 8th Annual General Meeting as a listed company in Dübendorf today. The 566 shareholders who attended the meeting represented 3,789,844 of the voting rights or 58.15% of the outstanding share capital consisting of 6,517,499 shares.&nbsp;All of the Board of Directors’ proposals were passed by the Annual General Meeting. The annual report, the annual accounts and the consolidated financial statements for 2017 were approved, as was the seventh consecutive increase in the dividend. The ordinary dividend payment of CHF 2.17 per registered share (previous year: CHF 2.09) will be paid on or around 18 April 2017.&nbsp;Shareholders subsequently elected the following previously serving Board members for another one-year term of office: Rolf U. Sutter as Chairman, Edgar Fluri, Walter Lüthi, Dominik Sauter and Monika Walser. Josef Ming was elected to the Board of Directors as a new member. At the constitutive meeting of the Board of Directors after the conclusion of the Annual General Meeting Edgar Fluri was elected Vice Chairman. The Annual General Meeting also elected the three proposed candidates for the Compensation Committee – Rolf U. Sutter, Monika Walser and Josef Ming. The Board of Directors appointed Monika Walser as chairwoman of the Compensation Committee.&nbsp;Ernst &amp; Young AG, Basel, was confirmed as auditor for the 2018 financial year and Ines Pöschel was re-elected to serve as independent proxy until the conclusion of the next Annual General Meeting in 2019.&nbsp;The Annual General Meeting accepted the Board of Directors’ proposal to renew the authorised but unissued share capital that expired on 12 April 2018 for the period until 12 April 2020 and to amend Article 3b para. 1 of the company's Articles of Association accordingly. Moreover, all proposals regarding compensation of the members of the Board of Directors and the Management Board were approved.

Shareholders approve all proposals of the Board of Directors

The&nbsp;Invitation to the Annual General Meeting&nbsp;of ORIOR AG&nbsp;is now available on the Website.

Invitation to the Annual General Meeting (pdf)

Annual General Meeting

ORIOR AG (“ORIOR” or the “Company”) has successfully placed 592,499 new shares by way of an accelerated bookbuilding in a private placement with institutional investors.&nbsp;ORIOR placed 592,499 new shares at CHF 75.50 per new share. The gross proceeds from the placement amount to CHF 44.7 million. The net proceeds from the capital increase will be used to finance the contemplated acquisition of Thurella which was announced on 1 March 2018. The placed shares are sourced from ORIOR’s existing authorized share capital.&nbsp;The new shares are expected to be listed and admitted to trading on SIX Swiss Exchange as per 8 March 2018. Payment and settlement is expected to take place on 9 March 2018. The new shares will rank pari passu with the existing shares, including full dividend entitlement for the financial year 2017.&nbsp;As part of the placement, nebag ag, the main shareholder of Thurella, purchased 100,000 new shares and EGS Beteiligungen AG purchased 62,000 new shares at the offer price. Both investors have agreed to a lock-up period of 90 days, subject to customary exceptions.&nbsp;Credit Suisse is acting as Sole Bookrunner in the placement.&nbsp;ContactMilena Mathiuet, Head Corporate Communication &amp; IRTelephone +41 44 308 65 13, Email: <a href="mailto:investors@orior.ch">investors@orior.ch</a>

ORIOR successfully places 592,499 new shares with gross proceeds of CHF 44.7 million

Following the announcement on 1 March 2018 of ORIOR AG (“ORIOR” or the “Company”) regarding the contemplated acquisition of Thurella AG (“Thurella”), the Company launches an accelerated bookbuilding for the placement of up to 592,499 new registered shares with a par value of CHF 4.00 per share. As a result, ORIOR’s share capital will increase by a maximum of 9.99%. The net proceeds from the capital increase will be used to finance the contemplated acquisition of Thurella.&nbsp;The transaction, which is directed exclusively at institutional investors, will be executed by way of an undocumented private placement excluding subscription rights of existing shareholders. The new shares will be sourced out of the Company's existing authorised share capital and will be offered exclusively to institutional investors in Switzerland and qualified investors outside of Switzerland and the US. The bookbuilding procedure starts immediately and the offer price as well as the number of new shares offered will be announced upon completion of bookbuilding, expected for 7 March 2018.&nbsp;The new shares are expected to be listed and admitted to trading on SIX Swiss Exchange as per 8 March 2018. Payment and settlement is expected to take place on 9 March 2018. The new shares will rank pari passu with the existing shares, including full dividend entitlement for the financial year 2017.&nbsp;nebag ag, the main shareholder of Thurella, has committed to purchase 100,000 new shares at the offer price. Additionally, EGS Beteiligungen AG committed to purchase new shares at the offer price proportionally to its shareholding of 10.5% in ORIOR. Both investors have agreed to a lock-up period of 90 days, subject to customary exceptions.&nbsp;The Company and the members of its Board of Directors and Management Board have agreed to a 90 days lock-up period subject to customary exceptions.&nbsp;Credit Suisse is acting as Sole Bookrunner in the placement.&nbsp;ContactMilena Mathiuet, Head Corporate Communication &amp; IRTelephone +41 44 308 65 13, Email: <a href="mailto:investors@orior.ch">investors@orior.ch</a>

ORIOR launches a placement of up to 592,499 new shares through an accelerated bookbuilding

Fiscal 2017 a good year, strategically and operationally&nbsp;ORIOR, the Swiss leader for fresh convenience food and premium meat products, looks back on a good fiscal year, both strategically and operationally, thanks in particular to the successful acquisition of the Culinor Food Group in September 2016 and to the steadfast implementation of the ORIOR 2020 strategy.&nbsp;ORIOR Group recorded revenues of CHF 585.5 million in 2017, up from CHF 527.7 million in the previous year, which corresponds to an increase of 10.9%. Positive effects from the initiatives and measures introduced under the ORIOR 2020 strategy fed through to all key financial metrics and further strengthened the Group’s already sound financial base. However, it was still not possible to grow the Swiss business during the past year. Excluding the effects of the Culinor Food Group acquisition and exchange-rate movements, Group revenues in 2017 declined by –2.4% from the previous year. The main reasons for this contraction were the challenging environment in Switzerland and the associated pricing and competitive pressure. A shift in the portfolio mix, together with optimised procurement costs, continual productivity-enhancing efforts and a further reduction in waste, helped to raise the gross profit margin by 88 basis points to 41.1% of revenues. EBITDA increased by 12.1% to CHF 57.7 million (2016: CHF 51.5 million), raising the corresponding margin by 10 basis points to 9.9%. Investments in brands, innovation, and sales and distribution were maintained at high levels. Net profit increased by 12.8% to CHF 32.0 million (2016: CHF 28.4 million), which corresponds to a 9 basis point improvement in the net profit margin to 5.5%. Operating cash flow amounted to a pleasing CHF 55.7 million. Deleveraging efforts lifted the equity ratio from 44.3% in 2016 to a likewise pleasing level of 50.8%.&nbsp;At the end of August ORIOR issued its debut bond in the Swiss capital market, raising CHF 110 million with a coupon of 0.625% and a maturity of 6 years. This bond issuance marked a further diversification of the company’s funding sources and strengthened its prospects for future growth.&nbsp;Renewed increase in the dividendA constant and reliable dividend payout is one of ORIOR’s stated goals. The Board of Directors will propose another increase in the dividend to CHF 2.17 per share at the Annual General Meeting on 12 April 2018. This represents the seventh consecutive increase in the dividend since the IPO in April 2010.&nbsp;ORIOR segmentsORIOR Convenience, the specialist for fresh convenience food with its three competence centres Fredag, Le Patron and Pastinella, generated revenues of CHF 187.7 million in 2017, which is –3.3% less than in the previous fiscal year (2016: 194.2 million). Despite a significant improvement in business during the second half of the year, the Convenience segment did not fully meet our expectations. This was mainly due to tough competition and a challenging market environment. Segment EBITDA, however, showed pleasing growth of 4.2% to CHF 26.3 million thanks to unrelenting efforts to strengthen the portfolio mix with a strong focus on efficiency and costs, bringing the EBITDA to 14.0% (13.0% in 2016). The Convenience segment’s new concepts and innovation in the regional and ultra-fresh, vegetarian speciality and pasta product categories deserve special mention.&nbsp;The Refinement segment, ORIOR’s specialist for refined meat products with the three competence centres Rapelli, Albert Spiess and Möfag, did not meet overall expectations during the year under review. Revenues amounted to CHF 290.2 million, which is –2.9% less than in the previous year (2016: CHF 298.8 million). Segment EBITDA declined by –8.4% to CHF 20.6 million (2016: CHF 22.5 million), which resulted in a margin of 7.1%. Despite compelling innovation and the good growth of its branded products and new concepts, Refinement was unable to offset promotional and price pressures, higher raw material costs and the effects of market consolidation. Highlights for the segment are the good performance of its “Rapelli” brand, thanks in part to a further increase in marketing spending, and the successful launch of various snack specialities, such as My Energy Beef Sticks from Albert Spiess.&nbsp;The International segment comprises all Group activities outside Switzerland, and largely consists of the Belgian-based Culinor Food Group. ORIOR International achieved revenues of CHF 124.7 million in 2017, which represents an increase of 134.4% from the level achieved in the previous year (2016: CHF 53.2 million). The company’s strategically significant expansion into the European market has been a success: Culinor Food Group beat expectations for the entire year, as had already been observed at the mid-year mark. Excluding the effect of the Culinor Food Group acquisition and currency movements, the International segment achieved organic growth of 1.6% on the back of its Bündnerfleisch exports. Revenues from the export business edged slightly higher in 2017 thanks to new sales channels and the subsequent increase in Bündnerfleisch exports.&nbsp;More progress toward ORIOR 2020 strategic goalsImplementation of the ORIOR 2020 strategy was steadfastly pursued during the year under review. A Supply Chain Excellence Officer was appointed at the beginning of the year to ensure continual optimisation of group-wide workflows and operating processes as well as of new plant investment projects. At the same time, cross-departmental knowledge sharing and interaction is being institutionalised, promoted and exploited. The omnipresent theme of digitization is also an ongoing process at ORIOR and related projects are under way in various areas. Fiscal year 2017 marked the beginning of a migration to an automated payment processing system; SAP interfaces were optimised and further investments made to standardise IT infrastructure group-wide. Another important step was taken towards the publication of a corporate sustainability report. At the end of 2017, management decided to develop a sustainability report in accordance with the internationally recognised Global Reporting Initiative (GRI) Standards.&nbsp;Key figures for ORIOR Group – financial year 2017&nbsp;<table><tbody><tr><td>in TCHF</td><td>2017</td><td>∆ in %</td><td>2016</td></tr><tr><td>Net revenues</td><td>585’485 </td><td>+10.9%</td><td>527’738 </td></tr><tr><td>EBITDA</td><td>57’687</td><td>+12.1%</td><td>51’450</td></tr><tr><td>EBITDA in % of revenues</td><td>9.9%</td><td>&nbsp;</td><td>9.7%</td></tr><tr><td>EBIT</td><td>39’195</td><td>+11.5%</td><td>35’157</td></tr><tr><td>EBIT in % of revenues</td><td>6.7%</td><td>&nbsp;</td><td>6.7%</td></tr><tr><td>Net profit</td><td>32’008</td><td>+12.8%</td><td>28’377</td></tr><tr><td>Net profit in % of revenues</td><td>5.5%</td><td>&nbsp;</td><td>5.4%</td></tr><tr><td>Dividend per share in CHF</td><td>2.17</td><td>&nbsp;</td><td>2.09</td></tr></tbody></table>&nbsp;&nbsp;ORIOR enters the organic beverages market&nbsp;ORIOR is acquiring a majority interest of 65% in Thurella AG, a pioneering producer of organic, all-natural vegetable and fruit juices. Thurella’s product and brand portfolio is built on strong concepts with well-known brands: “Biotta” – Switzerland’s leading organic juice brand; “Traktor” organic smoothies; “Vivitz” organic ice teas and “C-ICE”. With this acquisition, ORIOR is strengthening its position beyond the traditional food market and entering the premium niche of organic beverages, a growing market both in Switzerland and abroad.&nbsp;The share purchase agreements between ORIOR and the main shareholders of Thurella AG pursuant to which a majority of the company’s shares will be acquired were signed on 28 February 2018. At the same time, ORIOR is issuing a takeover offer to acquire all shares held by the remaining shareholders. The offer price of CHF 150 per share, less the dividend of CHF 2.00 per share for the 2017 financial year that will likely be approved at the ordinary general meeting of Thurella AG on 26 April 2018, corresponds to the same price that ORIOR offered to Thurella AG’s main shareholders to acquire the majority interest.&nbsp;For the Board of Directors and the Management of Thurella AG, ORIOR is the preferred partner. The two companies share a traditional entrepreneurial mindset and cultural values that are deeply embedded in their Swiss heritage; both are pioneers in their fields and strong in innovation, attach great importance to culinary and quality, and display high levels of expertise in their niches as well as a unique entrepreneurial spirit. ORIOR will expedite the innovative organic beverages group’s successful growth in its domestic and foreign markets while operating as an independent centre of competence. The Board of Directors of Thurella AG unanimously supports the proposed acquisition and the takeover offer and recommends all shareholders to tender their shares.&nbsp;Thurella AG is based in eastern Switzerland and owns the Swiss speciality beverage producer Biotta AG in Tägerwilen and the German Gesa Gemüsesaft GmbH in Neuenstadt-Stein. “Biotta” is a long-established brand that stands for premium organic vegetable and fruit juices made from 100% natural raw materials – without any added sugar or artifical colourings or preservatives. Besides its classic products launched 60 years ago – “Biotta Classic” and “Biotta Pur” – there are about 30 other natural juice products in the company’s portfolio, including trendy creations such as “Biotta Smoo’tea”, “Biotta Veggies” and “Biotta Bio-Energy”. “All the goodness of nature in a bottle” says Biotta’s slogan; they are well-known in all addressed markets. It processes vegetables and fruits at its factory on the shores of Lake Constance into surprising and delightful drink creations that are then distributed to about 30 countries around the globe. The product portfolio also includes the light and refreshing “Vivitz” iced tea, the distinctly different “C-Ice” iced tea and “Tractor”, the unconventional Swiss cult organic smoothie. At Gesa in Neuenstadt-Stein, high quality vegetable juices made from organic raw materials are produced for the food and beverage industry and distributed throughout Europe.&nbsp;Thurella’s product and brand portfolio, with its strong brands and innovative concepts, as well as its strongly anchored pioneering spirit and unique corporate culture fit perfectly with ORIOR’s strategic profile. This acquisition strengthens ORIOR’s position beyond the traditional food market and gives it a strong foothold in the premium niche of organic beverages, a growing market both in Switzerland and abroad.&nbsp;The acquisition will be financed with available cash as well as an existing credit line. In addition, ORIOR intends to increase its share capital by utilising its authorised share capital as part of this transaction.&nbsp;Within the course of the acquisition transaction, non-operating assets owned by Thurella AG will be spun off into a new real estate company and these shares will be issued to the shareholders of Thurella AG as a dividend in kind prior to the closing of the transaction. This newly established real estate company is not part of the takeover bid. The takeover offer will presumably be issued on 26 March 2018 with the publication of the offer prospectus. The offer period is expected to commence on 26 March 2018 and end on 24 April 2018. The subsequent extension period will presumably commence on 26 April 2018 and end on 11 May 2018. The transaction is expected to close in mid-May 2018. Detailed information about the offer will be published in the offer prospectus.&nbsp;Change in the Board of DirectorsChristoph Clavadetscher, a long-standing member of the Board of Directors of ORIOR AG, will not be standing for re-election at the Annual General Meeting on 12 April 2018. During his more than ten years of service, Christoph Clavadetscher helped to make ORIOR what it is today. All of us at ORIOR thank him for his valued guidance and leadership.&nbsp;The Board of Directors of ORIOR AG will propose the election of Josef Ming (Swiss national, born 1958) as a new director at the Annual General Meeting of shareholders on 12 April 2018. Josef Ming is a Senior Partner with Bain &amp; Company, a global consulting firm, and has extensive experience in consumer goods, the retail industry and industrial goods and services.&nbsp;OutlookGeneral market conditions in Switzerland are still challenging. While there may be some relief in terms of sales volumes, pricing and competitive pressure is expected to remain high. ORIOR International’s target markets offer further growth potential. The initiatives and measures being introduced in connection with the ORIOR 2020 strategy remain a priority. Further innovation, new concepts and services and branding activities are at the top of the agenda. Group-wide projects to enhance our agility, productivity and efficiency will be pursued as well. In summary, we are confident that we can continue to create sustainable value for all our stakeholders in the coming fiscal year.

A strategically and operationally good year for ORIOR; expansion into the organic beverages business

ORIOR AG today successfully placed a CHF 110 million debut bond in the Swiss capital market. The new issue was very well received by the market and attracted great interest among private and institutional investors. The bond has a coupon of 0.625% and a maturity of 6 years. Payment date is 26 September 2017. The issue was lead-managed by UBS AG and Zürcher Kantonalbank. The proceeds of the bond will be used for the refinancing of outstanding credit facilities as well as for general corporate purposes including potential acquisitions of the ORIOR Group. The Group thus diversifies its sources of funding and strengthens its financing capacity.

ORIOR successfully issues a CHF 110 million bond

ORIOR, the Swiss leader for fresh convenience food and refined meat products, looks back on a successful first half of 2017. The steadfast implementation of the ORIOR 2020 strategy is yielding the anticipated results. Scores of initiatives and action plans are providing positive inputs across the value chain. Moreover, the strategically important step into foreign markets has been successful. The market environment in Switzerland remains challenging; in addition delayed sales promotions and market consolidation have reduced domestic sales. ORIOR International is growing thanks to the Culinor Food Group, which tapped new sales channels and introduced marvellous innovations to deliver faster-than-expected growth.&nbsp;ORIOR recorded total revenues of CHF 281.3 million during the first half of 2017, up from CHF 239.5 million in the first half of the previous year. This revenue growth of 17.4% is largely attributed to the acquisition of Culinor Food Group at the end of August 2016 and its full consolidation as of 1 September 2016. EBITDA increased by 22.0% to CHF 27.7 million and the EBITDA margin improved 37 basis points to 9.9%. Net profit for the period rose by 22.3% from the prior-year period to CHF 14.8 million, which corresponds to a margin improvement of 21 basis points to 5.3%.&nbsp;ORIOR managed to increase its already high cash flow as well, which amounted to CHF 28.5 million for the period. Its strong balance sheet was strengthened further; the equity ratio at the mid-year mark stood at a solid 47.1%.&nbsp;ORIOR SwitzerlandBusiness in Switzerland was in line with expectations. The first half of 2017 was marked by continuing market headwinds stemming from market consolidation, postponed sales promotion campaigns and stiff competition, including, increasingly, from foreign suppliers. ORIOR's total revenues in Switzerland declined by –3.8% from the same period a year ago. Thanks to measures taken in connection with the ORIOR 2020 strategy – first and foremost, synergies realised working across the autonomous competence centres within the Champion Model – profitability in the Convenience and Refinement segments improved despite the adverse business environment.&nbsp;The ORIOR Convenience segment did not meet all expectations. This is mainly attributed to ongoing stiff competition and insourcing by retail customers. Consequently, revenues in the Convenience segment declined by CHF 5.5 million or 5.8% y-o-y to CHF 89.9 million. Structural and process improvements, adjustments to the product mix and, not least, determined cost-optimisation efforts had a positive impact on segment profitability: The EBITDA margin widened by 70 basis points to 13.5%. Special mention is made of the Convenience segment's pasta business, which was stabilised thanks to innovative new concepts and products. Together with the strong focus on efficiency, this development provides a sound basis for the segment's future performance. Furthermore, Le Patron introduced high-protein meals for sports enthusiasts.&nbsp;The ORIOR Refinement segment delivered a satisfactory performance in the first half of 2017. Several sales promotions were pushed back into the second half of the year, which had a temporarily negative impact on sales, but the segment was nevertheless able to outperform the general market in most product categories. ORIOR Refinement's revenues declined by CHF 5.0 million to CHF 139.9 million, or by 3.4% compared to the year-ago period. The Refinement segment was likewise able to improve its profitability during the period under review: Its EBITDA margin rose by 35 basis points to 7.6%. The Rapelli brand was a major driver for the segment, sustaining its good growth trend thanks to a constant high level of investment in innovation, marketing and branding. Albert Spiess’ latest innovation also deserves special mention: My Energy Beef Sticks, top-quality Swiss beef sticks high in protein and low in fat.&nbsp;ORIOR InternationalThe ORIOR International segment performed very well. It largely consists of the Culinor Food Group, which has been a part of ORIOR Group since 1 September 2016. Total revenues at the International segment amounted to CHF 58.6 million and EBITDA amounted to CHF 5.1 million, which resulted in an EBITDA margin of 8.6%.&nbsp;As was already the case in fiscal 2016, Culinor Food Group topped expectations for the first half of 2017. Its integration into ORIOR was successfully completed as planned. Special attention is drawn to the cultural fit that has already been highlighted on several occasions: The team has an entrepreneurial mindset, displays its pioneering spirit by launching a steady stream of innovative products and its premium quality culinary delights underscore its strong commitment to excellence. The Benelux countries are known throughout Europe as a highly developed food market with a penchant for premium fresh convenience food. Culinor Food Group is the leading pioneer in precisely this market. Thanks to innovative product ideas such as the new ultra-fresh “Lovely Meals” combining pre-cooked and fresh ingredients, or low-sodium “All natural” soups made with their own distinctive, classic broth, Culinor Food Group was able to generate above-average growth. Culinor Food Group has been equally successful in developing new sales channels, such as school cafeterias or the “Home Cuisine” concept, a special home delivery meal service for elderly people who do not want to cook their own meals, or are unable to.&nbsp;The Swiss-based export business did not meet expectations and struggled with the demanding market environment. Consumer confidence in France remains muted, which acted as a drag on exports. This was compounded by intense pricing competition that pushed margins to very low, if not negative, levels. All in all, the export business remains challenging, especially for products whose value chain is largely located in Switzerland. ORIOR remains convinced that unique premium products from Switzerland offer good export potential and management is evaluating new export concepts and markets.&nbsp;OutlookThe business environment and general operating conditions in Switzerland remain challenging. ORIOR International’s target markets offer further growth potential. We will vigorously press ahead with the implementation of the ORIOR 2020 strategy. Our substantial investments in innovation and branding underscore our commitment to our vision today and in the future. The second half of the year will be distinguished by attractive new products, concepts, packaging designs and by innovation throughout the value chain. Progress will also be made on projects involving ORIOR Campus, sustainability and digitisation. For example, we are currently migrating to an automated payment processing system.&nbsp;Thanks to these promising initiatives, we expect an overall good second half.&nbsp;ORIOR Group’s key figures for the first half&nbsp;<table><tbody><tr><td>in CHF 000</td><td>Jan – Jun 2017</td><td>∆ in %</td><td>Jan – Jun 2016</td></tr><tr><td>Revenues</td><td>281,303 </td><td>+17.4%</td><td>239,549 </td></tr><tr><td>EBITDAas a % of revenues</td><td>27,7129.9%</td><td>+22.0%&nbsp;</td><td>22,7109.5%</td></tr><tr><td>EBITas a % of revenues</td><td>18,5306.6%</td><td>+19.9%&nbsp;</td><td>15,4556.5%</td></tr><tr><td>Profit for the yearas a % of revenues</td><td>14,8335.3%</td><td>+22.3%&nbsp;</td><td>12,1245.1%</td></tr><tr><td>Net debt, third parties</td><td>118,745</td><td>+148.6%</td><td>47,772</td></tr><tr><td>Shareholders’ equity</td><td>253,489</td><td>&nbsp;</td><td>223,626</td></tr><tr><td>Equity ratio</td><td>47.1%</td><td>&nbsp;</td><td>55.5%</td></tr></tbody></table>

ORIOR with successful first half

ORIOR AG held its 7th Annual General Meeting as a listed company in Dübendorf today. The 584 shareholders who attended the meeting represented 3,515,545 of the voting rights or 59.33% of the outstanding share capital consisting of 5,925,000 shares.&nbsp;All of the Board of Directors’ proposals were passed by the Annual General Meeting. The annual report, the annual accounts and the consolidated financial statements for 2016 were approved, as was the sixth consecutive increase in the dividend. The ordinary dividend payment of CHF 2.09 per registered share (previous year: CHF 2.03) will be paid on or around 3 April 2017.&nbsp;Shareholders subsequently elected the following previously serving Board members for another one-year term of office: Rolf U. Sutter as Chairman, Edgar Fluri, Christoph Clavadetscher, Walter Lüthi, Dominik Sauter and Monika Walser. At the constitutive meeting of the Board of Directors after the conclusion of the Annual General Meeting Edgar Fluri was elected Vice Chairman. The Annual General Meeting also elected the three proposed candidates for the Compensation Committee – Christoph Clavadetscher, Rolf U. Sutter and Monika Walser. The Board of Directors re-appointed Christoph Clavadetscher as chairman of the Compensation Committee.&nbsp;Ernst &amp; Young AG, Basel, was also confirmed as auditor for the 2017 financial year and Ines Pöschel was re-elected to serve as independent proxy until the conclusion of the next Annual General Meeting in 2018. Moreover, all proposals regarding compensation of the members of the Board of Directors and the Management Board were approved.

ORIOR, the Swiss leader for fresh convenience food and refined meat products, was strategically and operationally successful in 2016. With the acquisition of the Culinor Food Group – the leading producer of chilled ready meals and meal components serving retailers and food service providers in the Benelux region – ORIOR achieved another important milestone in the execution of its 2020 strategy. This transaction strengthened and enlarged ORIORʼs core competencies and market position in the growing premium fresh convenience food market beyond the Swiss border into the greater European market. Operationally, the Group also made good progress and grew stronger in the face of challenging market conditions; its operating results and margins improved. ORIOR generated revenues of CHF 527.7 million in 2016, up from CHF 500.1 million in the previous year. This revenue growth of 5.5% is largely attributed to the acquisition of Culinor Food Group at the end of August 2016 and its full consolidation as of 1 September 2016. EBITDA increased by 5.7% to CHF 51.5 million and the margin was held at the prior-year level of 9.7%. A greater focus on portfolio management and the unremitting execution of numerous projects to improve cost-efficiency were the key factors behind the EBITDA performance. Net profit for the year advanced 11.0% to CHF 28.4 million and the corresponding margin rose 27 basis points to 5.4%. Operating cash flow amounted to CHF 31.9 million. The equity ratio declined from 58.6% to 44.3% in the wake of the acquisition of Culinor Food Group.&nbsp;ORIOR’s domestic Swiss market remains pressured by price cuts and intense competition in retail and food service channels as well as by the loss of sales along the border. The positive results of the initiatives and action plans launched under the ORIOR 2020 strategy were unable to offset completely these negative effects. Revenues in the Swiss business therefore declined by 1.5%. Renewed increase in the dividendThe Board of Directors will propose another increase in the dividend to CHF 2.09 per share at the Annual General Meeting on 28 March 2017. This represents the sixth consecutive increase in the dividend since the IPO.&nbsp;ORIOR segmentsSegment reporting is now divided into the three segments of ORIOR Convenience, ORIOR Refinement and ORIOR International. Results previously reported under the Corporate and Export segment have been reassigned as follows: Corporate results are now apportioned to the three reporting segments and the Export operations are now part of the new ORIOR International segment. To ensure comparability, the presentation of the prior-year results has been adjusted to reflect the new reporting structure&nbsp;Results from the Convenience segment, the specialist for fresh convenience food with the three competence centres Fredag, Le Patron and Pastinella, were mixed. Revenues declined by 4.2% to CHF 194.2 million compared to CHF 202.7 million in the previous year. EBITDA receded by 6.0% to CHF 25.2 million, which corresponds to an EBITDA margin of 13.0%. Changes to the business model for exporting vegetarian and vegan specialities and lower sales volumes in the fresh pasta business contributed to this year-on-year decline. Adverse conditions in the retail and food service channels and lower consumer confidence also put a damper on sales in several product groups. The main positive drivers for the Convenience segment were also confirmed in the second half: Fredag continued to grow with its innovative solutions for vegetarian dishes as well as with its poultry and seafood products, while Le Patron increased revenues from snacks and specialities.&nbsp;The Refinement segment, ORIORʼs specialist for refined meat products with the three competence centres Rapelli, Albert Spiess and Möfag, performed quite well during the year under review. Segment revenues rose CHF 0.3 million to CHF 298.8 million and segment profitability was held at the prior yearʼs level; EBITDA amounted to CHF 22.5 million and the margin came in at 7.5%. This performance was supported by additional investments in the “Rapelli” and “Albert Spiess” brands, which increased their sales along with their market share. Möfag, the producer of Fürstenländer specialties, introduced more convincing innovations and continued to benefit from sales channel diversification.&nbsp;The International segment comprises all of our business activities in foreign markets. This newly defined segment mainly consists of the recently acquired Culinor Food Group in Belgium. Culinor Food Group is the leading producer of chilled ready meals and meal components in the Benelux region and operates as an independent centre of competence. Besides its innovative and extensive portfolio of high-quality products, Culinor boasts modern production facilities and a vast range of technologies for producing premium fresh convenience food. Fully consolidated as of 1 September 2016, Culinor Food Group met all expectations during its first few months as a new competence centre of the ORIOR Group. Together with the Swiss exports, consolidated revenues at the International segment amounted to CHF 53.2 million. In the Bündnerfleisch export business, a drop in revenues was willingly accepted in the face of adverse market and competitive conditions and due to a decision to refrain from conducting business with excessively low margins, which consequently improved the profitability of the sales contracts for Bündnerfleisch that were concluded. The revised business model for “Nature Gourmet” products likewise led to a reduction in segment revenues, yet also had a positive effect on the profitability. Together with Culinor Food Group, the International segment reported an EBITDA of CHF 3.7 million, which corresponds to an EBITDA margin of 7.0%.&nbsp;More progress toward ORIOR 2020 strategy goalsORIOR steadfastly implemented its ORIOR 2020 strategy throughout the entire 2016 fiscal year. The acquisition of Culinor Food Group marked the first decisive step toward establishing a strategic foothold in the European market. Meanwhile, a raft of other initiatives and measures were also being worked on: Efforts to set up group-wide trend monitoring activities and coordinate appropriate responses led to a 3-year innovation pipeline. A review of sourcing and sales operations was conducted and resulted in cost as well as organisational improvements. Thanks to additional investments in marketing activities, especially in brands, revenues from “Rapelli” and “Albert Spiess” were up. The business model for exporting our vegetarian and vegan specialities under the “Nature Gourmet” brand was revised in March 2016 to boost profitability. In the Swiss business, an “operational footprint project” entailing the review and improvement of operating structures and processes was executed. ORIOR Campus also opened its doors. This is a training facility for managers and other key employees that promotes their professional development.&nbsp;Outlook for 2017We expect the general market environment to remain challenging. Intense competition will remain a dominant factor, as in the past. We will continue to execute our ORIOR 2020 strategy with confidence and determination and reinforce our strong market positions, focusing on product and conceptual innovation, strong partnerships, investments in our brand family and attractive market niches. We will further streamline our portfolio and selectively channel resources into the expansion of strategic growth areas. We intend to continually improve our agility by simplifying processes and reducing complexity. And we will strive to further improve our operating performance and efficiency. This is how we will generate value for our stakeholders also in 2017.&nbsp;ORIOR Group’s key figures for the 2016 financial year<table><tbody><tr><td>in CHF 000</td><td>2016</td><td>∆ in %</td><td>2015</td></tr><tr><td>Revenues</td><td>527,738 </td><td>+5.5%</td><td>500,128 </td></tr><tr><td>EBITDA</td><td>51,450</td><td>+5.7%</td><td>48,655</td></tr><tr><td>EBITDA as a % of revenues</td><td>9.7%</td><td>&nbsp;</td><td>9.7%</td></tr><tr><td>EBIT</td><td>35,157</td><td>+3.9%</td><td>33,848</td></tr><tr><td>EBIT as a % of revenues</td><td>6.7%</td><td>&nbsp;</td><td>6.8%</td></tr><tr><td>Profit for the year</td><td>28,377</td><td>+11.0%</td><td>25,563</td></tr><tr><td>Profit for the year as a % of revenues</td><td>5.4%</td><td>&nbsp;</td><td>5.1%</td></tr><tr><td>Dividend per Share in CHF</td><td>2.09</td><td>&nbsp;</td><td>2.03</td></tr></tbody></table>

ORIOR with a successful acquisition in Belgium and a good performance in its domestic market

Bruno de Gennaro has played an important role in the development of ORIOR Group during his more than 22 years of service in a variety of senior positions. Bruno de Gennaro joined the company in 1994 as Rapelli’s marketing and sales director and soon assumed that same role for the entire ORIOR Group. Three years later, in 1997, the Management Board appointed him head of Fredag Group. In 1998 he was assigned management responsibility for Rapelli SA and was concurrently appointed to the Management Board of ORIOR AG. He successfully led this highly traditional Ticino firm for the next 13 years before assuming management responsibility for the strategically important Convenience segment with its three competence centres Fredag, Pastinella and Le Patron. From June 2014 until January 2015 Bruno de Gennaro also managed the entire ORIOR Group as CEO ad interim.&nbsp;The Board of Directors, the Management Board and all employees thank Bruno de Gennaro for his long-standing loyalty and tireless efforts. A truly talented manager, Bruno de Gennaro is leaving a distinctive mark on ORIOR Group in terms of continuity and strong identification with the company.&nbsp;The successor to Bruno de Gennaro will be communicated in due time.

Change in ORIOR AG’s Management Board

&nbsp;&nbsp;ORIOR presents a good first half of 2016; operating results improved&nbsp;ORIOR, the Swiss leader for fresh convenience food and refined meat products, achieved good results in the first half of 2016 amid a challenging environment. Revenues declined by 0.8% but operating results improved. The general market environment was challenging, both with retailers and food service providers and with regard to procurement prices for raw materials. The measures and initiatives introduced with the ORIOR 2020 strategy presented in Q4 2015 had a positive impact and contributed to the good results.&nbsp;ORIOR Group generated revenues of CHF 239.5 million in the first half of 2016, which corresponds to a slight decline of 0.8% (1H 2015: CHF 241.5 million). The main reasons for the year-on-year decline were pricing pressure, sales promotion activities and Bündnerfleisch exports. Another factor was the change in the business model for the exports of vegetarian and vegan specialities under the “Nature Gourmet” brand, which have been produced and distributed through a licensing partnership with the German company Tofutown since March 2016. The Swiss business reported positive volume growth albeit slightly lower sales revenues, due to pricing pressure and sales promotion activities.&nbsp;EBITDA increased 1.3% to CHF 22.7 million (1H 2015: CHF 22.4 million), which raised the EBITDA margin by 20 basis points to 9.5%. Higher EBITDA led to a likewise good EBIT result of CHF 15.5 million compared to CHF 15.0 million in the first half of 2015. This corresponds to an improvement of 3.0% and a 24 basis point increase in the EBIT margin to 6.5%. Net profit rose by 17.4% to CHF 12.1 million compared to CHF 10.3 million in the first half of 2015, which was negatively impacted by exchange rate fluctuations. The net profit margin increased by 78 basis points to 5.1%. An equity ratio of 55.5% (1H 2015: 54.7%) gives ORIOR a solid foundation for the successful execution of the ORIOR 2020 strategy.&nbsp;Segment reviewORIOR Convenience, the specialist for fresh convenience food with its three competence centres Fredag, Le Patron and Pastinella, outperformed the broader market in most product categories but could not hold its revenues at the level reported for the first half of 2015. Lower segment sales are mainly attributed to the aforementioned change in the business model for the exports of vegetarian and vegan specialities, product portfolio optimisation and a decline in fresh pasta sales. The Fredag and Le Patron competence centres delivered positive growth, especially with their innovative solutions for vegetarian specialities, as well as with poultry and seafood specialities and snacks. Total Convenience sales declined by 2.2% to CHF 95.4 million and EBITDA was 3.0% lower at CHF 13.3 million, which corresponds to a margin of 14.0%.&nbsp;The Refinement segment, the specialist for refined meat products with its three competence centres Rapelli, Albert Spiess and Möfag, generated revenues of CHF 144.8 million and thus held its revenues at the same level as at the mid-year mark in 2015 despite challenging market and procurement conditions. The “Rapelli” brand was a strong performer with its new brand identity, increased distribution and its growing sales of barbecue specialities. Albert Spiess grew its business with the “Albert Spiess” branded products following that brand’s repositioning in the autumn of 2015, and Möfag delivered another good performance with its innovative regional specialities. Despite slightly higher meat prices, the segment’s gross margin was steady thanks to an unerring focus on portfolio management. Profitability improved significantly; EBITDA rose 5.7% to CHF 11.7 million while EBIT rose 11.4% to CHF 7.9 million, lifting the margin by 55 basis points.&nbsp;The Corporate and Export Segment reported revenues of CHF 9.6 million, which is 4.0% below the figure for the prior-year period. This contraction is partly attributed to the change in the business model for the exports of vegetarian and vegan specialities. In addition, persisting economic headwinds in France and the resulting highly competitive situation have held back exports of Bündnerfleisch to France.&nbsp;ORIOR 2020 strategy on trackThe ultimate aim of the ORIOR 2020 strategy is steady value creation. A number of action plans and initiatives are under way in the following five strategic pillars: “House of Innovation”, “Brand strengthening and expansion”, “Agility and cost efficiency”, “The ORIOR responsibility” and “We are ORIOR”. ORIOR is steadfastly implementing its ORIOR 2020 strategy with determination and drive.&nbsp;&nbsp;ORIOR Group’s key figures for the first half of 2016&nbsp;<table><tbody><tr><td>In CHF thousand</td><td>Jan – Jun 2016</td><td>∆ in %</td><td>Jan – Jun 2015</td></tr><tr><td>Revenues</td><td>239’549 </td><td>–0.8%</td><td>241’546 </td></tr><tr><td>EBITDAas a % of revenues</td><td>22’7109.5%</td><td>+1.3%&nbsp;</td><td>22’4269.3%</td></tr><tr><td>EBITas a % of revenues</td><td>15’4556.5%</td><td>+3.0%&nbsp;</td><td>15’0116.2%</td></tr><tr><td>Profit for the periodas a % of revenues</td><td>12’1245.1%</td><td>+17.4%&nbsp;</td><td>10’3314.3%</td></tr><tr><td>&nbsp;</td><td>&nbsp;</td><td>&nbsp;</td><td>&nbsp;</td></tr><tr><td>Net debt</td><td>47’772</td><td>–34.9%</td><td>73’430</td></tr><tr><td>Shareholders’ equity</td><td>223’626</td><td>&nbsp;</td><td>223’089</td></tr><tr><td>Equity ratio</td><td>55.5%</td><td>&nbsp;</td><td>54.7%</td></tr></tbody></table>&nbsp;&nbsp;&nbsp;&nbsp;ORIOR expands into the European market&nbsp;ORIOR is acquiring the Culinor Food Group. This acquisition marks another step forward with the ORIOR 2020 strategy and strengthens ORIOR’s core competence in the growing premium fresh convenience food market beyond the Swiss border and into the greater European market. The Culinor Food Group is a leading producer of ready-made meals and meal components serving retailers and food service providers throughout the Benelux region. Operating out of Benelux, the innovative group also sells its products in Continental Europe. Revenues amount to approximately EUR 88 million. The acquisition will take effect from end of August 2016.&nbsp; Culinor will become ORIOR’s European centre of competence.With the acquisition of Culinor Food Group ORIOR has taken out a significant position in the premium fresh convenience food market in the Benelux and created a strong platform from which it can successfully address the entire European market. Culinor operates production plants in Destelbergen (BE), Gent (BE), Olen (BE) and Herselt (BE) as well as a logistics centre located in Destelbergen (BE). All of its production plants are equipped with highly modern systems and offer a variety of technologies for producing premium fresh convenience food products.&nbsp;Culinor will operate as an autonomous competence centre within ORIOR and serve as the European platform for targeting the entire European market.&nbsp;Core business strengthenedORIOR is confident that the fresh convenience market segment will grow in importance over time. With the slow disappearance of long-established daily patterns, consumers are having increasingly fewer large meals and are also less likely to eat at fixed times of the day. Instead, there are certain windows of time when smaller meals are quickly prepared and eaten. High-quality fresh convenience products that address this trend are in high demand. Belgium is considered one of the most innovative countries in Europe when it comes to sophisticated convenience food and it has repeatedly set international trends with its creations and new developments. Culinor Food Group, with its large portfolio of high-quality products, its specialisation on chilled prepared meals and ready-made meal components, and agile structures, is one of the foremost players in the highly innovative market of fresh convenience food. Its products range from classic local cuisine such as stamppot and vol-au-vent to meat, fish and oven entrees and stews, soups and sauces. Culinor’s portfolio also includes innovative convenience concepts such as the to-go line “Meal in the Box” or the ready-made “Wok &amp; Dinner Mix” meal kits.&nbsp;Culinor CEO Filip De Spiegeleire appointed to the Management Board of ORIOR AGEntrepreneur and fresh convenience pioneer Filip De Spiegeleire will stay on as CEO of Culinor Food Group as will his long-standing and experienced management team. Filip De Spiegeleire will also be appointed CEO of ORIOR Europe and will take a seat on the Management Board of ORIOR AG.&nbsp;“This acquisition extends our leadership position in our core business of premium fresh convenience products beyond our domestic market and diversifies our existing target markets and sales channels. That, in turn, creates additional growth potential and new inspiration for innovation. I’m very pleased to welcome an outstanding company like Culinor and such a talented and experienced entrepreneur as Filip De Spiegeleire to the ORIOR family. Culinor’s pioneer spirit and uniqueness, its constant pursuit of excellence in premium fresh convenience food and its corporate culture all fit together perfectly for us,” remarks Daniel Lutz, CEO of ORIOR Group.&nbsp;Filip De Spiegeleire is also looking forward to the new alliance: “ORIOR is the perfect fit – joining forces will make Culinor’s future brighter. I’m thrilled to see Culinor become part of ORIOR Group. My team and I are ready and eager to work together on writing the next chapter of the ORIOR success story.”&nbsp;OutlookLooking ahead to the second half of 2016, we expect the general environment to be very challenging and revenues will continue to be pressured by market forces and, in particular, pricing dynamics. Also the procurement front will remain challenging. Despite this challenging environment we expect further positive triggers for our operating performance thanks to the measures and initiatives that have been introduced. The vigorous implementation of the ORIOR 2020 strategy will remain a priority in the second half of the year, with a special emphasis on innovation and our well-established and well-known brands. Attention will also centre on the successful integration of Culinor as an autonomous ORIOR competence centre in Europe. The goals with respect to steady value creation laid out in the ORIOR 2020 strategy are unchanged.

ORIOR presents a good first half of 2016 and expands into the European market

Update on ORIOR 2020 strategyDaniel Lutz, CEO, and Ricarda Demarmels, CFO, opened the Investor Day with an update on the ORIOR 2020 strategy. Management outlined the ongoing projects and measures launched under this strategy and gave several examples to document the progress that has been made during the past few months. The new branding concept for tofu specialist “Noppa’s” and the latest product launches, for example Rapelli’s new BBQ hit, an Italian-style chicken sausage, were presented, highlighting the “House of Innovation” and “Brand strengthening and expansion” pillars of the ORIOR 2020 strategy. The analysis stage of the two major projects, the operational footprint project and the sourcing project, was completed and both are now being implemented. Management also informed the participants about the planned concentration of all vegetarian product competencies at the site in Root and the ensuing integration of the site in Rüti into the Fredag center of competence. All ten employees in Rüti will be given the opportunity to continue the success story of Noppa’s specialities.&nbsp;Tradition, craftsmanship and passion on display at RapelliAfter giving a brief overview of Rapelli SA, Glauco Martinetti, CEO of Rapelli, led participants on a tour of the production site in Stabio. Rapelli presents the best that Ticino has to offer in Italian-style cold cuts with its “Rapelli” heritage brand, “Ticinella” terroir brand and “Val Mara” artisanal brand. Since 1929 Rapelli’s special combination of know-how, tradition, craftsmanship and passion has produced a long line of specialities made from exquisite ingredients and with an uncompromising commitment to quality. Participants were able to discover first hand during a tasting at La Bottega Rapelli, where the brand’s latest television commercial was also made. La Bottega Rapelli – a showcase of the unique world of pleasure the Mastri Salumieri have to offer with that extra portion of zest for life for which Ticino is renowned.

Successful ORIOR Investor Day at Rapelli's Mastri Salumieri

ORIOR AG held its 6th Annual General Meeting as a listed company in Zurich today. The 601 shareholders who attended the meeting represented 3,526,025 of the voting rights corresponding to 59.51% of the outstanding share capital consisting of 5,925,000 shares.&nbsp;All of the Board of Directors’ proposals were passed by the Annual General Meeting. The annual report, the annual accounts and the consolidated financial statements for 2015 were approved, as was the fifth consecutive increase in the dividend. The net dividend payment of CHF 2.03 per registered share (previous year: CHF 2.00) will be paid on or around 18 April 2016. The dividend will be paid out from capital contribution reserves and is therefore exempt from withholding tax for Swiss residents. ORIOR AG's attractive dividend policy since becoming a listed company was confirmed in its ORIOR 2020 strategy; a continued steady increase in the dividend in absolute terms is targeted.&nbsp;Shareholders subsequently elected the following previously serving Board members for another one-year term of office: Rolf U. Sutter as Chairman, Christoph Clavadetscher, Edgar Fluri, Dominik Sauter and Monika Walser. Entrepreneur Walter Lüthi was elected to the Board of Directors as a new member, likewise for a term of one year. Rolf Friedli had decided not to stand for re-election after serving on the Board of Directors for more than ten years. Board Chairman Rolf U. Sutter thanked him for his many achievements on behalf of ORIOR Group. At the first constitutive meeting of the Board of Directors after the conclusion of the Annual General Meeting, Edgar Fluri, a long-serving member of the Board of Directors with national and international business experience, was elected Vice Chairman. The Annual General Meeting further elected the three proposed candidates for the Compensation Committee – Christoph Clavadetscher, Rolf U. Sutter and Monika Walser.&nbsp;&nbsp;Ernst &amp; Young AG, Basel, was also confirmed as auditor for the 2016 financial year and Ines Pöschel was re-elected to serve as independent proxy until the conclusion of the next Annual General Meeting in 2017.&nbsp;&nbsp;&nbsp;Shareholders approved the Board of Directors’ proposal to extend the authorized share capital that expired on 25 March 2016, in a reduced amount, to 12 April 2018 as well as various other amendments to Article 3b of the company's Articles of Association in connection with authorized share capital. Moreover, all proposals regarding compensation of the members of the Board of Directors and the Management Board were approved.&nbsp;

ORIOR, the Swiss leader for fresh convenience food and refined meat products, performed well in the face of an extremely challenging market environment in 2015. Revenues declined but operating profit and margins improved, operating cash flow increased significantly and the balance sheet metrics were strengthened once again. These results confirm that ORIOR has successfully started the new chapter and – true to its commitment towards a strong financial profile – created a strong foundation for future growth and the continuation of its attractive dividend policy.ORIOR Group generated revenues of CHF 500.1 million in 2015, which represents a decline of 4.1% or 3.6% at constant exchange rates (previous year: CHF 521.6 million). This can be traced primarily to the contraction of the Swiss retail and food service markets, especially along the border and in the tourist regions. A more sharply focused product portfolio and a steadfast focus on sustainable and profitable growth were also contributing factors; they represent an important investment in future growth and margins. EBITDA increased by 1.3% to CHF 48.7 million and the corresponding margin widened by 52 basis points to 9.7% (previous year: CHF 48.0 million). Thanks to slightly lower depreciation and amortisation, operating profit (EBIT) rose by 4.1% to CHF 33.8 million and the EBIT margin advanced by 54 basis points to 6.8% (previous year: CHF 32.5 million). Profit before tax rose by 5.0% to CHF 31.3 million; net income, however, declined slightly by 3.5% to CHF 25.6 million (previous year: CHF 26.5 million) or CHF 4.32 per share due to negative currency effects and higher taxes.&nbsp;ORIOR generated a sharply higher operating cash flow, which jumped 45.6% to CHF 41.7 million (2014: CHF 28.6 million). The equity ratio was increased once again and stood at 58.6% at the end of the reporting period. Another slight increase in the dividendThe Board of Directors will, for the fifth consecutive year, propose an increase in the dividend to CHF 2.03 per share at the Annual General Meeting on 12 April 2016. This corresponds to a payout ratio of 47.0%. Within the scope of the ORIOR 2020 strategy, the attractive dividend policy was reaffirmed. The proposed dividend will be paid out from capital contribution reserves and is therefore exempt from Swiss withholding tax.&nbsp;Business review by segmentORIOR Convenience, the specialist for fresh convenience food with its three competence centres Fredag, Le Patron and Pastinella, could not quite repeat its strong top-line and earnings performance from the previous fiscal year. Its fresh ready-made dishes continued to sell well, as did its entire line of vegetarian and vegan products. Fresh pasta products experienced intense market pressure and these revenues showed another year-on-year decline. Business with terrine specialities grew thanks to new creations such as terrines in jars and other novelties from the “Le Patron” brand. Overall, the Convenience segment reported a slight 2.1% decline in revenues to CHF 202.7 million. Resulting EBITDA of CHF 27.7 million corresponds to a margin of 13.7% compared to 14.3% in the previous year.&nbsp;The Refinement segment and its competence centres Rapelli, Albert Spiess and Möfag achieved revenues of CHF 298.5 million, a decline of 5.6% versus the previous year. This contraction can be traced to lower raw material prices and the resulting price concessions as well as to portfolio streamlining with a focus on growth and margins. Low raw material prices had a positive impact on profitability, however, which improved despite the negative inflation. Intensified brand management and higher marketing investments lifted the revenues of the branded products. Segment EBITDA rose by 4.9% to CHF 23.5 million, resulting in an EBITDA margin of 7.9% (2014: 7.1%).&nbsp;The ORIOR Corporate and Export segment’s results for 2015 were unable to match the figures from the preceding year.. The appreciation of the Swiss franc is the main reason for the shortfall, as this diminished the export chances of specialities made in Switzerland and led to a deterioration in the general business environment. Together with the absence of revenues from the logistics company Lineafresca, divested in May of 2014, revenues in the Corporate and Export segment therefore declined to CHF 21.3 million from CHF 26.0 million in the previous year. At constant exchange rates and factoring out the deconsolidation of Lineafresca, revenues increased by 2.9% despite the challenging export situation.&nbsp;Orior 2020 StrategyORIOR’s new management launched a strategy review headlined “ORIOR 2020” in May 2015. In September the new strategy was presented and the execution initiated. The principal aim of the strategy is steady value creation. With its key pillars “House of Innovation”, “Brand strengthening and expansion”, “Agility and cost efficiency”, “The ORIOR responsibility” and “We are ORIOR”, the revised strategy lays the foundation for a sustainable and profitable continuation of &nbsp;ORIOR's success story.&nbsp;Important steps takenInnovation is crucial for future success and also for maintaining a pivotal role in shaping the market landscape. Innovation is going beyond the product into new concepts, services and processes. With this in mind, innovation is now – under the oversight and management of the Group Innovation Manager – being advanced throughout the whole value chain and across all competence centres.&nbsp;Additionally, ORIOR signed a licensing and cooperation agreement with the German veggie pioneer Tofutown. Beginning 1 March 2016, ORIOR's “Nature Gourmet” products will be exclusively produced and marketed by Tofutown for the German, Austrian and Luxembourg markets.&nbsp;Change in the Board of DirectorsRolf Friedli, the long-standing Vice Chairman of the Board of Directors of ORIOR AG, will not be standing for re-election at the Annual General Meeting on 12 April 2016. He has served on the board for more than ten years and helped ORIOR to set important milestones during this period. The Board of Directors, Executive Management and the employees are grateful to Rolf Friedli for his extraordinary services. The Board of Directors of ORIOR AG will propose entrepreneur Walter Lüthi for election to the Board of Directors as a new director at the Annual General Meeting on 12 April 2016.&nbsp;OutlookWe expect the trading environment to remain challenging in 2016. Swiss retailers and food service providers will remain under pressure and vulnerable to general economic developments. We expect – particularly in the first half of the year – further price markdowns, pressure from imports, unabated cross-border shopping, and a further deterioration in consumer sentiment. As for raw materials, prices for beef are expected to remain high due to persisting supply constraints. Pork prices could edge higher during the course of 2016. To address these challenging conditions, we will continue to focus our attention on innovation, portfolio management and cost efficiency in 2016. We will intensify our innovation at the product level and beyond to include concepts, services and processes, with the objective of capturing the changing consumer eating habits and maintaining our position in the vanguard of market developments. The philosophy of the competence centres puts us in uniquely close contact with customers and the market, which, in turn, allows us to react quickly and with agility. Together with the new strategy and group-wide initiatives and measures that have been taken, ORIOR laid a broad and sturdy foundation from which it can look with confidence to what will undoubtedly be a very challenging future.&nbsp;ORIOR Group’s key figures for the 2015 financial year&nbsp;<table><tbody><tr><td>In CHF 000</td><td>2015</td><td>∆ in %</td><td>2014</td></tr><tr><td>Revenues</td><td>500’128 </td><td>-4.1%</td><td>521’630 </td></tr><tr><td>EBITDA</td><td>48’655</td><td>+1.3%</td><td>48’032</td></tr><tr><td>as a % of revenues</td><td>9.7%</td><td>&nbsp;</td><td>9.2%</td></tr><tr><td>EBIT</td><td>33’848</td><td>+4.1%</td><td>32’508</td></tr><tr><td>as a % of revenues</td><td>6.8%</td><td>&nbsp;</td><td>6.2%</td></tr><tr><td>Profit before tax</td><td>31’339</td><td>+5.0%</td><td>29’855</td></tr><tr><td>as a % of revenues</td><td>6.3%</td><td>&nbsp;</td><td>5.7%</td></tr><tr><td>Profit for the year</td><td>25’563</td><td>-3.5%</td><td>26’495</td></tr><tr><td>as a % of revenues</td><td>5.1%</td><td>&nbsp;</td><td>5.1%</td></tr><tr><td>Net debt, third parties</td><td>50’358</td><td>&nbsp;</td><td>69’959</td></tr><tr><td>Shareholders’ equity</td><td>233’643</td><td>&nbsp;</td><td>226’657</td></tr><tr><td>Equity ratio</td><td>58.6%</td><td>&nbsp;</td><td>53.5%</td></tr></tbody></table>

ORIOR performs well in a challenging environment, increases its operating profit and again proposes to raise its dividend

ORIOR House of Innovation: Champion Model initiated throughout the GroupA high level of innovation is crucial to ORIOR’s success going forward and it must be further strengthened, not only with regard to the products but also in terms of concepts, services and processes. As Group Innovation Manager, Mr. Oscar Marini will oversee and advance the pursuit of innovation throughout the value chain and across all competence centres within the Champion Model. His remarkable acumen in discerning trends, his passion for culinary delights and his willingness to transform even unconventional ideas into practical solutions will have a creative impact on innovation.&nbsp;New CEO for Pastinella as of 1 January 2016In addition to his role as Group Innovation Manager, Oscar Marini will assume management responsibility for Pastinella in Oberentfelden as of 1 January 2016. The pasta market is highly competitive and under pressure from foreign suppliers. Success in this segment requires an astute focus on existing and new market niches and a greater emphasis on innovation, quality and freshness. Under the leadership of Oscar Marini, the focus on fresh pasta will be sharpened considerably and the competence centre philosophy of ORIOR accentuated.Daniel Lutz, CEO of ORIOR AG: “With Oscar Marini as Group Innovation Manager and CEO of Pastinella, we have enlisted the talents of an expert with more than 25 years of experience in innovation management and strategy development as well as a strong track record in the pasta business. We are looking forward to this reinforcement.”&nbsp;Strategic partnership with German veggie pioneerORIOR and Tofutown have signed a licensing and cooperation agreement. Beginning 1 March 2016, ORIOR’s NATURE GOURMET products will be exclusively produced and marketed by Tofutown – the German veggie pioneer – for the Luxembourg, Austrian and German markets. Tofutown, headquartered in Wiesbaum (DE), is the leading producer and distributor of organic vegetarian products in Germany. The NATURE GOURMET brand will be pan-Europeanized and strengthened through the collaboration with Tofutown. “We are delighted to have the opportunity to produce, market and continually develop NATURE GOURMET’s top quality products within the scope of this strategic partnership with ORIOR. I am also looking forward to building a long-lasting, successful business relationship with my Swiss colleagues,” remarks Bernd Drosihn, CEO of Tofutown. Daniel Lutz, CEO of ORIOR, is likewise pleased: “ORIOR is the veggie pioneer in Switzerland; Tofutown is the veggie pioneer in Germany – this partnership offers unique potential.”

ORIOR AG: Powering ahead into 2016

The ORIOR 2020 strategy was developed in an iterative process in which senior managers and other key employees throughout the ORIOR Group participated together with the Board of Directors, which approved the final plan. ORIOR 2020 creates the framework for the next chapter of ORIOR’s sustained corporate success. An attractive dividend policy was reaffirmed in this context. Sales growth and absolute EBITDA increase were communicated as selected key indicators of steady value creation.The competence centres philosophy will be strengthened and the Group’s potential will be successfully leveraged under the new Champion Model. In 2020 ORIOR will be operating in Europe.&nbsp;House of InnovationIn Switzerland, ORIOR is in a class of its own as a true innovator for its brands and private labels. ORIOR is striving to better understand consumers and their consumption patterns and to extend its innovation beyond the product into new concepts, services and processes. Achieving these goals will require further progress in terms of insights, flexibility and speed. Innovation will be reorganized and strengthened as part of the Champion Model. Under this model – the new functional Group Innovation Manager will cultivate and promote innovation – innovation throughout the entire value chain and throughout the Group.&nbsp;Brand strengthening and expansionORIOR’s brands are well known. Efforts to differentiate and refine core brands will be intensified by increasing our investments into marketing, which will include the greater use of modern communications tools and selective point-of-sales activities. Marketing competencies will be further broadened and deepened driven by a new organizational structure within the Champion Model. The new brand positioning for Rapelli will be launched in 2016.&nbsp;Agility and cost efficiencyFlat hierarchies and short decision-making processes bring us closer to customers and consumers. Group-driven strengths and scale will be better utilized across all competence-centres to create efficiency advantages, enhance know-how and steadily improve production and process workflows. Within the scope of an ongoing Group-wide operational footprint analysis, the Churwalden site was closed to optimise capacity at the Davos-Frauenkirch meat curing facility. A procurement project was also launched to drive cost savings and strengthen the procurement organisation. It will centralize the sourcing of raw material, packaging material and services that are required throughout the Group, provided such centralization is value-adding.&nbsp;The ORIOR responsibilitySustainability is part of our core business and the foundation of Excellence in Food. We assume responsibility at every stage of the value chain. We are attentive to the interests of all stakeholders and target groups and our activities are in accord with the principles of sustainability. Key points are sustainable procurement of raw materials, environmental stewardship, animal welfare, the continuous improvement of our recipes with natural ingredients and reduced levels of sodium and sugar, and training and development programs for employees.&nbsp;We are ORIOR&nbsp;ORIOR is proud of the cultural diversity evident in its competence centres. “We are ORIOR” is predicated on basic entrepreneurial spirit: That makes us strong and facilitates the successful execution of the ORIOR 2020 strategy.&nbsp;A word of thanksThe Management is grateful for the drive and determination of all employees involved in the ORIOR 2020 strategy process and its now ongoing implementation.&nbsp;DownloadA presentation on the ORIOR 2020 strategy can be downloaded from 11:30 a.m. (CET) on 16&nbsp;November 2015 by clicking on the following link:<a href="https://orior.ch/en/investor-relations/presentations/">http://www.orior.ch/en/investor-relations/presentations/</a>

ORIOR 2020 - Embracing the future with an entrepreneurial spirit

Leading Swiss food group ORIOR, which specialises in fresh convenience foods and refined meats, performed well in a challenging environment in the first half of 2015, increasing operating income (EBIT) by 6.9% to CHF 15.0 million and the margin by 66 basis points to 6.2%. Exchange rate-adjusted profit increased by 6.4 % to CHF 11.5 million. In a shrinking overall market the Group largely maintained its volumes and won some additional market shares thanks to strong partnerships and a high pace of innovation. The operating environment was affected by the strong Swiss Franc, and this was reflected in revenues, which declined by 4.6%. Favourable purchasing conditions and a focus on operational efficiency led to a 48 basis points improvement in the EBITDA margin to 9.3%. Thanks to an increased focus on working capital, operating cash flow increased sharply, from CHF 2.3 million to CHF 13.9 million.&nbsp;The strength of the Swiss Franc had a significant impact on the first six months of 2015. The retail and food service businesses both felt the effects, especially in tourist areas and border regions. The strong Swiss Franc and associated price discounts, allied with the negative inflation caused by current low raw materials prices and a decline in nominal export sales, had a negative impact on ORIOR's revenues. However, thanks to its strong market positions and innovation power, the Group largely maintained its volumes.&nbsp;ORIOR Segments on the right trackThe Convenience Segment outperformed the market once again. The main drivers were vegetarian and vegan products and fresh ready meals. Only the fresh pasta sector, as expected, remained under pressure from foreign suppliers. Revenues were down slightly as a result, slipping by 1.5% to CHF 97.6 million. EBIT couldn't quite be maintained at the prior-year level, owing to higher investment in marketing and sales, as well as higher production costs resulting from a broader and deeper range. It fell 4.4% to CHF 11.1 million. Success in this segment still depends on a high pace of innovation and the flexibility to respond quickly to new trends.&nbsp;The Refinement Segment expanded its already strong market position and significantly increased profitability. Thanks to their strong market and brand positions, Rapelli and Möfag remain the segment's main growth drivers. The Refinement Segment generated revenues of CHF 144.8 million in the first half of 2015. EBIT went up 34.1% and the EBIT margin increased by 147 basis points from 3.4% to 4.9%. The low price of raw materials and correspondingly decreased selling prices in the retail trade had a negative impact on revenues, but a positive one on the EBIT margin.&nbsp;Pleasingly, there was a small rise in the volume of export sales. However, in nominal terms exports were lower than in the previous year owing to currency influences. This, together with the sale of Lineafresca, caused a decline in sales from CHF 14.3 million to CHF 10.0 million.&nbsp;Rigorous focus on innovationWith its innovative power, craftsmanship and consistent focus on freshness and quality, ORIOR is underlining its leading position in attractive niches and shaping the market as a ground-breaking pioneer. In response to the fashion for ultra-fresh ready meals, ORIOR created new recipes and further expanded its vegetarian and vegan range; it gained market shares again in both areas. The Refinement Segment also developed and launched new concepts. Regional specialties such as the Rapelli and Ticinella Limited Edition, Möfag's "Meat Chips", and Grisons delicacies from Albert Spiess have helped expand already strong market positions. The segment has always nurtured deeply-rooted traditions and craftsmanship, so it is very much in tune with the trend towards authentic regional products, which looks set to continue and intensify.&nbsp;Pressing ahead with growth initiatives and the ORIOR 2020 strategyThe new management team has launched immediate growth initiatives in various areas, as well as measures to improve profitability. These include sharpening up the "Ticinella" and "Albert Spiess" brands, streamlining the product portfolio, wide-ranging manufacturing plans across all the competence centres and sites, and group-wide purchasing of raw materials. In May 2015 the new management launched a strategy process called "ORIOR 2020", which involves not only the Board of Directors, Management Board and Extended Management Board, but especially middle managers and other key personnel. The 2020 strategy will provide the basis for the next chapters in ORIOR's success story.&nbsp;Confident outlookORIOR expects operating conditions to remain challenging in the second half of 2015, so revenues are likely to remain under pressure. On the other hand, the favourable conditions for purchasing raw materials are expected to continue, which should have a positive effect.&nbsp;ORIOR continues to invest in innovation and in its brands so it can expand its leading market positions in selected niches. At the same time, it is sharpening up its product portfolio and concentrating even more rigorously on long-term profitable growth. Continuous work on cost structures, efficiency and agility remains a priority. In summary, ORIOR is confident about the second half of the year.

ORIOR increases operating income in a challenging environment

ORIOR AG's fifth annual general meeting as a listed company was held in Zurich today. The 553 shareholders attending represented 3’890’035 voting shares, or 65.65% of the total share capital of 5’925’000 issued shares.&nbsp;The AGM approved all the proposals put forward by the Board of Directors. The annual report and the 2014 annual and group financial statements were approved, as was an increase in the dividend. The dividend payment of CHF 2.00 net per registered share (prior year: CHF 1.97) is to be made on or around 1 April 2015. This payment is being made from the capital contribution reserve and so will not be subject to deduction of withholding tax. The pay-out ratio of 44.6% is in line with ORIOR's defined dividend policy.&nbsp;In the elections held during the meeting, existing Board members Rolf U. Sutter, as Chairman, Rolf Friedli, Christoph Clavadetscher, Edgar Fluri, Dominik Sauter and Monika Walser were all re-elected for another one-year term. Christoph Clavadetscher, Rolf Friedli und Rolf U. Sutter were re-elected as members of the Compensation Committee. In addition, Ernst &amp; Young AG, Basel, was confirmed as auditor for the 2015 financial year and Ines Pöschel was re-elected as independent proxy until the end of the next Annual General Meeting in 2016.&nbsp;For the first time since the Ordinance Against Excessive Pay at Stock Exchange Listed Companies came into force, shareholders voted on the compensation paid to Members of the Board of Directors and Management Board. The relevant proposals were accepted by a large majority.&nbsp;Daniel Lutz, CEO of ORIOR AG, said the following in his inaugural speech: "The initial market and consumer response to the strong Swiss franc will affect ORIOR too in border regions, tourism and export activities. By focusing on our core segments and brands, and thanks to our strong innovation culture, we are very well positioned. And I can count on a great team who are willing and able to react to changing needs with new offerings. I am very happy to be writing ORIOR's continuing story together with these people."

Shareholders approve all Board proposals

Leading Swiss food group ORIOR AG, which specialises in fresh convenience foods and meat refinement, can look back on a good 2014. Revenue was up slightly, while margins increased at group level. The main growth driver was the Convenience business which did particularly well with vegetarian specialities, poultry products and gluten and lactose-free products. Based on its leading position in targeted markets and its high level of innovation, ORIOR Group can look forward with confidence.&nbsp;The ORIOR Group generated revenues of CHF&nbsp;521.6 million in 2014, thus exceeding the prior-year figure despite significantly lower export sales. In the main Swiss market there was revenue growth of 1.4%. Thanks to a strong second half, EBITDA rose 2.2% to CHF 48.0 million, giving a margin of 9.2% compared to 9.0% in the previous year. Profit for the year was 5.1% higher than in 2013 at CHF 26.5 million. This translates into earnings per share of CHF 4.48 (2013: CHF 4.26 per share).&nbsp;As expected, operating cash flow fell from CHF 40.5 million in 2013 to CHF 28.6 million. The main reasons for the decline were changes in payment conditions and the payment of taxes from previous years. The equity ratio rose again to 53.5%. Dividend increases slightly againThe Board of Directors is again proposing a higher dividend of CHF 2.00 per share to the Annual General Meeting of 26 March 2015. This gives a distribution ratio of 44.6% of the net profit, which conforms to ORIOR's dividend policy. The payment will be made from capital contribution reserves and so is not subject to Swiss withholding tax. Segments operating at a good levelFor 2014 ORIOR's Convenience segment, which specialises in fresh convenience food with its three competence centres – Fredag, Pastinella and Le Patron, reported sales growth and a margin at around the prior-year level.Revenues rose from CHF 199.1 million in the previous year to CHF 207.0 million. Ultra-fresh menus, poultry products and vegetarian specialities performed particularly well again. The vegetarian line was boosted by the acquisition of organic tofu specialist Noppa AG. The EBITDA margin remained the same as in the previous year at 14.3%.&nbsp;The Refinement segment, with its competence centres Rapelli, Albert Spiess and Möfag, came in just below the 2013 performance with revenues of CHF 316.3 million. High raw materials prices once again had a negative impact on the gross margin, resulting in a reduction in the EBITDA margin from 7.4% in the previous year to 7.1%. Thanks to the good product mix during the year under review, the segment did increase its volume of sales, but EBIT was still down on the previous year at CHF 14.5 million (2013: CHF 15.8 million). The main drivers of growth throughout the year were the Rapelli and Möfag competence centres, with Möfag once again achieving record sales. The Albert Spiess competence centre was unable in the second six months of the year to compensate fully for its first-half results, which were slightly below expectations.&nbsp;The Corporate and Export segment was restructured during the year under review. ORIOR sold its logistics company Lineafresca to a longstanding transportation partner, and formed a strategic alliance with this partner. Export business fell short of expectations in 2014. Sales fell from CHF 22.3 million in the previous year to CHF 19.5 million as the main export market, France, continued to suffer under difficult economic conditions. Added to this, one of the main distributors used by ORIOR went bankrupt. The vegetarian and vegan products sold under the "Nature Gourmet" brand enjoyed healthy growth. Sales increased in Germany in particular.&nbsp;OutlookThe Convenience segment is likely to perform well this year too. Fresh convenience and ultra-fresh convenience will remain fast-growing markets going forward. More and more consumers are looking for quick and easy meals that offer top quality, health and variety. The market for vegetarian and vegan products will also see strong growth. The acquisition of Noppa AG to round out our portfolio is delivering additional impetus in the ongoing development of this product portfolio. There is also growing consumer demand for a wider range of products catering for specific nutritional requirements – e.g. diets and food intolerances. Thanks to its leading position, ORIOR will benefit from this growth.&nbsp;The Refinement segment also expects slight growth for 2015. Lower pork prices should have a positive effect on profitability in the first few months of the year, but prices are then likely to be adjusted in the spring. For products that require maturing, like cured hams, the positive price effect is delayed by the relevant maturing time, i.e. by up to 18 months. Supplies of Swiss beef are likely to remain low this year, which will keep beef prices up.&nbsp;ORIOR expects export business to either hold steady or decline slightly this year. The strong Swiss franc is the main negative factor here, though the relatively modest level of export sales will only have a minimal impact on the profitability of the group as a whole.&nbsp;From the current perspective, the strength of the Swiss currency is not expected to have a substantial influence. There is no doubt that border regions and tourism will see revenues decline, and this could affect ORIOR indirectly. The response of the market and market players to the strong Swiss franc could increase competition if, for example, imports increase. ORIOR's core businesses are ideally focused, and together with a strong culture of innovation and a focus on quality and freshness, ORIOR's product and brand portfolio is very well positioned.&nbsp;ORIOR Group's key figures for the 2014 financial year&nbsp;<table><tbody><tr><td>in CHF 000</td><td>2014</td><td>∆ in %</td><td>2013Restated1</td></tr><tr><td>Revenues</td><td>521’630 </td><td>+0.3%</td><td>520’033</td></tr><tr><td>EBITDA</td><td>48’032</td><td>+2.2%</td><td>46’979</td></tr><tr><td>as % of revenues</td><td>9.2%</td><td>&nbsp;</td><td>9.0%</td></tr><tr><td>EBIT</td><td>32’508</td><td>+3.5%</td><td>31’423</td></tr><tr><td>as % of revenues</td><td>6.2%</td><td>&nbsp;</td><td>6.0%</td></tr><tr><td>Profit for the year</td><td>26’495</td><td>+5.1%</td><td>25’202</td></tr><tr><td>as % of revenues</td><td>5.1%</td><td>&nbsp;</td><td>4.8%</td></tr><tr><td>Net debt, third parties</td><td>69’959</td><td>–6.5%</td><td>74’854</td></tr><tr><td>Shareholders' equity</td><td>226’657</td><td>+8.0%</td><td>209’940</td></tr><tr><td>Equity ratio</td><td>53.5%</td><td>&nbsp;</td><td>50.3%</td></tr></tbody></table> 1 See note 2 in the Financial Report

ORIOR sees profits rise in 2014

Hélène Weber-Dubi has decided to step down as CFO of ORIOR at the upcoming Annual General Meeting on 26 March 2015. She will have served as the Group's financial chief for more than 15 years. From summer 2015 Hélène Weber-Dubi will be available to ORIOR for special Management Services jobs, so the company will continue to benefit from her knowledge and her energy.&nbsp;The Board of Directors has appointed Ricarda Demarmels (born 1979) as the company's new Chief Financial Officer. The economics graduate (lic. oec. HSG) previously worked as Investment Director for private equity company Capvis Equity Partners AG, and in this role gained an in-depth knowledge of ORIOR. Before that she worked for the Oliver Wyman consultancy firm and the Swiss National Bank. Ricarda Demarmels takes over as CFO in April 2015.&nbsp;The Board of Directors and her colleagues on the Management Board would like to offer Hélène Weber-Dubi their heartfelt thanks for her outstanding work over many years. Speaking on behalf of both bodies, Rolf U. Sutter, Chairman of the Board of Directors, said: "Hélène Weber-Dubi has played a significant role in ORIOR Group's development. She has long expressed a wish to step back a little, and the Board has agreed to this. At the same time we are very pleased to have found a very well qualified successor in Ricarda Demarmels."

ORIOR appoints Ricarda Demarmels as Group CFO. She will succeed long-standing CFO Hélène Weber-Dubi in April 2015.

Daniel Lutz is a proven and experienced food specialist with very good knowledge of the Swiss market and especially of the retail sector. An economics graduate, he was for several years head of Nestlé’s Frisco Findus Division in Rorschach, where he was responsible for production as well as sales and marketing. Before that he held various management positions at Nestlé in Switzerland, Mexico and Malaysia. As Managing Director of Nestlé Food and Beverage in China, Hong Kong and Taiwan, Daniel Lutz is currently responsible for a billion-franc market.&nbsp;Rolf U. Sutter, Chairman of ORIOR's Board of Directors, says: “Daniel Lutz brings to us the crucial combination of international expertise and excellent knowledge of the Swiss market environment. ORIOR is a broad-based company with various product categories and locations. Daniel Lutz is currently managing a similarly diverse business with great success. In addition to this he impressed us from the start with his modest manner, management qualities, strategic thinking and desire to create something sustainable.”&nbsp;Daniel Lutz says the following about his new role: “ORIOR’s story is unique. It will be an honour for me to lead the company into the future. The quality of its product range, its culture of innovation and its unique spirit provide a foundation and an inspiration for me to help write ORIOR’s continuing story.”&nbsp;The Board of Directors would already like to offer its heartfelt thanks to Bruno de Gennaro. Within just a short period of time he has made a decisive mark in terms of strategy and results. As the Head of ORIOR’s Convenience Segment and Member of the Management Board, Bruno de Gennaro will continue to be a key figure for ORIOR.

Daniel Lutz becomes new Group CEO of ORIOR AG

ORIOR, the Swiss leader for fresh convenience food and premium meat products, increased its sales volumes in the first half of 2013, with revenues rising 3.1% to CHF 248.4 million. EBITDA amounted to CHF 23.1 million, which corresponds to an EBITDA margin of 9.3%, compared to 10.5% in the first half of 2012. Profit for the period amounted to CHF 11.2 million (1H 2012: CHF 12.6 million). The decline in net profit is attributable to higher raw material prices that could not be immediately passed through to customers. Cost management efforts could not offset the impact of more expensive raw materials. However, ORIOR Group's margins have been back at their usual levels since June 2013. Together with the top-line growth and the various new product launches, the outlook for the second half of the year is positive.&nbsp;All three ORIOR segments – the Refinement segment with its competence centres Rapelli, Spiess and Möfag; the Convenience segment with Fredag, Pastinella and Le Patron; and the Corporate, Export and Logistics segment – reported higher revenues in the first half of 2013, and thus contributed to the Group’s overall growth. ORIOR’s overall sales volumes rose, driven by its good market position, the adjustments to prices made in May/June 2013 and the success of the latest product launches. Productivity has also improved thanks to investments made in the previous year and to various optimisation and training programs.&nbsp;The Refinement segment increased its revenues from CHF 148.3 million to CHF 150.1 million. Growth was driven by Möfag and Rapelli. Spiess fell short of expectations but the outlook for the second half of the year is positive. The EBITDA margin, which had risen to 9.5% in the prior-year period, receded to 7.5% as a result of high meat prices, particularly for pork.&nbsp;Sales in the Convenience segment rose from CHF 91.2 million to CHF 94.3 million in the first six months of the year. The corresponding growth rate of 3.4% was better than the market growth rate. This segment’s growth was driven by its vegetarian specialities, the extension of its ultra-fresh product line and its food service offering for restaurant/catering customers. Despite an increase in raw material prices, the EBITDA margin was held at 14.7%.&nbsp;The Corporate, Export and Logistics segment reported revenues of CHF 17.2 million for the period under review, up from CHF 16.3 million in the first half of the previous year. Exports of Bündnerfleisch remained stable, while vegetarian products exported to foreign markets showed another significant increase.&nbsp;Investments made in innovation and brandsThe pace of new product launches picked up throughout the Group during the first half of 2013. ORIOR unveiled a world's first that took nearly three years to develop: the very first fresh pasta containing neither gluten nor lactose. This new line of products will start appearing on retail shelves in the fall of 2013. ORIOR is thus establishing itself in another attractive niche with an innovative product line. Further highlights are “Eat Meat Chips” – a dried meat snack high in protein and low in fat – and the new seasonal specialities and ready-to-eat cold dishes that have been added to the ultra-fresh product line.&nbsp;Besides innovation, ORIOR invested in its brands during the period under review. The “Albert Spiess of Switzerland” brand, under which ORIOR sells Bündnerfleisch across Europe, will soon be used in the Swiss market, too. New packaging for “Albert Spiess of Switzerland” was created to highlight the tradition, authenticity and quality of these Bündner specialities. Nature Gourmet, ORIOR’s successful brand for vegetarian specialities, has also been adorned with a new logo and a new packaging design since the summer of 2013. A new advertising campaign was launched in April 2013 to further strengthen the profile and appeal of the Ticinella brand. It features print ads and television commercials filmed in authentic locations that capture the typical Ticino spirit.&nbsp;OutlookORIOR Group expects revenues to trend higher in the second half of 2013. Margins should show a slight improvement. Various value-enhancing initiatives will enter a crucial phase in the autumn: at Le Patron, the “Move 100” project for optimising internal processes will be completed; the renovation of Rapelli's order picking facility will be in full swing; and various SAP systems will be rolled out. ORIOR Group is thus creating conditions that will ensure its healthy profitability in the medium to long term.

- TEST - ORIOR Group in the first half of 2013: Sales growth, margin pressure, positive outlook

Leading Swiss food group ORIOR AG, which specializes in fresh convenience foods and meat refinement, saw volumes increase again in the first half of 2014, with revenues increasing by 1.9% to CHF 253.1 million. The EBITDA of CHF 22.3 million gives an EBITDA margin of 8.8%, down from 9.3% in the first half of 2013. Profit for the period came to CHF&nbsp;10.6&nbsp;million (first half of 2013: CHF&nbsp;11.2&nbsp;million). Results are down on the year because of raw materials prices, some of which are at record high levels. Despite strict cost management it was impossible to offset the entire impact of this. Prices for ORIOR's most important raw materials are expected to ease in the late autumn of 2014, which together with sales growth and newly launched products makes the company confident about the second half of the year.&nbsp;ORIOR's Refinement Segment, with its Rapelli, Spiess and Möfag competence centres, and its Convenience Segment, with Fredag, Pastinella and Le Patron, both achieved higher sales and contributed to the group's growth in the first half of 2014. Thanks to the good positioning of our brands and systematic cultivation of existing and new sales channels, we were able to maintain our market shares and in some cases expand them still further.&nbsp;ORIOR segments: good growth, pressure on marginsThe Refinement Segment increased its revenues from CHF 150.1 million to CHF 154.3 million. The main growth drivers were Rapelli and Möfag. Spiess performed slightly below expectations. The high price of meat had a negative effect on results for the whole segment in the first six months. The EBITDA margin fell as a result, from 7.5% in the previous year to 6.0%. Because accruals that should have been made in inventory management in past years in the Refinement Segment had not been made, an adjustment had to be implemented with retrospective effect from 1 January 2013. This adjustment took the form of a restatement that reduces shareholders’ equity by CHF 4.2 million.&nbsp;Results at the Convenience Segment were also influenced by raw materials prices but still improved. Revenues went up from CHF 94.3 million to CHF 99.1 million while EBITDA increased year-on-year to CHF 14.4 million (first half of 2013: CHF 13.8 million). Growth was driven in particular by vegetarian specialities and the gluten and lactose-free pasta range launched in the previous year. In May 2014 ORIOR acquired the organic tofu specialist Noppa AG of Rüti (ZH). This addition has strengthened ORIOR's competence in the area of high quality, high taste vegetarian specialities. The acquisition will provide the impetus for new products and accelerate growth.&nbsp;ORIOR's Corporate, Export and Logistics Segment posted a disappointing result for the first half year of 2014. The Segment recorded net sales of CHF 14.3 million compared with CHF 17.2 million in the first half of 2013. There was a double-digit percentage rise in exports of vegetarian specialities to Germany, but this was not enough to make up for the fall in sales of Bündnerfleisch in France. Alongside the difficult economic situation, payment difficulties at one of ORIOR's key distributors contributed to the fall in sales. ORIOR sold transport company Lineafresca in May 2014. The buyer was a longstanding transport partner, with which ORIOR will now be working even more closely as part of a strategic alliance. From now on, ORIOR concentrate on its core business of fresh convenience foods and refined meats.&nbsp;Innovation and brand managementORIOR continued to press ahead with innovations during the period under review and launched numerous new products. For example, in addition to its restaurant trade, Rapelli is now also supplying retail outlets with a complete range of fresh lasagne products. Following the success of jumbo fresh trays, Albert Spiess rounded out its range of packaged products with the introduction of mini fresh trays containing handy small portions of salami, raw ham and Bündnerfleisch. One of the new highlights for the barbecue season is the gourmet veggie BBQ platter from Nature Gourmet – a selection of high quality vegetarian products with no artificial ingredients or preservatives. Le Patron has also expanded its range to suit the season, launching a new generation of terrines called “Millefeuille”.&nbsp;Alongside the innovations ORIOR has also invested heavily in its brands. The “Albert Spiess” brand, which has been present in retail outlets across Switzerland since the start of the year, has performed very well. The Convenience Segment has also launched the new “Le Patron” brand for retail sales of premium convenience products such as pasta, sauces and pâtés, as well as of Fredag, Pastinella and Le Patron dishes.&nbsp;OutlookORIOR expects revenues to keep rising in the second half of 2014. The gross margin should recover slightly. The construction of Rapelli’s new picking centre is now complete and the first positive effects of this investment can be expected as of autumn 2014.

ORIOR Group reports solid first half of 2014

Remo Hansen has worked at ORIOR since 1998 in various management and Management Board functions, becoming CEO in 2011. Over this time he has had a decisive influence on the Group's development. After 16 successful years at ORIOR, he is leaving the company in a good position and moving on to take up a new challenge. The Board of Directors, Management Board and employees would like to thank Mr. Hansen and wish him all the best as he embarks on a new journey.&nbsp;Bruno de Gennaro, the new interim CEO, has been at ORIOR for 20 years and is a long-serving member of the Management Board. He currently heads the very successful, fast-growing Convenience Segment, which encompasses several of the Group's competence centres. Previously he spent 13 years managing and growing Rapelli SA in Canton Ticino.Bruno de Gennaro is a hugely experienced entrepreneur and business leader. He identifies strongly with the company and under his management ORIOR Group will enjoy continuity and continued success.

Change in ORIOR's management

Noppa AG is a leading Swiss producer of premium organic tofu. The company, which is ten years old, uses around 150 tonnes of organic soya every year to make high quality, great tasting tofu specialities. Its founders, Noppa and Jörg Helbling, will be joining the ORIOR team. The company's production facility in Rüti (Canton Zurich) will continue to operate with its 15 employees. The parties have agreed not to disclose the purchase price.&nbsp;This addition to its portfolio increases ORIOR's competence in the vegetarian market. Noppa AG's product portfolio and customer base will bolster ORIOR's strong positioning in the fast-growing market for vegetarian convenience products.&nbsp;Change in the Management BoardWith the completion of this transaction Stefan H. Jost, Head of &nbsp;International, New Business and Exports and a Member of the Management Board of ORIOR AG, will be leaving during the summer after four successful years at the company to take up a new challenge.

ORIOR adds to its vegetarian expertise by acquiring organic tofu specialist Noppa AG

Lineafresca has until now been part of the ORIOR Group, where it has been responsible for local distribution of fresh and chilled products. Meanwhile, ORIOR has used Murpf Group as its main transport partner. From now on, however, ORIOR Group will be concentrating on its core business of fresh convenience foods and refined meats, so Lineafresca is being sold to Murpf. By deepening its existing partnership with Murpf, ORIOR aims to optimize the way it gets its products to market. The transaction will be completed on 28 May 2014. The parties have agreed not to disclose the purchase price.&nbsp;CEO Remo Hansen says: "Lineafresca is well positioned as a Swiss-wide logistics provider, with 28 vehicles and a combined chilled and frozen transport chain. Murpf Group's fleet is around five time as big, offering Lineafresca a better environment for its future development. We will be continuing and deepening our proven partnership with Murpf as part of a strategic alliance." Thomas Murpf, Managing Director of F. Murpf AG, and his team are looking forward to the new arrangements: "Lineafresca fits perfectly in our Group. Its specialisation in local distribution rounds out our overall transport offering very well."

ORIOR sells its Lineafresca logistics unit to Murpf Group and deepens strategic alliance

ORIOR AG's fourth annual general meeting as a listed company was held in Zurich today. The 458 shareholders attending represented 3 568 825 voting shares, or 60.23 % of the total share capital of 5 925 000 issued shares.&nbsp;The AGM approved all the proposals put forward by the Board of Directors. The annual report and the 2013 annual and group financial statements were approved, as was an increase in the dividend. The dividend payment of CHF 1.97 net per registered share (prior year: CHF 1.95) is to be made on or around 1 April 2014. This payment is being made from the capital contribution reserve and so will not be subject to deduction of withholding tax. The payout ratio of 45.2% is in line with ORIOR's defined dividend policy.&nbsp;In the elections held during the meeting, existing Board members Rolf U. Sutter, as Chairman, Rolf Friedli, Christoph Clavadetscher, Edgar Fluri, Dominik Sauter and Monika Walser were all re-elected for another one-year term. After seven years on the Board of Directors, Anton Scherrer did not put himself forward for another term. Chairman of the Board of Directors Rolf U. Sutter thanked him for his many years of dedication to the company and for his valuable contribution to ORIOR's development. Christoph Clavadetscher, Rolf Friedli und Rolf U. Sutter were elected as members of the Remuneration Committee. In addition, Ernst &amp; Young AG, Basel, was confirmed as auditor for the 2014 financial year and Ines Pöschel was elected as independent proxy until the end of the next Annual General Meeting in 2015.&nbsp;Shareholders also approved the extension of approved capital of CHF 4 761 704 until 25 March 2016.&nbsp;The amendments to the articles of association required by the Ordinance Against Excessive Pay at Publicly Listed Companies (Verordnung gegen übermässige Vergütungen bei börsenkotierten Aktiengesellschaften, VegüV), were also approved by the Annual General Meeting. Changes included wider powers for the General Meeting, the function of independent proxy, rules on additional activities by members of the Board of Directors and Management, the responsibilities of the Remuneration Committee, and rules on compensation paid to the Board of Directors and Management.

Shareholders approve all Board proposals

ORIOR, the Swiss leader for fresh convenience food and premium meat products, achieved top-line growth in 2013. Group profits were weakened by high raw material prices in the Refinement segment, but cash flow increased by more than 28&nbsp;% from the previous year. Thanks to its strong market position, a pipeline full of innovation and investment in productivity improvements, ORIOR is well positioned for future growth.&nbsp;ORIOR Group increased its revenues by 3.7&nbsp;% to CHF 520.0 million in the 2013 financial year. Almost every area of the business reported organic top-line growth. The main engine of growth was the Convenience segment, which once again expanded its market share. The gross margin receded 1.8 percentage points, from 40.7 to 38.9&nbsp;%. High raw material prices in the Refinement segment were mainly to blame for the margin contraction. Due to the lower gross margin, EBITDA also declined, down by 8.4 % to CHF 47.7 million. This resulted in a margin of 9.2 % compared to 10.4 % in the previous year. The revaluation of pension plan liabilities in accordance with IAS 19 Revised resulted in the recognition of CHF 0.8 million in employee cost items, which further reduced the EBITDA figure. Profit for the year amounted to CHF 25.8 million, less than the prior-year figure of CHF 27.3 million. Earnings per share amounted to CHF 4.36. Operating cash flow advanced more than 28 % to CHF 40.5 million. The equity ratio also rose and now stands at 51.5 % (2012: 47.0&nbsp;%), which underscores the company’s solid financial position.&nbsp;Dividend increase proposedIn the light of the sound balance sheet and high equity ratio, the Board of Directors proposes that the annual general meeting of shareholders, to be held on 25 March 2014, vote a slightly higher dividend of CHF 1.97 per share. The corresponding payout ratio of 45.2&nbsp;% is within the targeted range. The dividend will be paid out from capital contribution reserves and is therefore exempt from Swiss withholding tax.&nbsp;Convenience grows, Refinement steadyThe three ORIOR segments Refinement, Convenience and Corporate, Export and Logistics showed divergent developments in the past year: ORIOR Convenience, the specialist for fresh convenience food with three centres of competence – Fredag, Pastinella and Le Patron – reported both higher revenues and profits. Its revenues rose from CHF 190.6 million in the previous year to CHF 199.1 million. Growth drivers were its ultra fresh menus, vegetarian specialities, chicken products and the new gluten and lactose-free fresh pasta products. The EBITDA margin was slightly lower at 14.3&nbsp;% compared to 14.6&nbsp;% in the preceding year.The ORIOR Refinement segment with the competence centres of Rapelli, Spiess and Möfag also grew its top line last year. Revenues rose by 2.1 % to CHF 316.7 million but the very high prices for raw materials weighed on the segment’s gross margin. As a result, despite productivity gains, the EBITDA margin narrowed from 9.1&nbsp;% in the previous year to 7.6&nbsp;% in the year under review.Sales at the ORIOR Corporate, Export and Logistics segment retreated 5.2&nbsp;% to CHF 34.2 million. Exports of Bündnerfleisch to France were sharply lower last year as French consumers continued to rein in spending. Export volumes to Germany and Austria, in contrast, showed pleasing growth. This business trend was largely driven by the successful re-launch of the “Nature Gourmet” brand.&nbsp;Focus on product innovation, brand portfolio and efficiency gainsORIOR was able to defend if not expand its market position in nearly every product category. Numerous new products launched with consumer needs in mind contributed to this good performance and also positioned ORIOR in new segments of the market. The Convenience segment, for example, developed a special range of products for allergy sufferers, hospitals and institutional care providers with reduced or zero sodium and fat content, and including gluten and lactose free products. Once again ORIOR Group invested considerable resources in brand maintenance activities during the past financial year, especially for its “Rapelli”, “Ticinella” and “Albert Spiess of Switzerland” brands and its export brand “Nature Gourmet”.Lastly, the Group also invested CHF 18 million in existing and new plant as well as in its business processes. The two most important investment projects involved the optimisation of production processes at Le Patron and Rapelli’s new order picking and dispatching centre. These investments will improve productivity in the 2014 financial year.&nbsp;Change in the Board of DirectorsAnton Scherrer has decided not to stand for re-election after serving on the Board of Directors of ORIOR AG for seven years. The Board of Directors thanks Anton Scherrer for his many years of service and valuable contribution to the development of ORIOR Group and wishes him all the best for the future. If the other directors are re-elected, the Board of Directors will comprise six members following the Annual General Meeting on 25 March 2014.&nbsp;Confident outlookORIOR expects its relevant markets to show positive developments in the current year. Sales volumes and revenues should continue to grow. ORIOR Group therefore confirms its goal of 1 to 2 % organic growth over a mid- to long-term horizon. Margins will improve only slowly, however, especially in the Refinement segment. ORIOR will step up the development of new products and concepts and is set to launch a host of new products in the retail market during the first half of 2014. Efficiency raising measures will also be continued to further optimise cost structures. CEO Remo Hansen: “ORIOR Group will stay on a growth trajectory in 2014 too. We will continually develop our niches and launch new product innovations that meet consumer needs for freshness and regionality, thereby further strengthening our market position. And we will be working hard on productivity just as before.”

ORIOR achieves significant top-line growth, high raw materials prices eat into profits

Urs Aebi, Member of the Management Board of ORIOR Group, is stepping down from his position as Head of the Le Patron Competence Centre at the end of 2013. After dedicating more than 20 years to ORIOR he has decided to scale back his commitments in the final years of his professional life. He will continue to contribute his expertise and experience to ORIOR as a Food Scout.&nbsp;The new Head of Le Patron from 1 January 2014 will be Michel Nick. He has worked for ORIOR Group in various functions for almost ten years, most recently as CEO of the Pastinella Competence Centre.

Change in ORIOR AG's Management Board

ORIOR Group in the first half of 2013: Sales growth, margin pressure, positive outlook

ORIOR AG’s Management Board gave participants an insight into the workings of ORIOR’s Albert Spiess competence centre. Albert Spiess is the leading Swiss supplier of refined meat specialities such as air-dried Grisons beef – Bündnerfleisch – and raw ham. Investors were shown the company’s production site in Schiers, Canton Grisons, and were then taken up to Europe’s highest meat-drying facility in Davos-Frauenkirch. Remo Hansen, CEO of ORIOR Group, and Hélène Weber, CFO, also presented ORIOR’s corporate strategy and unveiled some exciting new developments.&nbsp;Albert Spiess AG was founded in 1906 and has been part of ORIOR AG since 2008. It processes more than 6,000 tonnes of meat each year, turning most of it into Grisons specialities that still reflect tradition and naturalness as they have done since the company began. “Tradition implies an obligation to keep developing and making sensible use of new processes. This is the only way we can continue to win over customers in future through high quality, traditional specialities and innovation,” says Bruno Bürki, CEO of Albert Spiess AG. Alongside its Grisons classics, Albert Spiess’s expertise extends to the preparation of dishes and dried meat made from game, as well as new products like Natura Plan Beef Jerky and Eat Meat Chips.&nbsp;Spiess Schiers becomes Albert Spiess of SwitzerlandBündnerfleisch is one of the ORIOR Group’s most important export products. This “genuine piece of Switzerland” is sold throughout Europe under the “Albert Spiess of Switzerland” brand. The brand logo and name used for the Swiss market is now being adapted to create a uniform brand presence. “The new packaging, with its fresh, clear design, underlines the tradition, authenticity and quality of our specialities,” says Remo Hansen, CEO of ORIOR Group.

Great interest in ORIOR's Investor Day

Rolf U. Sutter, Chairman of the Board of Directors of ORIOR AG, chaired the Annual General Meeting, at which all the Board’s proposals were passed.&nbsp;The annual report and the 2012 parent-company and consolidated financial statements were approved, and the Board of Directors and Management Board were discharged of liability. In the subsequent elections all former Board Members except Erland Brügger, who was not standing for re-election, were confirmed for a further one-year term of office. Monika Walser and Dominik Sauter were elected to the Board of Directors for the first time, likewise for a one-year term. In addition, Ernst &amp; Young AG, Basel, was re-elected as auditor for the 2013 financial year.&nbsp;Shareholders also approved the Board of Directors’ dividend proposal for the 2012. The dividend payment of a net CHF 1.95 per registered share (prior year: CHF 1.93) will be made on or around 18 April 2013. The payment will be made from capital contribution reserves and is therefore not subject to Swiss withholding tax. The payout ratio of 41.4% is in line with the company’s stated policy of distributing approximately 40% of net profit to shareholders.&nbsp;The 495 shareholders present represented 4,001,629 voting shares or 67.54% of total share capital of 5,925,000 issued shares.

ORIOR AG’s shareholders approve all Board proposals

ORIOR, the Swiss leader for fresh convenience food and premium meat products, achieved solid results during the 2012 financial year amid a challenging environment. Revenues rose to CHF 501.5 million thanks to the acquisition of the Swiss meat specialist Möfag and the good performance of the Convenience segment. EBITDA and full-year profit were slightly below the year-ago figures. A strong market position, the broad market acceptance of newly launched products and a pipeline full of innovation put ORIOR in a good position for the future.&nbsp;ORIOR Group was confronted with a challenging environment in the 2012 financial year. Large numbers of shopping tourists along the border areas, price cutting by retailers and weak demand in the restaurant channel, especially in tourist regions, had a negative impact on business. On the positive side, operating results improved during the autumn months and Christmas sales were strong. In the end, however, the prevailing market environment in 2012 prevented the company from matching the very good results achieved in the previous financial year.&nbsp;ORIOR Group increased its revenues to CHF 501.5 million in 2012. This 1.0% growth was attributable to the acquisition of Möfag, which more than offset the negative inflation in the marketplace. EBITDA edged 2.9% lower to CHF 52.3 million, which resulted in a margin of 10.4% compared to 10.8% in the previous year. Profit for the year amounted to CHF 27.9 million, somewhat shy of the previous year’s record-high mark of CHF 28.2 million. The impact of non-recurring factors on the bottom-line result was negligible. The equity ratio rose once again and now stands at 49.7%, which underlines the company’s solid financial base.&nbsp;Higher dividend proposedIn the light of the good results and solid balance sheet, the Board of Directors will propose a dividend of CHF 1.95 per share at the general meeting of shareholders on 11 April 2013, which represents a slight increase from the previous year’s dividend of CHF 1.93. The corresponding payout ratio of 41.4% is within the targeted range. The dividend will be paid out from capital contribution reserves and is therefore exempt from Swiss withholding tax.&nbsp;Business segments growORIOR’s three business segments Refinement, Convenience, and Corporate, Export and Logistics were able to maintain or strengthen their strong positions in their respective markets. ORIOR Refinement in particular, under which the three competence centres Rapelli, Spiess and Möfag are grouped, strengthened its presence in the branded premium meat business through the acquisition of Möfag. This acquisition more than offset the decline in sales caused by persisting low pork prices; segment revenues rose by 2.7% to CHF 310.3 million. The EBITDA margin amounted to 9.1%, slightly less than the 9.4% margin in the previous year.ORIOR Convenience, the fresh convenience food specialist with the three competence centres of Fredag, Pastinella and Le Patron, increased its revenues from CHF 189.8 million in the previous year to CHF 190.6 million in 2012. This revenue growth was driven by vegetarian products, the new line of ultra-fresh meals that was introduced in the autumn months and by seafood products, among others. The EBITDA margin narrowed slightly from 15.3% in the previous year to 14.6% in the year under review.In the Corporate, Export and Logistics segment, revenues consolidated as expected after the surge in growth in the previous year. Segment revenues declined 4.9% to CHF 36.1 million. ORIOR increased its share of Swiss exports of Bündnerfleisch to approximately 50% despite the difficult market environment, especially in France. Vegetarian products sold very well in foreign markets with exports more than doubling during the reporting period.&nbsp;Focus on innovation and increasing efficiencyORIOR maintained its rapid pace of product innovation during the year under review and launched numerous new products tailored to the needs of consumers. One example here is the fresh steak tartar introduced under the “Rapelli” brand. ORIOR is the only firm that can offer Swiss retailers fresh steak tartar, a product that requires well organised logistics because of its short shelf life. Lineafresca’s distribution network is the perfect solution for this. Ultra-fresh meals from Le Patron with a generous portion of vegetables, all freshly prepared to order, were also very well received by the market. New regional specialties, the vegan line of products and the school lunch concept are further examples of the company’s innovation drive. Approximately CHF 18 million was invested in new infrastructure: Rapelli commissioned a new production line for cooked ham, Le Patron launched the “Move 100” project designed to optimize and upgrade business processes and operations, and Spiess centralized its meat salting facilities at a single location in Schiers and implemented SAP software solutions.&nbsp;New faces on top management teamThere were a number of changes to ORIOR Group’s management team during the 2012 financial year. Glauco Martinetti, formerly in charge of Rapelli’s marketing and sales activities, assumed overall management responsibility for Rapelli. Bruno de Gennaro, the former head of Rapelli, was appointed head of ORIOR’s Convenience segment. At Albert Spiess AG Albert Spiess who led the company for 40 years retired and was succeeded by Bruno Bürki, an experienced meat industry specialist who also has extensive knowledge of the retail side of the business.&nbsp;Confident outlookEconomic activity in the markets relevant for ORIOR should show a slight improvement in 2013. Raw material prices are expected to generally tend higher. The recovery under way in the retail business and, most recently, in the restaurant channels in Graubünden and Ticino is grounds for cautious optimism. Although the overall market environment remains challenging, ORIOR is well positioned considering the successful debuts of its new products and its pipeline full of innovation. ORIOR Group confirms its goal of achieving 1% to 2% organic growth over a mid- to long-term horizon. It will continue to launch innovative new products during the current year and has numerous new products in the pipeline for the Refinement and Convenience segments. Exports should remain brisk. ORIOR will continue to pursue its efficiency-enhancing efforts to ensure optimal cost structures. CEO Remo Hansen: “ORIOR Group wants to grow in 2013. We will launch innovative, trend-setting products that offer added value. And we will also invest in our factories and our operating processes to achieve further productivity gains. Our overall aim is to maintain ORIOR’s reputation as one of Switzerland’s top providers of quality food products.”

ORIOR Group presents solid results for 2012

The Board of Directors of ORIOR AG is nominating Monika Walser and Dominik Sauter for election to the Board as new Directors at the Annual General Meeting on 11 April 2013. Erland Brügger has decided not to stand for re-election after serving on the Board for six years.&nbsp;Monika Walser is the managing director of Freitag lab AG, a Swiss handbag and fashion accessories company based in Zurich. She is furthermore member of the Foundation Board of Sanitas and member of the Board of Directors of Sanitas Beteiligungen AG. Prior to her current position, she was Head of Communications and Human Resources as well as Deputy CEO of Swissgrid AG from 2005 to 2009 and, from 2006 onward, concurrently Head of Communications and Political Affairs at UCTE, the Union for the Coordination of Transmission of Electricity, in Brussels. From 2000 to 2004 she served as Chief Communication Officer and a Member of the Executive Board for TDC Switzerland AG (sunrise). Prior to 2000 she held marketing and sales positions at various companies. Monika Walser holds a master degree in rhetoric and technical communications from the University of Michigan, among other educational credentials.&nbsp;Dominik Sauter is CEO of EGS Beteiligungen AG in Zurich, an investment company that belongs to the Ernst Göhner Stiftung and is focused on Swiss industrial and services companies. Prior to his current position he served as Head of Sales &amp; Marketing at Belimed Group, a provider of cleaning and sterilization services for the healthcare sector, from 2000 to 2008. In this function he was involved in acquisition and integration projects in Switzerland and abroad, managed reorganization projects and was responsible for setting up branch offices in France, England and China. From 1991 to 2000 he worked for Sauter AG, a family-owned company in Sulgen, where he ultimately held the position of Head of Sales &amp; Marketing and also served as Chairman of the Board of Directors. Dominik Sauter holds a degree in engineering from the Swiss Federal Institute of Technology in Zurich (ETH).&nbsp;All other members of the Board of Directors run for re-election.&nbsp;Rolf U. Sutter, Chairman of the Board of Directors of ORIOR AG: “We are pleased to present two highly qualified nominees for election to the Board of Directors. Monika Walser and Dominik Sauter will enhance the Board with their executive-level experience in various sectors as well as their expertise in sales and marketing. I am looking forward to working with them. On behalf of the entire Board, I thank Erland Brügger for his many years of service and his contribution to ORIOR Group’s development. I wish him all the best in his future endeavours.”

Nominations to the Board of Directors of ORIOR AG

Leading Swiss food group ORIOR AG, which specializes in fresh convenience foods and meat refinement, has today announced a significant change in its shareholders. EGS Beteiligungen AG, the investment company run by the Ernst Göhner Foundation and focusing on manufacturing and service companies, has acquired 10.5% of ORIOR’s shares. Another 4.2% is now held by investors and investment funds associated with the value-focused AMG Analysen und Anlagen AG. The seller is Capvis, which now owns less than 3% of ORIOR’s shares.&nbsp;Rolf U. Sutter, Chairman of the Board of Directors made the following comment: “We are pleased to welcome EGS Beteiligungen AG and AMG as new investors; they are both well respected and known for taking a long-term view. This change creates a solid foundation from which to push on with ORIOR’s development as an independent food group and a publicly traded company with a diverse group of shareholders. We owe special thanks to Capvis. They have been very supportive since the management buyout in 2006. They have always been a very professional and reliable partner for us. The support of Capvis has enabled us to continue developing ORIOR as a major Swiss food group with a leading market position, and thus write a great chapter in the company’s history.”

ORIOR welcomes new shareholders

ORIOR, the Swiss leader for fresh convenience food and premium meat products, held its ground during the first half-year of 2012 despite the market headwinds. Although revenue growth was undermined by pricing pressure on the company’s products, the EBITDA margin was stable thanks to value-enhancing initiatives and tight cost control. Looking ahead, various activities and the new product launches in the pipeline bolster our confidence in a successful second half-year.&nbsp;The markets where ORIOR Group is active were still influenced by the strong Swiss franc during the first half of 2012. Sales in the food retail sector were dampened by widespread pricing pressure and tourist shopping in border areas but countertrends towards local and regional products as well as fresh foods were also observed and the discount channel displayed positive growth. The restaurant and food-service channel came under intense pressure during the first half, especially in the tourist cantons of Ticino and Graubünden, two important markets for ORIOR. Against this backdrop, ORIOR Group achieved satisfying results in the first half of 2012: Net revenues were down only slightly by 1.3% from CHF 244.1 million to CHF 240.9 million. This decline was mainly attributable to lower average selling prices during the period. Low input prices for meat and packaging materials were a positive factor. Various value-enhancing initiatives kept the gross profit margin at a good level: EBITDA of CHF 25.5 million corresponded to an EBITDA margin of 10.6%, compared to 10.9% in the comparable previous-year period. Profit for the period amounted to CHF 12.9 million versus CHF 13.6 million in the first half of 2011.&nbsp;Margins held despite lower selling pricesThe group’s premium meat processing segment Refinement reported revenues of CHF 148.3 million, down from CHF 152.5 million in the previous-year period mainly because of persisting low pork prices, which led to retail price markdowns and, consequently, lower revenues. Refinement nevertheless managed to raise its EBITDA margin to 9.5% from 9.3% in the previous-year period. The Convenience segment, specialized in making fresh convenience food, reported net revenues of CHF 91.2 million for the first half-year of 2012, compared to CHF 92.1 million in the year-ago period. Although higher revenues were achieved in several product areas such as seafood, this did not offset the effect of retailers’ generally scaled-back sales promotion activities. Input prices remained stable during the period under review. Despite the slight decline in revenues, the Convenience segment was able to hold the EBITDA margin steady at nearly 15%. After reporting strong growth in the previous year, the Corporate, Export and Logistics segment consolidated its gains during the period under review. Revenues were roughly unchanged year-on-year. Sales volumes of Bündnerfleisch in neighboring countries were stable while vegetarian products enjoyed growing popularity. Market studies and due diligence reviews conducted during the course of the Möfag acquisition resulted in non-recurring expenses, which is why this segment’s EBITDA was slightly negative.&nbsp;Fast pace of innovation maintainedORIOR maintained its rapid pace of product innovation during the period under review and introduced scores of new products tailored to the needs of consumers in the retail segment. Of special mention is Rapelli's Hambolino Burger, a high-quality, low-fat burger made of ham with no artificial colors or gluten that is the first to directly address children and their parents as a target group. Ultra-fresh meals from Le Patron with a generous portion of vegetables, all freshly prepared when ordered, were another innovative new offering. The promising post-launch sales figures for both new products will now have to be confirmed in the second half-year.&nbsp;Möfag a important bolt-on acquisitionORIOR Group acquired Mösli Fleischwaren AG (Möfag) in the first half-year of 2012. Möfag is a highly regarded producer of “Fürstenländer” specialties such as Appenzeller Mostbröckli, ham and other meat products. A family-run business with about 60 employees, Möfag is firmly anchored in eastern Switzerland and sells its products through gastronomy as well as retail channels. Möfag was integrated into the Refinement segment as an autonomous unit. CEO Remo Hansen: “Möfag is another jewel in ORIOR Group’s crown. Its product portfolio, brand appeal, strong position with discounters and high levels of innovation and efficiency are ideal for enhancing our own portfolio. I am especially pleased that Möfag’s previous owner Urs Mösli will continue to manage the company with his team as an integral element of the Refinement segment.”&nbsp;Business to remain stableORIOR Group expects slightly higher revenues and a stable margin in the second half-year of 2012. Its fast pace of innovation will be maintained and many new products will be launched in the Refinement and Convenience segments. ORIOR will continue to pursue its value-enhancing initiatives to defend its cost leadership and several processes that can be further optimized have been identified. ORIOR Group is thus creating the conditions that will ensure its healthy profitability in both the medium- and long-term future.

ORIOR performs well in a demanding environment

Rolf U. Sutter, Chairman of the Board of Directors of ORIOR AG, chaired the Annual General Meeting, at which all the Board’s proposals were passed. The annual report and the 2011 parent-company and consolidated financial statements were approved, and the acts of the Board of Directors and Management Board were discharged. In the subsequent elections, all six Board Members were confirmed for a further one-year term of office. In addition, Ernst &amp; Young AG, Basel, was re-elected as auditor for the 2012 financial year. The Board’s proposal that the authorised capital be extended at its current level of 1,190,426 shares and under the same terms until 27 March 2014 was approved.&nbsp;Shareholders also approved the Board of Directors’ dividend proposal for 2011. The dividend payment of CHF 1.93 net per registered share (prior year: CHF 1.90) is to be made on or around 3 April 2012. The payment will be made from the capital contribution reserve and so will not be subject to deduction of withholding tax. This distribution ratio of 40.5% is in line with the defined dividend policy, which aims for a distribution of around 40% of net profit.&nbsp;The 347 shareholders present represented 3,891,792 voting shares, or 65.7% of the total share capital of 5,925,000 issued shares.

The main markets for ORIOR products were dominated by the strength of the Swiss franc in 2011. Retail revenues were dented by pricing pressures on the company’s product ranges and shopping tourism in Switzerland’s border regions. The food service sector in the tourist regions also suffered from the impact of the strong franc. Given these conditions, the ORIOR Group performed well in the 2011 financial year. Although revenues slipped 1.8% to CHF 496.6 million due to negative inflation in the product portfolio, EBITDA was maintained at CHF 53.9 million, in line with the previous year, representing an improvement in the EBITDA margin from 10.7% to 10.8%. Profit for the year rose to CHF 28.2 million, a year-on-year increase of 4.5%. With its equity ratio of 47.3% as at 31 December 2011 (31.12.2010: 43.8%), the ORIOR Group has a solid foundation from which to meet future challenges.&nbsp;Dividend increase proposedIn the light of the good results and the sound balance sheet, the Board of Directors proposes that the annual general meeting of shareholders, to be held on 27 March 2012, vote a dividend of CHF 1.93 per share, compared with CHF 1.90 the previous year. This gives a payout ratio of 40.5% of the profit for the year, which conforms to ORIOR’s dividend policy. The distribution will be made from capital reserves and hence without deduction of withholding tax.&nbsp;Market position strengthened, boom in export businessThe 2011 financial year witnessed a particularly strong performance by ORIOR Refinement. This Group segment specialising in meat refinement further enlarged its market share with its flagship brands Rapelli, Ticinella and Spiess. Sales volumes rose markedly. After allowance for the decrease caused by lower commodity prices, the company still managed to raise revenues by 0.6% to CHF 302.3 million in 2011. The EBITDA margin improved once again, from the year-back figure of 8.5% to 9.4%. ORIOR Convenience, the Group segment specialising in fresh convenience products, posted revenues of CHF&nbsp;189.8&nbsp;million for the year under review, a decrease of 6.2% against the previous year. The EBITDA margin edged back from 15.6% in the previous year to 15.3%. This decline was attributable to a supply contract that expired in the first six months and could not be fully replaced in the second half of the year, as well as to the sharp decrease in sales promotions by major clients. Export business performed very well, with revenues in Swiss francs up 49.8% on the previous year. Although margins narrowed because of the difficult exchange rate, ORIOR succeeded in significantly strengthening the profile of its strategic product lines (especially Bündnerfleisch and vegetarian convenience products) in both French and German markets.&nbsp;Small acquisitions to round out the product portfolioIn line with the strategy of strengthening the core business by adding high-quality products in selected market niches, ORIOR made two small-scale acquisitions in the year under review. In January 2011 the Rapelli competence centre took over the small firm Keller with its Val Mara brand, thereby expanding its range of authentic, traditionally produced Ticinese specialties. To secure market leadership in the vegetarian segment of meat substitute products, in April 2011 the leading tofu producer Bernatur was acquired and integrated into the Fredag competence centre. Because the products of both these firms were already distributed mainly through ORIOR, the takeovers have a largely neutral impact on revenues.&nbsp;Acquisition of Möfag – Mösli Fleischwaren AG on 1 March 2012The latest acquisition is the company Möfag, a well-known producer of Fürstenländer meat specialties (Mostbröckli, ham, etc.). The family business with 55 employees has strong roots in eastern Switzerland and supplies both the food service trade and retail channels. With its product range, popular brand identity and strong position in the discount segment, Möfag is an ideal complement to the Refinement segment. Möfag will be integrated into the ORIOR Group as of 1 March 2012, as an autonomous unit managed by its previous owner and the existing management team.&nbsp;Focus on innovation and increasing efficiencyORIOR maintained its usual high level of innovation in the year under review. The various competence centres saw the launch of many new products designed to satisfy consumers’ wishes. These included a top-of-the-range raw ham cured on the Alpe Piora in the Ticino under the Ticinella label, Bündnerfleisch marinated in Barolo wine from Spiess, and the black tiger shrimps marketed exclusively in Switzerland by Fredag and certified with the Bioknospe ("eco-bud") symbol. Last year also saw ORIOR bring several efficiency enhancement initiatives to successful completion, including an automated flour delivery and dosing system in the pasta production and the optimisation of internal logistics at Fredag. These initiatives improve the ORIOR Group’s cost position.&nbsp;Continuity in managementIn the 2011 financial year there were a number of changes in management within the ORIOR Group. Remo Hansen, previously Head of the Fredag and Pastinella competence centres and member of the Management Board, was appointed CEO of the ORIOR Group with effect from 1 May 2011. To preserve continuity at the company’s helm, the long-serving CEO and Delegate, Rolf U. Sutter, took over as Chairman of the Board of Directors. Other new appointments include Stefan H. Jost, who took charge of Exports, Logistics and Corporate Development in the middle of 2011, and Bruno de Gennaro, the longstanding Head of Rapelli, who became head of the Convenience segment and the Fredag competence centre as of the beginning of 2012. Rapelli will now be headed by the Ticinese Glauco Martinetti, previously responsible for Marketing and Sales. Michel Nick, the long-serving head of Marketing and Sales, has now taken charge of the Pastinella competence centre. Albert Spiess, who has managed Spiess AG for nearly 40 years, will retire in the middle of 2012. His successor, Bruno Bürki, who will join ORIOR from Migros-Genossenschafts-Bund, is a highly capable meat trade specialist with a wealth of retail experience.&nbsp;Outlook: steady growth of the companyThe macroeconomic environment in the markets of relevance to ORIOR is likely to subside further in the current year, while the problem of shopping tourism will persist as long as the Swiss franc remains strong. Even so, ORIOR is optimistic about 2012. With its range of products and brands, the Group is very well positioned for the retail sector and food service providers. ORIOR emphasises its objective of achieving medium- to long-term organic growth of 1% to 2%. This year, as before, ORIOR will continue its rapid pace of product innovation, launching numerous new products in the Refinement and Convenience segments. In addition, its latest acquisition has enabled ORIOR to strengthen certain distribution channels. In export business, last year’s surge in growth is likely to be followed by a phase of consolidation. And ORIOR will push ahead with its efficiency enhancement initiatives to ensure that its cost structures remain competitive. Looking forward, CEO Remo Hansen says: "2012 will present a number of challenges for us. But ORIOR has always performed well, particularly in challenging times. Our product range covers a broad spectrum of market niches, and we supply the whole Swiss retail trade and the food service channel. We also have lots of product innovations in the pipeline. So I am confident that ORIOR will be able to continue strengthening its position in the current year."

<ul><li>Profit for the year increases to CHF 28.2 million; EBITDA margin improves to 10.8%</li><li>Revenues slightly lower due to pricing pressures</li><li>Market share boosted in strategically important products</li><li>Export revenues surge by nearly 50% (in CHF terms)</li><li>Dividend increase to CHF 1.93 per share proposed</li><li>2012 starts off with major acquisition to round out portfolio</li></ul>

ORIOR holds firm in challenging market environment

The Convenience segment includes the competence centres Fredag, Le Patron and Pastinella, and it concentrates on fresh convenience products for the retail and food service sectors, including ready-meals, pâtés and terrines, fresh pasta, vegetarian products and ready-to-cook poultry and meat products. As well as having overall responsibility for the whole segment, Bruno de Gennaro will also directly manage the Fredag competence centre. He is taking over his new role from Remo Hansen who, after being appointed as ORIOR AG’s CEO in May 2011, has continued to manage the Convenience segment and Fredag pending the appointment of a successor. Bruno de Gennaro has worked in various management functions at ORIOR AG since 1994, most recently as Head of the Rapelli competence centre. In this function he was also a member of ORIOR AG’s Management Board, which he remains.&nbsp;Ticino native becomes new boss at RapelliThe new Head of the Rapelli competence centre is Glauco Martinetti, who was born and bred in Canton Ticino. Having graduated in agricultural engineering from the Federal Institute of Technology, he has been responsible for sales and marketing at Rapelli since 2002. Remo Hansen made the following comments: “I’m very pleased that the Board of Directors has decided to make Bruno de Gennaro Head of the Convenience segment. He knows the ORIOR Group very well and embodies our philosophy of staying close to customers, innovating and refusing to compromise on quality. The fact that we have found an internal solution to the succession issue reflects the strength and depth of our management team.”

ORIOR makes internal appointments to management positions

ORIOR AG’s Management Board showcased two distinctly positioned companies operated by the leading manufacturer of fresh convenience food products in niche markets. Pastinella and Le Patron products as well as the facilities where they are produced were presented to the investors and detailed presentations on the corporate strategies and business philosophies of these two competence centres were given.&nbsp;Pastinella, established in 1988 and part of ORIOR AG since 1996, produces more than 30 tons of fresh and chilled pasta – with and without fillings – a day for the company’s Pastinella, Ticinella, Rapelli and Traiteur Seiler brands and is the Swiss market leader for fresh pasta. Quality assurance is crucial, as quality manager Nadine Hauser explained: “New technologies and innovation constitute the basis of our sustained growth. Thorough risk assessment when introducing new raw materials and processes and an analysis of potential effects on existing products are indispensable.” ORIOR AG has met with every one of its suppliers in person and internal and external audits are conducted on a regular basis.&nbsp;75 000 to 80 000 meals are prepared every day at Le Patron’s industrial kitchen in Boeckten. In July, 16 000 meals were delivered daily to the athletes attending the international Gymnaestrada in Lausanne. And all of these meals are freshly cooked without preservatives or artificial flavour enhancers. “Our meals are like home-cooked meals, the only difference is the quantity,” says Urs Aebi, Head of Le Patron. The Le Patron competence centre is ideally positioned to address new trends in the fast-growing food service market and it has been a trendsetter itself by launching new and innovative services.&nbsp;In the words of Remo Hansen, CEO of ORIOR AG: “We organised a tour of these two competence centres to show investors the different alignments and the uniqueness of our various activities. The highly automated Pastinella facility in Oberentfelden bears testimony to our leadership in this segment of the Swiss market while the creative, artisanal operations in Boeckten with their optimal logistics and speed are nearly impossible to copy. Both are good examples of the company’s strength in the niches where it is successfully doing business and where it will continue to grow.”

Well attended Investors' Day at ORIOR AG’s Pastinella and Le Patron facilities

As expected, sales in the Swiss food retailing sector only grew modestly in the first half of 2011.&nbsp;Despite lively economic activity, the market felt the effect of Swiss consumers’ stagnating purchasing power.&nbsp;Slightly higher wages meant they had more money, but most of the extra income was absorbed by rising insurance and health insurance premiums and the increase in VAT. These factors, plus uncertainties relating to the possible negative effects of the strong franc on the Swiss economy, resulted in a slight downturn in consumer sentiment. Since the second quarter of the year retailers throughout the country, but especially in Switzerland’s border regions, have felt the negative effects of cross-border shopping.&nbsp;Confirmation of previous year’s good results and clear improvement in profit for the periodIn this challenging environment, the first half-year was stable in terms of revenues and pleasing in terms of earnings. Despite a further increase in price pressure, EBITDA (earnings before interest, tax, depreciation and amortisation) was 1.7% higher at CHF 26.6 million. This gives an EBITDA margin of 10.9%. Revenues were down 1%, or CHF 2.6 million, on the year-back figure at CHF 244.1 million. Despite revenue growth in various product categories, it was not possible to make up for negative inflation, slightly lower volumes in the catering sector and the postponement of certain sales activities. EBIT was the same as a year previously at CHF 19.3 million. The company achieved a very good increase of 31.9% in profit for the period (CHF 13.6 million). This pleasing result can be attributed to the improved operating performance and the much lower level of net debt.&nbsp;Segments make further efficiency gainsRefinement, still the biggest segment, posted pleasing growth of 4.7% to CHF 152.5 million. ORIOR’s product innovations are meeting the needs of customers and the market. Moreover, the meat consumption is increasing slightly. Despite volatile raw materials prices, intense competition, and slightly negative inflation, this segment increased its EBITDA margin from 9.1%, or CHF 13.2 million, to 9.3% or CHF 14.1 million. The Convenience segment saw a temporary decline in revenues, but increased its profitability. With revenues of CHF 92.1 million (– 7.7%), the EBITDA margin reached 15.5% (previous year 14.9%). The lower level of revenues compared with the record year of 2010 can be partly attributed to the expiration of a wholesale supply contract, which could not be offset completely by new orders in this attractive growth market. The Corporate, Export and Logistics segment’s international activities achieved a pleasing rise in revenues (+27.1%), but the euro exchange rate had a major negative effect on the margin. Substantial investments were made in the modernisation of the logistics company Lineafresca with the aim of making long-term efficiency gains. As expected, EBITDA was slightly negative at CHF – 1.9 million.&nbsp;Segments strengthened through targeted acquisitionsORIOR’s growth policy includes augmenting the existing range by rounding out the portfolio with appropriate (small) acquisitions. ORIOR is in a position to integrate such companies quickly and efficiently into the organisation without compromising their brand personality. In January, Rapelli bought the family-run firm Salumeria Keller SA, which is known throughout Switzerland for its authentic hand-made Ticinese specialities. Keller SA’s “Val Mara” brand complements ORIOR’s range perfectly and opens up some new and interesting distribution channels. In April Fredag was able to acquire the family-owned firm Bernatur, which specialises in tofu production and which was looking for a solution to its succession issues. Fredag has already distributed some Bernatur products in the past. The acquisition allows ORIOR to continue the development of its market position in the vegetarian products (meat substitute) sector.&nbsp;It was decided for strategic reasons to integrate manufacturing expertise for tofu, which is important to many of ORIOR's convenience products, into the company itself.&nbsp;Growth initiatives create further momentumOrganic growth is important to ORIOR. The Swiss food retail trade will not be able to generate much growth, if any, for the next few years. We have to assume, in fact, that the Swiss food sector will continue to experience negative inflation. ORIOR aims to grow slightly faster than the market in its home and main market, and expects to achieve average revenue growth of 1 – 2%.&nbsp;ORIOR’s most important growth drivers come from convenience food innovations, especially in the vegetarian specialities sector, as well as from the systematic roll-out of lunch menu and other services, and from innovative new concepts for the catering industry. This strategy is supported by appropriate augmentations (small acquisitions) in Switzerland. Partnerships and acquisitions within clearly defined parameters abroad are used to strengthen ORIOR’s market position still further.&nbsp;A stable second six months expectedBarring any unforeseeable developments, the second half of the year should deliver solid revenues and earnings at around the previous year’s level.&nbsp;Despite the likelihood of slightly higher raw materials prices, the competitive situation will probably prevent ORIOR from increasing its sales prices.&nbsp;However, ongoing value creation initiatives and lower financing costs should have a balancing, or even positive, effect on the costs side. Growth-promoting measures, especially the additions ORIOR has made to the portfolio and possible cooperation agreements, will have an influence on business performance from 2012 on.

<ul><li>Revenues of CHF 244.1 million (-1%)</li><li>Steady development of EBITDA and EBIT</li><li>Profit for the period up 31.9% to CHF 13.6 million</li><li>Targeted growth initiatives lay the groundwork for profitable growth</li><li>Business expected to remain stable going forward</li></ul>

Solid first half with strong profit growth

The Swiss food company ORIOR AG announced a change to its Management Board. Stefan H. Jost, a highly regarded marketing specialist with extensive international experience, assumed responsibility for the Export, Logistics and M&amp;A segment effective June 7, 2011. Bruno Höltschi, the previous head of this business segment, is leaving the company after many years of service to take up a new challenge. Albert Spiess will remain head of the Spiess group and a member of the Management Board.

Bernatur, the leading Swiss tofu producer, is known for the excellent quality of its innovative niche products and its attractive product range. The company employs approximately ten people and has a production site in Mels (Canton St. Gallen), which will continue to be run by the former owner of Bernatur. Fredag already produces a wide variety of vegetarian meat substitute products and Bernatur will complement its portfolio ideally.&nbsp;The parties have agreed not to disclose the purchase price.

Fredag acquires leading Swiss tofu producer

Shareholders at ORIOR AG’s Annual General Meeting held in Zurich today approved all proposals put forward by the Board of Directors.&nbsp;Shareholders voted for the dividend proposal for the 2010 financial year. The net dividend of CHF 1.90 per registered share will be paid on or around 13 April 2011. This payment will be made from capital reserves and is therefore not subject to deduction of withholding tax. This distribution of around 42% is in line with the defined dividend policy, which aims for a distribution of around 40% of profit for the year.&nbsp;In the subsequent elections all six directors were re-elected to another one-year term of office. At the first Board meeting after the 2011 AGM, Rolf U. Sutter was elected to the position of Chairman of the Board of Directors. He succeeds Rolf Friedli, who in turn assumed the position of Vice Chairman.&nbsp;The Chairman of the Board of Directors introduced Remo Hansen, the new CEO of ORIOR Group as of 1 May 2011, at the AGM and thanked outgoing CEO Rolf U. Sutter for his remarkable achievements.&nbsp;The 234 shareholders attending the AGM represented 3,785,952 voting rights or 63.9% of total share capital, which consists of 5,925,000 shares.

<table><tbody><tr><td>•</td><td>Dividend payment of CHF 1.90 per share for 2010</td></tr><tr><td>•</td><td>All directors re-elected; Rolf U. Sutter will serve as Chairman,Rolf Friedli assumed position of Vice Chairman</td></tr></tbody></table>

ORIOR AG shareholders approved all proposals put forward by Board of Directors

Albert Spiess, Member of the Management Board of the ORIOR-Group, is retiring at the end of 2011, bringing an end to his very successful business career. As the owner of the Grisons meat refining company that bears his name, Albert Spiess managed the family firm, which he sold to ORIOR AG in 2008, for more than 35 years. ORIOR will provide details of his successor at the appropriate time.

Albert Spiess retires from ORIOR's Management Board

Albert Spiess retires from ORIOR's Management Board

ORIOR's positive revenues performance was dragged back not only by a stagnant overall market, but also by a negative real inflation rate and the weak euro. "The results we have achieved mark another stage in the company's development and reflect very impressively on our employees," is CEO Rolf U. Sutter's comment on the first annual results since the IPO. "I'm pleased that we were able to improve our earnings again despite the considerable extra costs caused by the IPO and the higher price of raw materials in the second half of the year. Our strategy of selling innovative products in attractive niche markets was successful once again." The increase in earnings was also due in part to the company's highly developed cost awareness and the ongoing efficiency measures that form part of its various value enhancement initiatives. Positive performance in all segments&nbsp;In a shrinking market for meat products, the Refinement Segment (meat processing) maintained&nbsp; revenues around the previous year's level at CHF 300.5 million, gaining further market share in the process. The segment's profitability was also good, with EBITDA rising by 3 percent to CHF 25.6 million, leading to an improvement in the EBITDA margin from 8.3 to 8.5 percent. In line with the general trend in eating habits, the Convenience Segment performed well, with&nbsp; revenues increasing by 1.4 percent to CHF 202.3 million. EBITDA rose 6.7 percent to CHF 31.6 million, giving ORIOR an EBITDA margin of 15.6 percent in this segment. The Corporate, Export and Logistics Segment achieved a 10.3 percent rise in&nbsp; revenues to CHF 29.4 million. Its EBITDA of CHF -3.0 million can be attributed principally to the cost of the IPO and the weakness of the euro. Export revenues again accounted for a small proportion of overall&nbsp; revenues, though in 2010 they did increase by 15 percent (or by an even more impressive 25 percent in local currency terms).&nbsp;ORIOR's success is driven by innovation. All of the brands in its portfolio continued to bring numerous new developments and innovative twists on popular products to the market last year. These products generate significant added value with regard to both revenues potential and their contribution to value creation. ORIOR's innovative products and concepts also help greatly with the positioning of the brand in both the retail market and the steadily expanding food service sector. Over recent years this sector has developed extremely well and continues to offer high growth potential. Balance sheet made even strongerThe funds raised by the company in its IPO and the good results for 2010 allowed a significant reduction in current liabilities on the balance sheet date to CHF 88.6 million (previous year CHF 103.7 million). While total liabilities were cut from CHF 322.9 million to CHF 218.9 million, equity went up to CHF 170.3 million. This resulted in a much better equity ratio – 43.8 percent – than a year previously. The significant strengthening of the balance sheet is also seen in the ratio of net debt to EBITDA, which is 1.3x. Current assets increased from CHF 133.4 million to CHF 151.1 million. This change mainly reflects the higher accounts receivable that have resulted from a change in payment terms by certain major customers. This has had an influence on cash flow from operating activities, which fell from CHF 44.9 million to CHF 35.8 million.&nbsp;Attractive dividendBased on the profit for the year of CHF 26.9 million, the Board of Directors will propose to the 2011 AGM that it approve payment of a dividend of CHF 1.90 per share. The payment will be made from capital reserves and so will not be subject to deduction of withholding tax. This distribution of around 42% is in line with the defined dividend policy, which aims for a distribution of around 40% of profit for the year.&nbsp;Cautiously optimistic outlookLooking at prospects for next year, ORIOR expects the relevant markets in Switzerland to at least remain stable, but also expects raw materials and energy to become more expensive, and the price competition in the retail sector to become even fiercer. Nevertheless, Rolf U. Sutter remains cautiously optimistic: "Our well positioned brand products, the growth initiatives we have started and a pipeline full of innovative products and concepts will once again support our growth. Meanwhile, our ongoing value enhancement initiatives continue to boost efficiency. Because of this, we are confident that we will be able to increase revenues and profits still further this year."&nbsp;Smooth management changeThis year's AGM will see a smooth changing of the guard at the highest level of ORIOR's management. Rolf U. Sutter (56), longstanding CEO and Delegate of the Board of Directors, will be resigning as ORIOR's operational chief on 30 April 2011. "After twelve years at the top of ORIOR, after many years of positive&nbsp; revenues and earnings growth, and now that we have found such an excellent successor from within our own ranks, this is the right time to hand over the operational reins," says Rolf U. Sutter. "I will remain close to the company and will be focusing primarily on strategic themes and projects."&nbsp;The Board of Directors of ORIOR AG has chosen Remo Hansen, currently the successful head of the Pastinella and Fredag competence centres and a longstanding Member of ORIOR's Management Board, to succeed Rolf U. Sutter as CEO. He starts the role on 1 May 2011. The Board of Directors intends to elect Rolf U. Sutter as its Chairman at the constituting meeting of the Board that takes place after this year's AGM. The current Chairman, Rolf Friedli, remains a Member of the Board of Directors and is slated to take over the Vice-Chairman's role. He says the following about the changes at the top of ORIOR's management structure: "The Board of Directors is pleased to have appointed Remo Hansen – a successful, skilled successor who knows ORIOR from the inside – to take over operational management of the Group. And with Rolf U. Sutter taking over as Chairman, the continuity of management and the further development of the company are assured."

Further improvement in profitability - Cautiously optimistic outlook - Smooth transition in senior management

ORIOR grows in a stagnant overall market and achieves a clear increase in profit

Keller SA is currently run by the third generation of the same family. With no succession possible within the family, the founder's descendants have decided to secure the future of the company and its eight employees by selling. Thanks to its high quality charcuterie specialities, the company is well established among retailers in the Ticino, and its "Val Mara" branded products enjoy an excellent reputation among consumers. For Orior's Refinement Division the acquisition represents a valuable addition with considerable growth potential that will help Rapelli expand its market position in the premium segment.&nbsp;The parties have agreed not to disclose the purchase price.

Rapelli acquires a traditional company in Ticino

ORIOR Group, catering primarily to retailers and food service professionals and successfully listed on the Swiss stock market since April of this year, generated record results in the first half of the 2010 fiscal year. Despite lower raw material prices and corresponding reductions in selling prices, the company managed to increase first-half sales by 1.6 percent y-o-y to a new record high of CHF 246.7 million. The positive trend in private consumption contributed to an even greater 4.4 percent increase in sales volumes. Despite growing pressure on prices, earnings growth outpaced the increase in sales and volumes: Earnings before interest, taxes, depreciation and amortization (EBITDA) rose by 5.8 percent to CHF 26.1 million, resulting in an EBITDA margin of 10.6 percent. EBIT increased by 6.7 percent to CHF 19.4 million and profit for the period rose by 3 percent to CHF 10.3 million despite non-recurring costs associated with the stock-market listing. The pleasing course of business during the first half of the year and the inflow of capital from going public had a positive impact on ORIOR's balance sheet. Net debt was reduced from CHF 121.1 million at the end of December 2009 to CHF 88.6 million while shareholders' equity nearly tripled to CHF 153.9 million, resulting in a solid equity ratio of 40.7 percent.&nbsp;&nbsp;"In the pursuit of our strategic goals we succeeded in growing earnings even faster than sales and volumes despite a highly competitive environment and have also achieved the best first-half results in the history of ORIOR," CEO Rolf U. Sutter said about the company's performance in first half of the year. "This development is also a confirmation of our strategy to focus our three segments of Convenience, Refinement and Corporate, Export and Logistics on those areas where we are particularly strong and where we can take a leading position."&nbsp; The good operating performance in the first half was also driven by the Group-wide value-creation initiatives that have been taken during the past two years, initiatives designed in particular to optimize operating processes and thereby increase efficiency. These efficiency improvements have enabled us to handle higher volumes while keeping the number of employees virtually unchanged at about 1,250. Reported profit for the period, up 3 percent to CHF 10.3 million, was negatively impacted by the significantly higher financing costs prior to the IPO and the approximately CHF 1 million in costs associated with the early retirement of a credit arrangement. Excluding these extraordinary items, bottom-line profit would have shown an increase of more than 10 percent. The significantly lower financing costs under the terms of a new credit facility will have a positive impact on the future net financial result.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stable developments at all three segmentsThe strategically important Convenience segment delivered another strong across-the-board performance. Sales were up in both the retail and, in particular, food service channels. Our innovative and high quality fresh convenience products give food service patrons a greater variety of delicious choices without increasing the workload of restaurant and other catering enterprises and their acceptance is steadily growing as a result. Sales in the Convenience segment rose by 3 percent compared to the prior-year period to CHF 99.8 million and EBITDA advanced 19.3 percent to CHF 14.8 million. The strong earnings power of the Convenience segment was once again evident: Convenience contributed 38.7 percent of Group sales but 56.7 percent of total EBITDA. The Refinement segment confirmed its function as a major pillar of the Group's operations. With sales of CHF 145.6 million (-0.9 percent compared to the prior-year period), the record-high level achieved in the previous year was almost held despite the highly competitive environment.&nbsp; Intensive marketing spending and higher energy costs led to a CHF 0.4 million decrease in EBITDA to CHF 13.2 million. The Corporate, Export and Logistics segment displayed continued high growth rates, driven primarily by our steady sales growth in foreign markets. The volume of products sold surged by 52.6 percent, while sales rose by 24.3 percent. EBITDA remained in negative territory at CHF -1.9 million (prior-year period -1.4 million) mainly because of the stiff competition, the weakness of the euro and, especially, because of IPO-related extraordinary costs.&nbsp;Balance sheet strengthened significantlyThe proceeds raised during the course of the IPO allowed the company to halve its net debt to CHF 88.6 million at mid-year. Total liabilities were reduced from CHF 322.9 million (Dec. 31, 2009) to CHF 223.9 million, while shareholders' equity nearly tripled to CHF 153.9 million, resulting in a high equity ratio of 40.7 percent. This significant strengthening of the balance sheet is also reflected in the net debt-to-EBITDA ratio, which now stands at 1.65. There was a slight increase in current assets from CHF 139.3 million to CHF 143.9 million, mainly attributable to higher accounts receivable due to modifications in the payment terms negotiated with several major customers. This also had an impact on the cash flow from operating activities, which declined to CHF 9.4 million at mid-year from CHF 13.5 million at the end of 2009.&nbsp;Confident outlook"Barring any unforeseen developments we expect that the traditionally somewhat stronger latter half of the year will be even better than the first half," says CEO Rolf Sutter in reference to the company's outlook. Consequently, sales and earnings for the full 2010 fiscal year should be slightly higher than in the previous year, putting ORIOR on track to achieve record results again. Rolf Sutter's forecast is based on the good course of business in July and August and the company's well filled innovation pipeline. "This will enable us to continue to act as a trendsetter in both the Convenience and Refinement segments and to introduce more new products or product variations," remarks Rolf U. Sutter. New launches will have a positive impact on top-line sales as will the successful food service concepts for restaurant and café operators that have been rolled out. The ongoing value creation initiatives set the stage for sustainable cost-cuts and, together with significantly lower financing costs, should have a continued positive impact on costs going forward. Although raw material prices are generally expected to trend slightly higher, ORIOR expects its margins to at least remain within the previous range.&nbsp;Expansion of Executive BoardThe Board of Directors of ORIOR AG has appointed Mr. Stefan Jost (47) Head of the Refinement segment and member of ORIOR's Executive Board. This is a newly created position. Stefan Jost will report directly to the Group's CEO. After an extensive international career with Procter &amp; Gamble, Stefan Jost joined Lindt &amp; Sprüngli in 2004 and served as the CEO of Lindt &amp; Sprüngli Italy. He will assume his new position on November 1, 2010.

Best interim results in the company's history –Balance sheet significantly stronger after the stock-market listing in April of this year – Confident outlook&nbsp;

ORIOR Group increases sales and profits

ORIOR announced details of its IPO on April 12, 2010. The definitive initial offer was for 3'425'000 ORIOR registered shares. Of these, 1,675,000 were newly issued as part of a capital increase, and 1'750'000 came from the holdings of previous majority shareholder Capvis. In addition, Capvis gave the bank syndicate an over-allotment option of up to 513'750 additional registered shares. This over-allotment option can be exercised up to May 22, 2010. ORIOR’s share capital today consists of a total of 5,925,000 registered shares with a nominal value of CHF 4. The total volume of the transaction is CHF 164.4 million, or CHF 189.1 million if the overallotment option is exercised in full. The free float comes to about 58 %, or about 66 % if the over-allotment option is fully exercised. Based on the issue price, ORIOR's market capitalization is approximately CHF 284 million. Rolf Sutter, CEO of ORIOR, commented: "We are pleased to see such high demand for our shares. It confirms that investors have confidence in our company and its prospects for the future." ORIOR's shares are quoted on the Main Standard of the SIX Swiss Exchange from today. The ticker symbol is ORON. Payment and delivery of the shares is planned for April 27, 2010. Credit Suisse AG is carrying out the IPO as global coordinator and bookrunner. Bank Vontobel AG and Zürcher Kantonalbank are acting as co-lead managers.&nbsp;Stock market informationStock market: SIX Swiss Exchange, Main StandardTicker symbol: ORONISIN: CH 011 167736 2Security number: 11 167 736Common code: 049922701&nbsp;FOR RELEASE IN SWITZERLAND – THIS IS A RESTRICTED COMMUNICATION AND YOU MUST NOT FORWARD IT OR ITS CONTENTS TO ANY PERSON PROHIBITED BY THE LEGENDS CONTAINED HEREIN.&nbsp;Not for release, publication or distribution in the United States of America, Canada, Japan or Australia

ORIOR debuts on the SIX Swiss Exchange today

Sales and earnings growth 2009The ORIOR Group has strong roots in the retail and food service market, and is a leading Swiss producer of fresh convenience foods, including branded vegetarian products, and refined meats. ORIOR runs nine production sites in German-speaking Switzerland and the Ticino, as well as Lineafresca – its own Swiss-wide logistics operations. At end-2009, the company employed around 1,300 people. With companies and brands such as Rapelli, Ticinella, Spiess, Le Patron, Pastinella, Fredag and Natur Gourmet, ORIOR achieved 8% year-on-year sales growth to CHF 501 million in 2009 despite the difficult market environment. Over the same period, its EBITDA rose by approximately 10% to CHF 52 million, implying an EBITDA margin of 10.4%. Cash flow increased continuously between 2007 and 2009, from CHF 27 million to CHF 45 million, resulting in an excellent average cash-conversion of 65%. ORIOR plans a shareholder-friendly dividend policy with a payout ratio of at least 40%.&nbsp;Traditional strong position in refined meat for wholesale and retailORIOR has divided its business into three segments: Refinement (meat refinement), Convenience, and Corporate, Export and Logistics. In 2009, the Refinement segment generated sales of around CHF 300 million, or 57% of total sales, and contributed CHF 25 million to EBITDA. The charcuterie and antipasti products made by Ticino-based company Rapelli are sold to Swiss retailers and the food service industry. Spiess, a traditional brand based in Canton Grisons, has been providing products to the entire Swiss food retail market, as well as to the food service market throughout Switzerland for decades.&nbsp;Pioneer in fresh convenience – leading player in retail and food service businessAs a Swiss pioneer in fresh convenience foods, the Convenience segment has continuously expanded its market share in recent years with its innovative products and concepts. In 2009, this segment achieved sales of around CHF 200 million, about 38% of the total, and contributed about CHF 30 million to EBITDA. The Convenience segment includes Fredag, whose refined poultry and meat products are very popular with retailers and professional cooks. With its vegetarian meat-substitute products, Fredag is a major player in the Swiss market. Through its Natur Gourmet brand it also enjoys strong demand in other countries. Le Patron, originally a producer of meat pâtés and terrines and still a leader in this market, now also has a strong position in the ready-meals business. Its food service products have allowed Le Patron to grow outside the retail market too, though this does remain its principal business. Pastinella specializes in filled and unfilled fresh pasta and enjoys significant market share in this sector. With brands including Traiteur Seiler, Ticinella, Rapelli, La Romagnola and Tasty, ORIOR serves the attractive food service market, and produces private-label products for major distributors.&nbsp;Own distribution operation and growing export businessThe logistics operation within the Corporate, Export and Logistics segment serves around 600 locations throughout Switzerland with 700 deliveries a day. With its distribution company Lineafresca, ORIOR has extended its quality assurance and value chain right up to the end user. The segment also deals with export services to neighboring countries, especially for air-dried Grisons beef, vegetarian products and antipasti. This business currently contributes around CHF 27 million, or about 5%, of total sales; ORIOR expects further attractive growth potential from exports.&nbsp;Controlling the whole value chainIn the markets it serves, ORIOR covers all categories, from premium to low-price products. The company controls the whole value chain, from the development of innovative products, to high quality production, to prompt distribution to retailers, caterers and restaurants. "As an independent food group with an authentic corporate culture, we have a portfolio of innovative products focused on attractive growth niches. On this basis, we aim to win further market share and forge new partnerships within the Swiss food market," says Rolf U. Sutter, ORIOR's longstanding CEO. "We believe in the development potential of our established brands, and working from our solid financial foundations we want to grow in Switzerland and abroad, organically and through selected acquisitions."&nbsp;Details of IPOPrice range: CHF 42 – 52 per shareBase offer: Up to 3,569,422 shares - of which up to 1,904,762 new sharesOver-allotment option: 15% of basic offer; up to 535,413 shares (existing shares)Free float: approx. 58% before over-allotment option is exercised approx. 66% after full exercise of over-allotment optionListing: SIX Swiss Exchange, Main StandardTicker symbol: ORONISIN: CH0111677362Securities number: 11167736Common code: 049922701&nbsp;The IPO includes a public offer in Switzerland and a private placement for institutional investors in other countries outside Switzerland, the United States of America, Canada, Japan and Australia. Members of management and the Board of Directors, who are not selling any shares and who will hold approximately 14% of the company's shares following the IPO, agreed to a lock-up period of one year. ORIOR and the selling shareholder Capvis are subject to a lock-up period of 180 days. "Following continuous, profitable growth under the leadership of a stable and experienced management team, ORIOR is now ready for the capital market," explains Rolf Friedli, partner at Capvis Equity Partners AG and Chairman of ORIOR's Board of Directors. "ORIOR has an attractive, sustainable value-creating business model and very promising prospects in fast-growing niche markets. We are proud that Capvis has been able to contribute to this successful performance over the last four years." Credit Suisse AG was hired as the global coordinator and bookrunner for the IPO. Bank Vontobel AG and Zürcher Kantonalbank are acting as co-lead managers. Book-building begins on April 12, 2010 and is scheduled to conclude on April 21, 2010, 12 noon CET; the issue price is expected to be published on April 22, 2010, the first day of trading on the Main Standard of the SIX Swiss Exchange.&nbsp;FOR RELEASE IN SWITZERLAND. NOT FOR DISTRIBUTION IN THE USA, AUSTRALIA, CANADA OR JAPAN - THIS IS A RESTRICTED COMMUNICATION AND YOU MUST NOT FORWARD IT OR ITS CONTENTS TO ANY PERSON PROHIBITED BY THE LEGENDS CONTAINED HEREIN.

ORIOR launches IPO

ORIOR AG has strong roots in the Swiss retail and food service market, where it specialises in making fresh convenience foods, including branded vegetarian products, and in meat refinement. With companies and brands including Rapelli, Ticinella, Spiess, Le Patron, Pastinella, Fredag and Natur Gourmet, ORIOR also has a strong regional presence and continues to grow internationally. ORIOR runs nine production sites in Germanspeaking Switzerland and the Ticino, as well as Lineafresca – its own Swiss-wide logistics operations. In 2009, ORIOR achieved turnover of CHF 501 million and EBITDA of CHF 52 million. At the end of 2009, it employed around 1,300 people.&nbsp;Pioneer for fresh convenience – leading player in fast-growing niche marketsORIOR manages its five key brands – Rapelli (Stabio), Spiess (Schiers, Davos, Churwalden), Le Patron (Böckten, Uetendorf), Fredag (Root) and Pastinella (Oberentfelden) – as competence centres. Through these brands it has a significant position in several fast-growing niche markets. In 2009, the company's core business of meat refinement (air-dried Grisons beef, salami, air-dried ham) generated approximately 57% of sales and made a contribution to EBITDA of CHF 25 million. As a Swiss pioneer for fresh convenience foods, ORIOR has continuously expanded its market share in recent years with its innovative products and concepts. Around 40% of the company's sales and more than half its EBITDA now come from the growth market of fresh convenience products – including vegetarian products, ready meals, pâtés, terrines and fresh pasta. In the markets it serves, ORIOR covers all the food categories, from premium to low-price products. The company controls the whole value chain from the development of innovative products, to high quality production, to prompt distribution to retailers, caterers and restaurants.&nbsp;Successful focus on the food sector – careful targeting of niche marketsORIOR's roots date back to 1852. It is based in Zurich now, but was originally from Western Switzerland, where it developed out of the company Rinsoz et Ormond SA. In 1992, the company, which initially dealt mainly in tobacco, decided to completely refocus on the food industry. It subsequently acquired numerous major Swiss food companies, each known for its unique qualities. In the years of consolidation – 1998 to 2006 – the company achieved leading positions in all segments of the Swiss market, thanks mainly to its great innovative strength and the rationalisation of its production processes. Since then, it complemented its product portfolio through selective acquisitions and pressed ahead with expansion into the food service market and into markets outside Switzerland.&nbsp;IPO as the basis for sustainable growthSince the management buyout in 2006, ORIOR has been approximately 80%-owned by Capvis, the leading private equity firm in Switzerland. About 20% of the company's capital is held by the management team that has steered ORIOR towards successful and profitable growth in recent years. Capvis intends to sell a portion of its shareholding as part of the IPO. ORIOR will use the proceeds from the sale of new shares – approximately CHF 80 million gross – to pay down debt. This will lay the foundations for further growth as an independent food group. "Following the successful, sustainable expansion of the group, and with our market position in attractive niches, we have the size and expertise needed to press ahead with the next steps in our development as an independent food group," says Rolf U. Sutter, CEO of ORIOR. "In strategic terms, now is the right time. With our track record as an innovator in the fresh convenience foods sector, with our unique corporate culture and the vast experience of our management and employees, we are in a strong position to keep developing ORIOR successfully." Credit Suisse AG was appointed as global coordinator and bookrunner for the planned IPO.&nbsp;Bank Vontobel AG and Zürcher Kantonalbank are acting as co-lead managers.&nbsp;FOR RELEASE IN SWITZERLAND. NOT FOR DISTRIBUTION IN THE USA, AUSTRALIA, CANADA OR JAPAN - THIS IS A RESTRICTED COMMUNICATION AND YOU MUST NOT FORWARD IT OR ITS CONTENTS TO ANY PERSON PROHIBITED BY THE LEGENDS CONTAINED HEREIN.

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