Good morning, everyone, welcome to today's presentation of the results of Orkla's Q4, also full year 2018. In the first part of my presentation, I will concentrate on the full-year figures, Jens will go through the quarter more in detail after my first presentation. First, let's have a look at the highlights from 2018. I just want to say in the beginning that I am, of course, very disappointed about our performance in 2018. For sure, we have had some headwind, we cannot blame external factors for all our setbacks in 2018. I know that we can do better than this, and we will do better than this going forward.
Of course, there have also been some positive elements in our figures and in our operations. We achieved organic growth of 1.5% in foods, despite quite strong headwind in Norway. We'll come back to this. Food Ingredients also delivered decent growth, also in Food Ingredients, we have exited some unprofitable areas. Despite that, we had some okay growth on top line. We have been through a tough year in Care within some markets, I will spend some more time on the specific issues in Care in a few minutes. In confectionery snacks, our performance has been impacted by the increased sugar tax in Norway, which is now reversed in 2019, of course, of the loss of the Wrigley distribution agreement.
Overall, our ongoing efficiency improvement program is progressing as planned, due to challenges experienced in 2018, our organic growth and margin development were almost flat. As I mentioned, we are not happy about that. That is not satisfactory. During the year, we have also grown our brand consumer goods business through several attractive acquisitions. The largest one has been the Finnish number one beloved pizza brand, Kotipizza. I'll come back to Kotipizza after Jens' presentation also talk a little bit about our out-of-home strategy and the rationale behind this acquisition.
Earnings per share from continuing operation was down from last year due to significant increase in net non-recurring items from restructuring also M&A activities. The boards intend to propose to the AGM a dividend of NOK 260 per share. As mentioned, we have had some serious, I would say, issues in part of the Care business, I would like to share some thoughts with you on this and some explanations. Care is our most diversified area, our largest units are Home & Personal Care and our Health business.
In addition, Care includes painting tools, the Orkla House Care, also other areas like Wound Care, Pierre Robert, also professional cleaning solutions. In 2018, we experienced actually good progress in Home & Personal Care, in Wound Care and in Pierre Robert, that was more than offset by decline in Orkla Health, mainly in Poland, also continued problems in our House Care business in the U.K. As we addressed in the Q3 presentation, the largest wholesalers in Poland have reduced their stock holding due to new principle.
What we see is then that our sales towards the wholesalers is reduced drastically, during 2018, sales from wholesalers to the pharmacies and from pharmacies to end consumer is not impacted. We expect this sale to come back during 2019. In House Care U.K., a turnaround process is ongoing, and we see positive momentum as we see that EBIT decline has bottomed out, and we now start to see positive improvement in EBIT. We also expect gradual improvement in House Care U.K. in 2019. The business will continue to have a negative impact on top line as we do a portfolio restructuring, but the bottom line shall improve during 2019.
Let's have a look at our overall organic progress and also by business area. As I mentioned, we have had decent organic growth in f oods and f ood Ingredients, but that was offset by issues in c are that I just described, and of course, the sugar tax impact in Norway. Our overall organic growth in 2018 was clearly too weak. If you look at our key markets, we continue to see stable, but of course, moderate growth in our main markets. If you look at the Nielsen figures, average grocery retail per Q3 2018 showed a growth of approximately 2% in the Nordics and slightly higher in the Baltics and Central and Eastern European markets.
Growth varies a lot by category. Across our Nordic markets, we have seen strong growth in beverages and frozen food, mainly in ice cream. These are categories where we have little presence. We have seen very weak growth in some non-food categories, such as HPC, where there's a clear channel shift from traditional grocery retail to specialty discounters and online. We are very big in some of these categories, so that really hurts us on our top line.
On the other side, we are also increasing our focus on other channels with higher growth. We estimate that average growth across Orkla's categories and markets reached 2% in 2018. Of course, it's important not only to look at averages. We have had strong growth in most business areas in the Nordics, with the exception of Norway, and we have had quite strong growth in Central Europe. The key negatives are already known.
As you have seen, it's lower confectionery volumes in Norway due to sugar tax. It's weaker growth in our Norwegian Orkla Foods portfolio, partly due to lower retail campaign, but also substantially increased retail prices in some of our main SKUs. Of course, the negative impact of Health in Poland and House Care in U.K.
As we mentioned on our Capital Markets Day in London in October, our target is still to grow at least in line with the markets where we operate over time. As we also pointed out in London, our focus, at least short-term, will be to reduce complexity and we have had higher priority reducing complexity and improving margin than improving top line in the short-term perspective. We will come back to this topic during 2019 and to show you the progress, how we are doing on margin improvement and complexity reduction. So I will now give the word to Jens, who will go through the quarterly performance and the figures, and then I will come back to our acquisition in Finland and also summing up the year. Thank you so much.
Thank you, Peter. Let me first go through the development on the Branded Consumer Goods top line growth. I'm looking at the fourth quarter. Top line growth in Branded Consumer Goods was flat. Structural growth was offset by negative currency translation effects as well as negative organic growth. Compared to a close to 3% organic growth in Q4 last year, organic growth was flat or -0.2% when adjusted for this lost Wrigley distribution agreement. As you remember, the Wrigley distribution agreement is out of the comparables from January 2019.
Good growth in Foods was overshadowed by negative volume effect, in conjunction with the sugar tax and issues in Health that Peter has already mentioned earlier. I'll revert more to the details on these matters a little bit later on. M&A added growth of 2.4%, and that's primarily driven by the acquisition of HSNG, as well as several add-ons in Food Ingredients. On the opposite side, we have negative effects of the divestments that we've done where K-Salat is the main explanation. Let's look more at the development for the Branded Consumer Goods, including HQ when it comes to EBIT and margin.
It's been clearly a weak quarter when it comes to underlying EBIT development, with a negative development of 3.5% on a like-for-like basis. You recall an exceptionally strong Q4 last year where we saw double-digit earnings growth also on a like-for-like basis. It's quite tough comparables. It's been a mixed development among the segments. OFI has shown both a strong margin and EBIT development driven by operational improvements and better pricing improvements.
Health has been the clearest negative factor and has been, as Peter said, a clear disappointment for us this quarter. Orkla Foods saw a temporary weakening of profitability with negative timing effects compared to last year. I'll come back more to the BA specifics in a minute. Looking at the underlying margin developmeNt, the trend that you see here is clearly too weak. Our ongoing efficiency initiatives is, of course, an important driver of margin improvement. We continue to execute our programs as communicated on the Capital Markets Day.
The progress is according to plan, but the progress is not strong enough to compensate for the short-term challenges that we've met in 2018. As Peter said, we expect this trend to recover during 2019, as issues in Care begin to normalize and the sugar tax effect on the Norwegian confectionery market starts to normalize. Let's look more at the BA specifics. Orkla Foods delivered strong organic growth. The organic growth was supported by improvements in all markets except Denmark, where we have deliberately exited some low profitable business.
I'm glad to see that Norway, for the first quarter, shows organic growth after three rather disappointing quarters. However, this good sales growth that we saw didn't lead to any EBIT improvements. The EBIT dropped caused by several factors, divestments, it was factory-related projects and non-recurring year-end items where the delta is the main negative effect. This was especially in Norway. In addition to this, of course, affecting the contribution margin and the contribution ratio, Foods continues to see strong headwind on real effects from the currency situation where the Swedish krona and the Norwegian krona, as you know, has slipped back against the EUR.
These effects in sum led to a weak margin in Q4, whereas the margin trend for the overall year is positive. Let's look at confectionery and snacks. The loss of the distribution agreement with Wrigley and the sugar tax in Norway continued to hamper the progress in confectionery and snacks also this quarter. The organic growth outside Norway, it's 2.5% for 2018. Sales in Q4 were negatively impacted by destocking ahead of the reversal of the sugar tax in Norway, and we've seen volumes coming back in the start of 2019.
We saw a decline in EBIT because of this revenue drop, and also in confectionery and snacks, EBIT and the margin was affected by negative real effects from currency and higher energy prices, especially in Sweden. Our ongoing cost improvements in confectionery and snacks is also progressing according to plan and contributing positively.
Let's look at the Care business area. Peter described this area and the challenges a little bit earlier in the presentation. Good organic growth in Orkla Home & Personal Care and other Care categories was more than offset by the decline described in Health Poland and Orkla House Care in U.K., the Harris business. We saw improved figures in Q4 in many markets in Orkla Home & Personal Care, especially Sweden, even compared to a very strong Q4 last year. That also goes for Wound Care, especially in the Scandinavian part of Wound Care.
EBIT in Orkla Care was negative by 8.4%. The decline was caused by Health and especially Health Poland. Reported growth in the Care businesses outside Health Poland was close to 10% in Q4. Margins were down 140 basis points in the quarter because of the sales decline, higher input costs, and dilutive effect from M&A. Let's look at Orkla Food Ingredients. EBIT in Food Ingredients improved nicely. The progress was related to increased sales and profitability on the sale of bread improvers and mixers. In addition, we have taken actions to lift margin and have good progress on the turnaround projects in Food Ingredients.
The drop that we see in organic growth is partly caused by deliberate actions to exit low profitable sales. I can mention that the vegan portfolio, Naturli' portfolio that we've talked about many times to the market, are continuing to develop very healthy. We see continued sales growth of 40%, and that's due to improved innovations and a much broader customer base. Let's look at this figure that is going to be shown more and more often. It represents the level and the ambition on the networking capital side.
We will revert to the market once or twice a year, talking about the actions that we have implemented and are going to implement to reduce the level of current capital. This is a rolling 12 months figure. Of course, it will take time to see the real effects on these numbers, but we'll talk about the actions implemented and keep you posted. The rolling 12 months level is still at 13%, and as you can see on this graph, we aim to reduce it down to 10% by the end of 2021. Let's look at the CapEx. In 2018, we invested NOK 1.9 billion in the total CapEx, which corresponds to approximately 4.9% of net sales. Maintenance level is relatively stable at a level of NOK 1.1 billion or approximately 3% of net sales.
The ambition is that the maintenance investment level should be slightly below the level of depreciation. As we talked about on the Capital Markets Day, we are currently spending more investments on the ongoing ERP program and some expansion investments related to factories. The majority here of the delta between the maintenance and the total is then investments in ERP and expansion. Amongst others, this new pizza factory that we're building in Norway. CapEx is expected to be in the range of 4%-6% of net sales for the coming three to four years, as we talked about on the Capital Markets Day.
This will, of course, affect the cash flow. But we expect to have positive cash flow effects from realizing real estate development projects as well as selling off some plants or properties in conjunction with the factory closure program that we are doing. In addition, as you saw on the last slide, we are aiming for realizing or freeing up cash from being much more effective on the current capital side. In sum, this will have a positive effect on the cash flow. Let's turn to Jotun. The development in Jotun is continuing as communicated in Q3 and on the Capital Markets Day by Morten Fon.
That means there's good top-line momentum, especially from the decorative and protective segment. Marine segment is still affected by the cyclical downturn, but are showing some progress in Q4. Raw materials have stabilized and together with already implemented price increase actions, these have slowed down the negative effect that we've seen on the gross margins. Going forward, Jotun expects still good progress within the decorative and protective segments.
Jotun are expecting a gradual pickup of the performance on the Marine segment side in the latter part of 2019. If we have this development that we've seen lately on the raw materials side, and then put in addition the already implemented price increase actions, then the gross margin should stabilize and gradually pick up. For further details regarding Jotun figures, they will present their full year accounts on Monday, the February 11th . Then Jotun will disclose more information. The last slide, I will sum up some of the important financial items and more details on the investment division.
As you know, reported earnings from the Branded Consumer Goods part, including HQ, was a negative by 5%. On the like-for-like basis, we were down on the underlying EBIT development. We were down 3.6% or 3.5%. Earnings from hydropower was record high. It was substantially higher than last year because of the higher power prices that we've seen. We had non-recurring items this quarter of close to NOK 300 million. As you know, this line item will vary from quarter to quarter, depending on the activity of restructuring and M&A and so on.
This quarter, for obvious reasons, there were several major items that were booked. I'll give you now some more detail on these items, which constitutes approximately two-thirds of this NOK 300 million. We are doing some restructuring, quite significant restructuring in U.K. Harris, the Harris business there. We had, in conjunction with that, some write-down of inventory. In addition, some provisions for this restructuring activity. In sum, this accounts for around NOK 50 million that we've done in U.K. Harris. Then, there's been layoffs of sales force in Norway.
As you know, two of the retailers are taking over merchandising from 2019. That affects a lot of people in Orkla. We have taken costs in conjunction with this decision that the customers made. A part of the provision made or the cost in Q3 on other income and expenses is related to that. We also had M&A-related costs this quarter of around NOK 40 million. As you remember, we have shut down a vegetable production factory in Finland, moving the production to Sweden and Czech Republic. The cost of this closure was around NOK 60 million. Part of it is write-down of asset, and part of it is other provisions for redundancy and so on. The remaining one-third of other income expenses costs this quarter is spread across the other business areas and related to the restructuring activities that we've done.
There's been a lot of restructuring activities, a lot of M&A activities, and that is the story of Orkla as we are today. Last year, as you remember, we reported almost zero on the same line item. The delta between the years, of course, are very huge. As you remember, last year we booked income from sales of companies of over NOK 200 million. Looking at the line item, other income expenses on a full year basis, year-on-year and adjust for these big sales that we did last year, the level is approximately on the same level.
This year, we have sold off two parts in-- that were booked on this line item in the quarter. That is Mrs. Cheng's, and we have a sales agreement of the nut business in Russia, the Chaka. The net effect there was slightly positive. Our tax rate is also higher this quarter than last year, and the main driver for this higher tax rate is the good result in hydropower.
As you know, there are special taxes for hydropower in Norway, which we call resource rent taxes, that are higher than underlying tax rate for the Branded Consumer Goods part. That's the main explanation. In sum, of course, this has a very negative effect on the earnings per share on a year-on-year basis, and earnings per share was down 23% compared to the same quarter last year. I'll hand the floor back to Peter for his update on our Kotipizza tender offer.
Thank you, Jens. Let's talk about something more positive than our Q4 results. Our out-of-home strategy and our acquisition of Kotipizza, as I promised you earlier today. Why is this an important move for Orkla? Why are we even looking at out-of-home? Several reasons. I think the main reason is that we see a very strong and consistent growth in the Nordic out-of-home business. The growth is increasing, and we see a growth at least three times higher than what we see in traditional food retail.
According to our estimates, we think or we believe that approximately one-third or even more than one-third of the total consumption of food and beverage is consumed outside the home. It's in the out-of-home, different out-of-home channels.
As you know, food is the largest business area, the largest categories in Orkla, That makes out-of-home a natural part for Orkla's strategy. We need to be present where the consumers are. We need to be present where the consumer expect to find our products and where they consume food. That is changing more and more to other channels than at home or traditional food grocery stores. Out-of-home is actually not a new business for Orkla. We have been in out-of-home, in different areas of out-of-home for many, many years.
Actually, 20%, approximately 20% of our total turnover comes from the out-of-home channel. That is in food service, it's in HORECA, but it's also special out-of-home brands. We have products and we have brands present across many different channels in the out-of-home area. We also have several specialized companies focusing only on out-of-home.
For instance, Nordic Ice Cream, NIC, our ice cream ingredients business, is only delivering to the out-of-home channel. Actually, we are also an important innovation partner for some leading out-of-home players, like Anamma Vegan Burger in McDonald's in Sweden. We have a differentiated approach to how to strengthen our position in the out-of-home channel. That will be different from market to market and from channel to channel and category to category. Of course, acquiring an out-of-home concept that's new to Orkla, it's a different business model than our core.
However, acquiring and building strong brands is very much part of Orkla's DNA. That's what we have done for decades. Why Kotipizza? Well, Kotipizza is the strongest pizza brand in Finland by far. They have a 20% market share for branded pizza across all channels, also frozen pizza, takeaway, out-of-home, everything.
It is preferred brand by Finnish consumers, Actually, they have previously been awarded the world's best pizza back in 2012. That's quite impressive. We also see that Kotipizza has a strong fit with Orkla. Pizza is one of our core categories. It's one of our largest product categories, it's a category where we have experienced high growth over many, many years. Kotipizza is really complementing our pizza strategy in Finland. Where we are today in Finland, we are only present in the frozen pizza area, which accounts for only 12% of the total pizza consumption in Finland.
In order to be a big player in pizza in Finland, we need to go into the out-of-home area to be a big player. That's what we are now doing with the strongest brand in Finland. Kotipizza is an integrated out-of-home player. They have a specialized out-of-home, both sourcing and logistic company, very efficient, serving mainly Kotipizza, also serving some third-party customers. They have the largest out-of-home pizza concept in Finland, They also have some smaller fast casual concepts that we believe we can continue to develop. They have a proven track record.
They have increased sales in their Kotipizza chains for 45 consecutive quarters. Quite impressive. As I said, out-of-home business model is, of course, new to Orkla. We know the out-of-home business, but not that exact business model. Through the acquisition of Kotipizza, we have acquired a very experienced and a very proven management team to support our journey going forward. We will, of course, also have a strong cooperation between Kotipizza and the management team and our local management team in Orkla Suomi to strengthen value creation going forward.
Kotipizza, they have a long track record of defining and delivering on their strategic agenda. They have really an impressive history. Going forward, the value creation will be centered around three main dimensions to benefit both from Orkla and the franchisees. Of course, to grow the core is the most important thing. Grow Kotipizza sales through existing restaurants, but also opening new restaurants and grow the food stock business, the distribution logistic business.
Realize potential from smaller concepts, the smaller concept that I mentioned, Social Burgerjoint, No Pizza, Chalupa, and so on. Of course, also realize top and bottom synergies with Orkla. However, this is, of course, it is early days, and we will spend the next months reviewing the strategy together with the management of Kotipizza and together, of course, with the franchisees of Kotipizza.
Before we go to Q&A, I will like to sum up our main messages today. I think as I started presentation 8:00 A.M. this morning, I said, we are not happy with the results we are delivering for 2018 or for Q4. I am not proud of that. Yes, we have had some external headwind, but we also have to admit that we have not responded fast enough to the challenges that we have met. I know that we can do better than this, and 2019 will be a year we will prove that we will be back on track again. Yes, some headwind, sugar tax, and hopefully this is the last time I talk about sugar tax.
Next time, if we talk about it again, hopefully it will be a positive explanation. We have had severe challenges in health Poland. Also Orkla House Care in U.K. As we mentioned, we will and we expect gradual improvement during 2019, especially on the bottom line from those two businesses. We see quite stable growth in our market, but the growth is moderate. Our target is to continue to grow, at least in line with the markets we operate in over time.
Also, as we mentioned, short term, we will have focus on complexity reduction and margin improvement over organic growth, but long term, our aim is to grow at least in line with the market. Now it is up to us to show, to deliver. Out of 18 quarters, we have had actually 16 consecutive quarters with solid top and bottom line improvement, and we have had two very disappointing quarters.
2019, I will promise you, will be a year where we will show you that we are able to turn this around, and we will come back and continue to deliver solid performance. Also to prove that our strategy is right, we are in the right categories, and the actions we are taking on both top-line initiatives and cost initiatives will pay off. We have been through a tough year, so let me, before we go to Q&A, let me share with you something that I am very proud of. A few examples of our upcoming innovations launched under our strong local brands.
The first one is Smash! It is a famous Norwegian chocolate bag. Been in Norway since 1987, launched in Sweden approximately a year ago. Now also launched in Denmark, but under a local brand, under the KiMs brand. Very strong local brand there. It's the same product, same packaging, but under strong local brand. Smart Living by Nutrilett, as you can see here also on the stage. It's a new series of meals for healthy lifestyles. Meals full of tasty, natural ingredients and easy to prepare and, of course, to help you control weight. Jordan Stay Fresh toothpastes.
It's now, for the first time, launched outside Norway, in three variants in Scandinavian countries and in Poland, and it will be more going forward. We really look forward to these launches in addition to all the other we are launching in 2019. With that, we will open up for Q&A. Carnegie, Preben. Quick question on the Norwegian operations. You've just done the annual negotiations with the Norwegian retailers. Can you sum up on your thoughts on how that went? Do we see growth in Norway in the coming year?
No, I will not comment on that. We will not comment on our negotiation and relationship with specific customers. What I can say is only that this is more or less according to what we have experienced historically. Question about Kotipizza acquisition. Is it the first time the company have waiters as human resources? Pardon me? First time we have? The question is actually about having waiters and how that impact our HR work and so on. Well, we acquired Gorm's, or a majority part of Gorm's Pizza in Denmark last year, we have some experience from that. Of course, operating restaurants is different than operating brand consumer goods. On the other hand, there are also a lot of similarities.
Kotipizza is 100% franchise, there are independent franchisees operating the restaurant, Kotipizza is delivering the concepts, the recipes, and the marketing, and so on. Kotipizza will not be operating the restaurants. That will be done by the franchisees. Of course, there are big differences, there are also similarities. This is about being close to the local consumer, understanding the local consumer, and making offers, recipes, tastes, offers in the restaurants, and so on, that meet the consumer needs and expectation. That's an area where I think we have a lot of knowledge in Orkla.
Yes, we have a couple of questions from the web as well. Petter Nystrøm from ABG. He has two questions. First one is it possible to quantify the destocking effect in confectionery and snacks?
Of course, this is hard to be very precise on. As we see it, the destocking effect represents around 2% organic growth for the confectionery and snacks area in Q4.
Okay, thank you. The second question is, did I understand it correctly that the EBIT margin decline for foods in Q4 should be viewed as temporary, meaning it's not representative for the speed going into 2019?
Can you please repeat, Thomas?
Whether the margin decline in foods in Q4 is representative going into 2019, and whether it is temporary.
It's not representative.
Okay. We also have a question from Simon at DNB. He's asking a little bit about the other income and expenses of NOK 300 million or NOK 296, to be precise. If you can elaborate a little bit on what they were and also what we should expect going forward.
As I said, this line item will vary from quarter to quarter. It's the nature of this other income and expenses. Last year, we had a lot of sales gains that brought it close to zero. This year, in this quarter, we have had especially high, I would say, activity when it comes to M&A and restructuring. First of all, I said that we are continuing the restructuring of the U.K. Harris business to turn this around, and in sum, we made write-offs of inventory and provisions of NOK 50 million. Two of the Norwegian customers have said that they will take back merchandising from Orkla. That means a lot for a lot of our employees. In conjunction with this decision by the customers, we have made provisions for redundancy in our accounts.
We closed down a production facility producing vegetables in Finland, moving the production to Sweden and Czech Republic. In sum, that closure represents NOK 60 million of the other income expenses this quarter. These major items represents around two-thirds of the cost that we saw this quarter. When you add on the M&A activity, which is around NOK 40 million in cost. We also sold off some businesses this quarter. We entered into a sales agreement of the Russian nut business, Chaka, and also sold Mrs. Cheng's, but the net effect of these two transactions were only slightly on the positive side. There's, of course, cash cost there, and the sum of the other income expenses in Q4, two-thirds of it is cash cost.
Going forward, of course, the activity on this line item will vary from quarter to quarter. As I said in my presentation, we are doing a lot of M&A. We are doing a lot of restructuring. Some of these costs will end up on the other income expenses. At the same time, as communicated on the capital markets there, we are aiming to looking really tough on our portfolio, challenging the relevance of several categories. As a consequence of that, most likely also sell off businesses that will be booked on other income expenses. The main message here is this will vary. What we've said earlier is that, on a yearly basis, to be around NOK 400 million. As I said, this will vary.
Right. More questions, this time from John Ennis at Goldman Sachs. His first question, I think you already answered. It's about restructuring guidance for the next three years in conjunction with the margin improvement targets. I think that's already been answered. The second question is, if you can bridge the associates line for us, given that Jotun had a positive performance in fourth quarter. Can you explain what was the drag that made the profit from associates NOK 40 million negative?
The main item on this line is Jotun. The other parts are just minor. As I said, Jotun will revert more on the details of their performance when they present their year-end results on the 11th of February.
Okay. His last question is, can you elaborate on what the growth in Orkla Care was, excluding the Poland destocking impact?
Yes. As I said, if you exclude the negative Polish effect on the Care EBIT growth, reported EBIT growth would have been 10% for the quarter.
Right. I have another question from Ole Martin Westgaard at DNB. Can you give any flavor on how we should think about organic growth in Care in the coming quarters, given the restructuring of Harris'? Furthermore, what is your expectation with regards to the timing of Easter effect on Q1?
I'll start with the latter one. The timing effects of Easter is that if you look at the two quarters coming now, Q1 will have one more, call it, sales day, and Q2 will have two less sales days. When it comes to the Easter starts in Norway at the 18th of April, that's quite late. We assume that pre-sales in front of Easter will most likely then move into Q2. That's a quite brief comment on that. Remind me of the first question.
It was if you can give any flavor on how we should think about organic growth in Care in the coming quarters, given the restructuring of Harris'.
Yeah. As you mentioned, we are doing a quite big restructuring in Harris, changing actually the whole portfolio. That will have a negative impact on organic growth also in 2019, but will have a positive impact on EBIT in Harris. We should expect continued negative top-line development, but positive bottom-line improvement. When it comes to Orkla Health, we also expect that the stock reduction at the wholesalers in Poland will be more or less over during 2019. We will see that both sales and profitability will come back during 2019, probably in the second, third, fourth quarter in Orkla Health.
Thank you.
Okay. No further questions? It is difficult to see. Okay. Thank you, everybody, for coming and spending the time with us here today, and look forward to see you after Q1 presentation again in our new head office.