Start of the year negatively impacted by COVID-19
- Net sales for the quarter decreased by 2.6 per cent to SEK 1,518m (1,559) including a positive impact from foreign exchange rates of 1.4 per cent.
- Operating profit amounted to SEK 149m (164). Profit for the period amounted to SEK 44m (99). Operating profit, adjusted for items affecting comparability, amounted to SEK 152m (166).
- Cash flow from operating activities amounted to SEK 67m (154).
- Net debt/EBITDA ratio was 2.4x (2.4).
- As a consequence of the current uncertainty due to the global outbreak of COVID-19, the Board of Directors decided to withdraw the dividend proposal of SEK 1.00 per share.
- The expected impact from COVID-19 is that the demand for branded packaged products will be lower during the second quarter and that the demand for pick & mix will be significantly reduced. Cloetta also assesses that the operating profit, adjusted, for the second quarter will be significantly lower than prior year.
Please find enclosed the full report.