Cloetta is reporting strong growth in both Branded packaged products and Pick & mix, primarily driven by pricing to offset higher input costs. Operating profit improved by growing volumes, favorable mix and cost efficiencies, further supported by the earlier Easter.
- Net sales for the quarter increased by 28.1 per cent to SEK 1,973m (1,540) including a positive impact from foreign exchange rates of 4.6 per cent.
- Sales of Branded packaged products increased organically by 20.5 per cent during the quarter.
- Sales of Pick & mix increased organically by 32.7 per cent during the quarter.
- Operating profit adjusted for items affecting comparability, amounted to SEK 200m (158). Operating profit amounted to SEK 178m (154), impacted by items affecting comparability of SEK -22m (-4) that was mainly related to the new greenfield facility.
- Operating profit, adjusted, of Branded packaged products amounted to SEK 184m (149).
- Operating profit, adjusted, of Pick & mix amounted to SEK 16m (9).
- Profit for the period amounted to SEK 65m (131), driven by unrealised exchange rate differences on cash and cash equivalents and items affecting comparability, which equates to basic and diluted earnings per share of SEK 0.23 (0.46).
- Cash flow from operating activities was SEK 24m (27).
- Net debt/EBITDA ratio was 2.0x (1.9).
Events during and after the end of the period
- The preparatory work for the establishment of the new greenfield facility in the Netherlands continues. The overall regulatory process is taking longer than initially estimated, and the major planned investments are now expected to be initiated in 2024 instead of later in 2023.
Please find enclosed the full report.
The interim report will be presented at a conference call with web presentation on Wednesday 26 April 2023 at 10.00 a.m. (CEST).
SE: +46 8 5051 0031
UK: +44 207 107 0613
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Please make sure you are connected to the phone conference by calling in and register a few minutes before the conference begins.
The live broadcast will be available on: creo-live.creomediamanager.com/dc40394f-79b6-4b5e-b4d6-8482547777c0. The presentation and the report will be available on www.cloetta.com after publication.
This information is information that Cloetta AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person detailed below, at 07:30 a.m. CEST on 26 April 2023.
Nathalie Redmo, Head of IR and Communications, +46 766 96 59 40