Improved sales during the second half of the quarter while the negative EBIT impact was partly mitigated by phasing of supply chain costs to the third quarter.
- Net sales for the quarter decreased by 21.9 per cent to SEK 1,237m (1,583) including a negative impact from foreign exchange rates of 0.7 per cent.
- Sales of branded packaged products declined organically by 6.3 per cent during the quarter: 3.6 per cent in April and 16.6 per cent in May, but increased by 1.5 per cent in June.
- Sales of pick & mix declined organically by 58.5 per cent during the quarter: 70.5 per cent in April, 60.2 per cent in May and 41.1 per cent in June.
- Operating profit amounted to SEK 105m (159). Profit for the period amounted to SEK 108m (97). Operating profit, adjusted for items affecting comparability, amounted to SEK 110m (161). The negative impact on operating profit was partly mitigated as approximately SEK 35m of the underabsorption of fixed costs due to lower production will impact the third quarter.
- Cash flow from operating activities amounted to SEK –39m (–3).
- Net debt/EBITDA ratio was 2.6x (2.7).
- Cloetta expects that sales of both branded packaged products and pick & mix will continue to improve gradually as COVID-19 restrictions ease. Cloetta has also made an assessment that the operating profit, adjusted, for the third quarter will be significantly lower than prior year, and will then gradually strengthen, ending the year on double-digit margins.
Please find enclosed the full report.
Time for conference call and web presentation
Tuesday 14 July at 10:00 a.m. CET
DK: +45 781 501 10
FI: +358 931 583 77
SE: +46 8 505 583 59
UK: +44 333 300 9031
Please make sure you are connected to the phone conference by calling in and register a few minutes before the conference begins.
The interim report will be presented at a conference call with web presentation Tuesday 14 July at 10 a.m. (CET). Information is available at www.cloetta.com.
This information is information that Cloetta AB is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the contact person detailed below, at 8:00 a.m. CET on 14 July 2020.
Nathalie Redmo, Head of IR and Communications, +46 766 96 59 40