Cloetta reports its sixth consecutive quarter of growth in Branded packaged products and continued profitable growth within Pick & mix, accompanied by improved profitability and important sustainability progress.
- Net sales for the quarter increased by 14.5 per cent to SEK 1,626m (1,420) including a positive impact from foreign exchange rates of 2.6 per cent.
- Sales of Branded packaged products increased organically by 8.2 per cent during the quarter.
- Sales of Pick & mix increased organically by 24.4 per cent during the quarter.
- Operating profit adjusted for items affecting comparability, amounted to SEK 162m (127). Operating loss amounted to SEK -61m (126), due to items affecting comparability of SEK -223m (–1) mainly related to impairments and provisions for the new greenfield facility.
- Operating profit, adjusted, of Branded packaged products amounted to SEK 154m (123).
- Operating profit, adjusted, of Pick & mix amounted to SEK 8m (4).
- Loss for the period amounted to SEK -94m (86), driven by items affecting comparability and unrealised exchange rate differences on cash and cash equivalents, which equates to basic and diluted earnings per share of SEK -0.33 (0.30).
- Cash flow from operating activities was SEK -78m (155), driven by increased inventories and inflation.
- Net debt/EBITDA ratio was 2.4x (2.9).
Events during and after the end of the period
- Cloetta announced the plan to invest in a new greenfield facility in the Netherlands to enable growth and accelerate margin expansion.
- Cloetta has extended the maturities of its current loan facilities with the existing banking group by one year to 2024-2026.
- Cloetta’s climate targets have been approved by the Science Based Targets initiative.
- After the end of the quarter, the Board resolved on the repurchase of the company’s own B-shares to enable delivery of shares under the long-term share-based incentive program.
Please find enclosed the full report.
The interim report will be presented at a conference call with web presentation on Friday 15 July 2022 at 10.00 a.m. (CEST). Information is available at www.cloetta.com.
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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. CEST on 15 July 2022.
Nathalie Redmo, Head of IR and Communications, +46 766 96 59 40