Growth in branded packaged products along with continued recovery for pick & mix sales.
- Net sales for the quarter decreased by 9.5 per cent to SEK 1,474m (1,629), including a negative effect of 2.2 per cent due to exchange rate fluctuations.
- Sales of branded packaged products increased organically by 1.7 per cent during the quarter, comprised of 0.9 per cent for July, –0.4 per cent for August and 4.1 per cent for September.
- Sales of pick & mix declined organically by 31.4 per cent during the quarter, comprised of –27.2 per cent for July, –37.1 per cent for August and –29.6 per cent for September.
- Operating profit amounted to SEK 87m (195). Profit for the period amounted to SEK 46m (130). Operating profit, adjusted for items affecting comparability, amounted to SEK 130m (200).
- Cash flow from operating activities was SEK 313m (255).
- Net debt/EBITDA ratio was 2.6x (2.5).
- Provided that the COVID-19 restrictions do not change significantly during the fourth quarter, Cloetta expects sales of branded packaged products to be around the prior year’s level and that sales of pick & mix will continue to gradually improve. Cloetta has also assessed that profitability levels will gradually get stronger, ending the year on double-digit margins.
- The Board of Directors has decided to call an Extraordinary General Meeting to resolve on a dividend of SEK 0.50 per share for the 2019 financial year.
Please find enclosed the full report.