Cloetta financials

This section contains information about Cloetta’s financial development, quarterly as well as yearly.

Cloetta has operated in its current form since 16 February 2012 when Cloetta AB acquired LEAF Holland B.V. The acquisition is recognised as a reversed acquisition, and consequently the comparable figures for previous years are those from LEAF. Since LEAF did not report interim reports, the tables Quarters, Rolling 12 months and Year to date shows 2011 and onwards.  Full year tables shows 2008 and onwards.

In the downloadable excel file you will find all financial tables for the Cloetta Group that are published in the interim reports. The file includes a few tables that are not published on the web site.

Key figures

• Key figures
• Profit and loss
• Net financial items
• Cash flow analysis
• APM
• Balance sheet
• Net debt

Quarters

• Quarters
• Rolling 12 months
• Year to date
• Full year

Key figures and per share data
SEKm	2011 Q1	2011 Q2	2011 Q3	2011 Q4	2012 Q1	2012 Q2	2012 Q3	2012 Q4	2013 Q1	2013 Q2	2013 Q3	2013 Q4	2014 Q1	2014 Q2	2014 Q3	2014 Q4	2015 Q1	2015 Q2	2015 Q3	2015 Q4	2016 Q1 (1)	2016 Q2 (1)	2016 Q3 (1)	2016 Q4 (1)	2017 Q1 (1)	2017 Q2
Profit
Net sales	1,043	1,120	1,124	1,371	1,084	1,212	1,159	1,404	1,127	1,131	1,194	1,441	1,193	1,238	1,303	1,579	1,313	1,280	1,459	1,622	1,234	1,221	1,285	1,367	1,222	1,414
Net sales, change, %	na	na	na	na	3.9	8.3	3.1	2.3	4.0	-6.8	3.0	2.6	5.9	9.5	9.1	9.6	10.1	3.4	12.0	2.7	n/a	n/a	n/a	n/a	0.6	15.8
Organic net sales, change, %	na	na	na	na	-1.8	-3.0	-3.2	-7.4	-3.3	-4.1	1.4	1.6	0.6	2.2	-0.6	1.7	4.0	0.8	4.2	-2.3	n/a	n/a	n/a	n/a	-2.0	-0.5
Gross margin, %	39.7	38.1	39.7	33.5	35.5	34.1	37.0	33.8	37.5	38.4	37.9	34.8	35.5	37.8	38.4	37.7	37.4	40.9	38.7	38.9	37.0	41.9	38.4	41.0	37.2	36.7
Depreciation	-31	-29	-21	-34	-35	-45	-43	-44	-43	-43	-45	-44	-47	-48	-48	-55	-55	-55	-58	-59	-50	-51	-52	-53	-48	-53
Amortization	-2	-2	-2	-2	-1	-	-	0	0	-1	0	-1	-1	0	-1	-1	-1	-1	-1	-1	-1	-2	-2	-	-1	-3
Impairment loss other non-current assets	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-2	-	-
Operating profit, adjusted	na	na	na	na	na	na	na	na	na	na	na	na	74	108	193	257	108	133	194	255	127	156	203	209	114	115
Operating profit margin, adjusted, %	na	na	na	na	na	na	na	na	na	na	na	na	6.2	8.7	14.8	16.3	8.2	10.4	13.3	15.7	10.3	12.8	15.8	15.3	9.3	8.1
Operating profit (EBIT)	73	74	129	84	6	-53	90	82	58	54	131	175	52	85	178	262	90	130	212	239	112	148	195	180	97	90
Operating profit margin (EBIT margin), %	7.3	6.2	11.7	8.1	0.5	-4.4	7.5	5.7	5.2	4.7	11.0	12.1	4.4	6.9	13.7	16.6	6.9	10.2	14.5	14.7	9.1	12.1	15.2	13.2	7.9	6.4
EBITDA, adjusted	na	na	na	na	na	na	na	na	na	na	na	na	122	156	242	313	164	189	253	315	178	209	257	262	163	171
EBITDA	106	105	152	120	42	-8	133	126	101	98	176	220	100	133	227	318	146	186	271	299	163	201	249	235	146	146
Profit/loss margin, %	-8.2	-7.9	-0.6	-5.0	-10.4	-10.7	2.2	4.9	4.4	-6.1	8.5	8.8	0.2	1.5	9.7	12.1	3.2	7.1	11.6	11.8	5.5	9.7	10.0	11.3	7.0	5.0
Financial position
Working capital	547	513	549	586	638	491	488	458	484	556	634	763	673	748	824	819	657	591	709	628	500	543	656	572	478	340
Capital expenditure (2)	45	50	59	70	43	50	59	116	54	54	42	61	36	44	44	62	55	28	31	47	38	32	42	58	34	39
Net debt	2,846	2,969	2,997	2,827	4,277	3,196	3,127	3,056	3,019	3,244	3,248	3,230	3,304	3,493	3,461	3,308	3,118	2,960	3,170	2,818	2,615	2,695	2,757	2,443	2,308	2,735
Capital employed	6,442	6,579	6,750	6,682	7,278	6,918	6,810	7,066	6,978	7,155	7,149	7,438	7,537	7,830	7,860	8,041	7,790	7,756	8,040	7,756	7,770	7,747	8,206	7,329	7,360	6,727
Return on capital employed, % (Rolling 12 months) (2,3)	na	na	na	5.6	4.0	2.6	2.0	1.9	2.6	4.4	4.9	6.1	5.8	6.0	6.6	7.5	8.1	8.5	8.7	8.6	9.0	9.2	8.9	11.1	10.8	9.2
Equity/assets ratio, %	-14.8	-4.7	-4.9	-4.5	26.4	37.4	36.2	35.6	38.2	39.2	39.3	41.7	40.5	39.7	39.8	40.6	41.7	42.9	43.2	44.5	44.6	44.4	44.4	45.5	46.2	39.1
Net debt/equity ratio	na	na	na	na	175.0	95.8	96.5	91.9	92.0	94.2	93.7	86.2	87.9	91.4	89.9	81.7	77.5	71.9	73.0	64.9	59.6	61.6	60.4	58.2	54.3	73.2
Return on equity, % (Rolling 12 months) (2)	na	na	na	na	-3.0	-3.9	-3.2	-2.2	2.5	4.6	6.7	7.0	5.7	7.0	7.0	6.0	7.1	8.4	8.9	8.9	9.0	9.3	8.5	-4.5	-4.1	8.7
Equity per share, SEK	na	na	na	na	11.0	11.5	11.2	11.5	11.4	11.9	12.0	13.0	13.0	13.2	13.3	14.0	13.9	14.3	15.0	15.1	15.2	15.2	15.8	14.5	14.7	12.9
Net Debt/EBITDA (Rolling 12 months) (2,4)	na	na	na	na	na	4.69	4.85	4.90	4.59	4.68	4.40	4.19	4.47	4.55	4.30	3.97	3.60	3.30	3.39	3.03	2.78	2.82	2.76	2.44	2.34	2.77
Cash flow
Cash flow from operating activities	140	143	164	45	-35	125	93	147	-16	-23	54	116	91	44	75	290	223	163	174	367	253	114	116	406	155	117
Cash flow from investing activities	-57	-70	-76	-132	75	-1,422	-60	-99	-23	-79	-39	-61	-143	-115	-51	-60	-55	-28	-236	-48	-38	-32	-147	-105	-34	-283
Cash flow after investments	83	73	88	-87	40	-1,297	33	48	-39	-102	15	55	-52	-71	24	230	168	135	-62	319	215	82	-31	301	121	-166
Cash conversion, % (5)	na	na	na	na	na	na	na	na	na	na	na	na	70.5	71.8	81.8	80.2	66.5	85.2	87.7	85.1	81.5	87.6	86.8	82.1	81.0	81.3
Cash flow from operating activities per share, SEK	na	na	na	na	0.1-	0.5	0.3	0.5	0.1-	0.1-	0.2	0.4	0.3	0.2	0.3	1.0	0.8	0.6	0.6	1.3	0.9	0.4	0.4	1.4	0.5	0.4
Employees
Average number of employees	2,199	2,184	2,163	2,192	2,518	2,561	2,577	2,565	2,410	2,409	2,432	2,464	2,410	2,452	2,495	2,516	2,462	2,453	2,493	2,563	2,613	2,603	2,557	2,526	2,483	2,726
of which relating to continuing operations	2,199	2,184	2,163	2,192	2,518	2,561	2,577	2,565	2,410	2,409	2,432	2,464	2,410	2,452	2,495	2,516	2,462	2,453	2,493	2,563	2,178	2,163	2,135	2,118	2,088	2,314
Share data
Earnings per share, SEK
Basic (6)	-0.49	-0.26	-0.05	0.47	-0.57	-0.43	0.05	0.54	0.12	-0.15	0.30	0.65	-0.04	0.03	0.30	0.55	0.12	0.23	0.45	0.55	0.15	0.27	0.38	-1.47	0.21	-1.15
Diluted (6)	-0.49	-0.26	-0.05	0.47	-0.57	-0.43	0.05	0.54	0.12	-0.15	0.30	0.65	-0.04	0.03	0.30	0.55	0.12	0.23	0.45	0.55	0.15	0.27	0.38	-1.47	0.21	-1.15
Number of shares at end of period	226,849,529	262,137,526	262,137,526	262,137,526	220,681,378	288,619,299	288,619,299	288,619,299	288,619,299	288,619,299	288,619,299	288,619,299	288,619,299	288,619,299	288,619,299	288,619,299	288,619,299	288,619,299	288,619,299	288,619,299	288,619,299	288,619,299	288,619,299	288,619,299	288,619,299	288,619,299
Average numbers of shares (basic)	226,849,529	262,137,526	262,137,526	262,137,526	241,382,746	285,633,017	288,619,299	288,619,299	288,619,299	288,619,299	287,581,689	287,581,689	287,581,689	287,424,546	286,481,689	286,481,689	286,481,689	286,481,689	286,154,515	286,051,689	286,051,689	286,159,369	286,279,569	286,279,569	286,279,569	286,339,892
Average numbers of shares (diluted)	226,849,529	262,137,526	262,137,526	262,137,526	241,382,746	285,633,017	288,619,299	288,619,299	288,619,299	288,619,299	287,597,798	287,626,238	287,657,851	287,626,010	286,593,066	286,622,223	286,685,221	286,810,369	286,408,540	286,359,672	286,404,267	286,471,820	286,558,440	286,560,336	286,607,989	286,626,106
(1) Comparative figures for profit and loss items have been restated for discontinued operation.
(2) Comparative figures have not been restated for discontinued operation, as only either the numerator or denominator in the calculation has been restated for discontinued operation.
(3) Comparative figures for Q1 2011 till Q3 2016 have not been restated for discontinued operation, as only either the numerator or denominator in the calculation has been restated for discontinued operation. Return on capital employed for Q2 2017, Q1 2017 and Q4 2016 has been calculated pro-forma for continuing operations.
(4) The definition of Net debt/EBITDA has been adjusted per Q3 2016 to present a key figure over time which is irrespective of the applicable facility agreement. Comparative figures have not been restated as the differences have a limited effect.
(5) The capital expenditure included in the calculation of the cash conversion for Q1 2016 to Q2 2017 has been adjusted for the capital expenditure related to discontinued operation.
(6) Earnings per share for Q1 2011 until Q4 2011 are not representative for the current group due to to a completely different equity structure before the merger between Cloetta and LEAF.