4 October 2024
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Market + Management

Candyking Holding AB: reports Q1/2016 results

Solna / SE. (chab) Swedish Candyking Holding AB announced its financial results for the first quarter 2016 as follows.

  • Candyking’s business is highly seasonal with Easter representing the strongest sales period during the year in our main market s Sweden and Norway. For both 2015 and 2016 Easter sales landed in the Q1 period.
  • Q1 volumes decreased by 10.2 percent compared to last year. Net s ales decreased by 13.1 percent to 371.9 million SEK (428.1 million SEK). The reduction was 10.6 percent measured in constant currency. The sales development reflects lost customer contracts in Sweden.
  • New Parrots bags launched in Sweden and Finland, where the snacks market is of growing focus.
  • Gross margin amounted to 29.3 percent (32.4 percent). Excluding the effects from the sugar tax in Denmark the gross margin was 33.1 percent (3 6.1 percent). Margin was negatively affected by strong promotional sales in Norway, as well as currency rates.
  • Personnel costs and other external costs continued to decrease in Q1 as an effect of cost measures taken and were 18.7 percent lower than last year.
  • The underlying Ebit was 10.0 million SEK (13.9 million SEK). The decrease from the same period last year was mainly due to lost customer contracts in Sweden and Norway partially mitigated by the strong Easter sales in Norway and cost savings.
  • Net financial items increased by 1.2 million SEK to -15.2 million SEK (-14.0 million SEK) in the first quarter.
  • The net loss ended up to -5.9 million SEK (-3.6 million SEK) for the period.
  • Cash flow from operating activities improved versus last year and amounted to 5.5 million SEK (-22.9 million SEK), mainly due to lower working capital requirements.
  • Net debt amounted to 761.6 million SEK (799.9 million SEK).

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