Cloetta AB: announces interim report Q2/2013

Stockholm / SE. (cab) Swedish Cloetta AB, a leading confectionary company in the Nordic region, the Netherlands and Italy, announced its interim results for the second quarter 2013 (April to June). Net sales for the quarter amounted to 1’131 million SEK (1’212 million SEK). Adjusted for exchange rate differences the decline was 4,1 percent. Operating profit was 54 million SEK (Q2/2012: minus 53 million SEK). Underlying Ebit was 109 million SEK (Q2/2012: 49 million SEK). The improvement is mainly driven by realised synergies and factory restructurings. Items affecting comparability amounted to minus 51 million SEK (Q2/2012: minus 103 million SEK) and consist of costs for restructurings. Cash flow from operating activities was minus 23 million SEK (Q2/2012: 125 million SEK). Change is mainly due to a build-up of stocks as part of factory restructurings and the impact of changed payment terms in Italy. The integration process has been essentially completed from an operational standpoint. The factory restructurings are proceeding according to plan. As announced earlier, savings will be fully effective towards the end of 2014. «The confectionery market remained relatively weak during the quarter, especially In Italy, Denmark and the Netherlands, but Finland also lost momentum in the quarter in the face of weak economic development with a falling GDP. In most other markets, the confectionery market showed a slight positive trend», Cloetta´s President and CEO Bengt Baron said in a statement.

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