Cloetta AB: announces Q2-2021 interim results

Stockholm / SE. (cab) Swedish Cloetta AB, a leading confectionery company in the Nordic region and the Netherlands, announced its interim statement for the second quarter 2021, covering the period from April to June 2021. The company reports strong rebound in both segments, with sales of Branded packaged products back at pre-pandemic levels and good progress on Pick + mix profitability as follows.

  • Net sales for the quarter increased by 14.8 percent to SEK 1,420m (1,237) including a negative impact from foreign exchange rates of 3.4 percent.
  • Sales of Branded packaged products increased organically by 7.3 percent during the quarter: 0.7 percent in April, 17.8 percent in May and 5.0 percent in June.
  • Sales of Pick + mix increased organically by 79.6 percent during the quarter: 85.4 percent in April, 111.0 percent in May and 55.9 percent in June.
  • Operating profit amounted to SEK 139m (105). Profit for the period amounted to SEK 96m (108). Operating profit, adjusted for items affecting comparability, amounted to SEK 140m (110). Last year, the operating profit was favourably impacted by the phasing of supply chain costs of approximately SEK 35m between the second and the third quarter.
  • Operating profit, adjusted, of Branded packaged products amounted to SEK 136m (169).
  • Operating profit, adjusted, of Pick + mix amounted to SEK 4m (-59).
  • Cash flow from operating activities was SEK 166m (-39).
  • Net debt/Ebitda ratio was 2.8x (2.6).
  • During the quarter, Cloetta refinanced the Group for up to four years through its existing banks.
  • After the end of the quarter, the Board resolved on the repurchase of the company’s own B-shares to enable Cloetta to transfer shares under the long-term share-based incentive program.