Stockholm / SE. (cab) Swedish Cloetta AB, a leading confectionery company in the Nordic region and the Netherlands, reports its sixth consecutive quarter of growth in Branded packaged products and continued profitable growth within Pick + mix, accompanied by improved profitability and sustainability progress.
- Net sales for the quarter increased by 14.5 per cent to SEK 1,626m (1,420) including a positive impact from foreign exchange rates of 2.6 per cent.
- Sales of Branded packaged products increased organically by 8.2 per cent during the quarter.
- Sales of Pick + mix increased organically by 24.4 per cent during the quarter.
- Operating profit adjusted for items affecting comparability, amounted to SEK 162m (127). Operating loss amounted to SEK -61m (126), due to items affecting comparability of SEK -223m (-1) mainly related to impairments and provisions for the new greenfield facility.
- Operating profit, adjusted, of Branded packaged products amounted to SEK 154m (123).
- Operating profit, adjusted, of Pick + mix amounted to SEK 8m (4).
- Loss for the period amounted to SEK -94m (86), driven by items affecting comparability and unrealised exchange rate differences on cash and cash equivalents, which equates to basic and diluted earnings per share of SEK -0.33 (0.30).
- Cash flow from operating activities was SEK -78m (155), driven by increased inventories and inflation.
- Net debt/Ebitda ratio was 2.4x (2.9).
Events during and after the end of the period
- Cloetta announced the plan to invest in a new greenfield facility in the Netherlands to enable growth and accelerate margin expansion.
- Cloetta has extended the maturities of its current loan facilities with the existing banking group by one year to 2024-2026.
- Cloetta’s climate targets have been approved by the Science Based Targets initiative.
- After the end of the quarter, the Board resolved on the repurchase of the company’s own B-shares to enable delivery of shares under the long-term share-based incentive program.