Cloetta AB: announces strong growth in Q1-2023

Stockholm / SE. (cab) Swedish Cloetta AB, a leading confectionery company in the Nordic region and the Netherlands, is reporting strong growth in both Branded packaged products and Pick + mix, primarily driven by pricing to offset higher input costs. Operating profit improved by growing volumes, favorable mix and cost efficiencies, further supported by the earlier Easter.

  • Net sales for the quarter increased by 28.1 percent to SEK 1,973m (1,540) including a positive impact from foreign exchange rates of 4.6 percent.
  • Sales of Branded packaged products increased organically by 20.5 percent during the quarter.
  • Sales of Pick + mix increased organically by 32.7 percent during the quarter.
  • Operating profit adjusted for items affecting comparability, amounted to SEK 200m (158). Operating profit amounted to SEK 178m (154), impacted by items affecting comparability of SEK -22m (-4) that was mainly related to the new greenfield facility.
  • Operating profit, adjusted, of Branded packaged products amounted to SEK 184m (149).
  • Operating profit, adjusted, of Pick + mix amounted to SEK 16m (9).
  • Profit for the period amounted to SEK 65m (131), driven by unrealised exchange rate differences on cash and cash equivalents and items affecting comparability, which equates to basic and diluted earnings per share of SEK 0.23 (0.46).
  • Cash flow from operating activities was SEK 24m (27).
  • Net debt/Ebitda ratio was 2.0x (1.9).

Events during and after the end of the period

  • The preparatory work for the establishment of the new greenfield facility in the Netherlands continues. The overall regulatory process is taking longer than initially estimated, and the major planned investments are now expected to be initiated in 2024 instead of later in 2023.