Cloetta AB: protects profit despite historically high cocoa price

Stockholm / SE. (cab) Swedish Cloetta AB, a leading confectionery company in the Nordic region and the Netherlands, reported its interim financial results for the quarter ending 31 March 2024. «In an operating environment still affected by food price inflation and continued macroeconomic uncertainty, I’m very happy to deliver another strong quarter. Inflationary pressure varies across industries, but the confectionery industry in particular continues to be affected by rising raw material costs with record high cocoa prices,» says President and CEO Henri de Sauvage-Nolting in his Q1-2024-statement.

• Net sales for the quarter increased by 6.1 percent to SEK 2,094 million (1,973) including a positive impact from foreign exchange rates of 0.4 percent
• Sales of Branded packaged products increased organically by 3.6 percent during the quarter
• Sales of Pick + mix increased organically by 11.7 percent during the quarter
• Operating profit adjusted for items affecting comparability, amounted to SEK 192 million (200). Operating profit amounted to SEK 193 million (178), impacted by items affecting comparability of SEK 1 million (-22)
• Operating profit, adjusted, of Branded packaged products amounted to SEK 152 million (184)
• Operating profit, adjusted, of Pick + mix amounted to SEK 40 million (16)
• Profit for the period amounted to SEK 107 million (65), which equates to basic and diluted earnings per share of SEK 0.37 (0.23)
• Cash flow from operating activities was SEK 149 million (24)
• Net debt/Ebitda ratio was 1.6x (2.0)

Events during and after the end of the period

• The Board of Directors appointed Katarina Tell as incoming President and Chief Executive Officer on 04 April 2024
• Cloetta’s Annual General Meeting (AGM) was held on 9 April 2024, in Stockholm, Sweden and approved a stable dividend of SEK 1.00 (1.00) per share