Fuud AB: publishes interim report January to March 2022

Stockholm / SE. (fuu) Sweden’s Fuud AB announced financial information covering the period January to March 2022. Summary:

  • Net sales for the period amounted to SEK 22,117 thousand (218). Previous period the net sales amounted to SEK 18,608 thousand, which means a growth of + 19 percent
  • Operating profit amounted to SEK -23,158 thousand (-3,974). During the previous quarter, operating profit amounted to SEK -29,275 thousand, excluding write-downs of goodwill. An improvement corresponding to 20.9 percent.
  • Operating profit/loss for the period before depreciation amounted to SEK -15,485 thousand (-3,910). Improvement of + 29.5 percent from the previous period during which the operating profit/loss before depreciation amounted to SEK -21,956 thousand.
  • Equity at the end of the period amounted to SEK 158,072 thousand (22,262)
  • Earnings per share amounted to SEK -0.05 (-0.02)
  • Cash flow from operating activities for the period amounted to SEK -24,666 thousand (-3,896)
  • Cash and cash equivalents at the end of the period amounted to SEK 35,830 thousand (5,408)

Group CEO Peter Blom: «In light of all the central listings we have entered and further events in the pipeline, we continue to assess that we will reach the previously submitted forecast, with full-year sales of SEK 170 million. During the first quarter of the year, Fuud has taken further steps in the right direction. During the period, we increased sales by approximately 19 percent compared to the previous quarter, and we improved our EBITDA by approximately 30 percent. We also enter into acquisition agreements with two highly interesting companies that will contribute to major synergies within our brand portfolio. We have successfully launched our proprietary Legendz brand and we see continued strong growth in Beijing8 in terms of both sales and distribution coverage. It is gratifying that the investments we have made in 2021 in both the organization and in the positioning of our priority brands have begun to have the desired effect. Our growth journey has begun to pick up speed, but we are just at the start. I look forward to continuing this exciting journey.»

Significant events during the period

  • On March 28, 2022, Fuud entered into a conditional agreement on the acquisition of 100 percent of the shares in GI-Boxen Sweden AB and Foodbox Scandinavia AB. GI-Boxen and Foodbox are based on strong commercial foundations and constitute important additions to the Company’s strategy and vision. The acquisitions bring strong, fast-growing brands and a competitive team with high competence in E-commerce and sales aimed at sports and training. In addition, the acquisition of Foodbox opens up for new distribution for Fuud in gyms, sports halls and padel halls, which are expected to provide great synergies for Fuud’s other brands.
  • On 27 January 2022, Fuud submitted a forecast for the full year 2022. Fuud’s assessment is that sales in 2022 will amount to SEK 170 million organically from the current existing operations. In addition, the company is expected to continue its acquisition journey begun in 2022. The company’s assessment is that it will achieve a positive cash flow and a positive EBITDA result during the fourth quarter of 2022.
  • The brand Homie’s functional drinks Synbiotic have been centrally listed by the Reitan Group and was launched during the first quarter of 2022 in all of Sweden’s Pressbyrån and 7-Eleven stores.
  • The Homie brand functional drinks Synbiotic have been given a central listing at Axfood with the Hemköp and Willys chains. The drinks were launched in stores from week 14.
  • The Beijing8 brand continues to grow. Sales of Beijing8 in the grocery trade during the first quarter of 2022 correspond to an increase of approximately 100 percent compared to the same period last year. The number of distribution points has increased by more than 100 percent between Q4 2021 and Q1 2022.
  • The launch of the Legendz brand has generated great interest and opened up many new sales channels. The brand was launched during week 6 2022 in the service trade and is now available in over 600 stores in the segment. Since week 10 2022, Legendz has also been launched in the grocery trade, where about 250 stores have taken in the drinks. According to previous communications, Legendz has listings at 7-Eleven, Pressbyrån, Direkten, Hemmakväll, Kandyz and strategically selected wholesalers.
  • The Homie brand range was launched during week 7 2022 in the health chain Life’s approximately 150 stores in Sweden and E-commerce.
  • The Nathalie brand’s new products in healthy snacks were launched from week 14 2022 at all Pressbyrån and 7-Eleven stores in Sweden, a total of approximately 400.
  • The Homie and Legendz brands have been centrally listed in the Myway store chain. During week 26 2022, the drinks will be launched at approximately 120 of Myway’s stores.
  • The Finnish food giant S Group is broadening its central listing of iQ Fuel’s functional beverages. iQ Fuel will thus be launched in the food chain’s stores in Estonia. The drinks were launched in the store chain in 2022.
  • The Legendz and Homie’s drinks brand has been centrally listed at the Preem store chain, with a launch during week 14 2022. Preem has around 100 sales outlets in Sweden.
  • The Swedish store chain Direkten began selling beverages from the Legendz and Homie brands, as well as Nathalie’s snacks and Bezzt of Nature’s candy bags, in the first quarter of 2022. Direkten has about 170 stores in Sweden.
  • Fuud’s brand Barfly has initiated collaborations with several strategically important customers in the hotel, restaurant and bar segment. The Barfly brand sells and markets healthy juices. Collaborations have been initiated with, among others, the Stureplan group, Nobis and the Mr French group. Within the Mr French group, there are several strong brands such as La Boca Doce, F12 and Kallis.
  • The iQ Fuel functional drinks brand has been centrally listed on the Finnish food chain Tokmanni. The listing means that iQ Fuel went on sale at approximately 90 Tokmanni stores in April 2022.
  • During the first quarter of 2022, several of Fuud’s brands began to be sold to strategically important wholesalers in Sweden. Among other things, Privab, Varsego, ERT Godis, Snackwell, Fitnessmarket, Axfood Närlivs and Out of Home have in the beginning of 2022 started distributing Fuud’s brands Homie, Nathalie’s, Legendz, Bezzt of Nature and iQ Fuel.
  • On 28 February 2022, Fuud raised a loan financing of a total of SEK 45 million to secure the company’s working capital needs. The lender is Formue Nord Markedsneutral A / S. The loan is raised with a set-up fee of 5 percent of the principal amount and a monthly interest rate of 1 percent

Significant events after the period

  • Fuud’s brands in functional drinks, iQ Fuel and Homie Synbiotic, have been centrally listed in the Nordic Wellness training chain. Nordic Wellness is one of Sweden’s largest gym players with around 300 units and over 350,000 active members. The launch of the gym chain’s approximately 300 units will take place during April-May 2022. Together with Foodbox distribution in the same sales channels, Fuud will now reach approximately 850 gym, training and sports facilities in Sweden.
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