Cloetta AB interim report Q3: July – September 2020
Growth in branded packaged products along with continued recovery for pick & mix sales.
- Net sales for the quarter decreased by 9.5 per cent to SEK 1,474m (1,629), including a negative effect of 2.2 per cent due to exchange rate fluctuations.
- Sales of branded packaged products increased organically by 1.7 per cent during the quarter, comprised of 0.9 per cent for July, –0.4 per cent for August and 4.1 per cent for September.
- Sales of pick & mix declined organically by 31.4 per cent during the quarter, comprised of –27.2 per cent for July, –37.1 per cent for August and –29.6 per cent for September.
- Operating profit amounted to SEK 87m (195). Profit for the period amounted to SEK 46m (130). Operating profit, adjusted for items affecting comparability, amounted to SEK 130m (200).
- Cash flow from operating activities was SEK 313m (255).
- Net debt/EBITDA ratio was 2.6x (2.5).
- Provided that the COVID-19 restrictions do not change significantly during the fourth quarter, Cloetta expects sales of branded packaged products to be around the prior year’s level and that sales of pick & mix will continue to gradually improve. Cloetta has also assessed that profitability levels will gradually get stronger, ending the year on double-digit margins.
- The Board of Directors has decided to call an Extraordinary General Meeting to resolve on a dividend of SEK 0.50 per share for the 2019 financial year.
Please find enclosed the full report.
The interim report will be presented at a conference call with web presentation Thursday 22 October at 11 a.m. (CET). Information is available at www.cloetta.com.
This information is information that Cloetta AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person detailed below, at 8:00 a.m. CET on 22 October 2020.
Nathalie Redmo, Head of IR and Communications, +46 766 96 59 40
Cloetta, founded in 1862, is a leading confectionary company in Northern Europe. Cloetta´s products are sold in more than 50 countries worldwide with Sweden, Finland, Denmark, Norway, the Netherlands, Germany and the UK as the main markets. Cloetta owns some of the strongest brands on the market, such as Läkerol, Cloetta, Candyking, Jenkki, Kexchoklad, Malaco, Sportlife and Red Band. Cloetta has 8 production units in 5 countries. Cloetta’s class B-shares are traded on Nasdaq Stockholm. More information about Cloetta is available on www.cloetta.com