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Fuud publishes Interim Report January - June 2021

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STOCKHOLM, 24 aug, 2021 08:00 CEST

Financial information during the period January-June 2021*

  • Net sales for the period amounted to 8,139 TSEK (0)
  • Operating profit for the period before depreciation (EBITDA) amounted to -26,419 TSEK (-38)
  • EBITDA adjusted for restructuring and acquisition costs for the period amounts to -18,635 TSEK (-38)
  • Equity at the end of the period amounted to 92,444 TSEK (261)
  • Earnings per share amounted to SEK -0.15 (0)
  • Cash flow from operating activities for the period amounted to -24,211 TSEK (-13)
  • Cash and cash equivalents at the end of the period amounted to 28,117 TSEK (276)

Pro forma January-June 2021**

  • Net sales for the period amounted to 40,633 TSEK
  • Operating profit for the period before depreciation (EBITDA) amounted to -39,413 TSEK
  • EBITDA adjusted for restructuring and acquisition costs for the period amounts to -32,807 TSEK

Forecast

  • Fuud’s board of directors have today made the decision to remove previously submitted forecast and financial targets due to further acquisitions that have occurred after Fuud's forecast was submitted on the 27th of April 2021.

* Regarding comparative figures in financial information: Fuud AB acquired all shares in Bezzt AB on December 15, 2020. This acquisition is reported in accordance with the principles for reverse acquisition. Therefore, only comparative figures are shown for net sales and earnings for the acquired companies for the period 15 December 2020 to 31 December 2020 and for Bezzt AB for the full year.

** The pro forma report shows what the consolidated income statement would have looked like if the acquisitions had been completed as of January 1, 2021.

“The first half of 2021 has, to say the least, been an eventful year. We have carried out major change work and in a relatively short time moved from a niche company with a few products to a larger group with a broad product portfolio - with good prospects for growth in the future. The integration of the acquired companies is going according to plan and provides the company with a platform for continued strong expansion. Fundamentals in the company are looking better and better.”

– Peter Blom, CEO Fuud AB

Significant events during the period

During the period, extensive changes were made in the company. A new acquisition strategy was adopted during the first quarter and a total of five acquisitions were made during the period. The acquired companies have been integrated and the company has now recruited important key players in management and the board and established a nationwide sales force that has started working with Fuud's entire product portfolio. The Nordic operations are developing and as of August, country managers have been recruited for the Finnish and Norwegian markets.

The company's new strategy is implemented and during the period several significant events have occurred:

  • In February 2021, Fuud entered into a five-year Nordic sales agreement with the Italian brand Bacoccoli. The agreement gives Fuud the exclusive right to sell Bacoccoli's products on the Nordic market.
  • In February 2021, Peter Blom took over as the new President and CEO. Peter Blom has extensive experience of senior positions, including CEO of Karo Pharma before the company was sold to EQT.
  • In April 2021, Fuud carried out a convertible issue of SEK 85 million to finance acquisitions and the company's new strategy.
  • In April 2021, the company Kling Homie AB was acquired with an associated brand in lifestyle and Functional Foods, Homie - Life in Balance - “The simple choice for good health from morning to evening”.
  • In April 2021, the Swedish company iQ Fuel AB was acquired, with an associated brand in functional beverages - “The smart energy drink without caffeine”.
  • In April 2021, the company Nathalie’s Direct Trade AB was acquired with the associated brand Nathalie’s - “naturally good snacks that do good for both body and soul”.
  • In April 2021, Fuud submitted forecasts and financial targets up to and including the year 2025.
  • In May 2021, Juica Sverige AB was acquired, with associated brands Juica and Juicekultur - "High quality natural and fresh organic juices".
  • In June 2021, the acquisition of B8 Sverige AB with associated subsidiaries was completed, together with the brand Beijing8 - "Dumpling Sunday is the new Taco Friday, an Asian food concept that suits the whole family and all occasions"
  • In June 2021, the new Chairman of the Board, Henrik Hedelius, took office together with the new members Henrik Palm and Fredrik Kling. Khosro Nikpay, Peter Freedman, Jan Åström and Andrew McKinlay left Fuud's board at their own request.
  • In June 2021, a warrant-based incentive program was introduced for key individuals in the Group.
  • In June 2021, the company changed its name from Frill Holding AB to Fuud AB and at the same time implemented a new graphic profile for the Group.
  • During the period, acquired companies were integrated organizationally, partly in the same Stockholm-based head office and through a nationwide sales force that represents all of Fuud's brands.

Significant events after the end of the period

  • Beijing8 has been centrally listed on ICA from v.39 2021.
  • Fuud has initiated a collaboration with TV4 and Köket.se for marketing initiatives during quarters 3 and 4 2021.
  • Fuud has recruited Björn Alvaer as Country Manager in Norway. An organization will be established in Norway for the launch of other brands during the fourth quarter of 2021 and during 2022.
  • Fuud has entered into a two-year collaboration with HockeyAllsvenskan for marketing and sales efforts in 14 different locations around Sweden
  • Fuud has recruited Casimir Reincke as Country Manager in Finland. A Finnish sales force has been established and marketing activities has begun.
  • iQ Fuel has been centrally listed on Finland's market-leading food chain S-group that has 1100 stores.

Responsible party

This information is such information Fuud AB (publ) is required to publish in accordance with the EU Market Abuse Regulation. The information was submitted, through the care of the contact person below, for publication on August 24, 2021 at 08.00.

For further information, please contact:

Peter Blom, CEO Fuud AB

Tel: +46 706 555 698

Email: peter.blom@fuudunited.com

About the Fuud Group

With the vision of being the Nordic market leader in 2025, Fuud brings together a number of exciting Swedish brands within Functional Foods, in order to jointly challenge the existing players in one of the food industry's fastest growing categories.

Fuud is growing through a combination of organic growth and acquisitions with a strong focus on high-quality content, exciting innovations and attractive design. Fuud's goal is to offer new and better alternatives than those already on the market, and at the same time contribute to both better health and increased quality of life for the Nordic population.

With a naturally built-in forward-thinking spirit, a strong and motivated sales force and a number of experienced key players in management and the board, Fuud has created a balance between muscle, drive and experience. The Fuud Group currently has 9 brands: iQ Fuel, Homie, Beijing8, Juica, Juicekultur, Bacoccoli, Frill, Nathalie’s, Bezzt of Nature. More information about Fuud and its brands is found on www.fuudunited.com.

The company is based in Stockholm and is listed on the Nasdaq First North Growth Market, short name Fuud. FNCA Sweden AB is the company's Certified Adviser. Tel. +46 (0) 8 528 00 399, email info@fnca.se

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