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GREENFOOD’S INTERIM REPORT FOURTH QUARTER 2022

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Greenfood has delivered a solid and stable performance for the fourth quarter. Net sales for Q4 increased by 19.9% over prior year, and adjusted EBITDA was stable at SEK 38.3 million compared with the same quarter 2021 (38.1).

INTERIM OVERVIEW 1 OCTOBER – 31 DECEMBER

  • Net sales for the period totalled SEK 1,344.1 million (1,120.9), an increase of 19.9%, whereof about 14.3% related to price increases driven by cost inflation and seasonal fluctuations, 0.4% due to underlying volume increase, about 2.7% related to currency translation effects when consolidating EUR and USD-denominated entities, with the remaining increase due to business area mix in growth.
  • Adjusted EBITDA was with SEK 38.3 million in line with the fourth quarter of 2021 (38.1).
  • Operating profit/loss amounted to SEK -29.9 million compared with SEK -23.5 million 2021 a decrease of SEK -6.4 million. The difference is mainly due to costs of the US operation and non-recurring items (NRI) related to the move of the production facility from Lahti to Kivikko. Write-downs of SEK -7.1 million (-6.7) in the quarter are related mainly to a renewed assessment of Rights-of-use assets.
  • Cash flow from operations reached SEK 57.4 million (43.3), an improvement mainly due to a positive change in net working capital.
  • Group net result amounted to SEK -81.0 million (-89.2). Out of the negative result in the quarter, SEK 7.6 million came from non-established operations and SEK 8.1 million from NRI.

SIGNIFICANT EVENTS DURING THE QUARTER

  • Greenfood AB (publ.) sustainability linked bond has been listed on NASDAQ/Stockholm on November 3, 2022.

The full report is available at https://www.greenfood.se/en/reports-and-presentations

For more information, please contact:
Mattias Engberg, CFO Greenfood Group
mattias.engberg@greenfood.se

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