GREENFOOD’S INTERIM REPORT THIRD QUARTER 2022

Mon, Nov 21, 2022 08:00 CET

The third quarter of the year was characterised by a robust performance despite upstream cost inflation and more price-sensitive consumers.

INTERIM OVERVIEW 1 JULY – 30 SEPTEMBER

Net sales for the period totalled SEK 1,302.2 million (1,100.1) an increase of 18.4%, whereof about 8% related to inflation driven cost increases.
Adjusted EBITDA improved significantly with SEK 14.2 million to SEK 88.5 million (74.3) compared with the third quarter 2021.
Operating profit/loss amounted to SEK 22.0 million compared with 2021 (-16,3) an improvement of SEK 38,3 million. The difference is mainly due to impairments of assets which affect the result with SEK -1,3 million (-40.8) in the third quarter.
Cash flow from operations reached SEK 44.3 million (13.7), mainly due to new extended deferred settlement of taxes in Sweden with SEK 66.1 million.
Group net result amounted to SEK -14.8 million (-30.9). Out of the negative result in the quarter, SEK 8,0 million came from non-established operations and 11,1 MSEK from non-recurring items.

SIGNIFICANT EVENTS DURING THE QUARTER

Picadeli together with its partner Stora Enso received Penta awards price for sustainability design related to the new paper-based salad bowl lid. The estimated savings from this design adaption is 120 ton plastics per year.
In July, Picadeli participated in the Future Food Forum during the Almedal Week. Picadeli held a very well visited seminar on the removal of VAT on fruit and vegetables, as well as introducing Nutri-Score, a five-colour nutritional rating system that communicates the overall nutritional value of food products.

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