Cloetta — Interim / Quarterly Report 2012

Aug 24, 2012

Interim report Q2, April – June 2012 Stockholm, 24 August 2012

• Net sales for the quarter amounted to SEK 1,212m (1,120). Operating profit was SEK –53m (70).
• Underlying net sales fell by 3.0 per cent, which is mainly explained by weak market conditions.
• Items affecting comparability amounted to SEK –103m (–52), and consisted mainly of costs related to the integration process and costs arising from factory restructurings.
• Cash flow from operating activities reached SEK 102m (143).

• Underlying EBITA amounted to SEK 53m (112). The decrease is mainly due to the fact that it has not been possible to fully compensate for higher raw material costs through increased net prices.

• The integration process is continuing as planned. Staff reductions were carried out in August.

• The factory restructurings are proceeding according to plan. A decision has been made to close the factories in Aura, Alingsås and Gävle.
• The rights issue was fully subscribed.
• NASDAQ OMX Stockholm decided to move Cloetta from the Small Cap to the Mid Cap segment as of 2 July 2012.

	Second quarter		6 months
SEKm	Apr–Jun 2012	Apr–Jun 2011	Change, %	Jan–Jun 2012³	Jan–Jun 2011	Change, %	Full year 2011
Net sales	1,212	1,120	8.3	2,296	2,163	6.2	4,658
Underlying net sales¹	1,206	1,243	–3.0	2,402	2,462	–2.4	5,242
EBITA	–54	72	–173.9	–47	150	–131.1	373
EBITA margin, %	–4.4	6.4	–10.8-pts	–2.0	6.9	–8.9-pts	8.0
Underlying EBITA1	53	112	–53.0	103	186	–44.8	548
Underlying EBITA margin, %1	4.4	9.1	–4.7-pts	4.3	7.6	–3.3-pts	10.5
Operating profit	–53	70	–176.1	–47	147	–132.7	364
Profit before tax	–130	–90	–45.6	–242	–174	–38.7	–238
Profit for the period	–122	–67	–82.5	–241	–179	–34.2	–66
Earnings per share, basic and diluted, SEK	–0.43	–0.26	n/a²	–0.91	–0.68	n/a²	–0.25
Cash flow from operating activities	102	143	–28.6	219	283	–22.7	493

1 Based on constant exchange rates and the current structure (excluding the distribution business in Belgium and a third-party distribution agreement in Italy) and excluding items affecting comparability. Comparative period includes the former Cloetta's financial history for better comparability.

2 Comparative earnings per share are not representative for the current Group due to a different equity structure prior to the merger between Cloetta and

LEAF.

3 The former Cloetta was acquired on 16 February 2012.

Message from the CEO

Our primary focus in the second quarter was on the integration process and factory restructuring activities. During the period, high raw material costs continued to have a negative impact on earnings as implemented price adjustments have not yet had full effect.

In the past quarter, considerable efforts went into the integration process following the merger and into realising the planned cost synergies. Also, the rights issue was successfully completed and an agreement was signed for new credit facilities. In August, as part of the integration process, we implemented staff reductions in the commercial organisation in Sweden and terminated the distribution agreements for Cloetta branded products in Norway, Finland and Denmark. Starting this autumn and winter, our own sales organisations will successively assume sales responsibility for Cloetta branded products in these markets. This means that the integration process is proceeding as planned and that we will be able to realise the earlier communicated cost synergies of SEK 110m (including SEK 45m from closure of a factory in Denmark) by 2013.

During the quarter, it was decided to close the factories in Aura, Alingsås and Gävle as well as rationalising the warehousing operations in Scandinavia. The factories will be closed and the production relocated in order to address the excess capacity in our production structure. The next step is to optimise production between our other factories. At the same time, the remaining factories are being prepared to take over production from the units scheduled for closure. This includes moving and installing equipment as well as ensuring that the products are matched with consumer requirements. Such a production transfer is a time-consuming and resource-intensive process that short term always is associated with certain risks. This work is proceeding according to plan and we will be able to realise cost savings of SEK 100m towards the end of 2014.

The market volume growth was very limited and even negative in several segments and markets during the quarter. This has further intensified competition, resulting in increased campaigning and price pressure. Despite this, we have successfully succeeded in defending our market share in several segments.

The weak market conditions contributed to reducing our underlying net sales by 3.0 per cent, mainly driven by lower sales in Italy and Norway. Sales were also negatively affected by decreased sales to IKEA following their decision to launch own brands. Finally, sales of Cloetta branded products outside Sweden was lower than previous year. Finland and sales "rest of world" had a positive sales development while sales in our other key markets were relatively stable. The declining sales in Italy were mainly attributable to the economic situation in the country while the downward trend in Norway was due to, among other things, a challenging market situation fuelled by our price increases.

Our pricing strategy stands firm. Gross price increases have been, or are being, implemented in all markets to offset higher raw material costs and thereby lay the foundation for the long-term profitability. However, in the short-term, the implemented price adjustments have not had full effect yet due to intensified campaign activities in a relatively stagnant market, which have affected net prices. This contributed to the decrease in underlying EBITA.

Raw material costs remained high during the quarter. We were mainly affected by the high price of sugar. Currently, we do not foresee a relief of raw material costs (except for the cocoa price which has a limited impact on the Group's earnings). On the contrary, there are indications that some raw material costs could rise further.

2

Cloetta is in the midst of a restructuring process. The focus is on completing the integration and the factory restructurings, as well as ensuring that price increases offset higher raw material costs. I remain convinced that the successful completion of the extensive change programme will be beneficial for our customers and consumers as well as for employees and shareholders.

Bengt Baron, President and CEO

Financial overview

THE FINANCIAL YEAR

The Annual General Meeting on 19 December 2011 approved an amendement to the Articles of Association regarding the Parent Company's financial year. The Articles of Association have been changed so that the company's financial year now covers the period from 1 January to 31 December, i.e. the calendar year, instead of the period from 1 September to 31 August. This means that the current financial year will be extended to include the period from 1 September 2011 to 31 December 2012.

This interim report includes the consolidated financial statements of the new Cloetta Group for the period from 1 January to 30 June 2012. Since Cloetta's acquisition of LEAF is regarded as a reverse acquisition, the consolidated comparable figures are those from LEAF Holland B.V. The comparable figures for the Parent Company are those for the legal acquirer, i.e. Cloetta AB. For the Parent Company, this interim report covers the period from 1 September 2011 to 30 June 2012 in accordance with the Parent Company's financial year.

SECOND QUARTER DEVELOPMENT

Acquisitions and divestments

On 31 May 2012, LEAF Danmark Ejendomsselkab ApS was sold to LH Holding Slagelse ApS through a transfer of shares. LEAF Danmark Ejendomsselkab ApS owns the production unit in Slagelse, Denmark, that was closed during 2011 and conducts no operating or commercial activities. The divestment will have no effect on Cloetta's future earnings. The transaction generated a non-cash capital loss of SEK 4m.

Net sales

Net sales for the second quarter rose by SEK 92m to SEK 1,212m (1,120) compared to the same period of last year. The increase in net sales is attributable to the merger between Cloetta and LEAF. The divestment of the distribution business in Belgium during the first quarter and the termination of an agreement for a third-party brand in Italy as of 1 January 2012 also resulted in an expected decrease in sales in these two markets.

Underlying net sales fell by 3.0 per cent. Sales during the quarter were down primarily in Italy and Norway. Sales in Italy were affected by the economic situation in the country, while the drop in sales in Norway is due to a tougher market situation caused by price increases. Reduced sales to IKEA as well as lower sales of Cloetta branded products outside Sweden also had a negative impact on sales. Sales in Finland and 'sales rest of the world' showed positive development, while sales in the other markets were relatively stable.

	Apr–Jun	Jan–Jun
Change in net sales, %	2012	2012
Changes in exchange rates	–0.6	–0.3
Divestments/terminations	–4.9	–4.1
Reverse acquisition, Cloetta	16.7	12.5
Changes in underlying performance, LEAF	–2.9	–1.9
Total	8.3	6.2

Gross profit

Gross profit amounted to SEK 413m (427), which is equal to a gross margin of 34.1 per cent (38.1). Gross margin was diluted by the merger between Cloetta and LEAF and by increased raw material costs.

Operating profit

Operating profit was SEK –53m (70). The decrease was caused primarily by several items affecting comparability, but higher raw material costs also had an impact on operating profit.

Underlying EBITA

Underlying EBITA amounted to SEK 53m (112). The decrease is mainly attributable to higher raw material costs, but to some extent also to lower net sales.

SEKm	Apr–Jun 2012	Jan–Jun 2012
EBITA	–54	–47
Supply chain restructuring	58	68
Integration expenses	42	50
Other items affecting comparability	3	38
Include Cloetta prior to merger	0	–9
Exchange rate differences	0	–1
Other	4	4
Underlying EBITA	53	103

Items affecting comparability

Operating profit for the second quarter includes total items affecting comparability of SEK –103m (–52). These include items in the second quarter of 2012 that consist mainly of costs for the merger between Cloetta and LEAF and factory restructurings.

Net sales by segment

	Second quarter				6 months
SEKm	Apr–Jun 2012	Apr–Jun 2011	Reported change, %	Underlying change, %	Jan–Jun 2012	Jan–Jun 2011	Reported change, %	Underlying change, %	Full year 2011
Former LEAF	1,026	1,120	–8.3	–2.9	2,028	2,163	–6.2	–1.9	4,658
Former Cloetta	186	–	n/a	–3.6	268	–	n/a	–4.9	–
Total Group	1,212	1,120	8.3	–3.0	2,296	2,163	6.2	–2.4	4,658

Net financial items

Net financial items for the quarter improved to SEK –77m (–160). The improvement is mainly a result of lower interest expenses on loans from former shareholders in LEAF. These loans were converted into equity on 15 February 2012, for which reason no interest arose in the second quarter. Total interest on these loans in the second quarter of last year amounted to SEK –111m. The impact of the lower interest expenses has been partly offset by higher amortisation of financing costs. Due to the new credit facility agreement that was signed in the second quarter, the remaining previously capitalised financing costs were amortised in full during the quarter. Total amortisation of financing costs amounted to SEK 17m (4). Both the interest on the shareholder loans and the amortisation of financing costs are non-cash items. The other net financial items are in line with the previous year.

Profit for the period

Profit for the period was SEK –122m (–67), which is equal to basic and diluted earnings per share of SEK –0.43 (–0.26). Income tax expense for the period was SEK 8m (23).

DEVELOPMENT IN THE FIRST HALF OF THE YEAR Acquisitions and divestments

On 16 February 2012, Cloetta AB acquired LEAF Holland B.V. from Yllop Holding S.A. (formerly named LEAF Holding S.A.). For further information see Disclosures regarding the acquisition of Cloetta AB on page 14.

The purchase price allocation (PPA) regarding the acquisition of Cloetta is planned to be finalised during 2012. The PPA adjustments made in inventory value were expensed in an amount of SEK 5m in the first quarter and SEK 2m in the second quarter.

On 22 February 2012, Cloetta announced the divestment of its distribution business in Belgium to Katjes International GmbH & Co. KG in Germany. The sale was part of Cloetta's strategy to focus on the Group's own brands. The distribution business in Belgium had some 50 employees and annual sales of approximately SEK 200m, of which around SEK 40m referred to Cloetta's brands. The transaction will have a limited effect on Cloetta's future operating profit and the purchase price was insignificant compared to the market value of Cloetta. The divestment generated a non-cash capital loss of SEK 32m.

Net sales

Net sales for the first half of the year rose by SEK 133m to SEK 2,296 m (2,163) compared to the same period of last year. The increase in net sales is attributable to the merger between Cloetta and LEAF. The divestment of the distribution business in Belgium during the first quarter and the termination of an agreement for a third-party brand in Italy as of 1 January 2012 also resulted in an expected decrease in sales in these two markets.

Underlying net sales fell by 2.4 per cent. Sales during the first half of the year decreased primarily in Italy and Norway, but sales of Cloetta branded products outside Sweden were also down. Sales in Finland showed positive development, partly owing to a recovery after the introduction of a confectionery tax.

Gross profit

Gross profit amounted to SEK 799m (842), which is equal to a gross margin of 34.8 per cent (38.9). Gross margin was diluted by the merger between Cloetta and LEAF and by higher raw material costs.

Operating profit

Operating profit was SEK –47m (147). The decrease was caused primarily by several items affecting comparability, but higher raw material costs also had an impact on operating profit.

Underlying EBITA

Underlying EBITA amounted to SEK 103m (186). The decrease is mainly attributable to higher raw material costs, but to some extent also to lower net sales.

Items affecting comparability

Operating profit for the first half of the year includes total items affecting comparability of SEK –156m (–61). These include nonrecurring items in the first half of 2012 that consist mainly of costs for the merger between Cloetta and LEAF, factory restructurings, a non-cash capital loss arising from the divestment of the distribution business in Belgium and other non-recurring items.

CASH FLOW FROM

UNDERLYING NET SALES OPERATING ACTIVITIES UNDERLYING EBITA

Net financial items

Net financial items improved to SEK –195m (–321). The improvement is mainly a result of lower interest expenses on loans from former shareholders in LEAF, as these loans were converted into equity on 15 February 2012. Total interest on the loans from former shareholders in LEAF amounted SEK –56m (–241). The impact of the lower interest expenses has been partly offset by higher amortisation of financing costs. Due to the new credit facility agreement that was signed in the second quarter, the remainder of the previously capitalised financing costs were amortised in full. Total amortisation of previously capitalised financing costs amounted to SEK 42m (8). Both the interest on the shareholder loans and the amortisation of financing costs are noncash items. The other net financial items are in line with the previous year.

Profit for the period

Profit for the half year was SEK –241m (–179), equal to basic and diluted earnings per share of SEK –0.91 (–0.68). Income tax expense for the first half year amounted to SEK 1m (–5).

CASH FLOW FROM OPERATING AND INVESTING ACTIVITIES

Cash flow for the second quarter

Cash flow from operating activities for the second quarter totalled SEK 102m (143). The decrease in cash flow from operating activities is mainly due to a lower operating profit compared to the previous year and was partly offset by an improved cash flow from changes in working capital. Cash flow from operating and investing activities for the second quarter amounted to SEK 81m (73).

Working capital

Cash flow from changes in working capital amounted SEK 134m (77). This improvement is mainly the result of cash flows of SEK 33m (0) from trade receivables in the former Cloetta group that are not included in the comparative figures. Other operating companies generated higher cash flows from trade receivables than in the comparative period of last year.

Investments

Cash flow from investing activities was SEK –21m (–70). The lower cash outflow from investing activities is mainly attributable to positive effect generated by the divestment of LEAF Danmark Ejendomsselkab ApS of SEK 29m (0).

Cash flow for the first half of the the year

Cash flow from operating activities for the first half of the year totalled SEK 219m (283). The decrease in cash flow from operating activities is mainly due to a lower operating profit compared to the previous year and was partly offset by an improved cash flow from changes in working capital.

Cash flow from operating and investing activities for the first half of the year amounted to SEK 273m (156).

Working capital

Cash flow from changes in working capital amounted SEK 266m (167). This improvement is mainly the result of cash flows from trade receivables in the former Cloetta group that were not included in the comparative figures. Other operating companies generated higher cash flows from trade receivables than in the comparative period last year. In the first quarter of last year, inventories were built up in connection with the transfer of production from Denmark to Slovakia.

Investments

Cash flow from investing activities was SEK 54m (–127). The increase is mainly attributable to the acquisition of the former Cloetta. The cash impact of the acquisition amounted to SEK 170m (0). In addition, the cash generated by the divestment of LEAF Belgium Distribution and LEAF Danmark Ejendomsselkab ApS amounted SEK 48m (0). In the first half of 2012, loans were granted to former shareholders in an amount of SEK 71m (32), see "Related party transactions" on page 15. The other cash flows from investing activities were in line with the previous year.

FINANCIAL POSITION

Consolidated equity at 30 June 2012 amounted to SEK 3,336m (–399), which is equal to SEK 11.6 per share (–1.5).

Net debt at 30 June 2012 was SEK 3,196m (2,969).

Long-term borrowings totalled SEK 2,733m (6,049) and consisted of SEK 2,796m (2,493) gross loans from credit institutions, SEK –63m (–34m) capitalised financing cost and SEK 0m (3,590) in loans from former shareholders. Total short-borrowings totalled SEK 516m (693) and consisted of SEK 360m (457) gross loans from credit institutions,

CASH FLOW FROM OPERATING AND INVESTING ACTIVITIES

	Second quarter		6 months
SEKm	Apr–Jun 2012	Apr–Jun 2011	Jan–Jun 2012	Jan–Jun 2011	Full year 2011
Cash flow from operating activities before changes in working capital	–32	66	–47	116	374
Cash flow from changes in working capital	134	77	266	167	119
Cash flow from operating activities	102	143	219	283	493
Cash flow from investments in property, plant and equipment and intangible assets	–50	–50	–93	–95	–224
Other cash flow from investing activities	29	–20	147	–32	0
Cash flow from investing activities	–21	–70	54	–127	–224
Cash flow from operating and investing activities	81	73	273	156	269

SEK –16m (–13m) capitalised financing cost, and SEK 172m (205) in credit overdraft facility.

The short-term gross loans from credit institutions consist of the short-term repayment obligation of which SEK 180m will mature during the remainder of 2012.

The loans from former shareholders are not included in the calculation of net debt. Cash and cash equivalents at 30 June 2012, excluding unutilised overdraft facilities, amounted to SEK 155m (215).

SEKm	30 Jun 2012	30 Jun 2011	31 Dec 2011
Gross non-current borrowings	2,796	2,493	2,186
Gross current borrowings	360	457	356
Credit overdraft facility	172	205	354
Derivative financial
instruments	23	0	0
Interest payable	0	29	28
Third-party borrowings	3,351	3,184	2,924
Cash and cash equivalents	–155	–215	–97
Net debt	3,196	2,969	2,827

In addition to the above financing, Cloetta has unutilised overdraft facilities for a total of SEK 532m (251).

OTHER DISCLOSURES

Restructuring

On 15 May and 15 June 2012, decisions were made to close the factories in Aura, Finland, and in Alingsås and Gävle, Sweden, in order to eliminate excess capacity in the Group's production structure. A decision was also made to rationalise warehousing operations in Scandinavia. The transfer of production to other factories in the Group has been started and is being carried out successively. This process is expected to be completed in the first quarter of 2014.

The closure of the factories will give rise to non-recurring costs of SEK 320–370m and is expected to generate annual savings of approximately SEK 100m at the EBITDA level towards the end of 2014. During the quarter, non-recurring costs for the factory closures amounted to SEK 53m.

Seasonal variations

Cloetta's sales and operating profit are subject to some seasonal variations. Sales in the first and second quarters are affected by the Easter holiday, depending on in which quarter it occurs. In the fourth quarter, the seasonal variations are primarily related to the sale of products in Sweden and Italy in connection with Christmas.

Employees

The average number of employees during the quarter was 2,561 (2,184). The increase is a result of the merger between Cloetta and LEAF. The average number of employees in the quarter was 408 (433) in prior Cloetta and 2,153 (2,168) in prior LEAF.

Rights issue

On 13 April 2012 it was announced that Cloetta's rights issue had been fully subscribed. Approximately 99.6 per cent of the offered shares were subscribed for through the exercise of subscription rights.

The rights issue provided Cloetta with proceeds of SEK 1,065m before issue expenses. As a result of the rights issue, Cloetta's share capital has been increased by SEK 493,729,500 to SEK 1,443,096,495, divided between 288,619,299 shares, of which 11,800,000 were of class A and 276,819,299 were of class B in April 2012.

New financing

An agreement for a new credit facility in an amount of SEK 750m was signed on 24 April 2012. After this draw down the total credit facility amounted to SEK 3,246m. Aside from these loans, the Group has access to an operating credit of SEK 740m. During the quarter the Group repaid an amount of the loan corresponding to SEK 180m. Both the loans and the operating credit have been provided by Svenska Handelsbanken.

Vendor loan note

As part of the acquisition of Cloetta AB, a vendor loan note of SEK 1,400m was issued to LEAF's former owner. On 26 April 2012, the vendor loan note including accrued interest of SEK 15m was repaid in full to Yllop Holding S.A.

Events after the balance sheet date

In August 2012, as part of the integration process, Cloetta implemented staff reductions in the commercial organisation in Sweden.

After the end of the reporting period, no other significant events have taken place that could affect the company's operations.

The Board of Directors and the CEO hereby give their assurance that the interim report provides a true and fair view of the business activities, financial position and results of operations of the Group and the Parent Company, and describes the significant risks and uncertainties to which the Parent Company and the Group companies are exposed.

Stockholm, 24 August 2012

Cloetta AB (publ)

Lennart Bylock Chairman

Hans Eckerström Håkan Kirstein Member of the Board Member of the Board

Adriaan Nühn Robert-Jan van Ogtrop Member of the Board Member of the Board

Mikael Svenfelt Olof Svenfelt Member of the Board Member of the Board

Meg Tivéus Peter Törnquist

Lena Grönedal Birgitta Junland

Member of the Board Member of the Board

Employee Board member Employee Board member

Bengt Baron President and CEO

The information in this interim report has not been reviewed by the company's auditors.

Financial statements (in summary) Consolidated profit and loss account

		Second quarter		6 months	Rolling 12
SEKm	Apr–Jun 2012	Apr–Jun 2011	Jan–Jun 2012	Jan–Jun 2011	Jul 2011– Jun 2012	Full year 2011
Net sales	1,212	1,120	2,296	2,163	4,791	4,658
Cost of goods sold	–799	–693	–1,497	–1,321	–3,087	–2,911
Gross profit	413	427	799	842	1,704	1,747
Other operating income	0	0	0	0	1	1
Selling expenses	–270	–243	–492	–464	–943	–915
General and administrative expenses	–196	–114	–354	–231	–592	–469
Total operating expenses	–466	–357	–846	–695	–1,535	–1,384
Operating profit	–53	70	–47	147	170	364
Financial income	–3	–7	3	5	9	11
Financial expenses	–74	–153	–198	–326	–485	–613
Net financial items	–77	–160	–195	–321	–476	–602
Profit before tax	–130	–90	–242	–174	–306	–238
Income tax expense	8	23	1	–5	178	172
Profit for the period	–122	–67	–241	–179	–128	–66
Profit for the period attributable to:
Owners of the Parent Company	–122	–67	–241	–179	–128	–66
Earnings per share, SEK
Basic and diluted1	–0.43	–0.26	–0.91	–0.68	–0.49	–0.25
Number of shares at end of period²	288,619,299	262,137,526	288,619,299	262,137,526	288,619,299	262,137,526
Average numbers of shares²	285,633,017	262,137,526	263,507,881	262,137,526	262,822,704	262,137,526

1 Comparative earnings per share are not representative for the current group due to to a completely different equity structure before the merger between Cloetta and LEAF.

2 The number of shares for comparative figures is restated with respect to the rights issue.

Consolidated statement of comprehensive income

	Second quarter		6 months		Rolling 12
SEKm	Apr–Jun 2012	Apr–Jun 2011	Jan–Jun 2012	Jan–Jun 2011	Jul 2011– Jun 2012	Full year 2011
Profit for the period	–122	–67	–241	–179	–128	–66
Other comprehensive income
Currency translation differences	–50	–87	–21	–82	59	–2
Other comprehensive income	–172	–154	–262	–261	–69	–68
Total comprehensive income for the period attributable to:
Owners of the Parent Company	–172	–154	–262	–261	–69	–68

Items affecting comparability1

8

		Second quarter		6 months	Rolling 12
SEKm	Apr–Jun 2012	Apr–Jun 2011	Jan–Jun 2012	Jan–Jun 2011	Jul 2011– Jun 2012	Full year 2011
Supply chain restructuring	–58	–52	–68	–59	–171	–162
Integration expenses	–42	0	–50	0	–59	–9
Other	–3	0	–38	–2	–74	–38
Total	–103	–52	–156	–61	–304	–209
1 Corresponding line in the consolidated profit and loss account:
Cost of goods sold	–14	–52	–29	–59	–137	–167
Selling expenses	–22	–1	–22	–2	–34	–14
Administrative expenses	–67	1	–105	0	–133	–28
Total	–103	–52	–156	–61	–304	–209

Consolidated balance sheet

SEKm	30 Jun 2012	30 Jun 2011	31 Dec 2011
Intangible assets	5,033	4,888	4,811
Property, plant and equipment	1,661	1,352	1,318
Deferred tax asset	423	229	441
Financial assets	90	262	261
Total non-current assets	7,207	6,731	6,831
Inventories	725	682	640
Current receivables	817	825	1,053
Cash and cash equivalents	155	215	97
Total current assets	1,697	1,722	1,790
Assets held for sale	15	–	15
TOTAL ASSETS	8,919	8,453	8,636
Equity	3,336	–399	–366
Long-term borrowings	2,733	6,049	6,077
Deferred tax liability	823	734	728
Derivative financial instruments	7	–	–
Other provisions	324	262	249
Total non-current liabilities	3,887	7,045	7,054
Current borrowings	516	693	747
Derivative financial instruments	16	–	–
Current liabilities	1,130	1,093	1,141
Provisions	34	21	60
Total current liabilities	1,696	1,807	1,948
TOTAL EQUITY AND LIABILITIES	8,919	8,453	8,636

Consolidated statement of changes in equity

	Jan–Jun	Jan–Jun	Full year
SEKm	2012	2011	2011
Equity at beginning of period	–366	–1,124	–1,124
Profit for the period	–241	–179	–66
Other comprehensive income	–21	–82	–2
Total comprehensive income	–262	–261	–68
Transactions with owners
Capital contribution
- Loan conversion	3,441	822	822
- Contingent capital contribution to cover tax exposure	81
Business combinations1	–667
Convertible debenture loan	10
Rights issue	1,057
Total transactions with owners	3,922	822	822
Equity at end of period	3,336	–399	–366
1 The amount reported in business combinations in 2012 consists of:
- The assessed value of the acquired Cloetta company	833
- The issue in kind of class C shares (see Parent Company changes in equity)	2,556
- The hypothetical repurchase of shares (reverse acquisition)	–4,056
	–667

For further information, see the notes in the pro forma balance sheet as reported in the prospectus at www.cloetta.com

Consolidated cash flow statement

	Second quarter		6 months
SEKm	Apr–Jun 2012	Apr–Jun 2011	Jan–Jun 2012	Jan–Jun 2011	Full year 2011
Cash flow from operating activities before changes in working capital	–32	66	–47	116	374
Cash flow from changes in working capital	134	77	266	167	119
Cash flow from operating activities	102	143	219	283	493
Cash flow from investments in property, plant and equipment and intangible assets	–50	–50	–93	–95	–224
Other cash flow from investing activities	29	–20	147	–32	0
Cash flow from investing activities	–21	–70	54	–127	–224
Cash flow from operating and investing activities	81	73	273	156	269
Cash flow from financing activities	–181	–91	–169	–180	–393
Total cash flow for the period	–100	–18	104	–24	–124
Cash and cash equivalents at beginning of period	295	215	97	220	220
Total cash flow for the period	–100	–18	104	–24	–124
Exchange gains/losses on cash and cash equivalents	–40	18	–46	19	1
Cash and cash equivalents at end of period	155	215	155	215	97

Key figures

		Second quarter		6 months
SEKm	Apr–Jun 2012	Apr–Jun 2011	Jan–Jun 2012	Jan–Jun 2011	Full year 2011
Profit
Net sales	1,212	1,120	2,296	2,163	4,658
Net sales, growth, %	8.3	n/a	6.2	n/a	n/a
Underlying net sales	1,206	1,243	2,402	2,462	5,242
Underlying net sales, growth, %	–3.0	n/a	–2.4	n/a	n/a
Gross margin, %	34.1	38.1	34.8	38.9	37.5
Underlying EBITA	53	112	103	186	548
Underlying EBITA margin, %	4.4	9.1	4.3	7.6	10.5
Underlying EBITDA	98	155	192	273	717
Underlying EBITDA margin, %	8.1	12.5	8.0	11.1	13.7
Underlying EBIT	53	110	102	182	540
Underlying EBIT margin, %	4.4	8.9	4.2	7.4	10.3
Operating profit (EBIT)	–53	70	–47	147	364
Operating profit margin (EBIT), %	–4.4	6.2	–2.1	6.7	7.8
Profit margin, %	–10.7	–7.9	–10.5	–8.1	–5.1
Financial position
Working capital	412	414	412	414	552
Operational working capital	886	867	886	867	1,035
Capital expenditure	–50	–50	–93	–95	–224
Net debt	3,196	2,969	3,196	2,969	2,827
Capital employed	3,582	6,977	3,582	6,977	7,048
Return on capital employed, %	–1,4	0.9	–0.8	2.0	5.0
Equity/assets ratio, %	37.4	–4.7	37.4	–4.7	–4.2
Return on equity, %	–3.8	n/a	–3.8	n/a	n/a
Cash flow
Cash flow from operating activities	102	143	219	283	493
Investments in non-current assets	–21	–70	54	–127	–224
Cash flow after investments	81	73	273	156	269
Cash conversion, %	48.1	68.2	50.8	65.1	68.9
Employees
Average number of employees	2,561	2,184	2,603	2,168	2,192

10

Segment Information

IFRS 8 requires operating segments to be identified on the basis of internal reports about components of the Group that are regularly reviewed by the chief operating decision maker in order to allocate resources to the segment and to assess its performance. The chief operating decision maker has been identified as the Group's Chief

Executive Officer. The internal reporting consists of the former Cloetta Group and the former LEAF Group. The Group's reportable segments under IFRS 8 are therefore as follows:

• Cloetta
• LEAF

Consolidated segment reporting

							Year to date	Full year
SEKm	Q2 2012	Q2 2011	Q1 20121	Q1 2011	Q4 2011	Q3 2011	20121	2011
Net sales
External former LEAF	1,025	1,120	1,002	1,043	1,371	1,124	2,027	4,658
External former Cloetta	187	–	82	–	–	–	269	–
Total net sales2	1,212	1,120	1,084	1,043	1,371	1,124	2,296	4,658
Operating profit
Former LEAF	–4	70	19	77	88	129	15	364
Former Cloetta	–49	–	–13	–	–	–	–62	–
Total operting profit	–53	70	6	77	88	129	–47	364
Net financial items	–77	–161	–118	–161	–142	–138	–195	–602
Profit before tax	–130	–91	–112	–84	–54	–9	–242	–238

1 The former Cloetta was acquired on 16 February 2012. Net sales for the former Cloetta for the period from 1 January to 30 June 2012 amounted to SEK 407m. 2 No inter-segment sales occurred during the reporting period.

Segment reporting, former Cloetta 2011

					Full year
SEKm	Q1 2011	Q2 2011	Q3 2011	Q4 2011	2011
Net sales
External, former Cloetta¹	235	193	212	260	900
Total net sales²	235	193	212	260	900
Operating profit	–7	–2	14	9	14

1 The former Cloetta figures have been restated to comply with new Group accounting policies.

2 No inter-segment sales occurred during the reporting period.

Quarterly data

SEKm	Q2 2012	Q1 2012	Q4 2011	Q3 2011	Q2 2011	Q1 2011
Profit and loss account
Net sales	1,212	1,084	1,371	1,124	1,120	1,043
Cost of goods sold	–799	–698	–911	–679	–693	–628
Gross profit	413	386	460	445	427	415
Other operating income	0	0	1	0	0	0
Selling expenses	–270	–222	–248	–203	–243	–221
Administrative expenses	–196	–158	–125	–113	–114	–117
Operating profit	–53	6	88	129	70	77
Financial income	1	2	3	3	2	3
Financial expenses	–69	–124	–135	–139	–153	–173
Exchange gains/losses on borrowings and cash
and cash equivalents in foreign currencies	–9	4	–10	–2	–9	9
Net financial items	–77	–118	–142	–138	–160	–161
Profit before tax	–130	–112	–54	–9	–90	–84
Income tax expense	8	–7	181	–4	23	–28
Profit for the period	–122	–119	127	–13	–67	–112
Profit for the period attributable to:
Owners of the Parent Company	–122	–119	127	–13	–67	–112
Underlying EBITA	53	50	202	159	113	74

Parent Company

This interim report includes the financial statements of the Parent Company covering the period from 1 September 2011 to 30 June 2012 in accordance with the Parent Company's financial year.

Summary parent company profit and loss accounts

SEKm	Apr–Jun 2012	Apr–Jun 2011	Sep 2011– Jun 2012	Sep 2010– Jun 2011	Sep 2010– Aug 2011
Net sales	17	7	38	22	26
Cost for property management and sold services	0	0	0	0	–1
Gross profit	17	7	38	22	25
Administrative expenses	–24	–7	–54	–21	–24
Other operating income and expenses	0	0	–1	0	5
Operating profit	–7	0	–17	1	6
Total result from financial investments	–14	0	–27	–1	–1
Profit before tax	–21	0	–44	0	5
Appropriations Income tax expense	– 5	– 0	– 11	– 0	–2 –1
Profit for the period	–16	0	–33	0	2

Summary parent company balance sheets

SEKm	30 Jun 2012	30 Jun 2011	31 Aug 2011
ASSETS
Non-currents assets
Property, plant and equipment	4	4	4
Financial assets	4,629	541	546
Total non-current assets	4,633	545	550
Current assets	359	80	82
TOTAL ASSETS	4,992	625	632
EQUITY AND LIABILITIES
Equity
Restricted equity	1,443	122	122
Non-restricted equity	2,740	467	470
Total equity	4,183	589	592
Untaxed reserves	4	2	4
Non-current liabilities
Other provisions	1	1	1
Liabilities to credit institutions	676	–
Convertible debenture loan	–	24	24
Total non-current liabilities	677	25	25
Current liabilities
Current liabilities	128	9	11
Total current liabilities	128	9	11
TOTAL EQUITY AND LIABILITIES	4,992	625	632
Pledged assets	4,619	None	None
Contingent liabilities	2,825	79	84

Changes in equity, parent company

13

Sep 2011–	Sep 2010–	Sep 2010–
Jun 2012	Jun 2011	Aug 2011
592	602	602
–33	0	2
–	–18	–18
2,556	–	–
11	5	6
1,057	–	–
3,624	–13	–12
4,183	589	592

Disclosures, risk factors and accounting policies

DISCLOSURES REGARDING THE ACQUISITION OF CLOETTA AB

On 16 February 2012 Cloetta acquired 100 per cent of the shares and 100 per cent of the voting rights in LEAF Holland B.V., the parent company of the LEAF group, incorporated in the Netherlands, from Yllop Holding S.A. (formerly named LEAF Holding S.A.). LEAF is a confectionery company with a focus on sugar confectionery, chewing gum and pastilles and has a leading position in the Nordic countries, the Netherlands and Italy.

The business combination is expected to result in:

• A Nordic leader in the confectionery industry.
• A full range of complementary products that will enhance the company's attractiveness among both customers and suppliers through Cloetta's strength in chocolate and LEAF's strength in sugar confectionery, as well as refreshments (pastilles and chewing gum).
• Potential for significant annual cost and efficiency synergies in excess of SEK 65m to be achieved within two years after closing the transaction.

In addition to the estimated cost synergies, LEAF has finalised the closure of its factory Slagelse, Denmark, and relocated production to Levice, Slovakia. The move was completed in January 2012 and is expected to result in additional cost savings of SEK 45m annually. The total potential savings from cost synergies and Cloetta's ongoing restructuring thus amount to SEK 110m.

Cloetta's acquisition of LEAF Holland B.V. has been accounted for as a reverse acquisition, meaning that LEAF Holland B.V. is considered to be the acquirer for group accounting purposes.

The formal acquisition of LEAF Holland B.V. by Cloetta AB was carried out partly through a cash payment of SEK 100m and partly through a vendor loan note of SEK 1,400m, as well as an issue in kind of 165,186,924 Cloetta class C shares (SEK 2,556m). Immediately following the issue in kind of C shares, Yllop Holding S.A. held approximately 87.2 per cent of the voting rights and approximately 78.4 per cent of the share capital in Cloetta AB.

Cloetta's acquisition-date fair value of SEK 833m is deemed to comprise the consideration transferred. This fair value has been calculated based on 24,355,641 shares outstanding multiplied by the bid price of SEK 34.20 at the time of the acquisition. In addition, the seller has agreed to indemnify Cloetta for tax related claims that might be brought against Cloetta in respect to the proceedings in Italy. This indemnity is limited to an amount of SEK 81m and covers the financial years 2005–2007. For further information, see page 87 of the Rights Issue Prospectus dated 12 March 2012 at www.cloetta.com.

Cloetta has not yet finalised the process of recognising and measuring all identifiable assets acquired and liabilities assumed in accordance with IFRS. At 30 June 2012, identifiable assets acquired and liabilities assumed in the business combination were preliminarily measured at Cloetta's historical net book values at 16 February 2012, with the exception of inventories which have been measured at fair market value with a deferred tax adjustment calculated on the remeasurement. The inventory remeasurement effect, before deferred tax adjustments, was recognised in an amount of SEK 5m in Q1 and of SEK 2m in Q2.

Preliminary recognition and measurement of assets acquired and liabilities assumed:

Consideration transferred	833
deductible for tax purposes)	208
Goodwill (of which, none is expected to be
Net identifiable assets and liabilities assumed	625
Current liabilities	–201
Non-current liabilities	–205
Current assets	539
Non-current assets	492
SEKm

The recognition and measurement of all identifiable assets acquired and liabilities assumed are incomplete, since business is conducted in a large number of companies and jurisdictions and the valuation of intangible assets, pension obligations and other fair value measurements is complex.

Transaction costs of SEK 49m incurred by Yllop Finance AB (formerly named LEAF Finance AB) have been funded through internal loans from LEAF, and have thereby implicitly reduced equity in LEAF through the capital contribution made by Yllop Finance AB to LEAF prior to the acquisition. Acquisition-related costs of SEK 31m incurred by the accounting acquiree, Cloetta AB, were expensed prior to the acquisition and have consequently affected goodwill.

For the period from the acquisition date until the end of June 2012, Cloetta contributed net sales of SEK 269m and a net loss of SEK –62m. If the acquisition had taken place on 1 January 2012, management estimates that consolidated net sales would have been SEK 407m and the consolidated net loss would have been SEK –74m, excluding transaction costs of SEK 31m.

OTHER DISCLOSURES

Parent Company

On 16 February 2012, Cloetta AB acquired LEAF Holland B.V. from Yllop Holding S.A. (formerly named LEAF Holding S.A.). The acquisition was carried out through a cash payment (SEK 100m), the issue of a vendor loan note (SEK 1,400m) and an issue in kind of Cloetta shares (SEK 2,556m).

Cloetta AB's primary activities include head office functions such as group-wide management and administration. The comments below refer to the period from 1 September 2011 to 30 June 2012. Net sales in the Parent Company reached SEK 38m (22) and referred mainly to intra-group services. Operating profit was SEK –17m (1). The deviation from the prior year is explained by termination benefits to the former Chief Executive Officer, who retired on 29 February 2012, a new executive management team and consulting costs. Net financial items totalled SEK –27m (–1). Accrued interest on the vendor loan note amounted to SEK 15m. Profit before tax was SEK –44m (0) and profit after tax was SEK –33m (0). Cash and cash equivalents and short-term investments amounted to SEK 7m (51).

The Cloetta share

During the period from 1 September 2011 to 30 June 2012, a total of 9,533,442 shares were traded, equal to around 3 per cent of the total number of class B shares at the end of the period. The highest quoted bid price during the period from 1 September 2011 to 12 March 2012 was SEK 40.00 and the lowest was SEK 25.40. During the period from 13 March to 30 June 2012, the highest quoted bid price was SEK 20.00 and the lowest was SEK 13.65. The share price on 30 June 2012 was SEK 15.30 (last price paid). To illustrate the effects of the rights issue on the share price, the closing share price on 12 March 2012 (last day of trading including the right to receive subscription rights) was SEK 37.50 and the closing share price on 13 March 2012 (first day of trading without the right to receive subscription rights) was SEK 17.00.

Cloetta's earlier SEK 30m convertible debenture loan for the employees ran from 14 May 2009 to 30 March 2012. The convertible loan could be converted to class B shares in Cloetta during the period from 25 February 2011 to 25 February 2012 at a conversion rate of SEK 30.40. A total of 567,279 shares had been issued as a result of conversion when the loan expired, which is equal to a total increase in the share capital by SEK 3m and an increase in the share premium reserve by SEK 14m.

In June 2012, NASDAQ OMX Stockholm decided to change the segmentation of Cloetta AB (CLA B) from Small Cap to Mid Cap with effect from 2 July 2012. The Mid Cap segment includes companies with a market capitalisation of between EUR 150m and EUR 1,000m.

Shareholders

On 30 June 2012 Cloetta AB had 4,528 shareholders. The principal shareholder was AB Malfors Promotor, with a holding corresponding to 42.9 per cent of the votes and 21.8 per cent of the share capital in the company. Other institutional investors held 51.2 per cent of the votes and 70 per cent of the share capital. The number of shares amounted to 288,619,299, of which 276,819,299 were of class B and 11,800,000 were of class A.

Following completion of the rights issue in April 2012, the principal shareholders in Cloetta were Yllop Holding S.A. and AB Malfors Promotor. After the end of the first quarter, the holding in LEAF Holding S.A. was divided and transferred to Cidron Pord S.á.r.l., which is owned by Nordic Capital Fund V, and Godis Holdings S.á.r.l, which is owned by funds under the advisorship of CVC Capital Partners. At 30 June 2012 Godis Holdings S.á.r.l. held shares corresponding to 32.8 per cent of the share capital and 24.0 per cent of the votes and Cidron Pord S.á.r.l. held shares corresponding to 24.4 per cent of the share capital and 17.8 per cent of the votes in the company.

Related party transactions

At 31 March 2012 the principal shareholder was Yllop Holding S.A. and prior to 16 February 2012 and at 30 June 2012 it was AB Malfors Promotor, for which reason both companies and their subsidiaries are considered to be related parties. Buying and selling of goods and services between Cloetta and the principal shareholders are regarded as related party transactions. No transactions took place with these parties during the period. Accrued interest on the vendor loan note amounted to SEK 15m.

Cidron Pord S.á.r.l. and Godis Holdings S.á.r.l. are regarded as related parties. No transactions took place with these parties during the period.

The Parent Company has related party transactions with subsidiaries in the Group. The majority of such transactions refer to the sale of services, which for the period from September 2011 to June 2012 amounted to SEK 37m (21), equal to 100 per cent of each period's total sales. At 30 June 2012 the Parent Company's receivables from subsidiaries amounted to SEK 255m (27) and liabilities to subsidiaries amounted to SEK 97m (0). Transactions with related parties are priced on market-based terms.

On 7 February 2012, Yllop Finance AB (a subsidiary of Yllop Holding S.A.) received a loan of SEK 71m from LEAF Holland B.V. On 15 February 2012, this loan and all other existing loans to the shareholder Yllop Finance AB were converted into equity as a capital contribution in a net amount of SEK 3,441m. Reference is made to the "Capital contribution" in the consolidated statement of changes in equity on page 9.

The rights issue resolved on by the Board of Directors on 7 March 2012 is regarded as a related party transaction. For additional information, see "Rights issue" on page 6.

RISK FACTORS

Cloetta is an internationally active company that is exposed to a number of market and financial risks. All identified risks are monitored continuously and, if needed, risk-mitigating measures are taken to limit their impact. The most relevant risk factors are described in the prospectus and include the merger, the relocation of production, IT, foreign exchange effects, interest rates, financing, raw material costs and tax risks. Compared to the prospectus, no new risks have been identified.

Merger

The merger between Cloetta and LEAF is a perfect match. Nonetheless, the merger of two large companies involves risks that could impact the business negatively. These risks include sub-optimisation in production and sales if the two companies are not integrated and continue to operate as separate entities. To mitigate the risks associated with the integration on 1 May 2012 a Senior Vice President Business Development took up duties to lead the integration process between Cloetta and LEAF.

ACCOUNTING POLICIES

The consolidated financial statements are presented in accordance with the International Financial Reporting Standards (IFRS) established by the International Accounting Standards Board (IASB) and the interpretations issued by the IFRS Interpretations Committee (IFRIC) which have been endorsed by the European Commission for application in the EU. The applied standards and interpretations are those that were in force and had been endorsed by the EU at 1 January 2012. Furthermore, the Swedish Financial Reporting Board's recommendation RFR 1, Supplementary Accounting Rules for Groups, has been applied.

The consolidated interim report is presented in accordance with IAS 34, Interim Financial Reporting, and in compliance with the relevant provisions in the Swedish Annual Accounts Act and the Swedish Securities Market Act. The same accounting and valuation methods have been applied as in the most recent annual report of LEAF.

The interim report for the Parent Company has been prepared in accordance with the Swedish Annual Accounts Act and the Swedish Securities Market Act, which are consistent with the provisions in recommendation RFR 2, Accounting for Legal Entities. The same accounting and valuation methods have been applied as in the most recent annual report of the Parent Company.

For detailed information about the accounting policies, see LEAF Holland B.V.'s annual report for 2011 at www.cloetta.com. For detailed information about the accounting policies applied in the Parent Company's separate financial statements, see Cloetta AB's annual report for 2010/11 at www.cloetta.com

Accounting policies – business combinations

The Group applies the acquisition method of accounting for business combinations. The acquirer for accounting purposes is identified as the entity that obtains control of the acquiree. The consideration transferred for the acquisition of the acquiree consists of the fair value of the assets transferred, the liabilities incurred by the Group to the former owners of the acquiree and the equity interests issued by the Group. Identifiable assets, liabilities and contingent liabilities assumed in a business combination are initially measured at their fair values on the acquisition date.

At acquisition, goodwill is measured as the excess of the aggregate of the consideration transferred over the fair value of net identifiable assets acquired and liabilities assumed.

Selection of key product launches during Q2

Definitions

General	All amounts in the tables are presented in SEK millions unless otherwise stated. All amounts in brackets () represent comparable figures for the same period of the prior year, unless otherwise stated.
Capital indicators
Capital employed	Total assets less interest-free liabilities (including deferred tax).
Equity/assets ratio	Equity at the end of the period as a percentage of total assets.
Interest-bearing liabilities	Total non-current and current borrowings, including pensions and other long-term employee benefits.
Net debt	Interest-bearing liabilities excluding intra-group loans less cash and cash equivalents and other interest
	bearing assets.
Operational working capital	Total inventories and trade receivables, less trade payables.
Third-party borrowings	Total non-current and current borrowings excluding loans to former shareholders and finance lease liabilities.
Working capital	Total assets, excluding cash and cash equivalents and derivative financial instruments, less current liabilities.
Other definitions
Cash conversion	Underlying EBITDA less capital expenditures as a percentage of underlying EBITDA.
Earnings per share	Profit for the period divided by the average number of shares.
EBITA	Operating profit before amortisation of intangible assets (excluding software).
EBITA margin	EBITA expressed as a percentage of net sales.
EBITDA	Operating profit before depreciation and amortisation.
EBITDA margin	EBITDA expressed as a percentage of net sales.
Gross margin	Net sales less cost of goods sold as a percentage of net sales.
	Items affecting comparability Items affecting comparability refer to non-recurring items.
Net sales, change	Net sales as a percentage of net sales in the comparative period of the previous year.
Operating margin	Operating profit expressed as a percentage of net sales.
Operating profit (EBIT)	Operating profit consisting of total earnings before net financial items and corporate income tax.
Return on capital employed	Operating profit plus financial income as a percentage of average capital employed.
Return on equity	Profit for the period as a percentage of total equity.
Underlying net sales, EBITA, EBITA margin	The underlying figures are based on constant exchange rates and the current structure (excluding the dis tribution business in Belgium and a third-party distribution agreement in Italy) and excluding items affecting comparability. Includes the former Cloetta's historical financial values for better comparability.

Exchange rates	30 Jun 2012	30 Jun 2011	31 Dec 2011
EUR, average	8.8800	8.9409	9.0228
EUR, end of period	8.7650	9.1300	8.9100
NOK, average	1.1734	1.1425	1.1577
NOK, end of period	1.1625	1.1705	1.1467
GBP, average	10.8240	10.2875	10.4057
GBP, end of period	10.8841	10.0996	10.6668
DKK, average	1.1944	1.1993	1.2112
DKK, end of period	1.1792	1.2242	1.1987

Financial calendar

2012	Jan
	Feb
	Mar
	Apr
	May
	Jun
	Jul
	Aug
	Sep
	Oct
	Nov	Interim report Q3	16 November 2012
	Dec
2013	Jan
	Feb	Year-end report 2012	15 February 2013	with the Securities Market Act.
	Mar
		Annual report 2012	April 2013	CET on 24 August 2012.
	Apr	Annual General Meeting	April 2013

The information in this interim report is such that Cloetta is required to disclose in accordance with the Securities Market Act. The report was released for publication at 7:30 a.m.

Contacts

Jacob Broberg Senior Vice President Corporate Communications and Investor Relations, +46 70-190 00 33 Danko Maras Chief Financial Officer, +46 8-52 72 88 08

About Cloetta

Cloetta, founded in 1862, is a leading confectionary company in the Nordic region, the Netherlands and Italy. In total, Cloetta products are sold in more than 50 countries worldwide. Cloetta owns some of the strongest brands on the market, such as Läkerol, Cloetta, Jenkki, Kexchoklad, Malaco, Sportlife, Saila, Red Band and Sperlari. Cloetta has 12 production units in six countries. Cloetta's class B shares are traded on NASDAQ OMX Stockholm.

More information about Cloetta is available on www.cloetta.com

Cloetta AB (publ) • Corp. ID no. 556308-8144 • Box 4009, SE-169 04 Solna, Sweden. Tel +46 8-52 72 88 08 • www.cloetta.com