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Cloetta Interim / Quarterly Report 2024
3027_10-k_2025-01-29_cc4b89e1-1465-4c17-8588-f9d1015d765f.pdf
Interim / Quarterly Report
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Interim report for October–December 2024
Another year of profitable growth with an exceptionally strong last quarter
Fourth quarter
- Net sales for the quarter increased by 4.7 per cent to SEK 2,285m (2,182) including a positive impact from foreign exchange rates of 0.3 per cent
- Sales of Branded packaged products increased organically by 1.6 per cent during the quarter
- Sales of Pick & mix increased organically by 17.3 per cent during the quarter
- Operating profit adjusted for items affecting comparability, amounted to SEK 258m (200)
- Operating profit amounted to SEK 252m (174), with items affecting comparability of SEK -6m (-26)
Events after the end of the reporting period
• There were no significant events after the end of the reporting period
- Operating profit, adjusted, of Branded packaged products amounted to SEK 214m (200)
- Operating profit, adjusted, of Pick & mix amounted to SEK 44m (0)
- Profit for the period amounted to SEK 158m (138), which equates to basic and diluted earnings per share of SEK 0.55 (0.48)
- Cash flow from operating activities was SEK 308m (478)
- Net debt/EBITDA ratio was 1.3x (1.7)
- The Board proposes a dividend of SEK 1.10 (1.00) per share
| Key ratios |
|---|
| Fourth quarter | Full Year | |||||
|---|---|---|---|---|---|---|
| SEKm | 2024 | 2023 | ∆, % | 2024 | 2023 | ∆, % |
| Net sales | 2,285 | 2,182 | 4.7¹ | 8,613 | 8,301 | 3.8¹ |
| Operating profit, adjusted | 258 | 200 | 29.0 | 910 | 799 | 13.9 |
| Operating profit margin, adjusted, % | 11.3 | 9.2 | 2.1-pts | 10.6 | 9.6 | 1-pts |
| Operating profit (EBIT) | 252 | 174 | 44.8 | 807 | 735 | 9.8 |
| Operating profit margin (EBIT margin), % | 11.0 | 8.0 | 3-pts | 9.4 | 8.9 | 0.5-pts |
| Profit before tax | 232 | 146 | 58.9 | 659 | 570 | 15.6 |
| Profit for the period | 158 | 138 | 14.5 | 477 | 437 | 9.2 |
| Earnings per share, basic, SEK | 0.55 | 0.48 | 14.6 | 1.67 | 1.53 | 9.2 |
| Earnings per share, diluted, SEK | 0.55 | 0.48 | 14.6 | 1.67 | 1.53 | 9.2 |
| Net debt/EBITDA, x (Rolling 12 months) | 1.3 | 1.7 | -23.5 | 1.3 | 1.7 | -23.5 |
| Free cash flow | 264 | 394 | -33.0 | 602 | 496 | 21.4 |
| Cash flow from operating activities | 308 | 478 | -35.6 | 765 | 778 | -1.7 |
1 Organic growth at constant exchange rates was 5.7 per cent for the quarter and 4.7 per cent for the for the year. See further under Net sales on page 3.
Net sales Organic sales growth Operating profit margin, adjusted
Conference call and web presentation
A conference call with web presentation for media and the financial community is arranged on the day of report publication at 10:00 a.m. CET. We kindly ask those who wish to dial-in to make sure you are connected to the phone conference by calling in and to register a few minutes before the conference begins. An on-demand version of the call will be available on www.cloetta.com later the same day.
| Broadcast link | https://creo-live.creomediamanager.com/d8980cdd-48ed-431a-b1b3-f429ebd4c549 | ||||
|---|---|---|---|---|---|
| Dial-in numbers | SE: +46 8 5051 0031 | UK: +44 (0) 207 107 06 13 | US: +1 631 570 5613 |
Comments from the CEO
Another year of profitable growth with an exceptionally strong last quarter
In the last quarter we continued our trajectory of delivering strong sales growth with stable total volumes, and improved profitability mainly driven by margin-enhancing activities in Pick & mix. The profitability was further boosted by a more favourable mix, despite Pick & mix growing faster than Branded packaged products.
In our last report we took on the challenge to continue delivering double-digit adjusted operating profitability despite continued raw material cost inflation. I am pleased to say that we more than met that challenge. In addition to keeping volume stable and without reducing long-term investments in our core brands, we were able to deliver an adjusted profitability of 11.3 per cent in the quarter.
One of the benefits of our diversified confectionery product portfolio, is that we during this quarter were able to shift our trade and field sales activation focus on non-chocolate categories to further mitigate the effect of the increased cocoa price. This, together with other margin enhancing activities in Pick & mix resulted in a highest-ever full year adjusted operating profit of SEK 910m (799), and an adjusted profitability of 10.6 per cent.
Our work to improve the profitability is perhaps best exemplified by our Pick & mix segment, which delivered its fourth consecutive quarter of profitability in line with the long-term target of 5-7 per cent.
We continue to see further growth opportunities based on postpandemic consumer behaviours and long-term consumer trends. The recent increased interest in Pick & mix in the US, known in social media as Swedish candy, continues to drive growth in our relatively small business in North America and is a good example of our opportunities to grow further. Our sales to the US grew by approximately 30 per cent in 2024.
To ensure the profitability of our growth opportunities, we will continue to optimize our product portfolio. This includes reducing SKU's with lower profitability and maximising our production capacity.
Sales for the quarter increased by 4.7 per cent, of which organic growth accounted for 5.7 per cent, exchange rate differences for positive 0.3 per cent and the divestment of the Nutisal brand for negative 1.3 per cent.
Improved cash flow generation continues and delivered an all-time low Net debt/EBITDA ratio of 1.3x, again well below our long-term target of around 2.5x. The proposal from the Board to increase the dividend to SEK 1.10 is supported by our continued ability to deliver very healthy cash flows and a strong balance sheet.
As previously communicated, energy supply issues in Europe have impacted our long-term plan to secure a more efficient manufacturing structure and in the third quarter this year, we decided to put the greenfield plant project in the Netherlands on hold and are now reassessing if it remains the optimal way forward to create long-term shareholder value.
" In our last report we took on the challenge to continue delivering double-digit adjusted operating profitability despite continued raw material cost inflation. I am pleased to say that we more than met that challenge.
Since I assumed my new role earlier this year, I have together with the Group Management Team worked on updating the long-term plan for Cloetta and the outcome the reassessment of the greenfield is an important input to be able to finalise that plan.
Earlier in January we invited our shareholders and investors to our upcoming Investor Day, where we will present these plans. I look forward to meeting you there and show you how we will continue to deliver both joy to consumers as well as value to our stakeholders!
Katarina Tell President and CEO
Financial overview
Q4 development
Changes in operating environment and short-term uncertainties
Russia's escalation of the war in Ukraine that started in 2022 and the conflict in the Middle East continue to entail risks of further impact on the global economy, further cost inflation, and disruptions in supply chains, including the war risks spreading into other geographies.
Cloetta does not have operations in any of the countries directly affected by the increased geopolitical uncertainty.
Greenfield facility
In 2022, Cloetta announced the plan to invest in a greenfield plant and the closure of three existing confectionery plants in the Netherlands and in Belgium. Investments have so far been relatively limited as the greenfield project is currently in the regulatory permitting phase, which precedes the start of construction and associated major investments.
In September 2024 Cloetta initiated a reassessment of both the greenfield investment and alternative options to secure a more efficient manufacturing structure, due to increased risk relating to energy supply with resulting changes to the timing of the planned start-up.
The on-going reassessment covers both the current project plan for the greenfield as well as alternative options and is expected to be completed at the end of the first quarter of 2025. Further investments in the greenfield are on hold beyond what is necessary to support the reassessment process.
There remain opportunities in Cloetta's supply network to compensate for the volumes planned to be produced by the greenfield in the mid-term.
Net sales
Net sales for the quarter increased by SEK 103m to SEK 2,285m (2,182) compared to the same period last year. Organic growth was 5.7 per cent.
| Changes in net sales, % | Oct–Dec 2024 | Jan–Dec 2024 |
|---|---|---|
| Organic growth | 5.7 | 4.7 |
| Structural changes1 | -1.3 | -0.9 |
| Changes in exchange rates | 0.3 | -0.0 |
| Total | 4.7 | 3.8 |
1Structural changes refer to the divestment of the Nutisal brand.
Gross profit
Gross profit, adjusted for items affecting comparability, amounted to SEK 784m (689) which equates to a gross margin, adjusted, of 34.3 per cent (31.6). The increase was mainly driven by margin-enhancing initiatives in Pick & mix, continued fair pricing and a favourable mix in
Branded packaged products. Gross profit amounted to SEK 800m (668) which equates to a gross margin of 35.0 per cent (30.6).
Operating profit
Operating profit, adjusted for items affecting comparability, amounted to SEK 258m (200), and was positively impacted by higher gross profit, partially offset by increased investments in core brands. Operating profit amounted to SEK 252m (174).
Items affecting comparability
Operating profit for the quarter includes items affecting comparability of SEK -6m (-26).
Net financial items
Net financial items for the quarter amounted to SEK -20m (-28). Net interest expenses related to external borrowings, cash pool and realised results on single currency interest rate swaps were in total SEK -15m (-15), exchange differences on cash and cash equivalents were SEK 4m (27) which mainly related to the development of the Norwegian krona against the euro during the quarter. Other financial items amounted to SEK -9m (-40) of which SEK -1m (-31) was related to the unrealised results on single currency interest rate swaps. Of the total net financial items SEK -39m (11) is non-cash in nature.
Profit for the period
Profit for the quarter was SEK 158m (138), which equates to basic and diluted earnings per share of SEK 0.55 (0.48). Income tax for the period was SEK -74m (-8).
The effective tax rate for the quarter was 31.9 per cent (5.5) and was negatively impacted by the revaluation of deferred tax positions following changes in tax rates, increased provisions for tax losses carry forward in the UK and differences between expected and actual tax filings.
Free cash flow
The free cash flow was SEK 264m (394). Cash flow from operating activities before changes in working capital was SEK 250m (242). The cash flow from changes in working capital was SEK 58m (236).
The cash flow from investments in property, plant and equipment and intangible assets was SEK -44m (-84).
Cash flow from changes in working capital
Cash flow from changes in working capital was SEK 58m (236). The cash flow from changes in working capital shows normal seasonal pattern and was positively impacted by a decrease in receivables of SEK 135m (238) and a decrease in inventories for an amount of SEK 29m (25), partially offset by a decrease in payables of SEK -106m (-27).
Cash flow from other investing activities
Cash flow from other investing activities was SEK 12m (0).
Cash flow from financing activities
The cash flow from financing activities was SEK -21m (-26). The cash flow from financing activities was related to payments of lease liabilities of SEK -21m (-25) and the purchase of treasury shares of SEK 0m (-1).
Development during the year
Net sales
Net sales for the year increased by SEK 312m to SEK 8,613m (8,301) compared to last year. Organic growth was 4.7 per cent.
Gross profit
Gross profit, adjusted for items affecting comparability, amounted to SEK 2,841m (2,598) which equates to a gross margin, adjusted, of 33.0 per cent (31.3). The increase was mainly driven by continued fair pricing, margin-enhancing initiatives in Pick & mix and a favourable mix in our Branded packaged business, partially offset by higher input costs. Gross profit amounted to SEK 2,866m (2,550) which equates to a gross margin of 33.3 per cent (30.7).
Operating profit
Operating profit, adjusted for items affecting comparability, amounted to SEK 910m (799), and was positively impacted by higher gross profit, partially offset by increased marketing investments in core brands. Operating profit amounted to SEK 807m (735).
Items affecting comparability
Operating profit for the year includes items affecting comparability of SEK -103m (-64), mainly for impairments of intangible assets related to the divestment of the Nutisal brand.
Net financial items
Net financial items for the year amounted to SEK -148m (-165). Net interest expenses related to external borrowings, cash pool and realised results on single currency interest rate swaps were in total SEK -66m (-50), exchange differences on cash and cash equivalents were SEK -35m (-43) which mainly related to the development of the Norwegian krona against the euro during the year. Other financial items amounted to SEK -47m (-72) of which SEK -19m (-45) was related to the unrealised results on single currency interest rate swaps. Of the total net financial items SEK -56m (-58) is non-cash in nature.
Profit for the year
Profit for the year was SEK 477m (437), which equates to basic and diluted earnings per share of SEK 1.67 (1.53). Income tax for the period was SEK -182m (-133).
The effective tax rate for the year was 27.6 per cent (23.3) and was negatively impacted by the revaluation of deferred tax positions following changes in tax rates, increased provisions for tax losses carry forward in the UK and differences between expected and actual tax filings.
Free cash flow
The free cash flow was SEK 602m (496). Cash flow from operating activities before changes in working capital was SEK 961m (878). The cash flow from changes in working capital was SEK -196m (-100).
The cash flow from investments in property, plant and equipment and intangible assets was SEK -163m (-282).
Cash flow from changes in working capital
Cash flow from changes in working capital was SEK -196m (-100). The cash flow from changes in working capital was negatively impacted by an increase in receivables of SEK -131m (-63), a decrease in payables of SEK -64m (175) and an increase in inventories for an amount of SEK -1m (-212).
Cash flow from other investing activities
Cash flow from other investing activities was SEK 72m (2) and mainly relates to the proceeds from the divestment of the Nutisal brand.
Cash flow from financing activities
The cash flow from financing activities was SEK -367m (-379). The cash flow from financing activities was related to the dividend distribution of SEK -285m (-285), payments of lease liabilities of SEK -79m (-88), net proceeds and repayments of loans from credit institutions and commercial papers including transaction costs of SEK -3m (-5) and the purchase of treasury shares of SEK 0m (-1).
Financial position
Consolidated equity at 31 December 2024 amounted to SEK 5,434m (5,098), which equates to SEK 19.0 (17.9) per share outstanding. Net debt at 31 December 2024 was SEK 1,610m (1,825).
Long-term borrowings amounted to SEK 2,306m (2,264) and consisted of SEK 2,232m (2,187) in gross non-current loans from credit institutions, SEK 80m (85) in non-current lease liabilities and SEK -6m (-8) in capitalised transaction costs.
Total short-term borrowings amounted to SEK 203m (220) and consisted of SEK 149m (149) in commercial papers, SEK 56m (74) in current lease liabilities, SEK 2m (2) in accrued interest on borrowings from credit institutions and SEK -4m (-5) in capitalised transaction costs.
| SEKm | 31 Dec 2024 |
31 Dec 2023 |
|---|---|---|
| Gross non-current loans from credit institutions |
2,232 | 2,187 |
| Commercial papers | 149 | 149 |
| Lease liabilities | 136 | 159 |
| Derivative financial instruments | 44 | -14 |
| Interest payable | 2 | 2 |
| Gross debt | 2,563 | 2,483 |
| Cash and cash equivalents | -953 | -658 |
| Net debt | 1,610 | 1,825 |
Cash and cash equivalents at 31 December 2024 amounted to SEK 953m (658). At 31 December 2024 Cloetta had an unutilised credit facility of SEK 2,521m (2,441) and the possibility to issue additional commercial papers for an amount of SEK 850m (850).
Performance by business segment
Cloetta has identified the Branded packaged products business and the Pick & mix business as its operating segments.
The chief operating decision-maker (CODM), which is the CEO and President of the Group, primarily uses external net sales and operating profit, adjusted for items affecting comparability, to assess the performance of its operating segments. Items affecting comparability, net financial items and income tax are not allocated to segments, as these are managed centrally.
No segment information is provided to or assessed by the CODM on assets and liabilities and therefore these are not separately disclosed.
Information related to each reportable segment (business segment) is set out below.
Business segments
The Cloetta Group comprises two segments: "Branded packaged products" and "Pick & mix". The Pick & mix net sales and adjusted operating profit relate to Cloetta's complete offering in Pick & mix including products, displays and accompanying store and logistic services. All other activities within the Cloetta Group are reflected in the "Branded packaged products" segment.
Segment Branded packaged products
Q4 development
Net Sales
Net sales for the quarter increased by SEK 10m to SEK 1,631m (1,621) compared to the same period last year for Branded packaged products. The comparative figure includes a full fourth quarter of net sales of the Nutisal brand, divested in the second quarter of 2024. Organic growth was 1.6 per cent.
Operating profit, adjusted
Operating profit, adjusted for items affecting comparability, amounted to SEK 214m (200). The increase in adjusted operating profit was mainly driven by fair pricing and a favourable mix, partially offset by increased marketing investments in core brands and higher input costs.
Development during the year Net Sales
Net sales for the year increased by SEK 66m to SEK 6,219m (6,153) compared to last year for Branded packaged products. The comparative figure includes a full financial year of net sales of the Nutisal brand, divested in the second quarter of 2024. Organic growth was 1.9 per cent.
Operating profit, adjusted
Operating profit, adjusted for items affecting comparability, amounted to SEK 740m (786). The decrease was mainly driven by lower volumes, increased marketing investments in core brands and higher input costs, partially offset by continued fair pricing and a favourable mix.
Segment Pick & mix
Q4 development
Net Sales
Net sales for the quarter increased by SEK 93m to SEK 654m (561) compared to the same period last year. Organic growth was 17.3 per cent.
Operating profit, adjusted
Operating profit, adjusted for items affecting comparability, amounted to SEK 44m (0). The increase was driven by higher volumes and continued margin-enhancing initiatives, partially offset by higher input costs.
Development during the year
Net Sales
Net sales for the year increased by SEK 246m to SEK 2,394m (2,148) compared to last year. Organic growth was 12.8 per cent.
Operating profit, adjusted
Operating profit, adjusted for items affecting comparability, amounted to SEK 170m (13). The increase was driven by higher volumes and continued margin-enhancing initiatives, partially offset by higher input costs.
The comparative figure includes a provision for uncollectible receivables of approximately SEK 24m related to one of the largest retail customers in the UK going into administration in the third quarter of 2023.
Other disclosures
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, primarily in Sweden, depending on in which quarter it occurs.
In the fourth quarter, sales are usually higher than in the first three quarters of the year, which is mainly attributable to the sale of products in Sweden in connection with the holiday season.
Employees
The average number of employees during the quarter was 2,556 (2,589).
The Board's proposed dividend
For the financial year 2024 the Board of Directors of Cloetta AB proposes to distribute a dividend to the shareholders of SEK 1.10 (1.00) per share for the 2024 financial year corresponding to 66 per cent (65) of profit for the year and corresponding to 57 per cent of the profit for the year excluding impact of the impairment and other items affecting comparability relating to the divestment of the Nutisal brand. As the impairment for the divestment of the Nutisal brand is non-cash, it has not affected our ability to issue share dividends. The proposed date for the record is 14 April 2025 and payment is expected to be made on 17 April 2025. The ambition is to continue using future cash flows for payment of share dividends, while at the same time providing financial flexibility for planned investments.
The long-term target to distribute 40–60 per cent of profit after tax continues to apply.
Annual General Meeting
The Annual General Meeting of Cloetta AB will be held on Thursday, 10 April 2025 in Stockholm. Notice of the AGM will be published as a separate press release and will also be available on www.cloetta.com/en/governance/general-meetings/.
Events after the end of the reporting period
There were no significant events after the end of the reporting period.
Cloetta Interim report October–December 2024
| Oct–Dec 2024 SEKm |
Branded packaged |
products Pick & mix | Total | Jan–Dec 2024 SEKm |
Brande packaged products |
Pick & mix |
Total |
|---|---|---|---|---|---|---|---|
| Net sales | 1,631 | 654 | 2,285 | Net sales | 6,219 | 2,394 | 8,613 |
| Operating profit, adjusted | 214 | 44 | 258 | Operating profit, adjusted | 740 | 170 | 910 |
| Items affecting comparability | -6 | Items affecting comparability | -103 | ||||
| Operating profit | 252 | Operating profit | 807 | ||||
| Net financial items | -20 | Net financial items | -148 | ||||
| Profit before tax | 232 | Profit before tax | 659 | ||||
| Income tax | -74 | Income tax | -182 | ||||
| Profit for the period | 158 | Profit for the period | 477 | ||||
| Oct–Dec 2023 SEKm |
Branded packaged products |
Pick & mix |
Total | Jan–Dec 2023 SEKm |
Branded packaged products |
Pick & mix |
Total |
|---|---|---|---|---|---|---|---|
| Net sales | 1,621 | 561 | 2,182 | Net sales | 6,153 | 2,148 | 8,301 |
| Operating profit, adjusted | 200 | 0 | 200 | Operating profit, adjusted | 786 | 13 | 799 |
| Items affecting comparability | -26 | Items affecting comparability | -64 | ||||
| Operating profit | 174 | Operating profit | 735 | ||||
| Net financial items | -28 | Net financial items | -165 | ||||
| Profit before tax | 146 | Profit before tax | 570 | ||||
| Income tax | -8 | Income tax | -133 | ||||
| Profit for the period | 138 | Profit for the period | 437 |
| Jan–Dec 2023 SEKm |
Branded packaged products |
Pick & mix |
Total |
|---|---|---|---|
Strategic priorities
1 Growth leadership in Branded packaged products
We have a clear growth strategy for growth for Branded packaged products which focuses on both the core operations and the Group's strong brands, well positioned to respond to the growing consumer trends demanding local brands and innovative offerings with a conscious and sustainable approach.
As branded packaged products have an EBIT margin above the Group average, this segment is important for Cloetta to be able to reach its long-term profitability target. We will also continue to recover the mix within the segment to secure strong profitability.
2 Sustainable value within the Pick & mix business
Pick & mix is an important consumer market as it goes hand in hand with underlying consumer trends such as individualism and sustainable packaging.
The segment is also of importance for our customers as it increases in-store traffic and impacts our ability to sell other categories. From its strong market position Cloetta has good opportunities to develop the category and thereby drive profitability and growth, with the ambition to reach an EBIT margin in the range of 5–7 per cent in the medium-term.
3 Focus on lower costs and greater efficiency
Cloetta needs to invest to continue to grow. This includes increasing marketing investments for Branded packaged products, adapting to changing consumer and customer demand, and creating capacity to produce more products.
Cloetta's efficiency programmes, together with strengthened corporate culture and processes in One Cloetta, are important drivers to improve the overall profitability which allows for the investments.
4 Sustainability
Cloetta's sustainability agenda, A Sweeter Future, focuses on creating joy and long-lasting value For You, For People and For the Planet. The initiatives within the sustainability agenda cover topics all across the value chain where Cloetta has the ability to make an impact. Further information on Cloetta's sustainability journey is available in the latest Annual Report as well as on www.cloetta.com/sustainability.
______________________________________________________________
Assurance of the Board of Directors and CEO
The Board of Directors hereby gives its 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, 29 January, 2025.
Cloetta AB (publ)
Morten Falkenberg, Board Chairman Patrick Bergander, Member of the Board Lena Grönedal, Employee Board member Malin Jennerholm, Member of the Board Alan McLean Raleigh, Member of the Board Pauline Lindwall, Member of the Board Camilla Svenfelt, Member of the Board Mikael Svenfelt, Member of the Board
Katarina Tell, President and CEO
The information in this interim report has not been reviewed by the company's auditors.
Upcoming financial reports and events 2025
| Annual and Sustainability Report 2024 11 March | |
|---|---|
| Investor Day (Stockholm) | 27 March |
| Annual General Meeting 2025 | 10 April |
| Interim report Q1 2025 | 7 May |
| Interim report Q2 2025 | 17 July |
| Interim report Q3 2025 | 5 November |
Cloetta continuously updates its financial reporting dates and investor events on www.cloetta.com/en/investors/calendar-investors/.
______________________________________________________________
______________________________________________________________
This information is information that Cloetta AB is obliged to make public pursuant to the EU Market Abuse. The information was submitted for publication, through the agency of the contact person detailed above, at 07:30 a.m. CET on 29 January 2025.
______________________________________________________________
Contact
Laura Lindholm Director, Communications and Investor Relations
- 46 76 696 59 40
[email protected]@cloetta.com [email protected]
Financial statements in summary
Consolidated profit and loss account
| Fourth quarter | Full Year | |||||
|---|---|---|---|---|---|---|
| SEKm | 2024 | 2023 | 2024 | 2023 | ||
| Net sales | 2,285 | 2,182 | 8,613 | 8,301 | ||
| Cost of goods sold | -1,485 | -1,514 | -5,747 | -5,751 | ||
| Gross profit | 800 | 668 | 2,866 | 2,550 | ||
| Selling expenses | -327 | -300 | -1,160 | -1,073 | ||
| General and administrative expenses | -221 | -194 | -899 | -742 | ||
| Operating profit | 252 | 174 | 807 | 735 | ||
| Exchange differences on cash and cash equivalents in foreign currencies | 4 | 27 | -35 | -43 | ||
| Other financial income | 23 | 39 | 111 | 128 | ||
| Other financial expenses | -47 | -94 | -224 | -250 | ||
| Net financial items | -20 | -28 | -148 | -165 | ||
| Profit before tax | 232 | 146 | 659 | 570 | ||
| Income tax | -74 | -8 | -182 | -133 | ||
| Profit for the period | 158 | 138 | 477 | 437 | ||
| Profit for the period attributable to: | ||||||
| Owners of the Parent Company | 158 | 138 | 477 | 437 | ||
| Earnings per share, SEK | ||||||
| Basic1 | 0.55 | 0.48 | 1.67 | 1.53 | ||
| Diluted1 | 0.55 | 0.48 | 1.67 | 1.53 | ||
| Number of shares outstanding at end of period1 | 286,065,407 | 285,342,034 | 286,065,407 | 285,342,034 | ||
| Average number of shares (basic)1 | 285,516,067 | 285,362,807 | 285,690,150 | 285,394,917 | ||
| Average number of shares (diluted)1 | 285,697,302 | 285,632,704 | 285,786,127 | 285,650,818 |
1 On 30 October 2023, Cloetta purchased 63,704 treasury shares to fulfil its future obligation to deliver shares to the participants of the long-term share-based incentive plan, if vesting conditions are met. On 29 April 2024, a total of 723,373 treasury shares were granted to the participants of the long-term share-based incentive plan 2021 on vesting. On 28 November 2024, Cloetta entered into a forward contract to repurchase 1,531,492 own shares to fulfil its future obligations to deliver shares to the participants of the long-term share-based incentive plan, if vesting conditions are met.
Consolidated statement of comprehensive income
| Fourth quarter | Full Year | |||
|---|---|---|---|---|
| SEKm | 2024 | 2023 | 2024 | 2023 |
| Profit for the period | 158 | 138 | 477 | 437 |
| Other comprehensive income | ||||
| Remeasurement of defined benefit pension plans | 36 | -50 | -2 | -42 |
| Income tax on remeasurement of defined benefit pension plans | -8 | 10 | 0 | 8 |
| Items that will never be reclassified to profit or loss for the period | 28 | -40 | -2 | -34 |
| Currency translation differences | 108 | -257 | 206 | -40 |
| Hedge of a net investment in a foreign operation | -22 | 64 | -47 | 7 |
| Income tax on hedge of a net investment in a foreign operation | 5 | -12 | 9 | -1 |
| Items that may be reclassified to profit or loss for the period | 91 | -205 | 168 | -34 |
| Total other comprehensive income | 119 | -245 | 166 | -68 |
| Total comprehensive income, net of tax | 277 | -107 | 643 | 369 |
| Total comprehensive income for the period attributable to: | ||||
| Owners of the Parent Company | 277 | -107 | 643 | 369 |
Net financial items
| Fourth quarter | Full Year | |||
|---|---|---|---|---|
| SEKm | 2024 | 2023 | 2024 | 2023 |
| Exchange differences on cash and cash equivalents in foreign currencies | 4 | 27 | -35 | -43 |
| Other financial income, third parties | 19 | 30 | 83 | 91 |
| Realised gains on single currency interest rate swaps | 4 | 9 | 28 | 37 |
| Total other financial income | 23 | 39 | 111 | 128 |
| Interest expenses third-party borrowings and realised losses on single | ||||
| currency interest rate swaps | -38 | -54 | -177 | -178 |
| Amortisation of capitalised transaction costs | -1 | -1 | -5 | -5 |
| Unrealised losses on single currency interest rate swaps | -1 | -31 | -19 | -45 |
| Other financial expenses, third parties | -7 | -8 | -23 | -22 |
| Total other financial expenses | -47 | -94 | -224 | -250 |
| Net financial items | -20 | -28 | -148 | -165 |
Condensed consolidated balance sheet
| SEKm | 31 Dec 2024 | 31 Dec 2023 |
|---|---|---|
| ASSETS | ||
| Non-current assets | ||
| Intangible assets | 5,833 | 5,862 |
| Property, plant and equipment | 1,695 | 1,686 |
| Deferred tax asset | 59 | 23 |
| Derivative financial instruments | 1 | 5 |
| Other financial assets | 4 | 3 |
| Total non-current assets | 7,592 | 7,579 |
| Current assets | ||
| Inventories | 1,336 | 1,292 |
| Other current assets | 1,260 | 1,136 |
| Derivative financial instruments | 4 | 18 |
| Cash and cash equivalents | 953 | 658 |
| Total current assets | 3,553 | 3,104 |
| TOTAL ASSETS | 11,145 | 10,683 |
| EQUITY AND LIABILITIES | ||
| Equity | 5,434 | 5,098 |
| Non-current liabilities | ||
| Long-term borrowings | 2,306 | 2,264 |
| Deferred tax liability | 910 | 900 |
| Derivative financial instruments | 4 | 8 |
| Provisions for pensions and other long-term employee benefits | 378 | 382 |
| Provisions | 163 | 160 |
| Total non-current liabilities | 3,761 | 3,714 |
| Current liabilities | ||
| Short-term borrowings | 203 | 220 |
| Derivative financial instruments | 45 | 1 |
| Other current liabilities | 1,691 | 1,636 |
| Provisions | 11 | 14 |
| Total current liabilities | 1,950 | 1,871 |
| TOTAL EQUITY AND LIABILITIES | 11,145 | 10,683 |
Condensed consolidated statement of changes in equity
| Full year | |||
|---|---|---|---|
| SEKm | 2024 | 2023 | |
| Equity at beginning of period | 5,098 | 4,994 | |
| Profit for the period | 477 | 437 | |
| Other comprehensive income | 166 | -68 | |
| Total comprehensive income | 643 | 369 | |
| Transactions with owners | |||
| Forward contract to repurchase own shares | -40 | - | |
| Purchase of treasury shares | - | -1 | |
| Share-based payments | 18 | 21 | |
| Dividend1 | -285 | -285 | |
| Total transactions with owners | -307 | -265 | |
| Equity at end of period | 5,434 | 5,098 |
1 The dividend paid in 2024 comprised a dividend of SEK 1.00 (1.00) per share.
Condensed consolidated cash flow statement
| Fourth quarter | Full Year | |||
|---|---|---|---|---|
| SEKm | 2024 | 2023 | 2024 | 2023 |
| Cash flow from operating activities before changes in working capital | 250 | 242 | 961 | 878 |
| Cash flow from changes in working capital | 58 | 236 | -196 | -100 |
| Cash flow from operating activities | 308 | 478 | 765 | 778 |
| Cash flows from investments in property, plant and equipment and intangible assets | -44 | -84 | -163 | -282 |
| Cash flow from other investing activities | 12 | 0 | 72 | 2 |
| Cash flow from investing activities | -32 | -84 | -91 | -280 |
| Cash flow from operating and investing activities | 276 | 394 | 674 | 498 |
| Cash flow from financing activities | -21 | -26 | -367 | -379 |
| Cash flow for the period | 255 | 368 | 307 | 119 |
| Cash and cash equivalents at beginning of period | 661 | 310 | 658 | 583 |
| Cash flow for the period | 255 | 368 | 307 | 119 |
| Exchange difference | 37 | -20 | -12 | -44 |
| Total cash and cash equivalents at end of period | 953 | 658 | 953 | 658 |
Condensed consolidated key figures
| Fourth quarter | Full Year | |||
|---|---|---|---|---|
| SEKm | 2024 | 2023 | 2024 | 2023 |
| Profit | ||||
| Net sales | 2,285 | 2,182 | 8,613 | 8,301 |
| Net sales, change, % | 4.7 | 14.5 | 3.8 | 20.8 |
| Organic net sales, change, % | 5.7 | 11.7 | 4.7 | 15.7 |
| Gross margin, % | 35.0 | 30.6 | 33.3 | 30.7 |
| Depreciation | -66 | -63 | -273 | -284 |
| Amortisation | -3 | -3 | -11 | -11 |
| Impairment other non-current assets | 17 | -9 | -60 | 17 |
| Operating profit, adjusted | 258 | 200 | 910 | 799 |
| Operating profit margin, adjusted % | 11.3 | 9.2 | 10.6 | 9.6 |
| Operating profit (EBIT) | 252 | 174 | 807 | 735 |
| Operating profit margin (EBIT margin), % | 11.0 | 8.0 | 9.4 | 8.9 |
| EBITDA, adjusted | 327 | 270 | 1,194 | 1,100 |
| EBITDA | 304 | 249 | 1,151 | 1,013 |
| Profit margin, % | 10.2 | 6.7 | 7.7 | 6.9 |
| Segments | ||||
| Branded packaged products | ||||
| Net sales | 1,631 | 1,621 | 6,219 | 6,153 |
| Operating profit, adjusted | 214 | 200 | 740 | 786 |
| Operating profit margin, adjusted % | 13.1 | 12.3 | 11.9 | 12.8 |
| Pick & mix | ||||
| Net sales | 654 | 561 | 2,394 | 2,148 |
| Operating profit, adjusted | 44 | 0 | 170 | 13 |
| Operating profit margin, adjusted % | 6.7 | 0.0 | 7.1 | 0.6 |
| Financial position | ||||
| Working capital | 1,017 | 796 | 1,017 | 796 |
| Capital expenditure | 66 | 127 | 225 | 379 |
| Net debt | 1,610 | 1,825 | 1,610 | 1,825 |
| Capital employed | 8,370 | 7,973 | 8,370 | 7,973 |
| Return on capital employed, % (Rolling 12 months) | 11.2 | 10.9 | 11.2 | 10.9 |
| Equity/assets ratio, % | 48.8 | 47.7 | 48.8 | 47.7 |
| Net debt/equity ratio, % | 29.6 | 35.8 | 29.6 | 35.8 |
| Return on equity, % (Rolling 12 months) | 8.8 | 8.6 | 8.8 | 8.6 |
| Equity per share, SEK Net debt/EBITDA, x (Rolling 12 months) |
19.0 | 17.9 | 19.0 | 17.9 1.7 |
| 1.3 | 1.7 | 1.3 | ||
| Cash flow | ||||
| Cash flow from operating activities | 308 | 478 | 765 | 778 |
| Cash flow from investing activities | -32 | -84 | -91 | -280 |
| Cash flow after investments | 276 | 394 | 674 | 498 |
| Free cash flow | 264 | 394 | 602 | 496 |
| Free cash flow yield (Rolling 12 months), % | 8.3 | 9.5 | 8.3 | 9.5 |
| Cash flow from operating activities per share, SEK | 1.1 | 1.7 | 2.7 | 2.7 |
| Employees | ||||
| Average number of employees | 2,556 | 2,589 | 2,577 | 2,582 |
Reconciliation of alternative performance measures key figures
| Fourth quarter | Full Year | |||
|---|---|---|---|---|
| SEKm | 2024 | 2023 | 2024 | 2023 |
| Items affecting comparability | ||||
| Acquisitions, integration and restructurings | -6 | -26 | -103 | -64 |
| of which: impairment non-current assets | 17 | -5 | -60 | 23 |
| Items affecting comparability | -6 | -26 | -103 | -64 |
| Corresponding line in the condensed consolidated profit and loss account: | ||||
| Cost of goods sold | 16 | -21 | 25 | -48 |
| Selling expenses | 0 | - | -3 | 1 |
| General and administrative expenses | -22 | -5 | -125 | -17 |
| Total | -6 | -26 | -103 | -64 |
| Operating profit, adjusted | ||||
| Operating profit | 252 | 174 | 807 | 735 |
| Minus: Items affecting comparability | -6 | -26 | -103 | -64 |
| Operating profit, adjusted | 258 | 200 | 910 | 799 |
| Net sales | 2,285 | 2,182 | 8,613 | 8,301 |
| Operating profit margin, adjusted, % | 11.3 | 9.2 | 10.6 | 9.6 |
| EBITDA, adjusted | ||||
| Operating profit | 252 | 174 | 807 | 735 |
| Minus: Depreciation | -66 | -63 | -273 | -284 |
| Minus: Amortisation | -3 | -3 | -11 | -11 |
| Minus: Impairment non-current assets | 17 | -9 | -60 | 17 |
| EBITDA | 304 | 249 | 1,151 | 1,013 |
| Minus: Items affecting comparability (excl. impairment non-current assets) | -23 | -21 | -43 | -87 |
| EBITDA, adjusted | 327 | 270 | 1,194 | 1,100 |
| Capital employed | ||||
| Total assets | 11,145 | 10,683 | 11,145 | 10,683 |
| Minus: Deferred tax liability | 910 | 900 | 910 | 900 |
| Minus: Non-current provisions | 163 | 160 | 163 | 160 |
| Minus: Current provisions | 11 | 14 | 11 | 14 |
| Minus: Other current liabilities | 1,691 | 1,636 | 1,691 | 1,636 |
| Capital employed | 8,370 | 7,973 | 8,370 | 7,973 |
| Capital employed comparative period previous year | 7,973 | 7,823 | 7,973 | 7,823 |
| Average capital employed | 8,172 | 7,898 | 8,172 | 7,898 |
Reconciliation alternative performance measures, continued
| Fourth quarter | Full Year | |||
|---|---|---|---|---|
| SEKm | 2024 | 2023 | 2024 | 2023 |
| Return on capital employed | ||||
| Operating profit (Rolling 12 months) | 807 | 735 | 807 | 735 |
| Financial income (Rolling 12 months) | 111 | 128 | 111 | 128 |
| Operating profit plus financial income (Rolling 12 months) | 918 | 863 | 918 | 863 |
| Average capital employed | 8,172 | 7,898 | 8,172 | 7,898 |
| Return on capital employed, % | 11.2 | 10.9 | 11.2 | 10.9 |
| Free cash flow yield | ||||
| Cash flow from operating activities (Rolling 12 months) | 765 | 778 | 765 | 778 |
| Cash flows from investments in property, plant and equipment | ||||
| and intangible assets (Rolling 12 months) Free cash flow (Rolling 12 months) |
-163 | -282 | -163 | -282 |
| Number of shares outstanding | 602 | 496 | 602 | 496 |
| Free cash flow per share (Rolling 12 months), SEK | 286,065,407 | 285,342,034 | 286,065,407 | 285,342,034 |
| Market price per share, SEK | 2.10 | 1.74 | 2.10 | 1.74 |
| 25.20 | 18.32 | 25.20 | 18.32 | |
| Free cash flow yield (Rolling 12 months), % | 8.3 | 9.5 | 8.3 | 9.5 |
| Changes in net sales | ||||
| Net sales | 2,285 | 2,182 | 8,613 | 8,301 |
| Net sales comparative period previous year | 2,182 | 1,905 | 8,301 | 6,869 |
| Net sales, change | 103 | 277 | 312 | 1,432 |
| Minus: Structural changes | -28 | - | -70 | - |
| Minus: Changes in exchange rates | 7 | 54 | -12 | 356 |
| Organic growth | 124 | 223 | 394 | 1,076 |
| Organic growth, % | 5.7 | 11.7 | 4.7 | 15.7 |
Quarterly data
| Profit and loss account Net sales 2,285 2,196 2,038 2,094 2,182 2,148 1,998 1,973 1,905 Cost of goods sold -1,485 -1,493 -1,321 -1,448 -1,514 -1,524 -1,358 -1,355 -1,257 Gross profit 800 703 717 646 668 624 640 618 648 Selling expenses -327 -268 -298 -267 -300 -248 -267 -258 -283 General and administrative expenses -221 -197 -295 -186 -194 -175 -191 -182 -178 Operating profit 252 238 124 193 174 201 182 178 187 Exchange differences on cash and cash equivalents in foreign currencies 4 -26 16 -29 27 67 -66 -71 -27 Other financial income 23 20 33 35 39 33 33 23 18 Other financial expenses -47 -66 -60 -51 -94 -64 -53 -39 -28 Net financial items -20 -72 -11 -45 -28 36 -86 -87 -37 Profit before tax 232 166 113 148 146 237 96 91 150 Income tax -74 -36 -31 -41 -8 -76 -23 -26 -42 Profit for the period 158 130 82 107 138 161 73 65 108 Profit for the period attributable to: Owners of the Parent Company 158 130 82 107 138 161 73 65 108 Key figures Profit Depreciation, amortisation and impairment -52 -57 -162 -73 -75 -76 -77 -50 -70 Operating profit, adjusted 258 238 222 192 200 208 191 200 183 EBITDA, adjusted 327 306 290 271 270 288 271 271 249 EBITDA 304 295 286 266 249 277 259 228 257 Operating profit margin, adjusted % 11.3 10.8 10.9 9.2 9.2 9.7 9.6 10.1 9.6 Operating profit margin (EBIT margin), % 11.0 10.8 6.1 9.2 8.0 9.4 9.1 9.0 9.8 Earnings per share, SEK Basic and diluted1 0.55 0.45 0.29 0.37 0.48 0.56 0.26 0.23 0.38 Segments Branded packaged products Net sales 1,631 1,588 1,487 1,513 1,621 1,620 1,464 1,448 1,424 Operating profit, adjusted 214 191 183 152 200 216 186 184 180 Operating profit margin, adjusted % 13.1 12.0 12.3 10.0 12.3 13.3 12.7 12.7 12.6 Pick & mix Net sales 654 608 551 581 561 528 534 525 481 Operating profit/loss, adjusted 44 47 39 40 0 -8 5 16 3 Operating profit margin, adjusted % 6.7 7.7 7.1 6.9 0.0 -1.5 0.9 3.0 0.6 Financial position Share price, last paid, SEK 25.20 24.46 20.62 18.19 18.32 18.26 19.61 21.88 20.86 Return on equity, % (Rolling 12 months) 8.8 8.8 9.5 8.8 8.6 7.8 7.3 4.1 5.5 Equity per share, SEK 19.0 18.1 18.0 19.0 17.9 18.2 18.0 18.0 17.5 Net Debt/EBITDA, x (Rolling 12 months) 1.3 1.6 1.8 1.6 1.7 2.0 2.3 2.0 1.9 Cash flow Free cash flow 264 211 28 99 394 123 2 -23 241 Cash flow from operating |
SEKm | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2023 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2022 | Q4 2022 |
|---|---|---|---|---|---|---|---|---|---|---|
| activities per share, SEK | 1.1 | 0.9 | 0.2 | 0.5 | 1.7 | 0.7 | 0.3 | 0.1 | 1.0 |
1 During 1 till 9 November 2021, during 31 October till 23 November 2022 and on 30 October 2023, Cloetta purchased 1,590,629, 1 ,622,932 and 63,704 treasury shares respectively to fulfil its future obligation to deliver shares to the participants of the long-term share-based incentive plan, if vesting conditions are met. On 29 April 2024, a total of 723,373 treasury shares were granted to the participants of the long-term share-based incentive plan 2021 on vesting. On 28 November 2024, Cloetta entered into a forward contract to repurchase 1,531,492 own shares to fulfill its future obligations to deliver shares to the participants of the long-term share-based incentive plan, if vesting conditions are met.
Reconciliation of alternative performance measures per quarter
| EKm | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2023 | Q4 2023 | Q3 2023 | Q2 2022 | Q1 2022 | Q4 2022 |
|---|---|---|---|---|---|---|---|---|---|
| Items affecting comparability Acquisitions, integration and restructurings |
-6 | 0 | -98 | 1 | -26 | -7 | -9 | -22 | -18 |
| of which: impairment non-current assets | 17 | 11 | -94 | 6 | -5 | 4 | 3 | 21 | -4 |
| Other items affecting comparability | - | - | - | - | - | - | - | - | 22 |
| Items affecting comparability | -6 | 0 | -98 | 1 | -26 | -7 | -9 | -22 | 4 |
| Corresponding line in the condensed consolidated profit and loss account: |
|||||||||
| Cost of goods sold | 16 | 6 | -1 | 4 | -21 | -3 | -4 | -20 | 12 |
| Selling expenses | 0 | - | -3 | - | - | 1 | - | - | - |
| General and administrative expenses | -22 | -6 | -94 | -3 | -5 | -5 | -5 | -2 | -8 |
| Total | -6 | 0 | -98 | 1 | -26 | -7 | -9 | -22 | 4 |
| Operating profit, adjusted | |||||||||
| Operating profit | 252 | 238 | 124 | 193 | 174 | 201 | 182 | 178 | 187 |
| Minus: Items affecting comparability | -6 | 0 | -98 | 1 | -26 | -7 | -9 | -22 | 4 |
| Operating profit, adjusted | 258 | 238 | 222 | 192 | 200 | 208 | 191 | 200 | 183 |
| Net sales | 2,285 | 2,196 | 2,038 | 2,094 | 2,182 | 2,148 | 1,998 | 1,973 | 1,905 |
| Operating profit margin, adjusted, % | 11.3 | 10.8 | 10.9 | 9.2 | 9.2 | 9.7 | 9.6 | 10.1 | 9.6 |
| EBITDA, adjusted | |||||||||
| Operating profit | 252 | 238 | 124 | 193 | 174 | 201 | 182 | 178 | 187 |
| Minus: Depreciation | -66 | -65 | -67 | -75 | -63 | -76 | -78 | -67 | -63 |
| Minus: Amortisation | -3 | -3 | -2 | -3 | -3 | -3 | -2 | -3 | -3 |
| Minus: Impairment non-current assets | 17 | 11 | -93 | 5 | -9 | 3 | 3 | 20 | -4 |
| EBITDA | 304 | 295 | 286 | 266 | 249 | 277 | 259 | 228 | 257 |
| Minus: Items affecting comparability (excl. impairment non-current assets) |
-23 | -11 | -4 | -5 | -21 | -11 | -12 | -43 | 8 |
| EBITDA, adjusted | 327 | 306 | 290 | 271 | 270 | 288 | 271 | 271 | 249 |
| Capital employed | |||||||||
| Total assets | 11,145 | 10,886 | 10,779 | 11,162 | 10,683 | 10,873 | 10,916 | 10,732 | 10,316 |
| Minus: Deferred tax liability | 910 | 840 | 880 | 908 | 900 | 922 | 929 | 893 | 884 |
| Minus: Non-current provisions | 163 | 161 | 159 | 166 | 160 | 165 | 162 | 148 | 107 |
| Minus: Current provisions | 11 | 14 | 17 | 16 | 14 | 2 | 2 | 2 | 6 |
| Minus: Other current liabilities | 1,691 | 1,770 | 1,728 | 1,756 | 1,636 | 1,731 | 1,764 | 1,726 | 1,496 |
| Capital employed Capital employed comparative period |
8,370 | 8,101 | 7,995 | 8,316 | 7,973 | 8,053 | 8,059 | 7,963 | 7,823 |
| previous year | 7,973 | 8,053 | 8,059 | 7,963 | 7,823 | 7,581 | 7,369 | 7,555 | 7,388 |
| Average capital employed | 8,172 | 8,077 | 8,027 | 8,140 | 7,898 | 7,817 | 7,714 | 7,759 | 7,606 |
Reconciliation alternative performance measures, continued
| SEKm | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2023 | Q4 2023 | Q3 2023 | Q2 2022 | Q1 2022 | Q4 2022 |
|---|---|---|---|---|---|---|---|---|---|
| Return on capital employed | |||||||||
| Operating profit (Rolling 12 months) | 807 | 729 | 692 | 750 | 735 | 748 | 733 | 490 | 466 |
| Financial income (Rolling 12 months) | 111 | 127 | 140 | 140 | 128 | 107 | 109 | 89 | 83 |
| Operating profit plus financial income | |||||||||
| (Rolling 12 months) | 918 | 856 | 832 | 890 | 863 | 855 | 842 | 579 | 549 |
| Average capital employed | 8,172 | 8,077 | 8,027 | 8,140 | 7,898 | 7,817 | 7,714 | 7,759 | 7,606 |
| Return on capital employed, % | 11.2 | 10.6 | 10.4 | 10.9 | 10.9 | 10.9 | 10.9 | 7.5 | 7.2 |
| Free cash flow yield | |||||||||
| Cash flow from operating activities | |||||||||
| (Rolling 12 months) Cash flows from investments in property, |
765 | 935 | 879 | 903 | 778 | 581 | 677 | 516 | 519 |
| plant and equipment and intangible | |||||||||
| assets | |||||||||
| (Rolling 12 months) Free cash flow (Rolling 12 months) |
-163 | -203 | -235 | -285 | -282 | -238 | -234 | -211 | -214 |
| 602 | 732 | 644 | 618 | 496 | 343 | 443 | 305 | 305 | |
| Number of shares outstanding | 286,065,407 | 286,065,407 | 286,065,407 | 285,342,034 | 285,342,034 | 285,405,738 | 285,405,738 | 285,405,738 | 285,405,738 |
| Free cash flow per share (Rolling 12 months), SEK |
2.10 | 2.56 | 2.25 | 2.17 | 1.74 | 1.20 | 1.55 | 1.07 | 1.07 |
| Market price per share, SEK | 25.20 | 24.46 | 20.62 | 18.19 | 18.32 | 18.26 | 19.61 | 21.88 | 20.86 |
| Free cash flow yield (Rolling 12 | |||||||||
| months), % | 8.3 | 10.5 | 10.9 | 11.9 | 9.5 | 6.6 | 7.9 | 4.9 | 5.1 |
| Changes in net sales | |||||||||
| Net sales | 2,285 | 2,196 | 2,038 | 2,094 | 2,182 | 2,148 | 1,998 | 1,973 | 1,905 |
| Net sales comparative period previous year |
2,182 | 2,148 | 1,998 | 1,973 | 1,905 | 1,798 | 1,626 | 1,540 | 1,662 |
| Net sales, change | |||||||||
| Minus: Structural changes | 103 | 48 | 40 | 121 | 277 | 350 | 372 | 433 | 243 |
| Minus: Changes in exchange rates | -28 | -32 | -10 | - | - | - | - | - | - |
| 7 | -42 | 14 | 9 | 54 | 131 | 100 | 71 | 85 | |
| Organic growth | 124 | 122 | 36 | 112 | 223 | 219 | 272 | 362 | 158 |
| Organic growth, % | 5.7 | 5.7 | 1.8 | 5.7 | 11.7 | 12.2 | 16.7 | 23.5 | 9.5 |
Parent company
Condensed parent company profit and loss account
| Fourth quarter | Full Year | |||
|---|---|---|---|---|
| SEKm | 2024 | 2023 | 2024 | 2023 |
| Net sales | 35 | 24 | 137 | 113 |
| Gross profit | 35 | 24 | 137 | 113 |
| General and administrative expenses | -70 | -53 | -177 | -143 |
| Operating profit/loss | -35 | -29 | -40 | -30 |
| Net financial items | 448 | 107 | 340 | 29 |
| Dividend income | 1,909 | - | 1,909 | - |
| Profit/loss before tax | 2,322 | 78 | 2,209 | -1 |
| Income tax | -85 | -17 | -58 | -2 |
| Profit/loss for the period | 2,237 | 61 | 2,151 | -3 |
Profit/loss for the period corresponds to comprehensive income for the period.
Condensed parent company balance sheet
| SEKm | 31 Dec 2024 | 31 Dec 2023 |
|---|---|---|
| ASSETS | ||
| Non-current assets | 5,437 | 5,410 |
| Current assets | 540 | 171 |
| TOTAL ASSETS | 5,977 | 5,581 |
| EQUITY AND LIABILITIES | ||
| Equity | 4,056 | 2,212 |
| Non-current liabilities | ||
| Borrowings | 954 | 949 |
| Provisions | 2 | 2 |
| Total non-current liabilities | 956 | 951 |
| Current liabilities | ||
| Borrowings | 149 | 149 |
| Other current liabilities | 816 | 2,269 |
| Total current liabilities | 965 | 2,418 |
| TOTAL EQUITY AND LIABILITIES | 5,977 | 5,581 |
Condensed parent company statement of changes in equity
| Full Year | |||
|---|---|---|---|
| SEKm | 2024 | 2023 | |
| Equity at beginning of period | 2,212 | 2,480 | |
| Profit/loss for the period | 2,151 | -3 | |
| Total comprehensive income | 2,151 | -3 | |
| Transactions with owners | |||
| Forward contract to repurchase own shares | -40 | - | |
| Purchase of treasury shares | - | -1 | |
| Share-based payments | 18 | 21 | |
| Dividend1 | -285 | -285 | |
| Total transactions with owners | -307 | -265 | |
| Equity at end of period | 4,056 | 2,212 |
1 The dividend paid in 2024 comprised a dividend of SEK 1.00 (1.00) per share.
Accounting and valuation policies, disclosures and risk factors
Accounting and valuation policies
Compliance with legislation and accounting standards 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 2024. The consolidated interim report is presented compliant 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 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. For lease accounting the company makes use of the exemption under RFR2 to treat all leases as operating lease.
Basis of accounting
The same accounting policies and methods of computation are applied in the interim financial statements as in the most recent annual financial statements. Reference is made to Note 1 'General information and accounting and valuation policies of the Group' and Note 31 'Changes in accounting policies' in the Annual and sustainability report 2023 at www.cloetta.com. No new standards are effective as from 1 January 2024 which have been endorsed by the EU.
Disclosures
Disaggregation of revenue from contracts with customers Cloetta generates revenues from the transfer of goods and services at a point in time and over time in the following major sales categories and performance obligations.
Disaggregation of revenue
| Fourth quarter | Full Year | |||
|---|---|---|---|---|
| SEKm | 2024 | 2023 | 2024 | 2023 |
| Branded packaged products | 1,631 | 1,621 | 6,219 | 6,153 |
| Pick & mix | 654 | 561 | 2,394 | 2,148 |
| Total | 2,285 | 2,182 | 8,613 | 8,301 |
Breakdown of net sales by category
| Fourth quarter Full Year |
||||
|---|---|---|---|---|
| % | 2024 | 2023 | 2024 | 2023 |
| Candy | 62 | 63 | 62 | 62 |
| Chocolate | 23 | 20 | 21 | 19 |
| Pastilles | 9 | 9 | 9 | 10 |
| Chewing gum | 4 | 4 | 5 | 5 |
| Nuts | 1 | 2 | 1 | 2 |
| Other | 1 | 2 | 2 | 2 |
| Total | 100 | 100 | 100 | 100 |
Breakdown of net sales by country
| Fourth quarter | Full Year | ||||
|---|---|---|---|---|---|
| % | 2024 | 2023 | 2024 | 2023 | |
| Sweden | 31 | 32 | 30 | 30 | |
| Finland | 19 | 19 | 20 | 21 | |
| The Netherlands | 13 | 15 | 14 | 15 | |
| Denmark | 11 | 11 | 11 | 10 | |
| The UK | 5 | 4 | 5 | 5 | |
| Norway | 7 | 6 | 6 | 6 | |
| Germany | 7 | 6 | 7 | 6 | |
| International Markets | 7 | 7 | 7 | 7 | |
| Total | 100 | 100 | 100 | 100 |
Leases
| Right-of-use assets | ||
|---|---|---|
| SEKm | 31 Dec 2024 | 31 Dec 2023 |
| Land and buildings | 59 | 85 |
| Transportation | 65 | 50 |
| Other equipment | 7 | 20 |
| Total right-of-use assets | 131 | 155 |
Additions to the right-of-use assets were SEK 20m (42) during the quarter and SEK 61m (97) for the year.
Lease liability
| 31 Dec | 31 Dec | |
|---|---|---|
| SEKm | 2024 | 2023 |
| Current | 56 | 74 |
| Non-current (between 1-5 years) | 68 | 75 |
| Non-current (over 5 years) | 12 | 10 |
| Total Lease liability | 136 | 159 |
The non-current lease liability of SEK 80m (85) is reflected in the 'long-term borrowings'. The current lease liability of SEK 56m (74) is reflected in the 'short-term borrowings'.
Depreciation charge right-of-use assets
| Fourth quarter | Full Year | |||
|---|---|---|---|---|
| SEKm | 2024 | 2023 | 2024 | 2023 |
| Land and buildings | -9 | -10 | -34 | -37 |
| Transportation | -10 | -12 | -41 | -35 |
| Other equipment | -2 | -7 | -11 | -24 |
| Total depreciation charge right-of-use assets | -21 | -29 | -86 | -96 |
| Fourth Quarter | Full Year | ||||
|---|---|---|---|---|---|
| SEKm | 2024 | 2023 | 2024 | 2023 | Recognised in: |
| Interest expense | -2 | -1 | -5 | -4 | net financial items, in the profit and loss account |
| Expense relating to leases of low-value assets that are not short-term leases |
0 | 0 | -1 | -1 | cost of goods sold, selling expenses and general and administrative expenses, in the profit and loss account |
| Expense relating to short-term leases, where no right-of-use asset has been recognized |
-1 | 0 | -4 | -4 | cost of goods sold, selling expenses and general and administrative expenses, in the profit and loss account |
| Expense relating to variable lease payments not included in lease liabilities |
-11 | -11 | -30 | -29 | cost of goods sold, selling expenses and general and administrative expenses, in the profit and loss account cash flow from operating activities and financing |
| Total cash outflow for leases | -23 | -23 | -84 | -91 | activities, in the cash flow statement |
Taxes
The effective tax rate for the period was negatively impacted by an increase of a tax provision in the UK, the revaluation of deferred tax positions following changes in enacted tax rates, differences between expected and actual tax filings and non-deductible expenses.
Fair value measurement
In the second quarter of 2024 a financial instrument categorised at level 3 of the fair value hierarchy was recognised for an amount of SEK 8m for to the contingent earn-out consideration related to the divestment of the Nutisal brand. In the fourth quarter of 2024, this contingent earn-out consideration has been revalued to zero.
The only items recognised at fair value after initial recognition are:
- the interest rate swaps categorised within level 2 of the fair value hierarchy in all periods presented;
- the deferred selling price related to the divestment of the Nutisal brand that is categorised within level 2 of the fair value hierarchy, as well as;
- the contingent earn-out consideration related to the divestment of the Nutisal brand that is categorised within level 3.
The fair values of financial assets (loans and receivables) and liabilities measured at amortised cost are approximately equal to carrying amounts.
For measurement purposes, the fair value of financial assets and liabilities is estimated by discounting the future contractual cash flows at the current market interest rate that is available to the Group for similar financial instruments. The fair value measurements by level according to the fair value measurement hierarchy are as follows:
- Quoted prices (unadjusted) in active markets for identical assets or liabilities (level 1).
- Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (that is, derived from prices) (level 2).
- Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (level 3).
The following table presents the carrying amounts and fair values of the Group's financial assets and liabilities, including their levels in the fair value hierarchy:
| 31 Dec 2024 | Carrying amount | Fair value | ||||||
|---|---|---|---|---|---|---|---|---|
| Financial assets at |
Other financial liabilities at |
|||||||
| SEKm | Mandatorily at FVTPL |
amortised cost |
carrying value |
Total | Level 1 | Level 2 | Level 3 | Total |
| Financial assets | ||||||||
| • Trade and other receivables, excluding other taxes and social security receivables and prepaid |
||||||||
| expenses and accrued income • Contingent earn-out consideration and |
- | 1,056 | - | 1,056 | ||||
| deferred selling price | 2 | - | - | 2 | - | 2 | - | 2 |
| • Single currency interest rate swaps | 5 | - | - | 5 | - | 5 | - | 5 |
| • Cash and cash equivalents | - | 953 | - | 953 | ||||
| Total assets | 7 | 2,009 | - | 2,016 | - | 7 | - | 7 |
| Financial liabilities | ||||||||
| • Loans from credit institutions | - | - | 2,232 | 2,232 | ||||
| • Commercial papers | - | - | 149 | 149 | ||||
| • Forward contract to repurchase own | ||||||||
| shares | - | - | 40 | 40 | - | 2 | - | 2 |
| • Single currency interest rate swaps | 9 | - | - | 9 | - | 9 | - | 9 |
| • Trade and other payables, excluding other taxes and social security payables |
- | - | 1,424 | 1,424 | ||||
| Total liabilities | 9 | - | 3,845 | 3,854 | - | 11 | - | 11 |
| 31 Dec 2023 | Carrying amount | Fair value | ||||||
|---|---|---|---|---|---|---|---|---|
| Mandatorily | Financial assets at amortised |
Other financial liabilities at carrying |
||||||
| SEKm | at FVTPL | cost | value | Total | Level 1 | Level 2 | Level 3 | Total |
| Financial assets • Trade and other receivables, excluding other taxes and social security receivables and prepaid expenses and accrued income |
- | 989 | - | 989 | ||||
| • Single currency interest rate swaps | 23 | - | - | 23 | - | 23 | - | 23 |
| • Cash and cash equivalents | - | 658 | - | 658 | ||||
| Total assets | 23 | 1,647 | - | 1,670 | - | 23 | - | 23 |
| Financial liabilities | ||||||||
| • Loans from credit institutions | - | - | 2,187 | 2,187 | ||||
| • Commercial papers | - | - | 149 | 149 | ||||
| • Single currency interest rate swaps • Trade and other payables, excluding other taxes and social security payables |
9 - |
- - |
- 1,433 |
9 1,433 |
- | 9 | - | 9 |
| Total liabilities | 9 | - | 3,769 | 3,778 | - | 9 | - | 9 |
No transfers between fair value hierarchy levels have occurred during the financial year or the prior financial year. The fair value of financial instruments that are not traded in an active market (for example, over-thecounter derivatives) is determined by using valuation techniques. These valuation techniques maximise the use of observable market data where it is available and rely as little as possible on entity-specific estimates. If all significant inputs required to determine the fair value of an instrument are observable, the instrument is included within level 2.
The valuation of the instruments is based on quoted market prices, but the underlying swap amounts are based on the specific requirements of the Group. These instruments are therefore included within level 2. The fair value measurement of the contingent earn-out consideration requires the use of significant unobservable inputs and is thereby initially categorised at level 3. The valuation techniques and inputs used to value financial instruments are:
- Quoted market prices or dealer quotes for similar instruments.
- The fair value of interest rate swaps is calculated as the present value of the estimated future cash flows based on observable yield curves.
- The fair value of forward foreign currency contracts is calculated using the difference between the exchange rate on the spot date with the contractually agreed upon exchange rates.
- Other techniques, such as discounted cash flow analysis, are used to determine the fair value of the remaining financial instruments.
The contingent earn-out consideration is measured at fair value using a scenario model with an earn-out threshold, different results and related changes. These data are aligned with the earn-out contract. The interrelationship between significant unobservable inputs and fair value measurement are: The estimated fair value of the contingent earn-out consideration related to the divestment of the Nutisal brand will increase (decrease) if the forecasted combined sales value of Cloetta and De Monchy Food Group of the Nutisal products during the period 1 July 2024 until 30 June 2025 is higher (lower).
Parent Company
Cloetta AB's primary activities include head office functions such as groupwide management and administration. The comments below refer to the period from 1 January to 31 December 2024. Net sales in the Parent Company amounted to SEK 137m (113) and relate mainly to intra-group services. Operating loss was SEK -40m (-30). Net financial items totalled SEK 340m (29). Dividend income amounted to SEK 1,909m (0). Profit/loss before tax was SEK 2,209m (-1) and profit/loss for the period was SEK 2,151m (-3). Cash and cash equivalents and short-term investments amounted to SEK 0m (0).
The Cloetta share
Cloetta's class B share is listed on Nasdaq Stockholm, Mid Cap. During the period from 1 January to 31 December 2024, a total of 172,962,836, shares were traded for a combined value of SEK 3 066m, equivalent to around 61 per cent of the total number of class B shares at the end of the year. The highest quoted bid price during the period from 1 January to 31 December 2024 was SEK 27.52 (28 October) and the lowest was SEK 15.92 (23 April). The share price on 31 December 2024 was SEK 25.20 (last price paid). During the period from 1 January to 31 December 2024, the Cloetta share increased by 37.0 per cent while the Nasdaq OMX Stockholm PI index increased by 5,7 per cent. Cloetta's share capital at 31 December 2024 amounted to 1,443,096,495. The total number of shares is 288,619,299, consisting of 5,735,249 (5,735,249) class A shares and 282,884,050 (282,884,050) class B shares, equal to a quota value of SEK 5 per share. At 31 December 2024, Cloetta had 2,553,892 class B shares in treasury.
Shareholders
On 31 December 2024, Cloetta AB had 40,831 shareholders. The largest shareholder was AB Malfors Promotor with a holding corresponding to 42.9 per cent of the votes and 32.7 per cent of the share capital in the company. Van Lanschot Kempen Investment Management was the second largest shareholder with 4.2 per cent of the votes and 4.9 per cent of the share capital. The third largest shareholder was LSV Asset Management with 3.2 per cent of the votes and 3.7 per cent of the share capital.
Cloetta regularly updates its list of shareholders on its investor website www.cloetta.com/en/investors/.
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 Annual and sustainability report 2023 and consist of industry and market-related risks, operational risks and financial risks.
Compared to the Annual and sustainability report, which was issued on 11 March 2024, the risk-profile of Cloetta has not significantly changed although the rising input costs and global supply chain challenges are materialising and may further affect the business performance of Cloetta.
Definitions
| General | All amounts in the tables are presented in SEK millions unless otherwise stated. All amounts in brackets () represent comparative figures for the same period of the prior year, unless otherwise stated. |
||||
|---|---|---|---|---|---|
| Margins | Definition/calculation | Purpose | |||
| Gross margin | Net sales less cost of goods sold as a percentage of net sales. |
Gross margin measures production profitability. | |||
| Gross margin, adjusted | Net sales, adjusted for items affecting comparability less cost of goods sold, adjusted for items affecting comparability as a percentage of net sales, adjusted for items affecting comparability. |
Adjusted gross margin excludes the impact of items affecting comparability, enabling a comparison of production profitability. |
|||
| Operating profit margin, adjusted | Operating profit, adjusted for items affecting comparability, as a percentage of net sales. |
Adjusted operating profit margin excludes the impact of items affecting comparability, enabling a comparison of operational profitability. |
|||
| Operating profit margin (EBIT margin) | Operating profit expressed as a percentage of net sales. |
Operating profit margin is used for measuring the operational profitability. |
|||
| Profit margin | Profit/loss before tax expressed as a percentage of net sales. |
This metric enables the profitability to be compared across locations where corporate taxes differ. |
|||
| Return | Definition/calculation | Purpose | |||
| Free cash flow | Sum of the cash flow from operating activities and cash flow from investments in property, plant and equipment and intangible assets. |
The free cash flow is the cash flow available to all investors consisting of shareholders and lenders. |
|||
| Free cash flow yield | Free cash flow of the last 12 months divided by the number of outstanding shares at the end of the period and consequently divided by the market price per share at the end of the period. |
This metric is an indicator for the return on investment of investors in the company. |
|||
| Return on capital employed | Operating profit plus financial income as a percentage of average capital employed. The average capital employed is calculated by taking the capital employed per period end and the capital employed by period end of the comparative period in the previous year divided by two. |
Return on capital employed is used to analyse profitability, based on the amount of capital used. The leverage of the company is the reason that this metric is used next to return on equity, because it includes equity, but takes into account borrowings and other liabilities as well. |
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| Return on equity | Profit from continuing operations for the period as a percentage of total equity. |
Return on equity is used to measure profit generation, given the resources attributable to the owners of the Parent Company. |
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| Capital structure | Definition/calculation | Purpose | |||
| Capital employed | Total assets less interest-free liabilities (including deferred tax). |
Capital employed measures the amount of capital used and serves as input for the return on capital employed. |
|||
| Equity/assets ratio | Equity at the end of the period as a percentage of total assets. The equity/assets ratio represents the amount of assets on which shareholders have a residual claim. |
This ratio is an indicator of the company's leverage used to finance the firm. |
|||
| Gross debt | Gross current and non-current borrowings, credit overdraft facilities, lease liabilities, derivative financial instruments and interest payable. |
Gross debt represents the total debt obligation of the company irrespective of its maturity. |
|||
| Net debt | Gross debt less cash and cash equivalents. | The net debt is used as an indication of the ability to pay off all debts if these became due simultaneously on the day of calculation, using only available cash and cash equivalents. |
|||
| Net debt/EBITDA | Net debt at the end of the period divided by the EBITDA, adjusted, for the last 12 months, taking into consideration the annualisation of EBITDA for acquired or divested companies. |
The net debt/EBITDA ratio approximates the company's ability to decrease its debt. It represents the number of years it would take to pay back debt if net debt and EBITDA were held constant, ignoring the impact of cash flows from interest, tax and capital expenditure. |
|||
| Net debt/equity ratio | Net debt at the end of the period divided by equity at the end of the period. |
The net debt/equity ratio measures the extent to which the company is funded by debt. Because cash and overdraft facilities can be used to pay-off debt at short notice, the leverage takes into account net debt instead of gross debt. |
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| Working capital | Total inventories and trade and other receivables adjusted for trade and other payables. |
Working capital is used to measure the company's ability, besides cash and cash equivalents, to meet current operational obligations. |
|||
| Data per share | Definition/calculation | Purpose | |||
| Cash flow from operating activities per share | Cash flow from operating activities in the period divided by the average number of outstanding shares. |
The cash flow from operating activities per share measures the amount of cash the company generates per share from the revenues it brings in, irrespective of the capital investments and cash flows related to the financing structure of the company. |
|||
| Earnings per share | Profit for the period divided by the average number of outstanding shares adjusted for the effect of treasury shares. |
The earnings per share measures the amount of net profit that is available for payment to shareholders per share. |
$$\mathcal{Cat}$$
| Equity per share | Equity at the end of the period divided by number of | Equity per share measures the net-asset value |
|---|---|---|
| outstanding shares at the end of the period. | backing up each share of the company's equity and determines if a company is increasing shareholder |
|
| value over time. |
| Other definitions | Definition/calculation | Purpose |
|---|---|---|
| Amortisation | Amortisation of intangible assets except for amortisation on software which is included in "Depreciation". |
Amortisation deviates from depreciation where amortisation has the purpose to spread capitalised expenses over the useful lifetime of these expenses. |
| Depreciation | Depreciation of property, plant and equipment and amortisation of software. |
Depreciation deviates from amortisation where depreciation has the purpose to spread the cost of a non current asset over the useful lifetime of these assets. |
| EBITDA | Operating profit before depreciation, amortisation and impairments of other non-current assets. |
EBITDA is used to measure the cash flow generated from operating activities, eliminating the impact of financing and accounting decisions. |
| EBITDA, adjusted | Operating profit, adjusted for items affecting comparability, before depreciation, amortisation and impairments of other non-current assets. |
Adjusted EBITDA increases the comparability of EBITDA. |
| Effective tax rate | Income tax as a percentage of profit before tax. | This metric enables the income tax to be compared across locations where corporate taxes differ. |
| Gross profit, adjusted | Net sales, adjusted for items affecting comparability less cost of goods sold, adjusted for items affecting comparability. |
Gross profit, adjusted increases the comparability of gross profit. |
| Items affecting comparability |
Items affecting comparability are those significant items which are separately disclosed by virtue of their size or incidence, in order to enable a full understanding of the Group's financial performance. These include items such as restructurings, impact from acquisitions or divestments. |
Items affecting comparability increases the comparability of the Group's financial performance. |
| Net financial items | The total of exchange differences on cash and cash equivalent in foreign currencies, other financial income and other financial expenses. |
The net financial items reflects the company's total costs of external financing. |
| Net sales, change | Net sales as a percentage of net sales in the comparative period of the previous year. |
Net sales, change reflects the company's realised top-line growth over time. |
| Operating profit (EBIT) | Operating profit consists of comprehensive income before net financial items and income tax. |
This metric enables the profitability to be compared across locations where corporate taxes differ, irrespective the financing structure of the company. |
| Operating profit (EBIT), adjusted | Operating profit adjusted for items affecting comparability. |
Operating profit, adjusted increases the comparability of operating profit. |
| Organic growth | Net sales, change excluding acquisition-driven growth and changes in exchanges rates. |
Organic growth excludes the impact of changes in group structure and exchange rates, enabling a comparison on net sales growth over time. |
| Structural changes | Net sales, change resulting from changes in group structure. |
Structural changes measure the contribution of changes in group structure to the net sales growth. |
Glossary
| Branded packaged products | Products that are mainly sold under brands and are packaged. |
|---|---|
| FVTPL | Fair Value Through Profit and Loss. |
| Pick & mix | Cloetta's range of candy and natural snacks that are picked by the consumers themselves. |
| Pick & mix concept | Cloetta's complete concept in pick & mix including products, displays and accompanying store and logistic services. |
Exchange rates
| SEK | 31 Dec 2024 | 31 Dec 2023 |
|---|---|---|
| EUR, average | 11.4408 | 11.4821 |
| EUR, end of period | 11.4590 | 11.0960 |
| NOK, average | 0.9831 | 1.0046 |
| NOK, end of period | 0.9715 | 0.9871 |
| GBP, average | 13.5177 | 13.2099 |
| GBP, end of period | 13.8197 | 12.7680 |
| DKK, average | 1.5339 | 1.5410 |
| DKK, end of period | 1.5365 | 1.4888 |
Business model
Cloetta's business model is to offer strong local brands in confectionery and nuts and provide effective sales and distribution to the retail trade. Together, this will ensure continued positive development of the company's leading market positions.
Value drivers
- Strong brands and market positions in a non-cyclical market
- Excellent availability in the retail trade with the help of a strong and effective sales and distribution organisation
- Good consumer knowledge and loyalty
- Innovative product and packaging development
- Effective production with high and consistent quality
About Cloetta
Cloetta is a leading confectionery company in Northern Europe. In total, Cloetta products are sold in more than 60 countries worldwide. Cloetta owns some of the strongest brands on the market, such as Läkerol, CandyKing, Jenkki, Kexchoklad, Malaco, Sportlife and Red Band. Cloetta has six production units in five countries. Cloetta's class B shares are traded on Nasdaq Stockholm.
Cloetta AB (publ)
Corp. ID no. 556308-8144 Landsvägen 50A, Box 2052, 174 02, Sundbyberg, Sweden
Tel +46 (0)8-52 72 88 00 More information about Cloetta is available at www.cloetta.com
