q3 2016 results 27 october 2016 - cloetta...q3 2016 results – 27 october 2016 danko maras, interim...
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Q3 2016 results – 27 October 2016
Danko Maras, Interim President and CEO/CFO
Jacob Broberg, SVP IR
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Continued improved operating profit
• Net sales for the quarter decreased by 0.8 per cent to SEK 1,448m (1,459),
including a negative impact of foreign exchange rates of -0.1 per cent.
• Operating profit increased to SEK 216m (212).
• Operating profit, adjusted, increased to SEK 224m (194).
• Cash flow from operating activities amounted to SEK 116m (174).
• Net debt/EBITDA ratio was 2.76x (3.39).
• New loan agreement has been entered into and senior secured notes have been
redeemed.
Q3 highlights
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Overall market and sales development
Sales declined somewhat
Cloetta´s main markets
• Overall slightly positive or unchanged market
development in all countries, except Denmark
and Norway.
• Organic sales growth -0.7 per cent.
• Sales grew in Sweden, Finland, Italy, Norway
and the export markets, and declined in the
Netherlands, the UK, Germany and Denmark.
Also contract manufacturing declined.
• Positive sales trend in Sweden and Finland
predominantly driven by pick-and-mix.
• Drop in sales in the UK partly attributable to
weaker British pound. In the Netherlands, sales
of special products to discounters declined.
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Key ratios,
SEKm
Jul-Sep
2016
Margin
%
Change
%
Jul-Sep
2015
Margin
%
Rolling
12
Full year
2015
Net sales 1,448 -0.8 1,459 5,790 5,674
Gross profit 574 39.6 1.6 565 38.7 2,283 2,211
Operating profit, adjusted 224 15.5 15.5 194 13.3 755 690
Operating profit (EBIT) 216 14.9 1.9 212 14.5 705 671
Net financial items -71 -43 -197 -178
Profit before tax 145 -14.2 169 508 493
Profit for the period 108 -16.9 130 386 386
Continued improved operating profit
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Changes in net sales Jul-Sep
2016
Jan-Sep
2016
Full year
2015
Organic growth -0.7% 0.2% 1.5%
Structural changes - 3.1% 3.9%
Changes in exchange rates -0.1% -0.4% 1.4%
Total -0.8% 2.9% 6.8%
Changes in net sales
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Net sales, Operating profit and
Operating profit, adjusted
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Net sales Operating profit (EBIT) Operating profit, adjusted
52
85
178
262
90
130
212
239
108
142
216
0
50
100
150
200
250
300
Q1 Q2 Q3 Q4
SE
Km
74
108
193
257
108
133
194
255
126
150
224
0
50
100
150
200
250
300
Q1 Q2 Q3 Q4
SE
Km
1,200
0
1,700
1,600
1,500
1,400
1,300
Q4
1,622
1,579
Q3
1,448 1,459
1,303
Q2
1,362
1,280
SE
Km
1,238
Q1
1,358
1,313
1,193
2016 2015 2014
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Strong cash flow from operating activities
7
-35
125 93
147
-16 -23
54
116
91 44
75
290 223
163 174
367
253
114 116
330
131
500
927
-200
0
200
400
600
800
1000
1200
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
SE
Km
Cash flow from operating activities Cash flow from operating activities (rolling 12 months)
2012 2013 2014 2015 2016
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SEKm Jul-Sep
2016
Jul-Sep
2015
Rolling
12
Full year
2015
Cash flow from operating activities before changes in working
capital
219 236 784 697
Cash flow from changes in working capital -103 -62 66 230
Cash flow from operating activities 116 174 850 927
Cash flow from investments in property, plant and equipment
and intangible assets
-42 -30 -160 -161
Cash flow from other investing activities -105 -206 -105 -206
Cash flow from investing activities -147 -236 -265 -367
Cash flow from operating and investing activities -31 -62 585 560
Cash flow from financing activities 213 -28 -320 -518
Cash flow for the period 182 -90 265 42
Cash flow
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Stable net debt/EBITDA despite dividend payments
2013
Financial leverage
4,5
4,0
5,0
3,5
3,0
2,5
0,0
Q3 Q2 Q1 Q4 Q3 Q2
2,50 Target
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q1
2014 2015 2016
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New loan agreement will reduce cost
• New loan agreement with four banks equivalent to SEK 3,700m
– Term loan of EUR 175m with a tenor of three to five years
– Credit facility of EUR 120m with a tenor of five years
– Bridge loan of SEK 1,000m with a tenor of one to two years to redeem Bond
• The SEK 1,000m Bond was redeemed in September
• Net financial items will be reduced by SEK 140m over a five year period compared to
previous financing
– Whereof SEK 50m in 2017
– One-off expenses of SEK 49m in net financial items in Q3, 2016
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Seasonal sales
in Italy and
abolition of
confectionery tax
in Finland
Closure and
transfer of
factory in Dieren
Drive initiatives
within pick-and-
mix
In focus
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Profitable
growth
12
Sweden Denmark
Q3 selection of product launches
Finland
The Netherlands Norway
Italy
Travel retail
and Denmark Sweden and
Norway
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Disclaimer
• This presentation has been prepared by Cloetta AB (publ) (the “Company”) solely for use at this presentation and is furnished to you solely for your information and may not be reproduced or redistributed, in whole or in part, to any other person. The presentation does not constitute an invitation or offer to acquire, purchase or subscribe for securities. By attending the meeting where this presentation is made, or by reading the presentation slides, you agree to be bound by the following limitations.
• This presentation is not for presentation or transmission into the United States or to any U.S. person, as that term is defined under Regulation S promulgated under the Securities Act of 1933, as amended.
• This presentation contains various forward-looking statements that reflect management’s current views with respect to future events and financial and operational performance. The words “believe,” “expect,” “anticipate,” “intend,” “may,” “plan,” “estimate,” “should,” “could,” “aim,” “target,” “might,” or, in each case, their negative, or similar expressions identify certain of these forward-looking statements. Others can be identified from the context in which the statements are made. These forward-looking statements involve known and unknown risks, uncertainties and other factors, which are in some cases beyond the Company’s control and may cause actual results or performance to differ materially from those expressed or implied from such forward-looking statements. These risks include but are not limited to the Company’s ability to operate profitably, maintain its competitive position, to promote and improve its reputation and the awareness of the brands in its portfolio, to successfully operate its growth strategy and the impact of changes in pricing policies, political and regulatory developments in the markets in which the Company operates, and other risks.
• The information and opinions contained in this document are provided as at the date of this presentation and are subject to change without notice.
• No representation or warranty (expressed or implied) is made as to, and no reliance should be placed on, the fairness, accuracy or completeness of the information contained herein. Accordingly, none of the Company, or any of its principal shareholders or subsidiary undertakings or any of such person’s officers or employees accepts any liability whatsoever arising directly or indirectly from the use of this document.
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