Sales and income for the quarter in line with outlook Second quarter compared to pro forma 2013
∑ Net sales increased by 1 percent to 1,302.9 (1,290.2) MSEK, but decreased by 2 percent at constant FX, impacted by the previously communicated termination of a major contract in
I am pleased to present our first quarterly report following the successful completion of the Initial Public Offering (IPO) and listing of the Company on NASDAQ OMX Stockholm on 27 June.
Trends in net sales and operating income during the quarter were generally in line with our expectations. Demand for our products continued with solid growth. Adjusted for the terminated contract in
The Swedish operation reported strong growth in net sales and operating income in the quarter. The margin in
In terms of sales by product category, frozen products outgrew chilled in the quarter. This was mainly due to the high proportion of chilled products sold to ICA Norway last year as well as our focus this year on reducing inventories of frozen products through marketing campaigns in both
Income in the quarter was negatively affected by non-comparable items, including costs for the IPO and for the write-off of arrangement fees for the old credit facility. Adjusted for these costs, operating income and margin declined as compared to an unusually strong second quarter in 2013. For the first half, adjusted operating income decreased by 6 percent but equalled 49 percent of operating income for the full year 2013 pro forma.
Cash flow was strong both for the quarter and the first half, mainly driven by a reduction in working capital. Since year-end 2013 working capital has been reduced from 9.4 percent to 6.3 percent of net sales.
Yesterday we announced the acquisition of
Our outlook for the full year is unchanged and we still expect adjusted operating income to be in line with or higher than 2013 pro forma.
For further information, please contact:
This interim report comprises information which
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