Second quarter compared to pro forma 2013
Â€¢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
Â€¢Adjusted* operating income decreased to 76.3 (90.3) MSEK, mainly due to the termination of the contract in
Â€¢Adjusted* income for the period amounted to 22.2 (40.7) MSEK, and adjusted* earnings per share were 0.44
Â€¢Adjusted* operating cash flow increased to 186.6 (79.8) MSEK, mainly driven by a reduction of inventories.
Â€¢Scandi StandardÂ€™s shares were listed on NASDAQ OMX Stockholm on 27 June.
Â€¢A new credit facility has been established, which will substantially reduce annual interest costs.
Â€¢Outlook for the full year 2014 remains unchanged. See page 4.
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
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