Oatly Group AB (Nasdaq: OTLY) (“Oatly” or the “Company”), the
world’s original and largest oat drink company, today announced
financial results for the third quarter and nine months ended
September 30, 2023.
Jean-Christophe Flatin, Oatly’s CEO, commented,
“I am pleased with the progress that we made in the third quarter.
Our profitability exceeded our internal expectations and improved
sequentially in each segment. We are clearly starting to see the
positive impacts of the bold actions that we have been taking over
the past year, and we remain on track to achieve profitable growth
in 2024.”
Flatin continued, “As we move forward, we are
doubling down on our asset-light production strategy. After a
detailed review of our supply chain networks in EMEA and Americas,
we have found ways to service the growing demand by expanding
capacity at our existing facilities in a more gradual manner. As
such, we have decided to discontinue construction on the third
production facility in each of the two segments. We believe that
this change in our approach will increase our focus by reducing the
complexity of the supply chain, which increases our confidence in
our longer-term margin targets. We also now expect to have lower
capital expenditure requirements, and we expect to spend below $75
million in capital expenditures in each of 2023 and 2024.”
Flatin concluded, “We are also adjusting our
2023 outlook to reflect an acceleration of our strategic actions,
including shifting the customer mix in Americas foodservice and
incremental costs related to Asia's strategy reset. We now expect
full year 2023 constant currency revenue growth to be near the low
end of our 7-12% range and fourth quarter gross margin to be in the
mid-20%s.”
The tables below reconcile revenue as reported
to revenue on a constant currency basis by segment for the three
and nine months ended September 30, 2023 and 2022.
|
|
Three months ended September 30, |
|
|
$ Change |
|
|
% Change |
|
|
|
|
|
|
2023 |
|
|
2022 |
|
|
Asreported |
|
|
Foreign exchange impact |
|
|
Inconstant currency |
|
|
Asreported |
|
|
In constant currency |
|
|
Volume |
|
|
Constant currency price/mix |
|
EMEA |
|
|
101,762 |
|
|
|
82,567 |
|
|
|
101,762 |
|
|
|
5,917 |
|
|
|
95,845 |
|
|
|
23.2 |
% |
|
|
16.1 |
% |
|
|
6.3 |
% |
|
|
9.8 |
% |
Americas |
|
|
58,491 |
|
|
|
60,702 |
|
|
|
58,491 |
|
|
|
— |
|
|
|
58,491 |
|
|
|
-3.6 |
% |
|
|
-3.6 |
% |
|
|
-5.6 |
% |
|
|
2.0 |
% |
Asia |
|
|
27,342 |
|
|
|
39,757 |
|
|
|
27,342 |
|
|
|
(1,274 |
) |
|
|
28,616 |
|
|
|
-31.2 |
% |
|
|
-28.0 |
% |
|
|
-14.8 |
% |
|
|
-13.2 |
% |
Total revenue |
|
|
187,595 |
|
|
|
183,026 |
|
|
|
187,595 |
|
|
|
4,643 |
|
|
|
182,952 |
|
|
|
2.5 |
% |
|
|
0.0 |
% |
|
|
-1.0 |
% |
|
|
1.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended September 30, |
|
|
$ Change |
|
|
% Change |
|
|
|
|
|
|
2023 |
|
|
2022 |
|
|
Asreported |
|
|
Foreign exchange impact |
|
|
Inconstant currency |
|
|
Asreported |
|
|
In constant currency |
|
|
Volume |
|
|
Constant currency price/mix |
|
EMEA |
|
|
296,967 |
|
|
|
255,535 |
|
|
|
296,967 |
|
|
|
(1,463 |
) |
|
|
298,430 |
|
|
|
16.2 |
% |
|
|
16.8 |
% |
|
|
6.6 |
% |
|
|
10.2 |
% |
Americas |
|
|
184,364 |
|
|
|
159,494 |
|
|
|
184,364 |
|
|
|
— |
|
|
|
184,364 |
|
|
|
15.6 |
% |
|
|
15.6 |
% |
|
|
0.7 |
% |
|
|
14.9 |
% |
Asia |
|
|
97,896 |
|
|
|
112,141 |
|
|
|
97,896 |
|
|
|
(4,665 |
) |
|
|
102,561 |
|
|
|
-12.7 |
% |
|
|
-8.5 |
% |
|
|
-1.4 |
% |
|
|
-7.1 |
% |
Total revenue |
|
|
579,227 |
|
|
|
527,170 |
|
|
|
579,227 |
|
|
|
(6,128 |
) |
|
|
585,355 |
|
|
|
9.9 |
% |
|
|
11.0 |
% |
|
|
3.6 |
% |
|
|
7.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Third Quarter 2023 Highlights
- Revenue of $187.6 million, a 2.5%
increase compared to the prior year period; on a constant currency
basis, revenue was flat.
- Gross margin in the quarter was
17.4%, an increase of 1470 basis points compared to the prior year
period and a decrease of 180 basis points compared to the second
quarter of 2023. The Company estimates that it incurred
approximately $6 million of incremental cost of goods sold related
to the Asia strategy reset; these reset costs reduced gross margin
by approximately 320 basis points.
- Net income attributable to
shareholders of the parent was $44.0 million compared to net loss
of $107.9 million in the prior year period.
- EBITDA loss was $54.8 million in
the quarter; Adjusted EBITDA loss was $36.0 million, which is an
improvement of $46.7 million compared to the prior year
period.
- Following certain events after the
end of the reporting period, the Company decided to discontinue the
construction of its new production facilities in the EMEA and
Americas segments. In the fourth quarter of 2023, the Company
expects to incur non-cash impairment charges in the range of $110
to $150 million. The Company also expects to incur restructuring
and other exit costs of approximately $40 to $50 million relating
to these production facilities. The Company currently estimates
these restructuring and other exit costs to result in no more than
$20 million of net cash outflows over the next two fiscal years,
after taking into consideration anticipated proceeds from selling
certain equipment. The decision is expected to increase operational
focus, reduce complexity, and reduce the Company's capital
expenditure requirements, all of which increases management’s
confidence in the Company's longer-term margin targets.
Third Quarter 2023 Results
Revenue increased $4.6 million, or 2.5%, to
$187.6 million for the third quarter ended September 30, 2023,
compared to $183.0 million for the third quarter ended
September 30, 2022. Excluding a foreign currency exchange
tailwind of $4.6 million, revenue for the third quarter was $183.0
million, or flat as compared to the prior year, on a constant
currency basis. Volume growth and price/mix improvements in the
EMEA segment were offset by volume declines in each of the Americas
and Asia segments as well as price/mix declines in the Asia
segment. Sold volume for the third quarter of 2023 amounted to 125
million liters compared to 126 million liters in the same period
last year. Produced finished goods volume for the third quarter of
2023 amounted to 119 million liters compared to 124 million liters
for the same period last year.
The Company experienced revenue growth in the
retail channel, partially offset by declines in the foodservice and
other channels in the third quarter of 2023 compared to the third
quarter of 2022.
Gross profit was $32.6 million for the third
quarter of 2023 compared to $5.0 million for the third quarter of
2022, and $37.7 million for the second quarter of 2023. Gross
margin in the third quarter was 17.4% compared to 2.7% in the third
quarter of 2022, and 19.2% in the second quarter of 2023. The
quarter-over-quarter decrease was primarily driven by cost
increases related to the strategy reset in the Asia segment, mainly
related to inventory write-offs and co-manufacturer penalties,
partially offset by cost improvements in the Americas segment.
Research and development expenses in the third
quarter of 2023 decreased $0.6 million to $4.7 million compared to
$5.2 million in the prior year period.
Selling, general and administrative expenses in
the third quarter of 2023 decreased $16.6 million to $87.1 million
compared to $103.8 million in the prior year period. The decrease
was primarily due to $4.4 million in employee related expenses,
$3.2 million in customer distribution costs, $2.5 million in
branding, advertising and marketing expenses, and a $2.3 million
reduction in external consultants, legal contractor and other
professional fees.
Other operating income and expenses, net for the
third quarter of 2023 increased to an expense of $8.1 million
compared to an expense of $0.3 million in the prior year period,
comprised primarily of $9.25 million in costs related to the
settlement of US securities class action lawsuits.
Finance income and expenses, net for the third
quarter of 2023 increased to an income of $112.8 million compared
to an expense of $7.5 million in the prior-year period. The
increase in the third quarter of 2023 was primarily driven by
change in the fair value of the Convertible Notes issued in the
second quarter of 2023.
Net profit attributable to shareholders of the
parent was $44.0 million for the third quarter of 2023 compared to
net loss of $107.9 million in the prior year period. The increase
in net profit was primarily a result of increased finance income,
as well as higher gross profit and lower selling, general and
administrative expenses.
EBITDA loss for the third quarter of 2023 was
$54.8 million, compared to an EBITDA loss of $92.2 million in the
third quarter of 2022. The improvement in EBITDA loss was primarily
a result of higher gross profit as well as lower selling, general
and administrative expenses.
Adjusted EBITDA loss for the third quarter of
2023 was $36.0 million, compared to a loss of $82.7 million in the
third quarter of 2022. The improvement in adjusted EBITDA loss was
primarily a result of higher gross profit as well as lower selling,
general and administrative expenses.
EBITDA, Adjusted EBITDA loss, and Constant
Currency Revenue are non-IFRS financial measures defined under
“Non-IFRS financial measures.” Please see above revenue at constant
currency table and “Reconciliation of IFRS to Non-IFRS Financial
measures” at the end of this press release.
The following tables set forth revenue, Adjusted
EBITDA, EBITDA and profit/(loss) before tax for the Company's three
reportable segments for the periods presented.
Revenue, Adjusted EBITDA and EBITDA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended September 30, 2023
(in thousands of U.S. dollars) |
|
EMEA |
|
|
Americas |
|
|
Asia |
|
|
Corporate* |
|
|
Eliminations** |
|
|
Total |
|
Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue from external customers |
|
|
101,762 |
|
|
|
58,491 |
|
|
|
27,342 |
|
|
|
— |
|
|
|
— |
|
|
|
187,595 |
|
Intersegment
revenue |
|
|
312 |
|
|
|
— |
|
|
|
2,329 |
|
|
|
— |
|
|
|
(2,641 |
) |
|
|
— |
|
Total segment revenue |
|
|
102,074 |
|
|
|
58,491 |
|
|
|
29,671 |
|
|
|
— |
|
|
|
(2,641 |
) |
|
|
187,595 |
|
Adjusted EBITDA |
|
|
12,326 |
|
|
|
(6,634 |
) |
|
|
(17,934 |
) |
|
|
(23,756 |
) |
|
|
— |
|
|
|
(35,998 |
) |
Share-based
compensation expense |
|
|
(478 |
) |
|
|
(950 |
) |
|
|
(1,249 |
) |
|
|
(3,613 |
) |
|
|
— |
|
|
|
(6,290 |
) |
Restructuring costs(1) |
|
|
— |
|
|
|
112 |
|
|
|
(2,321 |
) |
|
|
(968 |
) |
|
|
— |
|
|
|
(3,177 |
) |
Legal
settlement(2) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(9,250 |
) |
|
|
— |
|
|
|
(9,250 |
) |
Non-controlling interests |
|
|
— |
|
|
|
— |
|
|
|
(74 |
) |
|
|
— |
|
|
|
— |
|
|
|
(74 |
) |
EBITDA |
|
|
11,848 |
|
|
|
(7,472 |
) |
|
|
(21,578 |
) |
|
|
(37,587 |
) |
|
|
— |
|
|
|
(54,789 |
) |
Finance
income and (expenses), net |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
112,841 |
|
Depreciation
and amortization |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(12,559 |
) |
Profit before tax |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
45,493 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended September 30, 2022
(in thousands of U.S. dollars) |
|
EMEA |
|
|
Americas |
|
|
Asia |
|
|
Corporate* |
|
|
Eliminations** |
|
|
Total |
|
Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue from
external customers |
|
|
82,567 |
|
|
|
60,702 |
|
|
|
39,757 |
|
|
|
— |
|
|
|
— |
|
|
|
183,026 |
|
Intersegment
revenue |
|
|
6,236 |
|
|
|
7 |
|
|
|
935 |
|
|
|
— |
|
|
|
(7,178 |
) |
|
|
— |
|
Total segment revenue |
|
|
88,803 |
|
|
|
60,709 |
|
|
|
40,692 |
|
|
|
— |
|
|
|
(7,178 |
) |
|
|
183,026 |
|
Adjusted EBITDA |
|
|
(11,491 |
) |
|
|
(16,577 |
) |
|
|
(28,447 |
) |
|
|
(26,188 |
) |
|
|
— |
|
|
|
(82,703 |
) |
Share-based
compensation expense |
|
|
(175 |
) |
|
|
(1,312 |
) |
|
|
(1,855 |
) |
|
|
(5,161 |
) |
|
|
— |
|
|
|
(8,503 |
) |
Restructuring costs(1) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,005 |
) |
|
|
— |
|
|
|
(1,005 |
) |
EBITDA |
|
|
(11,666 |
) |
|
|
(17,889 |
) |
|
|
(30,302 |
) |
|
|
(32,354 |
) |
|
|
— |
|
|
|
(92,211 |
) |
Finance
income and (expenses), net |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(7,491 |
) |
Depreciation
and amortization |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(12,157 |
) |
Loss
before tax |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(111,859 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended September 30, 2023
(in thousands of U.S. dollars) |
|
EMEA |
|
|
Americas |
|
|
Asia |
|
|
Corporate* |
|
|
Eliminations** |
|
|
Total |
|
Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue from
external customers |
|
|
296,967 |
|
|
|
184,364 |
|
|
|
97,896 |
|
|
|
— |
|
|
|
— |
|
|
|
579,227 |
|
Intersegment
revenue |
|
|
1,522 |
|
|
|
— |
|
|
|
5,465 |
|
|
|
— |
|
|
|
(6,987 |
) |
|
|
— |
|
Total segment revenue |
|
|
298,489 |
|
|
|
184,364 |
|
|
|
103,361 |
|
|
|
— |
|
|
|
(6,987 |
) |
|
|
579,227 |
|
Adjusted EBITDA |
|
|
26,180 |
|
|
|
(26,354 |
) |
|
|
(56,550 |
) |
|
|
(81,615 |
) |
|
|
— |
|
|
|
(138,339 |
) |
Share-based
compensation expense |
|
|
(1,239 |
) |
|
|
(2,601 |
) |
|
|
(3,951 |
) |
|
|
(8,968 |
) |
|
|
— |
|
|
|
(16,759 |
) |
Restructuring costs(1) |
|
|
(1,008 |
) |
|
|
(2,482 |
) |
|
|
(2,457 |
) |
|
|
(6,397 |
) |
|
|
— |
|
|
|
(12,344 |
) |
Legal
settlement(2) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(9,250 |
) |
|
|
— |
|
|
|
(9,250 |
) |
Costs
related to the YYF Transaction(3) |
|
|
— |
|
|
|
(375 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(375 |
) |
Non-controlling interests |
|
|
— |
|
|
|
— |
|
|
|
(74 |
) |
|
|
— |
|
|
|
— |
|
|
|
(74 |
) |
EBITDA |
|
|
23,933 |
|
|
|
(31,812 |
) |
|
|
(63,032 |
) |
|
|
(106,230 |
) |
|
|
— |
|
|
|
(177,141 |
) |
Finance
income and (expenses), net |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
99,333 |
|
Depreciation
and amortization |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(37,256 |
) |
Loss
before tax |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(115,064 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended September 30, 2022
(in thousands of U.S. dollars) |
|
EMEA |
|
|
Americas |
|
|
Asia |
|
|
Corporate* |
|
|
Eliminations** |
|
|
Total |
|
Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue from
external customers |
|
|
255,535 |
|
|
|
159,494 |
|
|
|
112,141 |
|
|
|
— |
|
|
|
— |
|
|
|
527,170 |
|
Intersegment
revenue |
|
|
30,775 |
|
|
|
820 |
|
|
|
1,472 |
|
|
|
— |
|
|
|
(33,067 |
) |
|
|
— |
|
Total segment revenue |
|
|
286,310 |
|
|
|
160,314 |
|
|
|
113,613 |
|
|
|
— |
|
|
|
(33,067 |
) |
|
|
527,170 |
|
Adjusted EBITDA |
|
|
(12,033 |
) |
|
|
(58,176 |
) |
|
|
(54,179 |
) |
|
|
(83,071 |
) |
|
|
— |
|
|
|
(207,459 |
) |
Share-based
compensation expense |
|
|
(3,193 |
) |
|
|
(3,722 |
) |
|
|
(5,646 |
) |
|
|
(15,164 |
) |
|
|
— |
|
|
|
(27,725 |
) |
Restructuring costs(1) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,005 |
) |
|
|
— |
|
|
|
(1,005 |
) |
EBITDA |
|
|
(15,226 |
) |
|
|
(61,898 |
) |
|
|
(59,825 |
) |
|
|
(99,240 |
) |
|
|
— |
|
|
|
(236,189 |
) |
Finance
income and (expenses), net |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(4,507 |
) |
Depreciation
and amortization |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(34,765 |
) |
Loss
before tax |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(275,461 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_________________* Corporate consists of general
overhead costs not allocated to the segments. ** Eliminations in
2023 refer to intersegment revenue for sales of products from EMEA
to Asia and from Asia to EMEA. Eliminations in 2022 primarily refer
to intersegment revenue for sales of products from EMEA to Asia.
(1) Relates primarily to severance payments as the Company
continues to adjust its organizational structure to the macro
environment, and inventory write-offs related to the Company’s
strategy reset in the Asia segment. (2) Relates to US securities
class action litigation settlement expenses. (3) Relates to the
closing of the Ya YA Foods USA LLC Transaction.
EMEA
EMEA revenue increased $19.2 million, or 23.2%,
to $101.8 million for the third quarter of 2023, compared to $82.6
million in the prior year period. The foreign exchange impact on
revenue was $5.9 million compared to the prior year period. The
increase in revenue was primarily driven by price increases
introduced at the beginning of the year as well as solid volume
growth in oat drinks. Approximately 83.5% of EMEA revenue was from
the retail channel for the third quarter of 2023 compared to 82.6%
in the prior year period. The sold finished goods volume for the
three months ended September 30, 2023 and 2022 amounted to 72
million and 67 million liters, respectively. The 6.3% growth in
sold volume was primarily driven by continued solid growth in the
Company's core markets and, to a lesser extent, continued expansion
into new markets.
EMEA EBITDA improved $23.5 million to a profit
of $11.8 million for the third quarter of 2023 compared to a loss
of $11.7 million in the prior year period. The improvement in EMEA
EBITDA was primarily due to higher gross profit, while selling,
general and administrative expenses remained relatively unchanged
compared to the third quarter of 2022. Adjusted EMEA EBITDA was a
profit of $12.3 million compared to a loss of $11.5 million in the
prior year period.
Americas
Americas revenue decreased $2.2 million, or
3.6%, to $58.5 million for the third quarter of 2023, compared to
$60.7 million in the prior year period. The sold finished goods
volume for the three months ended September 30, 2023 and 2022
amounted to 34 million and 36 million liters, respectively. The
5.6% volume decrease was primarily due to lower volumes in the
foodservice channel, partially offset by increases in the retail
channel. Approximately 53.3% of Americas revenue was from the
retail channel in the third quarter of 2023 compared to 53.2% in
the prior year quarter.
Americas EBITDA improved $10.4 million to a loss
of $7.5 million for the third quarter of 2023 compared to a loss of
$17.9 million in the prior year period. The improvement in Americas
EBITDA was primarily due to higher gross profit driven by improving
cost absorption in the facilities as well as lower selling, general
and administrative expenses. Adjusted Americas EBITDA, which
primarily excluded recurring share-based compensation expense of
$1.0 million, was a loss of $6.6 million compared to a loss of
$16.6 million in the prior year period.
Asia
Asia revenue decreased $12.4 million, or 31.2%,
to $27.3 million for the third quarter of 2023, compared to $39.8
million in the prior year period. Excluding a foreign currency
exchange headwind of $1.3 million, Asia revenue for the third
quarter was $28.6 million, or a decrease of 28.0%. The Asia segment
decline was primarily driven by the decision to refocus into the
foodservice channel, resulting in discontinuation of certain
lower-margin products across the retail and e-commerce channels.
Approximately 66.8% of Asia revenue was from the foodservice
channel for the third quarter of 2023 compared to 62.9% in the
prior year quarter. The sold finished goods volume for the three
months ended September 30, 2023 and 2022 amounted to 20
million liters and 23 million liters, respectively.
Asia EBITDA improved $8.7 million to a loss of
$21.6 million for the third quarter of 2023 compared to a loss of
$30.3 million in the prior year period. The improvement in Asia
EBITDA was primarily due to a reduction in selling, general and
administrative expenses. The Company estimates that the segment
also incurred approximately $6 million of inventory write-offs and
co-packer penalties related to the resetting the strategy for the
segment. If not for those incremental costs, the segment's gross
margin would have increased both year-over-year and
quarter-over-quarter as the segment discontinued sales of certain
lower-margin products.
Adjusted Asia EBITDA, which excluded recurring
share-based compensation expense of $1.2 million and $2.3 million
of mainly inventory write-offs directly attributable to the
discontinuation of certain lower-margin products rationalization
executed as part of the reset plan, was a loss of $17.9 million
compared to a loss of $28.4 million in the prior year period.
Corporate Overhead
Corporate overhead expense, which consists of
general overhead costs not allocated to the segments, in the third
quarter of 2023 was $37.6 million compared to $32.4 million in the
prior year period. Adjusted Corporate overhead expense in the third
quarter of 2023 was a loss of $23.8 million compared to a loss of
$26.2 million in the prior year period.
Balance Sheet and Cash Flow
As of September 30, 2023, the Company had
cash and cash equivalents of $283.2 million, and total outstanding
debt of $407.0 million, consisting of Convertible Notes and
liabilities to credit institutions. Net cash used in operating
activities was $151.5 million for the nine months ended
September 30, 2023, compared to $215.2 million during the
prior year period, which was primarily driven by improved operating
result. Capital expenditures were $52.0 million compared to $174.4
million in the prior year period and, in addition, proceeds from
the sale of assets related to the YYF Transaction was $44.0 million
for the nine months ended September 30, 2023. Net cash from
financing activities was $362.0 million reflecting the close on the
previously-announced financing transactions.
Free cash flow was $(203.5) million for the nine
months ended September 30, 2023 compared to $(389.6) million during
the prior year period. The improvement in free cash flow was driven
both by decreased net cash outflow from operating activities and
lower capital expenditures.
Free Cash Flow is a non-IFRS financial measure
defined under “Non-IFRS financial measures.” Please see
“Reconciliation of IFRS to Non-IFRS Financial measures” at the end
of this press release.
Outlook
Based on the Company’s assessment of the current
operating environment and the actions it is taking, the Company is
updating its guidance. The Company now expects:
- Revenue growth for full year 2023 on a constant currency basis
near the low end of its previously-provided range of 7% to
12%,
- Foreign exchange to reduce net sales by approximately 100 basis
point for the year,
- Fourth quarter gross margin in the mid-20%s, and
- Capital expenditures for full year 2023 below $75 million.
The Company continues to believe this progress
will enable it to deliver positive Adjusted EBITDA for the fiscal
year 2024. The Company also expects for capital expenditures in
2024 to be below $75 million.
This outlook is provided in the context of
significant volatility related to the COVID-19 pandemic and the
transition to a post-pandemic environment, the war in Ukraine,
macroeconomic uncertainty, and other geopolitical
uncertainties.
The Company cannot provide a reconciliation of
constant currency revenue growth or Adjusted EBITDA guidance to the
nearest comparable corresponding IFRS metric without unreasonable
efforts due to difficulty in predicting certain items excluded from
these non-IFRS measures. The items necessary to reconcile are not
within Oatly’s control, may vary greatly between periods and could
significantly impact future financial results.
Conference Call, Webcast and
Supplemental Presentation Details
Oatly will host a conference call and webcast at
8:30 a.m. ET today to discuss these results. The conference call,
simultaneous, live webcast and supplemental presentation can be
accessed on Oatly’s Investors website at
https://investors.oatly.com under “Events.” The webcast will be
archived for 30 days.
About Oatly
We are the world’s original and largest oat
drink company. For over 25 years, we have exclusively focused on
developing expertise around oats: a global power crop with inherent
properties suited for sustainability and human health. Our
commitment to oats has resulted in core technical advancements that
enabled us to unlock the breadth of the dairy portfolio, including
alternatives to milks, ice cream, yogurt, cooking creams, and
spreads. Headquartered in Malmö, Sweden, the Oatly brand is
available in more than 20 countries globally.
For more information, please visit
www.oatly.com
Forward-Looking Statements
This press release contains forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Any express or implied statements contained in
this press release that are not statements of historical fact may
be deemed to be forward-looking statements, including, without
limitation, statements regarding our financial outlook for 2023 and
long-term growth strategy, 2023 and 2024 expected capital
expenditures, anticipated supply chain performance, anticipated
impact of our improvement plans, anticipated impact of our decision
to discontinue construction of certain production facilities,
including expected impairment charges and associated additional
cash expenditures, plans to achieve profitable growth and
anticipated cost savings as well as statements that include the
words “expect,” “intend,” “plan,” “believe,” “project,” “forecast,”
“estimate,” “may,” “should,” “anticipate,” “will,” “aim,”
“potential,” “continue,” “is/are likely to” and similar statements
of a future or forward-looking nature. Forward-looking statements
are neither promises nor guarantees, but involve known and unknown
risks and uncertainties that could cause actual results to differ
materially from those projected, including, without limitation: our
history of losses and inability to achieve or sustain
profitability; including due to elevated inflation and increased
costs for transportation, energy and materials; the impact of the
COVID-19 pandemic, including the spread of variants of the virus,
on our business and the international economy; reduced or limited
availability of oats or other raw materials and ingredients that
meet our quality standards; failure to successfully achieve any or
all of the benefits of the Ya YA Foods USA LLC Transaction; failure
to obtain additional financing to achieve our goals or failure to
obtain necessary capital when needed on acceptable terms, or at
all; failure of the financial institutions in which we hold our
deposits; damage or disruption to our production facilities; harm
to our brand and reputation as a result of real or perceived
quality or food safety issues with our products; food safety and
food-borne illness incidents or other safety concerns which may
lead to lawsuits, product recalls or regulatory enforcement
actions; our ability to successfully compete in our highly
competitive markets; reduction in the sales of our oatmilk
varieties; failure to effectively expand our processing,
manufacturing and production capacity, or failure to find
acceptable co-packing partners to help us expand, as we continue to
grow and scale our business; our ability to ramp up operations at
any of our new facilities; failure to meet our existing or new
environmental metrics and other risks related to sustainability and
corporate social responsibility; litigation, regulatory actions or
other legal proceedings including environmental and securities
class action lawsuits and settlements; changes to international
trade policies, treaties and tariffs; global conflict, including
the ongoing wars in Ukraine and Israel; changes in our tax rates or
exposure to additional tax liabilities or assessments; failure to
expand our manufacturing and production capacity as we grow our
business; supply chain delays, including delays in the receipt of
product at factories and ports, and an increase in transportation
costs; the impact of rising commodity prices, transportation and
labor costs on our cost of goods sold; failure by our logistics
providers to deliver our products on time, or at all; our ability
to successfully ramp up operations at any of our new facilities and
operate them in accordance with our expectations; failure to
develop and maintain our brand; our ability to introduce new
products or successfully improve existing products; failure to
retain our senior management or to attract, train and retain
employees; cybersecurity incidents or other technology disruptions;
failure to protect our intellectual property and other proprietary
rights adequately; our ability to successfully remediate previously
disclosed material weaknesses (which remained unremediated as of
our most recent fiscal year end) or other future control
deficiencies, in our internal control over financial reporting;
impairments of the value of our assets; potential delisting from
Nasdaq; our status as a foreign private issuer; risks related to
the significant influence of our largest shareholder, Nativus
Company Limited, entities affiliated with China Resources
Verlinvest Health Investment Ltd. has over us, including
significant influence over decisions that require the approval of
shareholders; and the other important factors discussed under the
caption “Risk Factors” in our Annual Report on Form 20-F for the
year ended December 31, 2022 filed with the U.S. Securities and
Exchange Commission (“SEC”) on April 19, 2023 and our Current
Report on Form 6-K to be filed with the SEC on November 9, 2023,
and our other filings with the SEC as such factors may be updated
from time to time. Any forward-looking statements contained in this
press release speak only as of the date hereof and accordingly
undue reliance should not be placed on such statements. Oatly
disclaims any obligation or undertaking to update or revise any
forward-looking statements contained in this press release, whether
as a result of new information, future events or otherwise, other
than to the extent required by applicable law.
Non-IFRS Financial Measures
We use EBITDA, Adjusted EBITDA, Constant
Currency Revenue and Free Cash Flow as non-IFRS financial measures
in assessing our operating performance and in our financial
communications:
“EBITDA” is defined as profit/(loss) for the
period attributable to shareholders of the parent adjusted to
exclude, when applicable, income tax expense, finance expenses,
finance income and depreciation and amortization expense.
“Adjusted EBITDA” is defined as profit/(loss)
for the period attributable to shareholders of the parent adjusted
to exclude, when applicable, income tax expense, finance expenses,
finance income, depreciation and amortization expense, share-based
compensation expense, restructuring costs, costs related to the YYF
transaction, costs related to legal settlement, and non-controlling
interests.
Adjusted EBITDA should not be considered as an
alternative to profit/(loss) for the period or any other measure of
financial performance calculated and presented in accordance with
IFRS. There are a number of limitations related to the use of
Adjusted EBITDA rather than profit/(loss) for the period
attributable to shareholders of the parent, which is the most
directly comparable IFRS measure. Some of these limitations
are:
- Adjusted EBITDA excludes depreciation and amortization expense
and, although these are non-cash expenses, the assets being
depreciated may have to be replaced in the future increasing our
cash requirements;
- Adjusted EBITDA does not reflect interest expense, or the cash
required to service our debt, which reduces cash available to
us;
- Adjusted EBITDA does not reflect income tax payments that
reduce cash available to us;
- Adjusted EBITDA does not reflect recurring share-based
compensation expense and, therefore, does not include all of our
compensation costs;
- Adjusted EBITDA does not reflect restructuring costs that
reduce cash available to us in future periods;
- Adjusted EBITDA does not reflect costs related to legal
settlement that reduce cash available to us in future periods;
- Adjusted EBITDA excludes asset impairment charge and other
costs related to assets held for sale, although these are non-cash
expenses, the assets being impaired may have to be replaced in the
future increasing our cash requirements; and
- Other companies, including companies in our industry, may
calculate Adjusted EBITDA differently, which reduces its usefulness
as a comparative measure.
Adjusted EBITDA should not be considered in
isolation or as a substitute for financial information provided in
accordance with IFRS. Below we have provided a reconciliation of
EBITDA and Adjusted EBITDA to profit/(loss) for the period
attributable to shareholders of the parent, the most directly
comparable financial measure calculated and presented in accordance
with IFRS, for the periods presented.
“Constant Currency Revenue” is calculated by
translating the current year reported revenue amounts into
comparable amounts using the prior year reporting period’s average
foreign exchange rates which have been provided by a third
party.
Constant currency revenue is used to provide a
framework in assessing how our business and geographic segments
performed excluding the effects of foreign currency exchange rate
fluctuations and believe this information is useful to investors to
facilitate comparisons and better identify trends in our business.
Above we have provided a reconciliation of revenue as reported to
revenue on a constant currency basis for the periods presented.
“Free Cash Flow” is defined as net cash flows from
operating activities less capital expenditures. We believe Free
Cash Flow is a useful supplemental financial measure for us and
investors in assessing our ability to pursue business opportunities
and investments. Free Cash Flow is not a measure of our liquidity
under IFRS and should not be considered as an alternative to net
cash flows from operating activities.
Free Cash Flow is a non-IFRS measure and is not a
substitute for IFRS measures in assessing our overall financial
performance. Because Free Cash Flow is not a measurement determined
in accordance with IFRS, and is susceptible to varying
calculations, it may not be comparable to other similarly titled
measures presented by other companies. Free Cash Flow should not be
considered in isolation, or as a substitute for an analysis of our
results as reported on our interim condensed consolidated financial
statements appearing elsewhere in this document. Below we have
provided a reconciliation of Free Cash Flow to net cash flows from
operating activities for the periods presented.
Financial Statements
Interim condensed consolidated statement
of operations
(Unaudited) |
|
Three months ended September 30, |
|
|
Nine months ended September 30, |
|
(in
thousands of U.S. dollars, except share and per share
data) |
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Revenue |
|
|
187,595 |
|
|
|
183,026 |
|
|
|
579,227 |
|
|
|
527,170 |
|
Cost of
goods sold |
|
|
(155,034 |
) |
|
|
(178,044 |
) |
|
|
(474,922 |
) |
|
|
(478,196 |
) |
Gross profit |
|
|
32,561 |
|
|
|
4,982 |
|
|
|
104,305 |
|
|
|
48,974 |
|
Research and
development expenses |
|
|
(4,684 |
) |
|
|
(5,245 |
) |
|
|
(15,719 |
) |
|
|
(15,227 |
) |
Selling,
general and administrative expenses |
|
|
(87,125 |
) |
|
|
(103,765 |
) |
|
|
(292,675 |
) |
|
|
(304,898 |
) |
Other
operating income and (expenses), net |
|
|
(8,100 |
) |
|
|
(340 |
) |
|
|
(10,308 |
) |
|
|
197 |
|
Operating loss |
|
|
(67,348 |
) |
|
|
(104,368 |
) |
|
|
(214,397 |
) |
|
|
(270,954 |
) |
Finance
income and (expenses), net |
|
|
112,841 |
|
|
|
(7,491 |
) |
|
|
99,333 |
|
|
|
(4,507 |
) |
Profit/(loss) before tax |
|
|
45,493 |
|
|
|
(111,859 |
) |
|
|
(115,064 |
) |
|
|
(275,461 |
) |
Income tax
(expense)/benefit |
|
|
(1,482 |
) |
|
|
3,910 |
|
|
|
(3,221 |
) |
|
|
8,063 |
|
Profit/(loss) for the period |
|
|
44,011 |
|
|
|
(107,949 |
) |
|
|
(118,285 |
) |
|
|
(267,398 |
) |
Attributable
to: |
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders
of the parent |
|
|
44,085 |
|
|
|
(107,949 |
) |
|
|
(118,211 |
) |
|
|
(267,398 |
) |
Non-controlling interests |
|
|
(74 |
) |
|
|
— |
|
|
|
(74 |
) |
|
|
— |
|
Earnings/(loss) per share, attributable to shareholders of
the parent: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
0.07 |
|
|
|
(0.18 |
) |
|
|
(0.20 |
) |
|
|
(0.45 |
) |
Diluted |
|
|
(0.07 |
) |
|
|
(0.18 |
) |
|
|
(0.26 |
) |
|
|
(0.45 |
) |
Weighted average common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
594,255,240 |
|
|
|
592,163,619 |
|
|
|
593,261,979 |
|
|
|
591,963,512 |
|
Diluted |
|
|
994,871,584 |
|
|
|
592,163,619 |
|
|
|
832,310,554 |
|
|
|
591,963,512 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interim condensed consolidated statement
of financial position
(in
thousands of U.S. dollars) |
|
September 30, 2023 |
|
|
December 31, 2022 |
|
|
|
(Unaudited) |
|
|
|
|
ASSETS |
|
|
|
|
|
|
Non-current assets |
|
|
|
|
|
|
Intangible assets |
|
|
121,135 |
|
|
|
127,688 |
|
Property,
plant and equipment |
|
|
501,923 |
|
|
|
492,952 |
|
Right-of-use
assets |
|
|
104,575 |
|
|
|
108,598 |
|
Other
non-current receivables |
|
|
47,752 |
|
|
|
7,848 |
|
Deferred tax
assets |
|
|
14,803 |
|
|
|
5,860 |
|
Total non-current assets |
|
|
790,188 |
|
|
|
742,946 |
|
Current assets |
|
|
|
|
|
|
Inventories |
|
|
83,537 |
|
|
|
114,475 |
|
Trade
receivables |
|
|
99,708 |
|
|
|
100,955 |
|
Current tax
assets |
|
|
202 |
|
|
|
243 |
|
Other
current receivables |
|
|
33,343 |
|
|
|
17,818 |
|
Prepaid
expenses |
|
|
17,673 |
|
|
|
23,413 |
|
Cash and
cash equivalents |
|
|
283,184 |
|
|
|
82,644 |
|
|
|
|
517,647 |
|
|
|
339,548 |
|
Assets held
for sale |
|
|
— |
|
|
|
142,703 |
|
Total current assets |
|
|
517,647 |
|
|
|
482,251 |
|
TOTAL ASSETS |
|
|
1,307,835 |
|
|
|
1,225,197 |
|
EQUITY AND LIABILITIES |
|
|
|
|
|
|
Equity |
|
|
|
|
|
|
Share
capital |
|
|
105 |
|
|
|
105 |
|
Treasury
shares |
|
|
(0 |
) |
|
|
(0 |
) |
Other
contributed capital |
|
|
1,628,045 |
|
|
|
1,628,045 |
|
Other
reserves |
|
|
(271,888 |
) |
|
|
(171,483 |
) |
Accumulated
deficit |
|
|
(766,976 |
) |
|
|
(665,524 |
) |
Equity attributable to shareholders of the
parent |
|
|
589,286 |
|
|
|
791,143 |
|
Non-controlling interests |
|
|
1,874 |
|
|
|
— |
|
Total equity |
|
|
591,160 |
|
|
|
791,143 |
|
Liabilities |
|
|
|
|
|
|
Non-current liabilities |
|
|
|
|
|
|
Lease
liabilities |
|
|
83,934 |
|
|
|
82,285 |
|
Liabilities
to credit institutions |
|
|
115,340 |
|
|
|
2,668 |
|
Deferred tax
liabilities |
|
|
637 |
|
|
|
— |
|
Provisions |
|
|
5,301 |
|
|
|
7,194 |
|
Total non-current liabilities |
|
|
205,212 |
|
|
|
92,147 |
|
Current liabilities |
|
|
|
|
|
|
Lease
liabilities |
|
|
14,765 |
|
|
|
16,823 |
|
Convertible
Notes |
|
|
281,541 |
|
|
|
— |
|
Liabilities
to credit institutions |
|
|
10,163 |
|
|
|
49,922 |
|
Trade
payables |
|
|
59,443 |
|
|
|
82,516 |
|
Current tax
liabilities |
|
|
2,684 |
|
|
|
5,515 |
|
Other
current liabilities |
|
|
11,544 |
|
|
|
11,823 |
|
Accrued
expenses |
|
|
117,155 |
|
|
|
123,037 |
|
Provisions |
|
|
14,168 |
|
|
|
3,800 |
|
|
|
|
511,463 |
|
|
|
293,436 |
|
Liabilities
directly associated with the assets held for sale |
|
|
— |
|
|
|
48,471 |
|
Total current liabilities |
|
|
511,463 |
|
|
|
341,907 |
|
Total liabilities |
|
|
716,675 |
|
|
|
434,054 |
|
TOTAL EQUITY AND LIABILITIES |
|
|
1,307,835 |
|
|
|
1,225,197 |
|
|
|
|
|
|
|
|
|
|
Interim condensed consolidated statement
of cash flows
(Unaudited) |
|
Nine months ended
September 30, |
|
(in
thousands of U.S. dollars) |
|
2023 |
|
|
2022 |
|
Operating activities |
|
|
|
|
|
|
Net loss |
|
|
(118,285 |
) |
|
|
(267,398 |
) |
Adjustments
to reconcile net loss to net cash flows |
|
|
|
|
|
|
—Depreciation of property, plant and equipment and right-of-use
assets and amortization of intangible assets |
|
|
37,256 |
|
|
|
34,765 |
|
—Write-downs of inventories |
|
|
14,258 |
|
|
|
15,067 |
|
—Impairment loss on trade receivables |
|
|
461 |
|
|
|
2,456 |
|
—Share-based payments expense |
|
|
16,759 |
|
|
|
27,725 |
|
—Movements in provisions |
|
|
10,447 |
|
|
|
— |
|
—Finance (income) and expenses, net |
|
|
(99,333 |
) |
|
|
4,507 |
|
—Income tax expense/(benefit) |
|
|
3,221 |
|
|
|
(8,063 |
) |
—Loss/(gain) on disposal of property, plant and equipment |
|
|
317 |
|
|
|
(860 |
) |
—Other |
|
|
— |
|
|
|
(222 |
) |
Interest
received |
|
|
5,028 |
|
|
|
1,776 |
|
Interest
paid |
|
|
(13,912 |
) |
|
|
(8,964 |
) |
Income tax
paid |
|
|
(15,001 |
) |
|
|
(1,977 |
) |
Changes in
working capital: |
|
|
|
|
|
|
—Decrease/(increase) in inventories |
|
|
15,059 |
|
|
|
(19,010 |
) |
—Decrease/(increase) in trade receivables, other current
receivables, prepaid expenses |
|
|
6,967 |
|
|
|
(17,306 |
) |
—(Decrease)/increase in trade payables, other current liabilities,
accrued expenses |
|
|
(14,721 |
) |
|
|
22,280 |
|
Net
cash flows used in operating activities |
|
|
(151,479 |
) |
|
|
(215,224 |
) |
Investing activities |
|
|
|
|
|
|
Purchase of
intangible assets |
|
|
(2,392 |
) |
|
|
(3,838 |
) |
Purchase of
property, plant and equipment |
|
|
(49,591 |
) |
|
|
(170,514 |
) |
Investments
in financial assets |
|
|
(1,651 |
) |
|
|
— |
|
Proceeds
from sale of assets held for sale |
|
|
43,998 |
|
|
|
— |
|
Proceeds
from short-term investments |
|
|
— |
|
|
|
226,208 |
|
Net
cash flows (used in)/from investing activities |
|
|
(9,636 |
) |
|
|
51,856 |
|
Financing activities |
|
|
|
|
|
|
Proceeds
from Convertible Notes |
|
|
324,950 |
|
|
|
— |
|
Proceeds
from liabilities to credit institutions |
|
|
176,854 |
|
|
|
— |
|
Repayment of
liabilities to credit institutions |
|
|
(98,088 |
) |
|
|
(1,032 |
) |
Payment of
loan transaction cost |
|
|
(32,550 |
) |
|
|
— |
|
Repayment of
lease liabilities |
|
|
(9,133 |
) |
|
|
(8,949 |
) |
Cash
flows from/(used in) financing activities |
|
|
362,033 |
|
|
|
(9,981 |
) |
Net
increase/(decrease) in cash and cash equivalents |
|
|
200,918 |
|
|
|
(173,349 |
) |
Cash and
cash equivalents at the beginning of the period |
|
|
82,644 |
|
|
|
295,572 |
|
Exchange
rate differences in cash and cash equivalents |
|
|
(378 |
) |
|
|
(16,620 |
) |
Cash
and cash equivalents at the end of the period |
|
|
283,184 |
|
|
|
105,603 |
|
|
|
|
|
|
|
|
|
|
Reconciliation of IFRS to Non-IFRS
Financial measures
Reconciliation of EBITDA and Adjusted
EBITDA to profit/(loss) attributable to shareholders of the
parent
(Unaudited) |
|
Three months ended September 30, |
|
|
Nine months ended September 30, |
|
(in
thousands of U.S. dollars) |
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Profit/(loss) for the period |
|
|
44,011 |
|
|
|
(107,949 |
) |
|
|
(118,285 |
) |
|
|
(267,398 |
) |
Income tax
expense/(benefit) |
|
|
1,482 |
|
|
|
(3,910 |
) |
|
|
3,221 |
|
|
|
(8,063 |
) |
Finance
(income) and expenses, net |
|
|
(112,841 |
) |
|
|
7,491 |
|
|
|
(99,333 |
) |
|
|
4,507 |
|
Depreciation
and amortization expense |
|
|
12,559 |
|
|
|
12,157 |
|
|
|
37,256 |
|
|
|
34,765 |
|
EBITDA |
|
|
(54,789 |
) |
|
|
(92,211 |
) |
|
|
(177,141 |
) |
|
|
(236,189 |
) |
Share-based
compensation expense |
|
|
6,290 |
|
|
|
8,503 |
|
|
|
16,759 |
|
|
|
27,725 |
|
Restructuring costs(1) |
|
|
3,177 |
|
|
|
1,005 |
|
|
|
12,344 |
|
|
|
1,005 |
|
Legal
settlement(2) |
|
|
9,250 |
|
|
|
— |
|
|
|
9,250 |
|
|
|
— |
|
Costs
related to the YYF Transaction(3) |
|
|
— |
|
|
|
— |
|
|
|
375 |
|
|
|
— |
|
Non-controlling interests |
|
|
74 |
|
|
|
— |
|
|
|
74 |
|
|
|
— |
|
Adjusted EBITDA |
|
|
(35,998 |
) |
|
|
(82,703 |
) |
|
|
(138,339 |
) |
|
|
(207,459 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_________________
(1) Relates primarily to severance payments as the Company
continues to adjust its organizational structure to the macro
environment, and inventory write-offs related to the Company’s
strategy reset in the Asia segment.
(2) Relates to US securities class action litigation settlement
expenses.
(3) Relates to the close of the Ya YA Foods USA LLC
Transaction.
Reconciliation of Free Cash
Flow
|
|
Three months ended September 30, |
|
|
Nine months ended September 30, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Net cash flows from operating activities |
|
|
(38,389 |
) |
|
|
(87,948 |
) |
|
|
(151,479 |
) |
|
|
(215,224 |
) |
Capital
expenditures |
|
|
(10,949 |
) |
|
|
(60,530 |
) |
|
|
(51,983 |
) |
|
|
(174,352 |
) |
Free
Cash Flow |
|
|
(49,338 |
) |
|
|
(148,478 |
) |
|
|
(203,462 |
) |
|
|
(389,576 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contacts
Oatly Group AB
+1 866-704-0391
investors@oatly.com
press.us@oatly.com
Oatly Group AB (NASDAQ:OTLY)
Historical Stock Chart
From Apr 2024 to May 2024
Oatly Group AB (NASDAQ:OTLY)
Historical Stock Chart
From May 2023 to May 2024