Oatly Group AB (Nasdaq: OTLY) (“Oatly” or the “Company”), the
world’s original and largest oat drink company, today announced
financial results for the fourth quarter and twelve months ended
December 31, 2024.
Jean-Christophe Flatin, Oatly’s CEO, commented,
“Over the past two years, we have executed a significant
transformation of our company. We have overhauled our supply
chain, our overhead structure, and our mindset. We now have a much
healthier business with clear strategies, clear accountability,
stronger margins, and significantly improved profitability. I
am proud of our team for embracing the challenge, making the
necessary changes, and focusing on execution. All this hard work
has enabled us to now expect 2025 to be our first full year of
profitable growth as a public company.”
The tables below reconcile revenue as reported
to revenue on a constant currency basis by segment for the three
and twelve months ended December 31, 2024 and 2023.
| |
|
|
|
|
|
|
|
|
|
|
| |
|
Three months ended December 31, |
|
|
$ Change |
|
|
% Change |
|
|
| (Unaudited) (in
thousands of U.S. dollars) |
|
2024 |
|
|
2023 |
|
|
As reported |
|
|
Foreign exchange impact |
|
|
In constant currency |
|
|
As reported |
|
In constant currency |
|
Volume |
|
Constant currency price/mix |
|
Europe & International |
|
|
108,462 |
|
|
|
105,620 |
|
|
|
108,462 |
|
|
|
577 |
|
|
|
107,885 |
|
|
2.7 |
% |
|
2.1 |
% |
|
4.1 |
% |
|
-2.0 |
% |
| North America |
|
|
70,596 |
|
|
|
65,900 |
|
|
|
70,596 |
|
|
|
— |
|
|
|
70,596 |
|
|
7.1 |
% |
|
7.1 |
% |
|
5.1 |
% |
|
2.0 |
% |
| Greater China |
|
|
35,258 |
|
|
|
32,601 |
|
|
|
35,258 |
|
|
|
118 |
|
|
|
35,140 |
|
|
8.2 |
% |
|
7.8 |
% |
|
34.7 |
% |
|
-26.9 |
% |
| Total
revenue |
|
|
214,316 |
|
|
|
204,121 |
|
|
|
214,316 |
|
|
|
695 |
|
|
|
213,621 |
|
|
5.0 |
% |
|
4.7 |
% |
|
9.9 |
% |
|
-5.2 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Twelve months ended December 31, |
|
|
$ Change |
|
|
% Change |
|
|
| (Unaudited) (in
thousands of U.S. dollars) |
|
2024 |
|
|
2023 |
|
|
As reported |
|
|
Foreign exchange impact |
|
|
In constant currency |
|
|
As reported |
|
In constant currency |
|
Volume |
|
Constant currency price/mix |
| Europe &
International |
|
|
434,263 |
|
|
|
408,410 |
|
|
|
434,263 |
|
|
|
4,104 |
|
|
|
430,159 |
|
|
6.3 |
% |
|
5.3 |
% |
|
4.8 |
% |
|
0.5 |
% |
| North America |
|
|
274,455 |
|
|
|
250,264 |
|
|
|
274,455 |
|
|
|
— |
|
|
|
274,455 |
|
|
9.7 |
% |
|
9.7 |
% |
|
10.0 |
% |
|
-0.3 |
% |
| Greater China |
|
|
114,948 |
|
|
|
124,674 |
|
|
|
114,948 |
|
|
|
(1,865 |
) |
|
|
116,813 |
|
|
-7.8 |
% |
|
-6.3 |
% |
|
21.2 |
% |
|
-27.5 |
% |
| Total
revenue |
|
|
823,666 |
|
|
|
783,348 |
|
|
|
823,666 |
|
|
|
2,239 |
|
|
|
821,427 |
|
|
5.1 |
% |
|
4.8 |
% |
|
8.8 |
% |
|
-4.0 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Highlights
- Fourth quarter revenue of $214.3 million, a 5.0% increase
compared to the prior year period, with a constant currency revenue
increase of 4.7% compared to the prior year period, with a solid
volume growth in each operating segment.
- Gross margin in the fourth quarter was 28.8%, which is a 5.4
percentage points increase compared to the prior year period.
- Fourth quarter net loss attributable to shareholders of the
parent was $91.2 million compared to net loss attributable to
shareholders of the parent of $298.7 million in the prior year
period.
- Fourth quarter Adjusted EBITDA loss was $6.1 million, which is
an improvement of $13.1 million compared to the prior year
period.
- As part of the Company’s previously-discussed evaluation of its
Asian supply chain, the Company announced the closure of its
Singapore manufacturing facility in December and is today
announcing the discontinuation of construction of its second
manufacturing facility in China (Asia III).
- The Company expects to achieve its first full year of
profitable growth in 2025. Specifically, in 2025 the Company
expects:
- Constant currency revenue growth in the range of 2% to 4%,
which is negatively impacted by approximately 300 basis points from
a change in sourcing decision at a large North American
customer,
- Positive adjusted EBITDA in the range of $5 million to $15
million, and
- Capital expenditures in the range of $30 million to $35
million.
Fourth Quarter 2024 Results
Revenue increased $10.2 million, or 5.0% to
$214.3 million for the fourth quarter ended December 31, 2024,
compared to $204.1 million for the prior year period. Excluding a
foreign currency exchange tailwind of $0.7 million, revenue for the
fourth quarter was $213.6 million, or an increase of 4.7% compared
to the prior year period. The growth in constant currency revenue
was primarily driven by solid volume growth in each operating
segment, partially offset by negative price/mix effect,
particularly in Greater China. Sold volume for the fourth quarter
of 2024 increased 9.9% to 153.2 million liters compared to 139.4
million liters in the fourth quarter of 2023. Produced finished
goods volume for the fourth quarter of 2024 was 145.3 million
liters compared to 135.8 million liters for the fourth quarter of
2023.
The Company continued to drive revenue growth in
both the retail channel and foodservice channel in the fourth
quarter of 2024 compared to the fourth quarter of 2023.
Gross profit was $61.6 million for the fourth
quarter of 2024 compared to $47.8 million for the fourth quarter of
2023. Gross profit margin was 28.8% in the fourth quarter of 2024,
an increase of 540 basis points compared to the prior year period.
The margin improvement compared to the fourth quarter of 2023 was
primarily driven by improvements in supply chain efficiency across
all segments, most notably in the North America segment.
Research and development expenses in the fourth
quarter of 2024 decreased $1.6 million to $3.7 million compared to
$5.3 million in the prior year period. The decrease was primarily
related to lower employee expenses and a reduction in external
consultants, contractors and other professional fees.
Selling, general and administrative expenses in
the fourth quarter of 2024 increased $1.3 million to $82.0 million
compared to $80.7 million in the prior year period. The increase
was primarily related to higher employee expenses due to
restructuring activities in the fourth quarter of 2024.
Other operating income and (expenses), net for the fourth
quarter of 2024 was an expense of $65.6 million comprised primarily
of non-cash impairment charges of $41.7 million related to the
discontinued construction of the second production facility in
China (Asia III) and the closure of the production facility in
Singapore, and other exit costs of $23.0 million related to the
closure of the production facility in Singapore. Other operating
income and (expenses), net for the prior year period was an expense
of $204.3 million primarily driven by non-cash impairment charges
and other exit costs related to discontinued construction of the
new production facilities in Peterborough, UK and Dallas-Fort
Worth, Texas.
Finance income and (expenses), net for the
fourth quarter of 2024 was an expense of $1.1 million comprised
primarily of net interest expenses of $13.6 million, offset by fair
value gains on Convertible Notes of $4.6 million and net foreign
exchange gains of $8.2 million. The finance income and (expenses),
net for the prior year period was an expense of $50.5 million
primarily driven by fair value losses on Convertible Notes.
Net loss attributable to shareholders of the
parent was $91.2 million for the fourth quarter of 2024 compared to
$298.7 million in the prior year period. The improvement was
primarily a result of decreased other operating income and
(expenses), net.
Adjusted EBITDA loss for the fourth quarter of
2024 was $6.1 million, compared to a loss of $19.2 million in the
prior year period. The improvement in Adjusted EBITDA loss was
primarily a result of higher gross profit.
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 loss before tax for the Company’s three reportable segments for
the periods presented.
Revenue, Adjusted EBITDA and EBITDA
Segment information for the three and twelve
months ended December 31, 2023 presented below has been
updated to reflect previously disclosed changes to our operating
segments, which were effective as of January 1, 2024. Please see
our press release, dated April 17, 2024, furnished on Form 6-K with
the SEC for further information regarding these changes.
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended December 31, 2024 (Unaudited) (in
thousands of U.S. dollars) |
|
Europe & International |
|
|
North America |
|
|
Greater China |
|
|
Corporate* |
|
|
Eliminations** |
|
|
Total |
|
| Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue from external customers |
|
|
108,462 |
|
|
|
70,596 |
|
|
|
35,258 |
|
|
|
— |
|
|
|
— |
|
|
|
214,316 |
|
| Intersegment revenue |
|
|
1,326 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,326 |
) |
|
|
— |
|
| Total segment
revenue |
|
|
109,788 |
|
|
|
70,596 |
|
|
|
35,258 |
|
|
|
— |
|
|
|
(1,326 |
) |
|
|
214,316 |
|
| Adjusted
EBITDA |
|
|
16,580 |
|
|
|
1,249 |
|
|
|
589 |
|
|
|
(24,497 |
) |
|
|
— |
|
|
|
(6,079 |
) |
| Share-based compensation
expense |
|
|
(306 |
) |
|
|
(230 |
) |
|
|
(511 |
) |
|
|
(2,456 |
) |
|
|
— |
|
|
|
(3,503 |
) |
| Restructuring costs(1) |
|
|
(1,520 |
) |
|
|
(356 |
) |
|
|
— |
|
|
|
(1,721 |
) |
|
|
— |
|
|
|
(3,597 |
) |
| New product launch
issue(2) |
|
|
— |
|
|
|
567 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
567 |
|
| Asset impairment charges and
other costs related to discontinued construction of production
facilities(3) |
|
|
48 |
|
|
|
2,122 |
|
|
|
(25,068 |
) |
|
|
— |
|
|
|
— |
|
|
|
(22,898 |
) |
| Asset impairment charges and
other costs related to closure of production facility(4) |
|
|
(42,110 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(42,110 |
) |
| Non-controlling interests |
|
|
— |
|
|
|
— |
|
|
|
(151 |
) |
|
|
— |
|
|
|
— |
|
|
|
(151 |
) |
| EBITDA |
|
|
(27,308 |
) |
|
|
3,352 |
|
|
|
(25,141 |
) |
|
|
(28,674 |
) |
|
|
— |
|
|
|
(77,771 |
) |
| Finance income and (expenses),
net |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,149 |
) |
| Depreciation and
amortization |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(11,932 |
) |
| Loss before
tax |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(90,852 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended December 31, 2023 (Unaudited) (in
thousands of U.S. dollars) |
|
Europe & International |
|
|
North America |
|
|
Greater China |
|
|
Corporate* |
|
|
Eliminations** |
|
|
Total |
|
| Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Revenue from external
customers |
|
|
105,620 |
|
|
|
65,900 |
|
|
|
32,601 |
|
|
|
— |
|
|
|
— |
|
|
|
204,121 |
|
| Intersegment revenue |
|
|
2,333 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(2,333 |
) |
|
|
— |
|
| Total segment
revenue |
|
|
107,953 |
|
|
|
65,900 |
|
|
|
32,601 |
|
|
|
— |
|
|
|
(2,333 |
) |
|
|
204,121 |
|
| Adjusted
EBITDA |
|
|
11,410 |
|
|
|
(2,689 |
) |
|
|
(5,156 |
) |
|
|
(22,787 |
) |
|
|
— |
|
|
|
(19,222 |
) |
| Share-based compensation
expense |
|
|
(679 |
) |
|
|
(990 |
) |
|
|
(624 |
) |
|
|
(2,394 |
) |
|
|
— |
|
|
|
(4,687 |
) |
| Restructuring costs(1) |
|
|
(319 |
) |
|
|
(580 |
) |
|
|
(273 |
) |
|
|
(1,244 |
) |
|
|
— |
|
|
|
(2,416 |
) |
| Asset impairment charges and
other costs related to discontinued construction of production
facilities(5) |
|
|
(158,551 |
) |
|
|
(43,009 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(201,560 |
) |
| Non-controlling interests |
|
|
— |
|
|
|
— |
|
|
|
(112 |
) |
|
|
— |
|
|
|
— |
|
|
|
(112 |
) |
| EBITDA |
|
|
(148,139 |
) |
|
|
(47,268 |
) |
|
|
(6,165 |
) |
|
|
(26,425 |
) |
|
|
— |
|
|
|
(227,997 |
) |
| Finance income and (expenses),
net |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(50,486 |
) |
| Depreciation and
amortization |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(14,618 |
) |
| Loss before
tax |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(293,101 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve months ended December 31, 2024 (Unaudited) (in
thousands of U.S. dollars) |
|
Europe & International |
|
|
North America |
|
|
Greater China |
|
|
Corporate* |
|
|
Eliminations** |
|
|
Total |
|
| Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue from external customers |
|
|
434,263 |
|
|
|
274,455 |
|
|
|
114,948 |
|
|
|
— |
|
|
|
— |
|
|
|
823,666 |
|
| Intersegment revenue |
|
|
6,429 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(6,429 |
) |
|
|
— |
|
| Total segment
revenue |
|
|
440,692 |
|
|
|
274,455 |
|
|
|
114,948 |
|
|
|
— |
|
|
|
(6,429 |
) |
|
|
823,666 |
|
| Adjusted
EBITDA |
|
|
56,128 |
|
|
|
5,298 |
|
|
|
(1,645 |
) |
|
|
(95,106 |
) |
|
|
— |
|
|
|
(35,325 |
) |
| Share-based compensation
expense |
|
|
(1,985 |
) |
|
|
656 |
|
|
|
(2,101 |
) |
|
|
(10,168 |
) |
|
|
— |
|
|
|
(13,598 |
) |
| Restructuring costs(1) |
|
|
(2,410 |
) |
|
|
(1,222 |
) |
|
|
(1,940 |
) |
|
|
(2,600 |
) |
|
|
— |
|
|
|
(8,172 |
) |
| New product launch
issue(2) |
|
|
— |
|
|
|
(11,998 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(11,998 |
) |
| Asset impairment charges and
other costs related to discontinued construction of production
facilities(3) |
|
|
(2,875 |
) |
|
|
3,283 |
|
|
|
(25,068 |
) |
|
|
— |
|
|
|
— |
|
|
|
(24,660 |
) |
| Asset impairment charges and
other costs related to closure of production facility(4) |
|
|
(42,110 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(42,110 |
) |
| Non-controlling interests |
|
|
— |
|
|
|
— |
|
|
|
(323 |
) |
|
|
— |
|
|
|
— |
|
|
|
(323 |
) |
| EBITDA |
|
|
6,748 |
|
|
|
(3,983 |
) |
|
|
(31,077 |
) |
|
|
(107,874 |
) |
|
|
— |
|
|
|
(136,186 |
) |
| Finance income and (expenses),
net |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(12,421 |
) |
| Depreciation and
amortization |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(49,966 |
) |
| Loss before
tax |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(198,573 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve months ended December 31, 2023 (Unaudited) (in
thousands of U.S. dollars) |
|
Europe & International |
|
|
North America |
|
|
Greater China |
|
|
Corporate* |
|
|
Eliminations** |
|
|
Total |
|
| Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Revenue from external
customers |
|
|
408,410 |
|
|
|
250,264 |
|
|
|
124,674 |
|
|
|
— |
|
|
|
— |
|
|
|
783,348 |
|
| Intersegment revenue |
|
|
25,601 |
|
|
|
— |
|
|
|
181 |
|
|
|
— |
|
|
|
(25,782 |
) |
|
|
— |
|
| Total segment
revenue |
|
|
434,011 |
|
|
|
250,264 |
|
|
|
124,855 |
|
|
|
— |
|
|
|
(25,782 |
) |
|
|
783,348 |
|
| Adjusted
EBITDA |
|
|
28,377 |
|
|
|
(31,910 |
) |
|
|
(57,543 |
) |
|
|
(96,485 |
) |
|
|
— |
|
|
|
(157,561 |
) |
| Share-based compensation
expense |
|
|
(2,378 |
) |
|
|
(3,820 |
) |
|
|
(4,608 |
) |
|
|
(10,640 |
) |
|
|
— |
|
|
|
(21,446 |
) |
| Restructuring costs(1) |
|
|
(1,382 |
) |
|
|
(3,062 |
) |
|
|
(2,675 |
) |
|
|
(7,641 |
) |
|
|
— |
|
|
|
(14,760 |
) |
| Asset impairment charges and
other costs related to discontinued construction of production
facilities(5) |
|
|
(158,551 |
) |
|
|
(43,009 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(201,560 |
) |
| Costs related to the YYF
Transaction(6) |
|
|
— |
|
|
|
(375 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(375 |
) |
| Legal settlement(7) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(9,250 |
) |
|
|
— |
|
|
|
(9,250 |
) |
| Non-controlling interests |
|
|
— |
|
|
|
— |
|
|
|
(186 |
) |
|
|
— |
|
|
|
— |
|
|
|
(186 |
) |
| EBITDA |
|
|
(133,934 |
) |
|
|
(82,176 |
) |
|
|
(65,012 |
) |
|
|
(124,016 |
) |
|
|
— |
|
|
|
(405,138 |
) |
| Finance income and (expenses),
net |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
48,847 |
|
| Depreciation and
amortization |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(51,874 |
) |
| Loss before
tax |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(408,165 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Corporate consists of general costs not
allocated to the segments.** Eliminations in 2024 and 2023
primarily refer to intersegment revenue for sales of products from
Europe & International to Greater China.
- Relates primarily to severance costs as the Group adjusts its
organizational structure.
- Expenses related to a new product launch issue.
- In Europe & International the cost primarily relates to
non-cash impairments related to discontinued construction of the
Group’s production facility in Peterborough, UK. In North America
the amount primarily relates to reversal of previously recognized
non-cash impairments and other exit costs related to discontinued
construction of the Group’s production facility in Dallas-Fort
Worth, Texas. In Greater China the Company decided to discontinue
the construction of the Group’s second production facility in China
(Asia III). Following this decision the Company, during the fourth
quarter, recorded $25.1 million primarily relating to non-cash
impairments.
- Relates to non-cash impairments of $19.1 million and $23.0
million in restructuring and other exit costs related to the
closure of the Group’s production facility in Singapore.
- Following certain events during the fourth quarter 2023, the
Company decided to discontinue the construction of its new
production facilities in Peterborough, UK and Dallas-Fort Worth,
Texas. The Company recorded $172.6 million in non-cash impairments
and $29.0 million in restructuring and other exit costs relating to
these production facilities.
- Relates to the Ya YA Foods USA LLC transaction (the “YYF
Transaction”). See the Company’s Form 6-K filed on January 3, 2023
and March 2, 2023 for further details.
- Relates to US securities class action litigation settlement
expenses.
Europe & International
Europe & International revenue increased
$2.8 million, or 2.7%, to $108.5 million for the fourth quarter of
2024, compared to $105.6 million in the prior year period.
Excluding a foreign currency exchange tailwind of $0.6 million,
Europe & International revenue for the fourth quarter was
$107.9 million, or an increase of 2.1%. The increase in revenue was
driven by volume growth of 4.1% from primarily increased Barista
and ambient oatmilk sales in established markets, as well as
continued expansion in the new European and International markets.
This was partially offset by a price/mix decline of 2.0%.
Approximately 81% of Europe & International revenue was from
the retail channel for the fourth quarter of 2024 compared to 80%
in the prior year period. The sold finished goods volume for the
three months ended December 31, 2024 and 2023 amounted to 78.3
million and 75.2 million liters, respectively.
Europe & International Adjusted EBITDA
increased $5.2 million to $16.6 million for the fourth quarter of
2024 compared to $11.4 million in the prior year period. The
improvement in Adjusted EBITDA was primarily driven by higher gross
profit as well as lower selling, general and administrative
expenses through stronger cost controls.
North America
North America revenue increased $4.7 million, or
7.1%, to $70.6 million for the fourth quarter of 2024, compared to
$65.9 million in the prior year period. The sold finished goods
volume for the fourth quarter 2024 was 41.1 million compared to
39.1 million liters in the prior year period. The 5.1% volume
increase was due to higher volumes across the retail and
foodservice channels as the Company continued to expand
distribution and launch new products. Approximately 48% of North
America revenue was from the retail channel in the fourth quarter
of 2024 and 2023, respectively.
North America Adjusted EBITDA improved $3.9
million to $1.2 million compared to a loss of $2.7 million in the
prior year period. The improvement in Adjusted EBITDA was primarily
due to higher gross profit, largely driven by improved supply chain
efficiency, partially offset by higher selling, general and
administrative expenses as the Company invested in branding
activities to continue driving growth.
Greater China
Greater China revenue increased $2.7 million, or
8.2%, to $35.3 million for the fourth quarter of 2024, compared to
$32.6 million in the prior year period. Excluding a foreign
currency exchange tailwind of $0.1 million, Greater China revenue
for the fourth quarter was $35.1 million, or an increase of 7.8%.
The Greater China segment growth was primarily driven by sales to a
new foodservice customer. Approximately 76% of Greater China
revenue was from the foodservice channel for the fourth quarter of
2024 compared to 73% in the prior year period. The sold finished
goods volume for the three months ended December 31, 2024 and
2023 amounted to 33.8 million and 25.1 million liters,
respectively.
Greater China Adjusted EBITDA improved $5.7
million to $0.6 million compared to a loss of $5.2 million in the
prior year period. The improvement in Adjusted EBITDA was primarily
due to higher gross profit and reduction in selling, general and
administrative expenses, as the segment continued to right-size its
expenses to improve profitability.
Corporate
Oatly’s corporate expense, which consists of
general costs not allocated to the segments, in the fourth quarter
of 2024 was $28.7 million, an increase of $2.2 million compared to
the prior year period. Adjusted EBITDA in the fourth quarter of
2024 was a loss of $24.5 million compared to a loss of $22.8
million in the prior year period.
Balance Sheet and Cash
Flows
As of December 31, 2024, the Company had
cash and cash equivalents of $98.9 million and total outstanding
debt of $446.4 million consisting of Convertible Notes and
liabilities to credit institutions. Net cash used in operating
activities was $114.4 million for the twelve months ended
December 31, 2024, compared to $165.6 million during the prior
year period, which was primarily driven by improved operating
result, partly offset by cash outflow of $29.7 million related to
discontinued construction of the Group’s production facilities in
Peterborough, UK and Dallas-Fort Worth, Texas, and a cash outflow
of $9.3 million related to the settlement of US securities class
action litigation.
Capital expenditures were $41.2 million for the twelve months
ended December 31, 2024, compared to $69.0 million in the prior
year period as the Company prioritized investments in its existing
production facilities. In addition, proceeds from the sale of
property, plant and equipment was $31.2 million for the twelve
months ended December 31, 2024.
Free cash flow was an outflow of $155.6 million
for the twelve months ended December 31, 2024 compared to an
outflow of $234.7 million during the prior year period. The
improvement in free cash flow was driven both by decreased net cash
flows used in operating activities and lower capital
expenditures.
Free Cash Flow is a non-IFRS liquidity measure
defined under “Non-IFRS financial measures.” Please see
“Reconciliation of IFRS to Non-IFRS Financial measures” at the end
of this press release.
Update on Asian Supply
Chain
As previously announced on December 18, 2024,
the Company decided to close its manufacturing facility in
Singapore. As part of the closure, in the fourth quarter, the
Company incurred a non-cash impairment of $19.1 million and other
restructuring and exit costs of $23.0 million.
Separately, after a thorough evaluation of its
supply chain, the Company is today announcing the decision to
discontinue the construction of the second production facility in
China, which the Company historically referred to as “Asia III”.
The Company has determined that the production capabilities in the
existing Ma’anshan production site, including the possibility of
future expansion at that site, will be sufficient to support
current customers and business growth. As a result of this
decision, the Company in the fourth quarter recorded $25.1 million
primarily relating to non-cash impairment charges.
OutlookBased on the Company’s
assessment of the current operating environment and the actions it
is taking, the Company expects to achieve its first full year of
profitable growth in 2025. Specifically, in 2025 the Company
expects:
- Constant currency revenue growth in the range of 2% to 4%,
which is negatively impacted by approximately 300 basis points from
a change in sourcing decision at a large North American
customer,
- Positive adjusted EBITDA in the range of $5 million to $15
million, and
- Capital expenditures in the range of $30 million to $35
million.
This outlook is provided in the context of
significant 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
8:00 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 30 years, we have exclusively focused on
developing expertise around oats: a global power crop with inherent
properties. 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, spreads and on-the-go drinks. Headquartered in
Malmö, Sweden, the Oatly brand is available in more than 40
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 2025,
profitability improvement, profitable growth in 2025, long-term
growth strategy, expected capital expenditures, anticipated returns
on our investments, anticipated supply chain performance,
anticipated impact of our improvement plans, anticipated impact of
our decision to discontinue construction of certain production
facilities, plans to achieve profitable growth and anticipated cost
savings and efficiencies 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; reduced or limited
availability of oats or other raw materials and ingredients that
meet our quality standards; our ability to generate additional
revenue, 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
oat drink varieties; failure to effectively navigate our shift to
an asset-light business model; successful exit and closure of the
Singapore facility and discontinuation of construction of the Asia
III site; failure to successfully achieve any or all of the
benefits of the YYF Transaction; failure to meet our existing or
new environmental metrics, uncertainty about future mandatory
climate change and sustainability related disclosures and
requirements, 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 and treaties, including but not limited to the
imposition of tariffs that could increase prices we pay for inputs,
increase the prices paid by our customers for our products, and
reduce our profit margins ; sourcing decisions by large customers,
global conflict, including the ongoing conflicts in Ukraine and
Gaza; changes in our tax rates or exposure to additional tax
liabilities or assessments; 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 execute our cost reduction
activities in accordance with our expectations and the impact of
such actions on our company; 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; risks associated with our
operations in the People’s Republic of China; the success of our
strategic reset in Asia; failure to protect our intellectual
property and other proprietary rights adequately; our ability to
successfully remediate previously disclosed material weaknesses 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, 2023 filed with the U.S. Securities
and Exchange Commission (“SEC”) on March 22, 2024 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 MeasuresWe
use EBITDA, Adjusted EBITDA, Constant Currency Revenue as non-IFRS
financial measures in assessing our operating performance and Free
Cash Flow as a liquidity measure, and each in our financial
communications:
“EBITDA” is defined as loss for the period
adjusted to exclude, when applicable, income tax expense, finance
expenses, finance income and depreciation and amortization
expense.
“Adjusted EBITDA” is defined as loss for the
period adjusted to exclude, when applicable, income tax expense,
finance expenses, finance income, depreciation and amortization
expense, share-based compensation expense, restructuring costs,
expenses related to a new product launch issue, costs related to
legal settlement, impacts related to discontinued construction of
production facilities, impacts related to closure of production
facility, costs related to the YYF Transaction, and non-controlling
interests.
Adjusted EBITDA should not be considered as an
alternative to 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 loss for the period, 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 expenses related to a new
product launch issue that reduce cash available to us;
- Adjusted EBITDA does not reflect costs related to legal
settlement that reduce cash available to us in future periods;
- Adjusted EBITDA excludes impacts related to discontinued
construction of production facilities, although some of these may
reduce cash available to us in future periods;
- Adjusted EBITDA excludes impacts related to closure of
production facility, although some of these may reduce cash
available to us in future periods;
- Adjusted EBITDA does not reflect costs related to the YYF
Transaction that reduced cash available to us;
- 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 loss for the period, 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 a non-IFRS measure and is not a substitute for IFRS
measures in assessing our overall financial performance.
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 used in 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 used in operating activities.
Free Cash Flow is a non-IFRS measure and is not a substitute for
IFRS measures in assessing our overall financial liquidity. 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
condensed consolidated financial statements appearing elsewhere in
this document. Below we have provided a reconciliation of Free Cash
Flow to net cash flows used in operating activities for the periods
presented.
Financial Statements
Condensed consolidated statement of
operations
|
(Unaudited) |
|
Three months ended December 31, |
|
|
Twelve months ended December 31, |
|
| (in thousands of U.S.
dollars, except share and per share data) |
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
|
Revenue |
|
|
214,316 |
|
|
|
204,121 |
|
|
|
823,666 |
|
|
|
783,348 |
|
| Cost of goods sold |
|
|
(152,699 |
) |
|
|
(156,343 |
) |
|
|
(587,174 |
) |
|
|
(631,265 |
) |
| Gross
profit |
|
|
61,617 |
|
|
|
47,778 |
|
|
|
236,492 |
|
|
|
152,083 |
|
| Research and development
expenses |
|
|
(3,728 |
) |
|
|
(5,328 |
) |
|
|
(30,135 |
) |
|
|
(21,047 |
) |
| Selling, general and
administrative expenses |
|
|
(81,973 |
) |
|
|
(80,721 |
) |
|
|
(324,719 |
) |
|
|
(373,396 |
) |
| Other operating income and
(expenses), net |
|
|
(65,619 |
) |
|
|
(204,344 |
) |
|
|
(67,790 |
) |
|
|
(214,652 |
) |
| Operating
loss |
|
|
(89,703 |
) |
|
|
(242,615 |
) |
|
|
(186,152 |
) |
|
|
(457,012 |
) |
| Finance income and (expenses),
net |
|
|
(1,149 |
) |
|
|
(50,486 |
) |
|
|
(12,421 |
) |
|
|
48,847 |
|
| Loss before
tax |
|
|
(90,852 |
) |
|
|
(293,101 |
) |
|
|
(198,573 |
) |
|
|
(408,165 |
) |
| Income tax expense |
|
|
(505 |
) |
|
|
(5,674 |
) |
|
|
(3,699 |
) |
|
|
(8,895 |
) |
| Loss for the
period |
|
|
(91,357 |
) |
|
|
(298,775 |
) |
|
|
(202,272 |
) |
|
|
(417,060 |
) |
| Attributable to: |
|
|
|
|
|
|
|
|
|
|
|
|
| Shareholders of the
parent |
|
|
(91,206 |
) |
|
|
(298,663 |
) |
|
|
(201,949 |
) |
|
|
(416,874 |
) |
| Non-controlling interests |
|
|
(151 |
) |
|
|
(112 |
) |
|
|
(323 |
) |
|
|
(186 |
) |
| Loss per share,
attributable to shareholders of the parent: |
|
|
|
|
|
|
|
|
|
|
|
|
| Basic and diluted |
|
|
(0.15 |
) |
|
|
(0.50 |
) |
|
|
(0.34 |
) |
|
|
(0.70 |
) |
| Weighted average
common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
| Basic and diluted |
|
|
598,226,750 |
|
|
|
594,606,465 |
|
|
|
596,886,163 |
|
|
|
593,600,863 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed consolidated statement of financial
position
|
(Unaudited) |
|
December 31, 2024 |
|
|
December 31, 2023 |
|
| (in thousands of U.S.
dollars) |
|
|
|
|
|
|
| ASSETS |
|
|
|
|
|
|
| Non-current
assets |
|
|
|
|
|
|
|
Intangible assets |
|
|
116,208 |
|
|
|
130,326 |
|
| Property, plant and
equipment |
|
|
294,199 |
|
|
|
360,286 |
|
| Right-of-use assets |
|
|
45,555 |
|
|
|
88,393 |
|
| Other non-current
receivables |
|
|
44,331 |
|
|
|
44,378 |
|
| Deferred tax assets |
|
|
4,561 |
|
|
|
10,203 |
|
| Total non-current
assets |
|
|
504,854 |
|
|
|
633,586 |
|
| Current
assets |
|
|
|
|
|
|
| Inventories |
|
|
65,602 |
|
|
|
67,882 |
|
| Trade receivables |
|
|
103,366 |
|
|
|
112,951 |
|
| Current tax assets |
|
|
6,095 |
|
|
|
2,505 |
|
| Other current receivables |
|
|
15,738 |
|
|
|
33,820 |
|
| Prepaid expenses |
|
|
9,402 |
|
|
|
16,928 |
|
| Cash and cash equivalents |
|
|
98,923 |
|
|
|
249,299 |
|
| Total current
assets |
|
|
299,126 |
|
|
|
483,385 |
|
| TOTAL
ASSETS |
|
|
803,980 |
|
|
|
1,116,971 |
|
| EQUITY AND
LIABILITIES |
|
|
|
|
|
|
| Equity |
|
|
|
|
|
|
| Share capital |
|
|
106 |
|
|
|
105 |
|
| Treasury shares |
|
|
(0 |
) |
|
|
(0 |
) |
| Other contributed capital |
|
|
1,628,045 |
|
|
|
1,628,045 |
|
| Other reserves |
|
|
(274,160 |
) |
|
|
(233,204 |
) |
| Accumulated deficit |
|
|
(1,249,303 |
) |
|
|
(1,060,952 |
) |
| Equity attributable to
shareholders of the parent |
|
|
104,688 |
|
|
|
333,994 |
|
| Non-controlling interests |
|
|
1,435 |
|
|
|
1,787 |
|
| Total
equity |
|
|
106,123 |
|
|
|
335,781 |
|
|
Liabilities |
|
|
|
|
|
|
| Non-current
liabilities |
|
|
|
|
|
|
| Lease liabilities |
|
|
31,724 |
|
|
|
72,570 |
|
| Liabilities to credit
institutions |
|
|
116,216 |
|
|
|
114,249 |
|
| Provisions |
|
|
14,857 |
|
|
|
10,716 |
|
| Total non-current
liabilities |
|
|
162,797 |
|
|
|
197,535 |
|
| Current
liabilities |
|
|
|
|
|
|
| Lease liabilities |
|
|
13,359 |
|
|
|
16,432 |
|
| Convertible Notes |
|
|
324,395 |
|
|
|
323,528 |
|
| Liabilities to credit
institutions |
|
|
5,757 |
|
|
|
6,056 |
|
| Trade payables |
|
|
60,152 |
|
|
|
64,368 |
|
| Current tax liabilities |
|
|
1,476 |
|
|
|
2,732 |
|
| Other current liabilities |
|
|
7,998 |
|
|
|
13,873 |
|
| Accrued expenses |
|
|
103,719 |
|
|
|
121,338 |
|
| Provisions |
|
|
18,204 |
|
|
|
35,328 |
|
| Total current
liabilities |
|
|
535,060 |
|
|
|
583,655 |
|
| Total
liabilities |
|
|
697,857 |
|
|
|
781,190 |
|
| TOTAL EQUITY AND
LIABILITIES |
|
|
803,980 |
|
|
|
1,116,971 |
|
| |
|
|
|
|
|
|
|
|
Condensed consolidated statement of cash
flows
|
(Unaudited) |
|
For the year ended December 31 |
|
| (in thousands of U.S.
dollars) |
|
2024 |
|
|
2023 |
|
| Operating
activities |
|
|
|
|
|
|
|
Net loss |
|
|
(202,272 |
) |
|
|
(417,060 |
) |
| 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 |
|
|
49,966 |
|
|
|
51,702 |
|
|
—Impairment of property, plant and equipment and right-of-use
assets and intangible assets |
|
|
— |
|
|
|
1,828 |
|
|
—Impairment (gain)/loss on trade receivables |
|
|
(234 |
) |
|
|
611 |
|
|
—Write-down of inventories |
|
|
3,095 |
|
|
|
16,981 |
|
|
—Share-based compensation |
|
|
13,598 |
|
|
|
21,446 |
|
|
—Movements in provisions |
|
|
(14,414 |
) |
|
|
36,341 |
|
|
—Finance (income) and expenses, net |
|
|
12,421 |
|
|
|
(48,847 |
) |
|
—Income tax expense |
|
|
3,699 |
|
|
|
8,895 |
|
|
—(Gain)/Loss on disposal of property, plant and equipment and
intangible assets |
|
|
(307 |
) |
|
|
675 |
|
|
—Impairment related to discontinued construction of production
facilities |
|
|
24,117 |
|
|
|
172,588 |
|
|
—Impairment related to closure of production facility |
|
|
19,113 |
|
|
|
— |
|
|
—Other |
|
|
1,441 |
|
|
|
— |
|
| Interest received |
|
|
8,285 |
|
|
|
9,630 |
|
| Interest paid |
|
|
(24,518 |
) |
|
|
(20,504 |
) |
| Income tax paid |
|
|
(3,386 |
) |
|
|
(18,098 |
) |
|
Changes in working capital: |
|
|
|
|
|
|
|
—(Increase)/decrease in inventories |
|
|
(3,456 |
) |
|
|
30,543 |
|
|
—Decrease/(increase) in trade receivables, other current
receivables, prepaid expenses |
|
|
14,786 |
|
|
|
(2,502 |
) |
|
—Decrease in trade payables, other current liabilities, accrued
expenses |
|
|
(16,362 |
) |
|
|
(9,855 |
) |
| Net cash flows used in
operating activities |
|
|
(114,428 |
) |
|
|
(165,626 |
) |
| Investing
activities |
|
|
|
|
|
|
| Purchase of intangible
assets |
|
|
(2,055 |
) |
|
|
(2,950 |
) |
| Purchase of property, plant
and equipment |
|
|
(39,140 |
) |
|
|
(66,095 |
) |
| Investments in financial
assets |
|
|
— |
|
|
|
(1,651 |
) |
| Proceeds from sale of
property, plant and equipment |
|
|
31,201 |
|
|
|
— |
|
| Proceeds from sale of assets
held for sale |
|
|
— |
|
|
|
43,998 |
|
| Other |
|
|
743 |
|
|
|
— |
|
| Net cash flows used in
investing activities |
|
|
(9,251 |
) |
|
|
(26,698 |
) |
| Financing
activities |
|
|
|
|
|
|
| Proceeds from Convertible
Notes |
|
|
— |
|
|
|
324,950 |
|
| Proceeds from liabilities to
credit institutions |
|
|
— |
|
|
|
176,854 |
|
| Repayment of liabilities to
credit institutions |
|
|
(2,678 |
) |
|
|
(102,848 |
) |
| Repayment of lease
liabilities |
|
|
(19,645 |
) |
|
|
(11,411 |
) |
| Payment of loan transaction
costs |
|
|
(4,965 |
) |
|
|
(32,550 |
) |
| Cash flows (used
in)/from financing activities |
|
|
(27,288 |
) |
|
|
354,995 |
|
| Net
(decrease)/increase in cash and cash equivalents |
|
|
(150,967 |
) |
|
|
162,671 |
|
| Cash and cash equivalents at
January 1 |
|
|
249,299 |
|
|
|
82,644 |
|
| Exchange rate differences in
cash and cash equivalents |
|
|
591 |
|
|
|
3,984 |
|
| Cash and cash
equivalents at December 31 |
|
|
98,923 |
|
|
|
249,299 |
|
| |
|
|
|
|
|
|
|
|
Reconciliation of IFRS to Non-IFRS Financial
measures
Reconciliation of EBITDA and Adjusted EBITDA to loss for
the period
| |
|
Three months ended December 31, |
|
|
Twelve months ended December 31, |
|
|
(Unaudited) |
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
| (in thousands of U.S.
dollars) |
|
|
|
|
|
Loss for the period |
|
|
(91,357 |
) |
|
|
(298,775 |
) |
|
|
(202,272 |
) |
|
|
(417,060 |
) |
| Income tax expense |
|
|
505 |
|
|
|
5,674 |
|
|
|
3,699 |
|
|
|
8,895 |
|
| Finance (income) and expenses,
net |
|
|
1,149 |
|
|
|
50,486 |
|
|
|
12,421 |
|
|
|
(48,847 |
) |
| Depreciation and amortization
expense |
|
|
11,932 |
|
|
|
14,618 |
|
|
|
49,966 |
|
|
|
51,874 |
|
| EBITDA |
|
|
(77,771 |
) |
|
|
(227,997 |
) |
|
|
(136,186 |
) |
|
|
(405,138 |
) |
| Share-based compensation
expense |
|
|
3,503 |
|
|
|
4,687 |
|
|
|
13,598 |
|
|
|
21,446 |
|
| Restructuring costs(1) |
|
|
3,597 |
|
|
|
2,416 |
|
|
|
8,172 |
|
|
|
14,760 |
|
| New product launch
issue(2) |
|
|
(567 |
) |
|
|
— |
|
|
|
11,998 |
|
|
|
— |
|
| Asset impairment charges and
other costs related to discontinued construction of production
facilities(3) |
|
|
22,898 |
|
|
|
201,560 |
|
|
|
24,660 |
|
|
|
201,560 |
|
| Asset impairment charges and
other costs related to closure of production facility(4) |
|
|
42,110 |
|
|
|
— |
|
|
|
42,110 |
|
|
|
— |
|
| Costs related to the YYF
Transaction(5) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
375 |
|
| Legal settlement(6) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
9,250 |
|
| Non-controlling interests |
|
|
151 |
|
|
|
112 |
|
|
|
323 |
|
|
|
186 |
|
| Adjusted
EBITDA |
|
|
(6,079 |
) |
|
|
(19,222 |
) |
|
|
(35,325 |
) |
|
|
(157,561 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Relates primarily to severance costs as the Group adjusts its
organizational structure.
- Expenses related to a new product launch issue.
- The cost for the three and twelve months ended December 31,
2024 primarily relates to non-cash impairments related to
discontinued construction of the Group’s second production facility
in China (Asia III), partially offset by reversal of previously
recognized costs related to discontinued construction of the
Group’s production facility in Peterborough, UK and Dallas-Fort
Worth, Texas. The cost for the three and twelve months ended
December 31, 2023 relates to discontinued construction of its new
production facilities in Peterborough, UK and Dallas-Fort Worth,
Texas.
- Relates to non-cash impairments of $19.1 million and $23.0
million in restructuring and other exit costs related to the
closure of the Group’s production facility in Singapore.
- Relates to the YYF Transaction.
- Relates to US securities class action litigation settlement
expenses.
Reconciliation of Free Cash Flow to Net Cash Flows used
in Operating Activities
|
(Unaudited) |
|
Three months ended December 31, |
|
|
Twelve months ended December 31, |
|
| (in thousands of U.S.
dollars) |
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
|
Net cash flows used in operating activities |
|
|
(10,236 |
) |
|
|
(14,147 |
) |
|
|
(114,428 |
) |
|
|
(165,626 |
) |
| Capital expenditures |
|
|
(12,273 |
) |
|
|
(17,062 |
) |
|
|
(41,195 |
) |
|
|
(69,045 |
) |
| Free Cash
Flow |
|
|
(22,509 |
) |
|
|
(31,209 |
) |
|
|
(155,623 |
) |
|
|
(234,671 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contacts
Oatly Group AB
+1 866-704-0391
investors@oatly.com
press.us@oatly.com
Oatly Group AB (NASDAQ:OTLY)
Historical Stock Chart
From Feb 2025 to Mar 2025
Oatly Group AB (NASDAQ:OTLY)
Historical Stock Chart
From Mar 2024 to Mar 2025
