STOCKHOLM, Sweden, April 17, 2003 (PRIMEZONE) -- Cloetta Fazer Group:
- The Group's profit after net financial items rose to MSEK 98 (93).
- Operating profit was MSEK 92 (91) . The operating margin improved to 12.8 per cent (12.3) . Sales totalled MSEK 719 (742)
- Cloetta Fazer to invest MSEK 150 in more efficient production Profit and sales The Cloetta Fazer Group's operating profit amounted to MSEK 92 (91) and the operating margin improved to 12.8 per cent (12.3).
Profit after net financial items was MSEK 98, an increase of MSEK 5 over the year-earlier figure. Net financial items for the period totaled MSEK 6, compared with MSEK 2 in the preceding year.
Net profit after tax was MSEK 69 (67), corresponding to earnings per share of SEK 2.85 (2.83). Upon full conversion of outstanding convertible debentures, earnings per share would amount to SEK 2.83 (2.76).
Consolidated sales are reported at MSEK 719 (742). The drop in sales in explained by the fact that Easter will arrive later than in the previous year. The Easter holiday is of particular importance for the pick-and-mix segment.
The key brands are continuing to perform well in Sweden and Finland. First quarter sales of Kexchoklad were up by 14 per cent and Fazer Bla by 4 per compared with the previous year. This, in combination with effective product management, has contributed to strengthening of the margin. The price of cocoa has stabilised at a high level which is around 15 per cent under the peak quote from last autumn.
Ongoing efforts are being made to further develop and exploit Cloetta Fazer's top-selling brands. One such example is last year's successful launch of Dumle Snacks in Finland, where Cloetta Fazer has for the first time entered the snacks market with one of the company's key brands. The product size has been modified and special packaging has been developed to suit this market. Dumle Snacks will be introduced in Sweden during the autumn.
Cloetta Fazer AB (publ) Karsten Slotte Managing Director and CEO Managing Director Karsten Slotte mobile +46 (0)70-687 99 22 Chief Financial Officer Curt Petri mobile +46 (0)70-593 21 69
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