otly-6k_20211115.htm

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 6-K

 

REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
OF THE SECURITIES EXCHANGE ACT OF 1934

For the month of November, 2021

Commission File Number: 001-40401

 

Oatly Group AB

(Translation of registrant’s name into English)

 

Jagaregatan 4

211 19 Malmö

Sweden

(Address of principal executive office)

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F      Form 40-F  

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):

Yes      No  

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

Yes      No  

 


 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oatly Group AB

 

Interim condensed consolidated financial statements

For the three and nine months ended September 30, 2021


 


 

 

Table of contents

 

PART I – FINANCIAL INFORMATION

 

Item 1. Financial Statements

 

Interim condensed consolidated statement of operations

1

Interim condensed consolidated statement of comprehensive loss

2

Interim condensed consolidated statement of financial position

3

Interim condensed consolidated statement of changes in equity

4

Interim condensed consolidated statement of cash flows

6

Notes to the interim condensed consolidated financial statements

7

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

21

Item 3. Quantitative and Qualitative Disclosures About Market Risk

34

PART II – OTHER INFORMATION

 

Item 1. Legal Proceedings

35

Item 1A. Risk Factors

35

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

35

Item 3. Defaults Upon Senior Securities

35

Item 4. Mine Safety Disclosures

35

Item 5. Other Information

35

Signatures

36

 

 

 


 

 

Part I – FINANCIAL INFORMATION

Item 1. 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)

 

Note

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Revenue

 

 

5

 

 

 

171,062

 

 

 

114,682

 

 

 

457,265

 

 

 

294,235

 

Cost of goods sold

 

 

 

 

 

 

(126,185

)

 

 

(78,731

)

 

 

(331,847

)

 

 

(200,190

)

Gross profit

 

 

 

 

 

 

44,877

 

 

 

35,951

 

 

 

125,418

 

 

 

94,045

 

Research and development expenses

 

 

 

 

 

 

(4,052

)

 

 

(1,692

)

 

 

(11,096

)

 

 

(4,174

)

Selling, general and administrative expenses

 

 

 

 

 

 

(85,090

)

 

 

(40,591

)

 

 

(235,029

)

 

 

(104,777

)

Other operating income and (expenses), net

 

 

 

 

 

 

(192

)

 

 

(1,550

)

 

 

(369

)

 

 

(2,494

)

Operating loss

 

 

 

 

 

 

(44,457

)

 

 

(7,882

)

 

 

(121,076

)

 

 

(17,400

)

Finance income and (expenses), net

 

 

7

 

 

 

3,831

 

 

 

(1,971

)

 

 

(8,785

)

 

 

(4,644

)

Loss before tax

 

 

 

 

 

 

(40,626

)

 

 

(9,853

)

 

 

(129,861

)

 

 

(22,044

)

Income tax expense

 

 

8

 

 

 

(567

)

 

 

(554

)

 

 

(2,779

)

 

 

(1,326

)

Loss for the period attributable to shareholders of the parent

 

 

 

 

 

 

(41,193

)

 

 

(10,407

)

 

 

(132,640

)

 

 

(23,370

)

Loss per share, attributable to shareholders of the parent:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted

 

 

23

 

 

 

(0.07

)

 

 

(0.02

)

 

 

(0.25

)

 

 

(0.05

)

 

The accompanying notes are an integral part of these interim condensed consolidated financial statements.

1


 

Interim condensed consolidated statement of comprehensive loss

 

(Unaudited)

 

Three months ended September 30,

 

 

Nine months ended September 30,

 

(in thousands of U.S. dollars)

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Loss for the period

 

 

(41,193

)

 

 

(10,407

)

 

 

(132,640

)

 

 

(23,370

)

Other comprehensive (loss)/income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Items that may be subsequently reclassified to consolidated

   statement of operations (net of tax):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exchange differences from translation of foreign operations

 

 

(23,205

)

 

 

3,377

 

 

 

(47,273

)

 

 

1,343

 

Total other comprehensive (loss)/income for the period

 

 

(23,205

)

 

 

3,377

 

 

 

(47,273

)

 

 

1,343

 

Total comprehensive loss for the period

 

 

(64,398

)

 

 

(7,030

)

 

 

(179,913

)

 

 

(22,027

)

 

Loss for the period and total comprehensive loss are, in their entirety, attributable to shareholders of the parent.

The accompanying notes are an integral part of these interim condensed consolidated financial statements.

2


 

Interim condensed consolidated statement of financial position

 

 

 

Note

 

 

September 30, 2021

 

 

December 31, 2020

 

(in thousands of U.S. dollars)

 

 

 

 

 

(Unaudited)

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

Non-current assets

 

 

 

 

 

 

 

 

 

 

 

 

Intangible assets

 

 

9

 

 

 

151,594

 

 

 

156,463

 

Property, plant and equipment

 

 

10

 

 

 

426,228

 

 

 

237,625

 

Right-of-use assets

 

 

11

 

 

 

129,434

 

 

 

38,103

 

Other non-current receivables

 

 

 

 

 

 

977

 

 

 

6,550

 

Deferred tax assets

 

 

8

 

 

 

435

 

 

 

26

 

Total non-current assets

 

 

 

 

 

 

708,668

 

 

 

438,767

 

Current assets

 

 

 

 

 

 

 

 

 

 

 

 

Inventories

 

 

13

 

 

 

78,023

 

 

 

39,115

 

Trade receivables

 

 

14

 

 

 

88,697

 

 

 

71,297

 

Current tax assets

 

 

 

 

 

 

467

 

 

 

514

 

Other current receivables

 

 

 

 

 

 

33,179

 

 

 

12,363

 

Prepaid expenses

 

 

 

 

 

 

33,166

 

 

 

11,509

 

Short-term investments

 

 

15

 

 

 

305,165

 

 

 

 

Cash and cash equivalents

 

 

16

 

 

 

403,054

 

 

 

105,364

 

Total current assets

 

 

 

 

 

 

941,751

 

 

 

240,162

 

TOTAL ASSETS

 

 

 

 

 

 

1,650,419

 

 

 

678,929

 

EQUITY AND LIABILITIES

 

 

 

 

 

 

 

 

 

 

 

 

Equity

 

 

17

 

 

 

 

 

 

 

 

 

Share capital

 

 

 

 

 

 

105

 

 

 

21

 

Other contributed capital

 

 

 

 

 

 

1,628,103

 

 

 

448,251

 

Foreign currency translation reserve

 

 

 

 

 

 

(49,798

)

 

 

(2,525

)

Accumulated deficit

 

 

 

 

 

 

(238,267

)

 

 

(119,661

)

Total equity attributable to shareholders of the parent

 

 

 

 

 

 

1,340,143

 

 

 

326,086

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Non-current liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Lease liabilities

 

 

11

 

 

 

108,469

 

 

 

23,883

 

Liabilities to credit institutions

 

 

18

 

 

 

3,802

 

 

 

91,655

 

Other non-current liabilities

 

 

 

 

 

 

11

 

 

 

233

 

Deferred tax liabilities

 

 

8

 

 

 

2,797

 

 

 

1,307

 

Provisions

 

 

19

 

 

 

8,204

 

 

 

7,121

 

Total non-current liabilities

 

 

 

 

 

 

123,283

 

 

 

124,199

 

Current liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Lease liabilities

 

 

11

 

 

 

12,679

 

 

 

6,261

 

Liabilities to credit institutions

 

 

18

 

 

 

2,880

 

 

 

5,532

 

Shareholder loans

 

 

20

 

 

 

 

 

 

106,118

 

Trade payables

 

 

 

 

 

 

70,929

 

 

 

45,295

 

Current tax liabilities

 

 

 

 

 

 

679

 

 

 

852

 

Other current liabilities

 

 

 

 

 

 

8,631

 

 

 

4,632

 

Accrued expenses

 

 

21

 

 

 

91,195

 

 

 

59,954

 

Total current liabilities

 

 

 

 

 

 

186,993

 

 

 

228,644

 

Total liabilities

 

 

 

 

 

 

310,276

 

 

 

352,843

 

TOTAL EQUITY AND LIABILITIES

 

 

 

 

 

 

1,650,419

 

 

 

678,929

 

 

The accompanying notes are an integral part of these interim condensed consolidated financial statements.

3


 

Interim condensed consolidated statement of changes in equity

 

 

 

 

 

Attributable to shareholders of the parent

 

(Unaudited)

(in thousands of U.S. dollars)

 

Note

 

Share capital

 

 

Other contributed capital

 

 

Foreign currency translation reserve

 

 

Accumulated deficit

 

 

Total equity

 

January 1, 2021

 

6, 17

 

 

21

 

 

 

448,251

 

 

 

(2,525

)

 

 

(119,661

)

 

 

326,086

 

Loss for the period

 

 

 

 

 

 

 

 

 

 

 

 

 

(32,383

)

 

 

(32,383

)

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

(10,351

)

 

 

 

 

 

(10,351

)

Total comprehensive loss for the period

 

 

 

 

 

 

 

 

 

 

(10,351

)

 

 

(32,383

)

 

 

(42,734

)

Bonus issue

 

 

 

 

63

 

 

 

(63

)

 

 

 

 

 

 

 

 

 

Balance at March 31, 2021

 

 

 

 

84

 

 

 

448,188

 

 

 

(12,876

)

 

 

(152,044

)

 

 

283,352

 

Loss for the period

 

 

 

 

 

 

 

 

 

 

 

 

 

(59,064

)

 

 

(59,064

)

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

(13,717

)

 

 

 

 

 

(13,717

)

Total comprehensive loss for the period

 

 

 

 

 

 

 

 

 

 

(13,717

)

 

 

(59,064

)

 

 

(72,781

)

Bonus issue

 

 

 

 

1

 

 

 

(1

)

 

 

 

 

 

 

 

 

 

Issue of shares

 

 

 

 

12

 

 

 

1,099,684

 

 

 

 

 

 

 

 

 

1,099,696

 

Transaction costs

 

 

 

 

 

 

 

(62,371

)

 

 

 

 

 

 

 

 

(62,371

)

Conversion of shareholder loans

 

 

 

 

1

 

 

 

104,107

 

 

 

 

 

 

 

 

 

104,108

 

Exercise of warrants

 

 

 

 

7

 

 

 

38,496

 

 

 

 

 

 

 

 

 

38,503

 

Share-based payments

 

 

 

 

 

 

 

 

 

 

 

 

 

4,466

 

 

 

4,466

 

Balance at June 30, 2021

 

 

 

 

105

 

 

 

1,628,103

 

 

 

(26,593

)

 

 

(206,642

)

 

 

1,394,973

 

Loss for the period

 

 

 

 

 

 

 

 

 

 

 

 

 

(41,193

)

 

 

(41,193

)

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

(23,205

)

 

 

 

 

 

(23,205

)

Total comprehensive loss for the period

 

 

 

 

 

 

 

 

 

 

(23,205

)

 

 

(41,193

)

 

 

(64,398

)

Share-based payments

 

 

 

 

 

 

 

 

 

 

 

 

 

9,568

 

 

 

9,568

 

Balance at September 30, 2021

 

 

 

 

105

 

 

 

1,628,103

 

 

 

(49,798

)

 

 

(238,267

)

 

 

1,340,143

 


4


 

 

 

 

 

 

Attributable to shareholders of the parent

 

 

 

Note

 

Share capital

 

 

Other contributed capital

 

 

Foreign currency translation reserve

 

 

Accumulated deficit

 

 

Total equity

 

January 1, 2020

 

6, 17

 

 

19

 

 

 

267,806

 

 

 

(19,710

)

 

 

(60,314

)

 

 

187,801

 

Loss for the period

 

 

 

 

 

 

 

 

 

 

 

 

 

(8,173

)

 

 

(8,173

)

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

(8,251

)

 

 

 

 

 

(8,251

)

Total comprehensive loss for the period

 

 

 

 

 

 

 

 

 

 

(8,251

)

 

 

(8,173

)

 

 

(16,424

)

Transactions with shareholders

 

 

 

 

 

 

 

(3,276

)

 

 

 

 

 

 

 

 

(3,276

)

Share-based payments

 

 

 

 

 

 

 

 

 

 

 

 

 

1,014

 

 

 

1,014

 

Balance at March 31, 2020

 

 

 

 

19

 

 

 

264,530

 

 

 

(27,961

)

 

 

(67,473

)

 

 

169,115

 

Loss for the period

 

 

 

 

 

 

 

 

 

 

 

 

 

(4,790

)

 

 

(4,790

)

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

6,217

 

 

 

 

 

 

6,217

 

Total comprehensive income/(loss) for the period

 

 

 

 

 

 

 

 

 

 

6,217

 

 

 

(4,790

)

 

 

1,427

 

Transactions with shareholders

 

 

 

 

 

 

 

(438

)

 

 

 

 

 

 

 

 

(438

)

Issue of warrants

 

 

 

 

 

 

 

464

 

 

 

 

 

 

 

 

 

464

 

Balance at June 30, 2020

 

 

 

 

19

 

 

 

264,556

 

 

 

(21,744

)

 

 

(72,263

)

 

 

170,568

 

Loss for the period

 

 

 

 

 

 

 

 

 

 

 

 

 

(10,407

)

 

 

(10,407

)

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

3,377

 

 

 

 

 

 

3,377

 

Total comprehensive income/(loss) for the period

 

 

 

 

 

 

 

 

 

 

3,377

 

 

 

(10,407

)

 

 

(7,030

)

Issue of shares

 

 

 

 

2

 

 

 

200,042

 

 

 

 

 

 

 

 

 

200,044

 

Transaction costs

 

 

 

 

 

 

 

(8,412

)

 

 

 

 

 

 

 

 

(8,412

)

Redemption of warrants

 

 

 

 

 

 

 

(10,146

)

 

 

 

 

 

 

 

 

(10,146

)

Balance at September 30, 2020

 

 

 

 

21

 

 

 

446,040

 

 

 

(18,367

)

 

 

(82,670

)

 

 

345,024

 

 

The accompanying notes are an integral part of these interim condensed consolidated financial statements.

5


 

Interim condensed consolidated statement of cash flows

 

(Unaudited)

 

 

 

For the nine months ended September 30,

 

(in thousands of U.S. dollars)

 

Note

 

2021

 

 

2020

 

Operating activities

 

 

 

 

 

 

 

 

 

 

Net loss

 

 

 

 

(132,640

)

 

 

(23,370

)

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

 

9,10,11

 

 

16,386

 

 

 

9,220

 

—Impairment loss on trade receivables

 

14

 

 

41

 

 

 

390

 

—Share-based payments expense

 

6

 

 

14,034

 

 

 

1,014

 

—Finance income and expenses, net

 

7

 

 

8,785

 

 

 

4,644

 

—Income tax expense

 

8

 

 

2,779

 

 

 

1,326

 

—Loss on disposal of property, plant and equipment

 

10

 

 

1

 

 

 

531

 

—Other

 

 

 

 

(25

)

 

 

(36

)

Interest received

 

 

 

 

918

 

 

 

7

 

Interest paid

 

 

 

 

(6,878

)

 

 

(4,561

)

Income tax paid

 

 

 

 

(2,242

)

 

 

(785

)

Changes in working capital:

 

 

 

 

 

 

 

 

 

 

—Increase in inventories

 

 

 

 

(40,364

)

 

 

(5,733

)

—Increase in trade receivables, other current receivables, prepaid expenses

 

 

 

 

(59,511

)

 

 

(32,387

)

—Increase in trade payables, other current liabilities, accrued expenses

 

 

 

 

50,120

 

 

 

29,315

 

Net cash flows used in operating activities

 

 

 

 

(148,596

)

 

 

(20,425

)

Investing activities

 

 

 

 

 

 

 

 

 

 

Purchase of intangible assets

 

9

 

 

(7,227

)

 

 

(5,010

)

Purchase of property, plant and equipment

 

10

 

 

(186,660

)

 

 

(85,107

)

Proceeds from financial instruments

 

 

 

 

5,720

 

 

 

265

 

Purchase of short-term investments

 

15

 

 

(335,165

)

 

 

 

Proceeds from short-term investments

 

15

 

 

17,283

 

 

 

 

Net cash flows used in investing activities

 

 

 

 

(506,049

)

 

 

(89,852

)

Financing activities

 

 

 

 

 

 

 

 

 

 

Proceeds from issue of shares, net of transaction costs

 

17

 

 

1,037,325

 

 

 

191,632

 

Proceeds from shareholder loans

 

20

 

 

 

 

 

87,828

 

Repayment of shareholder loans

 

20

 

 

(10,941

)

 

 

 

Proceeds from liabilities to credit institutions

 

18

 

 

118,005

 

 

 

128,344

 

Repayment of liabilities to credit institutions

 

18

 

 

(212,384

)

 

 

(118,546

)

Repayment of lease liabilities

 

11

 

 

(6,938

)

 

 

(4,313

)

Proceeds from exercise of warrants

 

6,17

 

 

38,503

 

 

 

 

Redemption of warrants

 

 

 

 

 

 

 

(9,986

)

Payment of loan transaction costs

 

 

 

 

(4,900

)

 

 

 

Cash flows from financing activities

 

 

 

 

958,670

 

 

 

274,959

 

Net increase in cash and cash equivalents

 

 

 

 

304,025

 

 

 

164,682

 

Cash and cash equivalents at the beginning of the period

 

 

 

 

105,364

 

 

 

10,571

 

Exchange rate differences in cash and cash equivalents

 

 

 

 

(6,335

)

 

 

4,777

 

Cash and cash equivalents at the end of the period

 

16