6-K

 

 

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, 2022

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

 

 

 

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

https://cdn.kscope.io/d5374e694fc1fc0a4f0891e74a7d06f4-img33958747_0.jpg 

 

 

Oatly Group AB

 

Interim condensed consolidated financial statements

For the three and nine months ended September 30, 2022

 

 


 

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

19

Item 3. Quantitative and Qualitative Disclosures About Market Risk

32

PART II – OTHER INFORMATION

 

Item 1. Legal Proceedings

32

Item 1A. Risk Factors

32

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

34

Item 3. Defaults Upon Senior Securities

34

Item 4. Mine Safety Disclosures

34

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

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Revenue

5

 

 

183,026

 

 

 

171,062

 

 

 

527,170

 

 

 

457,265

 

Cost of goods sold

 

 

 

(178,044

)

 

 

(126,185

)

 

 

(478,196

)

 

 

(331,847

)

Gross profit

 

 

 

4,982

 

 

 

44,877

 

 

 

48,974

 

 

 

125,418

 

Research and development expenses

 

 

 

(5,245

)

 

 

(4,052

)

 

 

(15,227

)

 

 

(11,096

)

Selling, general and administrative expenses

 

 

 

(103,765

)

 

 

(85,090

)

 

 

(304,898

)

 

 

(235,029

)

Other operating income and (expenses), net

 

 

 

(340

)

 

 

(192

)

 

 

197

 

 

 

(369

)

Operating loss

 

 

 

(104,368

)

 

 

(44,457

)

 

 

(270,954

)

 

 

(121,076

)

Finance income and (expenses), net

7

 

 

(7,491

)

 

 

3,831

 

 

 

(4,507

)

 

 

(8,785

)

Loss before tax

 

 

 

(111,859

)

 

 

(40,626

)

 

 

(275,461

)

 

 

(129,861

)

Income tax benefit/(expense)

8

 

 

3,910

 

 

 

(567

)

 

 

8,063

 

 

 

(2,779

)

Loss for the period attributable to shareholders of the parent

 

 

 

(107,949

)

 

 

(41,193

)

 

 

(267,398

)

 

 

(132,640

)

Loss per share, attributable to shareholders of the parent:

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted

23

 

 

(0.18

)

 

 

(0.07

)

 

 

(0.45

)

 

 

(0.25

)

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted

23

 

 

592,163,619

 

 

 

591,777,001

 

 

 

591,963,512

 

 

 

534,691,682

 

 

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)

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Loss for the period

 

 

(107,949

)

 

 

(41,193

)

 

 

(267,398

)

 

 

(132,640

)

Other comprehensive loss:

 

 

 

 

 

 

 

 

 

 

 

 

Items that may be subsequently reclassified to consolidated statement of operations (net of tax):

 

 

 

 

 

 

 

 

 

 

 

 

Exchange differences from translation of foreign operations

 

 

(43,223

)

 

 

(23,205

)

 

 

(126,389

)

 

 

(47,273

)

Total other comprehensive loss for the period

 

 

(43,223

)

 

 

(23,205

)

 

 

(126,389

)

 

 

(47,273

)

Total comprehensive loss for the period

 

 

(151,172

)

 

 

(64,398

)

 

 

(393,787

)

 

 

(179,913

)

 

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

 

(in thousands of U.S. dollars)

 

Note

 

September 30, 2022

 

 

December 31, 2021

 

 

 

 

 

(Unaudited)

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

Non-current assets

 

 

 

 

 

 

 

 

Intangible assets

 

9

 

 

119,693

 

 

 

145,925

 

Property, plant and equipment

 

10

 

 

597,265

 

 

 

509,648

 

Right-of-use assets

 

11

 

 

149,467

 

 

 

158,448

 

Other non-current receivables

 

 

 

 

7,502

 

 

 

5,534

 

Deferred tax assets

 

8

 

 

4,954

 

 

 

2,293

 

Total non-current assets

 

 

 

 

878,881

 

 

 

821,848

 

Current assets

 

 

 

 

 

 

 

 

Inventories

 

13

 

 

89,326

 

 

 

95,661

 

Trade receivables

 

14

 

 

118,333

 

 

 

105,519

 

Current tax assets

 

 

 

 

296

 

 

 

435

 

Other current receivables

 

 

 

 

23,803

 

 

 

32,229

 

Prepaid expenses

 

 

 

 

17,010

 

 

 

27,711

 

Short-term investments

 

15

 

 

14,743

 

 

 

249,937

 

Cash and cash equivalents

 

16

 

 

105,603

 

 

 

295,572

 

Total current assets

 

 

 

 

369,114

 

 

 

807,064

 

TOTAL ASSETS

 

 

 

 

1,247,995

 

 

 

1,628,912

 

EQUITY AND LIABILITIES

 

 

 

 

 

 

 

 

Equity

 

17

 

 

 

 

 

 

Share capital

 

 

 

 

105

 

 

 

105

 

Treasury shares

 

 

 

 

0

 

 

 

 

Other contributed capital

 

 

 

 

1,628,045

 

 

 

1,628,103

 

Foreign currency translation reserve

 

 

 

 

(200,875

)

 

 

(74,486

)

Accumulated deficit

 

 

 

 

(548,096

)

 

 

(308,423

)

Total equity attributable to shareholders of the parent

 

 

 

 

879,179

 

 

 

1,245,299

 

Liabilities

 

 

 

 

 

 

 

 

Non-current liabilities

 

 

 

 

 

 

 

 

Lease liabilities

 

11

 

 

119,995

 

 

 

126,516

 

Deferred tax liabilities

 

8

 

 

2,645

 

 

 

2,677

 

Provisions

 

19

 

 

9,303

 

 

 

11,033

 

Total non-current liabilities

 

 

 

 

131,943

 

 

 

140,226

 

Current liabilities

 

 

 

 

 

 

 

 

Lease liabilities

 

11

 

 

19,469

 

 

 

16,703

 

Liabilities to credit institutions

 

18

 

 

4,420

 

 

 

5,987

 

Trade payables

 

 

 

 

66,097

 

 

 

93,043

 

Current tax liabilities

 

 

 

 

2,436

 

 

 

567

 

Other current liabilities

 

 

 

 

10,540

 

 

 

9,614

 

Accrued expenses

 

21

 

 

133,911

 

 

 

117,473

 

Total current liabilities

 

 

 

 

236,873

 

 

 

243,387

 

Total liabilities

 

 

 

 

368,816

 

 

 

383,613

 

TOTAL EQUITY AND LIABILITIES

 

 

 

 

1,247,995

 

 

 

1,628,912

 

 

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

 

 

Treasury shares

 

 

Other contributed capital

 

 

Foreign currency translation reserve

 

 

Accumulated deficit

 

 

Total equity

 

Balance at December 31, 2021

 

6, 17

 

 

105

 

 

 

 

 

 

1,628,103

 

 

 

(74,486

)

 

 

(308,423

)

 

 

1,245,299

 

Loss for the period

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(87,459

)

 

 

(87,459

)

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

(22,954

)

 

 

 

 

 

(22,954

)

Total comprehensive loss for the period

 

 

 

 

 

 

 

 

 

 

 

 

 

(22,954

)

 

 

(87,459

)

 

 

(110,413

)

Share-based payments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

10,037

 

 

 

10,037

 

Balance at March 31, 2022

 

 

 

 

105

 

 

 

 

 

 

1,628,103

 

 

 

(97,440

)

 

 

(385,845

)

 

 

1,144,923

 

Loss for the period

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(71,990

)

 

 

(71,990

)

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

(60,212

)

 

 

 

 

 

(60,212

)

Total comprehensive loss for the period

 

 

 

 

 

 

 

 

 

 

 

 

 

(60,212

)

 

 

(71,990

)

 

 

(132,202

)

Issue of shares

 

 

 

 

0

 

 

 

(0

)

 

 

 

 

 

 

 

 

 

 

 

 

Share-based payments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9,185

 

 

 

9,185

 

Balance at June 30, 2022

 

 

 

 

105

 

 

 

(0

)

 

 

1,628,103

 

 

 

(157,652

)

 

 

(448,650

)

 

 

1,021,906

 

Loss for the period

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(107,949

)

 

 

(107,949

)

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

(43,223

)

 

 

 

 

 

(43,223

)

Total comprehensive loss for the period

 

 

 

 

 

 

 

 

 

 

 

 

 

(43,223

)

 

 

(107,949

)

 

 

(151,172

)

Redemption of warrants

 

 

 

 

 

 

 

 

 

 

(58

)

 

 

 

 

 

 

 

 

(58

)

Share-based payments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8,503

 

 

 

8,503

 

Balance at September 30, 2022

 

 

 

 

105

 

 

 

(0

)

 

 

1,628,045

 

 

 

(200,875

)

 

 

(548,096

)

 

 

879,179

 

 

 

4


 

 

 

 

 

Attributable to shareholders of the parent

 

(Unaudited)
(in thousands of U.S. dollars)

 

Note

 

Share capital

 

 

Treasury shares

 

 

Other contributed capital

 

 

Foreign currency translation reserve

 

 

Accumulated deficit

 

 

Total equity

 

Balance at December 31, 2020

 

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

 

 

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

 

2022

 

 

2021

 

Operating activities

 

 

 

 

 

 

 

 

Net loss

 

 

 

 

(267,398

)

 

 

(132,640

)

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

 

 

34,765

 

 

 

16,386

 

—Write-downs of inventories

 

13

 

 

15,067

 

 

 

1,507

 

—Impairment loss on trade receivables

 

14

 

 

2,456

 

 

 

41

 

—Share-based payments expense

 

6

 

 

27,725

 

 

 

14,034

 

—Finance income and expenses, net

 

7

 

 

4,507

 

 

 

8,785

 

—Income tax (benefit)/expense

 

8

 

 

(8,063

)

 

 

2,779

 

—Gain/(loss) on disposal of property, plant and equipment

 

10

 

 

(860

)

 

 

1

 

—Other

 

 

 

 

(222

)

 

 

(25

)

Interest received

 

 

 

 

1,776

 

 

 

918

 

Interest paid

 

 

 

 

(8,964

)

 

 

(6,878

)

Income tax paid

 

 

 

 

(1,977

)

 

 

(2,242

)