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 2023

Commission File Number: 001-40401

 

Oatly Group AB

(Translation of registrant’s name into English)

 

Ångfärjekajen 8

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/a98e8bce06bf262354643c22cce8aaff-img33958748_0.jpg 

 

 

Oatly Group AB

 

Interim condensed consolidated financial statements

For the three and nine months ended September 30, 2023

 


 

Table of contents

 

PART I – FINANCIAL INFORMATION

 

Item 1. Financial Statements

 

Interim condensed consolidated statement of operations

1

Interim condensed consolidated statement of comprehensive income/(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

27

Item 3. Quantitative and Qualitative Disclosures About Market Risk

40

PART II – OTHER INFORMATION

 

Item 1. Legal Proceedings

40

Item 1A. Risk Factors

40

Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities

41

Item 3. Defaults Upon Senior Securities

41

Signatures

42

 

 


 

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

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Revenue

 

5

 

 

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

 

7

 

 

112,841

 

 

 

(7,491

)

 

 

99,333

 

 

 

(4,507

)

Profit/(loss) before tax

 

 

 

 

45,493

 

 

 

(111,859

)

 

 

(115,064

)

 

 

(275,461

)

Income tax (expense)/benefit

 

8

 

 

(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

 

25

 

 

0.07

 

 

 

(0.18

)

 

 

(0.20

)

 

 

(0.45

)

Diluted

 

25

 

 

(0.07

)

 

 

(0.18

)

 

 

(0.26

)

 

 

(0.45

)

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

25

 

 

594,255,240

 

 

 

592,163,619

 

 

 

593,261,979

 

 

 

591,963,512

 

Diluted

 

25

 

 

994,871,584

 

 

 

592,163,619

 

 

 

832,310,554

 

 

 

591,963,512

 

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

 

 

 

1


 

Interim condensed consolidated statement of comprehensive income/(loss)

 

(Unaudited)

 

Note

 

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

)

Other comprehensive income/(loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exchange differences from translation of foreign operations

 

 

 

 

(6,886

)

 

 

(43,223

)

 

 

(27,749

)

 

 

(126,389

)

Items that will not be subsequently reclassified to the consolidated statement of operations (net of tax):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair value changes on Convertible Notes attributable to changes in credit risk

 

13

 

 

 

 

 

 

 

 

(72,656

)

 

 

 

Total other comprehensive loss for the period

 

 

 

 

(6,886

)

 

 

(43,223

)

 

 

(100,405

)

 

 

(126,389

)

Total comprehensive income/(loss) for the period

 

 

 

 

37,125

 

 

 

(151,172

)

 

 

(218,690

)

 

 

(393,787

)

Attributable to:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shareholders of the parent

 

 

 

 

37,199

 

 

 

(151,172

)

 

 

(218,616

)

 

 

(393,787

)

Non-controlling interests

 

 

 

 

(74

)

 

 

 

 

 

(74

)

 

 

 

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, 2023

 

 

December 31, 2022

 

(in thousands of U.S. dollars)

 

 

 

(Unaudited)

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

Non-current assets

 

 

 

 

 

 

 

 

Intangible assets

 

9

 

 

121,135

 

 

 

127,688

 

Property, plant and equipment

 

10

 

 

501,923

 

 

 

492,952

 

Right-of-use assets

 

11

 

 

104,575

 

 

 

108,598

 

Other non-current receivables

 

12,13

 

 

47,752

 

 

 

7,848

 

Deferred tax assets

 

8

 

 

14,803

 

 

 

5,860

 

Total non-current assets

 

 

 

 

790,188

 

 

 

742,946

 

Current assets

 

 

 

 

 

 

 

 

Inventories

 

14

 

 

83,537

 

 

 

114,475

 

Trade receivables

 

15

 

 

99,708

 

 

 

100,955

 

Current tax assets

 

 

 

 

202

 

 

 

243

 

Other current receivables

 

16

 

 

33,343

 

 

 

17,818

 

Prepaid expenses

 

 

 

 

17,673

 

 

 

23,413

 

Cash and cash equivalents

 

17

 

 

283,184

 

 

 

82,644

 

 

 

 

 

 

517,647

 

 

 

339,548

 

Assets held for sale

 

18

 

 

 

 

 

142,703

 

Total current assets

 

 

 

 

517,647

 

 

 

482,251

 

TOTAL ASSETS

 

 

 

 

1,307,835

 

 

 

1,225,197

 

EQUITY AND LIABILITIES

 

 

 

 

 

 

 

 

Equity

 

19

 

 

 

 

 

 

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

 

11

 

 

83,934

 

 

 

82,285

 

Liabilities to credit institutions

 

20

 

 

115,340

 

 

 

2,668

 

Deferred tax liabilities

 

8

 

 

637

 

 

 

 

Provisions

 

21

 

 

5,301

 

 

 

7,194

 

Total non-current liabilities

 

 

 

 

205,212

 

 

 

92,147

 

Current liabilities

 

 

 

 

 

 

 

 

Lease liabilities

 

11

 

 

14,765

 

 

 

16,823

 

Convertible Notes

 

13,22

 

 

281,541

 

 

 

 

Liabilities to credit institutions

 

20

 

 

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

 

23

 

 

117,155

 

 

 

123,037

 

Provisions

 

21

 

 

14,168

 

 

 

3,800

 

 

 

 

 

 

511,463

 

 

 

293,436

 

Liabilities directly associated with the assets held for sale

 

18

 

 

 

 

 

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

 

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

 

 

Other reserves

 

 

Accumulated deficit

 

 

Equity attributable to shareholders of the parent

 

 

Non-controlling interests

 

 

Total equity

 

Balance at December 31, 2022

 

19

 

 

105

 

 

 

(0

)

 

 

1,628,045

 

 

 

(171,483

)

 

 

(665,524

)

 

 

791,143

 

 

 

 

 

 

791,143

 

Loss for the period

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(75,577

)

 

 

(75,577

)

 

 

 

 

 

(75,577

)

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

7,353

 

 

 

 

 

 

7,353

 

 

 

 

 

 

7,353

 

Total comprehensive income/(loss) for the period

 

 

 

 

 

 

 

 

 

 

 

 

 

7,353

 

 

 

(75,577

)

 

 

(68,224

)

 

 

 

 

 

(68,224

)

Share-based payments

 

6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8,047

 

 

 

8,047

 

 

 

 

 

 

8,047

 

Balance at March 31, 2023

 

 

 

 

105

 

 

 

(0

)

 

 

1,628,045

 

 

 

(164,130

)

 

 

(733,054

)

 

 

730,966

 

 

 

 

 

 

730,966

 

Loss for the period

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(86,719

)

 

 

(86,719

)

 

 

 

 

 

(86,719

)

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

(100,872

)

 

 

 

 

 

(100,872

)

 

 

 

 

 

(100,872

)

Total comprehensive loss for the period

 

 

 

 

 

 

 

 

 

 

 

 

 

(100,872

)

 

 

(86,719

)

 

 

(187,591

)

 

 

 

 

 

(187,591

)

Issue of shares

 

 

 

 

0

 

 

 

(0

)

 

 

 

 

 

 

 

 

 

 

 

0

 

 

 

 

 

 

0

 

Share-based payments

 

6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,422

 

 

 

2,422

 

 

 

 

 

 

2,422

 

Balance at June 30, 2023

 

 

 

 

105

 

 

 

(0

)

 

 

1,628,045

 

 

 

(265,002

)

 

 

(817,351

)

 

 

545,797

 

 

 

 

 

 

545,797

 

Profit/(loss) for the period

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

44,085

 

 

 

44,085

 

 

 

(74

)

 

 

44,011

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

(6,886

)

 

 

 

 

 

(6,886

)

 

 

 

 

 

(6,886

)

Total comprehensive income/(loss) for the period

 

 

 

 

 

 

 

 

 

 

 

 

 

(6,886

)

 

 

44,085

 

 

 

37,199

 

 

 

(74

)

 

 

37,125

 

Share issue in subsidiary

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,948

 

 

 

1,948

 

Share-based payments

 

6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6,290

 

 

 

6,290

 

 

 

 

 

 

6,290

 

Balance at September 30, 2023

 

 

 

 

105

 

 

 

(0

)

 

 

1,628,045

 

 

 

(271,888

)

 

 

(766,976

)

 

 

589,286

 

 

 

1,874

 

 

 

591,160

 

 

4


 

 

 

 

 

Attributable to shareholders of the parent

 

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

 

Note

 

Share capital

 

 

Treasury shares

 

 

Other contributed capital

 

 

Other reserves

 

 

Accumulated deficit

 

 

Equity attributable to shareholders of the parent

 

 

Non-controlling interests

 

 

Total equity

 

Balance at December 31, 2021

 

19

 

 

105

 

 

 

 

 

 

1,628,103

 

 

 

(74,486

)

 

 

(308,423

)

 

 

1,245,299

 

 

 

 

 

 

1,245,299

 

Loss for the period

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(87,459

)

 

 

(87,459

)

 

 

 

 

 

(87,459

)

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

(22,954

)

 

 

 

 

 

(22,954

)

 

 

 

 

 

(22,954

)

Total comprehensive loss for the period

 

 

 

 

 

 

 

 

 

 

 

 

 

(22,954

)

 

 

(87,459

)

 

 

(110,413

)

 

 

 

 

 

(110,413

)

Share-based payments

 

6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

10,037

 

 

 

10,037

 

 

 

 

 

 

10,037

 

Balance at March 31, 2022

 

 

 

 

105

 

 

 

 

 

 

1,628,103

 

 

 

(97,440

)

 

 

(385,845

)

 

 

1,144,923

 

 

 

 

 

 

1,144,923

 

Loss for the period

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(71,990

)

 

 

(71,990

)

 

 

 

 

 

(71,990

)

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

(60,212

)

 

 

 

 

 

(60,212

)

 

 

 

 

 

(60,212

)

Total comprehensive loss for the period

 

 

 

 

 

 

 

 

 

 

 

 

 

(60,212

)

 

 

(71,990

)

 

 

(132,202

)

 

 

 

 

 

(132,202

)

Issue of shares

 

 

 

 

0

 

 

 

(0

)

 

 

 

 

 

 

 

 

 

 

 

0

 

 

 

 

 

 

0

 

Share-based payments

 

6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9,185

 

 

 

9,185

 

 

 

 

 

 

9,185

 

Balance at June 30, 2022

 

 

 

 

105

 

 

 

(0

)

 

 

1,628,103

 

 

 

(157,652

)

 

 

(448,650

)

 

 

1,021,906

 

 

 

 

 

 

1,021,906

 

Loss for the period

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(107,949

)

 

 

(107,949

)

 

 

 

 

 

(107,949

)

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

(43,223

)

 

 

 

 

 

(43,223

)

 

 

 

 

 

(43,223

)

Total comprehensive loss for the period

 

 

 

 

 

 

 

 

 

 

 

 

 

(43,223

)

 

 

(107,949

)

 

 

(151,172

)

 

 

 

 

 

(151,172

)

Redemption of warrants

 

 

 

 

 

 

 

 

 

 

(58

)

 

 

 

 

 

 

 

 

(58

)

 

 

 

 

 

(58

)

Share-based payments

 

6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8,503

 

 

 

8,503

 

 

 

 

 

 

8,503

 

Balance at September 30, 2022

 

 

 

 

105

 

 

 

(0

)

 

 

1,628,045

 

 

 

(200,875

)

 

 

(548,096

)

 

 

879,179

 

 

 

 

 

 

879,179

 

 

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

5


 

Interim condensed consolidated statement of cash flows

 

(Unaudited)

 

 

 

Nine months ended September 30,

 

(in thousands of U.S. dollars)

 

Note

 

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

 

9,10,11

 

 

37,256

 

 

 

34,765

 

—Write-downs of inventories

 

14

 

 

14,258

 

 

 

15,067

 

—Impairment loss on trade receivables

 

15

 

 

461

 

 

 

2,456

 

—Share-based payments expense

 

6

 

 

16,759

 

 

 

27,725

 

—Movements in provisions

 

21

 

 

10,447

 

 

 

 

—Finance (income) and expenses, net

 

7

 

 

(99,333

)

 

 

4,507

 

—Income tax expense/(benefit)

 

8

 

 

3,221

 

 

 

(8,063

)

—Loss/(gain) on disposal of property, plant and equipment

 

 

 

 

317

 

 

 

(860

)

—Other

 

 

 <