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 ☐
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
(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) |
|
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) |
|
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 |
|
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 |
|
|
|
|
||||||