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6-K

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO SECTION 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of April, 2024

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 ☐

 

 

 

 

 

Segment Disclosure

 

Effective as of January 1, 2024, Oatly Group AB (the “Company”) made changes to how it makes strategic decisions and allocates resources among its operating segments. As part of this change, the Greater China business is managed separately from the rest of the Asia business, forming its own operating segment. The rest of the Asia business, including the Singapore manufacturing facility, is managed together with the current EMEA business, which is now identified as Europe & International.

 

Following these changes, the new operating segments are:

(i)
Europe & International, which is inclusive of Europe, Middle East and Africa, Asia Pacific and Latin America;
(ii)
North America, which is inclusive of the United States and Canada; and
(iii)
Greater China, which is inclusive of Mainland China, Hong Kong and Taiwan.

 

In addition to the above-described changes, a majority of the research and development expenses, previously part of corporate overhead, are now allocated to the operating segments to align with how resources are being allocated and monitored as of January 1, 2024.

 

The Company is furnishing this Form 6-K to provide investors with recast segment summary historical financial information and segment historical data that is consistent with its new reportable segments. The segments follow the accounting principles described in our Annual Report on Form 20-F for the fiscal year ended December 31, 2023. The schedules in Exhibit 99.1 furnished with this Form 6-K provide recast unaudited summary financial information and other data according to the new reporting segments for the previously reported fiscal years ended December 31, 2023, and 2022, and the previously reported quarterly financial information for the quarterly periods included in fiscal 2023 and 2022.

 

The information furnished in this Form 6-K should be read in conjunction with the Company’s previously filed SEC reports and is presented for informational purposes only. This information in no way amends or restates the Company’s previously reported consolidated statements for any period. In this regard, none of the information furnished in this Form 6-K changes the Company’s previously reported total assets, total equity and liabilities or its reported loss or loss per share, and the information does not reflect any subsequent information or events, other than as required to reflect the changes in reportable segments as described above.

 

 

 

 

 

 

 

Exhibit Index

 

 

 

Exhibit No.

Description

 

 

99.1

Recast Segment Information of Oatly Group AB

 

 

 

 

 

 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

 

 

 

 

 

 

 

Oatly Group AB

 

 

 

 

Date: April 17, 2024

 

By:

/s/ Marie-José David

 

 

Marie-José David

 

 

Chief Financial Officer

 

 

 

EX-99.1

Oatly Group AB
Recast Financial Statements – Segment Revenue, Adjusted EBITDA and EBITDA
(Unaudited, in thousands of U.S. dollars)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Twelve months ended December 31, 2023

 

Europe & International

 

 

North America

 

 

Greater China

 

 

Corporate*

 

 

Eliminations**

 

 

Total

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue from external customers

 

 

408,410

 

 

 

250,264

 

 

 

124,674

 

 

 

—

 

 

 

—

 

 

 

783,348

 

Intersegment revenue

 

 

25,601

 

 

 

—

 

 

 

181

 

 

 

—

 

 

 

(25,782

)

 

 

—

 

Total segment revenue

 

 

434,011

 

 

 

250,264

 

 

 

124,855

 

 

 

—

 

 

 

(25,782

)

 

 

783,348

 

Adjusted EBITDA

 

 

28,377

 

 

 

(31,910

)

 

 

(57,543

)

 

 

(96,485

)

 

 

—

 

 

 

(157,561

)

Share-based compensation expense

 

 

(2,378

)

 

 

(3,820

)

 

 

(4,608

)

 

 

(10,640

)

 

 

—

 

 

 

(21,446

)

Restructuring costs(1)

 

 

(1,382

)

 

 

(3,062

)

 

 

(2,675

)

 

 

(7,641

)

 

 

—

 

 

 

(14,760

)

Asset impairment charges and other costs related to discontinued construction of production facilities(2)

 

 

(158,551

)

 

 

(43,009

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(201,560

)

Costs related to the YYF Transaction(3)

 

 

—

 

 

 

(375

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(375

)

Legal settlement(4)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(9,250

)

 

 

—

 

 

 

(9,250

)

Non-controlling interests

 

 

—

 

 

 

—

 

 

 

(186

)

 

 

—

 

 

 

—

 

 

 

(186

)

EBITDA

 

 

(133,934

)

 

 

(82,176

)

 

 

(65,012

)

 

 

(124,016

)

 

 

—

 

 

 

(405,138

)

Finance income and expenses, net

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

48,847

 

Depreciation and amortization

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(51,874

)

Loss before tax

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(408,165

)

 

 

* Corporate consists of general overhead costs not allocated to the segments.

** Eliminations primarily refer to intersegment revenue for sales of products from Europe & International to Greater China.

(1)
Relates primarily to severance payments as the Company continued to adjust its organizational structure to the macro environment, and inventory write-offs related to the Company’s strategy reset in the Greater China segment.
(2)
Following certain events during the fourth quarter, the Company decided to discontinue the construction of its new production facilities in Peterborough, UK and Dallas-Fort Worth, Texas. The Company recorded $172.6 million in non-cash impairments and $29.0 million in restructuring and other exit costs relating to these production facilities.
(3)
Relates to the Ya YA Foods USA LLC transaction (the “YYF Transaction”). See the Company's Forms 6-K filed on January 3, 2023 and March 2, 2023 for further details.
(4)
Relates to US securities class action litigation settlement expenses.

 

Three months ended December 31, 2023

 

Europe & International

 

 

North America

 

 

Greater China

 

 

Corporate*

 

 

Eliminations**

 

 

Total

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue from external customers

 

 

105,620

 

 

 

65,900

 

 

 

32,601

 

 

 

—

 

 

 

—

 

 

 

204,121

 

Intersegment revenue

 

 

2,333

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(2,333

)

 

 

—

 

Total segment revenue

 

 

107,953

 

 

 

65,900

 

 

 

32,601

 

 

 

—

 

 

 

(2,333

)

 

 

204,121

 

Adjusted EBITDA

 

 

11,410

 

 

 

(2,689

)

 

 

(5,156

)

 

 

(22,787

)

 

 

—

 

 

 

(19,222

)

Share-based compensation expense

 

 

(679

)

 

 

(990

)

 

 

(624

)

 

 

(2,394

)

 

 

—

 

 

 

(4,687

)

Restructuring costs(1)

 

 

(319

)

 

 

(580

)

 

 

(273

)

 

 

(1,244

)

 

 

—

 

 

 

(2,416

)

Asset impairment charges and other costs related to discontinued construction of production facilities(2)

 

 

(158,551

)

 

 

(43,009

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(201,560

)

Non-controlling interests

 

 

—

 

 

 

—

 

 

 

(112

)

 

 

—

 

 

 

 

 

 

(112

)

EBITDA

 

 

(148,139

)

 

 

(47,268

)

 

 

(6,165

)

 

 

(26,425

)

 

 

—

 

 

 

(227,997

)

Finance income and expenses, net

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(50,486

)

Depreciation and amortization

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(14,618

)

Loss before tax

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(293,101

)

 

* Corporate consists of general overhead costs not allocated to the segments.

** Eliminations refer to intersegment revenue for sales of products from Europe & International to Greater China.

(1)
Relates primarily to severance payments as the Company continued to adjust its organizational structure to the macro environment.
(2)
Following certain events during the fourth quarter, the Company decided to discontinue the construction of its new production facilities in Peterborough, UK and Dallas-Fort Worth, Texas. The Company recorded $172.6 million in non-cash impairments and $29.0 million in restructuring and other exit costs relating to these production facilities.

 

 

 

Oatly Group AB
Recast Financial Statements – Segment Revenue, Adjusted EBITDA and EBITDA
(Unaudited, in thousands of U.S. dollars)

 

Three months ended September 30, 2023

 

Europe & International

 

 

North America

 

 

Greater China

 

 

Corporate*

 

 

Eliminations**

 

 

Total

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue from external customers

 

 

103,526

 

 

 

58,491

 

 

 

25,578

 

 

 

—

 

 

 

—

 

 

 

187,595

 

Intersegment revenue

 

 

3,717

 

 

 

—

 

 

 

59

 

 

 

—

 

 

 

(3,776

)

 

 

—

 

Total segment revenue

 

 

107,243

 

 

 

58,491

 

 

 

25,637

 

 

 

—

 

 

 

(3,776

)

 

 

187,595

 

Adjusted EBITDA

 

 

8,476

 

 

 

(8,035

)

 

 

(16,481

)

 

 

(19,958

)

 

 

—

 

 

 

(35,998

)

Share-based compensation expense

 

 

(580

)

 

 

(978

)

 

 

(1,205

)

 

 

(3,527

)

 

 

—

 

 

 

(6,290

)

Restructuring costs(1)

 

 

(29

)

 

 

112

 

 

 

(2,292

)

 

 

(968

)

 

 

—

 

 

 

(3,177

)

Legal settlement(2)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(9,250

)

 

 

 

 

 

(9,250

)

Non-controlling interests

 

 

—

 

 

 

—

 

 

 

(74

)

 

 

—

 

 

 

—

 

 

 

(74

)

EBITDA

 

 

7,867

 

 

 

(8,901

)

 

 

(20,052

)

 

 

(33,703

)

 

 

—

 

 

 

(54,789

)

Finance income and expenses, net

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

112,841

 

Depreciation and amortization

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(12,559

)

Profit before tax

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

45,493

 

 

* Corporate consists of general overhead costs not allocated to the segments.

** Eliminations primarily refer to intersegment revenue for sales of products from Europe & International to Greater China.

(1)
Relates primarily to severance payments as the Company continued to adjust its organizational structure to the macro environment, and inventory write-offs related to the Company’s strategy reset in the Greater China segment.
(2)
Relates to US securities class action litigation settlement expenses.

 

Three months ended June 30, 2023

 

Europe & International

 

 

North America

 

 

Greater China

 

 

Corporate*

 

 

Eliminations**

 

 

Total

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue from external customers

 

 

98,768

 

 

 

61,832

 

 

 

35,387

 

 

 

—

 

 

 

—

 

 

 

195,987

 

Intersegment revenue

 

 

9,067

 

 

 

—

 

 

 

122

 

 

 

—

 

 

 

(9,189

)

 

 

—

 

Total segment revenue

 

 

107,835

 

 

 

61,832

 

 

 

35,509

 

 

 

—

 

 

 

(9,189

)

 

 

195,987

 

Adjusted EBITDA

 

 

1,294

 

 

 

(10,880

)

 

 

(18,577

)

 

 

(24,305

)

 

 

—

 

 

 

(52,468

)

Share-based compensation expense

 

 

(74

)

 

 

(808

)

 

 

(1,391

)

 

 

(149

)

 

 

—

 

 

 

(2,422

)

Restructuring costs(1)

 

 

(26

)

 

 

(2,407

)

 

 

(110

)

 

 

(5,429

)

 

 

—

 

 

 

(7,972

)

Costs related to the YYF Transaction(2)

 

 

—

 

 

 

(154

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(154

)

EBITDA

 

 

1,194

 

 

 

(14,249

)

 

 

(20,078

)

 

 

(29,883

)

 

 

—

 

 

 

(63,016

)

Finance income and expenses, net

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(11,512

)

Depreciation and amortization

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(12,464

)

Loss before tax

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(86,992

)

 

* Corporate consists of general overhead costs not allocated to the segments.

** Eliminations primarily refer to intersegment revenue for sales of products from Europe & International.

(1)
Relates primarily to severance payments as the Company continued to adjust its organizational structure to the current macro environment.
(2)
Relates to the YYF Transaction. See the Company's Forms 6-K filed on January 3, 2023 and March 2, 2023 for further details.

 

 

 

Oatly Group AB
Recast Financial Statements – Segment Revenue, Adjusted EBITDA and EBITDA
(Unaudited, in thousands of U.S. dollars)

 

Three months ended March 31, 2023

 

Europe & International

 

 

North America

 

 

Greater China

 

 

Corporate*

 

 

Eliminations**

 

 

Total

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue from external customers

 

 

100,496

 

 

 

64,041

 

 

 

31,108

 

 

 

—

 

 

 

—

 

 

 

195,645

 

Intersegment revenue

 

 

10,484

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(10,484

)

 

 

—

 

Total segment revenue

 

 

110,980

 

 

 

64,041

 

 

 

31,108

 

 

 

—

 

 

 

(10,484

)

 

 

195,645

 

Adjusted EBITDA

 

 

7,197

 

 

 

(10,306

)

 

 

(17,329

)

 

 

(29,435

)

 

 

—

 

 

 

(49,873

)

Share-based compensation expense

 

 

(1,045

)

 

 

(1,044

)

 

 

(1,388

)

 

 

(4,570

)

 

 

—

 

 

 

(8,047

)

Restructuring costs(1)

 

 

(1,008

)

 

 

(187

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(1,195

)

Costs related to the YYF Transaction(2)

 

 

—

 

 

 

(221

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(221

)

EBITDA

 

 

5,144

 

 

 

(11,758

)

 

 

(18,717

)

 

 

(34,005

)

 

 

—

 

 

 

(59,336

)

Finance income and expenses, net

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(1,996

)

Depreciation and amortization

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(12,233

)

Loss before tax

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(73,565

)

 

* Corporate consists of general overhead costs not allocated to the segments.

** Eliminations refer to intersegment revenue for sales of products from Europe & International to Greater China.

(1)
Relates to severance payments as the Company reviews its organizational structure.
(2)
Relates to the YYF Transaction. See the Company's Forms 6-K filed on January 3, 2023 and March 2, 2023 for further details.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Twelve months ended December 31, 2022

 

Europe & International

 

 

North America

 

 

Greater China

 

 

Corporate*

 

 

Eliminations**

 

 

Total

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue from external customers

 

 

356,629

 

 

 

223,880

 

 

 

141,729

 

 

 

—

 

 

 

—

 

 

 

722,238

 

Intersegment revenue

 

 

48,290

 

 

 

820

 

 

 

182

 

 

 

—

 

 

 

(49,292

)

 

 

—

 

Total segment revenue

 

 

404,919

 

 

 

224,700

 

 

 

141,911

 

 

 

—

 

 

 

(49,292

)

 

 

722,238

 

Adjusted EBITDA

 

 

(19,989

)

 

 

(67,408

)

 

 

(76,008

)

 

 

(104,518

)

 

 

—

 

 

 

(267,923

)

Share-based compensation expense

 

 

(5,324

)

 

 

(4,840

)

 

 

(6,870

)

 

 

(18,432

)

 

 

—

 

 

 

(35,466

)

Restructuring costs(1)

 

 

(918

)

 

 

(797

)

 

 

(309

)

 

 

(2,391

)

 

 

—

 

 

 

(4,415

)

Asset impairment charges and other costs related to assets held for sale(2)

 

 

—

 

 

 

(39,581

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(39,581

)

EBITDA

 

 

(26,231

)

 

 

(112,626

)

 

 

(83,187

)

 

 

(125,341

)

 

 

—

 

 

 

(347,385

)

Finance income and expenses, net

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(1,409

)

Depreciation and amortization

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(48,600

)

Loss before tax

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(397,394

)

 

* Corporate consists of general overhead costs not allocated to the segments.

** Eliminations primarily refer to intersegment revenue for sales of products from Europe & International to Greater China.

(1)
Relates to accrued severance payments as the Company reviewed its organizational structure to adjust the fixed cost base globally.
(2)
Relates to the YYF Transaction. See the Company's Forms 6-K filed on January 3, 2023 and March 2, 2023 for further details.

 

 

Oatly Group AB
Recast Financial Statements – Segment Revenue, Adjusted EBITDA and EBITDA
(Unaudited, in thousands of U.S. dollars)

Three months ended December 31, 2022

 

Europe & International

 

 

North America

 

 

Greater China

 

 

Corporate*

 

 

Eliminations**

 

 

Total

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue from external customers

 

 

92,663

 

 

 

64,386

 

 

 

38,019

 

 

 

—

 

 

 

—

 

 

 

195,068

 

Intersegment revenue

 

 

9,807

 

 

 

—

 

 

 

52

 

 

 

—

 

 

 

(9,859

)

 

 

—

 

Total segment revenue

 

 

102,470

 

 

 

64,386

 

 

 

38,071

 

 

 

—

 

 

 

(9,859

)

 

 

195,068

 

Adjusted EBITDA

 

 

(1,656

)

 

 

(6,176

)

 

 

(21,053

)

 

 

(31,579

)

 

 

—

 

 

 

(60,464

)

Share-based compensation expense

 

 

(1,356

)

 

 

(872

)

 

 

(1,323

)

 

 

(4,190

)

 

 

—

 

 

 

(7,741

)

Restructuring costs(1)

 

 

(918

)

 

 

(797

)

 

 

(309

)

 

 

(1,386

)

 

 

—

 

 

 

(3,410

)

Asset impairment charges and other costs related to assets held for sale(2)

 

 

—

 

 

 

(39,581

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(39,581

)

EBITDA

 

 

(3,930

)

 

 

(47,426

)

 

 

(22,685

)

 

 

(37,155

)

 

 

—

 

 

 

(111,196

)

Finance income and expenses, net

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

3,098

 

Depreciation and amortization

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(13,835

)

Loss before tax

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(121,933

)

 

* Corporate consists of general overhead costs not allocated to the segments.

** Eliminations primarily refer to intersegment revenue for sales of products from Europe & International to Greater China.

(1)
Relates to accrued severance payments as the Company reviewed its organizational structure to adjust the fixed cost base globally.
(2)
Relates to the YYF Transaction. See the Company's Forms 6-K filed on January 3, 2023 and March 2, 2023 for further details.

 

Three months ended September 30, 2022

 

Europe & International

 

 

North America

 

 

Greater China

 

 

Corporate*

 

 

Eliminations**

 

 

Total

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue from external customers

 

 

85,350

 

 

 

60,702

 

 

 

36,974

 

 

 

—

 

 

 

—

 

 

 

183,026

 

Intersegment revenue

 

 

6,830

 

 

 

7

 

 

 

130

 

 

 

—

 

 

 

(6,967

)

 

 

—

 

Total segment revenue

 

 

92,180

 

 

 

60,709

 

 

 

37,104

 

 

 

—

 

 

 

(6,967

)

 

 

183,026

 

Adjusted EBITDA

 

 

(14,874

)

 

 

(17,470

)

 

 

(27,680

)

 

 

(22,679

)

 

 

—

 

 

 

(82,703

)

Share-based compensation expense

 

 

(447

)

 

 

(1,422

)

 

 

(1,818

)

 

 

(4,816

)

 

 

—

 

 

 

(8,503

)

Restructuring costs(1)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(1,005

)

 

 

—

 

 

 

(1,005

)

EBITDA

 

 

(15,321

)

 

 

(18,892

)

 

 

(29,498

)

 

 

(28,500

)

 

 

—

 

 

 

(92,211

)

Finance income and expenses, net

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(7,491

)

Depreciation and amortization

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(12,157

)

Loss before tax

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(111,859

)

 

* Corporate consists of general overhead costs not allocated to the segments.

** Eliminations primarily refer to intersegment revenue for sales of products from Europe & International to Greater China.

(1)
Relates to accrued severance payments.

 

Three months ended June 30, 2022

 

Europe & International

 

 

North America

 

 

Greater China

 

 

Corporate*

 

 

Eliminations**

 

 

Total

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue from external customers

 

 

85,244

 

 

 

51,775

 

 

 

40,939

 

 

 

—

 

 

 

—

 

 

 

177,958

 

Intersegment revenue

 

 

12,934

 

 

 

241

 

 

 

—

 

 

 

—

 

 

 

(13,175

)

 

 

—

 

Total segment revenue

 

 

98,178

 

 

 

52,016

 

 

 

40,939

 

 

 

—

 

 

 

(13,175

)

 

 

177,958

 

Adjusted EBITDA

 

 

1,911

 

 

 

(20,620

)

 

 

(10,371

)

 

 

(24,287

)

 

 

—

 

 

 

(53,367

)

Share-based compensation expense

 

 

(1,691

)

 

 

(1,202

)

 

 

(1,809

)

 

 

(4,483

)

 

 

—

 

 

 

(9,185

)

EBITDA

 

 

220

 

 

 

(21,822

)

 

 

(12,180

)

 

 

(28,770

)

 

 

—

 

 

 

(62,552

)

Finance income and expenses, net

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(593

)

Depreciation and amortization

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(11,877

)

Loss before tax

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(75,022

)

 

* Corporate consists of general overhead costs not allocated to the segments.

** Eliminations primarily refer to intersegment revenue for sales of products from Europe & International to Greater China.

 

Oatly Group AB
Recast Financial Statements – Segment Revenue, Adjusted EBITDA and EBITDA
(Unaudited, in thousands of U.S. dollars)

 

 

 

Three months ended March 31, 2022

 

Europe & International

 

 

North America

 

 

Greater China

 

 

Corporate*

 

 

Eliminations**

 

 

Total

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue from external customers

 

 

93,372

 

 

 

47,017

 

 

 

25,797

 

 

 

—

 

 

 

—

 

 

 

166,186

 

Intersegment revenue

 

 

18,719

 

 

 

572

 

 

 

—

 

 

 

—

 

 

 

(19,291

)

 

 

—

 

Total segment revenue

 

 

112,091

 

 

 

47,589

 

 

 

25,797

 

 

 

—

 

 

 

(19,291

)

 

 

166,186

 

Adjusted EBITDA

 

 

(5,370

)

 

 

(23,142

)

 

 

(16,904

)

 

 

(25,973

)

 

 

—

 

 

 

(71,389

)

Share-based compensation expense

 

 

(1,830

)

 

 

(1,344

)

 

 

(1,920

)

 

 

(4,943

)

 

 

—

 

 

 

(10,037

)

EBITDA

 

 

(7,200

)

 

 

(24,486

)

 

 

(18,824

)

 

 

(30,916

)

 

 

—

 

 

 

(81,426

)

Finance income and expenses, net

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

3,577

 

Depreciation and amortization

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(10,731

)

Loss before tax

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(88,580

)

 

* Corporate consists of general overhead costs not allocated to the segments.

** Eliminations primarily refer to intersegment revenue for sales of products from Europe & International to Greater China.

 

 

 

 

Oatly Group AB
Recast Financial Statements – Constant Currency Revenue
(Unaudited, in thousands of U.S. dollars)

 

 

Twelve months ended December 31,

 

 

$ Change

 

 

% Change

 

 

 

 

 

 

2023

 

 

2022

 

 

As reported

 

 

Foreign exchange impact

 

 

In constant currency

 

 

As reported

 

 

In constant currency

 

 

Volume

 

 

Constant currency price/mix

 

Europe & International

 

 

408,410

 

 

 

356,629

 

 

 

408,410

 

 

 

3,410

 

 

 

405,000

 

 

 

14.5

%

 

 

13.6

%

 

 

4.4

%

 

 

9.2

%

North America

 

 

250,264

 

 

 

223,880

 

 

 

250,264

 

 

 

—

 

 

 

250,264

 

 

 

11.8

%

 

 

11.8

%

 

 

2.9

%

 

 

8.9

%

Greater China

 

 

124,674

 

 

 

141,729

 

 

 

124,674

 

 

 

(5,020

)

 

 

129,694

 

 

 

-12.0

%

 

 

-8.5

%

 

 

-0.6

%

 

 

-7.9

%

Total revenue

 

 

783,348

 

 

 

722,238

 

 

 

783,348

 

 

 

(1,610

)

 

 

784,958

 

 

 

8.5

%

 

 

8.7

%

 

 

3.1

%

 

 

5.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended December 31,

 

 

$ Change

 

 

% Change

 

 

 

 

 

 

2023

 

 

2022

 

 

As reported

 

 

Foreign exchange impact

 

 

In constant currency

 

 

As reported

 

 

In constant currency

 

 

Volume

 

 

Constant currency price/mix

 

Europe & International

 

 

105,620

 

 

 

92,663

 

 

 

105,620

 

 

 

4,575

 

 

 

101,045

 

 

 

14.0

%

 

 

9.0

%

 

 

-0.8

%

 

 

9.8

%

North America

 

 

65,900

 

 

 

64,386

 

 

 

65,900

 

 

 

—

 

 

 

65,900

 

 

 

2.4

%

 

 

2.4

%

 

 

9.2

%

 

 

-6.8

%

Greater China

 

 

32,601

 

 

 

38,019

 

 

 

32,601

 

 

 

(375

)

 

 

32,976

 

 

 

-14.3

%

 

 

-13.3

%

 

 

0.4

%

 

 

-13.7

%

Total revenue

 

 

204,121

 

 

 

195,068

 

 

 

204,121

 

 

 

4,200

 

 

 

199,921

 

 

 

4.6

%

 

 

2.5

%

 

 

2.0

%

 

 

0.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended September 30,

 

 

$ Change

 

 

% Change

 

 

 

 

 

 

2023

 

 

2022

 

 

As reported

 

 

Foreign exchange impact

 

 

In constant currency

 

 

As reported

 

 

In constant currency

 

 

Volume

 

 

Constant currency price/mix

 

Europe & International

 

 

103,526

 

 

 

85,350

 

 

 

103,526

 

 

 

5,937

 

 

 

97,589

 

 

 

21.3

%

 

 

14.3

%

 

 

6.2

%

 

 

8.1

%

North America

 

 

58,491

 

 

 

60,702

 

 

 

58,491

 

 

 

—

 

 

 

58,491

 

 

 

-3.6

%

 

 

-3.6

%

 

 

-5.6

%

 

 

2.0

%

Greater China

 

 

25,578

 

 

 

36,974

 

 

 

25,578

 

 

 

(1,294

)

 

 

26,872

 

 

 

-30.8

%

 

 

-27.3

%

 

 

-16.6

%

 

 

-10.7

%

Total revenue

 

 

187,595

 

 

 

183,026

 

 

 

187,595

 

 

 

4,643

 

 

 

182,952

 

 

 

2.5

%

 

 

0.0

%

 

 

-1.0

%

 

 

1.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended June 31,

 

 

$ Change

 

 

% Change

 

 

 

 

 

 

2023

 

 

2022

 

 

As reported

 

 

Foreign exchange impact

 

 

In constant currency

 

 

As reported

 

 

In constant currency

 

 

Volume

 

 

Constant currency price/mix

 

Europe & International

 

 

98,768

 

 

 

85,244

 

 

 

98,768

 

 

 

40

 

 

 

98,728

 

 

 

15.9

%

 

 

15.8

%

 

 

6.9

%

 

 

8.9

%

North America

 

 

61,832

 

 

 

51,775

 

 

 

61,832

 

 

 

—

 

 

 

61,832

 

 

 

19.4

%

 

 

19.4

%

 

 

1.7

%

 

 

17.7

%

Greater China

 

 

35,387

 

 

 

40,939

 

 

 

35,387

 

 

 

(1,850

)

 

 

37,237

 

 

 

-13.6

%

 

 

-9.0

%

 

 

-4.9

%

 

 

-4.1

%

Total revenue

 

 

195,987

 

 

 

177,958

 

 

 

195,987

 

 

 

(1,810

)

 

 

197,797

 

 

 

10.1

%

 

 

11.1

%

 

 

3.4

%

 

 

7.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended March 31,

 

 

$ Change

 

 

% Change

 

 

 

 

 

 

2023

 

 

2022

 

 

As reported

 

 

Foreign exchange impact

 

 

In constant currency

 

 

As reported

 

 

In constant currency

 

 

Volume

 

 

Constant currency price/mix

 

Europe & International

 

 

100,496

 

 

 

93,372

 

 

 

100,496

 

 

 

(7,482

)

 

 

107,978

 

 

 

7.6

%

 

 

15.6

%

 

 

5.8

%

 

 

9.8

%

North America

 

 

64,041

 

 

 

47,017

 

 

 

64,041

 

 

 

—

 

 

 

64,041

 

 

 

36.2

%

 

 

36.2

%

 

 

6.5

%

 

 

29.7

%

Greater China

 

 

31,108

 

 

 

25,797

 

 

 

31,108

 

 

 

(2,131

)

 

 

33,239

 

 

 

20.6

%

 

 

28.8

%

 

 

27.2

%

 

 

1.6

%

Total revenue

 

 

195,645

 

 

 

166,186

 

 

 

195,645

 

 

 

(9,613

)

 

 

205,258

 

 

 

17.7

%

 

 

23.5

%

 

 

8.7

%

 

 

14.8

%

 

 

 

Non-IFRS Financial Measures

We use EBITDA, Adjusted EBITDA and Constant Currency Revenue as non-IFRS financial measures in assessing our segments' operating performance:

 

“EBITDA” is defined as loss for the period adjusted to exclude, when applicable, income tax expense, finance expenses, finance income and depreciation and amortization expense.

 

“Adjusted EBITDA” is defined as loss for the period adjusted to exclude, when applicable, income tax expense, finance expenses, finance income, depreciation and amortization expense, share-based compensation expense, restructuring costs, asset impairment charges and other costs related to discontinued construction of production facilities, asset impairment charges and other costs related to assets held for sale, costs related to the securities class-action legal settlement, and non-controlling interests.

 

Adjusted EBITDA should not be considered as an alternative to loss for the period or any other measure of financial performance calculated and presented in accordance with IFRS. There are a number of limitations related to the use of Adjusted EBITDA rather than loss for the period, which is the most directly comparable IFRS measure. Some of these limitations are:

•
Adjusted EBITDA excludes depreciation and amortization expense and, although these are non-cash expenses, the assets being depreciated may have to be replaced in the future increasing our cash requirements;

•
Adjusted EBITDA does not reflect interest expense, or the cash required to service our debt, which reduces cash available to us;

•
Adjusted EBITDA does not reflect income tax payments that reduce cash available to us;

•
Adjusted EBITDA does not reflect recurring share-based compensation expense and, therefore, does not include all of our compensation costs;

•
Adjusted EBITDA does not reflect restructuring costs that reduce cash available to us in future periods;

•
Adjusted EBITDA excludes asset impairment charges and other costs related to discontinued construction of production facilities, although these are non-cash expenses, the assets being impaired may have to be replaced in the future or require certain disposal or remediation costs, increasing our cash requirement;

•
Adjusted EBITDA does not reflect costs related to legal settlement that reduce cash available to us in future periods;

•
Adjusted EBITDA excludes asset impairment charges and other costs related to assets held for sale, although these are non-cash expenses, the assets being impaired may have to be replaced in the future or require certain disposal or remediation costs, increasing our cash requirements; and

Other companies, including companies in our industry, may calculate Adjusted EBITDA differently, which reduces its usefulness as a comparative measure.

Adjusted EBITDA should not be considered in isolation or as a substitute for financial information provided in accordance with IFRS.

 

“Constant Currency Revenue” is calculated by translating the current year reported revenue amounts into comparable amounts using the prior year reporting period’s average foreign exchange rates which have been provided by a third party. Constant Currency Revenue is a non-IFRS measure and is not a substitute for IFRS measures in assessing our overall financial performance.

 

Constant currency revenue is used to provide a framework in assessing how our business and geographic segments performed excluding the effects of foreign currency exchange rate fluctuations and believe this information is useful to investors to facilitate comparisons and better identify trends in our business. The table above, Recast Financial Statements – Constant Currency Revenue, reconciles revenue as reported to revenue on a constant currency basis by segment for the periods presented.