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Cloetta AB (CLOEb.ST)

CLOEb.ST on Stockholm Stock Exchange

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Latest Key Developments (Source: Significant Developments)

Confectionary firm Cloetta says buys Candyking
Friday, 17 Feb 2017 07:30am EST 

Cloetta Ab : Cloetta acquires Candyking . Says Candyking's total sales (including danish tax) amounted to approx. SEK 1,300m on a rolling twelve month basis per Q3 of 2016 . Says underlying EBITDA was approx. SEK 70m and underlying EBIT approx. SEK 30m. . Says acquisition is expected to create substantial synergies that will gradually be realized during years 2017 - 2020 . Says final outcome of synergies is dependent on volume development . Says initial purchase price amounts to SEK 325m on a cash and debt free basis with a potential additional purchase price of maximum SEK 225m . Says Cloetta group's target of an underlying EBIT margin of 14 percent stands firm . Says majority of initial purchase price and potential additional purchase price will be allocated to holders of Candyking's SEK 750m bond loan .Says in connection with closing of acquisition, Candyking's bonds will be delisted from Nasdaq Stockholm.  Full Article

Cloetta says eyes potential divestment of Italian business
Wednesday, 18 Jan 2017 06:30am EST 

Cloetta Ab : Strategic review and impairment of cloetta italy . Says as a consequence of this an indicative valuation of cloetta italy shows an impairment requirement of SEK 771m pre-tax and SEK 594m post-tax attributable to cloetta italy . Says strategic review of cloetta italy is aimed to improve growth and margins of cloetta group and might include a potential divestment of italian business . In 2016, Cloetta's sales in Italy amounted to approximately SEK 750m .A divestment of Cloetta Italy would improve Cloetta's EBIT margin.  Full Article

Cloetta says CEO David Nuutinen to step down
Wednesday, 24 Aug 2016 02:00am EDT 

Cloetta AB : David Nuutinen steps down as CEO - search for new ceo initiated . Nuutinen had been CEO for 13 months . Says decision due to private reasons . Says Danko Maras, CFO, will assume position as interim president and CEO .Says David Nuutinen will be available to support the Board and the management team during his term of notice of six months.  Full Article

Cloetta enters into new loan agreement
Monday, 25 Jul 2016 02:00am EDT 

Cloetta Ab : Cloetta enters into new loan agreement and intends to redeem bonds . Says has entered into a new term and revolving facilities agreement with a group of four banks, amounting in total to the equivalent of SEK 3,700 million which will be partially used to refinance its existing bank financing . In the third quarter of 2016 Cloetta is expected to recognize one-off expenses in net financial items of approximately SEK 60m relating to the termination of the old credit facilities, the establishment of the Facilities Agreement and the redemption of the Senior Secured Notes . The Facilities Agreement, along with the redemption of the Senior Secured Notes, is expected, excluding one-off expenses, to reduce the group's net financial items by approximately SEK 140 million over a five year period, whereof SEK 50 million in 2017 . The new financing package includes a bridge loan of SEK 1,000 million which Cloetta intends to use to redeem its Senior Secured Notes issued in September 2013 . The Facilities Agreement comprises of a term loan of EUR 175 million, a revolving credit facility of EUR 120 million and a bridge loan of SEK 1,000 million.  Full Article

Cloetta Q2 profit tops forecast, returns to organic sales growth
Friday, 15 Jul 2016 02:07am EDT 

Cloetta AB : Q2 net sales for quarter increased by 6.4 per cent to SEK 1,362 mln . Q2 operating profit SEK 142 million vs year-ago 130 mln . Reuters poll: Cloetta q2 operating profit was seen at SEK 133 mln, net sales SEK 1,356 mln . Says sales for quarter increased by 6.4 per cent, of which organic growth accounted for 2.0 percent . Says sales in quarter were up in Sweden, Finland, Norway and Denmark . Says sales were down in UK, Netherlands, Italy and export markets .Says reported drop in sales in UK is partly attributable to a weaker British pound following brexit referendum.  Full Article

Cloetta proposes dividend of SEK 0.50 per share
Monday, 8 Feb 2016 02:00am EST 

Cloetta AB:Says ‍board proposes a dividend of SEK 0.50 per share.  Full Article

Cloetta considers closing Dutch factory
Friday, 20 Nov 2015 02:40am EST 

Cloetta AB:Says considers closing factory in Dieren, the Netherlands.Says proposed closure of factory and transfer of production would give rise to one-off costs and capital investments totalling about 120 million Swedish crowns.Says sales and procurement from acquisition of Lonka will generate savings of at least 35 million crowns on an annual basis Says savings will have a gradual effect in 2016 and in 2017 are expected to contribute to Cloetta's target of an adjusted EBIT margin of 14 per cent.  Full Article

Cloetta AB announces acquisition of Lonka
Friday, 17 Jul 2015 02:00am EDT 

Cloetta AB:Says that it has signed an agreement to acquire Locawo B.V.Says the acquisition will strengthen Cloetta's position in the Netherlands.Lonka's sales amounted to about SEK 300 mln in 2014 with the Netherlands being the core market, accounting for about half of the sales.The Nordic countries and the UK are other important markets, especially within Pick & Mix.  Full Article

Appoints David Nuutinen as President and CEO of Cloetta AB
Monday, 11 May 2015 02:00am EDT 

Cloetta AB:To appoint David Nuutinen to President and CEO of Cloetta AB.He will assume the position as of July 20.Says David Nuutinen is currently President Cloetta Finland and will succeed Bengt Baron who, after six year as CEO of Cloetta and Leaf, has decided to leave the company.  Full Article

More From Around the Web

BRIEF-Candyking wins bondholders' approval for sale of company to Cloetta

* Candyking says receives bondholders' approval for finalising the sale of Candyking to Cloetta Source text for Eikon: Further company coverage: (Stockholm Newsroom)