Oatly Group AB 6K Current report | OTLY 17 Apr 24

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)

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)

(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.

Oatly Group AB (OTLY) 6-KCurrent report (foreign)