GREENFOOD’S INTERIM REPORT THIRD QUARTER 2022

INTERIM OVERVIEW 1 JULY – 30 SEPTEMBER
•    Net sales for the period totalled SEK 1,302.2 million (1,100.1) an increase of 18.4%, whereof about 8% related to inflation driven cost increases.
•    Adjusted EBITDA improved significantly with SEK 14.2 million to SEK 88.5 million (74.3) compared with the third quarter 2021. 
•    Operating profit/loss amounted to SEK 22.0 million compared with 2021 (-16,3) an improvement of SEK 38,3 million. The difference is mainly due to impairments of assets which affect the result with SEK -1,3 million (-40.8) in the third quarter.
•    Cash flow from operations reached SEK 44.3 million (13.7), mainly due to new extended deferred settlement of taxes in Sweden with SEK 66.1 million.
•    Group net result amounted to SEK -14.8 million (-30.9). Out of the negative result in the quarter, SEK 8,0 million came from non-established operations and 11,1 MSEK from non-recurring items.

SIGNIFICANT EVENTS DURING THE QUARTER
•    Picadeli together with its partner Stora Enso received Penta awards price for sustainability design related to the new paper-based salad bowl lid. The estimated savings from this design adaption is 120 ton plastics per year.
•    In July, Picadeli participated in the Future Food Forum during the Almedal Week. Picadeli held a very well visited seminar on the removal of VAT on fruit and vegetables, as well as introducing Nutri-Score, a five-colour nutritional rating system that communicates the overall nutritional value of food products.