Greenfood’s Interim report second quarter 2023

• Net sales for the period totaled SEK 1,524.4 million (1,391.6) an increase of 9.5 percent. This is primarily driven by Picadeli’s expanded network of purchasing stores. Picadeli's net sales increased by SEK 137.8 million. Food Solutions generated an increase of SEK 37.9 million, split equally between price increases and volume growth, while Fresh Produce recorded a change of -4.7%. When adjusting for the Bergendahls' account, Fresh Produce’s the sales growth is 10.3%.
• Adjusted EBITDA with SEK 99.3 million (69.5), was significantly better than the same quarter 2022. The main driver was Picadeli with a SEK 30.6 million increase, driven by increased buying stores and increased purchasing per store. Food Solutions increased EBITDA with SEK 6.9 million, mainly due to improved earnings in Finland, while Fresh Produce recorded a slight decrease in earnings from SEK 27.8 million to SEK 22.4 million, mainly due to lower turnover and cautious operation during the transition to Greenhouse.
• Operating profit/loss amounted to SEK 2.3 million (4.4) materially in line with last year, recording Non-recurring items (NRI) of SEK 43.8 million whereof SEK 24.2 million is related to the move into the Greenhouse facility. Operating profit is generated mainly at Picadeli with SEK 37.7 million, with Food Solutions generated a loss of SEK -6.3 million. Fresh Produce generated a loss of SEK -13.9 million.
• Group net result amounted to SEK -60.8 million (-22.9). Out of the negative result in the quarter, SEK -6.9 million came from un-established operations and SEK -43.8 million from NRI.
• Cash flow from operations reached SEK 134.3 million (-91.1), an improvement of SEK 225.2 million. This is mainly due to a positive shift in net working capital.

The full report is available at https://greenfood.se/reports-and-presentations