Food Business News - May 10, 2022 - 8

Oatly sales up in first quarter;
gross margins narrow sharply
In a May 4 call with investment
analysts, Toni Petersson, chief executive
officer, summarized the company's production
by region.
" EMEA production was in line with expectations, "
he said. " Americas production
was impacted by COVID-19, severe weather
conditions and logistical constraints. In
Asia, production ramp-up was slowed due
to the COVID-19 lockdowns impacting the
foodservice demand environment. "
He said self-manufacturing accounted
for 25% of total volume, compared to
co-packing at 32% and hybrid at 43%.
" Our target over the long term is to
MALMO, SWEDEN - Oatly Group AB aspires to
generate gross profit margins of 40% in
the long term. In the most recent quarter,
the company's margins moved widely
in the wrong direction, despite a strong
increase in sales.
In the three months ended March
31, Oatly sustained a loss of $87.5 million,
more than double the loss of $38.4 million
in the first quarter of 2021. Net sales were
$166.2 million, up 19% from $140.1 million
a year earlier.
Oatly's gross profit in the first quarter
was $15.8 million, down 62% from $41.9
million in the first quarter of 2021. The
company's gross margin narrowed more
than 20 percentage points to 9.5% during
the quarter, versus 29.9% in January-March
2021. While a higher share of
self-manufacturing gave gross margins a
250-point lift in the quarter, the company
cited a raft of reasons margins overall fell
sharply. These included underutilization
of new facilities because of supply chain
problems (970 basis points), mostly due
to COVID-19-related effects on labor
absenteeism in the Americas and lockdowns
in China, together with " logistical
constraints delaying the timely supply of
raw materials and spare parts, all of which
resulted in a lower production output. "
Additionally, higher expenses for raw
materials, logistics and electricity (760 basis
points) and the consolidation of Oatly's
EMEA (Europe, Middle East and Africa)
co-packer resulted in an expense (290
basis points). Oatly attributed another 270
basis points to other, unspecified items.
8
Food Business News
have 50% to 60% of our total volumes
from self-manufacturing, reducing
co-packing to 10% to 20% and hybrid
manufacturing to 30% to 40%, " he said.
While the company enjoyed higher
sales amid growing global demand for its
products, sales fell shy of their potential
because of numerous factors.
" The ramp-up of new facilities
continued to be impacted by disruption
of global supply chain flows and travel
restrictions, specifically impacting Asia;
Ogden, Utah; as well as the Millville, NJ,
expansion, causing longer lead time to
acquire production equipment and spare
parts, difficulty in moving critical staff at
these facilities during their construction
and ramp-up phase, and labor absenteeism
as a result of the omicron variant, "
Oatly said. " In addition, the company's
suppliers experienced longer lead times
for equipment, and, recently, the situation
with truckers in Canada and difficult
weather conditions in North America
impacted the timing of rail transportation
of oat supply for our supplier to our US
manufacturing locations. "
Oatly produced 121 million liters (32
million gallons) of finished goods during
the first quarter, up 34% from 90 million
liters (24 million gallons) in January-March
2021.
The revenue increase primarily was
driven by additional supply from the company's
new and existing facilities to meet
the growing global demand for its products.
This revenue growth was negatively
impacted by several factors, including
lower-than-expected production output as
well as lower-than-expected sales in Asia,
Oatly believes its
frozen bars will
help attract new
consumers from
dairy products.
primarily in China, as a result of foodservice
location closings due to the COVID-19
variants. The ramp-up of the company's
new facilities continued to be impacted
by disruption of global supply chain flows
and travel restrictions.
" Given the challenging operating
environment, we are pleased with our
first-quarter revenue results, which
exceeded our expectations, " Mr. Petersson
said. " In March, we saw significant improvements
in EMEA and Americas, with
record revenue in EMEA and the largest
production month ever for the Americas
as the manufacturing challenges we
experienced at the start of the year due to
omicron began to abate. "
Looking forward, the company
reiterated its guidance for the year of $880
million to $920 million in sales (up 37%
to 43% from 2021), capital expenditures
of $400 million to $500 million and a
run-rate production capacity of about
900 million liters (238 million gallons) of
finished product by the end of 2022.
Longer term, the company believes it
will generate a gross profit margin of more
than 40% and an adjusted EBITDA margin
of near 20% as the company benefits from
more manufacturing capacity globally,
greater economies of scale and continued
strong revenue growth.
Christian Hanke, chief financial officer,
said gross margins have bottomed out and
predicted sequential improvement beginning
in the second quarter of 2022. Additionally,
he said the company has secured raw
materials going forward in adequate quantities
to meet the company's growth targets.
" We have raw material contracts and
supply in place to grow revenue at the rate
we expect for 2022 and beyond, " he said.
At the same time, Mr. Petersson identified
lockdowns in China and the war in
Ukraine as posing potential threats.
" We are reiterating our outlook
for the year based on the strength of
our global brand, increasing consumer
demand and our team's ability to be agile
in the current challenging operating
environment while still executing on our
growth initiatives, " he said. " However, we
are closely monitoring the COVID-19 lockdowns
in China, as well as the current war
in Ukraine given the uncertainty it creates
May 10, 2022
©MADDIEREDPHOTOGRAPHY - STOCK.ADOBE.COM
OATLY GROUP AB
http://STOCK.ADOBE.COM

Food Business News - May 10, 2022

Table of Contents for the Digital Edition of Food Business News - May 10, 2022

Food Business News - May 10, 2022 - Intro
Food Business News - May 10, 2022 - 1
Food Business News - May 10, 2022 - 2
Food Business News - May 10, 2022 - 3
Food Business News - May 10, 2022 - 4
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