Oatly Group AB (Nasdaq: OTLY) (“Oatly” or the “Company”), the
world’s original and largest oat drink company, today announced
financial results for the second quarter and six months ended
June 30, 2024.
Jean-Christophe Flatin, Oatly’s CEO,
commented, “I am pleased to report another quarter of solid
progress in strengthening our business. In the second quarter,
we grew volumes in every segment, continued to structurally reduce
our cost structure, and continued to invest to further strengthen
our brand. Overall, we are making good progress on the three
strategic pillars that we are focusing on in 2024: to bring the
Oatly magic to more people, to continue our work on the calibration
of resources, and to focus on execution.”
Flatin added, “Given our solid performance
through the first half of the fiscal year, and an increased
confidence in our second-half outlook, we are updating our
full-year guidance to be more favorable than our prior outlook. In
the second half of the year, our priorities will be completing our
work on the calibration of resources, investing in high-return
demand generating investments, and maintaining our north star
target to drive the business toward structural, consistent
profitable growth.”
The tables below reconcile revenue as reported
to revenue on a constant currency basis by segment for the three
and six months ended June 30, 2024.
| |
|
Three months ended June 30, |
|
|
$ Change |
|
|
% Change |
|
|
|
|
| |
|
2024 |
|
|
2023 |
|
|
Asreported |
|
|
Foreign exchange impact |
|
|
Inconstant currency |
|
|
Asreported |
|
|
Inconstant currency |
|
|
Volume |
|
|
Constant currency price/mix |
|
| Europe &
International |
|
|
105,541 |
|
|
|
98,768 |
|
|
|
105,541 |
|
|
|
(615 |
) |
|
|
106,156 |
|
|
|
6.9 |
% |
|
|
7.5 |
% |
|
|
5.7 |
% |
|
|
1.8 |
% |
| North America |
|
|
67,819 |
|
|
|
61,832 |
|
|
|
67,819 |
|
|
|
— |
|
|
|
67,819 |
|
|
|
9.7 |
% |
|
|
9.7 |
% |
|
|
8.3 |
% |
|
|
1.4 |
% |
| Greater China |
|
|
28,835 |
|
|
|
35,387 |
|
|
|
28,835 |
|
|
|
(915 |
) |
|
|
29,750 |
|
|
|
-18.5 |
% |
|
|
-15.9 |
% |
|
|
26.3 |
% |
|
|
-42.2 |
% |
| Total revenue |
|
|
202,195 |
|
|
|
195,987 |
|
|
|
202,195 |
|
|
|
(1,530 |
) |
|
|
203,725 |
|
|
|
3.2 |
% |
|
|
3.9 |
% |
|
|
9.6 |
% |
|
|
-5.7 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Six months ended June 30, |
|
|
$ Change |
|
|
% Change |
|
|
|
|
| |
|
2024 |
|
|
2023 |
|
|
Asreported |
|
|
Foreign exchange impact |
|
|
Inconstant currency |
|
|
Asreported |
|
|
Inconstant currency |
|
|
Volume |
|
|
Constant currency price/mix |
|
| Europe & International |
|
|
215,948 |
|
|
|
199,264 |
|
|
|
215,948 |
|
|
|
1,564 |
|
|
|
214,384 |
|
|
|
8.4 |
% |
|
|
7.6 |
% |
|
|
4.9 |
% |
|
|
2.7 |
% |
| North America |
|
|
134,786 |
|
|
|
125,873 |
|
|
|
134,786 |
|
|
|
— |
|
|
|
134,786 |
|
|
|
7.1 |
% |
|
|
7.1 |
% |
|
|
9.9 |
% |
|
|
-2.8 |
% |
| Greater China |
|
|
50,616 |
|
|
|
66,495 |
|
|
|
50,616 |
|
|
|
(1,951 |
) |
|
|
52,567 |
|
|
|
-23.9 |
% |
|
|
-20.9 |
% |
|
|
5.3 |
% |
|
|
-26.2 |
% |
| Total revenue |
|
|
401,350 |
|
|
|
391,632 |
|
|
|
401,350 |
|
|
|
(387 |
) |
|
|
401,737 |
|
|
|
2.5 |
% |
|
|
2.6 |
% |
|
|
6.3 |
% |
|
|
-3.7 |
% |
| |
Highlights
- Second quarter revenue of $202.2 million, a 3.2% increase
compared to the prior year period, and constant currency revenue
increased 3.9% compared to the prior year period, with solid volume
growth in each operating segment.
- Gross margin in the second quarter was 29.2%, which is a 10.0
percentage points increase compared to the prior year period.
- Second quarter net loss attributable to shareholders of the
parent was $30.4 million, which is an improvement of $56.3 million
compared to net loss attributable to shareholders of the parent of
$86.7 million in the prior year period.
- Second quarter Adjusted EBITDA loss was $11.0 million, which is
an improvement of $41.5 million compared to the prior year
period.
- The North America segment reported its first full quarter of
positive adjusted EBITDA.
- The Company is raising its full year 2024 outlook for constant
currency revenue growth and adjusted EBITDA while lowering its
guidance for capital expenditures. The Company now expects:
- Constant currency revenue growth in the range of 6% to 10%,
compared to the prior expectation of 5% to 10%,
- Adjusted EBITDA loss in the range of $(35) million to $(50)
million, compared to the prior expectation of range of $(35)
million to $(60) million, and
- Capital expenditures below $70 million, compared to the prior
expectation of below $75 million.
Second Quarter 2024 Results
Revenue increased $6.2 million, or 3.2% to
$202.2 million for the second quarter ended June 30, 2024,
compared to $196.0 million for the prior year period. Excluding a
foreign currency exchange headwind of $1.5 million, revenue for the
second quarter was $203.7 million, or an increase of 3.9% compared
to the prior year period. The growth in constant currency revenue
was primarily driven by the Europe & International and North
America segments, partially offset by expected declines in the
Greater China segment due to the strategic reset implemented in the
third quarter 2023. Sold volume for the second quarter of 2024
increased 9.6% to 137 million liters compared to 125 million liters
in the second quarter of 2023. Produced finished goods volume for
the second quarter of 2024 was 142 million liters compared to 130
million liters for the second quarter of 2023.
The Company drove revenue growth in both the
retail channel and foodservice channel in the second quarter of
2024 compared to the second quarter of 2023.
Gross profit was $59.0 million for the second
quarter of 2024 compared to $37.7 million for the second quarter of
2023. Gross profit margin was 29.2% in the second quarter of 2024,
an increase of 1,000 basis points compared to the prior year
period. The margin improvement compared to the second quarter of
2023 was primarily driven by improvements in supply chain
efficiency in the North America and Greater China segments as well
as improvements in product mix in the Greater China segment due to
the strategic reset implemented in the third quarter of 2023.
Research and development expenses in the second
quarter of 2024 increased $5.6 million to $10.9 million compared to
$5.3 million in the prior year period. The increase was mainly
driven by expenses related to a new product launch in the North
America segment after the Company determined the product was not up
to its standards.
Selling, general and administrative expenses in
the second quarter of 2024 decreased $22.4 million to $84.3 million
compared to $106.7 million in the prior year period. The decrease
was primarily due to the various cost restructuring activities
implemented since early 2023, including $6.6 million reduction in
employee-related expenses, $4.7 million reduction in branding,
advertising and marketing expenses, $4.3 million reduction in
external consultant, legal contractor and other professional fees,
and a $1.7 million reduction in corporate insurance expenses.
Other operating income and (expenses), net for
the second quarter of 2024 was an expense of $2.9 million compared
to an expense of $1.1 million in the prior year period, comprised
primarily of $2.9 million in non-cash impairment charges related to
the Group’s discontinued construction of its production facility in
Peterborough, UK.
Finance income and (expenses), net for the
second quarter of 2024 was an income of $10.4 million comprised
primarily of fair value gains on Convertible Notes of $23.9
million, offset by net interest expenses of $13.0 million. The
finance income and (expenses), net for the prior year period was an
expense of $11.5 million. The improvement was mainly driven by
$20.1 million in increased fair value gains on Convertible
Notes.
Net loss attributable to shareholders of the
parent was $30.4 million for the second quarter of 2024 compared to
$86.7 million in the prior year period. The improvement in net loss
was primarily a result of higher gross profit and lower selling,
general and administrative expenses across all segments, and an
improvement in finance income and (expenses), net.
Adjusted EBITDA loss for the second quarter of
2024 was $11.0 million, compared to a loss of $52.5 million in the
prior year period. The improvement in Adjusted EBITDA loss was
primarily a result of higher gross profit and lower selling,
general and administrative expenses.
EBITDA, Adjusted EBITDA loss, and Constant Currency Revenue are
non-IFRS financial measures defined under “Non-IFRS financial
measures”. Please see above revenue at constant currency table and
“Reconciliation of IFRS to Non-IFRS Financial measures” at the end
of this press release.
The following tables set forth revenue, Adjusted EBITDA, EBITDA
and loss before tax for the Company’s three reportable segments for
the periods presented.
Revenue, Adjusted EBITDA and EBITDA
Segment information for the three and six months
ended June 30, 2023 presented below has been updated to reflect
previously disclosed changes to our operating segments, which were
effective as of January 1, 2024. Please see our press release,
dated April 17, 2024, furnished on Form 6-K with the SEC for
further information regarding these changes.
| Revenue, Adjusted
EBITDA and EBITDA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended June 30, 2024(in thousands of U.S.
dollars) |
|
Europe & International |
|
|
NorthAmerica |
|
|
GreaterChina |
|
|
Corporate* |
|
|
Eliminations** |
|
|
Total |
|
| Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue from external customers |
|
|
105,541 |
|
|
|
67,819 |
|
|
|
28,835 |
|
|
|
— |
|
|
|
— |
|
|
|
202,195 |
|
| Intersegment revenue |
|
|
1,814 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,814 |
) |
|
|
— |
|
| Total segment
revenue |
|
|
107,355 |
|
|
|
67,819 |
|
|
|
28,835 |
|
|
|
— |
|
|
|
(1,814 |
) |
|
|
202,195 |
|
| Adjusted
EBITDA |
|
|
12,638 |
|
|
|
1,166 |
|
|
|
(428 |
) |
|
|
(24,373 |
) |
|
|
— |
|
|
|
(10,997 |
) |
| Share-based compensation
expense |
|
|
(501 |
) |
|
|
(232 |
) |
|
|
(479 |
) |
|
|
(2,967 |
) |
|
|
— |
|
|
|
(4,179 |
) |
| Restructuring costs(1) |
|
|
(855 |
) |
|
|
(769 |
) |
|
|
(1,470 |
) |
|
|
(120 |
) |
|
|
— |
|
|
|
(3,214 |
) |
| Discontinued construction of
production facilities(2) |
|
|
(2,923 |
) |
|
|
277 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(2,646 |
) |
| New product launch issue(3) |
|
|
— |
|
|
|
(5,677 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(5,677 |
) |
| Non-controlling interests |
|
|
— |
|
|
|
— |
|
|
|
(58 |
) |
|
|
— |
|
|
|
— |
|
|
|
(58 |
) |
| EBITDA |
|
|
8,359 |
|
|
|
(5,235 |
) |
|
|
(2,435 |
) |
|
|
(27,460 |
) |
|
|
— |
|
|
|
(26,771 |
) |
| Finance income and (expenses),
net |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
10,389 |
|
| Depreciation and
amortization |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(12,308 |
) |
| Loss before
tax |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(28,690 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended June 30, 2023(in thousands of U.S.
dollars) |
|
Europe & International |
|
|
NorthAmerica |
|
|
GreaterChina |
|
|
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(4) |
|
|
— |
|
|
|
(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 |
) |
|
Six months ended June 30, 2024(in thousands of U.S.
dollars) |
|
Europe & International |
|
|
NorthAmerica |
|
|
GreaterChina |
|
|
Corporate* |
|
|
Eliminations** |
|
|
Total |
|
| Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue from external customers |
|
|
215,948 |
|
|
|
134,786 |
|
|
|
50,616 |
|
|
|
— |
|
|
|
— |
|
|
|
401,350 |
|
| Intersegment revenue |
|
|
3,778 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(3,778 |
) |
|
|
— |
|
| Total segment
revenue |
|
|
219,726 |
|
|
|
134,786 |
|
|
|
50,616 |
|
|
|
— |
|
|
|
(3,778 |
) |
|
|
401,350 |
|
| Adjusted
EBITDA |
|
|
27,134 |
|
|
|
778 |
|
|
|
(3,856 |
) |
|
|
(48,257 |
) |
|
|
— |
|
|
|
(24,201 |
) |
| Share-based compensation
expense |
|
|
(879 |
) |
|
|
1,027 |
|
|
|
(1,179 |
) |
|
|
(5,763 |
) |
|
|
— |
|
|
|
(6,794 |
) |
| Restructuring costs(1) |
|
|
(855 |
) |
|
|
(769 |
) |
|
|
(1,940 |
) |
|
|
(71 |
) |
|
|
— |
|
|
|
(3,635 |
) |
| Discontinued construction of production facilities(2) |
|
|
(2,923 |
) |
|
|
1,161 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,762 |
) |
| New product launch issue(3) |
|
|
— |
|
|
|
(5,677 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(5,677 |
) |
| Non-controlling interests |
|
|
— |
|
|
|
— |
|
|
|
(102 |
) |
|
|
— |
|
|
|
— |
|
|
|
(102 |
) |
| EBITDA |
|
|
22,477 |
|
|
|
(3,480 |
) |
|
|
(7,077 |
) |
|
|
(54,091 |
) |
|
|
— |
|
|
|
(42,171 |
) |
| Finance income and (expenses),
net |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(6,988 |
) |
| Depreciation and
amortization |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(25,321 |
) |
| Loss before
tax |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(74,480 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months ended June 30, 2023(in thousands of U.S.
dollars) |
|
Europe & International |
|
|
NorthAmerica |
|
|
GreaterChina |
|
|
Corporate* |
|
|
Eliminations** |
|
|
Total |
|
| Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Revenue from external
customers |
|
|
199,264 |
|
|
|
125,873 |
|
|
|
66,495 |
|
|
|
— |
|
|
|
— |
|
|
|
391,632 |
|
| Intersegment revenue |
|
|
19,551 |
|
|
|
— |
|
|
|
122 |
|
|
|
— |
|
|
|
(19,673 |
) |
|
|
— |
|
| Total segment
revenue |
|
|
218,815 |
|
|
|
125,873 |
|
|
|
66,617 |
|
|
|
— |
|
|
|
(19,673 |
) |
|
|
391,632 |
|
| Adjusted
EBITDA |
|
|
8,491 |
|
|
|
(21,186 |
) |
|
|
(35,906 |
) |
|
|
(53,740 |
) |
|
|
— |
|
|
|
(102,341 |
) |
| Share-based compensation
expense |
|
|
(1,119 |
) |
|
|
(1,852 |
) |
|
|
(2,779 |
) |
|
|
(4,719 |
) |
|
|
— |
|
|
|
(10,469 |
) |
| Restructuring costs(1) |
|
|
(1,034 |
) |
|
|
(2,594 |
) |
|
|
(110 |
) |
|
|
(5,429 |
) |
|
|
— |
|
|
|
(9,167 |
) |
| Costs related to the YYF
Transaction(4) |
|
|
— |
|
|
|
(375 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(375 |
) |
| EBITDA |
|
|
6,338 |
|
|
|
(26,007 |
) |
|
|
(38,795 |
) |
|
|
(63,888 |
) |
|
|
— |
|
|
|
(122,352 |
) |
| Finance income and (expenses),
net |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(13,508 |
) |
| Depreciation and
amortization |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(24,697 |
) |
| Loss before
tax |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(160,557 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Corporate consists of general overhead costs
not allocated to the segments.** Eliminations in 2024 and 2023
primarily refer to intersegment revenue for sales of products from
Europe & International to Greater China.
|
(1) |
Relates
primarily to severance payments as the Group continues to adjust
its organizational structure to the macro environment. |
| (2) |
Relates primarily to non-cash impairments related to
discontinued construction of the Group’s production facility in
Peterborough, UK, and reversal of previously recognized non-cash
impairments related to discontinued construction of the Group’s
production facility in Dallas-Fort Worth, Texas. |
| (3) |
Expenses related to a new product launch issue. |
| (4) |
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. |
| |
|
Europe & International
Europe & International revenue increased
$6.8 million, or 6.9%, to $105.5 million for the second quarter of
2024, compared to $98.8 million in the prior year period. Excluding
a foreign currency exchange headwind of $0.6 million, Europe
& International revenue for the second quarter was $106.2
million, or an increase of 7.5%. The increase in revenue was
primarily driven by volume growth, and also benefited from price
increases introduced during the first part of 2023. Approximately
80% of Europe & International revenue was from the retail
channel for the second quarter of 2024 and 2023, respectively. The
sold finished goods volume for the three months ended June 30,
2024 and 2023 amounted to 74 and 70 million liters,
respectively.
Europe & International Adjusted EBITDA
increased $11.3 million to $12.6 million for the second quarter of
2024 compared to $1.3 million in the prior year period. The
improvement in Adjusted EBITDA was driven by higher gross profit,
and reduction in selling, general and administrative expenses.
North America
North America revenue increased $6.0 million, or
9.7%, to $67.8 million for the second quarter of 2024, compared to
$61.8 million in the prior year period. The sold finished goods
volume for the three months ended June 30, 2024 and 2023
amounted to 39 million and 36 million liters, respectively. The
8.3% volume increase was due to higher volumes across the retail
and foodservice channels as the Company continued to expand
distribution and launch new products. Approximately 52% of North
America revenue was from the retail channel in the second quarter
of 2024 compared to 51% in the prior year period.
North America Adjusted EBITDA improved $12.0
million to $1.2 million compared to a loss of $10.9 million in the
prior year period. The improvement in Adjusted EBITDA was primarily
due to higher gross profit and lower selling, general and
administrative expenses resulting from the cost saving initiatives
implemented during 2023.
Greater China
Greater China revenue decreased $6.6 million, or
18.5%, to $28.8 million for the second quarter of 2024, compared to
$35.4 million in the prior year period. Excluding a foreign
currency exchange headwind of $0.9 million, Greater China revenue
for the second quarter was $29.8 million, or a decrease of 15.9%.
The Greater China segment decline was primarily driven by the prior
decision to refocus into the foodservice channel, resulting in
discontinuation of certain lower-margin products and customers
across the retail and e-commerce channels. These declines were
partially offset by sales to a new customer. Approximately 70% of
Greater China revenue was from the foodservice channel for the
second quarter of 2024 compared to 55% in the prior year period.
The sold finished goods volume for the three months ended
June 30, 2024 and 2023 amounted to 24 million and 19 million
liters, respectively.
Greater China Adjusted EBITDA improved $18.1
million to a loss of $0.4 million compared to a loss of $18.6
million in the prior year period. The improvement in Adjusted
EBITDA was primarily due to higher gross profit and reduction in
selling, general and administrative expenses, as the segment
executed on its previously-communicated strategic reset.
Corporate Overhead
Oatly’s corporate expense, which consists of
general overhead costs not allocated to the segments, in the second
quarter of 2024 was $27.5 million, a decrease of $2.4 million
compared to the prior year period. Adjusted EBITDA in the second
quarter of 2024 was a loss of $24.4 million compared to a loss of
$24.3 million in the prior year period.
Balance Sheet and Cash Flow
As of June 30, 2024, the Company had cash
and cash equivalents of $142.7 million and total outstanding debt
of $438.5 million consisting of Convertible Notes and liabilities
to credit institutions. Net cash used in operating activities was
$86.0 million for the six months ended June 30, 2024, compared
to $113.1 million during the prior year period, which was primarily
driven by improved operating results, partly offset by cash outflow
of $25.4 million related to discontinued construction of the
Group’s production facilities in Peterborough, UK and Dallas-Fort
Worth, Texas, and a cash outflow of $9.3 million related to the
settlement of US securities class action litigation.
Capital expenditures were $20.4 million for the
six months ended June 30, 2024, compared to $41.0 million in
the prior year period and, in addition, proceeds from the sale of
property, plant and equipment was $20.4 million for the six months
ended June 30, 2024.
Free cash flow was an outflow of $106.4 million
for the six months ended June 30, 2024 compared to an outflow
of $154.1 million during the prior year period. The improvement in
free cash flow was driven both by decreased net cash flows used in
operating activities and lower capital expenditures, partly offset
by the above-mentioned cash outflows relating to discontinued
construction of the Group’s production facilities in Peterborough,
UK and Dallas-Fort Worth, Texas and settlement of US securities
class action litigation.
Free Cash Flow is a non-IFRS liquidity measure
defined under “Non-IFRS financial measures.” Please see
“Reconciliation of IFRS to Non-IFRS Financial measures” at the end
of this press release.
OutlookBased on the Company’s
assessment of the current operating environment and the actions it
is taking, the Company is raising its full year 2024 outlook for
constant currency revenue growth and adjusted EBITDA while lowering
its guidance for capital expenditures. The Company now
expects:
- Constant currency revenue growth in the range of 6% to 10%,
compared to the prior expectation of 5% to 10%,
- Adjusted EBITDA loss in the range of $(35) million to $(50)
million, compared to the prior expectation of range of $(35)
million to $(60) million, and
- Capital expenditures below $70 million, compared to the prior
expectation of below $75 million.
This outlook is provided in the context of
significant macroeconomic uncertainty and other geopolitical
uncertainties.
The Company cannot provide a reconciliation of
constant currency revenue growth or Adjusted EBITDA guidance to the
nearest comparable corresponding IFRS metric without unreasonable
efforts due to difficulty in predicting certain items excluded from
these non-IFRS measures. The items necessary to reconcile are not
within Oatly’s control, may vary greatly between periods and could
significantly impact future financial results.
Conference Call, Webcast and
Supplemental Presentation Details
Oatly will host a conference call and webcast at
8:30 a.m. ET today to discuss these results. The conference call,
simultaneous, live webcast and supplemental presentation can be
accessed on Oatly’s Investors website at
https://investors.oatly.com under “Events.” The webcast will be
archived for 30 days.
About Oatly
We are the world’s original and largest oat
drink company. For over 25 years, we have exclusively focused on
developing expertise around oats: a global power crop with inherent
properties suited for sustainability and human health. Our
commitment to oats has resulted in core technical advancements that
enabled us to unlock the breadth of the dairy portfolio, including
alternatives to milks, ice cream, yogurt, cooking creams, and
spreads. Headquartered in Malmö, Sweden, the Oatly brand is
available in more than 20 countries globally.
For more information, please visit
www.oatly.com
Forward-Looking Statements
This press release contains forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Any express or implied statements contained in
this press release that are not statements of historical fact may
be deemed to be forward-looking statements, including, without
limitation, statements regarding our financial outlook for 2024,
profitability improvement, long-term growth strategy, expected
capital expenditures, anticipated returns on our investments,
anticipated supply chain performance, anticipated impact of our
improvement plans, anticipated impact of our decision to
discontinue construction of certain production facilities, plans to
achieve profitable growth and anticipated cost savings as well as
statements that include the words “expect,” “intend,” “plan,”
“believe,” “project,” “forecast,” “estimate,” “may,” “should,”
“anticipate,” “will,” “aim,” “potential,” “continue,” “is/are
likely to” and similar statements of a future or forward-looking
nature. Forward-looking statements are neither promises nor
guarantees, but involve known and unknown risks and uncertainties
that could cause actual results to differ materially from those
projected, including, without limitation: our history of losses and
inability to achieve or sustain profitability; including due to
elevated inflation and increased costs for transportation, energy
and materials; reduced or limited availability of oats or other raw
materials and ingredients that meet our quality standards; failure
to obtain additional financing to achieve our goals or failure to
obtain necessary capital when needed on acceptable terms, or at
all; failure of the financial institutions in which we hold our
deposits; damage or disruption to our production facilities; harm
to our brand and reputation as a result of real or perceived
quality or food safety issues with our products; food safety and
food-borne illness incidents or other safety concerns which may
lead to lawsuits, product recalls or regulatory enforcement
actions; our ability to successfully compete in our highly
competitive markets; reduction in the sales of our oatmilk
varieties; failure to effectively navigate our shift to an
asset-light business model; failure to successfully achieve any or
all of the benefits of the YYF Transaction; failure to meet our
existing or new environmental metrics and other risks related to
sustainability and corporate social responsibility; litigation,
regulatory actions or other legal proceedings including
environmental and securities class action lawsuits and settlements;
changes to international trade policies, treaties and tariffs;
global conflict, including the ongoing wars in Ukraine and Israel;
changes in our tax rates or exposure to additional tax liabilities
or assessments; supply chain delays, including delays in the
receipt of product at factories and ports, and an increase in
transportation costs; the impact of rising commodity prices,
transportation and labor costs on our cost of goods sold; failure
by our logistics providers to deliver our products on time, or at
all; our ability to successfully execute our cost reduction
activities in accordance with our expectations and the impact of
such actions on our company; failure to develop and maintain our
brand; our ability to introduce new products or successfully
improve existing products; failure to retain our senior management
or to attract, train and retain employees; cybersecurity incidents
or other technology disruptions; risks associated with our
operations in the People’s Republic of China; the success of our
strategic reset in Asia; failure to protect our intellectual
property and other proprietary rights adequately; our ability to
successfully remediate previously disclosed material weaknesses or
other future control deficiencies, in our internal control over
financial reporting; impairments of the value of our assets;
potential delisting from Nasdaq; our status as a foreign private
issuer; risks related to the significant influence of our largest
shareholder, Nativus Company Limited, entities affiliated with
China Resources Verlinvest Health Investment Ltd. has over us,
including significant influence over decisions that require the
approval of shareholders; and the other important factors discussed
under the caption “Risk Factors” in our Annual Report on Form 20-F
for the year ended December 31, 2023 filed with the U.S. Securities
and Exchange Commission (“SEC”) on March 22, 2024 and our other
filings with the SEC as such factors may be updated from time to
time. Any forward-looking statements contained in this press
release speak only as of the date hereof and accordingly undue
reliance should not be placed on such statements. Oatly disclaims
any obligation or undertaking to update or revise any
forward-looking statements contained in this press release, whether
as a result of new information, future events or otherwise, other
than to the extent required by applicable law.
Non-IFRS Financial MeasuresWe
use EBITDA, Adjusted EBITDA, Constant Currency Revenue as non-IFRS
financial measures in assessing our operating performance and Free
Cash Flow as a liquidity measure, and each in our financial
communications:
“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,
impacts related to discontinued construction of production
facilities, expenses related to a new product launch issue, costs
related to the YYF Transaction, 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 impacts related to discontinued
construction of production facilities, although some of these may
reduce cash available to us in future period;
- Adjusted EBITDA does not reflect expenses related to a new
product launch issue that reduce cash available to us;
- Adjusted EBITDA does not reflect costs related to the YYF
Transaction that reduce cash available to us;
- 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. Below we have provided a reconciliation of EBITDA and
Adjusted EBITDA to loss for the period, the most directly
comparable financial measure calculated and presented in accordance
with IFRS, for the periods presented.
“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.
Above we have provided a reconciliation of revenue as reported to
revenue on a constant currency basis for the periods presented.
“Free Cash Flow” is defined as net cash flows from operating
activities less capital expenditures. We believe Free Cash Flow is
a useful supplemental financial measure for us and investors in
assessing our ability to pursue business opportunities and
investments. Free Cash Flow is not a measure of our liquidity under
IFRS and should not be considered as an alternative to net cash
flows from operating activities.
Free Cash Flow is a non-IFRS measure and is not a substitute for
IFRS measures in assessing our overall financial liquidity. Because
Free Cash Flow is not a measurement determined in accordance with
IFRS, and is susceptible to varying calculations, it may not be
comparable to other similarly titled measures presented by other
companies. Free Cash Flow should not be considered in isolation, or
as a substitute for an analysis of our results as reported on our
interim condensed consolidated financial statements appearing
elsewhere in this document. Below we have provided a reconciliation
of Free Cash Flow to net cash flows from operating activities for
the periods presented.
Financial Statements
Interim condensed consolidated statement of
operations
|
(Unaudited) |
|
Three months ended June 30, |
|
|
Six months ended June 30, |
|
| (in thousands of U.S.
dollars, except share and per share data) |
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
|
Revenue |
|
|
202,195 |
|
|
|
195,987 |
|
|
|
401,350 |
|
|
|
391,632 |
|
| Cost of goods sold |
|
|
(143,239 |
) |
|
|
(158,331 |
) |
|
|
(288,496 |
) |
|
|
(319,888 |
) |
| Gross
profit |
|
|
58,956 |
|
|
|
37,656 |
|
|
|
112,854 |
|
|
|
71,744 |
|
| Research and development
expenses |
|
|
(10,898 |
) |
|
|
(5,321 |
) |
|
|
(15,540 |
) |
|
|
(11,035 |
) |
| Selling, general and
administrative expenses |
|
|
(84,261 |
) |
|
|
(106,695 |
) |
|
|
(163,003 |
) |
|
|
(205,550 |
) |
| Other operating income and
(expenses), net |
|
|
(2,876 |
) |
|
|
(1,120 |
) |
|
|
(1,803 |
) |
|
|
(2,208 |
) |
| Operating
loss |
|
|
(39,079 |
) |
|
|
(75,480 |
) |
|
|
(67,492 |
) |
|
|
(147,049 |
) |
| Finance income and (expenses),
net |
|
|
10,389 |
|
|
|
(11,512 |
) |
|
|
(6,988 |
) |
|
|
(13,508 |
) |
| Loss before
tax |
|
|
(28,690 |
) |
|
|
(86,992 |
) |
|
|
(74,480 |
) |
|
|
(160,557 |
) |
| Income tax (expense)/benefit |
|
|
(1,751 |
) |
|
|
273 |
|
|
|
(1,805 |
) |
|
|
(1,739 |
) |
| Loss for the
period |
|
|
(30,441 |
) |
|
|
(86,719 |
) |
|
|
(76,285 |
) |
|
|
(162,296 |
) |
| Attributable to: |
|
|
|
|
|
|
|
|
|
|
|
|
| Shareholders of the parent |
|
|
(30,384 |
) |
|
|
(86,719 |
) |
|
|
(76,183 |
) |
|
|
(162,296 |
) |
| Non-controlling interests |
|
|
(57 |
) |
|
|
— |
|
|
|
(102 |
) |
|
|
— |
|
| Loss per share,
attributable to shareholders of the parent: |
|
|
|
|
|
|
|
|
|
|
|
|
| Basic and diluted |
|
|
(0.05 |
) |
|
|
(0.15 |
) |
|
|
(0.13 |
) |
|
|
(0.27 |
) |
| Weighted average common
shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
| Basic and diluted |
|
|
596,242,505 |
|
|
|
593,189,505 |
|
|
|
595,654,647 |
|
|
|
592,757,116 |
|
Interim condensed consolidated statement of financial
position
|
(Unaudited) |
|
June 30, 2024 |
|
|
December 31, 2023 |
|
| (in thousands of U.S.
dollars) |
|
|
|
|
|
|
| ASSETS |
|
|
|
|
|
|
| Non-current assets |
|
|
|
|
|
|
| Intangible
assets |
|
|
121,180 |
|
|
|
130,326 |
|
| Property, plant and equipment |
|
|
342,470 |
|
|
|
360,286 |
|
| Right-of-use assets |
|
|
57,030 |
|
|
|
88,393 |
|
| Other non-current receivables |
|
|
44,444 |
|
|
|
44,378 |
|
| Deferred tax assets |
|
|
5,417 |
|
|
|
10,203 |
|
| Total non-current assets |
|
|
570,541 |
|
|
|
633,586 |
|
| Current assets |
|
|
|
|
|
|
| Inventories |
|
|
79,816 |
|
|
|
67,882 |
|
| Trade receivables |
|
|
103,678 |
|
|
|
112,951 |
|
| Current tax assets |
|
|
7,023 |
|
|
|
2,505 |
|
| Other current receivables |
|
|
15,879 |
|
|
|
33,820 |
|
| Prepaid expenses |
|
|
12,194 |
|
|
|
16,928 |
|
| Cash and cash equivalents |
|
|
142,728 |
|
|
|
249,299 |
|
| Total current assets |
|
|
361,318 |
|
|
|
483,385 |
|
| TOTAL ASSETS |
|
|
931,859 |
|
|
|
1,116,971 |
|
| EQUITY AND LIABILITIES |
|
|
|
|
|
|
| Equity |
|
|
|
|
|
|
| Share capital |
|
|
106 |
|
|
|
105 |
|
| Treasury shares |
|
|
(0 |
) |
|
|
(0 |
) |
| Other contributed capital |
|
|
1,628,045 |
|
|
|
1,628,045 |
|
| Other reserves |
|
|
(253,648 |
) |
|
|
(233,204 |
) |
| Accumulated deficit |
|
|
(1,130,341 |
) |
|
|
(1,060,952 |
) |
| Equity attributable to shareholders of the
parent |
|
|
244,162 |
|
|
|
333,994 |
|
| Non-controlling interests |
|
|
1,669 |
|
|
|
1,787 |
|
| Total equity |
|
|
245,831 |
|
|
|
335,781 |
|
| Liabilities |
|
|
|
|
|
|
| Non-current liabilities |
|
|
|
|
|
|
| Lease liabilities |
|
|
37,734 |
|
|
|
72,570 |
|
| Liabilities to credit institutions |
|
|
115,486 |
|
|
|
114,249 |
|
| Provisions |
|
|
1,559 |
|
|
|
10,716 |
|
| Total non-current liabilities |
|
|
154,779 |
|
|
|
197,535 |
|
| Current liabilities |
|
|
|
|
|
|
| Lease liabilities |
|
|
13,757 |
|
|
|
16,432 |
|
| Convertible Notes |
|
|
317,047 |
|
|
|
323,528 |
|
| Liabilities to credit institutions |
|
|
5,950 |
|
|
|
6,056 |
|
| Trade payables |
|
|
47,163 |
|
|
|
64,368 |
|
| Current tax liabilities |
|
|
1,292 |
|
|
|
2,732 |
|
| Other current liabilities |
|
|
11,983 |
|
|
|
13,873 |
|
| Accrued expenses |
|
|
125,205 |
|
|
|
121,338 |
|
| Provisions |
|
|
8,852 |
|
|
|
35,328 |
|
| Total current liabilities |
|
|
531,249 |
|
|
|
583,655 |
|
| Total liabilities |
|
|
686,028 |
|
|
|
781,190 |
|
| TOTAL EQUITY AND LIABILITIES |
|
|
931,859 |
|
|
|
1,116,971 |
|
Interim condensed consolidated statement of cash
flows
|
(Unaudited) |
|
Six months ended June 30, |
|
| (in thousands of U.S.
dollars) |
|
2024 |
|
|
2023 |
|
| Operating
activities |
|
|
|
|
|
|
|
Net loss |
|
|
(76,285 |
) |
|
|
(162,296 |
) |
| Adjustments to reconcile net loss
to net cash flows |
|
|
|
|
|
|
|
—Depreciation of property, plant and equipment and right-of-use
assets andamortization of intangible assets |
|
|
25,321 |
|
|
|
24,697 |
|
|
—Write-downs of inventories |
|
|
517 |
|
|
|
7,609 |
|
|
—Impairment loss/(gain) on trade receivables |
|
|
176 |
|
|
|
(268 |
) |
|
—Share-based compensation |
|
|
6,794 |
|
|
|
10,469 |
|
|
—Movements in provisions |
|
|
(35,507 |
) |
|
|
2,797 |
|
|
—Finance (income) and expenses, net |
|
|
6,988 |
|
|
|
13,508 |
|
|
—Income tax expense |
|
|
1,805 |
|
|
|
1,739 |
|
|
—Loss on disposal of property, plant and equipment |
|
|
— |
|
|
|
237 |
|
|
—Impairment related to discontinued construction of production
facilities |
|
|
1,747 |
|
|
|
— |
|
|
—Other |
|
|
1,317 |
|
|
|
(815 |
) |
| Interest received |
|
|
5,897 |
|
|
|
2,317 |
|
| Interest paid |
|
|
(13,002 |
) |
|
|
(7,657 |
) |
| Income tax paid |
|
|
(3,767 |
) |
|
|
(12,191 |
) |
| Changes in working capital: |
|
|
— |
|
|
|
— |
|
|
—(Increase)/decrease in inventories |
|
|
(14,151 |
) |
|
|
2,371 |
|
|
—Decrease/(increase) in trade receivables, other current
receivables, prepaid expenses |
|
|
15,923 |
|
|
|
(1,934 |
) |
|
—(Decrease)/increase in trade payables, other current liabilities,
accrued expenses |
|
|
(9,786 |
) |
|
|
6,327 |
|
| Net cash flows used in
operating activities |
|
|
(86,013 |
) |
|
|
(113,090 |
) |
| Investing
activities |
|
|
|
|
|
|
| Purchase of intangible
assets |
|
|
(773 |
) |
|
|
(1,569 |
) |
| Purchase of property, plant and
equipment |
|
|
(19,647 |
) |
|
|
(39,465 |
) |
| Investments in financial
assets |
|
|
— |
|
|
|
(1,651 |
) |
| Proceeds from sale of property,
plant and equipment |
|
|
20,392 |
|
|
|
— |
|
| Proceeds from sale of assets held
for sale |
|
|
— |
|
|
|
43,998 |
|
| Other |
|
|
886 |
|
|
|
— |
|
| Net cash flows from
investing activities |
|
|
858 |
|
|
|
1,313 |
|
| Financing
activities |
|
|
|
|
|
|
| Proceeds from Convertible
Notes |
|
|
— |
|
|
|
324,950 |
|
| Proceeds from liabilities to
credit institutions |
|
|
— |
|
|
|
176,956 |
|
| Repayment of liabilities to
credit institutions |
|
|
(1,360 |
) |
|
|
(97,680 |
) |
| Payment of loan transaction
costs |
|
|
(4,965 |
) |
|
|
(31,815 |
) |
| Repayment of lease
liabilities |
|
|
(13,888 |
) |
|
|
(5,102 |
) |
| Cash flows (used in)/from
financing activities |
|
|
(20,213 |
) |
|
|
367,309 |
|
| Net (decrease)/increase
in cash and cash equivalents |
|
|
(105,368 |
) |
|
|
255,532 |
|
| Cash and cash equivalents at the
beginning of the period |
|
|
249,299 |
|
|
|
82,644 |
|
| Exchange rate differences in cash
and cash equivalents |
|
|
(1,203 |
) |
|
|
2,554 |
|
| Cash and cash equivalents at the end of the
period |
|
|
142,728 |
|
|
|
340,730 |
|
Reconciliation of IFRS to Non-IFRS Financial
measures
Reconciliation of EBITDA and Adjusted EBITDA to loss for
the period
|
(Unaudited) |
|
Three months ended June 30, |
|
|
Six months ended June 30, |
|
| (in thousands of U.S.
dollars) |
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
| Loss for the
period |
|
|
(30,441 |
) |
|
|
(86,719 |
) |
|
|
(76,285 |
) |
|
|
(162,296 |
) |
| Income tax expense/(benefit) |
|
|
1,751 |
|
|
|
(273 |
) |
|
|
1,805 |
|
|
|
1,739 |
|
| Finance (income) and expenses,
net |
|
|
(10,389 |
) |
|
|
11,512 |
|
|
|
6,988 |
|
|
|
13,508 |
|
| Depreciation and amortization expense |
|
|
12,308 |
|
|
|
12,464 |
|
|
|
25,321 |
|
|
|
24,697 |
|
| EBITDA |
|
|
(26,771 |
) |
|
|
(63,016 |
) |
|
|
(42,171 |
) |
|
|
(122,352 |
) |
| Share-based compensation expense |
|
|
4,179 |
|
|
|
2,422 |
|
|
|
6,794 |
|
|
|
10,469 |
|
| Restructuring costs(1) |
|
|
3,214 |
|
|
|
7,972 |
|
|
|
3,635 |
|
|
|
9,167 |
|
| Discontinued construction of
production facilities(2) |
|
|
2,646 |
|
|
|
— |
|
|
|
1,762 |
|
|
|
— |
|
| New product launch issue(3) |
|
|
5,677 |
|
|
|
— |
|
|
|
5,677 |
|
|
|
— |
|
| Costs related to the YYF
Transaction(4) |
|
|
— |
|
|
|
154 |
|
|
|
— |
|
|
|
375 |
|
| Non-controlling interests |
|
|
58 |
|
|
|
— |
|
|
|
102 |
|
|
|
— |
|
| Adjusted EBITDA |
|
|
(10,997 |
) |
|
|
(52,468 |
) |
|
|
(24,201 |
) |
|
|
(102,341 |
) |
|
(1) |
Relates
primarily to severance payments as the Group continues to adjust
its organizational structure to the macro environment. |
| (2) |
Relates to non-cash impairments related to discontinued
construction of the Group’s production facility in Peterborough,
UK, and reversal of previously recognized non-cash impairments
related to discontinued construction of the Group’s production
facility in Dallas-Fort Worth, Texas. |
| (3) |
Expenses related to a new product launch issue. |
| (4) |
Relates to the YYF Transaction. See the Company’s Forms 6-K
filed on January 3, 2023 and March 2, 2023 for further
details. |
Reconciliation of Free Cash Flow to Net Cash Flows used
in Operating Activities
|
(Unaudited) |
|
Three months ended June 30, |
|
|
Six months ended June 30, |
|
| (in thousands of U.S.
dollars) |
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
|
Net cash flows used in operating activities |
|
|
(46,935 |
) |
|
|
(41,878 |
) |
|
|
(86,013 |
) |
|
|
(113,090 |
) |
| Capital expenditures |
|
|
(14,226 |
) |
|
|
(12,912 |
) |
|
|
(20,420 |
) |
|
|
(41,034 |
) |
| Free Cash
Flow |
|
|
(61,161 |
) |
|
|
(54,790 |
) |
|
|
(106,433 |
) |
|
|
(154,124 |
) |
Contacts
Oatly Group AB
+1 866-704-0391
investors@oatly.com
press.us@oatly.com
Oatly Group AB (NASDAQ:OTLY)
過去 株価チャート
から 11 2024 まで 12 2024
Oatly Group AB (NASDAQ:OTLY)
過去 株価チャート
から 12 2023 まで 12 2024
