Oatly Group AB (Nasdaq: OTLY) (“Oatly” or the “Company”), the
world’s original and largest oat drink company, today announced
financial results for the fourth quarter and twelve months ended
December 31, 2023.
Jean-Christophe Flatin, Oatly’s CEO,
commented, “I am proud of the progress that we made throughout
2023. It was a pivotal year where we executed a significant
re-calibration of the entire organization to stabilize our business
and ensure we are properly positioned for long-term
success. We did this while driving solid top-line growth and
significant improvements in our gross profit, selling, general, and
administrative expenses, and operating cash flow."
Flatin added, “As we enter 2024, our financial
guidance calls for solid top-line growth while delivering
significant profit improvement as we focus on our top priority of
driving toward profitable growth. We plan to continue driving
toward profitable growth by bringing the Oatly magic to more people
and delivering on the expected benefits of our resource
re-calibration while maintaining our focus on execution."
The tables below reconcile revenue as reported
to revenue on a constant currency basis by segment for the three
and twelve months ended December 31, 2023 and 2022.
|
|
Three Months
EndedDecember 31, |
|
|
$ Change |
|
|
% Change |
|
|
(Unaudited)(in thousands of U.S.
dollars) |
|
2023 |
|
|
2022 |
|
|
As reported |
|
|
Foreign exchange impact |
|
|
In constant currency |
|
|
As reported |
|
In constant currency |
|
Volume |
|
Constant currency price/mix |
EMEA |
|
|
105,201 |
|
|
|
89,974 |
|
|
|
105,201 |
|
|
|
4,571 |
|
|
|
100,630 |
|
|
16.9 |
% |
|
11.8 |
% |
|
0.5 |
% |
|
11.3 |
% |
Americas |
|
|
65,900 |
|
|
|
64,386 |
|
|
|
65,900 |
|
|
|
— |
|
|
|
65,900 |
|
|
2.4 |
% |
|
2.4 |
% |
|
9.2 |
% |
|
-6.8 |
% |
Asia |
|
|
33,020 |
|
|
|
40,708 |
|
|
|
33,020 |
|
|
|
(371 |
) |
|
|
33,391 |
|
|
-18.9 |
% |
|
-18.0 |
% |
|
-3.3 |
% |
|
-14.7 |
% |
Total
revenue |
|
|
204,121 |
|
|
|
195,068 |
|
|
|
204,121 |
|
|
|
4,200 |
|
|
|
199,921 |
|
|
4.6 |
% |
|
2.5 |
% |
|
2.0 |
% |
|
0.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Months
EndedDecember 31, |
|
|
$ Change |
|
|
% Change |
|
|
(Unaudited)(in thousands of U.S.
dollars) |
|
2023 |
|
|
2022 |
|
|
As reported |
|
|
Foreign exchange impact |
|
|
In constant currency |
|
|
As reported |
|
In constant currency |
|
Volume |
|
Constant currency price/mix |
EMEA |
|
|
402,168 |
|
|
|
345,509 |
|
|
|
402,168 |
|
|
|
3,350 |
|
|
|
398,818 |
|
|
16.4 |
% |
|
15.4 |
% |
|
4.9 |
% |
|
10.5 |
% |
Americas |
|
|
250,264 |
|
|
|
223,880 |
|
|
|
250,264 |
|
|
|
— |
|
|
|
250,264 |
|
|
11.8 |
% |
|
11.8 |
% |
|
2.9 |
% |
|
8.9 |
% |
Asia |
|
|
130,916 |
|
|
|
152,849 |
|
|
|
130,916 |
|
|
|
(4,960 |
) |
|
|
135,876 |
|
|
-14.3 |
% |
|
-11.1 |
% |
|
-1.9 |
% |
|
-9.2 |
% |
Total
revenue |
|
|
783,348 |
|
|
|
722,238 |
|
|
|
783,348 |
|
|
|
(1,610 |
) |
|
|
784,958 |
|
|
8.5 |
% |
|
8.7 |
% |
|
3.1 |
% |
|
5.6 |
% |
Highlights
- Fourth
quarter revenue of $204.1 million, a 4.6% increase compared to the
prior year period, and constant currency revenue increased
2.5%.
- Gross
margin in the fourth quarter was 23.4%, which is a 7.5 percentage
points increase compared to the prior year period and an increase
of 6.0 percentage points compared to the third quarter.
- Fourth
quarter net loss attributable to shareholders of the parent was
$298.7 million compared to net loss of $125.2 million in the prior
year period and net profit attributable to shareholders of the
parent of $44.1 million in the third quarter.
- Fourth
quarter EBITDA loss was $228.0 million; fourth quarter Adjusted
EBITDA loss was $19.2 million, which is an improvement of $41.2
million compared to the prior year period and an improvement of
$16.8 million compared to the third quarter.
- The
Company is providing its full year 2024 outlook, which includes
constant currency revenue growth in the range of 5% to 10%,
adjusted EBITDA loss in the range of $(35) million to $(60)
million, and capital expenditures below $75 million.
Fourth Quarter 2023 Results
Revenue increased $9.1 million, or 4.6% to
$204.1 million for the fourth quarter ended December 31, 2023,
compared to $195.1 million for the prior year period. Excluding a
foreign currency exchange tailwind of $4.2 million, revenue for the
fourth quarter was $199.9 million, or an increase of 2.5%. The
growth in constant currency revenue was primarily driven by the
EMEA and Americas segments, partially offset by expected declines
in the Asia segment. Sold volume for the fourth quarter of 2023
increased 2.0% to 140 million liters compared to 137 million liters
in the fourth quarter of 2022. Produced finished goods volume for
the fourth quarter of 2023 was 136 million liters compared to 149
million liters for the fourth quarter of 2022.
The Company experienced revenue growth in both
the retail channel and foodservice channel, partially offset by a
decline in other channels in the fourth quarter of 2023 compared to
the fourth quarter of 2022.
Gross profit was $47.8 million for the fourth
quarter of 2023 compared to $31.1 million for the fourth quarter of
2022 and $32.6 million for the third quarter of 2023. Gross profit
margin was 23.4% in the fourth quarter of 2023, an increase of 750
basis points compared to the prior year period, and an increase of
600 basis points compared to the third quarter of 2023. The
improvement compared to the third quarter was primarily driven by
improvements in supply chain efficiency across each segment,
partially offset by unfavorable mix in the Americas segment.
Research and development expenses in the fourth
quarter of 2023 decreased $1.7 million to $5.3 million compared to
$7.0 million in the prior year period.
Selling, general and administrative expenses in
the fourth quarter of 2023 decreased $27.2 million to $80.7 million
compared to $107.9 million in the prior year period. The decrease
was primarily due to $9.8 million in employee related
expenses, $9.0 million reduction in external consultants, legal
contractor and other professional fees, $3.7 million in branding,
advertising and marketing expenses, and a $1.6 million reduction in
customer distribution costs.
Other operating income and expenses, net for the
fourth quarter of 2023 increased to an expense of $204.3 million
compared to an expense of $41.1 million in the prior year period,
comprised primarily of non-cash asset impairment charges of $172.6
million and other costs of $29.0 million related to discontinued
construction of certain production facilities. The Company may
incur additional costs not currently contemplated due to events
associated with the discontinuation of construction at these
facilities. The charges that the Company expects to incur are
estimates subject to several assumptions, and actual results may
differ.
Finance income and expenses, net for the fourth
quarter of 2023 increased to an expense of $50.5 million compared
to an income of $3.1 million in the prior-year period. The increase
in the fourth quarter of 2023 was primarily driven by change in the
fair value of the Convertible Notes issued in the second quarter of
2023.
Net loss attributable to shareholders of the
parent was $298.7 million for the fourth quarter of 2023 compared
to $125.2 million in the prior year period. The increase in net
loss was primarily a result of increased other operating expenses,
consisting of non-cash asset impairment charges and other costs
related to discontinued construction of certain production
facilities, and increased finance expenses offset by higher gross
profit and lower selling, general and administrative expenses.
EBITDA loss for the fourth quarter of 2023 was
$228.0 million, compared to an EBITDA loss of $111.2 million in the
prior year period. The decline in EBITDA loss was primarily a
result of higher non-cash asset impairment charges and other costs
related to the discontinued construction of certain production
facilities.
Adjusted EBITDA loss for the fourth quarter of
2023 was $19.2 million, compared to a loss of $60.5 million in the
prior year period. The improvement in Adjusted EBITDA loss was
primarily a result of higher gross profit as well as 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 EBITDAThree
months ended December 31,
2023(Unaudited)(in thousands of
U.S. dollars) |
|
EMEA |
|
|
Americas |
|
|
Asia |
|
|
Corporate* |
|
|
Eliminations** |
|
|
Total |
|
Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue from external
customers |
|
|
105,201 |
|
|
|
65,900 |
|
|
|
33,020 |
|
|
|
— |
|
|
|
— |
|
|
|
204,121 |
|
Intersegment revenue |
|
|
203 |
|
|
|
— |
|
|
|
1,852 |
|
|
|
— |
|
|
|
(2,055 |
) |
|
|
— |
|
Total segment
revenue |
|
|
105,404 |
|
|
|
65,900 |
|
|
|
34,872 |
|
|
|
— |
|
|
|
(2,055 |
) |
|
|
204,121 |
|
Adjusted
EBITDA |
|
|
16,771 |
|
|
|
(1,783 |
) |
|
|
(8,045 |
) |
|
|
(26,165 |
) |
|
|
— |
|
|
|
(19,222 |
) |
Share-based compensation
expense |
|
|
(542 |
) |
|
|
(930 |
) |
|
|
(753 |
) |
|
|
(2,462 |
) |
|
|
— |
|
|
|
(4,687 |
) |
Restructuring costs(1) |
|
|
(95 |
) |
|
|
(580 |
) |
|
|
(497 |
) |
|
|
(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 |
|
|
(142,417 |
) |
|
|
(46,302 |
) |
|
|
(9,407 |
) |
|
|
(29,871 |
) |
|
|
— |
|
|
|
(227,997 |
) |
Finance income and (expenses),
net |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(50,486 |
) |
Depreciation and
amortization |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(14,618 |
) |
Loss before
tax |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(293,101 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended December 31, 2022
(Unaudited)(in thousands of U.S.
dollars) |
|
EMEA |
|
|
Americas |
|
|
Asia |
|
|
Corporate* |
|
|
Eliminations** |
|
|
Total |
|
Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue from external
customers |
|
|
89,974 |
|
|
|
64,386 |
|
|
|
40,708 |
|
|
|
— |
|
|
|
— |
|
|
|
195,068 |
|
Intersegment revenue |
|
|
4,165 |
|
|
|
— |
|
|
|
2,187 |
|
|
|
— |
|
|
|
(6,352 |
) |
|
|
— |
|
Total segment
revenue |
|
|
94,139 |
|
|
|
64,386 |
|
|
|
42,895 |
|
|
|
— |
|
|
|
(6,352 |
) |
|
|
195,068 |
|
Adjusted
EBITDA |
|
|
1,735 |
|
|
|
(4,661 |
) |
|
|
(21,004 |
) |
|
|
(36,534 |
) |
|
|
— |
|
|
|
(60,464 |
) |
Share-based compensation
expense |
|
|
(1,121 |
) |
|
|
(763 |
) |
|
|
(1,327 |
) |
|
|
(4,530 |
) |
|
|
— |
|
|
|
(7,741 |
) |
Restructuring costs(1) |
|
|
(918 |
) |
|
|
(797 |
) |
|
|
(309 |
) |
|
|
(1,386 |
) |
|
|
— |
|
|
|
(3,410 |
) |
Asset impairment charge and other
costs related to assets held for sale(3) |
|
|
— |
|
|
|
(39,581 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(39,581 |
) |
EBITDA |
|
|
(304 |
) |
|
|
(45,802 |
) |
|
|
(22,640 |
) |
|
|
(42,450 |
) |
|
|
— |
|
|
|
(111,196 |
) |
Finance income and (expenses),
net |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3,098 |
|
Depreciation and
amortization |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(13,835 |
) |
Loss before
tax |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(121,933 |
) |
Twelve months ended December 31, 2023
(Unaudited)(in thousands of U.S.
dollars) |
|
EMEA |
|
|
Americas |
|
|
Asia |
|
|
Corporate* |
|
|
Eliminations** |
|
|
Total |
|
Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue from external
customers |
|
|
402,168 |
|
|
|
250,264 |
|
|
|
130,916 |
|
|
|
— |
|
|
|
— |
|
|
|
783,348 |
|
Intersegment revenue |
|
|
1,725 |
|
|
|
— |
|
|
|
7,317 |
|
|
|
— |
|
|
|
(9,042 |
) |
|
|
— |
|
Total segment
revenue |
|
|
403,893 |
|
|
|
250,264 |
|
|
|
138,233 |
|
|
|
— |
|
|
|
(9,042 |
) |
|
|
783,348 |
|
Adjusted
EBITDA |
|
|
42,951 |
|
|
|
(28,137 |
) |
|
|
(64,595 |
) |
|
|
(107,780 |
) |
|
|
— |
|
|
|
(157,561 |
) |
Share-based compensation
expense |
|
|
(1,781 |
) |
|
|
(3,531 |
) |
|
|
(4,704 |
) |
|
|
(11,430 |
) |
|
|
— |
|
|
|
(21,446 |
) |
Restructuring costs(1) |
|
|
(1,103 |
) |
|
|
(3,062 |
) |
|
|
(2,954 |
) |
|
|
(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 |
|
|
(118,484 |
) |
|
|
(78,114 |
) |
|
|
(72,439 |
) |
|
|
(136,101 |
) |
|
|
— |
|
|
|
(405,138 |
) |
Finance income and (expenses),
net |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
48,847 |
|
Depreciation and
amortization |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(51,874 |
) |
Loss before
tax |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(408,165 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve months ended December 31, 2022
(Unaudited)(in thousands of U.S.
dollars) |
|
EMEA |
|
|
Americas |
|
|
Asia |
|
|
Corporate* |
|
|
Eliminations** |
|
|
Total |
|
Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue from external
customers |
|
|
345,509 |
|
|
|
223,880 |
|
|
|
152,849 |
|
|
|
— |
|
|
|
— |
|
|
|
722,238 |
|
Intersegment revenue |
|
|
34,940 |
|
|
|
820 |
|
|
|
3,659 |
|
|
|
— |
|
|
|
(39,419 |
) |
|
|
— |
|
Total segment
revenue |
|
|
380,449 |
|
|
|
224,700 |
|
|
|
156,508 |
|
|
|
— |
|
|
|
(39,419 |
) |
|
|
722,238 |
|
Adjusted
EBITDA |
|
|
(10,298 |
) |
|
|
(62,837 |
) |
|
|
(75,183 |
) |
|
|
(119,605 |
) |
|
|
— |
|
|
|
(267,923 |
) |
Share-based compensation
expense |
|
|
(4,314 |
) |
|
|
(4,485 |
) |
|
|
(6,973 |
) |
|
|
(19,694 |
) |
|
|
— |
|
|
|
(35,466 |
) |
Restructuring costs(1) |
|
|
(918 |
) |
|
|
(797 |
) |
|
|
(309 |
) |
|
|
(2,391 |
) |
|
|
— |
|
|
|
(4,415 |
) |
Asset impairment charge and other
costs related to assets held for sale(3) |
|
|
— |
|
|
|
(39,581 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(39,581 |
) |
EBITDA |
|
|
(15,530 |
) |
|
|
(107,700 |
) |
|
|
(82,465 |
) |
|
|
(141,690 |
) |
|
|
— |
|
|
|
(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 in 2023 refer to
intersegment revenue for sales of products from EMEA to Asia and
from Asia to EMEA. Eliminations in 2022 primarily refer to
intersegment revenue for sales of products from EMEA to
Asia.(1) Relates primarily to severance payments
as the Company continues to adjust its organizational structure to
the macro environment, and inventory write-offs related to the
Company’s strategy reset in the Asia segment.
(2) Following certain events during the fourth
quarter, the Company decided to discontinue the construction of its
new production facilities in the EMEA and Americas segments. 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 Form 6-K filed on January 3, 2023 and March 2, 2023 for
further details.(4) Relates to US securities class
action litigation settlement expenses.
EMEA
EMEA revenue increased $15.2 million, or 16.9%,
to $105.2 million for the fourth quarter of 2023, compared to $90.0
million in the prior year period. The foreign exchange impact on
revenue was $4.6 million compared to the prior year period. EMEA
revenue for the fourth quarter was $100.6 million, or an increase
of 11.8%, using constant exchange rates. The increase in revenue
was primarily driven by price increases introduced at the beginning
of the year, while volume growth was muted by higher volumes in the
previous year as some customers purchased product ahead of the
price increase. Approximately 80.3% of EMEA revenue was from the
retail channel for the fourth quarter of 2023 compared to 82.3% in
the prior year quarter. In each of the three months ended
December 31, 2023 and 2022, the sold finished goods volume
amounted to 74 million liters.
EMEA EBITDA loss increased $142.1 million to a
loss of $142.4 million for the fourth quarter of 2023 compared to a
loss of $0.3 million in the prior year period mainly driven by
asset impairment charges. Adjusted EBITDA was a profit of $16.8
million for the fourth quarter of 2023 compared to a profit of $1.7
million in the prior year period. The improvement in Adjusted
EBITDA was primarily due to higher gross profit, while selling,
general and administrative expenses increased compared to the
fourth quarter of 2022.
Americas
Americas revenue increased $1.5 million, or
2.4%, to $65.9 million for the fourth quarter of 2023, compared to
$64.4 million in the prior year period. The sold finished goods
volume for the three months ended December 31, 2023 and 2022
amounted to 39 million and 36 million liters, respectively. The
9.2% volume increase was due to higher volumes across all channels,
as we continued to expand distribution and launch new products.
Approximately 48.0% of Americas revenue was from the retail channel
in the fourth quarter of 2023 compared to 50.6% in the prior year
period.
Americas EBITDA loss increased $0.5 million to a
loss of $46.3 million for the fourth quarter of 2023 compared to a
loss of $45.8 million in the prior year period. Adjusted EBITDA
loss was $1.8 million compared to $4.7 million in the prior year
period. The improvement in Adjusted EBITDA was primarily due to
lower selling, general and administrative expenses.
Asia
Asia revenue decreased $7.7 million, or 18.9%,
to $33.0 million for the fourth quarter of 2023, compared to $40.7
million in the prior year period. Excluding a foreign currency
exchange headwind of $0.4 million, Asia revenue for the fourth
quarter was $33.4 million, or a decrease of 18.0%. The Asia segment
decline was primarily driven by the prior decision to refocus into
the foodservice channel, resulting in discontinuation of certain
lower-margin products across the retail and e-commerce channels.
Approximately 72.6% of Asia revenue was from the foodservice
channel for the fourth quarter of 2023 compared to 68.6% in the
prior year period. The sold finished goods volume for the three
months ended December 31, 2023 and 2022 amounted to 26 million
and 27 million liters, respectively.
Asia EBITDA improved $13.2 million to a loss of
$9.4 million for the fourth quarter of 2023 compared to a loss of
$22.6 million in the prior year period. Adjusted Asia EBITDA was a
loss of $8.0 million compared to a loss of $21.0 million in the
prior year period. The improvement in Adjusted EBITDA was primarily
due to a reduction in selling, general and administrative expenses,
as the segment executed on its previously-communicated cost
reduction program.
Corporate Overhead
Oatly’s corporate expense, which consists of
general overhead costs not allocated to the segments, in the fourth
quarter of 2023 was $29.9 million, a decrease of $12.6 million
compared to the prior year period. Adjusted EBITDA in the fourth
quarter of 2023 was a loss of $26.2 million compared to a loss of
$36.5 million in the prior year period.
Balance Sheet and Cash Flow
As of December 31, 2023, the Company had
cash and cash equivalents of $249.3 million and total outstanding
debt of $443.8 million consisting of Convertible Notes and
liabilities to credit institutions. Net cash used in operating
activities was $165.6 million for the twelve months ended
December 31, 2023, compared to $268.9 million during the prior
year period, which was primarily driven by improved working
capital. Capital expenditures were $69.0 million for the twelve
months ended December 31, 2023, compared to $206.2 million in
the prior year period and, in addition, net proceeds from the sale
of assets related to the YYF Transaction was $44.0 million for the
twelve months ended December 31, 2023. Net cash from financing
activities was $355.0 million reflecting the close on the
previously announced financing transactions.
Net cash flows from operating activities for the
twelve months ended December 31, 2023 was $165.6 million compared
to $268.9 million during the prior year period. Free cash flow was
an outflow of $234.7 million for the twelve months ended
December 31, 2023 compared to an outflow of $475.1 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.
Free Cash Flow is a non-IFRS financial 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 issuing its outlook for 2024. The Company
expects:
- Revenue growth for full year 2024 on a
constant currency basis in the range of 5% to 10%,
- Adjusted EBITDA loss in the range of
$(35) to $(60) million, and
- Capital expenditures for full year 2024
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 supply chain performance,
anticipated impact of our improvement plans, anticipated impact of
our decision to discontinue construction of certain production
facilities, including additional expected impairment charges and
associated additional cash expenditures, 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 successfully achieve any or all of the benefits of the YYF
Transaction; 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 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; 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, 2022
filed with the U.S. Securities and Exchange Commission (“SEC”) on
April 19, 2023 and our Current Report on Form 6-K which was filed
with the SEC on November 9, 2023, 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 and Free
Cash Flow as non-IFRS financial measures in assessing our operating
performance and 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,
asset impairment charges and other costs related to discontinued
construction of production facilities, asset impairment charge and
other costs related to assets held for sale, costs related to 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 charge 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. 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 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 performance.
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 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
StatementsConsolidated statement of
operations |
|
|
|
|
|
|
(unaudited) |
|
Three months ended December 31, |
|
|
Twelve months ended December 31, |
|
(in thousands of U.S.
dollars, except share and per share data) |
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Revenue |
|
|
204,121 |
|
|
|
195,068 |
|
|
|
783,348 |
|
|
|
722,238 |
|
Cost of goods sold |
|
|
(156,343 |
) |
|
|
(164,015 |
) |
|
|
(631,265 |
) |
|
|
(642,211 |
) |
Gross
profit |
|
|
47,778 |
|
|
|
31,053 |
|
|
|
152,083 |
|
|
|
80,027 |
|
Research and development
expenses |
|
|
(5,328 |
) |
|
|
(7,035 |
) |
|
|
(21,047 |
) |
|
|
(22,262 |
) |
Selling, general and
administrative expenses |
|
|
(80,721 |
) |
|
|
(107,901 |
) |
|
|
(373,396 |
) |
|
|
(412,799 |
) |
Other operating income and
(expenses), net |
|
|
(204,344 |
) |
|
|
(41,148 |
) |
|
|
(214,652 |
) |
|
|
(40,951 |
) |
Operating
loss |
|
|
(242,615 |
) |
|
|
(125,031 |
) |
|
|
(457,012 |
) |
|
|
(395,985 |
) |
Finance income and (expenses),
net |
|
|
(50,486 |
) |
|
|
3,098 |
|
|
|
48,847 |
|
|
|
(1,409 |
) |
Loss before
tax |
|
|
(293,101 |
) |
|
|
(121,933 |
) |
|
|
(408,165 |
) |
|
|
(397,394 |
) |
Income tax
(expense)/benefit |
|
|
(5,674 |
) |
|
|
(3,236 |
) |
|
|
(8,895 |
) |
|
|
4,827 |
|
Loss for the
period |
|
|
(298,775 |
) |
|
|
(125,169 |
) |
|
|
(417,060 |
) |
|
|
(392,567 |
) |
Attributable to: |
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders of the parent |
|
|
(298,663 |
) |
|
|
(125,169 |
) |
|
|
(416,874 |
) |
|
|
(392,567 |
) |
Non-controlling interests |
|
|
(112 |
) |
|
|
— |
|
|
|
(186 |
) |
|
|
— |
|
Loss per share,
attributable to shareholders of the parent: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
|
|
(0.50 |
) |
|
|
(0.21 |
) |
|
|
(0.70 |
) |
|
|
(0.66 |
) |
Weighted average common
shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
|
|
594,606,465 |
|
|
|
592,234,975 |
|
|
|
593,600,863 |
|
|
|
592,031,935 |
|
Consolidated statement
of financial position(unaudited) |
|
December 31, 2023 |
|
|
December 31, 2022 |
|
(in thousands of U.S.
dollars) |
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
Non-current
assets |
|
|
|
|
|
|
Intangible assets |
|
|
130,326 |
|
|
|
127,688 |
|
Property, plant and
equipment |
|
|
360,286 |
|
|
|
492,952 |
|
Right-of-use assets |
|
|
88,393 |
|
|
|
108,598 |
|
Other non-current
receivables |
|
|
44,378 |
|
|
|
7,848 |
|
Deferred tax assets |
|
|
10,203 |
|
|
|
5,860 |
|
Total non-current
assets |
|
|
633,586 |
|
|
|
742,946 |
|
Current
assets |
|
|
|
|
|
|
Inventories |
|
|
67,882 |
|
|
|
114,475 |
|
Trade receivables |
|
|
112,951 |
|
|
|
100,955 |
|
Current tax assets |
|
|
2,505 |
|
|
|
243 |
|
Other current receivables |
|
|
33,820 |
|
|
|
17,818 |
|
Prepaid expenses |
|
|
16,928 |
|
|
|
23,413 |
|
Cash and cash equivalents |
|
|
249,299 |
|
|
|
82,644 |
|
|
|
|
483,385 |
|
|
|
339,548 |
|
Assets held for sale |
|
|
— |
|
|
|
142,703 |
|
Total current
assets |
|
|
483,385 |
|
|
|
482,251 |
|
TOTAL
ASSETS |
|
|
1,116,971 |
|
|
|
1,225,197 |
|
EQUITY AND
LIABILITIES |
|
|
|
|
|
|
Equity |
|
|
|
|
|
|
Share capital |
|
|
105 |
|
|
|
105 |
|
Treasury shares |
|
|
(0 |
) |
|
|
(0 |
) |
Other contributed capital |
|
|
1,628,045 |
|
|
|
1,628,045 |
|
Other reserves |
|
|
(233,204 |
) |
|
|
(171,483 |
) |
Accumulated deficit |
|
|
(1,060,952 |
) |
|
|
(665,524 |
) |
Equity attributable to
shareholders of the parent |
|
|
333,994 |
|
|
|
791,143 |
|
Non-controlling interests |
|
|
1,787 |
|
|
|
— |
|
Total
equity |
|
|
335,781 |
|
|
|
791,143 |
|
Liabilities |
|
|
|
|
|
|
Non-current
liabilities |
|
|
|
|
|
|
Lease liabilities |
|
|
72,570 |
|
|
|
82,285 |
|
Liabilities to credit
institutions |
|
|
114,249 |
|
|
|
2,668 |
|
Provisions |
|
|
10,716 |
|
|
|
7,194 |
|
Total non-current
liabilities |
|
|
197,535 |
|
|
|
92,147 |
|
Current
liabilities |
|
|
|
|
|
|
Lease liabilities |
|
|
16,432 |
|
|
|
16,823 |
|
Convertible Notes |
|
|
323,528 |
|
|
|
— |
|
Liabilities to credit
institutions |
|
|
6,056 |
|
|
|
49,922 |
|
Trade payables |
|
|
64,368 |
|
|
|
82,516 |
|
Current tax liabilities |
|
|
2,732 |
|
|
|
5,515 |
|
Other current liabilities |
|
|
13,873 |
|
|
|
11,823 |
|
Accrued expenses |
|
|
121,338 |
|
|
|
123,037 |
|
Provisions |
|
|
35,328 |
|
|
|
3,800 |
|
|
|
|
583,655 |
|
|
|
293,436 |
|
Liabilities directly
associated with the assets held for sale |
|
|
— |
|
|
|
48,471 |
|
Total current
liabilities |
|
|
583,655 |
|
|
|
341,907 |
|
Total
liabilities |
|
|
781,190 |
|
|
|
434,054 |
|
TOTAL EQUITY AND
LIABILITIES |
|
|
1,116,971 |
|
|
|
1,225,197 |
|
Consolidated statement
of cash flows |
|
|
|
(unaudited) |
|
For the year ended December 31 |
|
(in thousands of U.S.
dollars) |
|
2023 |
|
|
2022 |
|
Operating
activities |
|
|
|
|
|
|
Net loss |
|
|
(417,060 |
) |
|
|
(392,567 |
) |
Adjustments to reconcile net loss
to net cash flows |
|
|
|
|
|
|
—Depreciation of property, plant and equipment and right-of-use
assets and amortization of intangible assets |
|
|
51,702 |
|
|
|
48,315 |
|
—Impairment of property, plant and equipment and right-of-use
assets and intangible assets |
|
|
1,828 |
|
|
|
285 |
|
—Impairment loss on trade receivables |
|
|
611 |
|
|
|
3,088 |
|
—Write-down of inventories |
|
|
16,981 |
|
|
|
28,839 |
|
—Share-based payments expense |
|
|
21,446 |
|
|
|
35,466 |
|
—Movements in provisions, pensions and government grants |
|
|
36,341 |
|
|
|
3,800 |
|
—Finance expenses and (income), net |
|
|
(48,847 |
) |
|
|
1,409 |
|
—Income tax expense/(benefit) |
|
|
8,895 |
|
|
|
(4,827 |
) |
—Loss/(gain) on disposal of property, plant and equipment |
|
|
675 |
|
|
|
(932 |
) |
—Impairment related to assets held for sale |
|
|
— |
|
|
|
38,293 |
|
—Impairment related to discontinued construction of production
facilities |
|
|
172,588 |
|
|
|
— |
|
—Other |
|
|
— |
|
|
|
(226 |
) |
Interest received |
|
|
9,630 |
|
|
|
2,145 |
|
Interest paid |
|
|
(20,504 |
) |
|
|
(12,875 |
) |
Income tax paid |
|
|
(18,098 |
) |
|
|
(2,960 |
) |
Changes in working capital: |
|
|
|
|
|
|
—Decrease/(increase) in inventories |
|
|
30,543 |
|
|
|
(55,018 |
) |
—(Increase)/decrease in trade receivables, other current
receivables, prepaid expenses |
|
|
(2,502 |
) |
|
|
6,991 |
|
—(Decrease)/increase in trade payables, other current liabilities,
accrued expenses |
|
|
(9,855 |
) |
|
|
31,828 |
|
Net cash flows used in
operating activities |
|
|
(165,626 |
) |
|
|
(268,946 |
) |
Investing
activities |
|
|
|
|
|
|
Purchase of intangible
assets |
|
|
(2,950 |
) |
|
|
(4,510 |
) |
Purchase of property, plant
and equipment |
|
|
(66,095 |
) |
|
|
(201,655 |
) |
Investments in financial
assets |
|
|
(1,651 |
) |
|
|
— |
|
Proceeds from short-term
investments |
|
|
— |
|
|
|
240,959 |
|
Proceeds from sale of assets
held for sale |
|
|
43,998 |
|
|
|
— |
|
Net cash flows (used
in)/from investing activities |
|
|
(26,698 |
) |
|
|
34,794 |
|
Financing
activities |
|
|
|
|
|
|
Proceeds from Convertible
Notes |
|
|
324,950 |
|
|
|
— |
|
Proceeds from liabilities to
credit institutions |
|
|
176,854 |
|
|
|
47,850 |
|
Repayment of liabilities to
credit institutions |
|
|
(102,848 |
) |
|
|
(1,032 |
) |
Repayment of lease
liabilities |
|
|
(11,411 |
) |
|
|
(10,899 |
) |
Payment of loan transaction
costs |
|
|
(32,550 |
) |
|
|
— |
|
Cash flows from
financing activities |
|
|
354,995 |
|
|
|
35,919 |
|
Net
increase/(decrease) in cash and cash equivalents |
|
|
162,671 |
|
|
|
(198,233 |
) |
Cash and cash equivalents at
January 1 |
|
|
82,644 |
|
|
|
295,572 |
|
Exchange rate differences in
cash and cash equivalents |
|
|
3,984 |
|
|
|
(14,695 |
) |
Cash and cash
equivalents at December 31 |
|
|
249,299 |
|
|
|
82,644 |
|
Reconciliation of IFRS to Non-IFRS Financial
measures
Reconciliation of EBITDA and Adjusted EBITDA to loss for
the period
|
|
Three months ended December 31, |
|
|
Twelve months ended December 31, |
|
(unaudited) |
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
(in thousands of U.S.
dollars) |
|
|
|
|
Loss for the period |
|
|
(298,775 |
) |
|
|
(125,169 |
) |
|
|
(417,060 |
) |
|
|
(392,567 |
) |
Income tax
expense/(benefit) |
|
|
5,674 |
|
|
|
3,236 |
|
|
|
8,895 |
|
|
|
(4,827 |
) |
Finance (income) and expenses,
net |
|
|
50,486 |
|
|
|
(3,098 |
) |
|
|
(48,847 |
) |
|
|
1,409 |
|
Depreciation and amortization
expense |
|
|
14,618 |
|
|
|
13,835 |
|
|
|
51,874 |
|
|
|
48,600 |
|
EBITDA |
|
|
(227,997 |
) |
|
|
(111,196 |
) |
|
|
(405,138 |
) |
|
|
(347,385 |
) |
Share-based compensation
expense |
|
|
4,687 |
|
|
|
7,741 |
|
|
|
21,446 |
|
|
|
35,466 |
|
Restructuring costs(1) |
|
|
2,416 |
|
|
|
3,410 |
|
|
|
14,760 |
|
|
|
4,415 |
|
Asset impairment charges and
other costs related to discontinued construction of production
facilities(2) |
|
|
201,560 |
|
|
|
— |
|
|
|
201,560 |
|
|
|
— |
|
Legal settlement(3) |
|
|
— |
|
|
|
— |
|
|
|
9,250 |
|
|
|
— |
|
Asset impairment charge and
other costs related to assets held for sale (4) |
|
|
— |
|
|
|
39,581 |
|
|
|
375 |
|
|
|
39,581 |
|
Non-controlling interests |
|
|
112 |
|
|
|
— |
|
|
|
186 |
|
|
|
— |
|
Adjusted
EBITDA |
|
|
(19,222 |
) |
|
|
(60,464 |
) |
|
|
(157,561 |
) |
|
|
(267,923 |
) |
(1) Relates primarily to
severance payments as the Company continues to adjust its
organizational structure to the macro environment, and inventory
write-offs related to the Company’s strategy reset in the Asia
segment. (2) Following certain events during the
fourth quarter, the Company decided to discontinue the construction
of its new production facilities in the EMEA and Americas segments.
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 US
securities class action litigation settlement expenses.
(4) Relates to the YYF Transaction. See the
Company's Form 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 December 31, |
|
|
Twelve months ended December 31, |
|
(in thousands of U.S.
dollars) |
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Net cash flows used in operating
activities |
|
|
(14,147 |
) |
|
|
(53,722 |
) |
|
|
(165,626 |
) |
|
|
(268,946 |
) |
Capital expenditures |
|
|
(17,062 |
) |
|
|
(31,813 |
) |
|
|
(69,045 |
) |
|
|
(206,165 |
) |
Free Cash
Flow |
|
|
(31,209 |
) |
|
|
(85,535 |
) |
|
|
(234,671 |
) |
|
|
(475,111 |
) |
Contacts
Oatly Group AB
+1 866-704-0391
investors@oatly.com
press.us@oatly.com
Oatly Group AB (NASDAQ:OTLY)
Gráfica de Acción Histórica
De May 2024 a Jun 2024
Oatly Group AB (NASDAQ:OTLY)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024